Hi everyone. I’m Stephanie LI.
Coming up on today’s program.
Shanghai Disney Resort shut down and tested all tourists and working staff on Sunday night;
China's manufacturing PMI further contracts in October;
Trading rules for Beijing bourse were issued on Saturday, signaling a launch date on November 15.
Here’s what you need to know about China in the past 24 hours
If there’s one thing that’s way more spookier than all the vampires and ghosts haunting Halloween, it has to be the coronavirus playing “treat or trick” at your door.
Tourists and staff lining up to receive tests at the Shanghai Disney Resort made a national headline on Sunday night, after a positive case from neighbouring province Zhejiang who had been to the Disney on Saturday was found. More places, including at least two hospitals in Shanghai, started to screen out potential epidemic infections on Monday. There was no positive case found so far.
Things aren’t getting any easier with the 2022 Winter Olympic host either. With less than 100 days to the most important sports event next year, Beijing races to control a growing outbreak. As a total of 30 cases in the latest outbreak have been found, three districts in Beijing have announced the temporary closure of cinemas. Previously, Haidian district also closed all entertainment venues and internet cafes. A number of the city's art galleries and museums also closed.
The Chinese mainland reported 59 new local cases yesterday, marking a new high of the recent flare-up. This time, northeastern Heilongjiang province got the hardest hit with 27 cases. As of Sunday, fresh local infections have been reported in 16 provinces across the country.
Amid a potential national spread, more than 20 provinces in China are starting to offer booster shots to people aged 18 to 59. Beijing is demanding a vaccine booster for some key workers, making it the first key Chinese metropolis to publicly articulate a booster mandate.
Greater Bay Area, Greater Future
Hong Kong's economy maintains a steady recovery and is expected to record an economic growth of around 6.5 percent this year, said Paul Chan, financial secretary of the Hong Kong SAR government. Chan said Hong Kong's total exports surged by 30 percent in the first half of the year, with the growth rate in the third quarter being 22.7 percent. Hong Kong's economy has grown 7.8 percent year-on-year in the first half of the year under its strong export and the increasing domestic demand, while trade and consumption indicators will predict a good growth impetus in the third quarter.
Next on industry and company news
China's factory activities shrank for a second month as a power crunch and high raw material prices continued to weigh on production, while service secured a slow growth. The official manufacturing Purchasing Managers' Index (PMI) slipped to 49.2 in October, the second contraction since February 2020 after 49.6 in September, data from the National Bureau of Statistics (NBS) showed on Saturday.
China's Personal Information Protection Law (PIPL) takes effect today, laying out ground rules around how data is collected, used, and stored. It also outlines data processing requirements for companies based outside of China, including passing a security assessment conducted by state authorities.
Switching gears to the financial sector
The China Securities Regulatory Commission (CSRC) officially released a set of rules on the Beijing Stock Exchange on Saturday that cover areas such as financing, information disclosure, corporate governance, supervision and management. The rules will be effective on November 15, a move that signals China is a step closer to the official launch of the exchange designed to support innovative start-ups. The number of companies in the selected layer of the "new third board" has been increased from 66 to 68 in the past week, which will become listed companies on the new exchange.
Wrapping up with a quick look at the stock market
Chinese stocks closed mixed on Monday with MetaVerse, EV and semiconductor sectors taking the lead, while the recent COVID-19 outbreaks weighed on consumption, tourism and the broader services sector. The Shenzhen Component Index gained 0.17 percent today, while the benchmark Shanghai Composite Index and the Hang Seng Index fell 0.08 percent and 0.88 percent respectively.
Biz Word of the Day
Vaccine Booster will help extend the protection gained from the first 2 doses and offer longer-term protection.
Executive Editor: Sonia YU
Editor: LI Yanxia
Host: Stephanie LI
Writer: Stephanie LI, ZHANG Ran
Producer: XIANG Xiufang
Sound Editor: ZHANG Ran, Andy YUAN
Graphic Designer: ZHENG Wenjing, LIAO Wanni
Co-produced by 21st Century Business Herald Dept. of Overseas News & SFC Audio/Video Dept.
Presented by SFC
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