China: Daily Scan, October 5, 2021

U.S. trade chief seeks "frank conversations" with China: Xinhuanet
October 5, 2021

U.S. Trade Representative (USTR) Katherine Tai said on Monday that the United States seeks "frank conversations" with the Chinese side on issues including implementation of the phase-one economic and trade agreement, and industrial policies. Tai made the remarks at the Center for Strategic and International Studies, a Washington, D.C.-based think tank, on the Biden administration's approach to the U.S.-China trade relationship. Click here to read... [2]

Aerobatics and new military jets: Airshow China concludes in Zhuhai: China Military
October 4, 2021

The China International Aviation and Aerospace Exhibition, or Airshow China, concluded on Sunday in Zhuhai City, south China's Guangdong Province. Dozens of aerobatics were performed by China's top air display teams, providing eye candy for the audience, while the public debut of the J-16D electronic warfare jet and other equipment showcased the latest technology development in the Chinese army to enthusiasts. Many Chinese enterprises also received orders from global clients after displaying their latest product at the show. Click here to read... [3]

China goes all out to cope with power outages: People’s Daily
October 5, 2021

China is making all-out efforts to ensure the nation's power supply after power outages halted factory production and hit families in some regions, amid calls for a better electricity pricing mechanism and improved energy structure. The power squeeze has compelled multiple provinces in China to implement power rationing, with factory operation hours limited and power usage capped. Factories across various industries, including furniture, food and chemical production, have suspended their operations and rescheduled production. Click here to read... [4]

Policy Address proposals focus on cooperation with mainland: China Daily
October 5, 2021

Hong Kong's political groups and organizations expressed the hope that the 2021 Policy Address will help the city better utilize opportunities offered by national development, by releasing the potential of an idle border area and strengthening Hong Kong residents' national identity. Click here to read... [5]

Hopson Development plans to acquire 51% of Evergrande’s property management unit: Global Times
October 4, 2021

Property developer Hopson Development Holding Co is reportedly to acquire about 51 percent of the indebted Evergrande group's property management unit, and the deal could be valued at more than 40 billion HKD ($5.14 billion), according to media reports. Evergrande group has been on a selling spree lately, scrambling to raise funds to help resolve its serious debt woes and avert a default. Click here to read... [6]

China is not heading toward a market economy, often due to its own policies, report concludes: South China Morning Post
October 5, 2021

China has fallen short of meeting its stated reform goals and is not on track to become a market economy, a report assessing China’s development has concluded. As a result, the United States and other market economies must develop commercial rules to protect their systems better when they deal with China until it becomes a more open economy, according to the report, China Pathfinder, published by the Atlantic Council and Rhodium Group on Tuesday. Click here to read... [7]

Fantasia, another debt-laden Chinese property developer, defaults on US$205 million bond, as Evergrande crisis rolls on: South China Morning Post
October 5, 2021

Fantasia Holdings Group, the Shenzhen-based property developer founded by the niece of a former Chinese vice-president, has failed to repay US$205 million of debt due on Monday.

The default will add to fears about the financial health of the Chinese property sector, as the liquidity crisis at China Evergrande Group – the world’s most indebted property developer – continues to unfold. Click here to read... [8]

IMF briefed on probe into China’s ‘Doing Business’ report rankings at World Bank: South China Morning Post
October 5, 2021

The International Monetary Fund (IMF) said Monday its board of directors has been briefed by lawyers from the law firm whose investigation found that current managing director Kristalina Georgieva and other officials pressured World Bank employees to alter data affecting the business rankings of China and other nations. The IMF said the 190-nation lending agency’s board of directors met with representatives of the WilmerHale law firm as part of an ongoing review of the issues raised by the firm’s investigation into the World Bank’s “Doing Business 2018” report. Click here to read... [9]

Hong Kong leader says Beijing has no timetable for anti-sanctions law: Reuters
October 5, 2021

Hong Kong leader Carrie Lam said on Tuesday that Beijing has no timetable to extend an anti-sanctions law to the global financial hub, where financial institutions are concerned over the impact it could have on their operations. Lam, speaking at her weekly news briefing, said Beijing would take into account the city's status as an international financial centre if it decides to extend the law to Hong Kong. Click here to read... [10]