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Senior Chinese diplomats in the U.S. face new restrictions on meeting local officials and visiting universities. TikTok’s potential buyers are discussing four options to acquire the short video app from its Chinese owner, including one that would exclude key software to bypass Beijing’s new export restrictions. Meanwhile, Caixin statistics show the services sector’s recovery slowed in July.

By Lu Yutong (yutonglu@caixin.com)

** TOP STORIES OF THE DAY

U.S. announces new restrictions on Chinese diplomats

The U.S. Department of State announced Wednesday that senior Chinese diplomats now need its approval to visit university campuses or meet with local government officials.

In a press statement, the department said it will also now need to approve cultural events with an audience larger than 50 hosted by Chinese diplomats outside of embassies and consulates. Finally, the department said it would “take action to help ensure” that official Chinese embassy and consular social media accounts are identified as government accounts, without providing details.

TikTok buyers eye option to bypass Chinese restrictions

TikTok’s prospective buyers are discussing four ways to acquire the popular short video app from its Chinese owner Bytedance Ltd., Reuters reported. The measures include buying the app’s U.S. operations without key software, which could circumvent restrictions on exporting advanced technology imposed by Beijing on Friday.

Services sector recovery slows: Caixin PMI

The Caixin China General Services Business Activity Index fell to 54 last month from 54.1 in July. The index has been in expansionary territory for four consecutive months, though it has come down from a decade-high in June.

Employment in the sector grew for the first time since January.

** OTHER STORIES MAKING HEADLINES

Finance & Economy

• Eighteen companies have ended or suspended plans to go public in the months since their sponsor GF Securities Co. Ltd. was suspended from securities sponsoring due to its role in a client’s fraud case.

• Singaporean banking giant DBS Bank Ltd. has won regulatory approval to set up a majority-owned securities joint venture on the Chinese mainland. It will own 51% of the new venture, with the remaining stakes controlled by four Shanghai companies.

Business & Tech

• China made up (link in Chinese) 61.2% of the world’s total crude steel production in July with daily output of 3 million tons, data from industry consultancy Mysteel showed.

** ON THE CORONAVIRUS

• On Thursday, the Chinese mainland reported (link in Chinese) 11 new coronavirus cases for Wednesday, up from eight a day earlier. All of the cases were imported, with six diagnosed in Northwest China’s Shaanxi province and three in the country’s southern Guangdong province.

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Caixin’s coverage of the new coronavirus

• As of noon Thursday Beijing time, the number of global Covid-19 cases was approaching 26 million, with death toll of more than 861,000, according to data from Johns Hopkins University.

 

Contact reporter Lu Yutong (yutonglu@caixin.com) and editor Flynn Murphy (Flynnmurphy@caixin.com)

 Read more 
China Business Digest: India Bans 118 More Chinese Apps; New Rules to Ease Foreign Access to Chinese Bond Market

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