Connect with us


Xi takes seriously one of his biggest economic goals to date




Few horizons have emerged as quickly as that of Shenzhen. The once sleepy fishing village is now home to tech giants such as Huawei, Tencent and drone maker DJI.

This year, the southern Chinese city celebrated the 40th anniversary of its transformation into a special economic zone, and President Xi Jinpingcame this week to wish him a happy birthday. But more importantly, Xi took the opportunity to take seriously one of his biggest economic goals to date.

Shenzhen skyline views from Hong Kong

The Shenzhen skyline.

Photographer: Justin Chin / Bloomberg

Shenzhen is the heart ofXi’s plans for the Greater Bay Area, an area that would merge the city with neighboring Hong Kong and Macau to form a megalopolis resembling what would happen if the United States were to merge Silicon Valley, New York and Las Vegas in one. Illustrating the significance of the event, Hong Kong CEO Carrie Lam abruptly postponed her annual policy speech to attend the anniversary party.

Xi’s speech was light on details – as is usually the case with these things – but it’s clear that China’s most powerful leader since Mao Zedong has given local authorities their marching orders to speed up the plans. creation of a technology center (Shenzhen), a financial center (Hong Kong) and a gaming enclave (Macao) add up to something greater than the sum of its parts. So stay tuned for a barrage of political announcements on this front in the months and years to come.

$ 10 trillion

The Chinese stock market topped $ 10 trillion for the first time since 2015 after Beijing’s success in taming the country’s coronavirus outbreak. The strengthening yuan has helped prop up the value of domestic stocks by $ 3.3 trillion since March. To put this year’s rally in context, it’s more than the size of the UK economy. Meanwhile, the yuan stabilized after investors ignored an abnormal drop in the currency on Monday. Some traders, who initially suspected the Chinese authorities, deliberately tried to weaken the renminbi, laterblamed the move on low liquidity and a short dollar squeeze.

Milestone reached


Debt loadingChina Evergrande, which just got over a liquidity crunch last month, continues to shake investors. The developer’s shares are on track for their worst weekly decline since March after the company only liftedabout half of what was expected in a stock sale. Creditors are also showing signs ofworried about their exposure to the group, even though one of its units managed to close a successful bond sale.


The billionaire president of Evergrande, Hui Ka Yan

Photographer: Anthony Kwan / Bloomberg

The problems faced by Evergrande, led by billionaire Hui Ka Yan, bring to mind memories of other notorious Chinese empire builders who borrowed beyond their means to satisfy grand ambitions. The group has accumulated more than835 billion yuan ($ 124 billion) in debt in June after Hui invested in everything from football clubs to spring water companies and electric cars. That’s 40% more than HNA ever racked up during its spectacular rise and fall.

Mulan Flops again

Chinese Gold Valley Films have accomplished what seemed impossible by producing a worse version of the Mulan classic as Walt Disney’s $ 200 million remake. The Gold Valley animated film, called Kung Fu Mulan, was reportedly pulled from Chinese theaters within three days of the film’s box office bombing and has drawn ridicule from online critics. The flop could serve as little consolation for Disney, who could end up losing money on their controversial adaptation of the 1,500-year-old poem. While the entertainment giant hasn’t revealed how many people shelled out more than $ 30 each to watch the movie on the Disney + streaming service, it seems to have hit the mark. short break-even point.


Disney mulan

Source: Disney

What we read

And finally, a few other things that caught our attention:

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos

picture credit


to request, modification Contact us at Here or [email protected]