China’s central bank has urged further “rectification” of the country’s fintech sector, adding more pressure to tech groups besieged by intensifying regulatory scrutiny.
The latest warning from Beijing, which did not name any companies, comes against a backdrop of strengthening headwinds for Chinese tech groups, equities markets and foreign investors in the world’s second-biggest economy.
Billionaire Jack Ma’s fintech Ant Group, China’s biggest ride-hailing app Didi Chuxing and the $100bn tutoring industry have been targeted in a snowballing regulatory crackdown that threatens to embroil other tech groups including Tencent. Delivery platform Meituan and Ma’s ecommerce business Alibaba have been subject to antitrust investigations.
The People’s Bank of China called for fintech companies to improve competition and consumer rights as it signalled stricter oversight on illegal cryptocurrency activities while also forging ahead with its own efforts to develop a digital renminbi, according to a statement released on Saturday.
Investors are bracing for prolonged uncertainty. At a top-level meeting chaired by Xi Jinping, China’s president, authorities on Friday promised stronger controls for Chinese companies selling shares overseas. The same day, US regulators said China-based groups would have to disclose more about their structure and contacts with the government in Beijing.
Despite signs of China’s economy facing an uneven economic recovery from the coronavirus pandemic, the PBOC vowed to refrain from “flood-like” stimulus measures as it pledged monetary policy stability.
The message from Beijing’s central bankers came as an important gauge of manufacturing industry health in China reflected a worse than expected slowdown in July.
China’s official purchasing managers’ index fell to 50.4 last month down from 50.9 in June, reflecting rising inflationary pressures, shrinking export growth and the effect of extreme flooding in parts of the country.
While the index was above the 50 point marker separating expansion from contraction, July marked the weakest reading since February 2020, when China was hit by sweeping lockdown measures.
Goldman Sachs analysts, who had forecast growth of 50.7, noted that China’s new export order sub-index fell to 47.7 in July from 48.1 in the previous month, the lowest since June last year.
The deceleration in Chinese factory activity followed Beijing’s warnings of an unbalanced economic recovery when it reported quarter-on-quarter GDP growth of 1.3 per cent for the three months to June.
Complicating China’s outlook, health officials are grappling with a coronavirus outbreak that has broadened from Nanjing, the provincial capital of eastern province Jiangsu, with locally transmitted cases reported across seven other provinces. China’s National Health Commission said in its latest update that there were 53 new locally transmitted cases.
Additional reporting by Sun Yu in Beijing
Usain Bolt Offers Sha’Carri Richardson Some Tough Advice Following Multiple Meet Losses
Jamaican sprinter Usain Bolt is offering some words of wisdom to rising track star Sha’Carri Richardson following the young athlete’s fall from grace.
During a recent interview with the New York Post, the eight-time Olympic gold medalist was asked about the 21-year-old whose stellar performance in the U.S. Olympic Track and Field Trials at the new Hayward Field in Eugene, Oregon, last June was quickly overshadowed by a series of incidents, including a failed drug test, which subsequently got her disqualified from the Tokyo games entirely.
Bolt told the media outlet that the best thing the Texas native can do now is stop talking and focus on what really matters. “I would tell Sha’Carri to train harder and to be focused and not say too much…,” he explained. A much speculated lack of media experience ultimately led to a dim in her once fiery fan support. Many have expressed belief that the young star’s trash talk proved damaging to her brand.
“If you talk that big talk you have to back it up,” Bolt continued. The Jamaican-born sprinting phenom added, “So just train hard and focus on that and try to come back, do it and then talk about it.”
On Aug. 21, Richardson finished in last place in the women’s 100 meters as Jamaica’s Elaine Thompson-Herah dominated the race. Shortly afterward, an online feud seemingly unraveled between Richardson and Team Jamaican.
Bolt told the outlet he and his fellow Jamaican athletes were not impressed by Richardson’s attitude, considering a rivalry between American and Jamaican sprinters that picked up some steam dating back to at least 2012.
“Jamaicans were vexed because she was talking a lot of s–t before the actual race, it is just one of those things,” he explained. “Jamaicans don’t like when people talk s–t about us because we are a very proud people. So if you talk about us we are gonna want you to back it up. It definitely gave those women the extra push [to win.]”
Richardson has had a few incidents with members of the Caribbean nation. She was offered an all-expenses-paid trip to Jamaica by a Jamaican hotel owner, following her loss to Jamaica’s Shelly-Ann Fraser-Pryce, who finished second in the Prefontaine race. Many people online found the gesture to be disingenuous.
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SWIPE and PressPlay to see the two moments everyone is talking about that happened at the end of the DondaEvent – KimKardashian came out in a wedd
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