City Beijing Financial News
07.09 / 09:15
country
Standard
Japan joins India, other nations to protest against 2023 edition of China's 'standard map'
map," China has been questioned by various countries with many of them lodging protests against the nation. Japan is the latest country to join the others in rejecting Beijing's map. According to Matsuno Hirokazu, chief cabinet secretary of Japan, the map's description of the Senkaku Islands is based on Beijing's claims. Hirokazu said the islands are unquestionably an «inherent part» of Japan's territory, in terms of both history and international law, according to Japanese public broadcaster, NHK World. He said that Japan has lodged a strong protest with Beijing via diplomatic channels and has demanded an immediate retraction of the description on the map. However, a Chinese foreign ministry spokesperson dismissed the Japanese government's protest over a description of Japan's Senkaku Islands in a new map released by Beijing, according to NHK. Notably, Japan controls the islands.
07.09 / 09:15
Manufacturing
Apple
Software
Enterprise
Huawei
Celebrity
Apple iPhone
China may broaden Apple iPhone ban to state firms, agencies
China plans to expand a ban on the use of iPhones in sensitive departments to government-backed agencies and state companies, a sign of growing challenges for Apple Inc. in its biggest foreign market and global production base. Several agencies have begun instructing staff not to bring their iPhones to work, people familiar with the matter said, affirming a previous report from the Wall Street Journal.
07.09 / 08:53
Cooper
country
China says 90 countries have confirmed attendance for Belt and Road Initiative
China said on Thursday that 90 countries have confirmed attendance for its Belt and Road Initiative conference being held in October, The third Belt and Road Forum for International Cooperation (BRF) will be held in Beijing in October, the foreign ministry has previously said, with 2023 marking the 10th anniversary of the Belt and Road Initiative (BRI). Several foreign leaders are expected to attend, including Serbian President Aleksandar Vucic and Argentine President Alberto Fernandez, state media reported. Russian President Vladimir Putin also has a scheduled visit to China in October when the country hosts the One Belt One Road forum, Putin's aide Yuri Ushakov said recently, according to Russia's state news agency TASS. «We have received an invitation and plan to go to China,» Ushakov said, according to a report from the Global Times. China's foreign ministry said the country has signed Belt and Road cooperation documents with more than 150 countries and over 30 international organizations, according to Xinhua. «Over the past decade, Belt and Road cooperation has achieved fruitful outcomes,» Chinese foreign ministry spokesperson Wang Wenbin recently said at a press conference, adding that it has established more than 3,000 cooperation projects and galvanized nearly $1 trillion of investment, state media reported. Critics see the ambitious Belt and Road initiative — billed as recreating the ancient Silk Road to boost global trade infrastructure — as a tool for President Xi Jinping's China to spread its geopolitical and economic influence. Debate in the West over economic dependence on China has cast a shadow over longer-term trade and investment relations with Beijing.
07.09 / 08:53
Extreme
country
Joint efforts needed to strengthen sovereignty & territorial integrity of all countries: PM Modi at East Asia Summit
Narendra Modi on Thursday pitched for everyone's commitment and joint efforts to strengthen the sovereignty and territorial integrity of all countries. In an address at the East Asia Summit, Modi also said that India believes that the Code of Conduct for the South China Sea should be effective and compliant with the UN Convention on the Law of the Sea (UNCLOS). His comments came days after a number of ASEAN member countries such as Malaysia, Vietnam and the Philippines reacted sharply to Beijing's territorial claim over the South China Sea in its latest edition of the «standard map of China». On August 28, Beijing released the 2023 edition of the «standard map of China» which includes Taiwan, the South China Sea, Arunachal Pradesh and Aksai Chin as Chinese territories.
07.09 / 08:53
Target
Reuters
show
China’s exports, imports drop in August but show signs of stabilisation
consumer spending in the economy. According to customs data released on Thursday, China’s exports dipped 8.8% year-on-year (YoY) to $284.87 billion in August, registering its fourth straight month of decline. However, exports beat a forecast of 9.2% fall in a Reuters poll and off a 14.5% drop in July.
07.09 / 05:49
UPS
Provident
Target
FIVE
show
country
NOT
Why China's response to economic challenges is not working
China on Thursday showing falling exports fanned more fears about a slowdown in the world's second-biggest economy, which has struggled with its post-Covid recovery. Governments and markets alike are concerned about these indicators — the size of China's economy and its connections with the rest of the world mean any ups and downs are felt far and wide. Here is a rundown of the problems facing China's economy, and why analysts believe Beijing is not doing enough to fix them: The abandonment of tight pandemic restrictions in December set off a gradual resumption of consumer activity in China as people started dining out, shopping and using public transport more frequently. But the highly anticipated economic rebound was weaker than expected and did not reach all sectors — industrial production, for example, is still struggling. And a post-Covid rally has since completely run out of steam. As many other major economies grapple with inflation, consumer prices in China fell by 0.3 percent year-on-year in July to enter deflation — a sign of sluggish demand. Youth unemployment rose so high in June that authorities suspended the publication of that data, while traditional growth engines such as exports, real estate and consumption remain stalled. Analysts say these trends are increasingly pushing China's annual growth objective of around five percent out of reach. Property development and linked industries have been a key pillar of the Chinese economy in recent years, providing a sizeable chunk of its GDP. But the sector is in a deep crisis. Many leading developers including Evergrande and Country Garden have come under increasing financial pressure lately, with their astronomical levels of debt bringing bankruptcy concerns to
07.09 / 01:07
UPS
FIVE
Manufacturing
Mobile
show
country
Chinese automaker SAIC looks at local co-drivers to navigate India market
SAIC Motor Corp is weighing multiple options to partner an Indian company for expanding its presence in the growing automobile market, said Chen Hong, chairman of China's largest automaker. The company didn't comment when asked about the prospect of an alliance with JSW Group. ET reported in its June 14 edition that a private company owned by Sajjan Jindal, chairman of JSW Group, aims to buy a stake of as much as 48% in MG Motor India. Talks between SAIC, the parent of MG Motor India Pvt Ltd, and one of the potential Indian investors are likely to conclude in a few months, said another senior executive.
06.09 / 20:13
06.09 / 12:55
UPS
Reuters
Manufacturing
Apple
Software
WSJ
China bans government officials from using iPhones for work - WSJ
(Reuters) — China ordered officials at central government agencies not to use Apple (NASDAQ:AAPL)'s iPhones and other foreign-branded devices for work or bring them into the office, the Wall Street Journal reported on Wednesday, citing people familiar with the matter.
06.09 / 12:01
COST
UPS
Highways
Southern
country
Explainer
Mint Explainer: Is Thailand’s proposed Kra Canal a strategic game changer
The proposed Thai Canal, often referred to as the Kra Canal, has been a subject of considerable discussion and analysis due to its potential impact on global trade routes. If realized, this canal would offer an alternative to the Straits of Malacca, a critical maritime passageway that currently serves as a conduit for a significant portion of global trade. China, which heavily relies on the Malacca Straits for its maritime trade, has shown considerable interest in the project.
06.09 / 11:23
UPS
Lowe's
CNY
performer
Why Morgan Stanley has resumed bearish view on EMs
Morgan Stanley is returning to a bearish view on emerging-market currencies, citing concerns over China’s growth risks that not only weigh on the yuan but also further pressure a weak global economy.
06.09 / 09:15
Reuters
Apple
Tesla
WSJ
country
NOT
China orders government officials to not use iPhones at work: Report
central government employees to not use Apple's iPhones and other foreign devices for official work, The Wall Street Journal reported. The new directive is an attempt by China to cut reliance on foreign technology and limit the flow of sensitive information outside of the country.
06.09 / 09:11
UPS
Reuters
Digital
Manufacturing
Apple
Software
WSJ
China bans government officials from using iPhones for work: WSJ report
China has ordered officials at central government agencies to not use Apple's iPhones and other foreign-branded devices for work or bring them into the office, the Wall Street Journal reported on Wednesday, citing people familiar with the matter. The orders were given by superiors to their staff in recent weeks and it wasn't clear how widely the orders were being distributed, the WSJ said.
06.09 / 03:07
UPS
Remark
National
play
G20 Summit in Delhi: ‘If China wants to play role of spoiler…’, says US National Security Advisor
G20 Summit in New Delhi, if Beijing wants to come in and be a "spoiler", that option is available to it. The remarks came while responding to a question at a White House news conference on the impact of India-China border tensions on the G20 Summit.
06.09 / 02:07
COST
Cooper
Platform
country
Indian
Xi Jinping’s absence at New Delhi's G20 summit raises questions on Sino-Indian relations
G20 summit in New Delhi on September 9-10. Instead, Premier Li Qiang will represent China, according to a brief announcement from the Chinese Foreign Ministry. While the ministry's spokesperson Mao Ning chose not to elaborate on Xi's absence, he did stress China's commitment to the G20's goals of global economic cooperation.
05.09 / 23:13
UPS
Reuters
Manufacturing
show
performer
China's exports, imports likely contracted more slowly in August
BEIJING (Reuters) -China's exports likely contracted at a slower pace in August, a Reuters poll showed on Tuesday, highlighting that manufacturers remain under pressure after outbound shipments recorded their worst performance since February 2020 last month.
05.09 / 20:57
foreign interference
Training
RCMP investigates ex-RCAF pilots reportedly training China’s air force
The RCMP is investigating a report that former Royal Canadian Air Force (RCAF) pilots are helping to train fighters within China’s air force.
05.09 / 20:35
UPS
FIVE
country
end
China touts the benefits of its 'Belt and Road' initiative to Italy, which may end the agreement
China's foreign minister is seeking to sell his Italian counterpart on the benefits of leader Xi Jinping's signature “Belt and Road” initiative of Chinese-built and -funded infrastructure projects, as Rome considers whether to renew the agreement
05.09 / 11:39
UPS
FIVE
Compilation
Enterprise
show
Funds sell-off China stocks for lowest position in 11 months
A record selloff in Chinese stocks by global funds has pushed their positioning to the lowest since October, with money managers unswayed by the stimulus measures that have been coming through over the past few weeks.
05.09 / 08:05
UPS
Action
Racing
As Taiwan's government races to counter China, most people aren't worried about war
Taiwan’s government is racing to counter China, buying nearly $19 billion in military equipment from the United States, and extending military conscription for men to a year starting in 2024
05.09 / 03:07
UPS
Reuters
Action
MSCI
show
country
Asian shares slip as China optimism fades; RBA in focus
Asian equities fell on Tuesday as the spotlight remained on China and its efforts to stabilise its stuttering post-pandemic economy, while traders awaited the outcome of a policy meeting of the Reserve Bank of Australia. MSCI's broadest index of Asia-Pacific shares outside Japan was 0.75% lower at 511.14, moving away from 515.37, the highest level since Aug. 11 it touched on Monday. China shares clocked their best day in over a month on Monday on the back of fresh measures to help boost the faltering economy.
what's happening in city Beijing
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