Jack Ma’s mess; Australia China risk; China bans some foreigners; Heartbreaking human trafficking story
Thanks for your understanding yesterday.
I have included some commentary in the items below, only thing I have to add up here is that if Trump loses not only does he still have 75 days in office, he will likely blame China for the loss. And as I wrote Tuesday:
We should all be wondering what policies the more hardline officials in his Administration may try to push through between now and January 20, especially if their goal is to leave their successors an even more permanently altered US-China relationship.
I hope we can discuss this in the open thread tomorrow. Some of you have already sent me your list of expected actions items. It could get ugly.
David Rennie, the Economist’s correspondent in Beijing, reminds us of how the view in China towards the US has shifted - Chaguan - No American election will change China’s mind | The Economist:
Shortly before election day in America, Chaguan spent an instructive morning in central Beijing listening to a senior Chinese official explain why his country does not care who sits in the White House. This was partly bravado, for China’s rulers do not care to play up the idea that mere voters might hold world leaders to account. But the official’s disdain also reflects an elite consensus that a full reset of us-China relations is difficult to imagine.
China wants smoother ties with America, said the official. But given their deep roots, present-day tensions will be hard to reverse unless America comes to a new understanding of the world. Westerners are a self-centred and judgmental lot, he charged. They never expected the Chinese—a diligent, studious people—to rival them so soon. No matter which party runs Washington, the official said, “The us has to answer this question: can the us or the Western world accept or respect the rise of China?”...
Amid such distrust, any Chinese rapprochement with America should be understood for what it is: a bid to buy time while China races to become stronger. China’s rulers are not hiding their worldview, which is based on the idea that only the powerful are treated with respect. America can choose whether or not to compete. But it has been warned: American gridlock would be a win for China.
Today’s Essential Eight:
Jack Ma’s mess
Xi gives another foreign business friendly speech
But the China market increasingly may not be shared by or accessible to Australia
China bans inbound travel by some foreigners
Drafting the new development plan
US election from Chinese perspectives
A woman sold by human traffickers returns home after 35 years
Thanks for reading.
The Essential Eight
1. Jack Ma’s mess
Jack Ma will be lucky if Ant Group is able to IPO by the end of Q2 2021, and given the likely impact of the new rules I would not expect Ant to get anywhere near the valuation it would have gotten if the IPO went off as planned. There are a lot of powerful interests who were going to profit from the IPO, they can not be happy that the central government quashed it, but what are they going to do? Risk prevention is a core part of political security, as is proper obeisance to Party policy, and in Xi’s China political security and political discipline trump princeling and SOE profits.
It was this speech that set off a chain of events that ultimately torpedoed the listing of Ant, the fintech titan Ma founded, according to interviews with government officials, company executives and investors. They all requested anonymity to disclose confidential details...
Several senior financial regulatory officials were furious at Ma’s criticism, two sources told Reuters, with one source characterising the speech as a “punch in their faces”.
State regulators started compiling reports including one on how Ant had used digital financial products like Huabei, a virtual credit card service, to encourage poor and young people to build up debt, according to the two people.
The general office of the State Council compiled a report on public sentiment about Ma’s speech and submitted it to senior leaders including President Xi Jinping, the sources said.
Some of the reports indicated public sentiment was negative on Ma and his remarks, the people said.
Top Chinese leaders then became more involved and asked for a thorough investigation of the company’s business activities, which eventually led to the halting of the world’s biggest IPO, three of the sources said...
…with his Oct. 24 speech, Ma misjudged the shifting priorities of Beijing, according to one senior regulatory source, believing he could challenge the financial establishment yet retain the support of the central leadership.
The bigger picture was that one of the government’s main aims this year is to shore up the country’s financial sector and tighten regulatory oversight to prevent systemic risks in a pandemic-hit economy, the person said.
Mr Ma’s offending words were delivered in a speech to a high-level forum on October 24...
What few people realised at the time was that Mr Ma was already in private talks with regulators who were drafting new rules to bring China’s booming fintech industry to heel, according to several people with knowledge of the situation.
However, Ant Group denies that any talks took place. “The claim is baseless and is pure fabrication. Ant Group has made full disclosure of the material risks of our business in the prospectus,” it says.
The extraordinary regulatory action, according to Chinese officials and others with knowledge of the process, caps a monthslong tug of war between Mr. Ma, the billionaire co-founder of both Alibaba and Ant, and top regulators led by Vice Premier Liu He, President Xi Jinping’s point man on economic and financial policies...
For Mr. Liu and his regulators, Mr. Ma’s comment, which went viral on China’s social media, amounted to a direct attack on them, the Chinese officials say.
Ant Group’s initial public offering could be delayed by at least six months and its valuation sharply reduced after Beijing abruptly halted its trading debut this week, people directly involved in the deal and investors said.
Securities Times - Authoritative experts analyze Ant Group: Internet microfinance management measures have a profound impact on the business environment. The suspension of listing gives investors the right to choose again
Alibaba booked almost 4.7 billion yuan of profit from Ant in the September quarter, a big chunk of its overall bottom line. The e-commerce giant reported revenue for the three months ended September of 155.1 billion yuan ($23.4 billion), meeting the 154.8 billion yuan average of estimates. Profit fell 60% to 28.8 billion yuan from a year earlier, when it booked a one-time gain from the acquisition of its stake in Ant.
Ma's speech, courtesy of Snowball Finance on Youtube:
With Ant Group's record initial public offering in Shanghai and Hong Kong suspended, some of the more than 10 million retail investors who subscribed to five funds planning to invest in the share sale demanded their money back.
The five funds raised 60 billion yuan ($9 billion) for strategic investments in the Ant offering as well as in internet and technology stocks and bonds. Now that the giant Ant initial public offering (IPO) is on ice, some investors are asking for refunds while others are demanding removal of an 18-month lockup period to clear the way for redemption of their investments.
Chinese fintech unicorn Ant Group and e-commerce giant Alibaba Group Holding have both responded to the suspensions of Ant’s dual listing on the Shanghai and Hong Kong stock exchanges. Refunds to those subscribing to Ant’s Hong Kong shares will occur in two tranches without any interest, Ant said in its statement yesterday.
A spokesman for the China Securities Regulatory Commission (CSRC) answered reporters' questions on Ant Group's temporary suspension of listing. The CSRC spokesman said that the decision to suspend the listing of Ant Group on the board was made by the Shanghai Stock Exchange (SSE) in accordance with the law. The regulatory interviews with financial regulators and recent changes in the financial technology regulatory environment may have a significant impact on Ant Group's business structure and profitability model, which are significant matters that occurred prior to listing. Based on the principles of protecting the legitimate rights and interests of investors, disclosing information in a fully transparent and accurate manner, and maintaining a fair and equitable market, the SSE made the decision to suspend the listing of Ant Group in accordance with the relevant provisions of the Administrative Measures for Registration of the CRE Board. The CSRC supports the decision made by the Shanghai Stock Exchange in accordance with the law, while maintaining communication and collaboration with the Hong Kong Securities Regulatory Commission and the securities regulators of some major overseas markets to do a good job in the follow-up work.
The CSRC spokesman said that avoiding Ant Group's hasty listing in the face of major changes in the regulatory policy environment was a responsible approach to investors and the market, reflecting the spirit of respect for the market and the rule of law. It is believed that this decision will be conducive to the long-term development of the capital market, and help enhance the trust and confidence of domestic and foreign investors.
2. Xi gives another foreign business friendly speech
"Our aim is to turn the China market into a market for the world, a market shared by all, and a market accessible to all," Xi said while delivering a keynote speech via video at the opening ceremony of the third China International Import Expo.
To achieve such an aim, Xi stressed nurturing new pacesetters of opening up, growing foreign trade innovatively, improving business environment, and deepening bilateral, multilateral and regional cooperation...
The catalog of technologies prohibited or restricted from import will be shortened, foreign-related legal framework will be more open and transparent, and intellectual property protection will be strengthened, according to Xi.
He said China stands ready to sign high-standard free trade agreements with more countries, and will work with related countries to promote high-quality Belt and Road cooperation and build a community with a shared future for mankind.
In a video address to the China International Import Expo in Shanghai, Xi said the “trend of opening up and cooperation among countries remains unchanged” and all nations should promote “mutual openness”...
China’s vast population, including 400 million middle-income earners, was “a market for the world, a market to be shared and a market for everyone”, Xi said.
He also promised further opening of China’s internet and digital economy, but provided no details.
“We will work for the early signing of the Regional Comprehensive Economic Partnership (RCEP), and speed up negotiations of the China-EU investment treaty, and the China-Japan-ROK free trade agreement,” Xi said in Mandarin, according to an official translation.
The Chinese leader was speaking via video at the opening ceremony of the third China International Import Expo
Question: How are the EU negotiators feeling about Xi’s recent comments about SOEs?
“With a population of 1.4 billion and a middle-income group exceeding 400 million, China is the world’s largest market with the greatest potential. China is expected to import an accumulated over $22 trillion worth of goods in the next 10 years.”..
China’s 2019 imports of goods fell 2.8% to $2.08 trillion as economic growth slowed to near 30-year lows. That compares with a 15.8% surge in imports in 2018 to $2.14 trillion.
Comment: So while a huge number based on current trends it is very achievable
China will establish 10 demonstration zones to promote imports, authorities announced ahead of the opening of the third China International Import Expo (CIIE).
Tasked with promoting trade and facilitating innovation in trade, the zones will be set up in Shanghai, Liaoning, Jiangsu, Zhejiang, Anhui, Fujian, Shandong, Guangdong, Sichuan and Shaanxi, said Li Xingqian, an official with the Ministry of Commerce.
Comment: The time to get excited will be when China stops limiting things to "special", "demonstration" and “pilot” zones
3. But the China market increasingly may not be shared by or accessible to Australia
Trade Minister Simon Birmingham escalated Australia's response to Chinese authorities on Thursday, addressing Xi's comments directly as trade negotiators prepare for the possibility that key exports could be locked out of China within 24-hours...
"Continued uncertain and inconsistent messages from China are heightening risks and undermine the statements made by President Xi at this year’s China International Import Expo," Senator Birmingham said.
"If China is to be true to the statements of its government then it should provide confidence that normal customs and related processes will apply to imports of goods such as seafood and wine."
With other industry groups also on edge about the reports, the trade minister, Simon Birmingham, declared on Wednesday that Australia expected its biggest trading partner to “play by the rules”. He urged Beijing to provide certainty and answers to Australian and Chinese businesses that faced potential disruptions...
He said China’s authorities needed to “make it very clear” that they would honour the commitments they had given through the China-Australia free trade agreement and the World Trade Organization.
Since 2017, Canberra has repeatedly heightened discriminatory scrutiny of Chinese investments and exclusion of Chinese capital. From 5G developer Huawei to dairy company Mengniu, Chinese companies have encountered a deteriorating environment in their economic cooperation and exchanges with Australia.
With such ideology-based hostilities expanding into many areas, Chinese capital, importers and consumers are losing confidence in Australian products and services. Canberra's irrational attitude toward China is the essential cause to the darkening economic and trade prospects between the two sides, which Canberra tends to ignore alongside its campaign to fabricate "economic coercion" by China.
Under such circumstances, more and more Chinese businesses and consumers have second thoughts about Australian products and services. Canberra needs to make concrete efforts to bring the bilateral relations back onto the right track and improve the environment for economic exchanges. It is expected Australia would reflect on its unsustainable foreign strategy which tends to sabotage relations with China and maintain Chinese importers confidence at the same time.
The article was compiled based on an interview with Chen Hong, a professor and director of the Australian Studies Centre, East China Normal University.
Prof Chen Hong, an academic in China, says he ‘absolutely refused’ to accept Asio’s assessment that he posed a security risk
At this point, I think it fair to declare Australia’s policy of “strategic patience” with the CCP a bit of a joke. China is not doing a trial separation, it has filed for divorce.
As such, we should be calling the lawyer to ensure we get as much out of this failed relationship as we can as it turns toxic.
Our best shot in that regard is to apply an iron ore export tariff. This year we will export about 750mt to China. Every 10% tariff that we apply at today’s prices will deliver $7-8bn.
Sunny Duong is the deputy chairperson of the Museum of Chinese Australian History in Melbourne, and is the President of the Oceania Federation of Chinese Organisations from Vietnam, Cambodia and Laos Inc.
Mr Duong has been linked with the China Council for the Promotion of Peaceful National Reunification — which is affiliated with the Chinese Government's overseas influence arm, the United Front Work Department.
Comment: This arrest will likely lead to further retaliation from China, including quite possibly the detention of another Australian.
4. China bans inbound travel by some foreigners
Temporary suspension of entry into China for foreign nationals in relevant countries is reasonable and consistent with international customary practices due to the evolving COVID-19 situation, Foreign Ministry spokesperson Wang Wenbin said Thursday...
"Learning from other countries' practices and taking into consideration the evolving epidemic situation, we have adjusted measures concerning pertinent travelers to China," he said, adding that such adjustment is reasonable and legitimate move consistent with international customary practices.
China has barred non-Chinese travellers from Britain, France, Belgium, the Philippines and India, imposing some of the most stringent entry curbs of any country as coronavirus cases surge around the world.
Entry by holders of diplomatic, service, courtesy or C visas will not be affected. Foreign nationals visiting China for emergency needs may apply for visas at Chinese Embassy or Consulates. Entry by non-Chinese nationals in the UK with visas issued after 3 November 2020 will not be affected.
The suspension is a temporary response necessitated by the current situation of Covid-19.
The Chinese mainland reported 20 new imported COVID-19 cases Wednesday, bringing the total number of imported cases to 3,480, the National Health Commission said Thursday.
Of the new imported cases, eight were reported in Shanghai, four in Sichuan, three in Shaanxi, two in Henan, and one each in Beijing, Inner Mongolia and Fujian, the commission said in its daily report
Chinese Vice Premier Sun Chunlan has stressed a science-based and targeted approach, as well as resolute measures to curb the spread of the COVID-19 epidemic in northwest China's Xinjiang Uygur Autonomous Region to safeguard the lives and health of people of all ethnic groups.
Sun made the remarks during her visit to Kashgar and Kirgiz Autonomous Prefecture of Kizilsu in southern Xinjiang on Wednesday and Thursday.
The case was a recovered patient testing negative for COVID-19 on Oct. 30 in Sweden. But her test results turned positive again on Wednesday during customs quarantine in Beijing.
The 31-year-old woman is a local of central China's Hubei Province working in Sweden, who left Sweden on Monday and arrived in Beijing on Tuesday via Denmark.
5. Drafting the new development plan
According to people familiar with the drafting, the process featured both top-level design and public opinions.
The process officially kicked off on April 13 when a drafting group headed by Xi Jinping, general secretary of the CPC Central Committee, held its first plenary meeting.
At the meeting, Xi highlighted 38 important issues for the drafting group to begin with. Two days later, the group swung into action in full throttle.
On June 17, Xi convened the group's second plenary meeting, where the structure of the document was discussed.
Shedding light on the document's title, Xi said combining the five-year plan and the long-range objectives through 2035 will give the document a stronger sense of direction, as well as historical and strategic importance...
Xi stressed the importance of hearing people's voices. On Sept. 17, he presided over a meeting with grassroots representatives and talked with the speakers from a broad spectrum of professions: rural teacher, migrant worker, truck driver, etc...
Between July and September, Xi presided over seven symposiums to solicit opinions and suggestions from entrepreneurs, non-CPC personages, experts in economic and social fields, scientists as well as experts in education, culture, health and sports.
Comments were also solicited online, and in just two weeks, over 1 million pieces of comments were collected...
On Oct. 26, Xi made an explanatory speech on the draft to the session before deliberation started. Almost all attendees spoke during the discussions, putting forward more than 290 suggestions.
Based on their opinions, the drafting group made 31 modifications.
In the evening of Oct. 28, Xi presided over a meeting of the Standing Committee of the Political Bureau of the CPC Central Committee to review the revised draft.
The much longer Chinese original version of the story of the drafting process. It is a useful insight into both some of the process and how they want the process to be viewed
The US has removed the designation of the Uighur-founded group the Eastern Turkistan Islamic Movement (ETIM) as a terrorist organization. The UN Security Council still considers it a terrorist organization (link).
Federal Register :: In the Matter of the Designation of the Eastern Turkistan Islamic Movement Also Known as ETIM as a “Terrorist Organization” Pursuant to Section 212(a)(3)(B)(vi)(II) of the Immigration and Nationality Act, as Amended
Acting under the authority of Section 212(a)(3)(B)(vi)(II) if the INA, as amended, I hereby revoke the designation of the Eastern Turkistan Islamic Movement, also known as ETIM, as a “terrorist organization” under Section 212(a)(3)(B)(vi)(II) if the INA. This determination shall be published in the Federal Register.
The sale of the drones is the final aspect of a weapons package worth nearly $4.8bn. US defence experts said the deal was vital if Taiwan was to deter an invasion or counter a blockade by the vastly more powerful People’s Liberation Army.
The MQ-9B Sea Guardian unmanned aerial vehicles are the maritime surveillance variant of the Reaper drone the US Air Force has used in Iraq and Afghanistan for more than a decade.
The U.S. side is urged to immediately cancel any arms sale plan, and cease arms sales to Taiwan and military contact with the island to avoid incalculable damage to bilateral ties and peace and stability across the Taiwan Strait, Wu said.
Jennifer Harris, who served on the State Department’s policy planning staff under Hillary Clinton, told the podcast that industrial policy was “the kind of term that would get you kicked out of meetings” in the Obama administration. But the relentless rise of China, coupled with disruptions from the Covid-19 pandemic, has changed all that.
“The Chinese attitude on China-U.S. relations is clear and consistent,” the report said, citing Le. “Although there are disagreements between China and the U.S., there is vast room for mutual benefit and cooperation. (I) hope the new U.S. administration will meet China halfway.”
That approach would include “upholding a principle of no conflict, no confrontation, mutual respect and win-win cooperation,” Le said, according to the report.
Question: What is the starting point from which Le wants the US to meet China halfway?
“In this age of great divides, it’s more important than ever to hear from more people,” said Du Chen, a reporter for a Chinese technology news site who left the United States earlier this year and has been unable to obtain a visa to return...
Mr. Du said smaller Chinese outlets in the United States have played an important role in dispelling stereotypes. “It still is very crucial to keep these journalists on the ground in U.S.,” he said, “if the U.S. government prefers a meaningful exchange of ideas rather than propaganda wars.”
In a Microsoft upgrade earlier today, Oppenheimer analyst Timothy Horan noted that a "Biden Presidency should improve relations with China where MSFT has significant exposure."
Whether or not that prediction comes true, the sentiment is boosting China-exposed tech stocks.
Comment: I am not so confident that this will be the case. And there are still 75 days left in Trump's current term, and if he loses he will blame China
7. US election from Chinese perspectives
Thursday CCTV Evening News on the US Election - "Counting of votes in the US election is still underway" - 美国大选计票仍在进行中_CCTV
Trump campaign files lawsuit, multiple states refute it 特朗普竞选团队提起诉讼 多州予以反驳
美国多地爆发抗议 数十名抗议者被捕 Dozens of protesters arrested as protests erupt in many parts of the U.S.
On the 4th, protests erupted in Detroit, New York, Chicago, Portland, Boston, Philadelphia, Minneapolis, and many other places. Trump supporters demanded a halt to the counting of ballots, while Biden supporters demanded that every vote be counted, while opposing racial discrimination and police brutality. During the protests, several New York neighborhoods were set on fire, police and protesters clashed, and more than 50 people were arrested.
In addition, protests against racial discrimination and police brutality continued in Portland, Oregon, and Seattle, Washington, where armed protesters were seen at the Portland protest site and police arrested some of the demonstrators.
Two screenshots from the report:
American politics is flavor of the day on Chinese social media since voting began in person Tuesday. By Nov. 5 the hashtag “U.S. presidential election” racked up 7 billion views on Weibo. Also popular are “Top online search in America on polling day is how to move to Canada” and “Trump and Biden supporters clash outside the White House” with combined views numbering around 200 million.
In a piece in Xinhua’s China Comment magazine, Wang Pengquan, a state socialism researcher, chastised his compatriots for reflexively “kowtowing” to U.S. superiority and urged them to build a “modern socialist country.”
“America-worshippers exaggerate its political system’s ability to self-correct and tout its so-called freedom,” Wang wrote. “Facts speak louder than words. The vast majority of Chinese can see through the reality of U.S. political division, economic stagnation and social turmoil.”
The discussion about the election, however, might come as a surprise: It's mostly entertaining. When the election met a sudden twist on Wednesday night (Beijing time) as key states apparently popped in-and-out of Joe Biden's favor, one netizen made a joke based on Biden's Chinese pronunciation — Biden reads as "Baideng" (which means wait for nothing) — saying that: as Trump anxiously waits for the result, a friend of his told him to go to sleep early, as "it is Biden (Baideng), no matter how long you wait, its Biden (Baideng)."
For those without any Chinese language background, this one is for you. Another netizen said that, "If Biden is elected, I can really see China-US relations goes smoother, as Beijing is For-Biden City" — making fun of China's famous Forbidden City in Beijing. Another netizen posted a meme on Sina Weibo, with words saying, "the Democrats: Vote for Biden; the Republicans: Vote Forbidden" — mocking Trump's repeated requests to stop counting votes.
At least two dozen groups on the Chinese-owned social media app WeChat have been circulating misinformation that the U.S. Department of Homeland Security is “preparing to mobilize” the National Guard and “dispatch” the military to quell impending riots, apparently in an attempt to frighten Chinese Americans into staying home on Election Day.
The misinformation, which takes the form of a photo of a flyer and is in both English and Chinese, also warns that the government plans to impose a national two-week quarantine and close all businesses...
“Shameful democrats, truly shameful,” runs one frequently shared message, which KQED translated from Chinese. “Without our consent, they made everyone permanent mail in ballot voters. Also, some people’s political registration has been changed to ‘independent’ or ‘democrat.’ ”
Another asserts that “90 percent of media is controlled by Democrats, 60 percent of college professors are left wing. That means America’s population, culture, wealth, media, and education are in the hands of Democrats. Trump and Republicans are in a very dangerous situation.”...
“So there is this very much deep-seated narrative that has been building in the community around the Chinese community being victimized. The Chinese community being attacked,” Liu said. That has fostered anti-homeless, anti-queer, anti-Black sentiment in the community, she added. “This conflation of racial justice and Black Lives Matters with riots as a white right-wing talking point, that is very much being brought into the Chinese right-wing analysis.”
There is no indication that this misinformation was coming from China, or that Tencent was aware of it. I will bet it is from American sources. But it highlights the problem of very targeted foreign-language misinformation in this recent election, and I expect there will be increased scrutiny of WeChat and how it spreads across the platform.
8. A woman sold by human traffickers returns home after 35 years
This story is heartbreaking
Being abducted is a blessing? Can human trafficking be washed away?
By comparing the birthplace of the trafficked person with the economic status of the "receiving place", it is easy to conclude that "the trafficked person is blessed". ...... To a certain extent, the existence of this "bliss theory" is encouraging certain traffickers to go on a rampage...
In the past two days, a story went viral in people's "friend circles". On October 17, after 35 years of being abducted and sold, a 59-year-old Buyi woman, Deliang, finally returned home to Guizhou from Hui County, Henan Province. Fortunately, although her parents are old they are still alive.
The Beijing News report "I am "good"" reported the circumstances of this matter.
According to the report, in the 35 years since she was abducted and sold to Henan, Deliang has never been able to learn Chinese. People didn't understand the Buyi language she spoke and thought she was either a mute who could only babble, or mentally ill. She has lived in a world of her own almost all her life.
After 35 years away from her hometown, Deliang's return to her hometown brings the story to a gratifying conclusion.
On the Internet, many people read this tearful story and were overcome with compassion, emotion and emotion.
Business, Economy and Trade
China considers 5% annual GDP growth target for next five years: sources | Reuters Beijing is looking to set a more flexible growth target for the 14th five-year plan to hedge against external risks caused by the pandemic and rifts with the United States, three people involved in internal discussions said following last week’s agenda-setting leadership meeting. No decisions have yet been made as the government is still drafting detailed economic and social development goals under the five-year plan, taking their guidance from top Communist Party leaders, they said.
Daniel Zhang on Alibaba Group September 2020 Quarter Earnings | Alizila.com Annual active consumers on our China retail marketplaces reached 757 million for the 12 months ended September 30, 2020, representing a quarterly net increase of 15 million, while our Mobile MAUs reached 881 million..As Ant Group’s major shareholder, Alibaba is actively evaluating the impact on our business in response to the recently proposed changes in the fintech regulatory environment, and will take appropriate measures accordingly.
Yicai - NetEase Yanxuan Bows Out of Double 11 Shopping Gala as It Eschews ‘Excessive Consumption’ The Double 11 Shopping Festival advocates excessive consumption, whereas NetEase Yanxuan is in favor of more moderate consumption, the e-marketplace posted on its Twitter-like Weibo account yesterday. The firm, which mainly sells NetEase’s own brands, will not get involved in complicated promotional activities but will still offer big subsidies, it said. // Comment: Interesting move, Netease is quite politically savvy. Are they sensing a coming crackdown, or are they just not competitive with Alibaba and so it is an easy business choice that may come with some political credit?
China’s Yuan Swings Most Since 2015 Devaluation on Biden’s Prospects - Bloomberg The offshore yuan climbed as much as 0.9% in late trading Wednesday to 6.6202 per dollar, its strongest level since July 2018, after earlier falling as much as 1.4%. That was the biggest intraday swing since the day after Beijing devalued the currency in August 2015
China Q4 Outlook: Will Relief Spending Sustain Recovery? With the assumption that a resurgence of Covid-19 in China is unlikely, Beijing’s prioritization of relief efforts, such as more tax cuts and unemployment assistance, will help equalize the economic recovery. Still, the Chinese economy will continue to struggle to maintain growth momentum because these efforts are unlikely to last much beyond 4Q2020, suggesting the pace of recovery will slow in early 2021.
2020年地方债发行近尾声 专项债约55%投向基建_经济频道_财新网 为应对疫情冲击，今年地方政府新增专项债券规模大幅提高至3.75万亿元。截至10月底，除了注资中小银行的2000亿元，其余3.55万亿元新增专项债额度已完成发行99.9%. In response to the impact of the epidemic, the scale of new special bonds issued by local governments this year has been significantly increased to 3.75 trillion yuan. By the end of October, in addition to the 200 billion yuan injected into small and medium-sized banks, the remaining 3.55 trillion yuan of new special bonds had been issued 99.9%.
Facial Recognition Firm Yitu Steps Closer to STAR Market Listing Shanghai’s securities regulator is reviewing the IPO filing of Yitu Internet Technology Co. Ltd., as one of China’s leading facial recognition developers moves closer to a public listing on the STAR Market.
Chart of the Day: Overseas Investors Can’t Resist China’s Interbank Bonds - Caixin Global Outstanding overseas holdings of interbank bonds rose to 2.99 trillion yuan ($447.9 billion) by the end of October, up 1.9% from the end of September, according to data from Bond Connect Co. Ltd., a Hong Kong-based company that helps overseas investors trade in the Chinese mainland bond market
NBA exhibits at CIIE after year-long rift with China - Global Times NBA has for the first time participated in the third China International Import Expo (CIIE) 2020 in Shanghai, as it is ready to resurface in the Chinese market after a year-long discord and deadlock with Chinese fans and franchises due to former Rockets manager Daryl Morey's tweeted support for Hong Kong rioters in 2019.
VanEck applies for China retail fund management licence | Financial Times $$ “VanEck has been working in the Chinese capital markets since 1992. Our efforts have included a joint venture in the 1990s, educational efforts, internships and investments in Chinese securities over that time period,” Jan van Eck, New York-based chief executive of VanEck, told Ignites Asia.
Yicai - Bloomberg Launches New Yuan-Based China Credit Bond Index Bonds must meet the criteria of the Bloomberg Barclays China Composite Index and a number of other requirements to be included. The issuer must have gained an investment grade from at least one of the world’s three major rating agencies; the bonds, when included, must have more than a year to mature; the notes must have traded on at least 10 percent of business days over the past three months and have at least CNY250 million (USD37.72 million) in total trading volume over that period.
Yicai - PBOC Drains CNY510 Billion From Financial System The bank held back from from further action against a maturing CNY400 billion worth of MLF, withdrawing that amount by so refraining. The bank will delay its new MLF operation to Nov. 16 after another batch of previous MLFs falls due, it said in a statement today explaining its inaction.
Politics and Law
Premier stresses livelihood, urbanization, modern agriculture in Henan Premier Li Keqiang called for the implementation of new development concepts and stronger abilities to open new development prospects for high-quality growth, during his inspection tour in Central China's Henan province from Nov 3 to 4.
People's Daily Commentary: Insisting on Integrated Development and Security - On Learning and Implementing the Spirit of the Fifth Plenary Session of the 19th CPC Central Committee - 人民日报评论员：坚持统筹发展和安全——论学习贯彻党的十九届五中全会精神-新华网 -In order to consolidate its ruling position and to unite and lead the people in upholding and developing socialism with Chinese characteristics, the Party's top priority is to ensure national security. General Secretary Xi Jinping pointed out, "The prerequisites for promoting innovative, coordinated, green, open and shared development are all national security and social stability. Without security and stability, there is no way to talk about anything." At present, China's national security is richer in connotation and extension than at any time in history, the temporal and spatial domain is broader than at any time in history, and internal and external factors are more complex than at any time in history. We must adhere to the overall national security concept, implement a national security strategy, maintain and shape national security, co-ordinate traditional and non-traditional security, run security development through all fields and processes of national development, prevent and defuse various risks affecting China's modernization process, and build a solid national security barrier. The national interests of the country should be paramount, the security of the people should be the purpose, and political security should be the foundation, so as to strengthen the national security system and capacity-building, ensure the country's economic security, safeguard people's lives, and maintain social stability and security. 我们党要巩固执政地位，要团结带领人民坚持和发展中国特色社会主义，保证国家安全是头等大事。习近平总书记指出：“推动创新发展、协调发展、绿色发展、开放发展、共享发展，前提都是国家安全、社会稳定。没有安全和稳定，一切都无从谈起。”当前我国国家安全内涵和外延比历史上任何时候都要丰富，时空领域比历史上任何时候都要宽广，内外因素比历史上任何时候都要复杂。我们要坚持总体国家安全观，实施国家安全战略，维护和塑造国家安全，统筹传统安全和非传统安全，把安全发展贯穿国家发展各领域和全过程，防范和化解影响我国现代化进程的各种风险，筑牢国家安全屏障。要坚持国家利益至上，以人民安全为宗旨，以政治安全为根本，加强国家安全体系和能力建设，确保国家经济安全，保障人民生命安全，维护社会稳定和安全。
陈一新：政法队伍教育整顿试点将进入收官环节要聚焦“六项要求”搞好整改总结-中国长安网 Chen Yixin: Political and legal team education and rectification pilot will enter the closing phase to focus on the "six requirements" to improve rectification summary
公安部副部长率队离京，背后是中央关注的这项重要任务_新华报业网 据辽宁省委政法委官方消息，11月3日，在沈阳，中央督查工作动员部署暨专题汇报会召开，公安部党委委员、副部长刘钊以“中央督查组组长”身份出席会议并作动员讲话。 这次到辽宁，中央督查组将针对《中国共产党政法工作条例》贯彻落实情况进行督查。//According to the Liaoning Provincial Committee of the Political and Legal Committee official news, November 3, in Shenyang, the central supervision work mobilization and deployment meeting was held, the Ministry of Public Security Party Committee member and Vice Minister Liu Zhao as "central supervision group leader" attended the meeting and made a mobilization speech. On this visit to Liaoning, the Central Supervision Group will supervise implementation of the "Communist Party of China Political and Legal Work Regulations" .
山东任城监狱疫情追究刑责 监狱局原副局长受审认罪_政经频道_财新网 任城监狱2月中下旬曾出现大面积新冠疫情，207人确诊，官方披露系由武汉返回人员到监狱司机家中串门引发。监狱局副局长、监狱正副监狱长被控玩忽职守犯罪，司机和监区原教导员被控妨害传染病防治罪 // Rencheng prison had a widespread coronavirus epidemic in the second half of February, 207 people were diagnosed, the official disclosure was triggered by Wuhan returnees to the prison driver's home to visit. The deputy director of the Prison Bureau, the prison's deputy director was charged with criminal negligence, the driver and the former trainer of the prison district was charged with obstructing the prevention and control of infectious diseases.
万亿GDP城市卫生健康财政支出排名：京沪深人均超2000元，佛山重视程度最高 - 21财经 Ranking of financial expenditure on health in trillion GDP cities: Beijing, Shanghai and Shenzhen over 2,000 yuan per capita, with Foshan paying the highest attention
China prioritizes empowerment of rural poor resettled in residential communities - Xinhua The focus of support for people resettled in residential communities from impoverished rural areas has shifted to community building and governance, a Chinese official said Thursday. The current task is to help them get accustomed to and fit in the new life and pursue prosperity, Wang Aiwen, vice minister of civil affairs told a press conference. Wang said more than 9.6 million rural residents living in inhospitable poor areas were relocated to around 35,000 newly-built residential communities amid targeted efforts to eradicate poverty
《大局：知名学者共论中国新发展》出版研讨会在京举行_新闻中心_中国网 The book, "The Big Picture: Eminent Scholars Discuss China's New Development," was recently released by the Party School Press of the Central Committee of the Communist Party of China.
NPCSC Special Session Watch: Copyright Law Amendment & Veterans Support Law - NPC Observer The Council of Chairpersons decided on Tuesday, November 3 to convene the NPC Standing Committee (NPCSC) for a non-regularly scheduled session from November 10 to 11. This will be the sixth special session the NPCSC has held in less than two and a half years. Two bills are on the tentative agenda: the draft amendment to the Copyright Law [著作权法] and the draft Veterans Support Law [退役军人保障法] both return for a third review. The former will most likely pass at the upcoming session, and we will offer a summary in our post-session recap. It is less clear what is happening with the latter bill.
CPC urges improving officials' performance appraisal to promote high-quality development - Xinhua The Organization Department of the Communist Party of China (CPC) Central Committee has issued a circular urging localities and departments to improve the appraisal of officials' performance in order to promote the country's high-quality development. The circular calls for giving full play to the performance evaluation system to guide officials to achieve concrete results in the pursuit of quality-oriented development. The achievements of officials in implementing the new development philosophy and promoting high-quality development should be deemed the basis for evaluating the performance of the leading groups and officials, according to the notice.
China Intensifies Crackdown on Officials Who Bring Banned Books Back Home - RFA Authorities in the central province of Hunan announced on Oct. 29 that they had expelled former Changsha deputy mayor Chen Zehun from the party for “serious violations of discipline and law,” after he brought banned reading material into the country. “Chen Zehun violated political discipline by buying books and periodicals with serious political problems overseas, then bringing them into the country and reading them over a long period of time,” state news agency Xinhua reported.
Senior official urges publicizing spirit of Party session - Xinhua Senior Communist Party of China (CPC) official Wang Huning on Thursday called for efforts to publicize the spirit of the fifth plenary session of the 19th CPC Central Committee in a comprehensive and accurate manner. Wang, a member of the Standing Committee of the Political Bureau of the CPC Central Committee and a member of the Secretariat of the CPC Central Committee, made the remarks at a meeting to rally morale for the lecturers to publicize the spirit of the session.
China birth restrictions ‘fading out’ as mention of family planning dropped from 14th five-year plan | South China Morning Post Reference to ‘family planning’ was dropped from the 14th five-year plan, an omission researchers say shows China is letting its controversial birth restrictions fade out
中央候补委员潘岳履新中央统战部|党组成员|许又声|国侨办_新浪科技_新浪网 A few days ago, the official website of the United Front Work Department of the Central Committee of the Communist Party of China (CPC) updated its leadership information to show that Pan Yue, an alternate member of the 19th CPC Central Committee, has replaced Xu Yousheng as Vice Minister of the United Front Work Department of the CPC Central Committee, Director of the Overseas Chinese Affairs Office of the State Council, and continues to serve as First Vice President of the Central Socialist Institute. 日前，中央统战部官网更新领导信息显示，十九届中央候补委员潘岳已接替许又声，出任中央统战部副部长、国务院侨务办公室主任，并继续担任中央社会主义学院第一副院长
The 16th Press Conference on Xinjiang Related Issues On November 4, 2020, the Information Office of the People's Government of Xinjiang Uygur Autonomous Region held the 16th press conference on Xinjiang related issues.
Former Xinjiang trainees appear in person to refute organ harvest rumors - Global Times Former trainees from many places in China's Xinjiang Uygur Autonomous Region appeared at a press conference on Thursday, sharing stories of how their lives have improved after receiving vocational and education training, and refuting rumors of them "being mistreated" or "having their organs harvested" in the centers. Nurmangul Wublkasm from Hotan Prefecture in Xinjiang, who is director of the Women's Committee of Yaouqialeke village, said at the press conference that as a trainee who has graduated from the vocational education and training center in Hotan, she has the right to speak on what a training center is really like.
Foreign and Defense Affairs
人事观察|六省份军区主官调整 三人是国庆阅兵领队_政经频道_财新网 Caixin Personnel Observation|Adjustment of chief officers of six provinces military districts, three of them are leaders of National Day parade
China-US rivalry: Beijing banking on ‘disruptive technologies’ for a military edge, observers say | South China Morning Post Beijing published its latest blueprint for the nation’s development, known as a five-year plan, on Tuesday. The document, which spans the period from 2021-25, was adopted at a plenary session of the Communist Party Central Committee last week. For the first time, the document used the term “disruptive technologies” with regards to its military development. Its predecessor, for 2015-20, focused on civil-military fusion and the modernisation of combat forces.
Xi calls for advancing China-Italy cooperation - Xinhua Xi made the remarks in a phone conversation with Italian President Sergio Mattarella to celebrate the 50th anniversary of the establishment of diplomatic relations between the two countries...Italy is willing to deepen friendship, expand cooperation and promote cultural and people-to-people exchanges with China in the spirit of the comprehensive strategic partnership, the president said, noting that as the two countries are scheduled to host Winter Olympics successively, he called for mutual support between the two sides.
Vice Foreign Minister Le Yucheng Invites Russian Ambassador to China Andrey Denisov to Visit the Exhibition Commemorating the 70th Anniversary of CPV Army in War to Resist U.S. Aggression and Aid Korea Denisov said, 70 years ago, the Soviet air force went actively into the war and provided the CPV army with important air support. The two armies forged a fraternal friendship in the joint fight against the strong U.S. army. 70 years later, Russia and China are now cooperating at a high level in the political, economic and cultural spheres and are closely coordinating in international affairs, becoming a key factor in maintaining world peace and stability. The comprehensive strategic partnership between Russia and China in the new era has set an example of a new type of relations between major powers. Russia and China should remain true to our original aspiration, keep our mission firmly in mind and always strive to promote the two countries' relations to a higher level and continue to make new contributions to the maintenance of world peace and stability. Denisov is the first foreign diplomat to visit the exhibition.
NPCSC Solicits Public Comments on Draft Coast Guard Law - NPC Observer The NPC Standing Committee (NPCSC) is seeking public comments on a draft Coast Guard Law [海警法] through December 3, 2020. The draft is available in PDF here and an explanatory document (in Chinese) here.
Chinese law would allow coast guard to fire on foreign vessels in its waters - Pacific - Stripes The China Coast Guard would be allowed to use weapons against foreign ships in its waters under a proposed revision to its maritime police law, according to a translated version of the document. China’s National People’s Congress last month drafted the revised law, which has yet to be enacted, according to a Wednesday report by the Chinese legislation blog NPC Observer.
Foreign media stir trouble by hyping China's draft coast guard law - Global Times A draft coast guard bill was released on the website of the National People's Congress on Wednesday to solicit public opinions until December 3. The 19th article of the draft empowers the Chinese coast guard to take action, including the use of weapons, when national sovereignty, sovereign rights, and jurisdiction are being illegally infringed upon by foreign organizations or individuals at sea, or facing an imminent danger of illegal infringement. The draft also clarifies what kind of weapons - hand-held, ship borne or airborne - can be used under different circumstances. In a report on Thursday, the Japan Times hyped the draft, and said it could target Japanese vessels navigating around the Diaoyu Islands. Bonnie Glaser, director of the China Power Project at the Center for Strategic and International Studies, retweeted the Japan Times report, and said that "If true, this is quite worrisome. Will lead to increased potential for violence in disputed waters."
SCO meeting to highlight economic, pandemic cooperation, multilaterlism - Global Times The 20th Meeting of the Council of Heads of State of the SCO, which will be held on November 10, is the first multilateral summit that Chinese President Xi Jinping will attend after the 5th plenary session of the 19th Communist Party of China (CPC) Central Committee, and also a major multilateral initiative taken by China in recent years in the Eurasian region, Vice Foreign Minister Le Yucheng said at a media briefing on Thursday. The meeting will be hosted via video link by Russia, which holds the rotating SCO presidency this year. At the summit, President Xi and leaders from other SCO countries will discuss new proposals to deal with challenges and promote security, stability and economic revival, and promote sustained, healthy and stable development of the SCO in the post-pandemic era, Le said.
宋涛出席中国和斯里兰卡执政党治党治国经验高级研讨班开班式 Mr. Song Tao, Minister of the International Department of the Central Committee of the Communist Party of China (CPC), attended the opening ceremony of the Advanced Seminar on the Ruling Party's Experience in Governing the Country held by the CPC and the Sri Lanka People's Front Party (SLPP) via videoconference on April 4, and had an in-depth exchange of views with key leaders of the SLPP on issues such as improving the party's governing capacity and jointly building "One Belt, One Road" cooperation. The Prime Minister of the Government of Sri Lanka, Mahinda Rajapaksa, sent a congratulatory letter to the opening ceremony.
The Genesis of Chinese Thinking on Sovereignty | ChinaPower Project In this episode, Mr. Bill Hayton joins us to discuss the genesis of China’s thinking about sovereignty and how this shapes Chinese foreign policy today.
China Is Winning the Vaccine Race | Foreign Affairs Although China initially paid a diplomatic price for its failure to control the novel coronavirus, it is poised to repair its damaged reputation by reinventing itself as the public health provider for the developing world. If Washington keeps refusing to compete, it won’t just risk losing the vaccine race. It will allow China to win the prestige of a first-rate technological power, the goodwill of a slew of new potential allies, and a legitimate claim to global leadership.
Secretary Pompeo’s Call with Icelandic Foreign Minister Thordarson - United States Department of State The Secretary and the Foreign Minister also discussed the importance of telecommunications security
New armored assault vehicles deployed to troops in Xizang - China Military It is reported that the PLA Tibet Military Command has recently been equipped with a batch of advanced equipment. A combined arms brigade stationed in Yadong County was distributed the new-style camouflage combat uniforms and the next generation informationized individual combat system. Besides, the HJ-10 anti-tank missile systems and the 122mm howitzer systems also re-appeared on the training ground recently. Before this, a special operations brigade of the PLA Tibet Military Command also demonstrated its new-type precision rifle during the recent seasonal maintenance activities.
PLA border troops put new vegetable storage cellars into use - China Military Recently, a new type of vegetable storage cellars that integrates moisture-proof, anti-freeze, and fresh-keeping functions have officially settled in the PLA border troops on plateau. Equipped with ventilation, refrigeration equipment and heat preservation boards built on the inner wall to adjust wind, temperature and humidity intelligently, the cellars have larger storage capacity and enhanced food preservation capability compared with previous ones.
Hong Kong and Macao
Hong Kong police launch 'snitch line' for national security crimes - Nikkei Asia The hotline, designed to help crack down on potential crimes that endanger national security, will take photo, audio and video submissions through texts and the WeChat messaging app. The police said it will only take submissions that are related to national security, and will not disclose personal details on informers.
香港警方启用“国安处举报热线”供市民作相关举报-新华网 Xinhua on the new tip line
Hong Kong Homeowners Look to Sell as Emigration Demand Rises - Bloomberg Hong Kong is seeing a surge in home listings as the recession and a security crackdown by China prompt more residents to sell their properties. Listings at Centaline Property Agency Ltd., the city’s largest realtor, have jumped 44% from a year ago to more than 26,000, the company said.
Taiwan tech firms expected to continue withdrawing from Chinese market | Taiwan News | 2020/11/05 Taiwanese Vice Premier Shen Rong-jin (沈榮津) said Wednesday (Nov. 4) that Taiwan's technology firms will continue to exit China regardless of the outcome. During a breakfast meeting hosted by Taiwan's Chinese National Association of Industry and Commerce, Shen revealed that the consensus among local high technology companies is to continue withdrawing from the Chinese market.
Tech and Media
TikTok owner ByteDance in fundraising talks that will value it at $180 billion: sources | Reuters Talks have been ongoing to finalise a preliminary deal for Walmart Inc and Oracle Corp to take stakes in a new company to oversee TikTok's U.S. operations. ByteDance is currently settling details in areas like personnel, such as which staff members will join the new TikTok entity, one of the sources said.
TikTok censored content critical of China, senior executive admits - Business Insider Kanter said that although the current policy is not to censor content, that wasn't always the case. "In the early days of TikTok there was some policies in place that took what we call a 'blunt instrument' to the way in which content was censored," she said. "At that time we took a decision [...] to not allow conflict on the platform, and so there was some incidents where content was not allowed on the platform, specifically with regard to the Uighur situation," she said
Technology Transfer and AI featuring Emily Weinstein - China Uncovered | Acast Olivia Enos and Heritage Center for Technology Policy Director Klon Kitchen interview Emily Weinstein on overseas professional and technology transfer to China, and more. Emily Weinstein is a research analyst at the Georgetown Center for Security and Emerging Technology
Xiaomi Ramps Up R&D Hiring to Push Tech-Driven Expansion - Caixin Xiaomi aims to recruit 5,000 professionals to help it scale up research and development (R&D) efforts across the board, including smartphone cameras and internet-enabled home appliances, company founder and CEO Lei Jun said at its annual developer conference Thursday.
TikTok owner ByteDance on hiring spree in China amid US troubles; aims to recruit 10,000 by year-end | South China Morning Post The Beijing-headquartered company plans to bring in 10,000 more employees based in China by the end of the year, adding to nearly 30,000 hires in the market this year so far, it said in a statement on Wednesday.
Kuaishou Officially Files its IPO Prospectus in HKEX as ByteDance Seeks Pre-IPO Round of Financing - Pandaily According to the prospectus, Kuaishou’s operating revenue in the first half of 2020 was 25.3 billion yuan (RMB), up 48% from the same period last year. The company also reports a revenue of 8.3 billion yuan, 20.3 billion yuan and 39.1 billion yuan respectively in 2017, 2018 and 2019. Kuaishou reports an average 302 million DAU (daily active users) and 776 million MAU (monthly active users) in the six months ended June 30, 2020, taking account of both Kuaishou app and its WeChat based mini-program.
ByteDance to pump $170 million into e-book reader Zhangyue | TechCrunch Zhangyue announced Wednesday evening that a ByteDance wholly-owned subsidiary plan to acquire about 11% of its shares for 1.1 billion yuan or $170 million. The China-listed online literature company, with a current market cap of 12 billion yuan, operates an app where 170 million users read novels, magazines, anime and listen to audiobooks every month during H1.
Some Bearish Thoughts on RISC-V - Interconnected - Kevin Xu The real chokeholds are: 1. EDA software suites to design chips based on a given ISA, most of which are proprietary software; 2. Advanced lithography equipment that can take those designs and etch them onto the smallest chip Moore’s Law would allow, most of which are provided by only a handful of vendors worldwide, like ASML and Applied Materials. These two parts are also easier to sanction from an execution standpoint than ISA intellectual properties. (See my previous post on how another RISC-based ISA, MIPS, ended up in China via offshore entities and a bankruptcy.)
Society, Arts, Sports, Culture and History
Renowned Chinese calligrapher Ouyang Zhongshi dies at 93 - Xinhua Renowned Chinese calligrapher and educator Ouyang Zhongshi passed away at the age of 93 on Thursday morning in Beijing, according to an obituary notice issued by Capital Normal University (CNU)
How One Obscure Word Captures Urban China’s Unhappiness - SixthTone Originally used by anthropologists to describe self-perpetuating processes that keep agrarian societies from progressing, involution has become a shorthand used by Chinese urbanites to describe the ills of their modern lives: Parents feel intense pressure to provide their children with the very best; children must keep up in the educational rat race; office workers have to clock in a grinding number of hours. Involution can be understood as the opposite of evolution. The Chinese word, neijuan, is made up of the characters for ‘inside’ and ‘rolling,’ and is more intuitively understood as something that spirals in on itself, a process that traps participants who know they won’t benefit from it.
Energy, Environment, Science and Health
China Rolls Out Smog Rules for Polluted North — That Beijing Has Already Broken The plan uses last year’s air quality figures to set targets for a number of cities across the so-called region spanning Beijing, Tianjin municipality and Hebei province — known as Jing-Jin-Ji — and the so-called Fenwei Plain, an area of about 150,000 square kilometers (58,000 square miles) in the northern provinces of Shanxi, Shaanxi and Henan.
More than 6,000 people in China's Lanzhou test positive for brucellosis - CNA the local government was cited as saying, in an outbreak caused by a leak at a vaccine plant over a year ago. The government has tested 55,725 people in the city, of which 6,620 are positive for brucellosis as of now, the Lanzhou government said at a press conference
Microorganisms | Free Full-Text | Phylogeography of 27,000 SARS-CoV-2 Genomes: Europe as the Major Source of the COVID-19 Pandemic | HTML We confirmed that the phylogeny pinpoints China as the origin of the pandemic with major founders worldwide, mainly during January 2020. However, a single specific East Asian founder underwent massive radiation in Europe and became the main actor of the subsequent spread worldwide during March 2020