• China's stock market boom expected in 2014

    Dec 27, 2013

    The Chinese Academy of Social Sciences (CASS) has said there is a strong possibility that the country's stock market make dramatic gains next year when the government reopens the market for IPOs. Although there will be challenges, the CASS said in a report that a dramatic rise in the stock market could happen next year, resembling that of 1999 in many ways. Within two months from mid-May in 1999, the benchmark Shanghai Composite Index increased from around 1,100 to more than 1,600. With the relaunch of IPOs next year striking rises should be expected, experts said.

  • Australia still open in joining China’s AIIB

    Oct 31, 2014

    Australian Prime Minister Tony Abbott said Australia will be happy to join the China-led Asian Infrastructure Investment Bank (AIIB) if it becomes more multilateral and transparent. Abbott added that Korea, Japan and the United States will also be happy to join the AIIB if they get that sort of transparency. Australia and South Korea declined to sign a memorandum of understanding to create the AIIB, which has already gained the support of 21 countries. The agreement was signed in China earlier this week. The US and Japan have earlier opposed the creation of the AIIB, saying that the China-led bank is a competitor to the World Bank and the Asian Development Bank. Abbott said that for the AIIB to get Australia's support, it must have the same transparency that the World Bank has.
  • China's shadow banking sector now world's third largest

    Oct 31, 2014

    The Financial Stability Board (FSB), a task force set up by G20 economies, said China's shadow banking sector is growing at a quick speed and is now ranked as the third largest in the world. Analysts, however, said the sector has not yet reached a level that could threaten the overall financial system's stability. But the FSB report said the size and rapid growth of shadow banking in China warrants particular attention. The Chinese Academy of Social Sciences estimates that the shadow banking sector in China may involve up to USD4.39tr of assets.

  • China’s 2013 R&D spending reached USD193bn

    Oct 31, 2014

    The expenses on scientific research and development of mainland China hit a record high last year to Rmb1.18tr (USD193bn) -- a 15% year-on-year increase. According to a report that the Ministry of Finance, the National Bureau of Statistics, and the Ministry of Science and Technology jointly published, the expenditures on applied and elementary research plus experimental development comprised 10.7%, 4.7%, and 84.6% of the total, respectively.

  • PBOC lends Argentina's central bank USD814m

    Oct 31, 2014

    Under a currency-swap line, the Central Bank of Argentina borrowed from the People's Bank of China, its counterpart, for the very first time on 30 October. The Argentine central bank requested some USD814m in loans. The South American bank and the PBOC agreed to the Rmb70bn (USD11.45bn) currency swap when Chinese President Xi Jinping visited Argentina last July.

  • Xiaomi is now world's third biggest smartphone vendor

    Oct 31, 2014

    China-based Xiaomi Corp became the third-biggest smartphone seller in the world in just three years by controlling the country's market with its cheap devices and high-end features. By Q3 of this year, Xiaomi had 5.6% of the world’s smartphone market -- the very first time it made the top-three list, according to Strategy Analytics on 30 October. South Korea's Samsung Electronics Co is still at number one and Apple Inc at second.

  • Bad loans at China’s largest lenders up 22%

    Oct 31, 2014

    Nonperforming loans made with the largest banks in China have gone up 22% since January 2014. The country's economic slowdown and industrial overcapacity have all ramped up problems in China's financial sector. Although these Chinese banks are still raking in profits, their profit growths are minimal considering the double-digit quarterly increases they posted from two years ago. At the end of Q3 2014, China Construction Bank Corp, Industrial & Commercial Bank of China Ltd, Bank of China, and the Agricultural Bank of China Ltd posted Rmb415bn (USD67.5bn) in bad loans.

  • Yuan's share of global payments up in September

    Oct 31, 2014

    The Chinese currency yuan accounted for 1.72% of global payments in September, the Society for Worldwide International Financial Telecommunications (Swift) said. The September figure is up from 1.64% in August and has set a global transactions record for the yuan. Swift said the yuan is primarily used as a trade settlement currency but is steadily making progress as an investment currency. China has started direct currency trading with Singapore, US, Australia, New Zealand and the UK.

  • US seeks to expand ties with China during Obama's visit

    Oct 31, 2014

    31The United States seeks to further expand its bilateral cooperation with China when US President Barack Obama visits the country on 10-11 November. The US and China will try to expand cooperation in areas where they actually have converging and overlapping interests, said one analyst. Bonnie Glaser, a China expert at the Centre for Strategic and International Studies, said Obama and Chinese President Xi Jinping will try to look for ways to work together on issues such as the Ebola epidemic and Afghanistan. Obama will be in Beijing for the informal leaders' meeting of the Asia-Pacific Economic Cooperation forum.

  • Consumer sentiment hits three-year low in October

    Oct 31, 2014
    A private report showed that consumer sentiment in China dropped to a three-year low in October to 110.9 from 113.2 in September. The joint report released by Australian bank Westpac and German financial news company Market News International showed that consumers downgraded their outlook on employment, housing and personal finances in October. An economist at MNI Indicators said the Chinese government is expected to initiate more selective easing in order to bolster the slowing economy in the near future.
  • Xiaomi eyes USD1bn loan from 29 banks

    Oct 31, 2014

    Chinese smartphone maker Xiaomi plans to raise up to USD1bn by borrowing from 29 banks, its first attempt at accessing overseas funds for capital, the Wall Street Journal said. The lead bankers for the three-year loan are Deutsche Bank AG; J.P. Morgan Chase & Co; Morgan Stanley; ICBC Asia, a subsidiary Chinese lender of Industrial & Commercial Bank of China Ltd; Brazil's Banco do Brasil; Bank of Tokyo-Mitsubishi UFJ; Credit Suisse Group SA; and Goldman Sachs Group Inc. Xiaomi is dubbed the Apple of China.

  • China to overtake US as top business travel market by 2016

    Oct 30, 2014

    Global business travel spending is expected to reach a record USD1.18tr this year and the Global Business Travel Association (GBTA) said China will overtake the United States to become the world's top business travel market within two years. The GBTA said 40% of the total global business travel spending for this year will come from Asia Pacific. Aside from China, business travel market in India and Indonesia are expected to grow in terms of spending. Other markets such as Vietnam, the Philippines, Bangladesh and Sri Lanka have also showed high growth in terms of business travel spending
  • China relaxes credit-card payments rules

    Oct 30, 2014

    The Chinese State Council released a statement saying that qualified local and foreign companies can apply to put up bank card-clearing operations in the country to settle payments between vendors and banks. Industry experts are saying that the Chinese government's decision could resolve a trade dispute with the United States government and let foreign firms like MasterCard Inc and Visa Inc boost their business in China.

  • Beijing to upgrade local consumption, boost economic efficiency

    Oct 30, 2014

    After Premier Li Keqiang presided over a State Council executive meeting, the Chinese government made an announcement on 29 October that it will soon put in measures to enhance domestic consumption so as to improve the quality and efficiency of China's faltering economy. The announcement also mentioned that the country has to increase people’s incomes so they can raise their consumption capabilities. According to the National Bureau of Statistics, the Chinese economy grew 7.4% year-on-year to Rmb42tr (USD6.84tr) by Q3 of this year.

  • China to become United State’s largest market for inbound tourists

    Oct 30, 2014

    A US-based tourism promotion agency has predicted that China could become the US’s largest market for inbound tourists. Brand USA said a recent survey showed that 60% of Chinese tourists want to include the United States in their travel destinations while 59% said they will travel to the US within 12 months. Some 1.8 million Chinese tourists visited the United States in 2013, or 22.5% higher from a year ago, the US Department of Commerce said.

  • Investments in telecoms, media and technology hit USD5.35bn

    Oct 30, 2014

    Investment in the country's telecoms, media and technology (TMT) industry reached USD5.35bn in Q2 of this year, a 30-month high, PricewaterhouseCoopers said. PWC said the investments were made mostly by private equity and venture capital firms. The investment amount in Q2 is equal to the total investment for the TMT industry in H1 of last year.

  • PMI picked up slightly in October

    Oct 30, 2014

    China's official manufacturing Purchasing Managers' Index (PMI) likely edged up slightly in October to 51.2 from 51.1 in September, a poll conducted by Reuters on 24 economists showed. The figure shows some signs that China's economy, the world's second biggest, may be stabilising. Reuters reported that the pickup in PMI could help assure investors that China is not doing as badly as some had feared.

  • 'Big Brother' goes to China

    Oct 30, 2014

    For the first time, China will finally have its own version of the popular reality show Big Brother. This after Endemol, the creator of Big Brother, signed a deal with China's biggest online video site Youku Tudou. Big Brother China will be broadcasted on Youku Tudou's site, which is accessed by 500 million active users. The show will last for ten weeks and will be launched in early 2015.

  • Shanghai-Hong Kong linkup to move ahead as planned

    Oct 30, 2014

    President Chow Chung-kong of the Hong Kong Stock Exchange said that a plan to allow cross-trading between Shanghai and Hong Kong stock markets will be pursued. The Shanghai-Hong Kong Stock Connect platform will allow international investors trade chosen stocks in Shanghai’s exchange and let mainland-Chinese investors purchase stocks in the autonomous administrative region of Hong Kong. The launch was originally planned to be on the last week of October this year but was delayed.

  • Chinese stocks open lower after US Fed’s confirmation to end QE

    Oct 30, 2014
    China's stocks opened a bit low on 30 October after the United States Federal Reserve officially announced its plans to end the quantitative easing (QE) stimulus programme. The Shanghai Composite Index opened at 2,371.89 points, 1.14 points down, while the Shenzhen Component Index fell 1.7 points to open at 8,088.98.
  • FAW-VW to recall 270,635 vehicles in China

    Oct 30, 2014

    FAW-Volkswagen Automotive Co Ltd, the joint-venture company that China's FAW Group and Germany-based Volkswagen Group created, has recalled 270,635 automobiles in China because of defects in their airbags. The recall, which started on 29 October, will affect 4,692 A4 imported Allroad models, and 265,943 locally-manufactured A4L units made from 25 May 2012 to 22 October 2014. According to the country's General Administration of Quality Supervision, Inspection and Quarantine, the front airbag could malfunction or not deploy at all should there be an impact to the sides of the vehicles.

  • Six Amazon platforms open for sales to China

    Oct 30, 2014

    Six Amazon platforms located in the United States, Germany, the United Kingdom, France, Italy, and Spain opened for sales to consumers in Greater China. Shoppers in China can now place their orders without going through other agencies on foreign online shopping platforms. They can do it directly with platforms that the US-based Amazon.com Inc owns. Analysts believe that Amazon's move is meant to enhance its sales during the upcoming Double 11 online shopping festival in China and to counterattack the China-based e-commerce giant Alibaba Group Holding Ltd's own global ambitions.

  • World Bank urges China to cut 7.5% growth forecast

    Oct 29, 2014

    The World Bank has warned China against carrying its ambitious economic growth target of 7.5% and suggested that it cut its target to 7%. The World Bank said China can trim its growth forecast to 7% for 2015, saying the lower growth target would not hurt the country's labour market. Karlis Smits, a senior economist at the World Bank office in Beijing, said the focus should be on reforms rather than meeting specific growth targets. The World Bank and other analysts expect China's economy to expand by 7.4% this year but the bank warned that it will not welcome a 7.5% growth target from China in 2015.
  • Most of Forbes China Rich List members are living in Beijing

    Oct 29, 2014

    With 67 members of China's Rich List residing in Beijing, the Chinese capital continues to top the list of cities in the country with the largest number of billionaire residents. The 2014 Forbes China 400 List showed that Beijing's air pollution has not prevented serious money-making in the city as it ranked first in the number of rich residents. Beijing’s famous wealthy resident is Baidu CEO Robin Li. The capital is followed by Shenzhen with 44 rich members, Shanghai with 38, Hangzhou, the residence of Alibaba Group Chairman Jack Ma, with 25 and Hong Kong with 20. Taking the sixth to tenth spots are Guangzhou, Chengdu, Chongqing, Nanjing and Ningbo.

  • Huawei inks sponsorship contract with Brazil's Santos

    Oct 29, 2014

    Brazilian football club Santos announced that it signed a sponsorship agreement with China's Huawei Technologies Co Ltd. The deal, whose terms were not disclosed, is valid until the end of this year. There is an option to extend it, Santos said. The deal calls for Huawei to have its name and logo on the front of Santos’ team uniform for its Brazilian Serie A and Copa do Brasil games.

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