China Financial News

This is part of a special series of articles by the country's foremost voices, ahead of Union Budget 2024, aiming to draw attention to the critical reforms that can help India in its journey to become a developed nation by 2047. In the last decade, India’s gross domestic product (GDP) has nearly doubled to $3.5 trillion, showcasing our resilience as one of the world’s fastest-growing major economies. As we envision Viksit Bharat by 2047, increasing our economic growth from 8% to 12% could transform India into a $50 trillion economy. The global landscape is witnessing rapid technological advancements, particularly in artificial intelligence (AI) and new energy.

China get in lieu of support to Russia? The US is worried Russia could be passing on to China the knowledge it has gathered about American and European weapons being used in the Ukraine war. A bipartisan US congressional committee wants the Joe Biden administration to assess this issue. Chairman John Moolenaar and Ranking Member Raja Krishnamoorthi of the House Select Committee on the Strategic Competition Between the United States and the Chinese Communist Party (CCP) has sent a letter to National Security Advisor, Jake Sullivan, requesting an assessment of the information that Russia has shared with the PRC regarding US weapons capabilities and those of the partners and allies.

The world’s biggest source of renewable energy has been going through a dry patch. Generation from solar farms roughly tripled between 2018 and 2023, while the output of wind turbines almost doubled. That provided enough extra clean energy to power Japan and Russia put together.

Jade City, a real-world asset (RWA) platform, is planning to launch its token by the end of the year, with the firm aiming to change the way precious commodities are accessed and traded.

The presumptive GOP nominee Donald Trump is planning to launch fourth round of non-fungible token (NFT) collections, after “very successful” previous ones.

Exiled Chinese businessman Guo Wengui, also known as Miles Guo, has been found guilty of defrauding his supporters in a billion-dollar scam associated with his company, GTV Media Group.

Viksit Bharat. This approach will strengthen India’s global competitiveness by driving rapid decarbonization and digitization across the entire economy. This can help India leapfrog to the global production frontier and enable us to compete successfully with the world’s leading economies such as the US and China.

Karnataka expressed their apprehensions about the new Bill approved by the cabinet that mandates 100 per cent reservation for Kannadigas in «C&D» grade government jobs, state Commerce and Industries Minister MB Patil said that they will have wide consultations, resolve the confusion and ensure that interests of Kannadigas are protected along with those of industries. «I have seen that many people have apprehension regarding this...We will resolve this confusion...We will sit with the CM and resolve this so that it does not have any adverse effect...,» Patil said speaking to on Wednesday. «Keeping the interests of #Kannadigas paramount, I will discuss this issue with the Hon'ble CM Sh @siddaramaiah, IT-BT Minister, Law Minister, and Labour Minister. We will have wider consultations. We will ensure that the interests of Kannadigas are protected, alongside those of the industries,» Patil said in a post on 'X'.

The International Monetary Fund has upgraded its economic outlook this year for China, India and Europe while modestly lowering expectations for the United States and Japan

In a year of major elections setting the course of many countries for years to come, China’s ruling Communist Party is holding top-level meetings in Beijing to draft policies for reviving its slowing economy

HSBC announced on Wednesday that it has appointed Georges Elhedery as group CEO, starting Sept. 2.

Oil prices were steady on Wednesday, with global benchmark Brent hovering near the one-month low it hit in the prior session, as signs of weakening demand growth in China clashed with the prospect of declining U.S. oil stockpiles. Brent crude oil futures was down by 4 cents to $83.69 a barrel by 0315 GMT. U.S. West Texas Intermediate crude futures also eased 4 cents to $80.72.

Gold hit a record and bonds rallied on Wednesday as markets prepared for global interest rates to fall, while stocks in Taiwan slipped after U.S. presidential candidate Donald Trump sounded lukewarm in his commitment to the island's defence. The S&P 500 scaled record highs overnight and futures were steady in Asia. MSCI's broadest index of Asia-Pacific shares outside Japan was flat and Japan's Nikkei rose 0.1%.

dollar, prompting more warnings from Japanese officials after last week's suspected intervention. Federal Reserve Chair Jerome Powell said at an event on Monday that recent inflation data bolstered policymakers' confidence that price pressures are on a sustainable path lower.

Chinese swimmers will have undergone at least eight drug tests by the start of the Paris Olympics, twice as many as athletes from other countries. The sport’s governing body, World Aquatics, was under pressure to act after 23 Chinese swimmers tested positive for a banned substance, heart medication trimetazidine, seven months before the 2021 Tokyo Olympics, but were cleared of wrongdoing and went on to claim three gold medals. Eleven of them are competing in Paris this month. After a review of its decision allowing the swimmers to compete in Tokyo, World Aquatics said the incident “weakened” trust in the anti-doping system. To rebuild trust, it said, Chinese swimmers competing in Paris will have been tested “no less than eight times” this year by the International Testing Agency, twice the standard level. It said “a certain number of athletes from specific nations will be tested four times” by the agency which runs anti-doping programmes for many Olympic sports. Samples of Chinese athletes will ideally not be collected by the Chinese anti-doping agency and not be tested by laboratories in China. World Aquatics is likely to publish the results of the tests before the Olympics opening ceremony next week.

nutraceuticals to the drug regulatory authority from the oversight of the Food Safety and Standards Authority of India (FSSAI) has come under fire from pharma lobby groups and industry experts, who have raised apprehensions over the move and said the proposal should be kept in abeyance until it is discussed in detail. Nutraceuticals refers to food products with extra health benefits and includes supplements, functional foods and beverages. According to industry data, the segment is projected to grow to $18 billion in India by the end of 2025 from $4 billion in 2020. Experts said the regulations for nutraceuticals in the country are aligned with Codex Alimentarius, a global body functioning under the auspices of the World Health Organisation (WHO) to ensure safety of consumers.

A fresh wave of tariffs could revive inflation and pressure central banks to keep their key interest rates high, the International Monetary Fund warned Tuesday. In its latest report on the outlook for the global economy, the Fund said borrowing costs could also be pushed higher by a series of elections that may lead to a surge in already high levels of government borrowing. The Fund left its forecast for world economic growth this year unchanged at 3.2%, and raised its forecast for next year to 3.3% from 3.2%.

Gold prices rose on Tuesday as comments from Federal Reserve Chair Jerome Powell bolstered the case for a September rate cut, while investors awaited more U.S. economic data for further monetary policy cues. Spot gold gained 0.8% to $2,440.29 per ounce by 1207 GMT. The bullion hovers only slightly below the record high of $2,449.89 hit on May 20.

India’s economy is now forecast to expand 7%, up from the 6.8% the IMF had projected in April, in part because of stronger consumer spending in rural areas. Overall, the IMF said Tuesday that it still expects the world economy to grow a lackluster 3.2% this year, unchanged from its previous forecast in April and down a tick from 3.3% growth in 2023. From 2000 through 2019, before the pandemic upended economic activity, global growth had averaged 3.8% a year.

Wisesoft Co., a software maker whose Chinese name “Chuan Da Zhi Sheng” implies victory for Donald Trump in Mandarin, rose by the maximum 10% daily limit in Shenzhen. The gains came as the dollar rose and Treasury futures fell as traders took stock of the likelihood of Trump winning in November after the shooting incident over the weekend.

European stocks fell and US equity futures pared earlier gains as disappointing corporate earnings weighed on sentiment.