News Briefing for Wednesday, August 31, 2021
Notable China news from around the world
Here’s what else you need to know about China today:
UN official ends tenure without publishing Xinjiang report: Michelle Bachelet, the UN High Commissioner for Human Rights since 2018, ended her term today with the fate of a long-awaited report on Uyghurs in Xinjiang up in the air, per Reuters. A spokesperson for Bachelet said “she had fully intended for it to be released before the end of her mandate.”
July 20: Beijing seeks to block the UN rights report on Xinjiang / The China Project
Alibaba and Yum China to get U.S. audit probe: The companies’ Chinese audits are first up for inspection by the U.S.-based Public Company Accounting Oversight Board (PCAOB) as part of the new U.S.-China audit deal, the Financial Times reports. JD.com is also high on the list, per Reuters.
August 29: Can an audit deal soften up two superpowers? / The China Project
Chinese imports flood into Russia: “Chinese cars, televisions and smartphones are replacing German and South Korean imports in Russia,” Bloomberg reports, citing data that last quarter, “81% of new car imports were Chinese, compared with 28% in the first quarter.”
More goods, but a lot fewer people on China’s railways: China Railway, which operates the country’s passenger and cargo railways, reports that, in the first half of the year, it transported 1.94 billion tons of goods, a year-on-year increase of 5.5%, but only 787 million passengers, a year-on-year decrease of 42.8%. Also in today’s business briefs:
- Listed companies made over $3 trillion profit in the first half of the year.
- Auto supply chains are hot again.
- Factories are still not spending big.
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