GZ Metro record: During the recent National Day holiday, the Guangzhou Metro carried 60.027 million passengers, a daily average of 8.704 million, up 7.4% YoY, and first in the country.The single-day record was actually set on September 30, the day before the National Day, at 11.134 million passengers. Read more.
Beijing giveth: The central government is extending its deal with local governments on tax revenue-sharing, Caixin reports. This should boost the nine cities of the GBA inside Guangdong, as they will get to keep around 50% of VAT revenue rather than 25%. The policy has been in place since 2016. Read more.
Lame Speech? Carrie Lam may disappoint high expectations for her upcoming Policy Speech, according to sources quoted by SCMP. Nothing truly bold seems to be under consideration. Read more.
SZ no threat to HK: Hong Kong’s former monetary chief, Joseph Yam, and others weigh in on Shenzhen, saying it is no threat to Hong Kong’s position as a financial center while the Renminbi is not freely convertible. Read more.
Oh, really? Henny Sender of the FT says Hong Kong’s biggest challenge is that it has been resting on its laurels as a financial center for too long. Read more.