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 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.
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 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.
What we read
And finally, a few other things that caught our attention:
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