China Financial News

China and Russia's naval forces on Sunday kicked off a joint exercise at a military port in southern China on Sunday, official news agency Xinhua reported, days after NATO allies called Beijing a «decisive enabler» of the war in Ukraine. The Chinese defense ministry said in a brief statement forces from both sides recently patrolled the western and northern Pacific Ocean and that the operation had nothing to do with international and regional situations and didn't target any third party. The exercise, which began in Guangdong province on Sunday and is expected to last until mid-July, aimed to demonstrate the capabilities of the navies in addressing security threats and preserving peace and stability globally and regionally, state broadcaster CCTV reported Saturday, adding it would include anti-missile exercises, sea strikes and air defense.

economic recovery. The official data released on Monday by the National Bureau of Statistics (NBS) came above expectations for a 5.0% increase in a Reuters poll of analysts. Retail sales, a gauge of consumption, rose 2.0% in June, slowing significantly from a 3.7% increase in May. Analysts had expected retail sales to grow 3.3%.

China’s ruling Communist Party is starting a four-day meeting that is expected to lay out a strategy for self-sufficient economic growth in an era of heightened national security concerns and restrictions on access to American technology

visa regime for expats — including those from China — on a par with that for companies in the 14 sectors under production-linked incentive (PLI) schemes. They cited project execution difficulties due to delays in processing visas for foreign experts, people aware of the issue told ET. This has emerged as a bottleneck amid signs of a pickup in private capital formation. The manufacturers have flagged these issues to their administrative ministries.

import duties, flagging dumping of chemicals from China. Crop Care Federation of India, which represents key players in the agrochemical sector, has sought an increase in import tariffs, currently at about 7.5%. «The government should raise import tariffs by 7.5% counteracting Chinese predatory pricing and monopolistic practices with targeted tariff,» said Harish Mehta, senior advisor, Cropcare Federation of India, adding that this will safeguard the chemical industry, which is a key contributor to the nation's GDP and exports. An increase between 5% and 7.5% in tariffs will go a long way towards levelling the playing field on the price front for domestic players, it suggested. The industry in its representation has pointed out that the Indian chemicals sector was trade surplus as recently as 2020-21 but reported a $17 billion trade deficit in FY23, arguing that predatory trade practices by foreign players, notably from China are largely behind this swing. As per industry estimates, the global chemicals industry is already worth $5,000 billion and India's share is small, valued at $220 billion in 2022. Industry in its representation has also made a case to fast-track trade remedy measures including making BIS standards mandatory in specialty chemicals and agrochemicals by line ministries along with need to expedite regulatory approvals by respective ministries (agriculture, health, environment) with preference for domestic manufacturing projects.

K P Sharma Oli was appointed Nepal's Prime Minister for the third time on Sunday to lead the new coalition government that faces the daunting challenge of providing political stability in the country. Oli, 72, succeeds Pushpa Kamal Dahal Prachanda who lost the vote of confidence in the House of Representatives on Friday, leading to the formation of the new government process as per Article 76 (2) of the Constitution. President Ram Chandra Paudel appointed Oli as the new Prime Minister of the Communist Party of Nepal-Unified Marxist Leninist (CPN-UML)-Nepali Congress (NC) coalition.

Donald Trump was targeted in a shooting incident during a rally in Pennsylvania, Chinese online retailers wasted no time in offering souvenir T-shirts adorned with photos depicting the aftermath of the assassination attempt on the former president. According to a report from TOI, Taobao seller Li Jinwei said, «We put the T-shirts on Taobao as soon as we saw the news about the shooting, though we hadn't even printed them, and within three hours we saw more than 2,000 orders from both China and the US.» The rapid production and sale were made possible by digital printing technology, which allowed the T-shirts to be quickly printed and made available for purchase. Companies like Xinflying Digital Printing Production in Guangdong reported their capability of printing 8 election-themed T-shirts per hour using digital printing machines.

Sheikh Mohammed bin Rashid Al-Maktoum on Sunday announced he appointed his son, the emirate's crown prince, as defence minister of the United Arab Emirates in a cabinet reshuffle. "Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum has joined the government of the UAE as Deputy Prime Minister and has been appointed Minister of Defence," Sheikh Mohammed, who is the UAE's prime minister, wrote on X. Sheikh Hamdan, 41, is the second son of Sheikh Mohammed and has held the title of crown prince of Dubai since 2008.

Gautam Adani plans to build a port in Vietnam as the Indian conglomerate seeks to develop infrastructure overseas to tap opportunities from increasing trade. Adani Ports and Special Economic Zone Ltd. has secured an “in-principle approval from the Vietnamese government” for a greenfield development in Da Nang, Karan Adani, managing director of the company, said in an interview. The project, which will have container terminals and multipurpose berths to handle various types of cargo, is at an early stage of planning and the total investment required hasn’t been finalized yet, he said. This will be the fourth international port asset for the Adani group after Haifa in Israel, Colombo in Sri Lanka and the Port of Dar es Salaam in Tanzania. On Friday, Adani’s new mega port in southern India saw the arrival of its maiden mother ship and the company wants to accelerate the expansion of the facility in a bid to grab a bigger share of the international maritime trade that’s currently dominated by China.

India-Russia ties. PM Modi and President Vladimir Putin, two of the most experienced world leaders, discussed bilateral relations and the fast-changing worldwide landscape in a five-hour conversation. If personal connection between the leaders is the diplomatic measure, the first day was successful. PM Modi received Russia's highest civilian decoration, the Order of Saint Andrew the Apostle. PM Modi's last visit to Russia, for the 2019 Vladivostok summit, signalled India's participation in the Russian Far East to establish fresh leverage to counter Chinese dominance in North East Asia. A maritime corridor from Vladivostok to Chennai to connect to the Northern Sea route was meant to protect India's Arctic energy and commodity interests. Five years later, with little implementation, the 2024 summit revisited several 2019 projects. New consulates in Yekaterinburg and Kazan will strengthen India's diplomatic ties in Russia's key regions. Bilateral relations will regain momentum only if projects in energy, fertilisers, and commodities are converted into long-term agreements. Doing so will require private sector involvement. Both governments should encourage enterprises that are willing to break new ground in investment and joint ventures, building leverage in fast-changing global marketplaces that lasts longer than trade partners.

K P Sharma Oli, set to become Nepal's new Prime Minister, on Saturday held consultations with his alliance partner Nepali Congress in preparing the list of ministers to be inducted into the new coalition government that is likely to be sworn in on Monday. President Ram Chandra Paudel is expected to appoint Oli, 72, as the new Prime Minister of the Communist Party of Nepal-Unified Marxist Leninist (CPN-UML)-Nepali Congress (NC)coalition on Sunday. «However, the President is likely to administer the oath to the new Prime Minister and other members of the cabinet on Monday morning. A small cabinet is likely to be announced on Monday before the oath-taking ceremony starts,» said sources close to the NC and UML. Amid political turmoil in the Himalayan nation, CPN-UML chairman Oli, 72, is set to become prime minister once again after incumbent Prime Minister Pushpa Kamal Dahal 'Prachanda' on Friday failed to win a trust vote in Parliament.

Buddhist monk entrusted with protecting the Dalai Lama and foretelling his people's future is concerned. The Dalai Lama turns 89 on Saturday and China insists it will choose his successor as Tibet's chief spiritual leader. That has the Medium of Tibet's Chief State Oracle contemplating what might come next. «His Holiness is the fourteenth Dalai Lama, then there will be a fifteenth, sixteenth, seventeenth,» the medium, known as the Nechung, said. «In countries, leaders change, and then that story is over. But in Tibet it works differently.»

India needs a stronger and prominent presence in Central Asia in the backdrop of Prime Minister Narendra Modi's successful foreign policy outreach and there are several promising areas of cooperation including in the fields of green energy and digital technologies, according to Kazakhstan Institute for Strategic Studies chief expert Aliya Mussabekova. “Foreign policy of PM Modi over the last ten years was very successful; here in Kazakhstan we feel its cooperative and supportive interest in our country as well as in the region. But in my point of view, there is a need for a stronger and more prominent Indian presence in Central Asia,” Mussabekova, a leading strategic affairs expert in Kazakhstan, told ET. “I work at an analytical centre, and I can say that even at the level of relations between think tanks, we do not have an established ongoing dialogue. For instance, representatives from Kazakhstan do not participate in the main Indian forum, the Raisina Dialogue,” Mussabekova noted.

The United States, Canada and Finland will work together to build up their icebreaker fleets as they look to bolster their defenses in the Arctic, where Russia is increasingly active

DWF Labs, a market maker and Web3 investment firm has launched the $20 million Cloudbreak Fund to support projects and founders in Chinese-speaking regions.

BEIJING — China dominates the supply chain for many of the world's critical minerals, but so far it's held off on sweeping restrictions on at least one: tungsten.

China has added Shanghai to a list of top-tier cities allowing the use of driverless robotaxis in which no safety supervisors are present, part of the country’s efforts to take the global lead in autonomous driving and commercialize the technology. Shanghai officials said over the weekend that in parts of the city, residents can now book free rides in robotaxis of four companies—internet search giant Baidu, SAIC Motor-owned Saike Technology and self-driving startups Pony.ai and Auto X. The taxis are driverless and don’t have supervisors physically present in the car, with the companies approved to offer services through Jan.

American Pickers has remained a cornerstone of the History Channel's lineup. The show, led by hosts Mike Wolfe and Frank Fritz initially, follows their cross-country adventures in search of unique American artifacts and treasures. With its 25th season currently airing, fans are curious about the prospects of a Season 26, especially with changes in the cast dynamics.

The ballooning debt in East Africa’s economic hub of Kenya is expected to grow even more after deadly protests forced the rejection of a finance bill that President William Ruto said was needed to raise revenue

US shares touched a fresh peak as economic data supported the case for Federal Reserve rate cuts. A gauge for equities in the region gained for a fifth straight session as Japan’s Topix hit a record intraday high and shares in South Korea and Australia advanced. The S&P rose 0.5% and the Nasdaq climbed 0.9% to both set new highs Wednesday in a shortened session ahead of a US holiday. Contracts for US equities were steady in early Asian trading.

Singapore investor Temasek expects India's growth to remain firm over the next two years, driven by infrastructure-led capital expenditure, and a recovery in private consumption.Temasek on Tuesday reported an SGD 7 billion rise in its Net Portfolio Value (NPV) to SGD 389 billion for the financial year ended March 31, 2024, mainly driven by gains to the US and India investments. India has continued to see strong economic momentum alongside improving macro and political stability, the company said in a statement.