City Beijing Financial News

By Stella Qiu

Investing.com-- Most Asian stocks fell on Monday as investors remained broadly risk-off before a string of major central bank rate decisions this week, with the Federal Reserve being the main point of focus.

Australia has lost its reputation for being at the cutting edge of financial markets technology, and its restoration requires the ASX to face more competitive pressures and for regulators to encourage blockchain’s homegrown adoption.

BEIJING (Reuters) — Police in southern China have detained some staff at China Evergrande (HK:3333) Group's wealth management unit, suggesting a new investigation that could add to the property giant's woes.

World Health Organization urged Beijing to offer more information on the origins of COVID-19 and is ready to send a second team to probe the matter, the Financial Times reported on Sunday. «We're pressing China to give full access, and we are asking countries to raise it during their bilateral meetings — to urge Beijing to co-operate,» WHO Director-General Tedros Adhanom Ghebreyesus told the newspaper. The WHO chief's comments come as health authorities and pharmaceutical companies across the world have been racing to update vaccines to combat newer emerging coronavirus variants. Ghebreyesus has for long been pressing China to share its information about the origins of COVID-19, saying that until that happened all hypotheses remained on the table. The virus was first identified in the Chinese city of Wuhan in December 2019, with many suspecting it spread in a live animal market before fanning out around the world and killing nearly 7 million people.

Taiwan's Ministry of National Defence (MND) monitored nine Chinese military planes and 10 naval vessels in the vicinity of Taiwan. According to Taiwan News, there was no indication that any PLA aircraft had crossed the Taiwan Strait's middle line or entered Taiwan's southwest air defence identification zone (ADIZ) at this time. Taiwan responded by sending ships, planes, and land-based missile systems to track PLA activity. China has gradually increased the number of military planes and navy ships operating near Taiwan since September 2020, expanding its use of grey zone techniques, Taiwan News reported. A grey zone tactic generally refers to «An effort or series of efforts beyond steady-state deterrence and assurance that attempts to achieve one's security objectives without resorting to direct and substantial use of force.» Beijing has conducted 109 navy ship sorties and launched 199 military aircraft around Taiwan so far this month.

Wealth Management Co., an entity fully owned by China Evergrande Group. Located in Shenzhen, this subsidiary was set up in 2015 and has been managed by Du Liang, although it remains unconfirmed if he is among those detained. The detainments come against a backdrop of considerable financial chaos.

By Greg Torode and Martin Quin Pollard

China to boost weak domestic consumption, address its troubled real estate sector and rein in local government debt, problems that are dragging down both Chinese and global growth, IMF Managing Director Kristalina Georgieva told Reuters. Georgieva said in an exclusive interview the messages will be delivered to Chinese authorities in a forthcoming IMF «Article IV» review of China's economic policies. The Fund will strongly urge Beijing to shift its growth model away from debt-fueled infrastructure investment and real estate, she said. «Our advice to China is use your policy space in a way that helps you shift your growth model towards more domestic consumption,» Georgieva said. «Because the traditional way of infrastructure, pumping in more money, in this current environment is not going to be productive.» China's aging population and falling productivity were playing a «suppressing role» in its growth rate, along with companies in the United States and Europe shifting supply chains away from China. China's problems in the real estate sector have also caused consumers to rein in spending, Georgieva said. «We actually project that without structural reforms, medium term growth in China can fall below 4%,» Georgieva said.

The largest consumer of virtually everything is tempering with banking liquidity for a second time this year to stimulate an economy that hasn’t moved on from the pandemic, even as the rest of the world has raced ahead.

BBC. It is to be known that China conducted air and naval drills around Taiwan this week which is seen as a routine show of military might around the island.

(This Sept. 14 story has been refiled to correct the spelling of 'of' in paragraph 16)

China has reported its factories picked up their pace and retail sales also gained momentum in August, suggesting the economy may be gradually recovering from its post-pandemic malaise

Xi Jinping, has linked arms with two anti-Western states, declaring a «no limits» partnership with Russia and pledging «unswerving» support for North Korea. But the specter of a budding bromance between Russian President Vladimir Putin and North Korean leader Kim Jong Un, after their meeting this week in eastern Russia, may not be as welcome a development for Xi as it might initially seem. Closer ties between Pyongyang and Moscow could result in both countries being less reliant on Beijing. That might diminish China's perceived clout in global negotiations over ending Russia's war in Ukraine and curtailing North Korea's nuclear program. «I doubt Xi is overjoyed to see the Kim-Putin lovefest unfolding across China's border,» said John Delury, a professor of Chinese studies at Yonsei University in Seoul, South Korea.

By Andrea Shalal and David Lawder

China has reported its factories picked up their pace and retail sales also gained momentum in August, suggesting the economy may be gradually recovering from its post-pandemic malaise

The leaders of China and Zambia have announced an upgrading of their ties as the world’s second-largest economy forges deeper ties with the Global South

By Ellen Zhang and Joe Cash

BEIJING — Yum China is spending more on tech, an investment that's allowed it to open more stores without having to hire more staff, CEO Joey Wat told CNBC in an interview Friday.

Chinese farmer Wei Fuyou clearly remembers the moment four years ago when he first watched a video clip showing that durian, a pungent fruit with a smell reminiscent of gym socks, could be grown on the tropical island of Hainan, where he lives. “That means I can grow them, too!" he recalls yelping. Wei promptly cut down some of his betel nut palms and planted 400 durian trees in their place.

The weapon Beijing launched over the South China Sea traveled at speeds of more than 15,000 miles an hour as it circled the globe. Flying at least 20 times the speed of sound, it could reach anywhere on earth in less than an hour. The summer 2021 test flight ended with the missile striking near a target in China, but it sent shock waves through Washington.