City Beijing Financial News

Zhongrong International Trust, potentially paving the way for a state-led rescue of the troubled shadow lender, according to people familiar with the matter.Citic Trust, a unit of conglomerate Citic Group, and CCB Trust will lead the effort to stabilize operations at Zhongrong. The plan underscores growing concern among policymakers about the $2.9 trillion trust sector's impact on financial stability amid disappointing economic growth and a worsening property slump. It’s also another sign of how Beijing is leaning on stronger state-owned companies to shore up the economy and keep risks in check.

interest rates on existing mortgages and deposits, the latest state-directed measures to shore up growth in the world's second-largest economy. The big state-owned lenders are working on reducing rates on the majority of the nation's 38.6 trillion yuan ($5.3 trillion) of outstanding mortgages, according to people familiar with the matter. The reductions will only affect loans on first homes, two of the people said. Lenders such as Industrial & Commercial Bank of China Ltd.

Oppenheimer' has made its official debut in China, generating an estimated $5.4 million in box office revenue. Impressively, the film has garnered strong positive word of mouth, boasting a remarkable audience score of 9.5 on the Maoyan platform.

climate change and sovereign debt, the global pandemic of industrial policy initiatives deserves to be on the agenda. From Magdeburg in east central Germany, where Intel was reportedly given subsidies of €7 billion to build a semiconductor factory, to a Taiwanese battery factory near Dunkirk in France lured by subsidies of €1.5 billion to the Micron Technology factory in Gujarat, more than two-thirds of which will be financed by the central and state governments, subsidies in the name of fostering strategic industries have gone viral.

Fortescue’s radical green reinvention triggered the exit of departing chief executive Fiona Hick, who faced a choice to “get on the bus, or get off the bus”, according to executive chairman Andrew Forrest.

airport, was a reminder of the difficulty U.S. companies face. Chinese airlines resumed flights with the 737 MAX in January, but the simmering U.S.-China trade dispute has limited deliveries to a handful of other Boeing aircraft in recent years and all but halted new orders.

Chedun, a working-class neighborhood in the southwestern outskirts of Shanghai, the signs of an anemic economy are all around. The factories that once drew workers from around the country have moved away. Those that remain have slashed wages. Around the affordable eateries and motley shops where workers once crowded, employees eagerly latch onto anyone passing by. “No one has money now, it’s obvious,” Cherry Qian, 25, said as she sat inside the electronics store she manages. But there’s one place the slump isn’t as obvious: in the government’s account of it. A gulf has emerged between the Chinese economy as many Chinese are experiencing it, and Beijing’s narrative of it — and that gulf is only widening. For many ordinary Chinese, one of the worst economic slowdowns the country has faced in decades has translated into widespread pessiYouth at a job fair in Wuhan mism and resignation. But state media and officials continue to declare that any challenges are blips. Concerns about the economy, propaganda outlets have insisted, have been inflated by Western politicians and media outlets engaged in “cognitive warfare.” One social media account backed by China’s state broadcaster released a video that purported to investigate how foreign news outlets had cherry-picked statistics that predicted higher economic growth, just so they could later say China fell short. When the reality has proved too inconvenient, another approach has simply been to conceal it, as when Beijing this month stopped publishing the youth unemployment rate, which had been at a record high.

Commerce Secretary Gina Raimondo says she warned Chinese leaders that U.S. businesses might stop investing in their country without prompt action to address complaints about worsening conditions due to raids on firms, unexplained fines and unpredictabl...

Narendra Modi had met on the side lines of BRICS summit and sought that the LAC stand-off be solved as soon as possible. Senior advocate of Supreme Court and Rajya Sabha MP Kapil Sibal on Wednesday said that China asserting claim on Arunachal Pradesh is ‘not a new thing’. ""We already know that the Aksai Chin has been under China for many years...That is not a new thing...China's claim on some portions of Arunachal Pradesh is also not a new thing..." Kapil Sibal said in an interview to news agency ANI.

climate change. “We are clear-eyed about the areas where we have fundamental disagreements with China and we raise those issues when we meet.

BEIJING — U.S. Commerce Secretary Gina Raimondo has called on China to improve the predictability of the business environment for American companies in the country.

Meta said on Tuesday it had uncovered links between people associated with Chinese law enforcement and a long-running but largely ineffectual operation to positively influence people on social media about China. The social media giant removed around 7,700 Facebook accounts and hundreds of other pages, groups and Instagram accounts connected to the so-called «Spamouflage» campaign, elements of which have been active since 2018, it said in a quarterly security report. The «Spamouflage» network has engaged in spurts of activity over the last several years pushing positive narratives about China and negative commentary about the United States, Western foreign policies and critics of the Chinese government. With the latest activity detected, Meta executives said they believed that «Spamouflage» had become the largest known cross-platform influence operation to date, with a presence on at least 50 services. Clusters of the campaign's fake accounts were run from different parts of China, but shared digital infrastructure and appeared to operate with clear shift patterns, including breaks for lunch and dinner on Beijing time, Meta said. China's foreign ministry said it was not aware of the findings, but added that individuals and institutions have often launched campaigns against China on social media platforms. «We hope that the relevant company adheres to the principle of objectivity and impartiality, and avoids double standards.

James Cleverly said on Wednesday London wanted to have a pragmatic relationship with Beijing but warned it would remain «clear-eyed» about the areas where the two countries disagreed. Cleverly was making a long-awaited trip to China on Wednesday in an effort to reset ties between the two countries after years of tension over security, investment and human rights concerns. The foreign secretary has argued that it would be a mistake to try to isolate the world's second-largest economy or tackle climate change without its input. «We are clear-eyed about the areas where we have fundamental disagreements with China and we raise those issues when we meet,» he told broadcasters. «But I think it's important to also recognise that we have to have a pragmatic, sensible working relationship with China because of the issues that affect us all around the globe.» The British government is under pressure from some lawmakers, including the former Prime Minister Liz Truss, who want London to toughen its policy on China and to declare the country a threat to British national security. Cleverly said attempts to distill the relationship down to a single word or a soundbite were fundamentally flawed. «It is an important country, it's a large country, an influential country, and a complicated country, and therefore our relationship with China will necessarily be just as complicated and sophisticated,» he said.

BEIJING — U.S. Commerce Secretary Gina Raimondo has left Beijing with a few deliverables: plans for formal discussions on export controls and tourism.

Chinese firms and commercial banks are working on new digital yuan supply chain financing solutions, with a new CBDC smart contract solution set to launch.

China for computer chips, solar panels and various consumer imports amid growing concern over Beijing's security threats, human rights record and dominance of critical industries. But even as policymakers and corporate executives look for ways to cut ties with China, a growing body of evidence suggests that the world's largest economies remain deeply intertwined as Chinese products make their way to America through other countries. New and forthcoming economic papers call into question whether the United States has actually lessened its reliance on China — and what a recent reshuffling of trade relationships means for the global economy and American consumers. Changes to global manufacturing and supply chains are still unfolding, as both punishing tariffs imposed by the administration of former President Donald Trump and tougher restrictions on the sale of technology to China imposed by the Biden administration play out. The key architect of the latest restrictions — Commerce Secretary Gina Raimondo — is meeting with top Chinese officials in Beijing and Shanghai this week, a visit that underscores the challenge facing the United States as it seeks to reduce how much it depends on China at a moment when the countries' economies share so many ties. These reworked trade rules, along with other economic changes, have caused China's share of imports into the United States to fall as the share of imports into the U.S.

Raimondo said U.S. firms had told her that China had become «uninvestible.» Asked to respond to the comments Raimondo made in China, embassy spokesperson Liu Pengyu said that most of the 70,000 U.S.

Bloomberg News. However, the average estimate of Xiaomi's net income was 3.16 billion yuan. The report stated that revenue slid a less-than-projected 4% to 67.4 billion yuan, narrowing declines from previous quarters when the smartphone market slump was at its worst.

China's state banks are throwing nearly all they have at seeking to boost consumer spending, directed by policymakers who are digging deeper into their toolkit to shore up growth in the world's second-largest economy. As soon as Tuesday, China may announce that the big state-owned banks are cutting rates on the majority of the nation's 38.6 trillion yuan ($5.3 trillion) of existing mortgages, according to people familiar with the matter. The reductions will only affect loans on first homes, according to two of the people. At the same time, lenders such as Industrial & Commercial Bank of China Ltd.

China released its latest standard map of the People's Republic of China. Which is like someone putting up one's DP on social media. And, as if on cue, the Republic of India — after all, whose republic is it anyway if not the people's? — is fumious (fuming + furious in a very diplomatic way).

BRICS summit in Johannesburg in South Africa. After the meet, news report said that both leaders had directed defence administration to reach a solution on the Line of Actual Control dispute between China's People's Liberation Army, and Indian Army. On a day China's new ‘standard map’ came to limelight, satellite images have revealed that Beijing has ramped up construction of reinforced personnel bunkers and underground facilities in Aksai Chin, according to a Hindustan Times report.