City Beijing Financial News

Subscribe to enjoy similar stories. China’s central bank took more steps to boost its flagging economy, after a slew of downbeat indicators recently sparked concerns that Beijing’s official annual growth target of around 5% might be out of reach. China will cut its reserve requirement ratio, or the amount of cash banks must hold as reserve, by 50 basis points, Pan Gongsheng, governor of the People’s Bank of China, said in a press briefing on Tuesday.

The U.S. government is proposing a ban on key Chinese software and hardware in connected vehicles on American roads due to national security concerns, the White House announced Monday.

China has made several moves in recent months to advance its ambitious aim to become the trade and transportation hub of Asia. To its west, China has agreed to build a rail line across Central Asia. Beijing also said it would help Vietnam plan three rail lines leading to the countries' shared border. And China is trying to persuade Russia and North Korea to let it reopen a long-closed port on the Sea of Japan. If successful, the plans would give China closer ties to the economies of Northeast and Southeast Asia, the Mideast and even the Arctic, the latest steps in its 11-year-old Belt and Road Initiative to create a more China-centered global order.

Subscribe to enjoy similar stories. The latest summit of the four-nation Quad, which brought together the leaders of Australia, India, Japan and the US, ended over the weekend with agreements to extend cooperation in areas varying from fighting cervical cancer and ensuring cybersecurity to joint development of port infrastructure in the Indo-Pacific, the creation of an air-logistics network and a group effort to keep chip supplies secure. This reflects a broad agenda, with the well-being of the region’s people at its heart.

property sector. People's Bank of China Gov. Pan Gongsheng said the reserve requirement for banks would be cut by 0.5 percentage points and that the central bank would follow up with further cuts. That would free up more money for lending.

BEIJING — People's Bank of China Gov. Pan Gongsheng is set to speak to reporters Tuesday alongside two other financial regulator heads.

Michael Kovrig and his girlfriend were walking home from dinner on Dec. 10, 2018.They lived in Beijing, where Kovrig, a former diplomat, worked at an independent global think tank.

Subscribe to enjoy similar stories. Earlier this month, OpenAI released its most-advanced models yet, saying they had the ability to “reason" and solve complex math and coding problems. The leading AI startup, valued at some $150 billion, also acknowledged that they raised the risk artificial intelligence (AI) could be misused to create biological weapons.

BEIJING — More economists are calling for China to stimulate growth, including those based inside the country.

Subscribe to enjoy similar stories. At one time, it seemed as if the Quad grouping of India, Japan, Australia and the US, while focused on the cause of a free and open Indo-Pacific, was chiefly about containing China militarily, given Beijing’s thinly veiled ambition of establishing its influence over the region and possibly unsettling the US-led world order.

Subscribe to enjoy similar stories. SHANGHAI : The chairman of drugmaker Roche denounced the recent boom in industrial subsidies by the U.S. and European governments and called them a “waste of money." Roche’s Severin Schwan used a visit to Shanghai for a business forum to criticize support that Western nations have increasingly offered to give their manufacturing industries a boost against competition from China and other nations.

Subscribe to enjoy similar stories. PINGTUNG, Taiwan—Taiwan’s military recently set up live-fire exercises on this stretch of coastline facing China to show off half a dozen brand-new Humvee armored vehicles mounted with antitank missile launchers—part of its recent delivery of weapons from the U.S. But the missiles designed for use with the launchers didn’t arrive with the shipment.

BEIJING — Many of Apple's affluent iPhone users in China are just as interested in Huawei's pricier trifold phone, CNBC found during spot checks at stores Friday, the day the iPhone 16 and Mate XT launched in the country.

China unexpectedly left benchmark lending rates unchanged at the monthly fixing on Friday, confounding market expectations that were primed for a move after the Federal Reserve delivered an outsized interest rate cut earlier this week. However, market watchers widely believe further stimulus will be rolled out to prop up an ailing economy, as the Fed's easing offers Beijing leeway to loosen monetary policy without unduly hurting the yuan. The one-year loan prime rate (LPR) was kept at 3.35%, while the five-year LPR was unchanged at 3.85%.

Indian investments and commodities in the Chinese market and also hopes that India will provide a «sound business environment» for Chinese firms in the country, Beijing's ambassador to India, Xu Feihong, said on Thursday. The comments signal a willingness from Beijing to forge deeper economic ties with New Delhi that have been strained since a deadly clash between their troops on a Himalayan frontier in 2020. India heightened scrutiny on Chinese investments after the clash and created new layers of red tape for Indian firms with Chinese stakeholders. But the Indian government is now looking to loosen some of these restrictions as its firms struggle to scale up manufacturing.

Taiwan says China’s ban on imports of its fruit, vegetables, seafood and other goods violate trade rules, in the latest ratcheting up of tensions between the self-governing island republic and its massive neighbor, which has vowed to annex Taiwan by force

China has announced sanctions on American companies selling arms to the self-ruled island of Taiwan, which Beijing claims as its own territory and threatens to annex by force

China accounts for nearly one-third of global exports of electronic devices, and Chinese-made devices have already been raising security concerns. Huawei, the Shenzhen-based Chinese telecom company, has for several years been at the centre of an intense technological rivalry between Beijing and Washington, with US officials warning its equipment could be used to spy on behalf of Chinese authorities, allegations that China has denied.

Chang'e-6 mission recently brought back lunar samples from the far side of the moon, marking a significant milestone in lunar exploration. According to a study published by Chinese scientists, these samples show «distinct characteristics» compared to previously collected lunar samples. The research, conducted by the National Astronomical Observatories of the Chinese Academy of Sciences, the Lunar Exploration and Space Engineering Centre, and the Beijing Institute of Spacecraft System Engineering, revealed important differences. The Chang'e-6 soil samples have a lower density, indicating a more porous and loosely structured composition than earlier samples. The study notes that the plagioclase content in the Chang'e-6 samples is significantly higher, while their olivine content is notably lower than the Chang'e-5 samples. Chang'e-5 too brought samples from the far side of the moon. The lithic fragment samples primarily consist of basalt, breccia, agglutinate, glasses, and leucocrate.

Subscribe to enjoy similar stories. The Biden administration hasn’t been good for the trans-Atlantic alliance. This might seem a surprising claim, given that Joe Biden’s team and Kamala Harris’s campaign have touted improved U.S.-European ties as their greatest foreign-policy achievement.

Vladimir Putin on Monday ordered the regular size of the Russian army to be increased by 180,000 troops to 1.5 million active servicemen in a move that would make it the second largest in the world after China's. In a decree published on the Kremlin's website, Putin ordered the overall size of the armed forces to be increased to 2.38 million people, of which he said 1.5 million should be active servicemen. According to data from the International Institute for Strategic Studies (IISS), a leading military think tank, such an increase would see Russia leapfrog the United States and India in terms of the number of active combat soldiers it has at its disposal and be second only to China in size. The IISS said Beijing has just over 2 million active duty service personnel.