This is People's Daily Tonight, your news source from China.
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JPMorgan confirms winning bid to take majority stake in China fund JV
JPMorgan became the first foreign firm to move closer to taking control of an onshore funds business under new rules.
This, after winning the bid for a majority equity stake in its Chinese asset management joint venture.
JPMorgan held 49 percent of the JV before the latest deal, which still needs regulatory approval.
Under rule changes in 2017, foreign asset managers were allowed to own up to 51 percent of their Chinese mutual fund ventures.
Beijing later said foreign ownership caps would be removed by 2020, a year earlier than scheduled. (CGTN)
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Mainland suspends participation in Golden Horse Film Festival in Taipei
Movies and personnel from the Chinese mainland will not be participating in this year's 56th Golden Horse Film Festival in Taipei, announced China's State Film Administration on Wednesday.
According to the Golden Horse Film Festival, there are 148 titles registered for the awards this year, the lowest in nearly four years.
Nominees for the 56th Golden Horse awards will be announced on October 1 this year, and the awards ceremony will be held in Taipei on November 23, on the same day the 28th Golden Rooster and Hundred Flowers Awards are scheduled.
The Golden Rooster and Hundred Flowers Film Festival is known to be China's top film gala, and comprises the appraisal of the China Film Golden Rooster Awards and the Mass Film Hundred Flowers Awards. (CGTN)
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Gun reform urged in Ohio as Texas Democrats shun Trump visit
Ohio's Republican governor bucked his party to call for expanded gun laws.
This developed as some Democrats in Texas told President Donald Trump to stay away as both states reeled from a pair of shootings that killed 31 people.
Ohio Gov. Mike DeWine urged the GOP-led state legislature to pass laws requiring background checks for nearly all gun sales and allowing courts to restrict firearms access for people perceived as threats.
Democratic Rep. Veronica Escobar of El Paso made clear that the president was not welcome in her hometown of El Paso as it mourned. (AP)
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Singles boosts economy on Chinese Valentine's Day as much as couples
Chinese Valentine's Day, falling on the 7th day of the seventh month on lunar Chinese calendar, on Wednesday this year, has become an annual money-spinner for the hospitality and tourism sector in the country.
The figures show that singles also help drive the festival consumption. The festival, "Qixi" in Chinese, was not a big day for shopping in the past, but couples as well as singles now splurge during this time of the year.
According to Ctrip, the proportion of single people who decide to travel during the festival increased by 48 percent from a year earlier, while the average travel consumption on Chinese Valentine's Day for a single person is 1,422 yuan, only half of the couples' average spending.
Travel orders for women in 2019 rose by 40 percent from a year earlier, with favorite outbound destinations including Thailand, Japan, Malaysia, Indonesia and the Maldives. (CGTN)
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Trump, Republican party sue over California tax return law
The Trump campaign and Republican Party sued California over a new law requiring presidential candidates to release their tax returns to run in the state’s primary.
The law signed last week by Democratic Gov. Gavin Newsom requires candidates for president and governor to release five years of tax returns to appear on the state’s primary ballot.
But the requirement does not extend to the general election.
The lawsuits argue the law violates the US Constitution by creating an extra requirement to run for president and deprives citizens the right to vote for their chosen candidates. (AP)
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Chinese smartphone shipments down in Q2
During the second quarter of this year, China's smartphone shipments totaled 97.9 million units, down 6.1 percent year-on-year, the latest report from the International Data Corporation showed.
Most manufacturers' new product releases and the pace of shipments became faster to some extent, IDC said, adding that Huawei put more efforts into the domestic market and its shipment performance exceeded expectations.
Huawei maintained the top position in the market, with shipment volumes of 36.3 million units, up 27 percent from the year-ago period. Its market share rose to 37 percent. The tech giant was also the only company that registered an increase in shipments among the top five smartphone makers, IDC report showed. (China Daily)
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Shanghai's Lingang area to deepen opening-up
And the Lingang New Area of the China Pilot Free Trade Zone will be benchmarked against high international standards to compete with the top FTZs worldwide.
Experts said the addition of the Lingang New Area to the Shanghai FTZ shows China's determination to open up its economy and facilitate freer activity in trade, investment and finance.
Shanghai's vice mayor said 100 billion yuan will be invested in the area in the next five years. (Global Times)
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And that's People's Daily Tonight. Thanks for joining us.
(Produced by David Nye and Bai Yuanqi)