China Financial News

US lawmakers want the Biden administration to probe China's TP-Link Technology Co and its affiliates for potential national security risks from their widely used WiFi routers over fears they could be used in cyber attacks against the U.S. Republican Representative John Moolenaar and Democratic Representative Raja Krishnamoorthi, who lead the House Select Committee on China, requested a Commerce Department probe in a Tuesday letter seen by Reuters. According to research firm IDC, TP-Link, which focuses on the consumer market, is the top seller of WiFi routers internationally by unit volume.

TikTok told a federal appeals court on Thursday that the U.S. Department of Justice has misstated the social media app's ties to China, urging the court to overturn a law requiring China-based ByteDance to sell TikTok's U.S. assets or face a ban. TikTok, which has sued to overturn the law, said the Justice Department has made factual errors in the case. The department's lawyers said last month that the app poses a national security risk by allowing the Chinese government to collect the data of Americans and covertly manipulate what content they see. TikTok said on Thursday it is undisputed that the app's content recommendation engine and user data are stored in the US on cloud servers operated by Oracle and that content moderation decisions that affect US users are made in the US.

recession concerns, fueling a rally in stocks and sending bonds tumbling. Equity benchmarks in Japan climbed over 2% at the open, while shares in Australia increased alongside those in South Korea. US futures contracts edged higher after the S&P 500 and tech-heavy Nasdaq 100 both rose, as retail sales data beat estimates and jobless claims hit the lowest since early July.

With its reindeer sledding, camel racing and stunning landscapes with room to roam, Mongolia is hoping to woo visitors who are truly looking to get away from it all

A continued property crisis and weak consumption dragged on China’s economic recovery in July, according to data released by the National Bureau of Statistics

China's central bank will plan more policies to support growth, governor Pan Gongsheng said, as the economy struggles to gain momentum. The People's Bank of China (PBOC) will strengthen efforts to effectively implement monetary and financial policies that have been introduced this year and further steps will be made in accordance with the requirements of the State Council, Pan said in an interview with state broadcaster China Central Television on Thursday. He didn't elaborate on potential policies. Latest data show China's economic growth remains lackluster, with domestic demand faltering under a prolonged downturn in the housing market. That's drawing renewed attention to the need for more stimulus. Still, Pan said China's financial system is relatively stable and overall risk has eased significantly.

e-commerce giant JD.com beat estimates for quarterly profit on Thursday, helped by a mid-year sales festival and aggressive price cuts that drove more cost-sensitive consumers to its platform. U.S.-listed shares of the company rose 2.6% in premarket trading. Major Chinese vendors like JD.com and Alibaba have increased focus on discounting and lower-priced goods as the world's second largest economy sees a pullback from customers that as conscious about spending.

China says it will restrict exports of a mineral used in a wide range of products from batteries to weapons

Walmart, which owns local ecommerce firm Flipkart, said its international business growth was driven by Flipkart, China, and Walmex, without disclosing specific contributions. The Bentonville-based retailer also said in its second-quarter earnings for FY25 that its advertising business grew 23%, led by Flipkart and Walmex. Walmart recorded nearly $30 billion in net sales from international markets–a growth of 8.3% on year. Walmart also reported an operating income of $1.4 billion for the quarter under review. “Operating income growth led by Flipkart, China, and Walmex…. benefited from lower losses in ecommerce across markets..,” a presentation from the Flipkart owner showed on Thursday.

A startup developing a high-tech battery that is seen as a potential game-changer in the booming industry plans to invest $1.4 billion to build its first big plant in North Carolina, according to people familiar with the matter. Natron Energy is one of the few U.S. companies focusing on sodium, an abundant mineral that can produce batteries that are cheaper and safer than the lithium-based batteries that power electric vehicles.

Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...

Opposition leaders on Thursday slammed Prime Minister Narendra Modi over his Independence Day speech, alleging that it failed to unite and inspire people or address important issues faced by the nation. Communist Party of India General Secretary D Raja said the prime minister's speech from the ramparts of the Red Fort on India's 78th Independence Day did not place any issue before the nation to unite and inspire people. «Whatever he spoke is in line with the sinister, divisive agenda of RSS,» Raja told PTI. «The prime minister speaks about 2047 but he failed to address the issues of plurality, and diversity of the nation. He is trying to impose uniformity on the country,» he alleged.

China has put together a revised draft law that will make it simpler for couples to register their marriage, while filing for divorce will become tougher, a move that drew scorn from netizens and became a top trending online topic on Thursday. The draft, aimed at building a "family friendly society", was released by China's Ministry of Civil Affairs this week for public feedback. People are able to submit comments to the ministry until Sept 11, it said. It comes as policymakers struggle to encourage young couples to get married and have children after the country's population fell for two consecutive years.

market volatility has been spurred by a confluence of factors. Weaker-than-anticipated US economic data has ignited concerns about a potential recession, with market estimates now placing its likelihood at 30-35%, a significant increase from the less than 10% projection in June 2024. Adding to the turbulence, the surprise rate hike by the Bank of Japan and the subsequent reversal of yen carry trades have exacerbated market uncertainty. The Indian Rupee has borne the brunt of this volatility, hitting near all-time lows and breaching its previous October 2022 record of INR 83.5. While the Rupee has depreciated in the short term, it has exhibited relative stability compared to other emerging and developed market currencies over the past six months. INRperformance V/s Emerging Market Currencies (YTD INR depreciation~1% v/s other EM currencies ~4-10% depreciation)

China's economic recovery in July, according to data released Thursday by the National Bureau of Statistics. Unemployment rose for the first time since February, clocking in at 5.2%, compared to 5% in June. Industrial production also rose more slowly than the previous month, showing a 5.1% year-on-year increase in July, compared to a 5.3% rise in June.

Chinese EVs and Indian container shortage have in common? In one word, everything. With the US imposing a 100% anti-dumping duty on Chinese electric vehicles from August 1 and several countries in Europe planning to follow suit in September and October, the Chinese EV industry has been on production overdrive to ship as many vehicles as possible before the duty deadline. This pile up of inventory has clogged an already stretched logistics network. Siddharth Jairaj, CEO, TVS SCS global forwarding solutions said, “Because of the anti-dumping duties, China has been shipping out huge numbers of electric vehicles since April and May to beat the duty deadlines. So global nodal ports like Singapore and Colombo and clogged.” As containers are being diverted to cater to “Chinese inventory, the port congestion is spreading and has now hit India too,” he added.

BEIJING — China's latest efforts to stem a bond market rally reveals wider worries among authorities about financial stability, analysts said.

The late British prime minister Winston Churchill infamously remarked, “India is merely a geographical expression. It is no more a single country than the Equator." The pugilistic Churchill, no friend of India, seldom hid his distaste for Indians, referring to us once as “beastly people." Ignorance levels have dropped since. Today, we are widely known for what we are: a rainbow nation of mind-boggling diversity, a blend of ethnicities, a profusion of mutually incomprehensible languages, and a host of religions, cultural practices and topographies.

ByteDance last week launched a new text-to-video generative AI app called Jimeng AI, said to be a rival to OpenAI’s Sora which is yet to be made publicly available. ET takes a close look at Jimeng and other Chinese GenAI models, and their place in the global AI race. What does Jimeng AI do? Jimeng AI was developed by ByteDance-owned Faceu Technology and can generate images or videos from text prompts. It is available on both Android and Apple’s App Stores, but only in China.

US stock market, chipmaker Nvidia gained over 6% Tuesday. As the market improved considerably after tanking, Nvidia shares soared and closed at $116.14. The price of the chipmaker stock has doubled in value since the beginning of the year. According to 'Invesopedia', Nvidia will report its earnings for the quarter on August 28. The market analyst and share market strategists expect an earnings-fueled post-market move could potentially mark «the technical low for the largest index weights and AI darlings,» ahead of a September rally.

It’s been three years since the Taliban took control of Afghanistan