Soldiers of the Peoples' Liberation Army during a flag raising ceremony at an open day at the Ngong Shuen Chau Barracks in Hong Kong on June 30, 2019, to mark the 22nd anniversary of Hong Kong's handover from Britain to China on July 1. Photo: AFP / Isaac Lawrence

The Central Military Commission (CMC) has released an outline on improving the joint combat capabilities of the Chinese People’s Liberation Army.

The outline, which took effect on November 7, established basic concepts and rules, clarified basic responsibilities, addressed from the institutional level the fundamental questions such as how to fight future wars and strengthened the orientation of war preparedness.

The CMC has ordered all levels of the armed forces to study and implement the outline, and take it as the fundamental basis for organizing joint combat and training activities, so as to boost the military’s capabilities to win wars in an all-round manner.

Qingdao outbreaks

The eastern Chinese city of Qingdao has seen the number of confirmed Covid-19 cases drop to zero, the local health commission said on Thursday.

As of Wednesday, all 14 patients reported since October 12 were discharged from the hospital after recovering, according to the Qingdao municipal health commission.

Earlier investigations showed inappropriate disinfection in the CT room at the Qingdao Chest Hospital led to the new cluster of infections after two stevedores, who had handled imported frozen seafood, were diagnosed as asymptomatic Covid-19 cases on September 24. They were isolated at the Qingdao Chest Hospital and underwent CT scans in the hospital’s CT room.

Qingdao conducted a city-wide nucleic acid testing campaign covering all 11 million residents within five days to contain the spread of the virus.

Market liquidity

China’s central bank pumped cash into the banking system through open market operations to maintain liquidity Friday.

The People’s Bank of China (PBoC) injected 160 billion yuan (US$24.14 billion) into the market through seven-day reverse repos at an interest rate of 2.2%, according to a statement on its website.

The move was intended to maintain reasonably ample liquidity in the banking system, the central bank said.

Central bank bills

The PBoC issued 25 billion yuan renminbi-denominated central bank bills in Hong Kong on Thursday, including 10 billion yuan with a term of three months and a rate of 2.85%, and 15 billion yuan with a term of one year and a rate of 2.9%.

The issuance was well received by overseas investors, with the total bid amount exceeding 68.5 billion yuan, more than 2.7 times the issued amount. Subscribers included commercial banks, central banks, funds and other institutions from America, Europe and Asia as well as international financial organizations, demonstrating the strong attraction of renminbi assets to overseas investors and reflecting the confidence of global investors in China’s economy.

Company news

Tencent Holdings, a Hong Kong-listed company, on Thursday reported revenue surged 29% for the third quarter, buoyed by the continuing gaming boom.

Sales rose to 125.45 billion yuan in the three months that ended in September, with Tencent’s online game business jumping 45% year-on-year to 41.4 billion yuan.

Net income skyrocketed 89% from the same period last year to hit 38.5 billion yuan.

For smartphone games, the company said average daily active users for its blockbuster Honor of Kings title exceeded 100 million for the first 10 months of this year.

Revenues from its fintech and business services increased by 24% to 33.3 billion yuan for the third quarter of 2020 on a year-on-year basis.

Semiconductor Manufacturing International Corp, another Hong Kong-listed firm, said that its third-quarter revenue and profit climbed to a record high, as Beijing aims to build a domestic chipmaking industry less dependent on foreign technology.

For the three months through September, Shanghai-headquartered SMIC racked up $1.1 billion in revenue, representing a year-on-year increase of 32.6%. Net profit rose 122.7% to US$256 million for the period.

The stories were compiled by Nadeem Xu and Shan Hui and first published at

Xu Yuenai

Xu Yuenai is a Beijing-based columnist specializing in international relations.