CX Daily: China Moves to Raise Retirement Age to Bolster Workforce, Ease Pension Pressure
TOP STORIES
Retirement /
After more than a decade as a recurring teatime conversation topic, the delay in retirement is nearing reality in China, set to impact over 500 million workers as the country grapples with a rapidly aging population.
The five-year reform blueprint, released last month following a key Communist Party gathering, includes a commitment to raise the retirement age. According to the resolution adopted at the Third Plenum of the party’s 20th Central Committee, China will gradually increase the statutory retirement age based on the principle of “voluntary participation with appropriate flexibility.”
Tsung-Dao Lee /
Tsung-Dao Lee, renowned Chinese-American physicist and one of China’s first Nobel Prize laureates, has died at the age of 97, according to a Monday obituary from Tsung-Dao Lee Institute (TDLI) and media reports.
Lee passed away at his home in San Francisco at 2:33 Sunday morning local time, the TDLI said in a statement released jointly with China Center of Advanced Science and Technology.
Digital ID /
China’s newly proposed national digital identification system is being trialed across more than 80 internet service applications, days after Beijing released the draft rules on July 26 for the public to review and comment until August 25.
Internet users can now apply for their national digital ID ― showing user name, a “web number” and a QR code ― by logging on to a mobile app called National Web Identification Pilot Version, developed by China’s Ministry of Public Security (MPS).
FINANCE & ECONOMY
PMI /
Growth in China’s services activity picked back up in July as employment expanded at the quickest pace in nearly a year, a Caixin-sponsored survey showed Monday.
The Caixin China General Services Business Activity Index, which provides an independent snapshot of operating conditions in industries such as retail and tourism, ticked up 0.9 points to 52.1 in July, coming off an eight-month low.
The Caixin China General Composite PMI, which tracks both manufacturing and services, was 51.2 in July, down 1.6 points from the previous month.
Tesla /
U.S. electric-vehicle (EV) giant Tesla Inc. is seeking to relaunch an insurance broking firm in China to capitalize on the country’s expansive insurance market.
The insurance intermediary was registered in Beijing last week with Tom Zhu, Tesla’s senior vice president of automotive, named as the chairman, public business registration records show.
Anbang /
China has given the green light to Anbang Insurance Group Co. Ltd. to start bankruptcy proceedings, marking the latest step in the government’s years-long efforts to manage the collapse of the sprawling financial conglomerate.
The National Financial Regulatory Administration, China’s top financial regulator, announced the in-principle approval on Friday. The go-ahead came nearly four years after the insolvent Chinese insurer announced its decision to liquidate.
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BUSINESS & TECH
EVs /
Li Auto Inc. topped electric vehicle (EV) deliveries among China’s emerging EV-makers for the third consecutive month, pulling back ahead of rival Huawei Technologies Co. Ltd. — at least for the time being.
After falling behind the Chinese telecommunications-equipment maker in the first four months of this year, Li Auto delivered 47,774 in June and 51,000 EVs in July, according to company data. The July figure, which is a 49.4% year-on-year increase, marked a new monthly delivery record, Li Auto said Thursday.
Suzhou /
The director of a pioneering international industrial development zone in East China’s Suzhou, Jiangsu province has been placed under investigation for corruption after a whistleblower publicly accused him of taking part in a procurement fraud scheme, according to local authorities.
Zhu Huan, the 44-year-old director of the commerce bureau at the China-Singapore Suzhou Industrial Park, has been suspended as local graft busters investigate him for alleged misconduct, according to an announcement released by local authorities on the official Suzhou Daily’s WeChat account Friday.
Evergrande /
A court has ordered two subsidiaries of debt-ridden property developer China Evergrande Group’s electric vehicle (EV) unit into bankruptcy reorganization proceedings in response to a creditors’ petition.
The ruling came after a Friday hearing about the “bankruptcy and reorganization” of Evergrande New Energy Vehicle (Guangdong) Co. Ltd. and Evergrande Smart Automotive (Guangdong) Co. Ltd., their parent said in a stock exchange filing dated Monday.
Quick hit /
Tech Roundup /
Long Read /
GALLERY
The tennis star made history for China on Saturday, clinching the country’s first ever Olympic singles gold medal after beating Donna Vekić of Croatia in the women’s final. Zheng won both sets, blasting a forehand out of the Croatian’s reach to end the match. The Paris 2024 Summer Olympics tennis events wrapped up the following day with Serbia’s Novak Djokovic defeating Spain’s Carlos Alcaraz for his first Olympic gold. The men’s and women’s doubles golds went to Australia and Italy, respectively.