City Nanjing Financial News

By Julie Zhu and Anirban Sen

China deepened its push to further open up the economy, eliminating restrictions on the manufacturing sector and expanding opportunities for foreign investment in the health sector in an effort to revive growth. The Chinese government will reduce its list of industries off-limits to foreign investors to 29 from 31 and fulfill its pledge of zero restrictions on the manufacturing sector, the National Development and Reform Commission and the Commerce Ministry said in a joint statement on Sunday. The new list, set to take effect Nov.

World Athletics on Wednesday announced a five-year global broadcasting services deal with Tata Communications, making the Indian telecom major a partner in the coverage of marquee events from next year, including the Tokyo World Championships. Tata Communications will be a «key strategic supplier» for the world body with a view to «elevating innovation and audience engagement to new heights,» World Athletics said in a statement.

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.

Chinese cities last week removed restrictions on home buying, as the Asian giant gradually rolls back a crackdown on the property sector in a bid to revive its economy. Dalian and Shenyang, two of the most populous cities in the northeastern province of Liaoning, separately announced they will no longer restrict the number of properties residents can buy in most parts of the city, while offering subsidies for buyers and tax relief for sellers. Nanjing, the provincial capital of affluent Jiangsu province, said it would let people buy flats without proof of eligibility in four districts, effectively easing its last restrictions on home purchases. These announcements come on the heels of a series of nationwide support measures for the property sector, including lower mortgage rates for first-time homebuyers.China's debt-riddled property sector accounts for one-quarter of the state's economic activity.

China’s exports are faltering and its consumers are spending less at home, the country is flooding the world with cars. Overseas demand for inexpensive vehicles made in China, mostly gasoline-powered models that Chinese consumers now shun in favor of electric cars, is so great that the biggest obstacle to selling more abroad is a lack of specialized ships to carry them. Chinese automakers have leaped to dominance in Russia since war began in Ukraine, transporting cars by train. The companies have also captured large shares of markets in Southeast Asia, Australia, South America and Mexico.

China will no longer require a negative COVID-19 test result for incoming travelers, a milestone in its reopening to the rest of the world after an isolation that began with the country's borders closing in 2020

Nanjing City, the capital of Jiangsu Province in China, on May 22, inaugurated the China Blockchain Technology and Application Innovation Platform. This government-supported platform aims to foster and advance metaverse research and development across the country.

Rare protests against China's strict “zero-COVID” policies continued in Shanghai and Beijing on Sunday afternoon, which had spread across the country after a deadly apartment fire in the northwestern city of Urumqi on Friday.

Protests against China's pervasive anti-virus controls that have confined millions of people to their homes spread to Shanghai and other cities after complaints they might have worsened the death toll in an apartment fire in the northwest.