City Beijing Financial News

BEIJING — Chinese smartphone and appliance maker Xiaomi announced late Thursday a new operating system — as it seeks to develop its ecosystem with the imminent release of its own car.

Foreign minister S Jaishankar, without naming China, asked Beijing to strictly adhere to the principles of international law while respecting the territorial integrity of each other, and criticised the Belt and Road Initiative (BRI) by stressing that such projects must not restrict participants from exercising their sovereignty. «SCO should work together to promote stability and prosperity in the region by strictly adhering to the principles of international law, respecting sovereignty and territorial integrity of each other and encouraging economic cooperation,» Jaishankar said during his address at the SCO Heads of Governments meeting in Bishkek. «In this context, the centrality of the interests of Central Asian states plays a key role.

BEIJING — Chinese electric car company Xpeng said this week it plans to roll out driver-assist technology in Europe by the end of next year, and remains on track with plans to expand the tech to 50 cities in China by year-end.

China's Belt and Road Initiative through a network of infrastructure projects, including a railroad connecting Saudi Arabia with Europe, President Joe Biden said. On the sidelines of the G20 Summit in September, key leaders of the world led by Prime Minister Narendra Modi and Biden had announced the launch of the ambitious India-Middle East-Europe Economic Corridor. «We are going to compete on that (Belt and Road Initiative) and we're doing it in a different way.

BEIJING (Reuters) — China has stepped up spending to replace Western-made technology with domestic alternatives as Washington tightens curbs on high-tech exports to its rival, according to government tenders, research documents and four people familiar with the matter.

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Beijing has pumped a record amount of short-term cash into its financial system to shore up lending in recent days, only to elicit a refrain familiar to China watchers this year — not enough, more required.

Investing.com — Results from Microsoft and Alphabet (NASDAQ:GOOGL) receive differing reactions as quarterly earnings season continues with Meta Platforms and IBM due. Beijing has decided to issue a substantial amount of sovereign debt to support the struggling Chinese economy, while results from Deutsche Bank come in ahead of expectations.

Hong Kong’s leader has cut taxes for some homebuyers and stock traders to boost markets as the city seeks to maintain its reputation as a global financial hub

Hong Kong's leader on Wednesday cut taxes for some homebuyers and stock traders to boost markets as the city seeks to maintain its reputation as a global financial hub. Chief Executive John Lee said the extra stamp duties imposed on non-resident buyers and current local homeowners looking to buy additional properties would be halved, making the first easing over the past decade since property cooling measures were introduced. In his annual policy address, Lee also unveiled plans to reduce stamp duty on stock transactions to 0.1% from 0.13%, saying a vibrant stock market is vital to upholding the city's status as a financial hub. After the easing of COVID-19 restrictions, Hong Kong's economy has begun to recover, fuelled by growth in tourism and private consumption. The city's economy expanded 2.2% in the first half of 2023 year-on-year and is expected to grow between 4% and 5% for the full year. However, the path to full recovery remains uneven, particularly with geopolitics tensions rising and mainland China, its largest trading partner, struggling to rebound quickly.

BEIJING (Reuters) — China President Xi Jinping will meet California Governor Gavin Newsom, Chinese state media said on Wednesday.

Investing.com-- Most Asian currencies fell slightly on Wednesday as strong overnight data boosted the dollar, while the Australian dollar rose sharply as a strong inflation reading fueled expectations for an interest rate hike in November. 

China said the United States is the «biggest disruptor of regional peace and stability» in the world in a scathing response Wednesday to a Pentagon report on China's growing military buildup. The annual report that is required by Congress is one way the Pentagon measures the military capabilities of China, which the US government sees as its key threat in the Asia-Pacific region and America's primary long-term security challenge.

BEIJING (Reuters) -Taiwanese companies should assume their social responsibilities and play a «positive role» in promoting the peaceful development of relations across the Taiwan Strait, China's government said on Wednesday, amid a probe into major Apple (NASDAQ:AAPL) supplier Foxconn.

Investing.com-- Most Asian stocks rose on Wednesday, tracking a positive overnight session on Wall Street, while Chinese stocks extended a recovery rally after the government announced plans for a massive bond issuance. 

Lynas Rare Earths has won a reprieve from Malaysia to operate its flagship refinery which produces key ingredients for wind turbines, electronics, and military applications.

BEIJING — China on Tuesday took steps toward easing financing conditions for local governments, which have been at the crux of recent economic difficulties.

China’s Foreign Minister Wang Yi will visit Washington on Thursday for high-level talks, the US state department has announced, as the two countries try to “responsibly manage” their fraught relations.

Tens of thousands of people, many of them Chinese, have been caught up in cyber scams based in Southeast Asia

By Yew Lun Tian

Foxconn, saying Beijing should «cherish» Taiwanese companies and not put pressure on them during an election. Foxconn is facing a tax probe in China, two sources close to the company said on Monday, confirming a report in China's state-backed Global Times.