CX Daily: Hubris and Heartache: Behind the Tragedy of Beijing’s Deadly Hospital Fire
TOP STORIES
Fire /
As night fell on April 18th, darkness engulfed the Beijing Changfeng Hospital. Charred beds and blackened walls lined the wards, a terrible reminder of the horror that had befallen the dozens of dead and injured in one of China’s worst hospital fires in recent years.
Just hours earlier, the hospital in the western suburbs of the capital had been packed, with patients receiving treatment from doctors and nurses going about their work on an otherwise regular Tuesday.
Taiwan /
A senior Chinese diplomat conveyed firm opposition to South Korea’s ambassador to China about “erroneous” remarks made by the latter’s president about Taiwan, which equated it with the Korean Peninsula issue.
Vice Foreign Minister Sun Weidong said such comments are “totally unacceptable” and urged South Korea to “prudently” handle matters related to the Taiwan question, according to a foreign ministry statement published Sunday.
Exports /
China lost more of its share of U.S. imports from 14 low-cost countries and regions (LCCs) in Asia last year, a recent report showed, as companies continued to move manufacturing out of the world’s second-largest economy.
In 2022, the Chinese mainland and Hong Kong accounted for a combined 50.7% of U.S. imports of manufactured goods from the 14 Asian LCCs. The number is down from 53.5% in 2021 and continues a downward trend that began in 2013, according to the annual Reshoring Index report by management consulting firm Kearney.
Pension /
Contributions to China’s fledgling private pension accounts have reached about 20 billion yuan ($2.9 billion) since their inception in November, with just under 70% of the funds invested, Caixin learned, suggesting hesitation among some participants due to unfamiliarity with the system.
Around 13.5 billion yuan has been invested across a range of eligible financial products, with the majority of the remaining funds just sitting idle in people’s accounts, said people familiar with the matter.
Bonds /
China has laid out a blueprint for its top securities regulator to take over the part of the country’s corporate bond market currently overseen by the economic planning agency, as it strives to unify regulation of its $21 trillion bond market.
The National Development and Reform Commission (NDRC) will transfer oversight of enterprise bonds (企业债), a type of corporate bond, to the China Securities Regulatory Commission (CSRC) over a period of six months, according to a plan released by both departments Friday.
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Forex /
The gap between China’s trade surplus and foreign currency reserves reflects market entities having an increasing degree of autonomy in exchange settlement and sales, according to an official.
From a balance of payments perspective, China’s current account surplus and foreign investment inflows in recent years have mainly been balanced by outward investments by Chinese market entities, said Wang Chunying, a spokesperson for the State Administration of Foreign Exchange (SAFE).
Quick hits /
Property /
Developers bidding for land-use rights in the southern China city of Guangzhou cried foul after state-owned China Resources Land Ltd. won two parcels Thursday in auctions decided by lottery.
The losing bidders raised the possibility of fraud, refused to accept the results and hired lawyers to push the Guangzhou Public Resources Trading Center to investigate the lottery. The lottery site at the center was sealed, including the ping pong balls used in the drawing.
Fraud /
Chinese billionaire Guo Wengui, the exiled businessman and vocal critic of Beijing with ties to former Donald Trump adviser Steve Bannon, was denied bail after being charged with fraud last month by the U.S.
Federal District Judge Analisa Torres rejected Guo’s bid Thursday to remain free pending trial, saying that “no conditions or set of conditions” would ensure his return to court or the safety of the community.
Quick hit /
Long Read /
Around 12,000 sellers showcased their products at the second phase of the Canton Fair, which is devoted to daily consumer goods and home decorations. Held in the southern metropolis of Guangzhou every spring and autumn, China’s twice-yearly trade exposition serves as a venue for domestic companies to market their products to foreign buyers. The first phase, which ran from April 15 to Wednesday, received more than 1.26 million visitors. A third phase will kick off on May 1 featuring textiles and health care products
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