China Financial News

With a historic round of price cuts this month, Tesla, Li Auto and a host of others have extended China’s monthslong electric-vehicle price war into a new quarter. Some say the fight is just getting started. EV makers in the world’s biggest market for electric and hybrid vehicles have been cutting prices en masse since last year, when slowing sales and rising competition from upstarts forced a rethink of the playing field.

Hong Kong’s stock market used to be the world’s top equity fundraising venue. Not anymore: In the number one spot as recently as 2019, it didn’t even break the top five in 2023 according to Dealogic. But the market is up 6% this week, its best performance this year, in the wake of proposed regulatory changes.

Tesla shares surged about 10.5% in premarket trading on Wednesday after the electric-car maker eased some worries about slowing growth with a prediction that sales would rise this year and plans to roll out more affordable models in early 2025. Investors had been bracing for the worst after a tumultuous week at Tesla that saw big layoffs, executive exits, price cuts and the postponement of a highly touted meeting with the Indian prime minister.

BEIJING — China's state-directed economy may be creating the conditions for a new wave of bond defaults that could come as soon as next year, according to an S&P Global Ratings report released Tuesday.

Renowned crypto entrepreneur Arthur Hayes has shared his insights on the macroeconomic landscape, predicting a strengthening trend that could further propel  Bitcoin’s  ascent. 

A few hours after the Bitcoin (BTC) event on April 20, 2024, the broader markets began a price recovery. After weeks of negative activity, Dogecoin (DOGE) and NEO (NEO) finally broke out of resistance points.

President Tsai Ing-wen said on Wednesday she was happy the U.S. Congress had passed a sweeping foreign aid package which includes arms support for the island, as China urged Washington to stop selling weapons to Taipei. The United States is Taiwan's most important international backer and arms supplier even in the absence of formal diplomatic ties. China, which views Taiwan as its own territory, has repeatedly demanded arms sales stop. The Senate approved by 79 to 18 four bills passed by the House of Representatives on Saturday, after House Republican leaders abruptly switched course last week and allowed a vote on the $95 billion in mostly military aid for Ukraine, Israel and Taiwan and U.S. partners in the Indo-Pacific.

A report by the American Chamber of Commerce in China says that simmering tensions between Beijing and Washington remain the top worry for U.S. companies operating in China

The Senate has passed legislation that would force TikTok’s China-based parent company to sell the social media platform under the threat of a ban, a contentious move by U.S. lawmakers that’s expected to face legal challenges and disrupt the lives of c...

BEIJING — Chinese smartphone company Xiaomi's new electric vehicle is selling better than expected, putting it closer to break-even despite undercutting Tesla's Model 3 on price.

Huawei unveiled on Wednesday a new software brand for intelligent driving, marking its latest push to become a major player in the electric vehicle industry. The new brand Qiankun, symbolising a combination of heaven and the Kunlun Mountains, plans to provide self-driving systems involving the driving chassis, audio and driver's seat, Jin Yuzhi, CEO of Huawei's Intelligent Automotive Solution (IAS) business unit, said during an event ahead of the Beijing auto show.

Gaganyaan mission today, April 24, embarking on achieving yet another significant milestone in the space, said ISRO Chairman S Somanath on the sidelines of an event organized by the Astronautical Society of India (ASI) in Ahmedabad. “The airdrop test will happen on April 24. Then two more uncrewed missions will happen next year and then the manned mission, if everything goes well, by the end of next year," Somanath had said on April 17.

Pakistan of «potential risk of sanctions,» adding that they will continue to disrupt and take actions against proliferation networks considering business deals with Iran. Emphasising the US imposing sanctions on suppliers to Pakistan's Ballistic Missile Program, US State Department Principal Deputy Spokesperson Vedant Patel said «We're going to continue to disrupt and take actions against proliferation networks and concerning weapons of mass destruction procurement activities wherever they may occur...Just let me say, broadly, we advise anyone considering business deals with Iran to be aware of the potential risk of sanctions. But ultimately, the government of Pakistan can speak to their own foreign policy pursuits.»

Joe Biden vowing new arms supplies will be delivered swiftly to the warzone as Russia makes battlefield gains. Days after the House of Representatives cleared the measure — part of a massive $95 billion in assistance to allies including Israel and Taiwan — the Senate followed suit, passing the package with broad bipartisan support.

UBS Group AG is postponing plans to build its own mutual fund business in mainland China due to high costs and a dim profit outlook, people familiar with the matter said. The Swiss bank will instead rely on existing joint ventures to expand in China's mutual fund industry following the acquisition of Credit Suisse last year, the people said, requesting not to be identified because the matter is private.

Top Events of the Day: India is all set to witness various political, legal, scientific, and financial events including PM Modi's Lok Sabha election campaign in Bhopal, Amit Shah's poll rally in Goa, ISRO's second test flight of Gaganyaan mission, and ED's reply to Arvind Kejriwal's plea today, April 24. Take a look at top events of the day in detail below, - Prime Minister Narendra Modi will address two public rallies in Sagar and Betul Lok Sabha constituencies along with a roadshow in Madhya Pradesh's Bhopal today. - Union Home Minister Amit Shah will hold a public meeting in Chikkamagaluru and participate in Hubballi roadshow.

nuclear weapons in space on Wednesday at the United Nations Security Council, which is due to vote on a U.S.-drafted resolution calling on countries to prevent an arms race in outer space. Russia is expected to block the draft resolution, said some diplomats. The U.S.

Jio has now emerged as the world's largest mobile operator in data traffic consumption, surpassing China Mobile. The total traffic on the Jio network has reached 40.9 exabytes compared with China Mobile's 38 exabytes during the January-March quarter, according to global analytics firm Tefficient. Jio also holds the second largest 5G subscriber base globally at 108 million, with more than 28% of its total wireless data traffic now being consumed by 5G users, the company said in its analyst presentation. To be sure, Jio's average revenue per user (ARPU) also reflects the impact of subscriber additions of JioBharat phone users, who are value customers, and the unlimited 5G promotional plans. Analysts say Jio's strong pace of user additions and consequent market share gains will augur well for revenue conversion in near term, as and when tariff hikes are undertaken. They expect tariff hikes of 20-25% soon after the upcoming general elections, which end early June.

NEW DELHI : Indian companies directly or indirectly in business with European firms face a twin hurdle as Germany tightens its screws on a new law aimed at ensuring fair labour standards and environmental requirements. For Indian businesses already subject to Europe’s carbon tax, Germany’s supply chain rules would mean additional compliance and reporting costs, apart from fines and loss of business opportunities for any violations, industry experts told Mint.

China’s finance ministry has said it is in favor of the central bank resuming trading Treasury bonds, a move that would see the monetary authority dust off a rarely used tool in its policy kit. Officials at the ministry said that they would support the People’s Bank of China gradually restarting to trade Treasury bonds in open-market operations as they look to better coordinate the country’s fiscal and monetary policies.

defence spending is concerning given its economy is «failing», the head of the U.S. Indo-Pacific Command said on Tuesday. Speaking to reporters in Tokyo, Admiral John Aquilino said China's economy had been battered by turmoil in its real estate sector and asserted that its official growth rates were «not real». He also said China was spending «drastically more» on its military than the 7.2% increase it declared last month.