Financial analyst Sara Hsu, co-author of the 2020 publication “China’s fintech explosion”, discusses how tech companies became the leaders in fintech, leaving the country’s giant banks behind. She addresses an online panel of USC’s US-China Institute and explains how an underserved community offers a fertile basis for the fintech explosion.
The creation of a digital currency does not mean China can create a reserve currency for the international markets, says financial expert Victor Shih in Quartz. Domestically, it could mean the digital currency could try to catch back the financial room now occupied by commercial players like Alibaba’s Alipay and Tencent’s WeChat, he adds.
Zhong Shanshan, the owner of bottled water producer Nongfu became through its IPO suddenly one of the wealthiest people in China, in a time when IT in a post-COVID economy seems to be leading, says Rupert Hoogewerf, chairman of Hurun, the China Rich List to the China Daily. Consumption tycoons have become the winners in post-COVID China, he adds.
China is home to four out of five largest unicorns – startups valued over one billion US dollars, second to the US, says the latest report by the Hurun Global Unicorn Index, published on Tuesday. “The rest of the world needs to wake up to providing an ecosystem that allows unicorns to flourish,” says Rupert Hoogewerf, chairman and chief researcher of the Hurun report to the South China Morning Post.
Chinese companies keep on flocking to US stock markets despite the upcoming anti-China regulations and the hostile political climate between China and the US. Why? Because they need capital to finance their plans yesterday, not tomorrow, explains political economist Shirley Ze Yu at her vlog.
Shanghai-based VC William Bao Bean looks at the world after the COVID-19 recession will be gone. Fintech will go through the roof, like all things digital, home delivery, and health care applications he tells at this debate on India and China how the world will learn from China coronavirus crisis.
US legislators might support a bill to force Chinese firms listed in the US to let the US stock regulators, the PCAOB, check their files. But those checks will not prevent frauds like those by Luckin as some US senators claim, warns audit expert Paul Gillis on his weblog Chinaaccountingblog. Some predictions on what will happen after the bill has been adopted.
China is trying to contain a second wave of the coronavirus. Economist Arthur Kroeber looks at what the government wants to do. Unlike other countries, China tries to eradicate the number of cases to zero, whatever it might cost. Even though that is not realistic, it has huge consequences for some consumer good sectors and travel, who might not recover for the time being. An overview of the situation in June.