FOUNDER OF NEW ORIENTAL EXPLORES NEW PATHS

Yu Minhong， a founder of educational services group New Oriental， announced that the company would establish an agricultural platform to sell products in support of rural revitalization during a live-stream on November 7.

Founded in 1993， the largest provider of private educational services in China saw nearly 67.9 million students enroll. In 2006， it went public on the New York Stock Exchange.

After the government implemented an initiative aiming to rectify the off-campus tutoring market and reduce students burden， New Orientals private education business was affected， sparking a big transformation. The firm has donated nearly 80，000 sets of desks and chairs to rural schools and closed down 1，500 learning centers across the country.

In the future， New Oriental will use its existing platforms to open up the upstream and downstream industrial chains and undertake platform-based retail in the agricultural sector.

Young Consumers

Guangming Daily November 3

The term “debt” easily comes with negative connotations. Without possessing too much material wealth， young people tend to spend their borrowed money on things deemed to be “non-essential items.”

Over-consumption appears to have become a widespread phenomenon. There are 175 million post-90s in China and only 13.4 percent of them have no debts whatsoever， with the remaining 86.6 per- cent having access to credit products. Over 60 percent of these post-90s apply for loans to purchase goods that improve their quality of life， mainly involving conveniencebased consumption， pet care， beauty and entertainment.

Having grown up in a market economy， Chinas younger generations have developed their own definition of rationality. Debit and credit are natural occurrences in the development of modern finance. The concept of borrowing money and the risks this may entail entirely depend on the personal judgment of ones own capabilities and social outlook.

Basic Housing

Lifeweek November 8

After 20 years of rapid development， the housing market is approaching a turning point. Instead of serving as a pillar of the economy， more resources are now allocated to the construction of affordable housing aimed at meeting peoples basic need.

Taking the lead in reform， Shenzhen in Guangdong Province， is the first city to make the transition. In August 2020， Shenzhen planned to have 60 percent of its residents living in governmentsubsidized housing， which means basic-need accommodation has replaced the commercial frame as the mainstream in housing supply.

To curb rising housing prices， Chinas authorities stated that “houses are for living in， not for speculating on” in 2016. Although the Chinese economy was facing challenges and pressures， the government did not stimulate the housing market. Instead， more efforts have gone into the building of basic-need housing. This June， a new guideline aimed at accelerating the development of affordable rental housing was issued by the State Council， Chinas cabinet， which serves as the top planning body for basic housing at the national level.

Over the past two decades， housing marketization has brought major changes to Chinas economy， promoting economic development and tackling the housing shortage issue. However， it also had some negative effects. High housing prices exacerbate the burden on the public and tighten profit margins， hindering economic transformation.

As Chinas economy enters a new phase， it requires a more compatible housing market model. Whether from the perspective of economy or peoples wellbeing， the old development model is no longer sustainable and a new era of basicneed housing is coming.

Vaccination for Seniors

Beijing Youth Daily November 8 With the prevalence of new COVID-19 variants， China has been putting more emphasis on the prevention of inbound COVID-19 cases and a recurrence in domestic ones. “Only if we increase vaccination rates among senior citizens， can we lower the mortality rate caused by COVID-19，” Shao Yiming， a researcher with the Chinese Center for Disease Control and Prevention， said.

By October 28， the number of people aged 60 to 69 who had received two doses of vaccines in Beijing reached nearly 2.11 million， accounting for 81.7 percent of the capitals older people. For people aged 70 to 79 and for people aged 80 and above， this figure stands at 654，000 and 148，000， respectively.

The local government is taking targeted measures to gain the trust and support of the elderly.

Community workers have been working hard to remove concerns among senior citizens regarding vaccination. Several of Beijings subdistricts have arranged for more mobile inoculation vehicles to ensure elderly people obtain better and convenient access to the shots.

ENTREPRENEUR BEHIND THE EDG TRIUMPH

Chinese entrepreneur Zhu Yihangs e-sports team EDward Gaming， or EDG， won the 2021 League of Legends World Championship on November 11.

The e-sports enthusiast founded EDG and its parent company SuperGen Group in 2013. EDG has since grown into one of the most competitive e-sports clubs in all of China. Competition aside， Zhu is committed to improving the lives of his players and regularly organizes activities to make parents better understand their childrens profession.

In 2017， to help more young industry hopefuls， he established a company in education investment offering e-sports training and published the occupations first textbook in China.

Zhu， Chairman of Guangdong Pearl River Investment Management Group Co. Ltd.， has also invested in energy and new infrastructure sectors. In January， he invested 1.92 billion yuan （$299.7 million） in HYCAN， a new energy vehicle brand established in 2018， through one of his technology companies， marking his entry into the field of new energy vehicles.

“Solidarity and cooperation are the most powerful weapons to defeat COVID-19… Major countries need to earnestly shoulder their responsibilities in taking the lead in providing vaccines to low and mid-income countries quickly and help them build up vaccine production.”

Qin Gang， Chinese Ambassador to the U.S.， at a virtual COVID-19 ministerial meeting hosted by the U.S. on November 10

“Compatriots on both sides of the Taiwan Straits are very aware that ‘Taiwan independence constitutes the loss of peace and a fall into disaster.”

Zhu Fenglian， spokesperson for the Taiwan Affairs Office of the State Council， at a news briefing on November 10

“The COVID-19 pandemic， climate change and the application of emerging technologies are also exacerbating the challenges presented by the wealth gap and North-South divide， giving rise to new forms of inequality.”

Zhang Jun， Chinas permanent representative to the United Nations， at a UN Security Council open debate on November 9

“In addition to benefits， convenience and quality， we also hope to generate a long-term thinking more in line with the needs of social development and assume more corporate responsibilities.”

Chris Tung， Chief Marketing Officer at Alibaba Group， on the Double 11 online shopping festival on November 9