City Beijing Financial News

European Union may have just sparked one of its biggest battles. With European officials fearing millions of auto jobs are at risk from China’s surging electric vehicle exports, the bloc’s executive arm on Wednesday launched an investigation into Beijing’s financial support for the EV industry. The probe, which could take up to nine months, will probably lead to new EU tariffs on Chinese EV imports and embroil major non-European automakers like Tesla Inc., which produce cars in China for export to the bloc. The move may lead to tariffs close to the 27.5% level already imposed by the US on Chinese EVs, according to a person familiar with the matter. The EU duties could vary depending on the producer, the person added, asking not to be identified as the discussions are private and no decision has been finalized. The bloc’s investigation, as well as aggressive moves by Washington to counter China, are part of a broader rethink by governments in developed economies to bring production closer to home, especially for key sectors like semiconductors, pharmaceuticals and heavy industries, which were disrupted during the Covid-19 pandemic. That drive to secure supply chains, combined with the tensions after Russia’s invasion of Ukraine, has resulted in a simultaneous rush to throw up trade barriers, triggering fears of a global economic fragmentation.Major Market If the EU does impose duties, that would curtail one of the last major markets for Chinese EV exports, and raises the prospect of a cascade of defensive moves in places like the UK to protect their markets being flooded by vehicles redirected from the EU. Shares of Chinese electric vehicle makers staged a mix performance Thursday with BYD Co Ltd.

shares of Chinese electric vehicle (EV) makers fell on Thursday after the European Commission launched an investigation into Chinese subsidies for EVs, escalating tensions between Beijing and the EU. European Commission President Ursula von der Leyen announced the investigation in her annual address to lawmakers on Wednesday, saying: "Global markets are now flooded with cheaper electric cars. And their price is kept artificially low by huge state subsidies."Hong Kong shares of market leader BYD fell more than 3%.

BEIJING — China's real estate problems have again drawn attention to the world of shadow banking and the risks it poses to the economy.

National Australia Bank will shut down its office in Hong Kong after deciding that Shanghai, Singapore and Tokyo are the preferred regional centres to support its institutional banking clients in Asia.

By Dhara Ranasinghe and Chiara Elisei

China has not issued a ban on the purchase and use of foreign phone brands, the Chinese foreign ministry said on Wednesday, in response to media reports that said some government agencies and firms had told staff to stop using Apple's iPhones at work. «China has not issued laws, regulations or policy documents that prohibit the purchase and use of foreign brand phones such as Apple's,» foreign ministry spokesperson Mao Ning told a regular press briefing when asked about the reports.

China on Wednesday refuted media reports about the country ordering government officials to stop using foreign electronic devices. “China hasn’t issued any laws, regulations or policy documents banning purchase or use of foreign phones including Apple’s iPhones," said Mao Ning, spokeswoman at China’s foreign ministry, at a daily briefing.

By Jing Bian, Xie Yu and Carolina Mandl

More Chinese companies are using the digital yuan to pay their workers, as Beijing looks to spur the adoption of its CBDC.

G20 summit was the 'value' of the India stake in foreign policies of other countries. For that alone, countries made compromises, thus ensuring a successful summit for India. So, what is the India stake? Put simply, almost all G20 countries want to invest in their relationship with India for long term.

After months of testing, TikTok is fully launching its e-commerce product in the U.S., in an effort to translate the app’s cultural relevance among young consumers to sales

Global gabfests rarely produce significant results, and last weekend’s Group of 20 summit in New Delhi was no exception. The carefully drafted and painfully negotiated declaration will be forgotten as quickly as all its predecessors. The war in Ukraine will rumble on exactly as if the language on the war had not been tweaked to favor the Russian position.

solar capacity will double to 1,000 gigawatts (GW) by the end of 2026 as the world's second-largest economy continues to ramp up investment in renewables, energy research firm Rystad Energy wrote in a note published on Monday. Beijing had set a goal of boosting the country's installed capacity of wind and solar power to more than 1,200 GW by 2030. China had installed 365 GW of wind power capacity and 392 GW of solar capacity by the end of last year — about a third of the world's total.

China's real estate has claimed the top spot for the most likely source of a systemic credit event.

TOKYO—A Chinese aircraft carrier and around two dozen other Chinese warships were gathering in the western Pacific, according to authorities in Taiwan and Japan, an unusually large group suggesting Beijing may be planning major naval exercises. The movement follows a flurry of U.S. military activity in the region, and comes as efforts by Washington and Beijing to improve relations appear to have lost momentum.

China’s sluggish economy is driving cash-strapped local governments to seek unconventional sources of revenue. Their law enforcers have emerged as some of their biggest earners.

BEIJING — Walter Isaacson's new biography of Elon Musk hit the Chinese market Tuesday, several hours ahead of the U.S. release due to a time difference that puts Beijing 12 hours ahead of New York.

Made in India iPhone 15 just weeks after the smartphones start rolling out from the Chinese factories. The assembly of iPhones in India will help Apple broaden its manufacturing beyond China. According to a Bloomberg report, a facility operated by Foxconn Technology Group in Sriperumbudur, Tamil Nadu is gearing up to dispatch the latest iPhone units shortly after their initial rollout from Chinese factories.

By Vivek Mishra

SHANGHAI/BEIJING (Reuters) -China's largest private property developer Country Garden won approval from its creditors to extend repayments on six onshore bonds by three years, two sources familiar with the matter said on Tuesday, sending shares up as much as 10%.

China's foreign influence operations, it would represent a sensational case of infiltration. A 28-year-old British man who worked as a researcher deep inside Britain's Parliament was arrested in March on suspicion of working for the Chinese government. The man, who denies being a spy, worked with prominent lawmakers on China policy, raising fears of possible security breaches and widening a rift within the governing Conservative Party over how London should engage with an increasingly assertive Beijing. «The Chinese are infiltrating across the board; they go for anything and everything,» said Steve Tsang, director of the SOAS China Institute in London.