Mon. Oct 18th, 2021


Chinese politics and policy updates

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A tirade by a blogger widely endorsed by Chinese state media has called for the regulatory overhaul of snowballing in Beijing focus on the high cost of housing, education and health care, while also introducing far-reaching reforms in the financing and cultural industries.

“This is a transformation from capital-centered to people-centered,” the author said, adding that those who wanted to block the deep reform efforts would be ‘thrown away’.

The commentary, originally published by a popular nationalist blogger, was shared by China’s largest state and party-controlled media, including the Xinhua news agency, the People’s Daily and CCTV television network, which show the broad level of state support.

It was published as investors and businesses across China prepared for the next step in Beijing’s widespread technological collapse, which hit the e-commerce, education, fintech, car and gambling sectors and alleged data security abuses, enforcement of antitrust and labor and consumer rights.

Thank you for reading FirstFT Asia. Does Beijing’s regulatory constraint affect your industry? Share your thoughts with me emily.goldberg@ft.com – Emily

Five more stories in the news

1. Biden defends withdrawal from Afghanistan in White House speech The president has his the strongest defense to date of the chaos of the US from the Asian country, a day after the last US troops flew out of Kabul and ended their 20-year military presence there.

  • Go deeper: If the US is gone, the Taliban will show his true colors on human rights and its promise to form an ‘inclusive’ government. Follow our latest coverage on Afghanistan FT.com.

2. Heavy-duty Chinese developer warns against standard risks Evergrande warned runs the risk of defaulting on his debt if it is unable to raise cash as China’s most indebted real estate developer struggles to prevent an emerging liquidity crisis.

3. The trial of the founder of Theranos begins Elizabeth Holmes, founder of the beginning of blood tests, appear in court yesterday when the jury’s selection began in one of the largest hearings regarding alleged fraud in Silicon Valley.

Elizabeth Holmes out of court Tuesday.  © Nic Coury / AP

Elizabeth Holmes out of court Tuesday. Her business Theranos was considered a revolutionary start before it disintegrated as evidence gathered against the accuracy of its technology © Nic Coury / AP © AFP via Getty Images

4. South Korean law hits Google and Apple app stores South Korea becomes the first country in the world attack the profitable commissions charged by the tech groups’ app stores, after they passed a law that allows mobile phone users to pay software developers directly for their apps.

5. Hohn asks the Canadian National CEO to resign over the rail agreement British hedge fund manager Chris Hohn has insisted that CN abandons its $ 34 billion endeavor of Kansas City Southern, after the U.S. Railroad regulator rejected the way the deal was structured, as it could have the potential to harm the public interest.

Coronavirus consumed

  • South Korea has proposed a budget for 2022 that will hold a record aggressive fiscal spending to try to deal with the outbreak of the pandemic.

  • Experts at the annual Convention on Biological Weapons asked strings force to enforce the treaty as the Covid-19 pandemic intensifies global awareness of biological threats.

  • In the USA, QR codes replaces ever-increasing service personnel because the pandemic is causing automation.

  • A shortage of new cars due to the semiconductor supply crisis causes a once-in-a-lifetime boom used car market.

Bar graph of year-on-year change (%) showing The pandemic caused a rise in the price of used cars

Subscribe with us Coronavirus Business Update e-mail for a regular briefing on how the pandemic is affecting markets, global affairs and our workplaces.

The day ahead

Australia GDP The Australian Bureau of Statistics will today release its gross domestic product figures for the second quarter of 2021. more and more before recent coronavirus restrictions came into effect. (Reuters)

Opec + meeting Opec and its allies are likely to stick to plans to restore output cuts when they meet today. But as the recovery from the Covid era increases, analysts say the group may need to adjust the rate before the year is out. More in yesterday’s Energy source. Sign in here to receive the newsletter in your inbox.

European unemployment figures Eurostat’s unemployment data are released today, along with unemployment rates in Istat, Italy. A complete list of economic data released today is mentioned in our Week ahead newsletter.

The Financial Times, in partnership with the United Nations, is pleased to present a strategic preview of the UN General Assembly, bringing together diverse and informative speakers to discuss what to expect, what’s at stake and why it is important to you. Sign in here to join our event on September 15th.

What we still read

According to demographics, the decline in interest rates is far from over In Japan, an aging population has had an unexpected impact on inflation and wages. Although it was thought that a demographic turnaround would change the current era of stagnant prices into a new inflationary period, this did not happen in Japan. A new paper explains why.

Joe Biden and Europe run different directions The US president will not lose any votes on Monday on the EU’s decision to restore travel restrictions on Americans. But that’s a bad sign, writes Edward Luce. The move was just as much about Biden’s reluctance to match the opening of Europe to U.S. travelers this summer, as was the U.S. high Delta infection rate.

Universal basic income is not the only solution We are in a moment where work is becoming insecure. A policy where the state pays out monthly amounts without conditions is often presented as a solution. But a universal basic income would shape the labor market in difficult ways, writes Sarah O’Connor.

Would you support a universal basic income policy? Tell us in our poll.

Carbon compensation: a license to pollute or a pad na netto nul? An emerging but growing trend in the energy sector combines the transport of fossil fuels offset carbon units that organizations buy to compensate for emissions and to make their carbon-intensive loads look greener. But critics argue that the offsets do not capture as much carbon as they claim.

It’s time for frank conversations at work Different generations will – should – come up against each other if culture and society are living things, writes Stefan Stern. The same goes for companies. But how does it help well-meaning drivers who worry they are going to say the wrong thing about race, gender identity, sexuality, disability or other sensitive issues?

Music

While climate change and Covid are raging around the world and Afghanistan has been the largest U.S. military refuge since Vietnam, a small portion of humanity has spent the summer on another issue. Would Donda ever be released? After weeks of delays, now finally available for everyone to hear, Donda is a nonsense, critic Ludovic Hunter-Tilney says.

Kanye West has released his 10th studio album © Getty Images for Universal Music

Kanye West has released his 10th studio album © Getty Images for Universal Music

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