Links for Wednesday, August 3, 2022

Hong Kong police arrest 18 people in bank loan fraud scheme
Hong Kong police crack down on 4 syndicates swindling HK$193 million in pandemic relief funds for companies / SCMP (paywall)
“Hong Kong police have arrested 18 people in a crackdown on four fraud syndicates accused of swindling HK$193 million (US$24.6 million) from a government-backed pandemic relief scheme through fraudulent bank loans.”

China must not help Russia, stresses President Zelenskyy
Ukraine President Zelenskyy says China must not help Russia / AP
“Ukraine President Volodymyr Zelenskyy told Australian university students that China must not help Russia in its war against his homeland and remain at least neutral.”

Huge investment in ultra-high-voltage power line expansion
China’s State Grid to invest $22 bln in ultra high voltage power lines -report / Reuters
“China’s State Grid plans to invest more than 150 billion yuan ($22 billion) in the second half of 2022 in ultra high voltage (UHV) power transmission lines.”

Livestream industry is growing despite crackdowns
China’s livestreamer industry matures after clampdown on stars / Nikkei Asia (paywall)
“The market for multichannel networks, businesses that play a role similar to talent agencies for online content creators, is estimated at 43.2 billion yuan ($6.4 billion) this year, heading toward 74.3 billion yuan — or $11 billion — in 2025.”

Good news for China’s tertiary sector
China services activity rebounds further as COVID restrictions ease, Caixin PMI shows / Caixin (paywall)
“Services activity in China continued to rebound in July as COVID restrictions eased, a Caixin-sponsored survey showed Wednesday, offering some good news for economic growth as the manufacturing sector’s expansion weakened.”

China’s touristy areas still bear the cost of COVID restrictions
How tourism lifted one county out of poverty — and left it vulnerable to COVID / Caixin (paywall)
“Xijiang Qianhu Miao Village, a hub for tourism focusing on the Miao ethnic group, is located in Leishan county, Southwest China’s Guizhou Province. Virus control measures have restricted people’s movement to the point where tourism and restaurants continue to suffer.”

China’s consumers are growing concerned over food safety
Food safety, real estate top China’s consumer complaint list / Sixth Tone
“Chinese consumers are becoming increasingly dissatisfied with the products and services they buy, with food safety one of their top concerns, the China Consumer Association said Tuesday.”

No more golden tickets to Europe for China’s ultra wealthy
China’s ultra-rich are losing their favorite escape route to Europe / Bloomberg (paywall)
“For wealthy Chinese looking to flee stifling pandemic lockdowns and political tensions, Portugal has a lot to offer. Mild weather, a laid-back and affordable lifestyle and investor visas that allow access to the whole European Union — all for as little as 350,000 euros…[But] that wave is drying up.”

China’s sustainable funds lose $1.4 billion in Q2
China ESG funds bleed $1.4bn in Q2 as Asian growth slows sharply / FT (paywall)
“Chinese funds focused on environmental, social and governance recorded net outflows of $1.4bn in the second quarter, marking an even sharper slowdown than sustainable funds elsewhere in the region.”

China and the Philippines discuss infrastructure building and investment
China, Philippines relaunch investment talks to reverse shortfall in Beijing’s pledged funding / SCMP (paywall)
“China hopes to maintain friendly relations with the Philippines, a historical U.S. ally, by revisiting loan agreements for three major railway projects, according to analysts. Incidents in the South China Sea over the past four years have eroded Sino-Philippine ties, but Beijing recently said that it is ready for a ‘golden era’ in bilateral relations.”