China Financial News

Huawei Technologies said on Thursday it will launch new products on Sept. 25 without elaborating. The company will be releasing information about new mobile phones at the event, according to Chinese business daily Yicai which cited sources.

Fitch Ratings said today. The global rating agency left India's fiscal 2024 growth aim unchanged at 6.3% and also said the world economy in 2023 is likely to grow faster than estimated earlier. However, the agency said the deepening slump in China’s property market is casting a shadow over global growth prospects. Fitch raised its forecast for world growth in 2023 by 0.1 percentage point to 2.5%. «We have raised US growth by 0.8pp to 2.0%, Japan by 0.7pp to 2.0% and EM ex.

By Yantoultra Ngui

By Jamie McGeever

BEIJING (Reuters) — A European Commission investigation into Chinese electric vehicles (EVs) feared to have benefited from state subsidies will have a «negative» impact on economic and trade ties, China's commerce ministry warned on Thursday.

TAIPEI (Reuters) — Taiwan is «not for sale», the island's foreign minister said in a stern rebuke to Elon Musk who asserted Taiwan was an integral part of China, as the billionaire again waded into the thorny issue of relations between Beijing and Taipei.

North Korea has 191 athletes signed up for the Asian Games starting next week, according to organisers, suggesting the country is poised to end its more than three-year isolation from the global sporting arena. North Koreans are listed on the Games' website for accredited media to compete in the Chinese city of Hangzhou in sports including athletics, gymnastics, basketball, football, boxing and weightlifting. North Koreans were similarly down to compete at a weightlifting tournament in Cuba in June, but they failed to show. North Korea closed its already tight borders in early 2020 following the outbreak of the pandemic and skipped the Tokyo Olympics, which were pushed back to 2021 because of Covid. It was then banned by the International Olympic Committee from the 2022 Beijing Winter Olympics for failing to take part in Tokyo. There have been recent signs that the border restrictions have been eased slightly, with a taekwondo team allowed to travel to a competition last month in Kazakhstan. Prior to that, North Korea had not sent any of its domestic athletes to overseas competitions since the pandemic. The sporting action at the Games in Hangzhou starts on September 19, four days before the opening ceremony, with North Korea scheduled to face Taiwan in men's football that day. Leader Kim Jong Un is said to be an avid sports fan and Games hosts China are North Korea's longtime ally and main economic benefactor. North Korea has traditionally been especially strong in weightlifting, dominating the event at the Jakarta Asian Games in 2018 with eight golds. Ri Song Gum and Rim Un Sim, who both won gold in the women's weightlifting five years ago, are scheduled to appear in Hangzhou. But North Korea has also been among the

Also read: Ukrainian official says India has 'weak intellectual potential’, 'doesn't fully understand...' “Of course, Turkey, India, China, and other regional powers are increasingly and clearly justified in claiming global roles in the modern world - and there are all the reasons for this: historical, economic, cultural, scientific, and political. And these roles have long been much more extensive than Russia’s. But the global world is much broader than even the most thoughtful regional national interests," Podolyak said.

By Donny Kwok and Brenda Goh

rapid expansion of its infrastructure. This sector has played a pivotal role in bolstering the nation's economic landscape, making substantial contributions to its GDP, and offering gainful employment opportunities to millions of individuals. Out of the blue on Monday this week, shares of Vallabh Steels, Prakash Industries, Jindal Stainless, Steel Authority of India, and Steel Exchange of India surged by an impressive 11%.

BEIJING (Reuters) -China will take a number of «special» policy measures to improve access for Taiwanese enterprises to Fujian province across the Taiwan Strait, the Chinese state planner said on Thursday, under a long-term cross-strait integrated development plan.

Investing.com-- Most Asian currencies kept to a tight range on Thursday, while the dollar edged lower as markets weighed stronger-than-expected inflation data against expectations that the Federal Reserve will keep rates unchanged next week. 

Also read: Kim Jong Un extends ‘full support’ to Vladimir Putin's ‘just fight’ in Ukraine Kim left Pyongyang for Russia on Sunday on board his train. Kim does not travel abroad frequently, making just seven trips away from his country and twice stepping across the inter-Korean border in his 12 years in power.

European Union may have just sparked one of its biggest battles. With European officials fearing millions of auto jobs are at risk from China’s surging electric vehicle exports, the bloc’s executive arm on Wednesday launched an investigation into Beijing’s financial support for the EV industry. The probe, which could take up to nine months, will probably lead to new EU tariffs on Chinese EV imports and embroil major non-European automakers like Tesla Inc., which produce cars in China for export to the bloc. The move may lead to tariffs close to the 27.5% level already imposed by the US on Chinese EVs, according to a person familiar with the matter. The EU duties could vary depending on the producer, the person added, asking not to be identified as the discussions are private and no decision has been finalized. The bloc’s investigation, as well as aggressive moves by Washington to counter China, are part of a broader rethink by governments in developed economies to bring production closer to home, especially for key sectors like semiconductors, pharmaceuticals and heavy industries, which were disrupted during the Covid-19 pandemic. That drive to secure supply chains, combined with the tensions after Russia’s invasion of Ukraine, has resulted in a simultaneous rush to throw up trade barriers, triggering fears of a global economic fragmentation.Major Market If the EU does impose duties, that would curtail one of the last major markets for Chinese EV exports, and raises the prospect of a cascade of defensive moves in places like the UK to protect their markets being flooded by vehicles redirected from the EU. Shares of Chinese electric vehicle makers staged a mix performance Thursday with BYD Co Ltd.

By Kantaro Komiya

shares of Chinese electric vehicle (EV) makers fell on Thursday after the European Commission launched an investigation into Chinese subsidies for EVs, escalating tensions between Beijing and the EU. European Commission President Ursula von der Leyen announced the investigation in her annual address to lawmakers on Wednesday, saying: "Global markets are now flooded with cheaper electric cars. And their price is kept artificially low by huge state subsidies."Hong Kong shares of market leader BYD fell more than 3%.

Apple will locally produce the iPhone 15 Plus in the next quarter, having successfully started production in India of the lower-priced base model of the series. Foxconn's plant near Chennai has started preparations to make iPhone 15 Plus, two industry executives aware of the plans said. The company unveiled its latest iPhone series on Tuesday, loading it with a faster chip that offers better gaming and a new lighter titanium shell for the Pro models among other updates. It is also targeting to double its India sales next quarter, enticing buyers with the new launches and price cuts on iPhone 13 and 14 models, which should make the October-December a record sales quarter for Apple in India, said the people cited above.'Imports to meet festive demand' The Cupertino-based company has already started commercial production of the iPhone 15 at the Foxconn plant, making it the first time an assembled-in-India iPhone will be sold right at the launch stage. However, the local iPhone 15 manufacturing capacity is still low and with the festive season around the corner, Apple will be importing the devices from its major production hub in China to meet demand, the executives said. «iPhone 15 Plus will be the next in line for assembling in India.

Investing.com-- Oil prices rose slightly in Asian trade on Thursday as the prospect of tighter supplies helped traders look past concerns over rising U.S. inflation, while focus remained on more upcoming economic data from the U.S. and China. 

BEIJING — China's real estate problems have again drawn attention to the world of shadow banking and the risks it poses to the economy.

Indian startups got their first big push with global investors starting to chase companies like Flipkart, Ola and Oyo, as the world sensed a massive opportunity in the country’s market. This was on the back of a much-ballyhooed IPO of ecommerce behemoth Alibaba and investors in China wanting to get a beachhead in the next big market. Investors lined up, betting on tech startups, especially in the consumer internet sector, seeking to tap the young demographic of a country of over 1.2 billion people at the time. It was not only the financial investors but large strategic players like Amazon declared India as a big market, deploying billions of dollars, as the rush of capital began. This was when this newspaper instituted what’s become the most celebrated set of awards for the startup ecosystem — the Economic Times Startup Awards— with the idea to propel entrepreneurship in the country.

National Australia Bank will shut down its office in Hong Kong after deciding that Shanghai, Singapore and Tokyo are the preferred regional centres to support its institutional banking clients in Asia.