A Chinese crime wave hits Duterte’s Philippines as Pogos grow unchecked

https://ift.tt/eA8V8J On the night of December 9 in Manila’s posh Makati district, a woman was pulled screaming into a van, which zoomed away in view of shocked witnesses. Police later identified the victim as Zhou Mei, from China – and the kidnappers were fellow nationals, making the case the latest in a long string of […]

China issues 28-point plan to ease the fears of its private entrepreneurs struggling amid the economic slowdown

https://ift.tt/eA8V8J China has vowed to “forge a better environment to support private businesses” in its latest policy guidelines, which include new and old promises to the country’s private entrepreneurs, in an apparent effort to shore up confidence in the sector that contributes half of the tax revenue and 80 per cent of the country’s employment.The […]

China’s new digital currency ‘isn’t bitcoin and is not for speculation’

https://ift.tt/eA8V8J The Chinese central bank official in charge of a new sovereign digital currency said it would not be open to speculation like other cryptocurrencies, shedding some light on a plan that is still largely shrouded in secrecy.Mu Changchun, head of the People’s Bank of China’s digital currency research institute, on Saturday said it would […]

It’s been a tough year for China’s entrepreneurs – and it’s going to get worse, Jack Ma says

https://ift.tt/eA8V8J This year has been particularly tough for Chinese entrepreneurs, but the hardship has only just begun, according to Alibaba founder Jack Ma, who also said a phase one trade deal with the US marked the start of “real change”.Ma, who stepped down as executive chairman of the Chinese e-commerce giant in September at the […]

Macau’s yuan remittance limit raised to same level as Hong Kong as Beijing starts to shift financial focus

https://ift.tt/eA8V8J China has increased the daily limit of yuan remittance from Macau to the same level as Hong Kong, a move that suggests Beijing is keen to spread the financial risks away from the troubled city.The policy, announced by the People’s Bank of China on Wednesday to mark the 20th anniversary of Macau’s return to […]

New York rules the roost as the world’s most competitive city for third straight year, according to Chinese survey with UN

https://ift.tt/eA8V8J The United States of America dominates the world’s most economically competitive cities, with the most representatives among the top 200 urban centres on the planet, according to an annual study by a Chinese think tank and a United Nations agency. American cities occupy 22 among the top 50 spots, making up 61 of the […]

China’s consumer spending on services and in smaller cities to pace growth, e-commerce giant JD.com says

https://ift.tt/eA8V8J China’s retail sales have not yet shown signs of a rebound, but rising service consumption and the potential for a significant increase in spending in smaller cities as incomes rise could rapidly reshape the country’s consumption landscape, according to a report released on Tuesday.Consumption, which contributed to more than 60 per cent of Chinese […]

China’s consumer spending on services and in smaller cities to pace growth, e-commerce giant JD.com says

https://ift.tt/eA8V8J China’s retail sales have not yet shown signs of a rebound, but rising service consumption and the potential for a significant increase in spending in smaller cities as incomes rise could rapidly reshape the country’s consumption landscape, according to a report released on Tuesday.Consumption, which contributed to more than 60 per cent of Chinese […]

China’s consumer spending on services and in smaller cities to pace growth, e-commerce giant JD.com says

https://ift.tt/eA8V8J China’s retail sales have not yet shown signs of a rebound, but rising service consumption and the potential for a significant increase in spending in smaller cities as incomes rise could rapidly reshape the country’s consumption landscape, according to a report released on Tuesday.Consumption, which contributed to more than 60 per cent of Chinese […]

China yuan stabilisation against US dollar leads to influx of foreign interest in Chinese bonds

https://ift.tt/eA8V8J Net foreign inflows into China’s giant bond market jumped nearly five-fold in November from a month earlier, as yield-hungry global investors snapped up nearly US$10 billion worth of Chinese debt as the yuan stabilised against the US dollar.China’s US$13 trillion bond market, the world’s second biggest, has had nine consecutive months of net foreign […]

China yuan stabilisation against US dollar leads to influx of foreign interest in Chinese bonds

https://ift.tt/eA8V8J Net foreign inflows into China’s giant bond market jumped nearly five-fold in November from a month earlier, as yield-hungry global investors snapped up nearly US$10 billion worth of Chinese debt as the yuan stabilised against the US dollar.China’s US$13 trillion bond market, the world’s second biggest, has had nine consecutive months of net foreign […]

Shenzhen boasts the most growth champions in SCMP-Statista’s survey of the 80 fastest-growing companies in Greater Bay Area

https://ift.tt/eA8V8J Shenzhen, home to several Chinese technology giants, is also the birthplace of most of the fastest-growing companies in the Greater Bay Area, befitting the city’s reputation as China’s Silicon Valley.The southern Chinese metropolis had 30, or nearly 38 per cent, of the 80 fastest-growing companies in the bay area (GBA) between 2015 and 2018, […]

Shenzhen boasts the most growth champions in SCMP-Statista’s survey of the 80 fastest-growing companies in Greater Bay Area

https://ift.tt/eA8V8J Shenzhen, home to several Chinese technology giants, is also the birthplace of most of the fastest-growing companies in the Greater Bay Area, befitting the city’s reputation as China’s Silicon Valley.The southern Chinese metropolis had 30, or nearly 38 per cent, of the 80 fastest-growing companies in the bay area (GBA) between 2015 and 2018, […]

Shenzhen boasts the most growth champions in SCMP-Statista’s survey of the 80 fastest-growing companies in Greater Bay Area

https://ift.tt/eA8V8J Shenzhen, home to several Chinese technology giants, is also the birthplace of most of the fastest-growing companies in the Greater Bay Area, befitting the city’s reputation as China’s Silicon Valley.The southern Chinese metropolis had 30, or nearly 38 per cent, of the 80 fastest-growing companies in the bay area (GBA) between 2015 and 2018, […]

As high-rollers flee, Macau’s bad year is turning out to be not just another blip in the history of China’s sole legal gambling hub

https://ift.tt/eA8V8J Two decades after Macau returned to Chinese rule, a shift that catalysed its emergence as the world’s biggest gambling hub, casinos are facing serious obstacles to their future growth.Macau casinos are poised for the first decline in annual gaming revenue since 2016, and next year may not be much better as China’s economy slows […]

As high-rollers flee, Macau’s bad year is turning out to be not just another blip in the history of China’s sole legal gambling hub

https://ift.tt/eA8V8J Two decades after Macau returned to Chinese rule, a shift that catalysed its emergence as the world’s biggest gambling hub, casinos are facing serious obstacles to their future growth.Macau casinos are poised for the first decline in annual gaming revenue since 2016, and next year may not be much better as China’s economy slows […]

As high-rollers flee, Macau’s bad year is turning out to be not just another blip in the history of China’s sole legal gambling hub

https://ift.tt/eA8V8J Two decades after Macau returned to Chinese rule, a shift that catalysed its emergence as the world’s biggest gambling hub, casinos are facing serious obstacles to their future growth.Macau casinos are poised for the first decline in annual gaming revenue since 2016, and next year may not be much better as China’s economy slows […]

China’s third-wealthiest man is set to become US$2 billion richer, thanks to the record dividend payout at his property company

https://ift.tt/eA8V8J China’s third-richest man is set to get a US$2 billion cash windfall.Hui Ka-yan, chairman of China Evergrande Group, will pocket the money after the property developer and electric-car wannabe declared a record dividend for fiscal 2018.The board proposed a 1.42 yuan per-share payout for the year ended December 31, according to a statement late […]

Trade war pushing Taiwanese firms back home, with reshoring raising island’s GDP growth rate

https://ift.tt/eA8V8J When Tong Hsing Electronic Industries of Taipei decided to expand production of high-end packaging material for technology equipment, they initially talked about setting up a factory in China, but eventually “discarded” the idea because exports to the United States would be hit with tariffs resulting from the trade war between the two counties.The 44-year-old […]

Trade war pushing Taiwanese firms back home, with reshoring raising island’s GDP growth rate

https://ift.tt/eA8V8J When Tong Hsing Electronic Industries of Taipei decided to expand production of high-end packaging material for technology equipment, they initially talked about setting up a factory in China, but eventually “discarded” the idea because exports to the United States would be hit with tariffs resulting from the trade war between the two counties.The 44-year-old […]

Trade war pushing Taiwanese firms back home, with reshoring raising island’s GDP growth rate

https://ift.tt/eA8V8J When Tong Hsing Electronic Industries of Taipei decided to expand production of high-end packaging material for technology equipment, they initially talked about setting up a factory in China, but eventually “discarded” the idea because exports to the United States would be hit with tariffs resulting from the trade war between the two counties.The 44-year-old […]

US Treasury, Federal Reserve agree there’s no need for America to issue a digital currency in the near future

https://ift.tt/eA8V8J Treasury Secretary Steven Mnuchin said he and Federal Reserve Chairman Jerome Powell don’t expect the US to create a digital currency.“Chair Powell and I have discussed this – we both agree that in the near future, in the next five years, we see no need for the Fed to issue a digital currency,” Mnuchin […]

Crazy rich Asians trail peers in North America, Europe on charitable spending as wealth erodes

https://ift.tt/eA8V8J When it comes to philanthropy, Asia’s super-rich are giving away their wealth at a slower pace than their peers in North America and Europe. The trend may yet persist as they lose their wealth at a faster clip this year.The region’s population of ultra high net worth individuals (those with US$30 million of assets […]

Trade war, Hong Kong protests forecast to hit global retail sales growth in 2020, report shows

https://ift.tt/eA8V8J Global retail sales growth will slow in 2020 as the sector grapples with the continued effects of the US-China trade war and increased online competition, a report released on Wednesday said.Sales growth by volume will decelerate to 2.2 per cent next year, compared with 2.5 per cent in 2019, The Economist Intelligence Unit said. […]

China’s tsunami of bond defaults topped US$17 billion since November, poised to breaking last year’s record amid tepid growth

https://ift.tt/eA8V8J China is hurtling toward another record year of onshore bond defaults, testing the government’s ability to keep financial markets stable as the economy slows and companies struggle to cope with unprecedented levels of debt.At least 15 defaults since the start of November have pushed this year’s total to 120.4 billion yuan (US$17.1 billion), within […]

China economic recovery to be short-lived despite manufacturing rebound as analysts fail to upgrade forecasts

https://ift.tt/eA8V8J China’s weakening economy is showing signs of short-term stabilisation, following two batches of positive manufacturing data and the increased likelihood of a pause in the trade war with the United States, analysts said, although they fell short of upgrading their economic growth forecasts for 2020.The private Caixin/Markit Manufacturing Purchasing Managers’ Index (PMI) for smaller […]

ADB could phase out loans to China, incoming president Masatsugu Asakawa says

https://ift.tt/eA8V8J The Asian Development Bank (ADB) must be ready to discuss whether to phase out aid to high- and medium-income borrowers like China, the institution’s next president Masatsugu Asakawa said.Asakawa, who will take the helm in January, also said that while China’s economy was likely to slow, Beijing is expected to engineer a smooth landing […]

A foreigner’s life in Beijing without access to Alipay or Wechat Pay is like a fish out of water. Here’s my experience

https://ift.tt/eA8V8J “You might not have to make that trip to the bank after all,” Rob, a friend, messaged me over WeChat the other day. He attached a press release saying Alipay had launched an international version of its mobile payments platform for visitors to China.Named “Tour Pass”, the app can be used for up to […]

With foothold in Hong Kong’s stock market, Alibaba sets itself lifespan goal of 102 years

https://ift.tt/eA8V8J Alibaba Group Holding, returning to Hong Kong’s stock market this week after a five-year wait, considers the city a cornerstone of its strategy to globalise and prosper across three centuries, according to its chairman.This week’s successful US$13 billion initial public offering (IPO), the world’s largest fundraising of 2019, will swell Alibaba’s cash equivalent to […]

With foothold in Hong Kong’s stock market, Alibaba sets itself lifespan goal of 102 years

https://ift.tt/eA8V8J Alibaba Group Holding, returning to Hong Kong’s stock market this week after a five-year wait, considers the city a cornerstone of its strategy to globalise and prosper across three centuries, according to its chairman.This week’s successful US$13 billion initial public offering (IPO), the world’s largest fundraising of 2019, will swell Alibaba’s cash equivalent to […]

With foothold in Hong Kong’s stock market, Alibaba sets itself lifespan goal of 102 years

https://ift.tt/eA8V8J Alibaba Group Holding, returning to Hong Kong’s stock market this week after a five-year wait, considers the city a cornerstone of its strategy to globalise and prosper across three centuries, according to its chairman.This week’s successful US$13 billion initial public offering (IPO), the world’s largest fundraising of 2019, will swell Alibaba’s cash equivalent to […]

Guo Shuqing, the watchdog of China’s US$40 trillion banking and insurance industry, has the toughest job in global finance

https://ift.tt/eA8V8J Two months into his tenure as China’s top banking regulator, Guo Shuqing did something his staffers had never witnessed from a senior Communist Party leader.Speaking in Beijing to officials and industry executives from across the country, he pledged to resign if he failed to snuff out the excesses that had been accumulating in China’s […]

Guo Shuqing, the watchdog of China’s US$40 trillion banking and insurance industry, has the toughest job in global finance

https://ift.tt/eA8V8J Two months into his tenure as China’s top banking regulator, Guo Shuqing did something his staffers had never witnessed from a senior Communist Party leader.Speaking in Beijing to officials and industry executives from across the country, he pledged to resign if he failed to snuff out the excesses that had been accumulating in China’s […]

MSCI’s major emerging-market stock indices increase weight of China shares to highest level ever

https://ift.tt/eA8V8J One of the largest providers of global stock indices has again boosted the weight of Chinese shares in its emerging-market benchmarks despite strong headwinds from US lawmakers who are urging limited investment exposure to China.MSCI, the New York-based index provider, on Tuesday added 204 China A shares to bring the China country weight to […]

MSCI’s major emerging-market stock indices increase weight of China shares to highest level ever

https://ift.tt/eA8V8J One of the largest providers of global stock indices has again boosted the weight of Chinese shares in its emerging-market benchmarks despite strong headwinds from US lawmakers who are urging limited investment exposure to China.MSCI, the New York-based index provider, on Tuesday added 204 China A shares to bring the China country weight to […]

MSCI’s major emerging-market stock indices increase weight of China shares to highest level ever

https://ift.tt/eA8V8J One of the largest providers of global stock indices has again boosted the weight of Chinese shares in its emerging-market benchmarks despite strong headwinds from US lawmakers who are urging limited investment exposure to China.MSCI, the New York-based index provider, on Tuesday added 204 China A shares to bring the China country weight to […]

China’s cryptocurrency miners look to capitalise on policy shift and cheap power, despite trading ban

https://ift.tt/eA8V8J China’s cryptocurrency miners are cautiously celebrating a government decision not to ban the energy-intensive industry even as authorities launch a fresh crackdown on trading virtual currencies, though operators remain wary of more robust regulation in the future.In a surprising policy shift in late October, China’s economic planning agency, the National Development and Reform Commission […]

China’s cryptocurrency miners look to capitalise on policy shift and cheap power, despite trading ban

https://ift.tt/eA8V8J China’s cryptocurrency miners are cautiously celebrating a government decision not to ban the energy-intensive industry even as authorities launch a fresh crackdown on trading virtual currencies, though operators remain wary of more robust regulation in the future.In a surprising policy shift in late October, China’s economic planning agency, the National Development and Reform Commission […]

China’s cryptocurrency miners look to capitalise on policy shift and cheap power, despite trading ban

https://ift.tt/eA8V8J China’s cryptocurrency miners are cautiously celebrating a government decision not to ban the energy-intensive industry even as authorities launch a fresh crackdown on trading virtual currencies, though operators remain wary of more robust regulation in the future.In a surprising policy shift in late October, China’s economic planning agency, the National Development and Reform Commission […]

China dampens blockchain fever with cryptocurrency trading crackdown

https://ift.tt/eA8V8J China has initiated a fresh crackdown on virtual currency initial coin offerings and cryptocurrency trading – which are banned in the country – in response to a surge in blockchain fever.The governments of top tier cities, including Beijing, Shanghai and Shenzhen, issued risk alerts to the public, warning of “illegal fundraising”, financial frauds or […]

China dampens blockchain fever with cryptocurrency trading crackdown

https://ift.tt/eA8V8J China has initiated a fresh crackdown on virtual currency initial coin offerings and cryptocurrency trading – which are banned in the country – in response to a surge in blockchain fever.The governments of top tier cities, including Beijing, Shanghai and Shenzhen, issued risk alerts to the public, warning of “illegal fundraising”, financial frauds or […]

Dollar-denominated bonds of two Shandong-based issuers sink as debt woes increase among China’s corporate borrowers

https://ift.tt/eA8V8J Two companies based in China’s Shandong province saw their dollar bonds plunge on Thursday amid signs that their debt troubles are worsening.Shandong Ruyi Technology Group’s dollar bond due in December plunged by 10.5 cents on the dollar to 78 cents in Hong Kong, its biggest drop on record, according to Bloomberg-compiled prices. Shandong Yuhuang […]