City Beijing Financial News

ByteDance, the parent of short video app TikTok, is offering to buy back shares from its employees outside the United States for $160 apiece, a source familiar with the matter said on Wednesday, a plan that the company confirmed. The price per restricted stock unit is in line with an offer it made to current and former US employees in October, according to a Reuters report which said the company was looking to buy at least $300 million worth of stock at $160 per share.

Russia's troops fight on in Ukraine. Shoigu welcomed Zhang Youxia, a high-ranking general and vice chairman of Beijing's Central Military Commission in a red carpet ceremony in Moscow.

BEIJING/SHANGHAI (Reuters) — China's passenger vehicle sales jumped 9.9% in October from a year earlier, the China Passenger Car Association (CPCA) said on Wednesday, extending gains to a third month as carmakers raced to meet sales goals in the world's top auto market.

(Reuters) — Chinese authorities have asked Ping An Insurance Group to take a controlling stake in embattled Country Garden, the nation's biggest private property developer, sources said.

BSE on Wednesday, November 8, after the company said US International Development Finance Corporation (DFC) will fund Adani’s joint venture (JV) in Sri Lanka, for $553 million. "US International Development Finance Corporation (DFC) has announced that it will be funding Colombo West International Terminal Pvt. Ltd.

BEIJING — China's truck industry is finding more reasons to buy vehicles with assisted-driving technology.

BEIJING (Reuters) — China is expected to achieve its annual growth target of 5% smoothly, central bank governor, Pan Gongsheng, said at the Financial Street Forum on Wednesday, state media reported.

Berlin: German authorities are eyeing closer collaboration with Indian startups in mobility, health, energy and advanced materials among other fields, said a German government official, after regulatory and political troubles with China led to a shift in focus toward India. China’s harsh covid-era restrictions also proved an obstacle to German firms, said the official. The city of Berlin, a leading hub for German startups, is particularly interested in building collaborations with Indian startups.

The International Monetary Fund upgraded its projections for China’s annual economic growth this year and next as the nation recorded a stronger-than-expected performance in the third quarter and Beijing rolled out policies to support the recovery.

livestreaming platform has not been seen in public for weeks, state-run media outlets reported, after an investigation into illegal content on his site. DouYu founder and CEO Chen Shaojie has not been seen since October and industry insiders believe it is related to suspected gambling during a livestream on the platform, The Paper, a government-run outlet based in Shanghai, reported Monday.

When Xi Jinping celebrated a decade of Beijing-funded global development last month, he said the effort has focused on “on enhancing connectivity." New figures show just how closely China has linked itself to other nations. China is the world’s No. 1 source of international development finance, with some $1.34 trillion in loans and grants disbursed over 22 years for 20,985 projects in 165 low- and middle-income nations, according to a compendium published Monday.

BEIJING/SHANGHAI (Reuters) -Baidu ordered artificial intelligence chips from Huawei this year, two people familiar with the matter said, adding to signs that U.S. pressure is prompting Chinese acceptance of the firm's products as an alternative to Nvidia (NASDAQ:NVDA)'s.

BEIJING (Reuters) -The International Monetary Fund on Tuesday upgraded its 2023 gross domestic product growth forecast for China to 5.4% from 5%, citing a «strong» post-COVID-19 recovery, but said the fund still expected the world's second-biggest economy to slow next year.

China has reported that its imports rose in October while exports fell for a sixth straight month compared with a year earlier

Australian Prime Minister Anthony Albanese is calling for the “full resumption of free and unimpeded trade" with China in a meeting with Chinese Premier Li Qiang

China is owed more than a trillion dollars through its Belt and Road project, making it the biggest debt collector in the world, a report said this week, with an estimated 80 percent of the loans supporting countries in financial distress. Beijing says upwards of 150 countries stretching from Uruguay to Sri Lanka have signed up to the BRI, a vast global infrastructure push unveiled by President Xi Jinping a decade ago. The first decade of the initiative saw China distribute huge loans to fund the construction of bridges, ports and highways in low and middle-income countries. But much more than half of those loans have now entered their principal repayment period, said a report released Monday by AidData, a research institute tracking development finance at Virginia's College of William and Mary. That figure is set to hit 75 percent by the end of the decade, it added. Crunching data compiled on Chinese financing of almost 21,000 projects across 165 countries, AidData said Beijing had now committed aid and credit «hovering around $80 billion a year» to low and middle-income nations. The United States, in contrast, has provided $60 billion to such countries a year. «Beijing is navigating an unfamiliar and uncomfortable role — as the world's largest official debt collector,» the report said.

China's exports fell at a faster pace than predicted in October, data showed Tuesday, as the world's second-largest economy is buffeted by faltering global demand and a sluggish domestic recovery. Beijing has sought to boost business activity in a country grappling with a major property crisis and weaker consumption since officials abolished their strict zero-Covid policy at the end of last year. Exports — long a key driver of the growth — sank 6.4 percent year-on-year last month, according to the General Administration of Customs. The reading was much worse than the 3.5 percent drop forecast in a Bloomberg survey of economists and slightly heavier than September. Apart from a brief rebound in March and April, exports have been in constant decline since last October. «Export growth remained sluggish as the economic momentum in the United States and Europe slowed,» said Zhang Zhiwei of Pinpoint Asset Management, adding that external demand was likely to remain weak in coming months. Imports, however, rose 3.0 percent, bucking a forecast drop of 5.0 percent and notching the first month of on-year growth since late last year. The rise in imports could be a signal that domestic demand in China is recovering from months of weakness. But Zhang told AFP that the October «positive surprise» in imports alone is not sufficient to determine whether domestic demand is improving, pointing to other indicators such as retail sales. «Nonetheless as fiscal policy has turned more proactive, a recovery in domestic demand is likely in coming months,» said Zhang. China recorded moderate growth in the third quarter as Beijing looks to achieve its official goal of «around five percent» expansion for 2023 — one of its lowest targets

Investing.com-- Chinese exports fell more than expected in October amid worsening overseas demand, while an unexpected rise in imports saw China’s trade surplus shrink to its worst level in 17 months. 

Investing.com-- Oil prices fell in Asian trade on Tuesday as a rebound in the dollar weighed, while weaker-than-expected trade data from China also raised concerns over sluggish demand in the world's largest oil importer. 

BEIJING (Reuters) — WeWork China will not participate in the strategic reorganisation of WeWork in the United States and Canada, it said on Tuesday.

BEIJING (Reuters) — China's imports unexpectedly grew in October while exports contracted at a quicker pace, in a mixed set of indicators that showed the recovery in the world's second-largest economy remains uneven.