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China

European firms say China business ‘more difficult’

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BEIJING: European companies complain they still face a difficult business climate in China despite Beijing’s pledges of openness, with about half saying it has become tougher in the past year, according to a survey released Wednesday. The study comes as President Xi Jinping looks to portray the world’s number two as being at the forefront of the globalization while trade ... Read More »

Chinese food delivery firms cash in as fans stay up late to watch World Cup

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Restaurants and food delivery companies have seen a surge in late-night business as World Cup fever takes hold in soccer-mad China, where most of the matches in host country Russia happen in the evenings local time. Fans staying up late to catch the action are indulging in summer favourites such as barbecued meat, crayfish and beer, as well as healthier ... Read More »

ZTE drops 25 per cent after US lawmakers advance effort to restore export ban

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ZTE Corp dived on Tuesday after American lawmakers green-lit a bill to restore severe penalties on the Chinese telecoms gear-maker, potentially upending a deal struck with President Donald Trump to allow it to get back in business. The company’s Hong Kong shares slid to their lowest level in two years, down 25 per cent to HK$9.85, while its Shenzhen stock ... Read More »

China’s tariffs on US oil would disrupt $1b monthly business

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SINGAPORE: China’s threat to impose duties on US oil imports will hit a business that has soared in the last two years, and which is now worth almost $1 billion per month. In an escalating spat over the United States’ trade deficit with most of its major trading partners, including China, US President Donald Trump said last week he was ... Read More »

Swiss asset manager Pictet buys into Chinese video game maker behind ‘Knives Out’, sells Tencent stock

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Swiss asset manager Pictet has been buying up shares in Chinese online video game developer NetEase, while taking a profit on Tencent Holdings, as the technology sector is now trading at a higher premium than overall global markets, according to Nolan Hoffmeyer, senior investment manager with Pictet’s thematic equities team. NetEase, the developer of popular video game Knives Out, was ... Read More »

Chinese growth shows signs of flagging as leaders tackle problems

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Beijing :Chinese economic growth showed signs of flagging in data released on Thursday as Beijing faces trade tensions with the United States as well as debt and pollution battles at home. Industrial output and retail sales in the world’s number two economy slowed last month, while the central bank shied away from raising borrowing costs despite another hike by the ... Read More »

Central Bank confident of averting rate hike fallout

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The People’s Bank of China, the central bank, is now more confident about using flexible monetary policy tools to cope with an impending US funds rate hike later this week, without disturbing the predetermined financial deleveraging pace and interest rate reform, said economists. Monetary tightening measures are likely to continue in China to curb credit risk, given the recent moderate ... Read More »

China policy bank reports over $100B loans to SCO countries

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BEIJING :China Development Bank (CDB), a major policy bank, has so far loaned more than 100 billion U.S. dollars to members of the Shanghai Cooperation Organization (SCO), data from the bank showed. The CDB currently has 41.34 billion U.S. dollars and 16.37 billion yuan (about 2.56 billion U.S. dollars) in loan balances to SCO member countries, the Chinese media quoted ... Read More »

China-US trade war is making American soybean farmers anxious

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China: When China tentatively agreed last month to increase its imports of US goods, American soybean farmers sighed with relief. They had been holding their breath since April when Beijing, in response to the Trump administration’s tariffs on steel and aluminium in March, first proposed retaliatory duties on industrial and agricultural products, including soybeans. The threat caused the price of ... Read More »

US-China relations deteriorating fast over flashpoint issues

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China’s expanding efforts to impose its will on neighbours through diplomatic, commercial and military pressure – the so-called Xi doctrine – have drawn the sharpest riposte to date from the Trump administration, with Taiwan once again the main flashpoint in a sea of accelerating Sino-American rivalry. Following recent verbal clashes over US “freedom of navigation” patrols in disputed South China ... Read More »

China’s logistics activity increases in may

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BEIJING :China’s logistics activity increased in May as the economy continued to show signs of firming, industry data showed Monday. The logistics performance index for May came in at 56.1 percent, up from 54.6 percent in April, according to the China Federation of Logistics and Purchasing. A reading above 50 percent indicates expansion while a reading below reflects contraction. “The ... Read More »

China boosts financial support for small firms, green economy with MLF collateral rules

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BEIJING :China’s central bank said Friday that it has decided to moderately expand the scope of securities as collateral for a lending tool in an effort to boost support for small enterprises and green economy sectors. The People’s Bank of China (PBOC) said during the medium-term lending facility (MLF) operations, it will admit more types of securities as collateral, including ... Read More »

US commerce secretary wilbur ross in China for talks to avoid trade war

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Beijing :US Commerce Secretary Wilbur Ross arrived in Beijing Saturday for talks aiming to ease tensions over tariffs that have heightened fears of a trade war between the world’s two biggest economies, officials and Chinese state media said. Despite announcing a truce earlier this month, the United States is working to finalise planned sanctions on Beijing — including restrictions on ... Read More »

SCO business forum to be held on june 9-10 in Qingdao

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BEIJING :In a bid to promote economic and cultural exchange among the Shanghai Cooperation Organization (SCO)’s member statesand improve regional cooperation and development, the SCO Business Forum will be held during the summit. The 18th Shanghai Cooperation Organization Summit will be held in Qingdao, East China’s Shandong province, on June 9-10. Officials from the SCO Secretariat and member states, including ... Read More »

China lowers tariffs, rejects US trade war escalation

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Beijing:China said Thursday it wanted to avoid an escalation of trade tensions with the United States, as the two sides held new talks and Beijing decided to lower some tariffs. The overture came two days after the White House said its planned trade sanctions against China were still in the works despite the announcement of a truce following a previous ... Read More »

Global electric car sales up over 50 percent in 2017

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China:Electric car sales around the world rose by 54 percent in 2017, taking global stock across the three-million threshold, the International Energy Agency said . In China, the world’s biggest market for electric vehicles, sales also grew by about half — but their market share remained small at 2.2 percent. In Norway electric vehicles have by far the world’s highest ... Read More »

Foxconn unit to raise $4.2b in China IPO

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Shanghai :A unit of electronics manufacturing giant Foxconn said it will launch an initial public offering in China on Thursday aimed at raising $4.2 billion, in the biggest mainland debut in nearly three years. Taiwan’s Foxconn Industrial Internet, which makes electronic devices, cloud service equipment and industrial robots, will float 10 percent of its total shares, according to a prospectus ... Read More »

Chinese president Xi Jinping calls for international cooperation on big data industry

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BEIJING:Chinese President Xi Jinping Saturday called for enhanced international exchange and cooperation on the development of big data industry. He made the remarks in a congratulatory letter to the China International Big Data Industry Expo 2018, which opened Saturday in Guiyang, capital city of southwest China’s Guizhou Province, Xinhua news agency reported. Read More »

Angela Merkel, chinese premier defend Iran deal, free trade

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Beijing:German Chancellor Angela Merkel and Chinese Premier Li Keqiang defended the Iran nuclear deal on Thursday, with Li hinting that terminating the pact would complicate negotiations with North Korea. Merkel and Li showed a united front on Iran and free trade — two issues that have seen high-profile interventions by US President Donald Trump — during their meeting at the ... Read More »

US commerce chief to hold trade talks in China Next Week

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Beijing:US Commerce Secretary Wilbur Ross will visit Beijing next week to resume talks with Chinese officials, state media said Friday, as the two sides seek to avoid a trade war. Ross’s June 2-4 visit was confirmed in a phone call with China’s pointman on economic matters, Vice Premier Liu He, on Friday, the official Xinhua news agency reported. Liu visited ... Read More »