Interbanking agent Jul 27, 2018 (WiC 419)
“We are not rivals to the banks; we are not predators; we are middlemen”
WeBank’s chief information officer Henry Ma tells the Financial Times that its business model does not seek to disintermediate banks. The loans the Tencent subsidiary makes to SMEs benefit from its Big Data credit scoring skills but it takes just 20% and syndicates the rest to local banks. “We partner with banks that otherwise would not be able to access these borrowers,” says Ma.
Strait talking Jul 20, 2018 (WiC 418)
“We have the confidence and ability to keep a firm hold on the correct direction, work for the peaceful development of cross-strait relations, and advance the process toward the peaceful reunification of China”
President Xi Jinping uses conciliatory language during a meeting with Lien Chan, former chairman of Taiwan’s main opposition party, the KMT. The South China Morning Post said voices have been growing on the mainland to reunify the two sides of the strait by force.
Tesla goes round the Bund Jul 13, 2018 (WiC 417)
“I would just like to express an order of appreciation to the Chinese government”
Elon Musk’s comment on the news that Tesla had signed a deal with Shanghai’s Lingang district to house a wholly-owned electric car factory capable of producing 500,000 vehicles per year for the China market. The price of imported Tesla cars in China rose 20% this week due to tariffs sparked by the Sino-US trade war started by President Trump.
Policing the Belt and Road policy Jul 6, 2018 (WiC 416)
“The corruption situation is very serious in some countries. Bribery is everywhere”
Simon Peh warns of corruption in many of the countries hosting Belt and Road projects. The head of Hong Kong’s Independent Commission Against Corruption (ICAC) said 13 Belt and Road countries, including Bangladesh and Sri Lanka, had approached his organisation for help training officials.