Top news of the week:

• President Xi calls for comprehensive sci-tech development

  May 31, 2021

  On May 28, President Xi stressed sci-tech self-strengthening at higher levels. Xi emphasized that sci-tech development should be: 1) achieving breakthroughs in core technologies in key fields; 2) enhancing the overall efficacy of the national innovation system; 3) more participation in global sci-tech governance; 4) building a global center of talents. Sci-tech self-reliance and self-strengthening are considered to be priorities.

• China releases new three child policy

  June 1, 2021

  On May 31, President Xi Jinping chaired a meeting of the CPC Politburo to hear reports on major policy measures that will actively address the aging of the population during the 14th Five-Year Plan period. As a policy response to combat the increasing elderly population, China has announced that couples can now have three children across the nation with a batch of supporting policies in making.

• 15 private tutoring firms fined in a new round of industry crackdowns

  June 2, 2021

  On June 1, China’s market regulator fined 15 private tutoring firms a combined 36.5 million yuan for false advertising and pricing fraud, including major brands like Tencent-backed Yuanfudao, Alibaba-backed Zuoyebang, and New Oriental Education & Technology Group. Analysts believe the strict regulations signal a step to promote education fairness.

• Further reform and opening leads to approval of new qualified domestic institutional investors

  June 3, 2021

  On June 2, State Administration of Foreign Exchange (SAFE) granted 17 financial institutions a total qualified domestic institutional investor (QDII) quota of USD 10.3 billion, facilitating China’s two-way capital market opening-up together with QFII/RQFII mechanisms. The SAFE has released QDII quotas routinely since last September, with six previous rounds approved.

• US President Biden clarifies ban on investment in Chinese companies

  June 4, 2021

  On June 3, President Biden signed an order amending a ban on US investment in Chinese companies that began under his predecessor. The order names 59 firms claimed to be with ties to China’s military or involvement in the surveillance industry, including Huawei Technologies Co, and China’s three biggest telecom companies, China Mobile, China Unicom and China Telecom.