City Beijing Financial News

Investing.com-- Chinese manufacturing activity unexpectedly rose back into expansion in November, a private survey showed on Friday, as  a mild increase in domestic demand helped offset a persistent decline in overseas orders.

BEIJING — China's consumer isn't going to be spending big anytime soon, which means companies need to be more strategic to tap what's still a massive market, according to McKinsey.

Alibaba Group Holding is set to lose its position as China's most valuable e-commerce firm to eight-year-old upstart PDD, a watershed moment for an internet industry that Jack Ma's firm dominated for more than a decade. Alibaba slid as much as 1.4% in Hong Kong, putting its market value at about $187 billion and on track to close below US-listed PDD Holdings' $188.3 billion, according to Bloomberg calculations. PDD, the company best known for hit US shopping app Temu and domestic bargains trailblazer Pinduoduo, closed nearly 2% higher in New York on Wednesday. The once-inconceivable shift reflects the turmoil that engulfed Alibaba after Beijing in 2020 targeted the company and its once-outspoken co-founder, kicking off a sweeping crackdown on the powerful tech sector.

Henry Kissinger for his «historic contributions» to China-US ties, describing him as an «old and good friend of the Chinese people». Kissinger «had long been concerned about and supported the development of China-US relations, visiting China more than a hundred times and making historic contributions to promote the normalisation of China-US relations», foreign ministry spokesman Wang Wenbin said. «During his life, Dr. Kissinger attached great importance to China-US relations and believed that they were vital to the peace and prosperity of the two countries and the world,» Wang said. Kissinger, a former US secretary of state whose unapologetic promotion of raw American power helped shape the post-World War II world, died on Wednesday. In China he is granted the sobriquet of «old friend of the Chinese people» for his part in establishing ties in the 1970s and helping bring the country out of its Mao-era isolation. Chinese leader Xi Jinping, who met Kissinger in Beijing in July, has sent a message of condolence to US President Joe Biden over his death, Wang said. Premier Li Qiang and Foreign Minister Wang Yi have also sent messages of condolence, he added. «Both China and the United States should inherit and carry forward Dr.

Geneva, New York and Hong Kong, the Economist Intelligence Unit (EIU) said on Thursday as it cautioned that the global cost-of-living crisis was not yet over. On average, prices have risen by 7.4% year on year in local currency terms for over 200 commonly used goods and services, a drop from the record 8.1% increase last year but still "significantly higher than the trend in 2017-2021," it said in a report.

Investing.com-- Japan’s Nikkei 225 and South Korea’s KOSPI were the best performers in Asia in November as the prospect of a less hawkish Federal Reserve boosted risk assets across the region. 

Henry Kissinger, a controversial Nobel Peace Prize winner and diplomatic powerhouse whose service under two presidents left an indelible mark on U.S. foreign policy, died on Wednesday at age 100, according to his geopolitical consulting firm Kissinger Associates Inc.Kissinger died at his home in Connecticut, Kissinger Associates said.Kissinger had been active past his centenary, attending meetings in the White House, publishing a book on leadership styles, and testifying before a Senate committee about the nuclear threat posed by North Korea.

By Joe Cash

Investing.com-- Most Asian stocks kept to a tight range on Thursday after data from China pointed to sustained weakness in the region’s biggest economy, although most indexes were nursing strong gains for November. 

Investing.com-- Oil prices fell in Asian trade on Thursday tracking weak economic signals from top importer China, with traders now holding out for an upcoming OPEC+ meeting where the cartel is widely expected to announce more supply reductions. 

Henry Kissinger, a controversial Nobel Peace Prize winner and diplomatic powerhouse whose service under two presidents left an indelible mark on U.S. foreign policy, died on Wednesday, according to Kissinger Associates Inc. Kissinger died at his home in Connecticut, Kissinger Associates said. Kissinger had been active past his centenary, attending meetings in the White House, publishing a book on leadership styles, and testifying before a Senate committee about the nuclear threat posed by North Korea.

China eased its zero-tolerance policy on COVID-19 — a policy that gave municipalities sweeping powers to institute quarantines and mandatory testing to keep COVID-19 cases under control. While unpopular with residents, the policy helped China keep COVID-19 cases relatively low.Many countries around the world saw spikes in respiratory illnesses after loosening pandemic restrictions.

By Joe Cash

By Jason Xue and Tom Westbrook

how to manage an aggressive China. Given India’s own rise in the global hierarchy, while carefully assessing shifts in the global order and locating opportunities therein, New Delhi will have to set its own terms of engagement with Beijing.

Japan and Vietnam have agreed to boost their security and economic ties in the face of China’s growing influence in the region

Broadcom Chief Executive Hock Tan shelled out $40,000 to sit at Xi Jinping’s table for the Chinese leader’s recent dinner in San Francisco with the heads of American businesses. Tan had a lot more at stake—a $69 billion deal he was waiting on China to approve. For months, Chinese regulators wouldn’t clear the U.S.

SHANGHAI/BEIJING (Reuters) -The Beijing Stock Exchange has de facto implemented a new policy that prevents major shareholders of companies listed on its bourse from selling stock, worried that such sales could douse a long-desired rally, three people familiar with the matter said.

TikTok owner ByteDance is slashing hundreds of jobs in its gaming unit, a source familiar with the matter told AFP on Monday. The move marks a retreat from the competitive video gaming sector. Nuverse, a video game publisher that is a subsidiary of Beijing-based ByteDance, is currently conducting a round of layoffs that will affect "several hundred people", said the source.

Didi Global said on Monday its ride-hailing app had experienced a «systems malfunction» after users in multiple cities including Beijing and Shanghai said they were unable to book rides in the evening. The company apologised for the issue on its official Weibo account and said it was urgently trying to fix it.

BEIJING (Reuters) -China's central bank on Monday said it would fend off systemic risks to the economy and use forceful and targeted monetary policy to better support domestic demand.