1 million people apply to enter Beijing’s Olympic bubble
Enthusiasm for the Beijing 2022 Winter Olympics is building in China, with people clamoring for spots as volunteer workers — even as restrictions tighten amid an ongoing Covid-19 outbreak.
In recent weeks, a resurgence of the virus has seen cases reported in more than a third of China's provinces and regions, prompting local governments to introduce punishing travel restrictions and place millions of people under snap lockdowns.
Jessie Yeung is a Digital Producer for CNN International in Hong Kong. She writes breaking news and features about the Asia-Pacific region.
Biden criticizes Xi for COP26 no-show
Chinese President Xi Jinping made a "big mistake" by not showing up at the landmark COP26 climate conference in Glasgow, Scotland, this week, his American counterpart Joe Biden said on Tuesday.
Xi did not attend the climate summit in person or appear via video link — only sending a written statement urging developed countries to do more to improve their climate commitments, and to provide support to poorer nations to help improve theirs.
"The rest of the world is going to look to China and say, 'What value added are they providing?' And they've lost an ability to influence people around the world and all the people here at COP."
— By Helen Regan A dangerous meme A man was reportedly detained for nine days after sending the above meme, of a dog in a police hat, to a group chat while complaining about local Covid-19 prevention and control measures. The message was reported to police in Qingtongxia city, in Ningxia region, who said the meme had insulted the police. This constituted the offense of "picking quarrels and provoking trouble," police said. A year ago today, Beijing yanked Ant Group's $37 billion IPO — a stunning move that turned out to be the start of a sweeping crackdown. The flurry of regulatory actions that followed have marked one of the most consequential realignments of private enterprise in China's history.
In the year that followed that announcement, the Chinese government's regulatory might has changed industries ranging from tech and finance to gaming, entertainment and private education.
The speed and ferocity with which Chinese authorities have acted against the country's corporate titans have startled even the closest China watchers.
"The latest regulatory tightening cycle is unprecedented in terms of duration, intensity, scope, and velocity," analysts from Goldman Sachs wrote in a recent research report.
The campaign has wiped out more than $1 trillion worldwide from the market value of Chinese companies. It has sent chills through the wider economy and stoked fears about the prospects of future innovation and growth in China.
While China's decisions have rocked the corporate world and rattled foreign investors, President Xi Jinping appears undeterred. To him, reining in private enterprise is the solution to fixing longstanding concerns about consumer rights, data privacy, excess debt and economic inequality.
But other factors might force the government to slow the pace and scale at which it is trying to transform private enterprise, as the world's second largest economy has encountered a slew of challenges that are weighing heavily on growth.
Read more on CNN Business. Laura He is a reporter and digital producer for CNN Business. She covers news about Asian business and markets from Hong Kong. Around Asia
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