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Notable business headlines include a warning from China ahead of U.S. House Speaker Nancy Pelosi’s upcoming trip to Taiwan, Chinese authorities planning to fine DiDi Global for more than $1 billion, and U.S. Secretary of Treasury Janet Yellen’s call on companies to be less reliant on China.
We've got a trio of China-related stories for our additional headlines today. US House Speaker Nancy Pelosi's rescheduled trip to Taiwan is eliciting a warning from China. Foreign ministry spokesman Zhao Lijian said China firmly opposes this, as it will have a grave impact on the political foundation of bilateral relations.
The Financial Times had earlier reported Pelosi was planning to lead a delegation to Taipei after canceling an April trip when she contracted COVID 19. Pelosi would be the first sitting us Speaker to visit Taiwan since Newt Gingrich in 1997.
Chinese authorities are planning to fine ride sharing giant Didi Global more than $1,000,000,000 for the company's cybersecurity practices. That's according to the "Wall Street Journal." And this ends a year-long investigation that started as Beijing cracked down on local internet firms. After the fines imposed, restrictions on Didi will reportedly be lifted, allowing its mobile app to return to Chinese app stores. It could also pave the way for another shot at a Hong Kong listing.
And Treasury Secretary Janet Yellen says nations need to be more choosy about their trading partners. In remarks at an LG research facility in South Korea, Yellen called for countries to become less reliant on China for products like semiconductors and to look beyond prices to evaluate the geopolitical cost of buying from China in particular. Yellen proposed what she called friend shoring, or closer trading between the US and its allies and less trading with geopolitical rivals.