Shanghai will launch a strict plastic ban from January 1, 2021, where supermarkets, shopping malls, pharmacies, and bookstores will not be permitted to offer disposable plastic bags for consumers for free, nor for a fee, as reported by Jiemian.com on December 24. Similarly, the catering...
Zhang Jianhua, director of China’s National Energy Administration (NEA), gave details that the country plans to speed up green energy development in 2021, with priorities on wind and solar power, as reported by Sina on December 23. Meanwhile, Zhang stated that the country will continue...
China’s online game industry has maintained steady growth in recent years. According to China Internet Network Information Center (CNNIC), as of June 2020, the segment recorded 540m online gamers, increasing by 8.05m over the past three months and making up 57.4% of total internet users...
Regulators are forming green standards governing home appliances To encourage sustainability within the household appliance industry and reduce carbon emissions, Chinese government agencies and industry associations are ramping up issuing green standards for each segment. The policies are also guiding consumers to make more sustainable purchasing...
State Administration for Market Regulation (SAMR) and the Ministry of Commerce (MOFCOM) held an administrative guidance meeting for the regulation of community group buying businesses on December 22, where Alibaba [BABA:US], Tencent [0700:HK], JD.com [JD:US], Meituan [3690:HK], Pinduoduo [PDD:US], and Didi Chuxing participated, according to...
State Development Investment Corporation (SDIC) announced on December 21 that its subsidiary, SDIC Power Holdings [600886:CH], completed its stock acquisition of a Swedish onshore wind energy project, Överturingen, according to Bjx.com.cn on December 23. SDIC Power holds a 50% stake and will manage the project...
JD Finance released an apology to the public for a series of controversial advertisements that the lender had released online, as reported by the Beijing News on December 17, 2020. The ad was selling online loan products targeted towards a lower income demographic and insinuated...
China’s National People’s Congress (NPC) Standing Committee has started reviewing the first draft of the new anti-food-waste law in China, as reported by Xinhua on December 22. The draft law contains 32 articles, clarifying the definition of food waste, the responsibility of the relevant government...
Chinese coffee chain company Luckin Coffee has reached a settlement with the US Securities and Exchange Commission (SEC) over its financial fraud case and the company will pay a USD180m fine, as reported by Caixin on December 17. The US SEC filed a suit against...
The Green and Sustainable Finance Cross-Agency Steering Group, jointly founded by Hong Kong Securities and Futures Commission (SFC) and Hong Kong Monetary Authority (HKMA), released its green and sustainable finance strategy on December 17, according to HKMA’s website on the same day. The Steering Group...
China is entering into a peak period of home appliance disposal Although the COVID-19 outbreak heavily impacted the Chinese home appliance sector, the industry saw a gradual recovery in March. According to People.cn, the Chinese home appliance market recorded retail sales of RMB248.6bn in 2Q20, up...
The Investment Association of China (IAC), the Yangtze River Delta (YRD) Financial Industrial Park, and Zhong Lun Law Firm, jointly announced a proposal for green finance in the YRD to support China’s carbon neutrality target, as reported by Shanghai Securities News on December 17. The...
Online healthcare companies utilize the internet to offer various medical services, including diagnosis and treatment, telemedicine, health e-commerce, medical insurance, information sharing, etc. The rapidly expanded industry has offered solutions to address China’s medical supply and sourcing dilemma and contribute to reducing the spread of...
Antitrust regulator, the State Administration for Market Regulations (SAMR), fined Alibaba [BABA:US] Investments, Shenzhen Hive Box Technology, and China Literature [0772:HK], a subsidiary under Tencent [0700:HK], half a million RMB for not gaining certain acquisition or buyout approvals, thus violating anti-monopoly laws, according to Sina...
Yi Gang, the governor of China’s PBoC, stated at the Singapore FinTech Festival that the country is considering introducing mandatory requirements for state-backed financial institutions to disclose green finance-related information, as reported by South China Morning Post on December 9. As Yi Gang stated, the...
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