Beijing’s market regulator has called for closer communication with Washington in a bid to ease tensions after the US tightened controls on Chinese companies listing shares on Wall Street.
The US Securities and Exchange Commission said on Friday that Chinese groups would be subject to stricter disclosures over their structures and state ties before being allowed to list shares in the US.
In a statement on Sunday, the China Securities Regulatory Commission noted the SEC’s move and said the two sides would “continue to enhance communication with the principle of mutual respect and co-operation”. It also stressed Beijing’s efforts to improve the transparency and predictability of its policies, promising to “engage closely” with investors, companies and authorities.
“The CSRC has always been open to companies’ choices to list their securities on international or domestic markets in compliance with relevant laws and regulations,” it said.
The CSRC statement comes after it privately sought to ease international investor worries, telling a group of Wall Street banks and global investors that its crackdown on the tutoring sector was an isolated event. But foreign investors remain concerned about this and other risks to Chinese tech groups, as China tech stocks were set for their worst month since the global financial crisis.
Explainer: Edward White and Sun Yu break down China’s “battle for data” and who will be targeted next.
Five more stories in the news
1. US and UK blame Iran for deadly tanker attack off Oman Both nations have blamed Iran for a drone attack on an oil tanker in the Gulf that killed a Briton and a Romanian in an assault that threatens to heighten tensions between Tehran and the west.
2. Myanmar junta chief takes charge of ‘caretaker’ government General Min Aung Hlaing has taken the title of prime minister as head of a “caretaker” government, six months after the military seized power in a coup. The military commander also promised to lift the country’s state of emergency and hold elections by 2023.
3. Turkey battles to quell wildfires as residents and tourists flee Turkey has contained more than 100 wildfires after a series of blazes near its Mediterranean coastline killed six people and forced thousands of residents and foreign tourists to flee holiday resorts, the government said on Sunday.
4. Malaysia takes aim at Binance chief executive Scattered global efforts to crack down on cryptocurrency exchange Binance were again on show on Friday after Malaysia censured chief executive Changpeng Zhao for “illegal” operations and the group also announced plans to close its European derivatives business.
5. GOP senator expects infrastructure bill to pass Joe Biden’s $1tn infrastructure package had enough support from lawmakers to pass the Senate this week, Republican senator Susan Collins said. Collins said the bill could be introduced to the Senate floor within hours, and that she expected it to be backed by at least ten Republican senators.
More US politics: Donald Trump entered July with a war chest of more than $100m from his 2021 political committees, new federal campaign finance filings show.
Tokyo Olympics round-up
Elaine Thompson-Herah has become the quickest woman alive after leading a Jamaican sweep of the medals in women’s 100 metres. Italy’s Lamont Marcell Jacobs is the newly minted fastest man.
Hong Kong’s Olympics success exposes deep political fissures as police probe fans who shouted down Chinese national anthem during a medal ceremony.
A Belarusian runner due to compete at the Tokyo Olympics was taken to the airport against her wishes after making complaints about her coaches, according to media reports on Sunday night.
South Korean An San became the first woman since 1904 to win three golds in the archery competition. (FT, AP)
Add ‘Tokyo Olympics’ to myFT for all our coverage from the Games, and don’t miss our “alternative medals table”.
Coronavirus digest
Pfizer raised the price of its Covid-19 vaccine by more than a quarter and Moderna by more than a tenth in the latest EU supply contracts.
The pandemic has fuelled the broadest global house price boom in two decades.
President Joe Biden’s chief medical adviser warned “things will get worse” as the Delta variant sweeps through the US, although he added a return to the lockdowns of last year was unlikely.
Millions of Americans face the risk of being thrown out of their homes after a moratorium on evictions put in place during the pandemic expired on Saturday.
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The day ahead
UK allows vaccinated visitors Starting at 4am BST today, the UK will accept travellers arriving from the EU and US who have been double-jabbed. International cruises will also be able to start again from British ports after a 16-month break.
Manufacturing PMI data China, Eurozone, France, Germany, India, Japan and the UK will report manufacturing data today.
Insurance earnings kick off Monday begins a big week for insurance earnings reports. Axa’s second-quarter earnings will be closely watched as it battles a bruising dispute with the hospitality industry over pandemic claims.
What else we’re reading
Inside Boris Johnson’s money network The UK prime minister’s own finances may be shambolic, but a secretive donor club is transforming his party’s fortunes. The secretive “Advisory Board,” a hitherto unknown group of elite donors enjoy frequent and direct access to the most powerful people in government.
Beijing’s need to prepare for extreme weather Flash floods in central China’s Henan province this month have spurred a revamp of the Communist party’s emergency response plans as it prepares for the intensifying threat of extreme weather. Meanwhile, FT’s Tim Harford asks: how do we heatwave-proof our cities?
ANC factions stir ‘dangerous politics’ in South Africa’s towns The worst violence since the end of apartheid has left at least 300 dead and exposed vicious political rivalries and racial tensions. The most chilling part of what President Cyril Ramaphosa called “deliberate, well-planned and co-ordinated” targeting of infrastructure were attacks that seemed tailored to exploit South Africa’s inequality.
‘The global supply chain wasn’t built for this’ Thanks to roaring consumer demand, US rail yards, ports and warehouses are choked with freight, with too few people to move it quickly, causing delays and rising prices for companies and consumers. “I don’t think there’s a port in the country that hasn’t been touched by congestion,” one transportation analyst said.
The summer that changed my life From Hawaii to the Himalayas, Simon Schama, Lucy Kellaway and other FT writers on the holidays that stayed with them. What about you? Share the memories of your favourite summer holiday in the comments at the bottom of this story.
Source: Economy - ft.com
