City Beijing Financial News

SHANGHAI (Reuters) -Tesla on Friday unveiled a restyled, made-in-China Model 3 with a longer driving range, the first time the automaker has launched a new model in China ahead of the United States.

By Ziyi Tang, Clare Jim and Xie Yu

Investing.com -- The Labor Department's closely-watched monthly jobs report is set to headline the economic calendar on Friday, with the data likely to factor into the Federal Reserve's future interest rate decisions. Meanwhile, a private survey shows that China's factory activity surprisingly expanded in August, as Beijing rolls out fresh measures to help reinvigorate the country's stuttering economy.

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.

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.

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.

G20 summit. Also read: ‘G20 leaders are going to ask…’: Rahul Gandhi attacks PM Modi on OCCRP allegations against Adani Group The Treasury said Yellen also will rally America's G20 allies to maintain economic support for Ukraine and increase costs on Russia over Moscow's continuing war in Ukraine. This includes supporting the G7-led price cap on Russian oil exports and efforts to strengthen global food security in the face of restrictions on Ukrainian grain exports.

China on Thursday said it firmly opposed all forms of official interaction between the Taiwan authorities and countries having diplomatic relations with Beijing. Responding to a question raised by a Pakistani journalist on reports that three former top Indian military officials attended a security dialogue held by Taiwanese authorities in Taipei this month, Chinese Foreign Ministry spokesman Wang Wenbin said that China firmly opposes all forms of official interaction with Taiwan. China, which considers self-ruled Taiwan as part of its mainland, routinely objects to any high-level visits to Taipei, saying that it is a violation of the one-China principle. According to the media reports, Admiral Karambir Singh, General M M Naravane and Chief of Air Staff R K S Bhadauria — the former Navy, Army and Indian Air Force chiefs respectively — recently attended Ketagalan Forum's 2023 Indo-Pacific Security Dialogue held in Taiwan. Answering a question on their attendance, Chinese Foreign Ministry spokesman Wang said, «China firmly opposes all forms of official interaction between the Taiwan authorities and countries having diplomatic relations with China.» «This is our consistent and clear position.

By Marta Nogueira

By Xie Yu, Clare Jim and Li Gu

India in rejecting China's new national map, issuing strongly worded statements accusing Beijing of claiming their territory. China published a new version of its national map on Monday to correct what Beijing has in the past referred to as «problematic maps» that it claims misrepresent its territorial borders. India on Tuesday lodged a strong protest with China over its so-called «standard map» laying claim over Arunachal Pradesh and the Aksai Chin, and asserted that such steps only complicate the resolution of the boundary question. The External Affairs Ministry also rejected China's claims as having «no basis». «Just making absurd claims does not make other people's territories yours,» External Affairs Minister S Jaishankar said while reacting to the Chinese move. The Philippine government on Thursday slammed China's 2023 edition of its so-called «standard map» that still shows swaths of Philippine features in the West Philippine Sea. The Chinese Ministry of Natural Resources issued on August 28 a controversial map that includes the nine-dash line, now a 10-dash line, that supposedly shows China's boundaries in the South China Sea. «This latest attempt to legitimise China's purported sovereignty and jurisdiction over Philippine features and maritime zones has no basis under international law, particularly the 1982 United Nations Convention on the Law of the Sea (UNCLOS),» Foreign Affairs Spokesperson Ma.

Investing.com -- Investors await a fresh slew of U.S. economic data on Thursday after figures earlier in the week bolstered predictions that the Federal Reserve may soon end an aggressive interest rate hiking campaign. Dow futures point into the green, aided by improved guidance from Salesforce (NYSE:CRM), which boosted shares in the software group in premarket trading. Elsewhere, activity in China's key manufacturing sector contracts, spurring on calls for Beijing to take stronger action to support the stuttering economy.

We don’t support this browser anymore. This means our website may not look and work as you would expect. Read more about browsers and how to update them here.

BEIJING — China's ambassador to the U.S., Xie Feng, has blamed U.S. tariffs and export controls for a drop in trade between the two countries.

Asian stock markets are mostly lower after Japanese factory activity and Chinese service industry growth weakened

Chinese search engine and artificial intelligence firm Baidu has made its ChatGPT-equivalent language model, Ernie Bot, fully available to the public

Reuters citing two Indian officials, including a diplomat stationed in China and another official from a different G20 nation, have indicated that Premier Li Qiang is projected to attend the New Delhi meeting on September 9-10 as a representative of Beijing. The G20 summit scheduled in India was seen as a potential opportunity for Chinese President Xi Jinping to engage with US President Joe Biden, who has already confirmed his participation.

Xi Jinping is likely to skip a summit of G20 leaders in India next week, sources familiar with the matter in India and China told Reuters. Two Indian officials, one diplomat based in China and one official working for the government of another G20 country said Premier Li Qiang is expected to represent Beijing at the Sept. 9-10 meeting in New Delhi. Spokespersons for the Indian and Chinese foreign ministries did not respond to requests for comment. The summit in India had been viewed as a venue at which Xi may meet with U.S.

China's factory activity contracted for a fifth straight month in August, official data showed on Thursday, as pressure mounts on Beijing to offer more policy support to bolster its sluggish economy. The reading is the latest to indicate the nation's post-Covid recovery is running off the tracks owing to a decline in overseas demand as well as a drop-off in consumption at home. The official manufacturing purchasing managers' index (PMI) — a key measure of factory output — came in at 49.7 in August, below the 50-point mark that separates expansion and contraction, according to the National Bureau of Statistics (NBS). Still, the reading was slightly higher than the July reading and also beat forecasts. The non-manufacturing PMI, which includes activity in the construction and services sectors, fell to 51.0, from 51.5 in July, according to NBS data.

Biden administration has approved the first-ever US military transfer to Taiwan under a programme generally reserved for assistance to sovereign, independent states. The State Department notified Congress of the sale on Wednesday.

China is readying a fresh digital yuan adoption push ahead of next month’s Asian Games, with the nation ready to show off its CBDC to a large international audience for the first time.