中國發出信號 - 結束 2 萬億美元的在美國上市推動力（1 of 2）

Recently Yahoo News on-line reported the following

China Signals End to $2 Trillion U.S. Listings Juggernaut (1 of 2)

Sofia Horta e Costa and Richard Frost

Mon., July 19, 2021, 2:14 a.m.

(Bloomberg) -- For two decades Chinese tech firms have flocked to the U.S. stock market, drawn by a friendly regulatory environment and a vast pool of capital eager to invest in one of the world’s fastest-growing economies.

Now, the juggernaut behind hundreds of companies worth $2 trillion appears stopped in its tracks.

Beijing’s July 10 announcement that almost all businesses trying to go public in another country will require approval from a newly empowered cybersecurity regulator amounts to a death knell for Chinese initial public offerings in the U.S., according to long-time industry watchers.

“It’s unlikely there will be any U.S.-listed Chinese companies in five to 10 years, other than perhaps a few big ones with secondary listings,” said Paul Gillis, a professor at Peking University’s Guanghua School of Management in Beijing.

The clampdown, triggered by Didi Global Inc.’s decision to push ahead with a New York listing despite objections from regulators, is already sending shockwaves through markets. A gauge of U.S.-traded Chinese stocks has dropped 30% from its recent high. For investors in companies that have yet to list, there’s growing uncertainty over when they may get their money back. Wall Street firms are bracing for lucrative underwriting fees to dry up, while Hong Kong is set to benefit as Chinese companies look for alternative -- and politically safer -- venues closer to home.

It’s hard to overstate the importance U.S. markets have held for Chinese firms. The first wave began selling American depositary receipts -- surrogate securities that allow investors to hold overseas shares -- in 1999. Since then more than 400 Chinese companies picked U.S. exchanges for their primary listings, raising more than $100 billion, including most of the country’s technology industry. Their stocks later benefited from one of the longest bull markets in history.

Hong Kong-based website operator China.com Corp. began the trend when it went public on the Nasdaq in 1999 during the dotcom bubble. The stock, under the symbol CHINA, surged 236% on its debut, enriching founders and backers, and showing Chinese internet firms a pathway to foreign capital -- if they could only find a way around the Communist Party’s strict regulatory controls.

Unlike companies in Hong Kong, whose laissez-faire approach to business meant there were few rules on company fund-raising, mainland-based private enterprises faced much higher hurdles. Foreign ownership in many industries, especially in the sensitive internet industry, was restricted, while an overseas listing required approval from China’s State Council, or cabinet.

To get around these obstacles, a compromise was found in the shape of a variable interest entity -- a complex corporate structure used by most ADRs including Didi and Alibaba Group Holding Ltd. Under a VIE, which was pioneered by now-private Sina Corp. in 2000, Chinese companies are turned into foreign firms with shares that overseas investors can buy. Legally shaky, hard to understand, this solution nonetheless proved acceptable to U.S. investors, Wall Street and the Communist Party alike.

Back in China, the government was taking steps to modernize its stock market, which only reopened in 1990, having been shut forty years earlier following the Communist revolution. In 2009, the country launched the Nasdaq-style ChiNext board in Shenzhen. Under Xi Jinping, who became president in 2013, access to the outside world was greatly increased, including exchange trading links with Hong Kong that allowed foreign investors to buy mainland equities directly. In 2018, China began a trial program to rival ADRs, but it failed to gain traction.

The most radical step came in 2019 when Shanghai opened a new stock venue called Star board, which minimized red tape, allowed unprofitable companies to list onshore for the first time, and got rid of a cap on first-day price moves. It also scrapped an unwritten valuation ceiling which forced companies to sell their shares at 23 times earnings or less. But mainland exchanges still don’t allow for dual-class shares, popular with tech firms because they give founders more voting power. Hong Kong introduced the structure in 2018.

(to be continued)

Translation

（彭博社）- 二十年來，受到友好監管環境, 和渴望投資於世界上增長最快的經濟體之一的龐大資金池的吸引，中國科技公司紛紛湧入美國股市。

現在，引動價值達 2 萬億美元的數百家公司背後的強大壓倒性推動力似乎停止了前進的步伐。

長期的行業觀察人士表示，北京 7 月 10 日宣布幾乎所有試圖在另一個國家上市的企業都需要得到新獲授權的網絡安全監管機構的批准，這等於敲響了中國在美國首次公開募股的喪鐘。

北京大學光華管理學院教授Paul Gilli說：“在五到十年內不太可能出現任何在美國上市的中國公司，除了一些二次上市的大公司。”

由滴滴全球公司不顧監管機構反對而決定推行紐約上市所引發的打擊行動, 已經在市場上引發了衝擊浪潮。一項測量在美國交易的中國股票的指標已從近期高點下跌 30%。對於尚未上市公司的投資者來說，他們何時能收回資金的不確定性越來越大。華爾街公司正準備面對利潤豐厚的承銷費枯竭的時刻，而香港將受益，因為中國公司正在尋找離家更近的替代場所 - 而且政治上更安全。

任何談及美國市場對中國公司的重要性的言論都不會言過其實。第一波在 1999 年開始, 出售美國存託憑證 - 允許投資者持有海外股票的替代證券。從那時起，400 多家中國公司選擇在美國交易所進行首次上市，籌集了超過 1000 億美元，其中包括該國的大部分科技行業。他們的股票後來受益於歷史上最長牛市之一。

總部位於香港的網站運營商中華網於 1999 年互聯網泡沫期間在納斯達克上市時, 開始了這一趨勢。股票代碼為 CHINA 的股票在首次亮相時飆升了 236%，使創立者和支持者致富，並向中國互聯網公司展示了一條通往外資的途徑 - 如果他們能找到一條繞過共產黨嚴格監管的方法的話。

香港公司的自由放任經營方式, 意味著公司融資沒有太多規則，不似內地民營企業面臨高得多的障礙要。外資所有權許在多行業受到限制，尤其是敏感的互聯網行業，而海外上市則需要獲得中國國務院或內閣的批准。

為了繞過這些障礙，在可變利益實體的形式中找到了變通之法 - 利用美國存託憑證(ADR) 的複雜公司結構 。大多數ADR, 包括滴滴和阿里巴巴集團控股有限公司在內正在使用它。 在可變利益實體(VIE )下 (它是由現在私有的新浪公司在2000年開創) ,中國公司變成了外國公司，擁有海外投資者可以購買的股份。儘管在法律上不太穩固、難以理解，但事實證明，這一解決方案為美國投資者、華爾街和共產黨所接受。

在中國，政府正在採取措施使其股票市場現代化。之前該市場在共產主義革命後關閉四十年, 於 1990 年才重新開放。 在2009年，國家在深圳推出了納斯達克式的創業板。在習近平於2013 年成為國家主席的領導下，對外開放的機會大大增加，包括與香港的交易所交易聯繫，允許外國投資者直接購買內地股票。 2018 年，中國開始了一項與 ADR 競爭的試驗計劃，但未能帶動發展。

最急進的一步出現在 2019 年，當時上海開設了一個名為 Starboard 的新股票交易場所，最大限度地減少了繁文縟節，首次允許無利可圖的公司在境內上市，並取消了首日價格波動的上限。它還取消了不成文的估值上限，迫使公司以23倍或更少的市盈率出售其股票。但大陸交易所仍然不允許雙重股權，這在科技公司中很受歡迎，因為它們賦予創辦人更多的投票權。香港於 2018 年引入了該結構。

(to be continued)

Note:  ADR is the acronym of American Depositary Receipt (美國存託憑證). VIE is the acronym of Variable Interest Entity (可變利益實體)

Nearly half of Jakarta residents had been infected with corona - antibody tests revealed

Recently CNN.co.jp reported the following:

ジャカルタ住民の半数近くがコロナ感染か　抗体検査で判明

2021.07.14 Wed posted at 12:42 JST

（ＣＮＮ） インドネシアの首都ジャカルタで３月に実施された新型コロナウイルスの抗体検査から、住民の半数近くが感染していたとの結果が報告された。これは公式発表されていた感染者数の１２倍以上に相当する。

ジャカルタの保健当局とインドネシア大学、エイクマン分子生物研究所と、インドネシアに駐在する米疾病対策センター（ＣＤＣ）のスタッフによる共同チームが報告書をまとめ、今月１０日に発表した。

それによると、３月１５～３１日にジャカルタ市内の約５０００人を対象に抗体検査を実施したところ、全体の４４．５％で新型コロナウイルスに感染したことを示す抗体が検出された。

政府統計によると、ジャカルタの人口は約１０６０万人。このうち約４７０万人が３月末までに感染していたことになる。

一方インドネシア保健省の集計によれば、３月末までに確認された感染者は３８万２０００人あまり。１３日の時点では感染者が６８万９２４３人に増えたと発表されている。

感染力の強いデルタ変異株の拡散とともに、同国では連日、何万人もの新規感染者と最大１０００人の死者が報告され、ジャカルタがあるジャワ島などで医療体制がひっ迫している。

インドネシア大学の疫学者、パンドゥ・リオノ博士によると、３月の検査では人口密集地の住民や太り過ぎの人、血糖値が高い人の感染リスクが高いことも分かった。抗体を持つ人が最も多い年代は３０～４９歳で、男性より女性の感染率が高かった。

人口の一定割合以上が免疫を持つと「集団免疫」が達成されるが、ジャカルタのように人の流れや出入りが多い都市で集団免疫を成立させるのは難しいと、研究チームは指摘する。新型コロナウイルスに感染することで得られる免疫の強さや持続期間も、今のところはっきり分かっていない。同チームはそれよりも、住民へのワクチン接種に重点を置くべきだと主張する。

ＣＮＮの集計によると、インドネシアで接種を完了した人は全人口の５．５％。保健省のデータによれば、ジャカルタ市内では人口の約１８％に相当する１９５万人あまりが接種を完了した。

同国では接種を開始した今年１月以降、中国シノバック製のワクチンを使ってきたが、接種後の医療従事者数百人が感染し、数十人が入院した。

国営アンタラ通信によると、ブディ保健相は９日、変異株への免疫を強化するためとして、医療従事者全員に米モデルナ製のワクチンを追加接種すると発表。先週末には米国から第１弾が出荷された。

Translation

(CNN) The antibody tests for the new coronavirus conducted in March in Jakarta, the capital of Indonesia, reported that nearly half of the inhabitants had once been infected. This was 12 times more than the officially announced number of infected people.

A joint team of health officials from Jakarta, the University of Indonesia, the Akeman Institute for Molecular Biology, and staff from the Centers for Disease Control and Prevention (CDC) in Indonesia had together compiled a report and released it on the 10th of this month.

According to the report, when antibody tests were conducted on about 5,000 people in Jakarta from March 15 to 31, antibodies indicating infection with the new coronavirus were detected in 44.5% of them.

According to government statistics, Jakarta had a population of about 10.6 million. Of these, about 4.7 million had been infected by the end of March.

On the other hand, according to the Indonesian Ministry of Health, about 382,000 infected people were confirmed by the end of March. As of the 13th, it was announced that the number of infected people had increased to 689,243.

With the spreading of the highly infectious Delta mutants, tens of thousands of new infection cases, and up to 1,000 deaths were reported daily in the country, and the medical system was tight in areas such as Java, where Jakarta was located.

According to Dr. Pandu Riono, an epidemiologist at the University of Indonesia, a test in March also found that people in densely populated areas, people overweight, and people with high blood sugar levels were at high risk of infection. The age group that had the highest number of people with antibodies was between the ages of 30 and 49, and the infection rate of women was higher than that of men.

While "Herd immunity" could be achieved when more than a certain percentage of the population had immunity, but the research team pointed out that it was difficult to establish herd immunity in a city like Jakarta where there was a lot of people moving in and out. The strength and duration of immunity gained from infection with the new coronavirus was also unclear at this time. The team argued that the focus should be on vaccination of the population.

According to CNN data, 5.5% of the total population had completed vaccination in Indonesia. According to data from the Ministry of Health, in Jakarta about 1.95 million people, or about 18% of the population, had completed vaccination.

Starting in January this year the country had been using a vaccine made by Sinovac of China for vaccination, but hundreds of medical workers after vaccination had been infected and dozens were hospitalized.

According to the state-run Antara news agency, Health Minister Budi announced on the 9th that all healthcare workers would be vaccinated with a US Moderna vaccine to strengthen immunity to the mutant strains. The first batch was shipped out from the United States last weekend.

              So, in Jakarta of Indonesia, with the spread of highly infectious Delta mutants, tens of thousands of new infections and up to 1,000 deaths are reported daily in the country. It is interesting to note that its Health Minister Budi announced that all the healthcare workers would be vaccinated with a US Moderna vaccine to strengthen immunity. This would cast doubt over the efficacy of the Chinese vaccines in fighting against the mutants.

"The importance of a stable situation in Taiwan" - mentioned in the Japan’s Defense White Paper for the first time

Recently Nihon Keizai Shimbun Electronic Edition reported the following:

「台湾情勢の安定重要」　防衛白書に初明記

2021年7月13日 10:26

岸信夫防衛相は13日の閣議で2021年版の防衛白書を報告した。中国の台湾周辺での軍事活動を挙げ「台湾をめぐる情勢の安定はわが国の安全保障にとって重要だ」と初めて明記した。米中の競争激化が「インド太平洋地域の平和と安定に影響を与えうる」と警鐘を鳴らした。

防衛省は白書を毎年作成し、日本を取り巻く安全保障環境や自衛隊の体制などを公表してきた。21年版は初めて米中関係を分析する項目を設けた。

米中の対立が日本の安保に与える影響に重点を置いた。地域情勢の客観的な説明が中心の例年の白書とは異なる記述ぶりといえる。

米国については「機微技術や重要技術で中国に対する警戒感を強めている」と記した。中国も妥協しない姿勢を示し「戦略的競争が一層顕在化していく」と指摘した。

台湾については米中の競争の文脈で詳述した。米国が20年以降、政府高官を相次ぎ台湾に派遣した動きや、中国軍機による台湾側への進入を取り上げた。

「（中国の）台湾に対する野心が今後6年以内に明らかになる」とした米インド太平洋軍のデービッドソン前司令官の議会証言にも触れた。中国が経済成長を背景に軍事力を強化し、米中間の軍事バランスが変化したと明示した。

沖縄県・尖閣諸島周辺で領海侵入を繰り返す中国海警局の活動については、初めて「国際法違反」と断じた。外務省が4月に閣議で報告した外交青書も同様の表現を盛り込んだ。

中国の海警局を準軍事組織に位置づける海警法については、白書に「国際法との整合性の観点から問題がある規定が含まれる」と記載した。

対中抑止を念頭に、白書は「自由で開かれたインド太平洋」の維持に向けた各国との防衛協力の重要性を示した。交流を推進する国に米国、オーストラリア、インド、東南アジア諸国連合（ASEAN）、欧州諸国を挙げた。

日米同盟の項目に載せた経緯の表で、4月の日米首脳会談の結果として台湾海峡の安定の重要性や「両岸（中台）問題の平和的解決を促す」と確認したことを紹介した。

北朝鮮については「重大かつ差し迫った脅威」との前年の表現を引き継いだ。低空や変則軌道で飛ぶ弾道ミサイルの開発状況を示し「技術や運用能力を極めて速いスピードで向上させている」と解説した。

韓国の軍備増強についても触れた。既に日本の防衛費を上回るとしたうえで「将来の日韓の防衛予算を試算すると25年に差は1.5倍に広がる」と説明した。

気候変動問題を安保上の課題として初めて位置づけた。土地や資源の不足が争いを誘発し、国家の安定を揺るがす可能性があるとの見方を示した。

温暖化で海氷が減る北極海で軍事態勢を強化する動きなどについて「重大な関心を持って注視する必要がある」と提起した。

日本の防衛力強化をめぐっては宇宙やサイバーなど新たな領域について最新の状況も取り上げた。人工衛星や宇宙ごみの動きを監視する部隊の体制、多数の小型衛星を使ってミサイルを探知するシステム研究の現状も盛り込んだ。

サイバーは組織を改め、共同部隊をつくって防衛体制を強化する方針を掲げた。

Translation

Defense Minister Nobuo Kishi reported the 2021 Defense White Paper at a cabinet meeting on the 13th. He cited China's military operations around Taiwan and stated for the first time that "the stability of the situation surrounding Taiwan is important for Japan's security." He warned that the intensifying competition between the United States and China "may affect peace and stability in the Indo-Pacific region".

The Ministry of Defense prepared a white paper every year to publicize the security environment surrounding Japan and the Self-Defense Forces system. For the first time, the 2021 edition had an item to analyze US-China relations.

The impact of the US-China conflict on Japan's security was emphasised. It could be said that the description used was different from those in usual white papers which focused on objective explanations of local conditions.

Regarding the United States, it was written that, " caution about China in sensitive technology and important technologies is becoming strong." China also showed an uncompromising stance and pointed out that "strategic competition will become more apparent."

Taiwan was described in detail in the context of competition between the United States and China. It covered the movement of the United States in sending high-ranking government officials to Taiwan one after another since 2020, and the Chinese military aircrafts intruded into Taiwan.

"(China's) ambitions for Taiwan will be revealed within the next six years," said a former US Indo-Pacific Commander Davidson in a parliamentary testimony. China had strengthened its military power against the backdrop of economic growth, and had made clear that the military balance between the United States and China had changed.

For the first time, the activities of the China Coast Guard, which repeatedly intruded into the territory around the Senkaku Islands in Okinawa Prefecture, had been judged as a "violation of international law." Similar expressions had been included in the diplomatic bluebook reported at the Ministry of Foreign Affairs during a cabinet meeting in April.

Regarding China’s Maritime Police Law which positioned the China Coast Guard as a paramilitary organization, the White Paper stated that "there are provisions that are problematic from the perspective of consistency with the international law."

With deterrence against China in mind, the White Paper emphasized the importance of defense cooperation with other countries to maintain a "free and open Indo-Pacific." The targeted countries to promote exchanges included the United States, Australia, India, the Association of Southeast Asian Nations (ASEAN), and European countries.

In a history table that listed out the items of the Japan-US alliance, it introduced the confirmed understanding that, based on the Japan-US summit meeting in April, the stability of the Taiwan Strait was important and would "promote a peaceful solution to the cross-strait (China-Taiwan) problem".

Regarding North Korea, it continued to use the previous year's expression of "a serious and imminent threat." The Paper showed the development status of ballistic missiles that flew at low altitudes and irregular orbits, and explained that "the technology and operational capabilities are being improved at an extremely high speed."

South Korea's military buildup was also touched on. It was said that it had already exceed Japan's defense budget, and explained that "if we project the future defense budget of Japan and South Korea, the difference will increase 1.5 times in 2025."

For the first time, the issue of climate change was positioned as a security issue. It said that the lack of land and resources could lead to conflict and undermine the stability of the nation.

It mentioned that "it is necessary to pay close attention” to the movement in strengthen the military situation in the Arctic Ocean where sea ice is decreasing due to global warming.

It also took up the latest situation in new areas such as space and cyber regarding the strengthening of Japan's defense capabilities. It also included the structure of a unit that monitored the movement of artificial satellites and space debris, and the current situation of its system research that detected missiles using a large number of small satellites.

Cyber ​​organization would be changed, and would strengthen the defense system by setting up a policy to create a joint unit.

So, for the first time Japan openly states that the stability surrounding Taiwan is important for Japan's security, and considers that the intensifying competition between the United States and China may affect peace and stability in the region. It seems that Japan will be passively drawn into future China-US conflicts in the region, including confrontations over Taiwan.

Note: Sensitive technology (機微技術) refers to the technology that can be used for weapons and military purposes.

美國向企業發出信息 - 中國及香港予警

Recently Yahoo News on-line reported the following:

U.S. Sends Message to Businesses, China with Hong Kong Warning

Nick Wadhams

Fri., July 16, 2021, 7:47 a.m.

(Bloomberg) -- The Biden administration warned investors about the risks of doing business in Hong Kong, issuing an advisory that said China’s push to exert more control over the financial hub threatens the rule of law and endangers employees and data.

The advisory published Friday said Hong Kong’s “new legal landscape” posed particular risks for businesses, investors, individuals and academic institutions, among others, operating in the city.

It said those threats fall into four areas: “risks for businesses following the imposition of the NSL; data privacy risks; risks regarding transparency and access to critical business information; and risks for businesses with exposure to sanctioned Hong Kong or PRC entities or individuals.”

“Business and rule of law risks that were formerly limited to mainland China are now increasingly a concern in Hong Kong,” according to the advisory, which was issued by the Departments of State, Commerce, Treasury and Homeland Security.

The advisory is the latest salvo in a competition that President Joe Biden has called one of the defining challenges of the century, and it signals a remarkable turnaround for a city which over decades became a financial hub on a par with London and New York.

‘One Country, Two Systems’

The move underscored how swiftly China’s push for more control over Hong Kong has brought an end to the “one country, two systems” approach that Beijing had promised when it took back control of the former British colony in 1997. That’s proved a death knell for the island’s independent judiciary, pugnacious media and lively protest movements.

“The situation in Hong Kong is deteriorating, and the Chinese government is not keeping its commitment that it made, how it would deal with Hong Kong,” Biden said Thursday, ahead of the advisory’s release.

Shortly before the advisory was issued, Beijing pledged a “firm response” to any action by Washington.

“We urge the U.S. side to stop interfering in the Hong Kong issue and China’s internal affairs in any form,” Chinese Foreign Ministry spokesman Zhao Lijian told a regular news briefing Friday in Beijing.

While the advisory doesn’t order companies to scale back investments or leave Hong Kong, Biden administration officials worry that major banks and other multinational businesses with headquarters in the city haven’t yet come to grips with just how much the landscape there has changed and how much risk they now face.

Data Access

Specifically, the new advisory warns of the Chinese government’s ability to gain access to data that foreign companies store in Hong Kong.

It comes amid news that China plans to exempt companies going public in Hong Kong from first seeking the approval of the country’s cybersecurity regulator. The exemption, which, according to people familiar with the matter was outlined by officials in recent meetings with bankers, would remove one hurdle for businesses that list in the Asian financial hub instead of the U.S.

The world’s two biggest economies, still so dependent on each other for trade and economic growth, are in confrontations in more and more areas. They are in conflict over the race to develop advanced semiconductor technology, the battle to supply other nations with next-generation telecommunications equipment and the treatment of ethnic minorities in the Xinjiang region.

Despite the turmoil of the past few years, foreign banks and other companies have rushed to build up their presence in Hong Kong, still seen as a gateway to the broader Chinese market.

Citigroup Inc. said in May that it plans to hire more than 1,000 professionals across its wealth franchise in Hong Kong over the next five years, stepping up its expansion amid an increasingly heated grab for talent in the region. Goldman Sachs Group Inc. is hiring 320 staff in China and Hong Kong, as China opens its $54 trillion financial market fully to foreign brokerages and asset managers.

The advisory from the U.S. follows a Trump administration decision last year to roll back special trade privileges granted to Hong Kong in recognition of China’s past promises to ensure a “high degree of autonomy” for the city from Beijing.

Anti-Government Protests

The “one country, two systems” approach to Hong Kong had already been under pressure before massive anti-government protests erupted in 2019. Beijing quickly moved to silence independent voices, arresting protest leaders, imposing a national security law that allows for the extradition of people accused of crimes to China and forcing the closing of Apple Daily, a high-profile media outlet critical of corruption and the Communist Party.

U.S.-China ties will struggle to improve given the political land mines facing the two nations’ leaders in the months and years ahead.

The Biden administration’s support for reopening a review of how the Covid-19 pandemic started -- and whether it leaked from a lab in Wuhan -- infuriated officials in Beijing. China’s leaders were also surprised at the administration’s decision to leave trade tariffs imposed by Trump in place.

Meanwhile, calls are growing for the U.S. to boycott the 2022 Winter Olympics in Beijing, while the midterm elections in the U.S. later that year will only amplify the rhetoric. In China, President Xi Jinping will likely sharpen his own tone as he looks to further cement his power with a third five-year term, a reversal of three decades of policy that limited leaders to two terms.

Biden and Xi were to take part Friday in a virtual call among APEC nations. While they have done other virtual events together, Biden hasn’t met Xi in person as president, and officials are undecided how much interaction the two leaders will have at a Group of 20 meeting in Rome this October.

Translation

（彭博社）- 拜登政府就在香港開展業務的風險, 向投資者發出警告，並發布了一份提醒通告，稱中國對這個金融中心施加更多的控制, 威脅到法治並危及員工和數據。

 週五發布的提醒通告稱，香港的“新法律環境”給在香港經營的企業、投資者、個人和學術機構等帶來了特別的風險。

它說這些威脅分為四個方面：“實施國家安全法 (NSL) 後企業面臨的風險；數據隱私風險；有關透明度和關鍵業務信息進接的風險；以及接觸受制裁的香港或中國實體或個人企業的風險。”

根據國務院、商務部、財政部和國土安全部發布的公告，“以前僅限於中國大陸的商業和法治風險, 現在越來越在香港感受到。”

提醒通告是喬拜登總統稱之為本世紀決定性挑戰之一的競爭中的最新一波，它標誌著一個顯著的轉變 - 這座城市幾十年來曾成為與倫敦和紐約相提並論的金融中心。

"一國兩制"

提醒通告突顯出中國推動對香港進行更多控制的速度有多快，結束了北京在 1997 年收回對前英國殖民地控制權時所承諾的“一國兩制”方式。這正為島上獨立的司法機構、愛爭論的媒體和活躍的抗議運動敲響了喪鐘。

拜登週四在公告發布前表示,“香港局勢正在惡化，中國政府沒有履行其作出的承諾，即如何處理香港問題”。

就在該提醒通告發布前不久，北京宣示對華盛頓的任何行動會作出“堅定回應”。

中國外交部發言人趙立堅週五在北京舉行的例行新聞發布會上說：“我們敦促美方停止以任何形式干涉香港問題和中國內政。”

雖然該提醒通告並沒有命令企業縮減投資或離開香港，但拜登政府官員擔心，總部設在香港的主要銀行和其他跨國企業還沒有意識到那裡的格局發生了多大變化，及他們現在面臨多大風險。

數據進接

具體而言，新提醒通告指出企業中國政府有能力獲取外國公司在香港存儲的數據。

有消息稱，中國計劃免除在香港上市的公司首先尋求該國網絡安全監管機構的批准。據知情人士透露，官員們在最近與銀行家的會議上概述了這項豁免，將為在這亞洲金融中心, 而非在美國上市的企業掃除一個障礙。

世界上最大的兩個經濟體在貿易和經濟增長方面仍然如此相互依賴，亦在越來越多的領域發生對抗。他們在開發先進半導體技術的競賽有衝突、在向其他國家提供下一代電信設備以及對待新疆地區少數民族方面有爭端發生。

儘管過去幾年發生了動盪，但外資銀行和其他公司仍爭先恐後地在香港建立業務，香港仍被視為進入更廣闊中國市場的門戶。

花旗集團今年 5 月表示，計劃在未來五年內在香港的財富專營業務中招聘 1,000 多名專業人士，在該地區人才爭奪日趨激烈的情況下加快擴張步伐。隨著中國向外國券商和資產管理公司全面開放其 54 萬億美元的金融市場，高盛集團將在中國大陸和香港招聘 320 名員工。

去年，特朗普政府決定取消授予香港的特殊貿易特權，該貿易特權用以表彰中國過去承諾確保北京對香港實行“高度自治”。

反政府抗議

就是在 2019 年爆發大規模反政府抗議之前，香港的“一國兩制”方式已經受到壓力。現北京迅速採取行動壓制獨立聲音: 逮捕抗議領導人，實施可引渡被指控犯罪的人到中國的國家安全法, 並迫使蘋果日報關閉，這是一家批評腐敗和共產黨的高調媒體。

鑑於兩國領導人在未來幾個月和幾年內面臨的政治地雷，美中關係將難以改善。

拜登政府支持重新審查 Covid-19 大流行是如何發生的 - 及它是否從武漢的一個實驗室洩漏 - 激怒了北京的官員。 中國領導人也對拜登政府決定保留特朗普徵收的貿易關稅感到驚訝。

與此同時，要求美國抵制 2022 年北京冬奧會的呼聲越來越高，而那年較後期的美國中期選舉只會加大這種言論。 在中國，習近平主席可能會加強自己的話語，因為他希望在第三個五年任期內進一步鞏固自己的權力。這是對過去三十年, 把領導人限制為兩屆的政策的一個逆轉。

拜登和習近平將於週五參加亞太經合組織國家之間的網上電話會議。 雖然他們曾一起進行了其他網上虛擬活動，但拜登還沒有親自與習近平會面。官員們不肯定兩位領導人將在今年 10 月在羅馬舉行的 20 國集團會議上進行多少互動。

              So, the Biden administration warns investors about the risks of doing business in Hong Kong. This advisory is a signal that could turnaround Hong Kong as a financial hub on a par with London and New York. It seems that Hong Kong’s “internationality” is shrining fast after the implementation of its National Security Law (NSL). In the calculation of Chinese leaders, political need (e.g., to have total control over Hong Kong) is above everything.

An attack on Filipino Army in South China Sea - US would "Invoke the Mutual Defense Treaty"

Recently CNN.co.jp reported the following:

南シナ海でのフィリピン軍への攻撃、米「相互防衛条約が発動」

2021.07.12 Mon posted at 20:34 JST

ワシントン（ＣＮＮ） 米国のブリンケン国務長官は１１日、南シナ海でフィリピン軍が攻撃を受ければ、フィリピン軍防衛に向けて１９５１年の米比相互防衛条約が発動することになると再確認した。

ブリンケン長官は、南シナ海における中国の領有権主張を否定した常設仲裁裁判所の判決から５年を迎えたことにあわせて声明を出した。

南シナ海では、中国やフィリピンのほかにも、ブルネイやマレーシア、台湾、ベトナムが領有権を主張している。今年に入りフィリピンが、中国側がフィリピンの沿岸警備船舶を威嚇しようとしたり、フィリピン漁船を締め出そうと海上民兵を送り込んだりしていると批判し、緊張が高まっていた。

ブリンケン長官は、同地域におけるフィリピンの資産に対するあらゆる中国の軍事行動について米比相互防衛条約第４条が発動することになると述べた。

ブリンケン長官はまた、中国政府に対し、南シナ海において、国際法の下の義務に従い、挑発的な行為をやめるよう呼び掛けた。

Translation

Washington (CNN) - On the 11^th the US Secretary of State Antony Blinken reaffirmed that if the Philippine troops were attacked in the South China Sea, the 1951 Mutual Defense Treaty would be invoked to defend the Philippine troops.

Officer Blinken issued a statement to coincide with five years after the Permanent Court of Arbitration's decision denying China's claim of sovereignty in the South China Sea.

In the South China Sea, in addition to China and the Philippines, Brunei, Malaysia, Taiwan and Vietnam had also claimed sovereignty. Tensions increased as the Philippines criticized earlier this year over the China’s trying to intimidate the Philippine coast guard vessels and sending maritime militia to shut out Philippine fishing vessels.

 Officer Blinken said Article 4 of the US-Philippines Mutual Defense Treaty would be invoked on all Chinese military actions against Philippine assets in the region.

Officer Blinken also called on the Chinese government to stop provocative acts in the South China Sea in accordance with its obligations under the international laws.

So, the US reaffirms that if the Philippine troops are attacked in the South China Sea, they will invoke the 1951 Mutual Defense Treaty to defend the Philippine troops. I am interested in knowing how the US will help the Philippines troops in actual terms when incidents occur. The military responsibilities of the Americans in South-east Asia are increasing. I am also wondering if Vietnam, Indonesia and Malaya will seek similar protections in due course.

EV cruising range increased by up to 50% - using Daikin’s energy-saving refrigerant for air conditioning

Recently Nihon Keizai Shimbun Electronic Edition reported the following:

EV航続距離、最大5割増　ダイキンが空調用省エネ冷媒

【イブニングスクープ】

2021年7月7日 18:00 [有料会員限定]

ダイキン工業は電気自動車（EV）のエアコンに使う省エネ性能の高い冷媒を開発した。エアコンに使う電力を大幅に減らし、EVの航続距離を最大5割伸ばせるという。2025年をめどに実用化する。使用状況によりEVの消費電力の5割を占めることもある空調の技術革新は、運輸部門の温暖化ガス排出削減につながる。

エアコンは冷媒を圧縮することで発生する熱などを利用して空気を温めたり冷やしたりする。ダイキンの新たな冷媒は成分の工夫により沸点をセ氏零下40度程度と従来品より10～15度低くした。圧縮に必要な電力を減らせる。

日本の都市部などでエアコンを使い続ける場合、フル充電で200キロメートル走るEVなら、距離を最大100㌔伸ばせるとダイキンはみている。

EV用エアコンの冷媒は現在、米ハネウェルと米ケマーズ（旧デュポン）が共同開発した製品が主流だ。価格はEV1台分で3万円前後。

ダイキンは新たな冷媒の価格について「（ハネウェルなどの）市場価格を見ながら検討する」としている。電池の容量を増やしてEVの走行距離を100キロメートル伸ばすには数十万円がかかるため、仮に冷媒の費用が2倍になっても自動車メーカーなどにとってはメリットがありそうだ。

実用化に必要な認定を米国の機関に申請した。今後は米自動車技術会（SAE）で実際のカーエアコンで稼働させた際の性能や安全性を検証する。

空調で売上高世界首位のダイキンは冷媒メーカーとしても世界大手だが、カーエアコン用は未参入だった。理論値通りの性能を発揮するには、これまで関係の乏しかった自動車メーカーやカーエアコンメーカーとの連携が欠かせない。取引先に対するコスト削減要求が強い自動車メーカーと取引し、十分な利益を確保できるかも課題になる。

英調査会社IHSマークイットによると、EVの世界生産台数が25年に1184万台と20年の5.3倍に増える見込み。走行距離を伸ばすため、リチウムイオン電池に比べ電気を蓄える量が多い全固体電池の開発をトヨタ自動車などが進めている。

Translation

Daikin Industries, Ltd. had developed a highly energy-saving refrigerant for use in air conditioners for electric vehicles (EVs). It was said that the power used for the air conditioner could be significantly reduced and the cruising range of the EV could be extended by up to 50%. The goal was to commercialize it in 2025. Technological innovation in air conditioning, which could account for 50% of EV power consumption depending on usage, might lead to a reduction in greenhouse gas emissions in the transportation sector.

Air conditioners used the heat etc. generated by compressing the refrigerant to heat or cool the air. Daikin's new refrigerant, by devising the ingredients, could lower the boiling point to about 40 degrees Celsius which was 10 to 15 degrees lower than the conventional products. The power required for compression could thus be reduced.

Daikin believed that if to continue to use the air conditioner in urban areas of Japan, the distance could be extended by up to 100 kilometers with an EV that ran 200 kilometers on a full charge.

Currently, the mainstream refrigerant for EV air conditioners was a product jointly developed by Honeywell and Chemours (formerly DuPont). The price was around 30,000 yen for one EV.

Daikin said it would "consider the price of the new refrigerant while looking at market prices (such as Honeywell)." It required hundreds of thousands of yen to increase the capacity of the battery and extend the mileage of the EV by 100 kilometers, so even if the cost of the refrigerant was doubled, to automobile manufacturers it still seemed to be beneficial.

A certification necessary for practical was being applied to a U.S. agency. In the future, the American Society of Automotive Engineers of Japan (SAE) would verify performance and safety when operating an actual car air conditioner.

Daikin, which had the world's top sales in air conditioning, was also the world's leading refrigerant manufacturer, but it had not entered the market for car air conditioners. In order to achieve the theoretical performance, it would be essential to collaborate with automobile manufacturers and car air conditioner manufacturers which presently had little relationship with Daikin. It would also be a challenge to deal with automakers that had strong cost reduction demands on their business partners, and to be able to secure sufficient profits.

According to British research firm IHS Markit, global production of EVs was expected to be 11.84 million units in 2025, an increase of 5.3 times over that of 2020. In order to extend the mileage, Toyota Motor Corporation and others were developing an all-solid-state battery that could store more electricity than the lithium-ion battery.

              So, Daikin Industries, Ltd. is developing a highly energy-saving refrigerant for use in air conditioners for electric vehicles (EVs). The technology in making more efficient battery is developing fast globally.

全球稅收改革使新加坡更難吸引投資：黃循財

Recently Yahoo News on-line reported the following:

Global tax reform to make it harder for Singapore to draw investments: Lawrence Wong

Staff Writer, Singapore· Editorial Team

Mon., July 5, 2021, 5:19 a.m.

SINGAPORE — The plans by countries around the world to set a global minimum corporate tax rate will make it harder for Singapore to attract investments, Finance Minister Lawrence Wong said in Parliament on Monday (5 July).

Wong’s comments come after 130 countries and jurisdictions including Singapore commit to a two-pillar plan to radically reshape the global tax system, according to a statement by the Organisation for Economic Co-operation and Development issued last week.

The global agreement follows a landmark deal by the G7 group of wealthy nations signed last month to force multinational companies to pay a fairer share of tax.

Singapore has to be “realistic about what the impact will be,” Wong said.

“It will make it harder for us to attract investments and we have to work harder, particularly given our size, the fact that Singapore is such a small city-state compared to so many other locations around the world, which offer equally if not more attractive and compelling attributes,” he added.

He was responding to a question by Member of Parliament for East Coast Jessica Tan about the impact of the tax deal on Singapore’s tech hub status.

Wong said Singapore has to work “much harder” in upgrading its workforce, infrastructure, connectivity, and overall business environment to stay competitive and attract investments.

Echoing the sentiment, Trade and Industry Minister Gan Kim Yong said Singapore's competitiveness goes beyond its taxation rate and that it must not be complacent.

“We are therefore redoubling our efforts to enhance our competitiveness and improve our business environment. For example, through upgrading our Industry Transformation Maps, we are confident that investors will continue to find Singapore a compelling place to do business and our economy can continue to thrive in the new environment,” Gan added.

In response to a question by Bishan-Toa Payoh MP Saktiandi Supaat about the risk of US firms moving out of Singapore because of the tax reform, Gan said the risks exist even now given that these firms do their financial calculations regularly to guide their investment decisions in Singapore.

The Ministry of Trade and Industry continues to look at ways to help companies operating here to continue doing so in cost-effective ways, Gan said. Apart from boosting its infrastructure, Singapore needs to expand its network of free trade agreements including their scope such as in the areas of renewable energy and the digital economy, he added.

Translation

新加坡 - 財政部長黃循財週一（7 月 5 日）在議會表示，世界各國製定全球最低公司稅率的計劃將使新加坡更難吸引投資。

黃的評論是在包括新加坡在內的 130 個國家和司法管轄區, 承諾從根本上重塑全球稅收體系的兩大支柱計劃的聲明之後發表的。該計劃是經濟合作與發展組織(Organization for Economic Co-operation and Development) 在上週發布。

該全球協議是繼上個月七國集團富裕國家集團簽署的一項具有里程碑意義的協議之後出現，該協議迫使跨國公司支付更公平的稅款。

黃循財說，新加坡必須“現實地面對將會產生的影響”。

他補充說:“這將使我們更難吸引投資，我們必須更加努力地工作，特別是考慮到我們的規模。事實上，與世界上許多其他地方相比，新加坡是一個如此細小的城市國家，其他地方提供同樣的, 甚至更多有吸引力和引人注​​目的特質”。

他正在回答東海岸議會議員 Jessica Tan 關於稅收協議對新加坡科技中心地位的影響的問題。

黃循財表示，新加坡必須“更加努力地”提升勞動力、基礎設施、連通性和整體商業環境，以保持競爭力並吸引投資。

貿易和工業部長Gan Kim Yong呼應這種情緒，表示新加坡的競爭力不局限於稅率，不能自滿。

Gan Kim Yong補充說: “因此，我們正在加倍努力，以提高我們的競爭力和改善我們的商業環境。例如，通過升級我們的行業轉型地圖，我們相信投資者將繼續發現新加坡是一個有吸引力的經商之地，我們的經濟可以在新環境中繼續蓬勃發展” 。

在回答 Bishan-Toa Payoh 議員 Saktiandi Supaat 關於美國公司因稅制改革而離開新加坡的風險時，Gan Kim Yong 表示，即使現在這些風險仍然存在，因為這些公司定期進行財務計算以指導他們在新加坡的投資決策。

Gan Kim Yong說，貿易和工業部將繼續尋找方法來幫助在這裡經營的公司, 以具有成本效益的方式繼續這樣經營。他補充說，除了加強基礎設施外，新加坡還需要擴大其自由貿易協定網絡，包括可再生能源和數字經濟領域的範圍。

       So, there is a new consensus among many countries on taxing big multi-national corporation following a statement by the Organization for Economic Co-operation and Development. I am wondering how this will affect Hong Kong as one of the key financial centers in Asia.

Indian vaccine - 78% preventive effect, final analysis of phase 3 clinical trial completed

Recently CNN.co.jp reported the following:

インド国産ワクチン、発症予防効果は７８％　第３相治験の最終分析完了

2021.07.03 Sat posted at 17:05 JST

 ニューデリー（ＣＮＮ） インドの製薬会社バーラト・バイオテックは３日、同社が開発した新型コロナウイルスワクチン「コバクシン」について、重症化予防の有効率は９３．４％以上、発症予防の有効率は７７．８％だったと明らかにした。

同社は発表で、第３相臨床試験（治験）の最終分析を終えたと説明。インド国内のコロナワクチン治験としては最大規模になると述べた。

治験には１８～９８歳の２万５８００人が参加した。このうち２４３３人は６０歳超で、４５００人は併存疾患を抱えていた。

インドで最初に見つかった変異株（デルタ株）に対する予防効果は６５．２％だった。デルタ株は現在、インド国内で支配的な変異株となっている。

今回のデータは、査読前の論文を公開できるサイト「ＭｅｄＲｘｉｖ（メドアーカイブ）」で発表された。

バーラト・バイオテックのクリシュナ・エラ会長は治験結果について、「インドと発展途上国の技術革新に注力する能力を確立した」としている。

２回接種型のコバクシンは１月、第３相治験の暫定結果が出る前の段階で、インド国内における限定的な緊急使用が承認されていた。同社によると、国外ではブラジルやフィリピン、イラン、メキシコを含む１６カ国で緊急使用許可が下りている。

Translation

New Delhi (CNN) - Indian pharmaceutical company Bharat Biotech announced on the 3rd that the new coronavirus vaccine "Covaxin" developed by the company had an effective rate in preventing serious illness stood at 93.4% or more, and the effective rate in preventing the illness was 77.8 %.

The company said in a statement that it had completed the final analysis of a phase 3 clinical trial. It was said that it would be the largest corona vaccine clinical trial in India.

25,800 people aged 18-98 participated in the trial. Of these, 2,433 were over 60 years old and 4,500 had multiple medical complications.

The protective effect against the mutant strain (Delta strain) first found in India was 65.2%. The Delta strain was currently the dominant mutant strain in India.

The data was published on the site of "MedRxiv" where paper before peer-review could be published.

Krishna Ella, chairman of Bharat Biotech, said the results of the trial "established the ability of India and developing countries to focus on innovation."

Double-dose Covaxin was approved for limited emergency use in India in January before the provisional results of the Phase 3 clinical trial were available. According to the company, emergency use authorizations had been granted in 16 countries, including Brazil, the Philippines, Iran and Mexico.

              So, India has developed its own Covid-19 vaccine. I am interested in knowing how well it can protect against other mutant strains apart from the Delta strain.

Notes:

1. “medRxiv” is an Internet site that distributes unpublished papers about health sciences. It posts unpublished manuscripts in the areas of medicine, clinical research, and related health sciences. Such manuscripts have yet to undergo peer review and should not be considered for clinical application, nor should be regarded as established information. (https://en.wikipedia.org/wiki/MedRxiv)

2. Dr. Krishna Ella is the Chairman & Managing Director of Bharat Biotech International Limited which was incorporated in 1996. Under Dr. Ella’s leadership, Bharat Biotech has grown to become a global leader in innovative vaccine. Dr. Ella has also ventured into veterinary vaccines, food processing, and developing biotechnology infrastructure in India. (https://www.bharatbiotech.com/founder_profile.html)