China Business & Economics
China economy rebounds in 2017 with 6.9% growth
Big portion of future GM electric vehicles for China market
Chinese carmaker GAC plans to enter U.S. market in 2019
C&A fashion chain eyes sale to Chinese investors: report
China's trade boom hits speed bump as December imports growth slows sharply
Chinese bitcoin miners eye sites in energy-rich Canada
As China stamps out bitcoin miners, India sees opportunity
Trump is 'determined to bite somebody, and China is the most likely target,' trade expert says
2018-01-19 12:23:53 A year after President Donald Trump took office, the United States' trade deficit with China looms larger than ever. Although both countries calculate the gap differently, the latest data from Beijing indicates a trade differential at a record high of $275.81 billion in 2017. That figure does not bode well for bilateral relations, which many expect to take a turn for the worse in 2018 after a year of relative inaction from Trump   Read More ...
Executive Behind Facebook’s China Charm Campaign Is Out
2018-01-19 11:05:45 Ms. Moser’s departure, after she failed to achieve any major breakthrough in China, underscores the challenges, and setbacks, Facebook has faced as it seeks to gain entry to one of the world’s largest — and most closed off — internet markets. Along with Mr. Zuckerberg’s high-profile appearances in China, Facebook has quietly tried numerous other strategies to gain access. The company worked internally on a tool that would allow targeted censorship, even as some employees quit over the project   Read More ...
Young Chinese consumers want less and share more
2018-01-19 09:45:11 LONDON (CHINA DAILY/ASIA NEWS NETWORK) - The modern Chinese consumer is healthier, less materialistic and more partial to home-grown brands than ever before, according to research from market analysts in Britain. Young Chinese people are committed to expanding the sharing economy and are more eager to spend money on experiences, rather than possessions, said Ms Alison Angus, head of lifestyles at London-based market research company Euromonitor   Read More ...
China condemns US accusations of unfair trading
2018-01-19 08:04:50 CHINA yesterday criticized recent moves by the United States listing some Chinese trading areas as “notorious markets” for fake products and targeting Chinese telecoms equipment, saying Washington lacks objectivity in its approach. Commerce Ministry spokesman Gao Feng told reporters the US Trade Representative lacked direct conclusive evidence and supporting data for listing three Chinese online commerce platforms and six physical bazaars within China as “notorious markets” engaging in commercial-scale “copyright piracy and trademark counterfeiting   Read More ...
China’s HNA Group, squeezed on cash, looks to turn corner
2018-01-19 06:47:08 Haikou (China): HNA Group chairman Chen Feng has expressed confidence that China’s aviation-to-financial services conglomerate will manage its cash crunch, and continue to receive support from banks and other financial institutions this year. The liquidity problem exists “because we made a big number of mergers”, even as the external environment became more challenging and China’s economy “transitioned from rapid to moderate growth”, impacting the group’s access to new financing, Chen told Reuters in a rare meeting   Read More ...
Strong China data cranks up pressure on bond markets
2018-01-19 06:45:01 LONDON The first acceleration by China’s giant economy in seven years kept stocks near record highs on Thursday, but added to growing pressure on bond markets as US Treasury yields, the benchmark for global borrowing costs, reached a 10-month high. Underlining the momentum of the world economic expansion into the back end of last year, both Chinese fourth quarter growth of 6   Read More ...
China Stocks Too Hot for a Cold Beer to Douse: Gadfly
2018-01-19 05:18:08 China’s stock market is so hot that you can sell investors cold beer in January, when it’s freezing. Shares in Tsingtao Brewery Co. are up 15 percent this year in dollar terms while China Resources Beer Holdings Co. and Beijing Yanjing Brewery Co. are also beating the broader market. Behind the surge are promises to raise prices. Earlier this month, Tsingtao said it was planning a cost hike for some but not all of its products, “with an average of such proposed price increase of under 5 percent   Read More ...
Consumer studies find Chinese want less and share more
2018-01-19 05:16:10 The modern Chinese consumer is healthier, less materialistic and more partial to local brands than ever before, according to research from market analysts in the United Kingdom. Alison Angus, head of lifestyles at London-based market research company Euromonitor, said young Chinese people are committed to expanding the sharing economy and are more eager to spend money on experiences, rather than possessions   Read More ...
Govt considering upgrade of trade deal with HK, Macao
2018-01-19 05:15:09 The government is conducting study to upgrade the Closer Economic Partnership Arrangement, in an effort to further open up Hong Kong SAR and Macao SAR. CEPA refers to the economic and trade agreements that the Chinese mainland reached with HK and Macao. The main document was signed in 2003. "The ministry is working with relevant government departments to upgrade CEPA, and it would be first conducted in Guangdong province   Read More ...
Fixed asset investment records slower growth
2018-01-19 05:14:51 China's fixed-asset investments grew more than expected in 2017, but recorded the slowest annual growth pace since 2000 as authorities stepped up efforts to rein in local government debt and financial leverage continued to fall, official data showed on Thursday. By the end of last year, the country's fixed-asset investment reached 63.17 trillion yuan ($9.83 trillion), up 7.2 percent year-on-year, the lowest rate since 2000, the National Bureau of Statistics said at a news briefing   Read More ...
Trade increases between Lancang-Mekong countries and Yunnan
2018-01-19 05:13:34 Trade volume between southwest China's Yunnan Province with five countries along the Lancang-Mekong River grew by 13.4 percent year-on-year to reach 81 billion yuan (about 12 billion U.S. dollars) in 2017, customs in the provincial capital Kunming said Thursday. Trade between Yunnan and Myanmar is about 42 billion yuan, 52 percent of the total, it said. The Lancang-Mekong River runs through China, Myanmar, Laos, Thailand, Cambodia and Vietnam, and serves as a natural bond linking the six countries   Read More ...
Stable home markets in 15 major cities indicate policy effectiveness
2018-01-19 05:13:14 Housing markets in China's 15 major cities were generally stable for another month in December as differentiated rein-in policies to curb speculation continued to take effect, data released yesterday by the National Bureau of Statistics showed. Four of the 15 cities, including first-tier ones and key second-tier cities, saw decline in new home prices from November. Prices in three cities were flat from a month earlier, and the remaining eight posted month-on-month growth, according to the bureau, which monitors property prices in 70 Chinese cities   Read More ...
Economic outlook expected to be bright in 2018
2018-01-19 05:12:47 Evergrande Group Chief Economist Ren Zeping made a speech at a forum held in Beijing on Jan. 18, 2018. (Photo by Song Jingli/chinadaily.com.cn) China's economy this year will grow by between 6.5 percent and 6.8 percent year-on-year, Fan Hengshan, vice secretary of National Development and Reform Commission, predicted on Thursday. "I am afraid the economic growth in 2018 might be difficult to exceed the 6   Read More ...
2017 marked a turning point for capital flows, China currency regulator says
2018-01-18 12:12:28 China's cross-border capital flows reached a turning point last year as they became basically balanced compared to previous net outflows, the foreign exchange regulator said on Thursday. Cross-border capital flows will remain largely steady in 2018 as the impact from the U.S. Federal Reserve's policy normalization on capital flows in China is weakening, Wang Chunying, spokeswomen for the State Administration of Foreign Exchange, told reporters   Read More ...
EMERGING MARKETS-Emerging stocks at near-decade high after China data beats forecast
2018-01-18 11:44:25 LONDON, Jan 18 (Reuters) - Emerging stocks pushed to their highest in almost a decade on Thursday as Chinese economic data beat forecasts, with some Asian bourses at record peaks, while the lira and rand firmed ahead of central bank meetings. China’s economy grew by 6.8 percent in the fourth quarter and industrial output expanded by 6.2 percent, both ahead of expectations , adding fuel to the bullish sentiment in regional markets   Read More ...
Chinese e-commerce giant to invest 20 billion yuan in NE China
2018-01-18 10:00:57 Chinese e-commerce giant JD.com plans to invest more than 20 billion yuan (3.1 billion U.S. dollars) in the "rust belt" northeast China over the next three years. The move, which echoes the central government's campaign to revitalize the traditional industrial base, is aimed at upgrading industries, creating jobs and improving creativity, according to the company. JD.com's businesses in the provinces of Liaoning, Jilin and Heilongjiang will cover a variety of fields, including e-commerce, data services, logistics, finance, medicine, and tourism   Read More ...
Exclusive: China's HNA Group, squeezed on cash, looks to turn corner
2018-01-18 09:41:19 HAIKOU, China (Reuters) - HNA Group chairman Chen Feng has expressed confidence that China’s aviation-to-financial services conglomerate will manage its cash crunch, and continue to receive support from banks and other financial institutions this year. “Rate hikes by the Federal Reserve and deleveraging in China caused a liquidity shortage at the end of the year for many Chinese enterprises,” Chen said   Read More ...
China economy rebounds in 2017 with 6.9% growth
2018-01-18 09:01:40 BEIJING: China's economy grew a forecast-beating 6.9 per cent in 2017, picking up steam for the first time since 2010 despite its battles against a massive debt and polluting factories, official data showed Thursday (Jan 18). The world's number two economy eclipsed the official target of about 6.5 per cent and picked up pace from the 6.7 per cent growth seen in 2016, which was the slowest for more than a quarter of a century   Read More ...
China’s Economic Growth Looks Strong. Maybe Too Strong.
2018-01-18 08:08:45 Photo HONG KONG — The pace of growth in China’s economy accelerated last year for the first time in seven years as exports, construction and consumer spending all climbed strongly. At least, that’s what the government says. In reality, the pace of growth in China’s economy is anybody’s guess. Various signals suggest China’s growth did speed up last year, which could give the government the room it needs to tackle an accumulation of serious financial, environmental and social problems this year   Read More ...
Chinese car maker lands in Cuban tourism market
2018-01-18 08:01:35 Chinese car maker Guangzhou Automobile Group Motor (GAC Motor) on Wednesday presented its vehicles to a tourism-related company in Cuba as part of the broad economic and commercial cooperation between the two nations. At a ceremony held at the National Hotel of Cuba, Fu Jinhai, assistant general manager of GAC Motor, presented the GA8 and GS4 cars which will join the fleet of local car-rental company Transtur belonging to the island country's Ministry of Tourism   Read More ...
China says cross-border cash flows hit turning point in '17
2018-01-18 07:07:28 HONG KONG (AP) — China's cross-border capital flows hit a turning point in 2017 as foreign currency reserve levels stabilized after two years of declines, the country's foreign exchange regulator said Thursday. The supply and demand of foreign exchange "have shifted to a basic equilibrium" thanks to calmer domestic and global market conditions, Wang Chungying, a spokeswoman for China's State Administration of Foreign Exchange, told reporters in Beijing   Read More ...
Chinese automaker's U.S. market drive runs into Washington opposition
2018-01-18 06:06:53 WASHINGTON (Reuters) - Chinese automaker GAC Automobiles’ plan to sell vehicles in the United States ran afoul of Washington trade politics on Wednesday, as the top U.S. Senate Democrat and U.S. President Donald Trump separately criticized Chinese trade practices. GAC Automobiles, formally known as Guangzhou Automobile Group Co Ltd, said Monday it plans to start selling vehicles in the United States in late 2019, potentially through a partnership with Fiat Chrysler Automobiles NV   Read More ...
China's forex reserve grew $129.4 bln in 2017
2018-01-18 04:30:38 China's foreign exchange reserve grew 129.4 billion U.S. dollars in 2017 to reach 3.1399 trillion U.S. dollars at the end of last year, the country's forex regulator said Thursday. The country has seen a consecutive rise in forex reserve for 11 months from February to December, according to the State Administration of Foreign Exchange (SAFE).   Read More ...
Chinese banks report net forex sales in 2017
2018-01-18 04:00:53 China's commercial banks recorded net foreign exchange sales in 2017, the country's forex regulator said Thursday. Commercial banks bought 1.6441 trillion U.S. dollars worth of foreign currencies and sold 1.7557 trillion U.S. dollars last year, resulting in net sales of 111.6 billion U.S. dollars, according to the State Administration of Foreign Exchange (SAFE).   Read More ...
China pumps more money into market
2018-01-18 04:00:42 China's central bank on Thursday pumped 160 billion yuan (about 25 billion U.S. dollars) into the financial system through open market operations. The operations included 80 billion yuan of seven-day reverse repos, 70 billion yuan of 14-day reverse repos and 10 billion yuan of 63-day reverse repos, the People's Bank of China said on its website. The interest rates for seven-day, 14-day and 63-day operations were unchanged at 2   Read More ...
Luxury market to continue growth
2018-01-18 03:30:41 China's luxury market is expected to grow by low double digits in 2018 after posting the highest expansion in the past five years in 2017, with market momentum still vibrant. Bain & Co said in its 2017 China Luxury Report yesterday that new consumers ― those aged between 20 and 34 ― were major contributors to the luxury market's growth last year   Read More ...
Big portion of future GM electric vehicles for China market
2018-01-18 03:02:24 DETROIT: General Motors Co's China unit will sell a "substantial portion" of the automaker's future electric vehicles, GM China President Matt Tsien said on Wednesday (Jan 17). In a briefing at GM headquarters, Tsien said, "China is at the heart of our electrification strategy." Tsien did not say which GM brands would sell electric vehicles in China. But Cadillac President Johan de Nysschen told Reuters at the Detroit auto show the luxury brand "will play a central role" in GM's electrification strategy, including China   Read More ...
Strong economic growth to help handle systematic risks: WEF report
2018-01-18 03:01:53 The prospect of strong economic growth in 2018 is a golden opportunity for leaders to address signs of severe weakness in societies, economies, international relations and the environment, according to the 2018 Global Risks Report published here Wednesday by the World Economic Forum (WEF). The report released every January shares the perspectives of global experts and decision-makers on the most significant risks facing the world   Read More ...
Airline industries positive 3rd quarter earnings remain on track: IATA
2018-01-18 03:01:18 Industry-wide airline earnings before interest and tax profit margin remained broadly unchanged in the third quarter of 2017 relative to a year earlier at a robust 14.7 percent of revenues, the industry agency International Air Transport Association (IATA) said Wednesday. A decline in the margin in the North American region was partly offset by increases elsewhere, IATA said in its quarterly airlines' financial monitor released in Geneva   Read More ...
Apartment rental firm Ziroom raises $622 mln
2018-01-18 03:01:06 Long-term apartment rental brand "Ziroom" received 4 billion yuan ($622 million) A round of financing on Tuesday. It marked the highest single financing amount in China's long-term apartment rental industry so far. This round of financing is was led by Warburg Pincus, Sequoia Capital China Fund and Tencent, followed by Sunac China, General Atlantic and other institutions. "We already have a solid cash flow   Read More ...
Regulator intensifies checks on insurance companies
2018-01-18 02:30:48 The country's top insurance regulator on Wednesday released an action plan to resolve major risks in the industry, vowing to tighten regulation of insurers' shareholders, and to take action against poor corporate governance and risky capital management and investment. The regulator has set a three-year period to accomplish the tasks, including preventing systemic risk, cracking down on illegal businesses and taking more effective measures against foreign insurers that fail to meet solvency requirements and to address long-delayed problems, according to the plan posted by the China Insurance Regulatory Commission on its website   Read More ...
War on financial risk to continue
2018-01-18 01:30:19 The war on financial risks will continue this year in China, with renewed efforts to crack down on shadow banking activities and further rectification of financial irregularities, said the head of the nation's banking regulator. "We need to focus on lowering corporate debt ratios, restricting household debt, strictly standardizing cross-sector financial products, and continuing to dismantle shadow banking activities," said Guo Shuqing, chairman of the China Banking Regulatory Commission, in a recent interview with the People's Daily   Read More ...
China takes more measures to encourage entrepreneurship in rural areas
2018-01-17 17:01:24 China will take more measures to support rural startups in order to boost rural development, the State Council said Wednesday. The government will roll out favorable policies to encourage migrant workers, college graduates, and veteran soldiers to return to the countryside and start businesses, according to a statement released after an executive meeting presided over by Premier Li Keqiang. Returning entrepreneurs can enjoy the same policy incentives as locals while more financial support and training will be given to rural startups   Read More ...
American Airlines teams up with the travel platform for Chinese online giant Alibaba
2018-01-17 15:15:20 American Airlines, the world’s largest carrier, has formed a partnership to access up to 549 million potential passengers in China. The Fort Worth-based carrier has teamed up with Fliggy, the travel platform for Chinese e-commerce giant Alibaba. The arrangement lets Alibaba users book American Airlines flights and allows Fliggy’s loyalty reward members to get elite status benefits on the carrier’s AAdvantage program   Read More ...
China to step up cryptocurrency crackdown
2018-01-17 15:03:06 BEIJING (AFP) - China is preparing for a new crackdown on cryptocurrency, planning to stamp out remaining trading in the country, according to state media. China will gradually clean up over-the-counter trading platforms, peer-to-peer networks where large exchanges occur and firms registered in the country which allow Chinese to trade overseas, the state-run Securities Journal said Tuesday. The publication cited an anonymous source close to regulators tackling online finance risks   Read More ...
China’s economy set to slow to 6.5% this year: Poll
2018-01-17 15:01:16 BEIJING China's economy is expected to cool this year as a government-led crackdown on debt risks and factory pollution drag on overall activity, a Reuters poll showed yesterday. Beijing is in the second year of a campaign to clamp down on everything from speculative property lending to shadow-bank financing activities as policymakers look to foster sustainable longer term growth. That has pushed up borrowing costs and taken some of the momentum off the world's second largest economy, especially in the final months of last year, with growth forecast at 6   Read More ...
Cramer warns that a trade war with China represents the top three risks to the market
2018-01-17 12:29:51 Cramer was commenting on a Wall Street Journal report published Tuesday that looked at the potential consequences of a U.S.-China trade war. The report also said global markets seemed unprepared for a U.S.-China clash and a battle could be a major 2018 spoiler. President Donald Trump has suggested he would be more open to going easy on China if it were more aggressive in reining in North Korea   Read More ...
China banking regulator chief warns 'black swan' event could threaten financial stability
2018-01-17 12:26:11 China's banking regulator chief warned that a "black swan," or an unforeseen event could threaten the country's financial stability, official People's Daily reported on Wednesday. In an interview with the paper, Guo Shuqing said that while risks in the financial system are manageable, they are still "complex and serious." Since his appointment as the head of the China Banking Regulatory Commission early last year, Guo has introduced a flurry of new rules to reign in lender risks including from curbs on shadow banking activities to the crackdown on loan fraud   Read More ...
Hana Financial, China's Cybernaut to set up US$100 mln fund for startups
2018-01-17 12:08:56 SEOUL, Jan. 17 (Yonhap) -- Hana Financial Investment Co., a subsidiary of Hana Financial Group Inc., said Wednesday it has agreed with a unit of China's Cybernaut Investment Group to set up a fund worth US$100 million for global startups. The two firms signed an agreement to launch the venture capital fund as early as June, Hana Financial Investment said   Read More ...
China to step up cryptocurrency crackdown
2018-01-17 11:30:12 BEIJING: China is preparing for a new crackdown on cryptocurrency, planning to stamp out remaining trading in the country, according to state media. China will gradually clean up over-the-counter trading platforms, peer-to-peer networks where large exchanges occur and firms registered in the country which allow Chinese to trade overseas, the state-run Securities Journal said Tuesday (Jan 16). The publication cited an anonymous source close to regulators tackling online finance risks   Read More ...