CX Daily: Lessons learned from the China Silk Road Fund’s eight-year journey along the Belt and Road
Exclusive: Lessons learned from the China Silk Road Fund’s eight-year journey along the Belt and Road
Launched in December 2014, the Silk Road Fund is part of the Belt and Road Initiative to help fund infrastructure projects along the centuries-old Silk Road trade routes.
Armed with an initial capital of $40 billion and a follow-on capital of 100 billion yuan ($14 billion) announced in May 2017, the fund primarily invests in infrastructure, resource and energy-related projects. energy, industrial capacity cooperation and financial collaboration in the countries and regions concerned. in initiative.
In an exclusive interview with Caixin this month, Wang Yanzhi, chairman of the fund, recounted the highs and lows of his eight-year journey of investing in more than 60 countries and regions along the routes of the ambitious Belt and Road Initiative.
Restaurant fire kills 17 in northeast China
A gas explosion at a restaurant in the northeast city of Changchun left at least 17 dead and three injuredaccording to the Department of Emergency Management’s preliminary investigation.
Wednesday’s blast occurred at a home-style restaurant in the Hi-Tech Industrial Development Zone in the provincial capital of Jilin. The injured are being treated in hospital while the restaurant owner was detained, state media reported.
As tensions rise, Japan’s Xi and Kishida discuss future of relationship
To mark the 50th anniversary of the establishment of diplomatic relations, President Xi Jinping and Japanese Prime Minister Fumio Kishida discussed Thursday the future of bilateral relations amid heightened tensions around Taiwan.
Xi said he attaches great importance to China-Japan relations while Kishida expressed his hope that Japan will establish “constructive and stable” relations with China over the next half-century, according to a summary of the conversation. released by the Chinese Ministry of Foreign Affairs. .
FINANCE & ECONOMY
Anxin, one of only two trust companies traded on mainland exchanges, was a high-flying business star and ranked at the top of the industry in 2017
Anxin revives trust business as redesign draws to a close
Anxin Trust Co. Ltd. was allowed to resume its core trust business after more than two years of suspension amid a three-year overhaul and government bailout after failing to repay billions of yuan to creditors and investors.
Shanghai-listed Anxin has been notified that the Shanghai banking and insurance regulator has lifted the freeze on its self-managed trust business, the company said on Tuesday. Anxin’s main source of revenue has been suspended since late March 2020 after regulators found the company broke industry rules.
PBOC launches $27.6 billion credit to support business upgrades
China’s central bank has rolled out a 200 billion yuan ($27.6 billion) low-cost program loan facility to help businesses upgrade equipment amid efforts to shore up the Covid-stricken economy, the People’s Bank of China (PBOC) said on Wednesday.
The loans will target sole proprietors and medium, small and micro businesses in the manufacturing and social service sectors to support equipment upgrades and renovations, the PBOC said in a statement.
Consumer credit /
China Construction Bank to set up consumer credit unit
China Construction Bank Corp. won installation approval a consumer credit unit, thus becoming the third public lender to have a specific unit dedicated to granting personal consumer loans.
China Construction Bank plans to invest 6 billion yuan ($835.9 million) to establish CCB Consumer Finance Co., the bank said. The unit will have a registered capital of 7.2 billion yuan.
Quick shots /
PBOC warning enabled speculation triggers first yuan gain in nine days
How Singapore and Hong Kong stack as financial centers
COMPANY & TECHNOLOGY
A Sinopec refinery in Beijing on July 8. Photo: CGV
China could boost refined oil exports to meet Europe’s growing winter demand
China could soon release more quotas for refined oil exports as European countries scramble to find alternatives to Russian fuel to meet heating demand during the winter months.
The Ministry of Commerce could issue a quota of 10-15 million tonnes in October, bringing the total for the year to 39 million tonnes, 3.7% more than for 2021, according to Shanghai Orient analysts. Futures Co. Ltd. and Citic Futures. Co.Ltd. wrote in notes this month. It would follow the release of additional export quotas of 4.5 million tonnes in June and 5 million tonnes in July.
Investors drop developer CIFI shares on news of missed financial payment
Hong Kong shares of Chinese property developer CIFI Holdings (Group) Co. Ltd. fell 16.3% at HK$0.72 (9 US cents) each on Thursday, extending double-digit losses the day before, even after the company announced it was resolving a missed payment to a trust fund and paid interest on an offshore bond .
News broke Wednesday that the company was having trouble with an equity investment trust product, which sent its stock price down 32.3% through the close.
Quick shots /
Merck in agreement with Sinopharm bring Covid antiviral to China
CALB costs $1.3 billion Hong Kong IPO at bottom of traded range
Long read /
How the AfDB Engage with the AIIB
China reaches Basketball World Cup semi-finals
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