4/1/2021 Financial News: CCP’s Big Three Airlines Lost $5.6bn; The Era Of “Free Deposits” Is Over

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1.Communist China’s big three airlines lost 37 billion yuan ($5.6bn)

On 30 Mar., the three major domestic airlines, Air China, China Southern Airlines and China Eastern Airlines, released their fiscal reports showing a steep decline on revenue above 40 percent. The total loss for the three giants was 37 billion yuan ($5.63 billion). Data showed that Air China registered the largest loss with 14.41 billion yuan in 2020, followed by China Eastern Airlines with 11.8 billion yuan and China Southern Airlines with 10.8 billion yuan. In comparison, China Southern Airlines, which has the largest fleet among the three major carriers, had the smallest year-over-year decline in revenue and the smallest loss, while Air China, the most profitable in previous years, had the highest loss in 2020.

2.The CCP Central Bank issues new regulations, the era of “free deposits” may disappear

Recently, when many people go to the bank to buy deposit products, the bank staff will ask them if they live and work locally. If they are not, they cannot buy the product. The “People’s Republic of China Commercial Bank Law” revised by the CCP Central Bank last year stipulates that without authorization, regional commercial banks may not conduct business in areas other than their residences. In addition, this year’s central bank’s document on the reorganization of Internet deposits once again emphasized that bank deposits business should provide services based on customers in the region where the institution is located. It is precisely because of this regulation of the central bank that some local banks must ask their customers where they work and live before making deposits. If customers do not work and live locally, they will not accept deposits in accordance with bank regulations.

3.ByteDance considers listing Douyin in New York or Hong Kong

ByteDance is in talks about a possible offshore listing of its short video app Douyin, the Chinese version of TikTok, in New York or Hong Kong, two people familiar with the matter said. The TikTok owner’s exploration of an initial public offering (IPO) of Douyin in New York has emerged recently, according to the people. ByteDance earlier considered a standalone IPO for Douyin in Hong Kong, Reuters reported in October.

The company had also been considering listing some of its Chinese businesses including news aggregator Toutiao in Hong Kong or on Shanghai’s STAR market. Beijing-based ByteDance was one of the candidates that Chinese regulators courted for years for a potential stock market debut on Nasdaq-style STAR Market, separate sources said.

4.Sinochem Group and China National Chemical Corporation implement joint reorganization

According to the news on the evening of March 31st on the official website of the State-owned Assets Supervision and Administration Commission of the State Council, and approved by the State Council, Sinochem Group Co., Ltd. and China National Chemical Corporation implemented a joint Reorganization.

This is the official first public response to the “merger of the two countries.” The industry analyzed that the strategic reorganization of the “two industrializations” had begun in the agricultural chemical sector, and the next focus and highlight was the restructuring of the industrial chain. The main businesses of the “two industrializations” mostly overlap, and the upstream and downstream industries of multiple business modules such as energy, petroleum and petrochemicals, and rubber are connected. Only when the business is truly synergistic can it become bigger and stronger. At present, Sinochem Group and ChemChina together, original and high-tech products bring less than 30% of sales, and this proportion needs to be gradually increased.

5.The Chaos of pension insurance agency

According to the “Social Insurance Law of the People’s Republic of China”, individuals who participate in the basic pension insurance must pay a total of 15 years when they reach the legal retirement age, go through the retirement procedures, and receive the basic pension on a monthly basis.

In March of this year, Qingdao citizens reported that they paid more than 100,000 yuan at a time. Through Shandong Chengnuo Insurance Agency Co., Ltd., the agency is responsible for pension insurance. The business is not completed, but the money cannot be refunded.

6.Time to get tough with Communist China on global trade, UK tells G7 allies

Britain will on Wednesday push G7 allies to get tough on Communist China over “pernicious practices” that undermine the international trading system, calling for an overhaul of outdated and ineffective World Trade Organization rules.

Trade minister Liz Truss will host her G7 counterparts and the new head of the WTO, using Britain’s platform as current president of the group of rich countries to promote post-Brexit Britain as a leading free trade advocate. “This is the time to get tough on Communist China and their behaviour in the global trading system, but also modernise the WTO. In many ways it’s stuck in the 1990s,” she told the Financial Times in an interview.

By 【Financial Team – Tracy】
News Collection: 文罡

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