China Financial News

G20 Summit, the Noida traffic department has decided to control the movement of heavy vehicles from Noida to Delhi. As per a TOI report, Between September 7 and 10, these vehicles will be rerouted via the Eastern Peripheral Expressway, according to DCP (traffic) Anil Kumar Yadav. The Delhi traffic department has already issued an advisory aimed at restricting the entry of heavy, medium, and light goods vehicles into the capital during the international summit.

Huawei and Alibaba for approvals related to their generative artificial intelligence (AI) models and products, it said on Friday. The list published by the Cyberspace Administration of China (CAC) highlights the demand for ChatGPT-like products in the world's second-largest economy.

Germany 206 billion euros ($223.55 billion) in 2023, Germany's digital association Bitkom said Friday. The damage will surpass the 200 billion euro mark for the third consecutive year this year, according to a Bitkom survey of more than 1,000 companies.

IMF Managing Director Kristalina Georgieva said she had a «productive» discussion with Chinese Premier Li Qiang, and looked forward to working with Beijing on global issues including climate change and support for developing economies. Georgieva was visiting China through Sunday to meet with top Chinese leaders before travelling to Indonesia and India for ASEAN and Group of 20 summits. Georgieva also met with China's newly appointed central bank chief Pan Gongsheng and Finance Minister Liu Kun, she wrote in a post on messaging platform X, formerly known as Twitter, on Friday. In July, the IMF raised its 2023 global growth estimates slightly but left its forecast for China unchanged, cautioning that China's recovery was underperforming and a deeper contraction in the property sector remained a risk. The IMF said the world's second-largest economy will grow 5.2% this year, up from a COVID-subdued 3% in 2022, before easing to 4.5% in 2024.

HashKey Capital, the investment arm of Hong Kong-based crypto giant HashKey Group, has allocated a significant portion of its newly launched to major altcoins. 

China's ongoing battle with its soaring population figures has led to some unconventional measures aimed at controlling population growth. One such measure involves the legal marriage age, set at 22 for men and 20 for women across the country.

global slowdown in growth, Marie Diron, managing director for global sovereign and sub-sovereign risk at Moody's Investors Services told CNBC. She also hinted on the possible impact of global economic slowdown on Asia through trade conditions as well as access to financing in the region. She also mentioned that the slowdown can be led by three factors, ie higher interest rates by central banks, China's slow growth, and financial system stresses.

rise in new orders and output pushed manufacturing activity to the second-strongest pace in three years. The seasonally adjusted S&P Global India Manufacturing Purchasing Managers’ Index (PMI) rose to 58.6 in August compared with 57.2 in July, according to data released Friday. «Robust and accelerated increases in new orders and production suggest that the sector looks set to provide a strong contribution to second quarter (fiscal) economic growth,” said Pollyanna De Lima, Economics Associate Director, S&P Global Market Intelligence. »The PMI results for India painted a vibrant picture of the nation's manufacturing landscape in August," De Lima further added. India’s economic growth strengthened to a four-quarter high of 7.8% in the first quarter, data released earlier this week showed, as the services sector pushed activity. The growth in manufacturing was less pronounced at 4.7% in Q1FY24, compared with 6.1% in the similar quarter last year. Demand strength pushed the new orders to the fastest pace since January 2021, helped by better export performance. «Not only did new export orders increase for the seventeenth month running halfway through the second fiscal quarter, but also to the greatest extent since November 2022,» the release stated, noting that members reported new work from Bangladesh, China, Malaysia, Singapore, Taiwan and the US. Buying levels rose to the fastest level in nearly 12 years, even as input costs rose faster. The increase in charge inflation, or selling prices, was not as fast as input prices as they tried to retain competitiveness.

A Chinese town has agreed to become a digital yuan “demonstration town” after striking a CBDC deal with a major, state-run bank.

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Manufacturing activity in Asia’s major export powerhouses slumped further in August as weak demand persisted in the region’s key trade markets, particularly in China. Factories in North Asia experienced weaker new orders, output and export sales, according to manufacturing purchasing managers’ surveys published Friday by S&P Global and au Jibun Bank. The purchasing managers’ index for trade bellwether Taiwan was little changed at a subdued level of 44.3 last month from 44.1 in July, while South Korea’s gauge slumped to 48.9 from 49.4 during the same period. Seoul reported a similarly gloomy reading on industrial production on Thursday, showing a bigger-than-expected drop in July, marking its longest stretch of output decline yet. Japan’s PMI was unchanged at 49.6, below the 50 mark that separates expansion from contraction.Southeast Asia, which until recently was a bright spot, showed the weak sentiment was rubbing off on factories in the region.

Nadia Elbilassy, Market Analyst, Equiti Group, says as India grows with this positive traction over investment and especially since the beginning of China's having the problems with the property sector, we have seen a lot of traction go into India and that is promoting confidence within investors, that it is promoting a lot of new opportunities and business openings in India itself.The Indian growth story is in a sense contrary to the global growth story right now. China is the weakest link, but global economists are worried about these tightening financial conditions amidst rising debt in world economies. How do you see India's GDP growth against the kind of growth numbers that you are reading across other economies like that of the US?Definitely there has been a slowdown in most global economies, not just India.

China released the 2023 edition of its 'standard map' on August 28, showing India's Arunachal Pradesh and Aksai Chin as part of its territory. The map also shows China's claims in the South China Sea over the exclusive maritime zones of countries such as Malaysia, Brunei, the Philippines, Indonesia and Vietnam.

Joe Biden on Thursday hoped that his Chinese counterpart Xi Jinping would attend the G20 Summit in New Delhi. Biden, along with more than two dozen world leaders, is scheduled to attend the G20 Summit in New Delhi next week that is being hosted by Prime Minister Narendra Modi. Recent media reports said that Russian President Vladimir Putin and Chinese President Xi Jinping are not likely to attend the summit. «The answer is I hope he attends the G20 Summit,» Biden told reporters Thursday when asked if he is expecting President Xi to attend the meet. Meanwhile, Farwa Aamer, Director of South Asia Initiatives at the Asia Society Policy Institute (ASPI), said that President Xi's skipping of the G20 Summit in India could be seen as evidence that China at this point of time is reluctant to cede the centre stage to India. «Perhaps the most significant development so far, which some may say was expected, has been President Xi's decision to skip the upcoming G20 Summit hosted by India.

covid-19, anti-maskers in the era of Spanish flu waged a disinformation campaign. They sent fake messages from the surgeon-general via telegram (the wires, not the smartphone app). Because people are not angels, elections have never been free from falsehoods and mistaken beliefs.

US Federal Reserve will not hike interest rates further. The US dollar index - which measures the currency against a basket of six developed-market peers, including the euro, sterling and yen - edged 0.05% lower to 103.58 on Friday, bringing declines this week to 0.53%. On Thursday, the rupee ended 6 paise lower at 82.79 a dollar.

rising wages. The yen has come under pressure in recent months, weighed by the Bank of Japan's ultra-loose monetary policy, which has in turn inflated the costs of imported goods. The final au Jibun Bank Japan manufacturing purchasing managers' index (PMI) was at 49.6, unchanged from the previous month and slightly down from the flash reading of 49.7. It was the third month the index has come in below the 50.0 threshold that separates growth from contraction. Output and new orders, which contribute the most to the headline figure, remained in contraction, although the reduction in orders was slower than in July, data by S&P Global Market Intelligence showed. Input cost inflation re-accelerated for the first time since September, while output price inflation slowed, squeezing companies' profits. Rising wages also fuelled cost pressures, according to the survey, with the subindex for employment showing the weakest growth in 29 months. «Firms noted that the filling of existing vacancies due to staff shortages were offset by a number of voluntary resignations as staff looked for higher paying jobs,» said S&P's Usamah Bhatti. The soft PMI reading comes a day after government data showed Japanese factory output falling more than expected in July, dented by weak demand for capital goods and electronic devices in China.

China stepped up efforts to support its housing sector and stabilise the yuan, though investors remained cautious ahead of U.S. jobs data that could make or break the case for further rate hikes. U.S.

dollar was on course to snap a six-week winning streak against major peers on Friday, as it headed into a pivotal monthly U.S. jobs report that is likely to inform the path for Federal Reserve policy over coming months. The U.S.

In an exclusive interview with ET, Rajeev Menon, President, Asia Pacific (excluding China) at Marriott International said the chain has seen a RevPar (revenue per available room) growth of 35% in India in the first six months of this year compared to 2019. He said the country is a ‘decades long’ growth story.The major hospitality players have seen both demand and margins grow. That doesn’t happen often. Right now, all around the world including India, people are willing to pay more for travel experiences.

China's biggest banks on Friday cut interest rates on a range of deposits in an effort to ease pressure on their shrinking margins as lenders move to lower mortgage rates to prop up a struggling property sector and a faltering economy. The banks, including Industrial and Commercial Bank of China and Agricultural Bank of China on Friday cut their deposit rates by between five and 25 basis points, websites from each bank showed. Three sources familiar with the matter told Reuters on Tuesday that major state banks would cut deposit rates as they prepare to lower interest rates on existing mortgages, part of Beijing's efforts to revive the debt crisis-hit property sector. Starting from Sept.