China Business Now

China’s Ministry of Industry and Information Technology (MIIT) reported on campaign to regulate the internet industry, saying that regulators have been prioritising the crackdown on link blockage of different platforms.

The Cross-Boundary Wealth Management Connect will bring tremendous opportunities to Hong Kong’s thriving wealth management business, and will consolidate and enhance Hong Kong’s status as an international financial centre, Chief Executive of HKSAR Carrie Lam said. Macao’s chief Ho Iat Seng said the investment connects will help Macao build its modern financial industry and promote the RMB to become an important currency for overseas investment.

Shares of online gaming giants Tencent and NetEase plunged over 8 percent and 5 percent today respectively, after Chinese regulators called in gaming firms yesterday to ensure they follow Beijing’s new restrictions on video gaming for minors.

Chief Executive of the HKSAR Carrie Lam said on Tuesday that the expansion of the Qianhai Shenzhen-Hong Kong Cooperation Zone as a modern service zone, will further reform and open up, and will definitely provide more opportunities for Hong Kong professional service providers in the future. She added that the HKSAR government will definitely take an active, progressive and proactive part in building the zone. https://m.21jingji.com/article/20210908/herald/e4ae9c63fa992b63cbb7599942d69340.html

China have issued a new plan for further developing Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone on Monday. The total area of the cooperation zone will be expanded to over 120 square km from 15 square km. According to the plan, the new blueprint was formulated to help Qianhai better play an exemplary and leading role in the development of the Greater Bay Area, and the reform and opening up of the zone will be comprehensively deepened.

China issues a general plan for building a Guangdong-Macao in-depth cooperation zone in Hengqin. The cooperation zone will develop sci-tech research and development and high-end manufacturing industries. Traditional Chinese medicine and other Macao's signature businesses, culture and tourism, conventions and exhibitions, and modern finance will be promoted. 

China will set up a stock exchange in Beijing and build it into a major base for innovation-oriented small and medium-sized enterprises (SMEs), President Xi Jinping announced Thursday when delivering a speech via video at the Global Trade in Services Summit of the 2021 China International Fair for Trade in Services. https://m.21jingji.com/article/20210903/herald/716aa1e0fadaa5052bee4685ec5c92f3.html

It was the first day of school yesterday. Several new education policies have come to test under the “double reduction” crackdown. For students, the Regulations on the Protection of Schools for Minors calls for the prevention of sexual assault and bullying, which also prohibit the publication of students' test scores and rankings to protect students' self-esteem and privacy.  https://m.21jingji.com/article/20210902/herald/0e02402135970bcad90dbda22161463f.html

The gruelling “996” work schedule is deemed illegal. But employees at ByteDance are having mixed feelings toward overtime working as they found their August pay-check shrank 20%. Company policies expecting staffs to work 12 hours a day, six days a week, is a serious violation of China’s labor law. https://m.21jingji.com/article/20210901/herald/5b20f3ae2c85c7abe5777a26176935c0.html

A salary jump for delivery workers is around the corner as the first batch of people to enjoy the tangible benefit of what China’s top leader called “a society of common prosperity”. Multiple Chinese logistics companies will raise delivery fees by 0.1 yuan for every parcel from tomorrow, which means couriers could get an extra 500 to 1000 yuan each month. https://m.21jingji.com/article/20210831/herald/30c052cb2202e3d3f529b1be07422eff.html