China Financial News

The United States is hosting the annual Asia-Pacific Economic Cooperation conference this week for the first time since 2011

Alliance Army and the Ta'ang National Liberation Army – who have collectively dubbed themselves the Three Brotherhood Alliance. Fighting continues in several parts of the country and the Three Brotherhood Alliance has also blocked two vital trade routes to China and seized a vital border crossing.

Nvidia (NASDAQ:NVDA) shares have continued to gain in recent days and are poised to extend gains for the 10th consecutive session, marking the company's longest winning streak in nearly seven years.

Correction (September 9th 2023): In an earlier version of this article we confused the EU’s anti-subsidy investigation into Chinese cars with an anti-dumping one. Sorry. © 2023, The Economist Newspaper Limited. All rights reserved. From The Economist, published under licence. The original content can be found on www.economist.comMilestone Alert!Livemint tops charts as the fastest growing news website in the world

surveyed in India are "off track" to meet their sustainability goals despite the consumers are willing to change their behavior and pay more for sustainable products. To get a broad sense of environmental concerns around the world, Bain surveyed 23,000 consumers, the results underscore the growing urgency of sustainability topics.

by Grant Smith

Mint breaks down the situation. On Monday, Britain’s first Asian-origin premier fired his controversial Home Secretary Suella Braverman and brought former Prime Minister David Cameron back to frontline politics as foreign minister. Observers of British politics speculate that Sunak is trying to return his government to a policy of centrist pragmatism.

People’s Bank of China will inject funds in phases through policy banks with the money ultimately trickling down to households for home purchases, said the people, asking not to be identified discussing a private matter. Officials are considering options including the so-called Pledged Supplemental Lending and special loans, according to the people, adding that government may take the first step as soon as this month. The plan, part of a new initiative by Vice Premier He Lifeng, would mark a major step-up in authorities’ effort to put a floor under the biggest property downturn in decades, which has weighed on economic growth and consumer confidence.

The Asia-Pacific Economic Cooperation (APEC) summit has drawn global attention to discussions on regional economic cooperation, including crypto regulations. 

There is mounting evidence that the US is cutting its direct dependence on Chinese imports—to the lowest level in 17 years, by some measures. Mexico and Canada in the middle of this year overtook China as top exporters to the US. This points to both a gradual decoupling of the two largest economies in the world as well as the rise of friend-shoring.

Apple Inc supplier Foxconn to log a surprise profit of 11 percent in the third quarter. This came as a surprise as the Taiwanese phone manufacturer was anticipating a fall in revenue during the July-September period.

IEA) on Tuesday raised its oil demand growth forecasts for this year and next despite an expected deceleration in economic growth in nearly all major economies. Although voluntary supply cuts from Saudi Arabia and Russia until the end of the year will keep supply tight, with demand growth still set to slow, the market could shift into surplus at the start of 2024, the Paris-based IEA said. While overall economic and oil demand growth are expected to lose steam next year, demand in 2023 has been supported by resilient U.S. deliveries and record September demand from China. Expectations for 2024, meanwhile, are underpinned by hopes of interest rate cuts and the recent fall in crude prices, the IEA, the energy adviser to industrialised nations, added. «For now, with demand still exceeding available supplies heading into the Northern Hemisphere winter, market balances will remain vulnerable to heightened economic and geopolitical risks — and further volatility ahead.» Brent oil prices have weakened to around $82 a barrel from a 2023 high in September near $98.

inflation in primary food articles along with a sharp turnaround in crude petroleum and natural gas to deflation. Wholesale price index has remained in deflation for seven consecutive months; however, experts indicate that a rise in domestic food prices may lead to a reversal in WPI towards inflation in November. “Looking ahead, while global commodity prices, including crude oil continued to soften in the ongoing month, the uptrend in domestic prices of most food items as well as an unfavourable base is projected to lead to a turnaround in the WPI to a marginal 0.1% inflation in November 2023 (+6.1% in November 2022), after a gap of seven months,” said Aditi Nayar, chief economist, Icra. Icra expects WPI inflation to remain below 3% for the remaining months of FY24 if commodity prices continue to remain at benign levels. “The deflationary trend in WPI could end in the coming months with the support of favourable base fading away gradually and expectation of subdued commodity prices amid global demand weakness. However, for the full year, we expect WPI inflation to average below 1%,” said Rajani Sinha, chief economist, CareEdge. Experts point out that even with WPI rising, price pressures are likely to stay contained with both retail and wholesale inflation staying within manageable levels. “Strong economic growth, coupled with resilient demand, should keep some pressure on inflation, but we see scope for headline inflation, both CPI and WPI, to remain manageable, with some near-term upside risks emanating from volatile vegetable price,” said Rahul Bajoria, MD and head of EM Asia (ex-China) economics, Barclays. India’s retail inflation declined below 5% for the first time in four months in October.

Read our coverage of the Israel-Hamas war and the Ukraine war A concatenation of crises is hardly unprecedented. Sergey Radchenko, a historian, points to the examples of the Soviet invasion of Hungary and the Suez crisis overlapping in 1956, crises in Lebanon and the Taiwan Strait in 1958 and the tumultuous years of 1978-79, when the Chinese invasion of Vietnam, the Islamic revolution in Iran and the Soviet Union’s invasion of Afghanistan unfolded in quick succession. In 1999 India and Pakistan, newly armed with nuclear missiles, waged a war over Kashmir while NATO bombed Serbian forces in Yugoslavia.

By Yukiko Toyoda, Kiyoshi Takenaka and Laurie Chen

By Sam Nussey and Kaori Kaneko

BEIJING (Reuters) — China has ordered its local governments to halt public-private partnership projects identified as «problematic» and replaced a 10% budget spending allowance for these ventures with a vetting mechanism by Beijing as it tries to curb municipal debt risks.

By Roxanne Liu and Kane Wu

On a 2011 visit, then US vice president Joe Biden went for lunch at Yaoji Chaogan, sparking a social media craze over his "noodle diplomacy". Outside the eatery in one of the capital's historic hutong neighbourhoods this week, Chinese people expressed hope that a meeting between leader Xi Jinping and now President Biden might help the two men to cook up a diplomatic success of their own. Biden and Xi will hold talks this week in San Francisco — their first in just over a year — set to address hot-button issues from trade to geopolitical tensions. Near Beijing's 700-year-old Drum Tower, passersby told AFP the two leaders needed to learn to get along for the sake of the world. The China-US relationship is «tense, you can see that», said economics student Yuan, who only offered her family name. «But they're also very closely linked,» she added. «These are two very large countries with huge global economic systems, so this is very important. Their relationship has a great impact on the entire world's economy.» Outside the packed bistro — where steaming bowls of soup and buns offered a welcome respite from freezing weather outside — retired driver Yu said he welcomed the meeting between the rival powers' leaders and expressed a little admiration for the US president.

By Emily Chow and Trixie Yap

Rajnath Singh will pay a two-day visit to Indonesia to attend a meeting of a grouping comprising 10-nation ASEAN and some of its dialogue partners that is expected to deliberate on evolving regional security scenarios. Singh is likely to present India's views on dealing with major security challenges facing the region at the ASEAN Defence Ministers' Meeting Plus (ADMM-Plus).