China Financial News

Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you the most significant developments from the past week.

World Trade Organization (WTO) agreements, and will also continue to assist developing countries and least developed countries (LDCs). However, like several other G20 meetings, the text on Ukraine war and its impact on global economy became a point of contention between the member nations, chiefly Russia and China. Russia rejected the inclusion of geopolitical Para 32, saying it doesn’t conform to the G20 mandate and recognizes the status of Para 32 as Chair’s Summary.

Resilient Global Trade and Investment, Group Chairman & Chief Executive Officer, DP World, Sultan Ahmed Bin Sulayem said, «The COVID-19 pandemic showed the resilience of global supply chains.» "Nearshoring was mentioned in 2013-14, but when covid happened, people realized we cannot rely on product produced in one part and shipped to other world and I mean China and Far east, it is clear Manufacturers have to come to consumers," he said. While countries like India have been successful in getting global manufacturers like Apple to invest, significant reforms are needed to encourage a shift towards becoming an export-oriented nation. Sulayem said there is an urgent need to reform the Customs clearance framework if a country wants to become an export hub. «If you want to become an export country, then the laws have to be changed.

After the conclusion of the two-day Trade and Investment Ministerial Meeting held in Jaipur, commerce and industry minister Piyush Goyal said that there is only one paragraph of the 17-page statement where «we could not get consensus for obvious reasons» but there were «new outcomes which were not part of the agenda before». Digitalisation of trade documents, enhancing information access to MSMEs, framework to map global value chains, best practices on mutual recognition agreements for professional services, and a standards dialogue were the five outcomes of the G20 Trade and Investment Ministers Meeting (TIMM), which culminated into an Outcome Document and Chair's Summary.

India and China on Friday offered divergent views to characterise the conversation between Prime Minister Narendra Modi and President Xi Jinping in Johannesburg two days ago even as Beijing sought to downplay the eastern Ladakh border standoff saying the boundary question does not represent the «entirety» of the bilateral relations. In a readout on the conversation between the two leaders, the Chinese foreign ministry said President Xi Jinping conveyed to PM Modi that both sides should «bear in mind» the «overall interests» of the ties and «properly» handle the border issue. Hours after Beijing's statement on Modi-Xi conversation claimed it was held at the Indian side's request, Indian sources said there was a «pending request» from the Chinese side for a bilateral meeting, suggesting that New Delhi has not heeded to it. «The two leaders, however, had an informal conversation in the leaders' lounge during the BRICS summit,» one of the sources said. Modi and Xi held the conversation on Wednesday on the sidelines of the BRICS (Brazil, Russia, India, China, South Africa) summit in Johannesburg, amid continuing strain in bilateral ties in view of the lingering border standoff in eastern Ladakh. The conversation was not a structured bilateral meeting.

By Jamie McGeever

₹200 as of the quarter ended June 2023. “Tariffs need to go to ₹300," Mittal said, reiterating the need for tariffs to rise further in order to get a return on capital employed by the telecom service providers.

On the latest episode of Macro Markets, Cointelegraph analyst Marcel Pechman explains why United States consumption remains strong while auto-loan and credit card balance delinquency is accelerating. According to Pechman, consumers built a cushion of extra cash savings as the U.S. government injected money to avoid a recession and temporarily forgave student loan repayments.

Nirmala Sitharaman, while speaking at the B20 Summit in the national capital on Friday, emphasized India's resilience and potential amid growing concerns about China's economic slowdown. When asked about the impact of China's economic challenges on India and the world, the Finance Minister opted to focus on India's narrative. Acknowledging the global interest in China's economic developments, she stated, «I would rather play the India story.» Minister Sitharaman expressed her commitment to monitoring China's situation but emphasized her primary focus on India's current position and its abundant opportunities. She highlighted the nation's skilled workforce, vibrant work culture, and the enthusiasm of its youth to excel. She elaborated, «We should speak for India's strengths and not for the suffering of somebody else.» The B20 Summit, which precedes the upcoming G20 Summit next month, provided a platform for her to showcase India's strengths. Minister Sitharaman underscored India's current advantages, particularly its young, English-speaking population and a transparent governance system with accessible legal remedies through the courts. During her address, the Minister detailed the government's initiatives to bolster infrastructure development, support startups, and address climate concerns. She outlined five key priorities essential for sustainable global economic recovery: boosting investment to stimulate growth, prioritizing global investment in public health and education, addressing climate change finance, diversifying supply chains, and managing inflation.

By Maria Martinez

Investing.com — Oil prices rose Thursday, rebounding to a degree from weakness during the week, ahead of an eagerly awaited speech by Fed head Jerome Powell for hints on the outlook for interest rates.

HONG KONG/BEIJING (Reuters) -Chinese authorities are planning to cut stamp duty on stock trading by as much as 50%, three people with knowledge of the matter said, in a further attempt to revitalise the country's struggling stock market.

DUBAI (Reuters) — Qatar is balancing its relationships with both the United States and China and one link does not damage the other, Prime Minister Sheikh Mohammed Bin Abdulrahman al-Thani said on Friday.

Chandrayaan-3 mission has put India back on the map! India made history on August 23 when the spacecraft successfully landed on the South Pole of the moon's surface, making India the first country to have achieved this momentous achievement. The world hasn't stopped praising the efforts of the Indian Space Research Organisation (ISRO). Recently, Bridgewater Associates founder Ray Dalio — who is also the author of the No. 1 New York Times bestseller 'Principles,' shared his two cents on the highly aspirational lunar mission. Congratulating India, the owner of the asset management firm said that the successful lunar mission is just one of the many straws in the wind, «showing its ascendence.» He said that the country scores the highest on its projected growth rate of about 7 per cent over the next 10 years. Dalio, who is credited for building the world's largest hedge fund, that India has all the «right mix of ingredients» which will prove its mettle.

BRICS (Brazil, Russia, India, China, South Africa) summit in Johannesburg. The conversation was not a structured bilateral meeting and was an informal one.

A flurry of statements from the government and Communist Party since July have largely focused on encouraging more spending on things like consumer goods and cars, coaxing private companies to expand investment, and making it easier for businesses to access funding. But even with two interest rate cuts this year, Beijing isn’t unleashing the kind of monetary and fiscal stimulus implemented during past downturns. President Xi Jinping’s government is reluctant to give the kind of cash handouts to consumers that fueled post-pandemic recoveries in the US and elsewhere.

Epic Games’ video game, the Fortnite Chapter 4 Season 4, has been known to users for a while now. Reports say that the official story and/or Battle Pass trailer will be revealed during the Fortnite downtime. But there are some teasers and leaks on social media.

runway took place on July 14, 2023, marking IGIA's fourth operational runway. However, since its commissioning, the new runway has exclusively been used for take-offs, owing to the pending activation of its instrument landing system (ILS). As per a TOI report quoting sources, the ILS equipment was procured from Russia in May this year, yet its calibration has encountered certain complications.

BJP on Friday rejected Rahul Gandhi's charge that China has encroached on Indian territory as baseless and absurd, as it asserted that it is the opposition party which has committed «historic, unpardonable crime» in dealings with Beijing. BJP spokesperson Sudhanshu Trivedi quoted from selected works of first prime minister Jawaharlal Nehru to say that his government had sent over 3,500 tonnes of rice in 1952 for the consumption of the Chinese Army which was «starving». He also asked the Congress to release its reported agreement with the Chinese Communist Party when the UPA was in power. Addressing a press conference, he alleged that the decision to send rice for the Chinese Army when India's relations with China had started getting strained was not a mistake but a «historic and unpardonable» crime. Gandhi has a habit of making baseless and absurd comments about China, he said, adding that the former Congress president makes remarks on India, its people and the RSS in a similar vein. During the Doklam crisis, he had met the Chinese ambassador, Trivedi said. The BJP leader asserted the government under Prime Minister Narendra Modi has notched up unprecedented success in its handling of India's military, diplomatic and economic affairs. The Congress has always tried to weaken the country when in the opposition, he said and asked the party to learn from the BJP which supported the then governments during crisis involving neighbours be it Pakistan or China. While the Congress government refused to punish Pakistan for its support to terrorism as it thought that this will harm peace talks, Modi's policy is that terror and talks cannot go together.

CNBC-TV18 reported. SoftBank owns 3.35% stake in Zomato. It had received Zomato shares during the Blinkit deal for selling its holding to the company.

world economy in 1978, it became the most spectacular growth story in history. Farm reform, industrialisation and rising incomes lifted nearly 800m people out of extreme poverty. Having produced just a tenth as much as America in 1980, China’s economy is now about three-quarters the size.