Alibaba Cloud Eyes Chinese State Firms, Huawei's New Processor

China's top economic planner creates new department to support private businesses. Trip.com's impressive Q2 revenue, Huawei's new smartphone launch, and Alibaba's cloud division funding options. Biden administration's strategy toward Beijing, China's response, and Carbon Market growth. Market analyst expresses concerns about sustainability of recent gains in China and Hong Kong markets. Impact of property value on Chinese households, high unemployment rates, and Chinese government's efforts to gain control over tech giants.