Hi everyone. I’m Stephanie LI.
Let’s start with our headlines today.
China's Minister of Commerce Wang Wentao and US Secretary of Commerce Gina Raimondo talked over the phone Thursday and exchanged views on relative issues and concerns in a frank and practical way. During the talks at the invitation of the US side, Wang and Raimondo stressed the importance of dialogue and communication between China and the United States in the business field and agreed to promote the healthy development of pragmatic cooperation on trade and investment while properly handle differences. The two sides also agreed to maintain communication in their working relationship.
U.S. President Joe Biden on Wednesday revoked and replaced executive orders targeting TikTok, WeChat, and eight other software applications signed by former President Donald Trump. The new order directed the U.S. Commerce Department to instead evaluate software applications connected with "foreign adversaries" under recent U.S. supply-chain security rules.
Updates on COVID-19.
China's Guangdong Province recorded 4 locally transmitted cases on Wednesday. All were reported in Guangzhou, and 2 asymptomatic cases were confirmed. The first case of the recent outbreak, a 75-year-old woman in Guangzhou, who was confirmed on May 21st, was discharged this morning. Guangzhou urged citizens to stay home and avoid unnecessary travels during the upcoming 3-day holidays.
More on industry news.
Fresh-food delivery firms Miss-Fresh and Dingdong Maicai are vying with each other to raise funds via IPOs on US bourses, as competition in the Chinese online grocery delivery segment is intensifying. MissFresh plans to raise funds from the Nasdaq through a listing of its American depositary shares, while Dingdong Maicai plans to list its shares on the New York Stock Exchange.
随着中国在线生鲜配送领域的竞争日益激烈，生鲜配送公司每日优鲜和叮咚买菜正在竞相通过在美国证券交易所 IPO 筹集资金。北京时间6月9日凌晨，每日优鲜和叮咚买菜于同一天向美国证监会递交了招股书，分别计划于纳斯达克和纽交所挂牌上市。
Chinese telecom giant Huawei opened its largest global cybersecurity and privacy protection transparency center on Wednesday in the southern Chinese city of Dongguan.
Switching gears to the financial sector:
China should actively deal with the rebound of non-performing assets, strictly prevent the resurgence of shadow banking, regulate illegal public securities issuance, prevent the risk of financial derivative investment, and guard against “Ponzi schemes”, said Guo Shuqing, chief of China Banking and Insurance Regulatory Commission at the Lujiazui Forum. The most prominent task now is to further increase the proportion of direct financing.
China's consumer inflation is expected to stay under 2 percent in 2021, below its official target of about 3 percent, said Yi Gang, governor of the People's Bank of China (PBOC) on Thursday.
More on the central bank. The PBOC will strive to ensure continued financial support for small businesses with low interest rates under the reformed benchmark system.
Wrapping up with a quick look at the stock market.
Chinese stocks closed higher Thursday, with the benchmark Shanghai Composite Index up 0.54 percent, at 3,610.86 points. The Shenzhen Component Index closed 1.19 percent higher at 14,893.59 points. Shares related to Huawei’s HarmonyOS, software and e-currency led the gains.
Executive Editor: Sonia YU
Editor: LI Yanxia
Writer & Host: Stephanie LI
Sound Editor: YUAN Sijie
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