Global Economic Update

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China will Create a new stock exchange In Beijing, as part of an attempt to deepen the development of SMEs and their capital markets.

Chinese President Xi Jinping stated at an international trade exhibition yesterday that the new capital exchange will become the main platform for serving “innovative small and medium-sized enterprises”.

The announcement marks China’s latest effort in its long-term onshore capital market development activities. In recent months, with the increasingly stringent regulatory review of offshore listings in the United States and China, people have cast doubts about the long-term prospects of Chinese companies listing on Wall Street.

This announcement also comes at a time when the Xi Jinping administration has launched a series of regulatory and policy reforms in recent weeks. The initial crackdown on fintech loans and antitrust abuse has been extended to companies in various industries in China.

Xi Jinping also hinted at a major shift to wealth redistribution as part of the fight against powerful business elites.Alibaba yesterday Pledged to donate 100 billion yuan ($15.5 billion), equivalent to about two-thirds of its net income last year, is used to support President Xi Jinping’s call for more “common prosperity” projects as it seeks to resolve Beijing’s scrutiny of the technology industry.

Thank you for reading FirstFT Asia. happy weekend. -Emily

There are five more stories in the news

1. WhatsApp fined 225 million euros for violating GDPR WhatsApp already Fined 225 million euros It violated EU data privacy laws by failing to inform its users how to share data with its parent company Facebook. This is by far one of the largest fines related to the General Data Protection Regulation.

2. China warns of U.S. tensions threatening to combat climate change China warned the United States that a “strategic misjudgment” in its relationship with Beijing has triggered bilateral tensions and could disrupt high-level talks aimed at fighting the conflict. The global threat of climate change.

3. The Supreme Court allows the establishment of Texas anti-abortion law Joe Biden accuses the U.S. Supreme Court Cause “unconstitutional chaos” In its ruling, the state of Texas, the second most populous state, was allowed to enact a law prohibiting abortion after approximately six weeks of pregnancy.

4. Singapore puts Binance on its investor alert list The Monetary Authority of Singapore stated that Binance May have violated local regulations, Making this city-state the latest global regulator to crack down on international cryptocurrency exchanges.

5. The United Nations warns of the imminent food crisis in Afghanistan The UN Deputy Special Representative for Afghanistan, Ramiz Alakbarov, stated that most children under the age of 5 face severe malnutrition, while one third of the population has hungry. Read the rest of our Afghanistan report Fortis.

Coronavirus Digest

• Asian countries Is one of the most effective ways to deal with the first wave of Covid-19, but Delta changes are reflected in Cause severe damage in the area.

• Millions Indian children Back to the classroom This is the first time in 18 months, as the school has reopened since the pandemic began.

• North Korea already Refused A batch of 3 million domestic vaccines.

• Malaysia Set one Maximum price Buy the Covid-19 rapid antigen test kit at the store for 19.90 ringgit (less than 5 US dollars), the purpose is to promote home testing.

• Two doses of vaccine Chances are halved A study found that long-term Covid.

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the day before

Economic data Wall Street Stocks Play higher Yesterday the US employment report will be released today, while Europe is looking forward to retail trade data. Today there are some IHS/Markit service industry purchasing managers index reports from China, France, Germany, India, Italy, Japan, the United Kingdom and the United States.

Biden visits New Orleans hit by Hurricane Ida US President Joe Biden will Travel to Louisiana When it recovered from the Category 4 hurricane Ida that hit the Gulf Coast over the weekend. (CNN)

Live music festival at FT Weekend Will return in person on the expansive grounds of Kenwood House in North London on Saturday, September 4th.For more inspiring conversations, in-depth storytelling, a little escape from reality and a lot of fun, Don’t miss our new “Financial Times” Weekend Podcast, Hosted by Lilah Raptopoulos.

What are we still reading

China’s repression is not the way to deal with video games The introduction of new technologies often triggers moral panic.Must now be added to the list China combats video gamesBut if used properly, escapism entertainment can bring real social and spiritual benefits, writes John Thornhill.

How Angela Merkel shaped a generation-and Europe With the federal election in Germany this month, Merkel will step down after nearly 16 years in power, marking a key turning point in the country’s post-war history.What do the young people of Merkel’s generation think of her heritage?

Russia began to sow the seeds of “wheat diplomacy” Russia is slowly crossing Eurasia, Africa and Latin America, as a Agricultural export powerhouse Because it hopes to reduce its dependence on oil, find new markets and expand its global diplomatic influence. Some people even predict that Russian grain will become the new oil of the Kremlin.

NFT changed the art market for young novice buyers Digital token As NFT funds become more and more popular, especially among wealthy young investors, it provides a way to buy and own fundable international artists to instantly identify shares in their works.

Brixton: Black Silicon Valley? “As a black founder, you are more likely to develop skin cancer than you are funded,” Karl Lokko said.The London investor and his partner hope Helping black-led startups Get funding by creating Europe’s first venture fund group “led by black founders”.

movie

If you are looking for something to watch, check these Six offerings. Danny Leigh Review Annette, Xiaota, worth, Here today, Wildfire with Bird’s nest