City Beijing Financial News

International Monetary Fund now expects China’s economy to grow 5% this year, raising its forecast from 4.6% earlier this year to reflect a strong expansion at the start of 2024 and additional support from the government. The Fund expects the momentum to continue, raising its gross domestic product forecast for next year to 4.5% from 4.1%, according to a press release published Wednesday.

BEIJING — The International Monetary Fund on Wednesday raised its forecast for China's growth this year to 5%, from 4.6% previously, due to «strong» first quarter figures and recent policy measures.

BEIJING — Chinese travelers are increasingly opting for cheaper domestic destinations over foreign tourist spots.

Shares are mixed in Asia after U.S. markets were closed for the Memorial Day holiday

The U.S. State Department has set up an eight-person team known as “the firm” to provide help to countries cut off from Chinese trade

Hong Kong: During President Vladimir Putin's visit to China in mid-May, he said Russia and China are «jointly committed to promoting the establishment of a more democratic multipolar world order». To countries that do consider themselves democratic, Putin's notion was laughable, for both China and Russia are ruled tightly by autocratic rulers who have no intention of losing their grip on power. In fact, Professor Steve Tsang, Director of the SOAS China Institute at SOAS University of London, told ANI, «The biggest challenge China faces in governance terms is the concentration of power in Xi's hands.»

China has set up the country's largest-ever semiconductor investment fund to propel development of the domestic chip industry, the latest effort from Beijing to achieve self-sufficiency as the US seeks to restrict its growth. The third phase of National Integrated Circuit Industry Investment Fund has amassed 344 billion yuan ($47.5 billion) from the central government and various state-owned banks and enterprises, including Industrial & Commercial Bank of China Ltd, according to Tianyancha, an online platform that aggregates official company registration information. The fund was incorporated on May 24.

BEIJING — Soccer star David Beckham will promote Alibaba's international e-commerce platform, AliExpress, in its biggest global brand ambassador partnership to date, the business unit announced Monday.

Taiwan's president said Sunday he was still open to working with China on building "mutual understanding and reconciliation", days after Beijing launched military drills around the self-ruled island in response to his inauguration speech. President Lai Ching-te was sworn into office on Monday, and China — which claims democratic Taiwan as part of its territory and regards Lai as a «dangerous separatist» — launched military games around the island three days later. Fighter jets, naval vessels and coast guard ships encircled Taiwan until Friday night, which Chinese military analysts said was to practice seizing it.

Joint Sword-2024A military exercise around Taiwan, US experts analysed that Beijing has an intent to make large-scale military drills around the island a regular move with the China Coast Guard (CCG) to play a more important role in a blockade, reported Focus Taiwan. Center for Strategic and International Studies (CSIS), a think tank in Washington, issued an article, where Bonny Lin, head of the CSIC's China Power Project, and fellow researcher Brian Hart analysed the two-day Joint Sword-2024A, which was launched on Thursday, three days after President Lai Ching-te was sworn in on Monday. Joint Sword-2024A was the third round of large-scale military exercises China has staged around Taiwan in recent years.

US Defense Secretary Lloyd Austin will meet his Chinese counterpart, the Pentagon announced Friday, after Beijing carried out war games around Taiwan in a sign to the US-backed democracy's new leader.

There will be a dead end for those who engage in 'Taiwan independence', and to connive support for 'Taiwan independence' will only backfire" Chinese Foreign Ministry spokesperson Wang Wenbin said on Friday.He also said the US is in no position to point fingers at China on the Taiwan question. "Nothing will deter us from defending our sovereignty and territorial integrity, and we will do anything necessary to thwart any move aimed at “Taiwan independence"," Wenbin added.Beijing considers Taiwan part of its territory and has threatened force to control it.

TikTok said Thursday its putting in place new rules to limit the reach of state-affiliated media accounts

Beijing on Friday said ongoing drills encircling Taiwan were testing the military's ability to seize power over the self-ruled island, days after its new president was sworn in. China's military kicked off the war games Thursday morning, surrounding Taiwan with naval vessels and military aircraft, while vowing the blood of "independence forces" on the island would flow. The exercises — codenamed «Joint Sword-2024A» — come after Lai Ching-te took office as Taiwan's new president this week and made an inauguration speech that China denounced as a «confession of independence».

Taipei's coast guard warned off Chinese vessels. Beijing commenced two days of war games, dubbed «Joint Sword-2024A», as a «strong punishment» for Taiwan's «separatist acts». They come after the island swore in President Lai Ching-te, who said in his inaugural speech on Monday that Taiwan «must demonstrate our resolution to defend our nation».

Chinese state media have reported that electric vehicle maker Tesla has begun construction of a factory in Shanghai to make its Megapack energy storage batteries

Chinese military drills in the straits of Taiwan in 2023 practiced manoeuvres key to an invasion of the island, although an actual attack was not imminent or inevitable, a senior US general in the region said on Thursday. In the exercises, the People's Liberation Army simulated a maritime and air blockade of Taiwan, amphibious assaults and counter-intervention operations, Deputy Commander of U.S. Indo-Pacific Command, Lieutenant General Stephen Sklenka, said in a speech in Canberra. Sklenka's comments come as Taiwan's military mobilised its forces on Thursday after China started two days of «punishment» drills around Taiwan in what it said was a response to «separatist acts».

China is sending «lethal aid» to Russia for use in its war against Ukraine, Britain's defence minister Grant Shapps said on Wednesday. «Today I can reveal that we have evidence that Russia and China are collaborating on combat equipment for use in Ukraine,» he said in a speech at a London conference. Shapps warned that NATO needed to «wake up» and bolster defence spending across the alliance.

China's military started two days of «punishment» drills around Taiwan on Thursday in what it said was a response to "separatist acts", just days after new Taiwan President Lai Ching-te took office and called on Beijing to cease its threats. China detests Lai, saying he is a «separatist», and it has denounced his inauguration speech on Monday. Chinese Foreign Minister Wang Yi this week called Lai «disgraceful». Lai has repeatedly offered talks with China but been rebuffed. He says only Taiwan's people can decide their future, and rejects Beijing's sovereignty claims.

Maldives on Wednesday said both India and China have agreed to cooperate in efforts to pay for imports in their respective countries' currency instead of the US dollar, which is likely to help Male save almost 50 per cent of the annual USD 1.5 million imports bill from the two countries. Maldives' Economic Development Minister Mohamed Saeed said he met with the Indian High Commissioner Munu Mahawar two weeks ago, who in turn, said that New Delhi would support and cooperate in arranging for the settlement of import payments in Indian Rupee. Similarly, Saeed said, he received a letter from China's Commerce Ministry, two days ago, in which Beijing provided assurance it will cooperate in allowing the option to settle import payments in Yuan, the Chinese currency, as requested by President Mohamed Muizzu. Annually, Maldives imports goods worth USD 780 million and USD 720 million from India and China respectively, the minister had said in April when he had first announced that the Maldives was discussing with India and China if the island nation can make payments for its imports from the country in Maldivian Rufiyaa.

President Joe Biden and Donald Trump agree on essentially nothing, from taxes and climate change to immigration and regulation