China Financial News

By Jamie McGeever

Commerce Secretary Gina Raimondo says she and her Chinese counterpart agreed to exchange information on U.S. export controls that irk Beijing and set up a group to discuss other commercial issues

The Foreign Ministry says China will drop its COVID-19 testing requirement for entry starting Wednesday

Rising trade barriers

Terry Gou, the founder of Apple supplier Foxconn, plans to run as an independent in Taiwan's presidential election next year, ending months of speculation

Fish auction prices at a port south of the Fukushima Daiichi nuclear power plant are mixed amid uncertainty about how consumers may respond a day after treated and diluted radioactive wastewater began to be released into the sea

China will no longer require a negative COVID-19 test result for incoming travelers, a milestone in its reopening to the rest of the world after an isolation that began with the country's borders closing in 2020

NEW DELHI : Schools, hotels, restaurants and even companies in Japan have been recipients of some rather galling calls lately. Callers from China swearing at people across the sea have clogged Japanese phone lines.

MUMBAI : Mukesh Ambani-led Reliance Industries Ltd (RIL) is looking to collaborate with large international wind equipment manufacturers to set up its ambitious wind energy business. On Monday, while addressing the 46th annual general meeting, Ambani unveiled the group’s renewable energy roadmap. As part of its strategy to transition from fossil fuels to new energy, RIL will expedite the development of its green energy giga manufacturing complex in Jamnagar, Gujarat.

renewable energy capacity in the past few years, a shortage of solar modules continues to cast a cloud over the sectors’ growth prospects, said stakeholders at the Mint Sustainability Summit 2023. Speaking at a panel discussion on ‘The Future of Clean Energy in India: A 500GW Vision’, Mohit Bhargava, CEO, NTPC Green Energy noted that domestic solar module manufacturing capacity is now close to 20-25 GW, but the supply chain is still dependent on Chinese imports for products like cells and wafers. He added that given the concerns on continuing imports, the Centre has rolled out the second phase of the production linked incentive scheme for solar modules, which would support the entire value chain from cells to modules.

As Evergrande Group, China’s heavily indebted property developer, files for bankruptcy in the United States, many are concerned about how this will impact the global economy and cryptocurrencies. The situation represents one of the largest debt faultings in the world and will have sizable ramifications.

India is launching a major outreach with key members of the Arab World through G20 to build momentum in strategic partnership and economic linkages. Besides Saudi Arabia, which is a G20 member, leaders of the UAE, Oman and Egypt are expected to attend the G20 Summit as invitees. All four are close strategic partners of India with the Egyptian President attending the Republic Day Parade as the chief guest this year and PM Narendra Modi visiting Cairo in June. Ties with Egypt have received fresh momentum since 2021 with regular defence exchanges.

Beijing on Monday over what he said were instances of stones being thrown at diplomatic missions and schools in China, following the release of wastewater from the Fukushima nuclear plant. Last week, China banned all seafood imports from its neighbour after Japan began releasing cooling water from the stricken Fukushima plant in an operation that Tokyo and the UN's nuclear watchdog have said is safe. Since then, Japanese businesses ranging from bakeries to aquariums have received reportedly thousands of sometimes abusive crank calls from Chinese numbers. «There have been numerous harassment calls believed to originate from China and instances of stones being thrown into the Japanese embassy and Japanese schools.

India, and they would need to focus on education and infrastructure to take advantage of the demographic dividend, according to the latest report by Moody's Investor Service. «The ability of sovereigns to address these challenges will determine the extent to which their large populations can take advantage of opportunities to enhance long-term economic growth,» the ratings and research firm said in a report released Monday. While it appreciated the efforts made by India and the Philippines on infrastructure and governance, the firm noted that considerable work needed to be done on parameters like education and labour force participation. «There remains a considerable gap in the quality of education between Pakistan, Bangladesh and India compared with China and other peers in Southeast Asia, which contributes to labour-force participation imbalances,» the report said. The report pointed out that while the six large economies would contribute to a third of the global population increase over the next two decades and contribute significantly to the global labour pool, it said that «population growth unaccompanied by adequate job creation is likely to exacerbate sovereigns' exposure to social risks. According to the United Nations, India crossed China this year to become the most populous country in the world, and its population shall take another 40 years to reach its peak.

China will no longer require a negative Covid-19 test result for incoming travelers starting Wednesday, a milestone in its reopening to the rest of the world after a three-year isolation that began with the country's borders closing in March 2020.Foreign Ministry spokesperson Wang Wenbin announced the change at a briefing in Beijing on Monday. China in January expanded the list of countries that Chinese people can travel to and increased the number of international flights. Beijing ended its tough domestic «zero Covid» policy only in December, after years of draconian curbs that at times included full-city lockdowns and lengthy quarantines for people who were infected. The restrictions slowed the world's second-largest economy, leading to rising unemployment and occasional instances of unrest. As part of those measures, incoming travelers were required to isolate for weeks at government-designated hotels.

online games. While many platforms witnessed rising interest during the covid-induced lockdowns, Loco and its competitors, such as Rooter, suffered setbacks in the form of bans and suspensions. For instance, the ban on the popular game PUBG in 2020 by the ministry of electronics and IT, citing security concerns over its Chinese origin, led to a temporary 40% decline in traffic on the Loco platform, he said.

real estate developer, lost $2.2 billion, or 79% of its market value on Monday when it resumed trading following a 17-month suspension to restructure its offshore debt. Evergrande is at the centre of a crisis in property sector of China that has seen a string of debt defaults since late 2021, and its stock has been suspended for 17 months.

China have agreed to launch an export control enforcement information dialogue and a new formal working group on commercial issues, the U.S. Commerce Department said on Monday, giving Beijing a potential forum to express concerns. After meetings between U.S.

FIBA Basketball World Cup, the USA have registered two initial wins, cruised past Greece, and have clinched the group round. Canada defeated France, who were eliminated on Sunday after yet another defeat at the hands of Latvia. Steve Kerr has coached Team USA and led by Anthony Edwards, Jalen Brunson, Jaren Jackson Jr. and Mikal Bridges led them. The US finished seventh in 2019 and they hope for a better result this year.

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By Shashwat Chauhan