Kingswood tops Hong Kong’s most actively traded address list of 2019 as owners cut prices ahead of biggest home sales in 10 years

https://ift.tt/eA8V8J Kingswood Villas, one of Hong Kong’s largest housing communities, was the city’s most actively traded address for the second consecutive year, as owners slashed prices ahead of a 2020 launch of the first major property project to come to market in the area in the past decade.As many as 531 homes changed hands at […]

Rachel Duan: from problem solving in Puerto Rico to GE’s chief of global growth

https://ift.tt/eA8V8J Driving the emerging-markets expansion of American industrial giant General Electric is no walk in the park.But the 49-year-old charged with steering the iconic Fortune 500 company’s global growth seems unfazed by the scale of the task.Shanghai native Rachel Duan, who took up the role in January, says simply that she draws on one of […]

Rachel Duan: from problem solving in Puerto Rico to GE’s chief of global growth

https://ift.tt/eA8V8J Driving the emerging-markets expansion of American industrial giant General Electric is no walk in the park.But the 49-year-old charged with steering the iconic Fortune 500 company’s global growth seems unfazed by the scale of the task.Shanghai native Rachel Duan, who took up the role in January, says simply that she draws on one of […]

Hong Kong beats Nasdaq to IPO crown as Alibaba, Budweiser mega listings lift funds raised to US$40 billion for 2019

https://ift.tt/eA8V8J Hong Kong has again taken the crown as the world’s largest initial public offering market worldwide.The mega listing of Alibaba Group Holding in November pushed it to the top of the league for the seventh times in 11 years, according to data from Refinitiv.Some 144 companies have raised US$40 billion on the main board […]

For Singapore’s Shopee, being ‘late’ to the e-commerce game has helped its rise in Southeast Asia

https://ift.tt/eA8V8J For an e-commerce platform under four years old, Shopee has done pretty well for itself.Since it was established in 2015, the Singaporean e-commerce site has become the most visited across Southeast Asia, according to a recent iPrice report which also found that Shopee’s mobile app ranked at the top of its category in terms […]

Beijing says it will monitor impact of US defence act on Chinese firms

https://ift.tt/eA8V8J Beijing will keep watch for the impact of a new US defence act on Chinese companies and take all necessary measures to protect their interests, the commerce ministry said on Thursday.It criticised the National Defence Authorisation Act, signed by US President Donald Trump last week, as being “full of political biases” against Chinese firms, […]

2020 to be year of innovation reform for China’s state firms, Sasac says

https://ift.tt/eA8V8J China’s state-assets watchdog has vowed to push ahead with overhauls to state firms next year, focusing on sustainable and quality growth in the sector.At meetings in Beijing on Tuesday and Wednesday, the State-owned Assets Supervision and Administration Commission (Sasac) also said it would ensure strong support for state-owned enterprises (SOEs) to implement national strategies […]

Sun Hung Kai Properties prices new Tin Shui Wai project 9 per cent higher than used homes nearby as trade-war breakthrough boosts confidence

https://ift.tt/eA8V8J Sun Hung Kai Properties, Hong Kong’s largest developer, has taken advantage of the breakthrough in US-China trade talks by pricing its new project in Tin Shui Wai around 9 per cent higher than used homes in nearby Kingswood Villa.The Wetland Seasons Park will be the first project to go on sale in 2020, and […]

Beijing’s latest policy shows strongest resolve yet to enlist private firms to enhance national energy security

https://ift.tt/eA8V8J Beijing’s directive this week to support private companies by levelling the playing field with their state-owned rivals and breaking their stranglehold in the energy sector is the strongest example yet of its resolve to mobilise entrepreneurs to help stem China’s record-high reliance on foreign oil and gas.But detailed follow-up policies, law changes and time […]

A Chinese city near Shanghai imposes ban on resale of cheap homes to curb speculation

https://ift.tt/eA8V8J The eastern Chinese city of Nantong, with a population of more than 7 million, has introduced a new rule to ban near-term resale of certain cheap homes in the latest step by authorities in the country to curb property market speculation.On Wednesday the government of Nantong, near Shanghai and a number of other port […]

Vintage Chinese teas are beating stock, commodity indices as prices soar at Hong Kong auction

https://ift.tt/eA8V8J Vintage Chinese teas are making a mark for themselves in Hong Kong’s auction scene, with investors and collectors paying record prices, defying the gloom in a city hamstrung by months of political upheaval and a recession.A stack of seven compressed cakes of Tong Xing Hao Puer tea from the 1920s went under the hammer […]

Christmas lights, tangled in US-China trade war, show Vietnam’s struggle

https://ift.tt/eA8V8J In living rooms across the US and the world, Christmas lights this year tell a complicated trade-war tale that stretches all the way to Vietnam.For many years the holiday lights were produced almost solely in China, but increased US tariffs on Chinese goods pushed many buyers to source the goods elsewhere.One country that has […]

Vintage Chinese teas are beating stock, commodity indices as prices soar at Hong Kong auction

https://ift.tt/eA8V8J Vintage Chinese teas are making a mark for themselves in Hong Kong’s auction scene, with investors and collectors paying record prices, defying the gloom in a city hamstrung by months of political upheaval and a recession.A stack of seven compressed cakes of Tong Xing Hao Puer tea from the 1920s went under the hammer […]

Christmas lights, tangled in US-China trade war, show Vietnam’s struggle

https://ift.tt/eA8V8J In living rooms across the US and the world, Christmas lights this year tell a complicated trade-war tale that stretches all the way to Vietnam.For many years the holiday lights were produced almost solely in China, but increased US tariffs on Chinese goods pushed many buyers to source the goods elsewhere.One country that has […]

Christmas lights, tangled in US-China trade war, show Vietnam’s struggle

https://ift.tt/eA8V8J In living rooms across the US and the world, Christmas lights this year tell a complicated trade-war tale that stretches all the way to Vietnam.For many years the holiday lights were produced almost solely in China, but increased US tariffs on Chinese goods pushed many buyers to source the goods elsewhere.One country that has […]

China puts focus on job creation to weather its slowing growth and trade war

https://ift.tt/eA8V8J Beijing has released a plan to stabilise China’s employment, including relief measures and a promise to create more jobs to help withstand the pressures on the economy.The plan came after Beijing’s policymakers prioritised social stability at their Central Economic Work Conference two weeks ago and vowed to prevent trade tensions with the United States […]

China puts focus on job creation to weather its slowing growth and trade war

https://ift.tt/eA8V8J Beijing has released a plan to stabilise China’s employment, including relief measures and a promise to create more jobs to help withstand the pressures on the economy.The plan came after Beijing’s policymakers prioritised social stability at their Central Economic Work Conference two weeks ago and vowed to prevent trade tensions with the United States […]

China puts focus on job creation to weather its slowing growth and trade war

https://ift.tt/eA8V8J Beijing has released a plan to stabilise China’s employment, including relief measures and a promise to create more jobs to help withstand the pressures on the economy.The plan came after Beijing’s policymakers prioritised social stability at their Central Economic Work Conference two weeks ago and vowed to prevent trade tensions with the United States […]

Room rates as low as US$12 a night bring no joy to Hong Kong’s half-empty hotels at Christmas

https://ift.tt/eA8V8J The outlook for Hong Kong’s hotel sector looked bleak as occupancy continued to fall on the run-up to Christmas despite room rates dropping to as low as US$12 a night.Hotel rates for Christmas hit a low of HK$93 (US$12) at the Winland 800 Hotel in Tsing Yi, which is offering the rate through the […]

African swine fever: China’s chicken farmers feeling the pinch as pork crisis takes toll on poultry industry

https://ift.tt/eA8V8J Standing on his chicken farm at the foot of a mountain in China’s southern Guangdong province, farmer Mo Bangmin is counting his losses alongside his wife.“I lost about 400,000 yuan (US$57,000) as one-third of my pigs died last year. Now, I’m facing a loss of 200,000 yuan (US$28,500) from these chickens – all my […]

African swine fever: China’s chicken farmers feeling the pinch as pork crisis takes toll on poultry industry

https://ift.tt/eA8V8J Standing on his chicken farm at the foot of a mountain in China’s southern Guangdong province, farmer Mo Bangmin is counting his losses alongside his wife.“I lost about 400,000 yuan (US$57,000) as one-third of my pigs died last year. Now, I’m facing a loss of 200,000 yuan (US$28,500) from these chickens – all my […]

Abused, fighting for justice: the ordeals of Asia’s migrant domestic workers in 2019

https://ift.tt/eA8V8J There are more than 21 million migrant domestic workers filling the care gap in Asia and the Pacific, but despite their essential role and economic contribution, many face abuse and have few rights. Here are some of their stories.MISTREATED, SICK AND FIREDFilipino domestic worker in Hong Kong fired after employer found out she has […]

Abused, fighting for justice: the ordeals of Asia’s migrant domestic workers in 2019

https://ift.tt/eA8V8J There are more than 21 million migrant domestic workers filling the care gap in Asia and the Pacific, but despite their essential role and economic contribution, many face abuse and have few rights. Here are some of their stories.MISTREATED, SICK AND FIREDFilipino domestic worker in Hong Kong fired after employer found out she has […]

Abused, fighting for justice: the ordeals of Asia’s migrant domestic workers in 2019

https://ift.tt/eA8V8J There are more than 21 million migrant domestic workers filling the care gap in Asia and the Pacific, but despite their essential role and economic contribution, many face abuse and have few rights. Here are some of their stories.MISTREATED, SICK AND FIREDFilipino domestic worker in Hong Kong fired after employer found out she has […]

Hong Kong’s retail landlords bet on Christmas cheer in their Shanghai malls as protests crush festive spirit at home

https://ift.tt/eA8V8J Shoppers in Shanghai at this time of year are used to seeing malls decked out for Christmas. But this year the festivities seem bigger and more extravagant than ever before.One of the reasons is that Hong Kong’s retail landlords, faced with moribund sales and the prospect of vandalism at the hands of hardcore protesters, […]

Hong Kong’s retail landlords bet on Christmas cheer in their Shanghai malls as protests crush festive spirit at home

https://ift.tt/eA8V8J Shoppers in Shanghai at this time of year are used to seeing malls decked out for Christmas. But this year the festivities seem bigger and more extravagant than ever before.One of the reasons is that Hong Kong’s retail landlords, faced with moribund sales and the prospect of vandalism at the hands of hardcore protesters, […]

Hong Kong’s retail landlords bet on Christmas cheer in their Shanghai malls as protests crush festive spirit at home

https://ift.tt/eA8V8J Shoppers in Shanghai at this time of year are used to seeing malls decked out for Christmas. But this year the festivities seem bigger and more extravagant than ever before.One of the reasons is that Hong Kong’s retail landlords, faced with moribund sales and the prospect of vandalism at the hands of hardcore protesters, […]

Hong Kong’s retail landlords bet on Christmas cheer in their Shanghai malls as protests crush festive spirit at home

https://ift.tt/eA8V8J Shoppers in Shanghai at this time of year are used to seeing malls decked out for Christmas. But this year the festivities seem bigger and more extravagant than ever before.One of the reasons is that Hong Kong’s retail landlords, faced with moribund sales and the prospect of vandalism at the hands of hardcore protesters, […]

Year-end festive cheer dampened for some as Hong Kong welcomes Christmas with return to protest chaos

https://ift.tt/eA8V8J The ongoing protests in Hong Kong have dampened year-end festivities for most in the city as Christmas Eve was marred by mall clashes and a return to tear gas on the streets with demonstrators and police locking horns into the early hours of Wednesday.With online calls by protesters to take to the streets once […]

Hong Kong protests cast a shadow on city’s festive decorations as businesses cut down on size and scale

https://ift.tt/eA8V8J It’s Christmas season, and as usual the city is bathed in a neon glow, with building facades and shopping districts on both sides of Victoria Harbour decked out in festive lighting. Sadly, six months of anti-government protests have stripped Hong Kong of its usual festive mood and affected businesses that depend on them. One […]

Hong Kong protests cast a shadow on city’s festive decorations as businesses cut down on size and scale

https://ift.tt/eA8V8J It’s Christmas season, and as usual the city is bathed in a neon glow, with building facades and shopping districts on both sides of Victoria Harbour decked out in festive lighting. Sadly, six months of anti-government protests have stripped Hong Kong of its usual festive mood and affected businesses that depend on them. One […]

Hong Kong protests cast a shadow on city’s festive decorations as businesses cut down on size and scale

https://ift.tt/eA8V8J It’s Christmas season, and as usual the city is bathed in a neon glow, with building facades and shopping districts on both sides of Victoria Harbour decked out in festive lighting. Sadly, six months of anti-government protests have stripped Hong Kong of its usual festive mood and affected businesses that depend on them. One […]

Donald Trump says he and Xi Jinping will sign US-China trade deal

https://ift.tt/eA8V8J US President Donald Trump said on Tuesday he and Chinese President Xi Jinping will have a signing ceremony to sign the first phase of the US-China trade deal agreed to this month.“We will be having a signing ceremony, yes,” Trump told reporters. “We will ultimately, yes, when we get together. And we’ll be having […]

Trade war helps push China’s private manufacturers to the brink, as investment hits all-time low

https://ift.tt/eA8V8J A week before Christmas, Shanghai-based factory owner and one of China’s largest bicycle exporters, Ge Lei, received a rare but timely gift from the Trump administration.The Office of the US Trade Representative moved to exclude one type of bicycle – those on which both wheels have a diameter of between 50cm and 55cm – […]

These four groups of Chinese shoppers will drive online consumption in 2020

https://ift.tt/eA8V8J With a population of 1.4 billion and its status as the world’s No 2 economy, China remains one of the biggest consumer markets in the world. Thanks to widespread mobile and online payments as well as a high smartphone penetration rate, e-commerce is also a popular way of shopping in China.However, amid slowing growth […]

Fewer Hongkongers out for last-minute shopping on Christmas Eve, with uncertainty over protests

https://ift.tt/eA8V8J Fewer Hongkongers are thronging stores for some last-minute festive shopping this Christmas Eve, with retailers expecting a drop in sales as the months-long protests cast a pall over the city.One of those who still rushed out for a purchase was a mother who only gave her name as Kiki. The advertising executive spent just under […]

China issues 28-point plan to ease the fears of it 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 […]

Hong Kong loses to another Chinese port city as container volume grows in busier northern rivals

https://ift.tt/eA8V8J Another Chinese port city has risen in the rankings of the world’s busiest ports in terms of container throughput, while Hong Kong slipped again amid a political and economic crisis. The port of Qingdao in northern Shandong province handled 19.2 million twenty-foot equivalent units (TEUs) in the first eleven months of this year, according to […]

China’s Meituan Dianping vows improvements after delivery man kills retail worker in Wuhan

https://ift.tt/eA8V8J China’s largest on-demand services provider Meituan Dianping said it will take responsibility and “try its best to improve” after one of its delivery men stabbed a retail worker to death on the weekend, prompting debate on social media over the pressures faced by such workers in the country’s hyper-competitive delivery sector.In a statement issued […]

China’s fastener firms, ‘the rice of industry’, grapple with the nuts and bolts of a slowing economy

https://ift.tt/eA8V8J Finding similarities between sunglasses and military fighter jets would seem to be an impossible task, but the two products have at least one thing in common – neither of them can be made without nuts, bolts and screws.Classified broadly as fasteners, these basic components are easy to overlook but ubiquitous in industrial activity, from […]

Chinese e-commerce giant JD.com’s logistics unit planning potential overseas IPO that could raise US$8-10 billion: sources

https://ift.tt/eA8V8J The logistics unit of Chinese e-commerce company JD.com has held early discussions with banks about a potential overseas IPO that could raise US$8 billion to US$10 billion, two people with direct knowledge of the matter told Reuters.JD Logistics is targeting a valuation of at least US$30 billion, according to the people, who declined to […]

Chinese e-commerce giant JD.com’s logistics unit planning potential overseas IPO that could raise US$8-10 billion: sources

https://ift.tt/eA8V8J The logistics unit of Chinese e-commerce company JD.com has held early discussions with banks about a potential overseas IPO that could raise US$8 billion to US$10 billion, two people with direct knowledge of the matter told Reuters.JD Logistics is targeting a valuation of at least US$30 billion, according to the people, who declined to […]

China lifts 18-year-old ban on Japanese beef imports as Beijing seeks to warm trade ties with Tokyo

https://ift.tt/eA8V8J China has lifted an 18-year-long ban on beef imported from Japan in a fresh sign that Beijing is trying to warm its relationship with Tokyo, as well as feed a growing appetite for meat.The import ban on beef from Japanese cows under 30 months old has been immediately removed, according to a notice published […]

Hong Kong’s eco-tourism industry to receive US$7 million boost to amid slump in visitor arrivals and economic downturn

https://ift.tt/eA8V8J Hong Kong’s eco-tourism industry will receive a HK$50 million (US$7 million) boost from the government to stay afloat amid a slump in arrival of visitors to the city and an economic downturn.From January to June next year, travel agencies will receive a HK$100 subsidy per tourist for each trip to a bunch of shortlisted […]

China lifts 18-year-old ban on Japanese beef imports as Beijing seeks to warm trade ties with Tokyo

https://ift.tt/eA8V8J China has lifted an 18-year-long ban on beef imported from Japan in a fresh sign that Beijing is trying to warm its relationship with Tokyo, as well as feed a growing appetite for meat.The import ban on beef from Japanese cows under 30 months old has been immediately removed, according to a notice published […]

Chinese e-commerce giant JD.com’s logistics unit planning potential overseas IPO that could raise US$8-10 billion: sources

https://ift.tt/eA8V8J The logistics unit of Chinese e-commerce company JD.com has held early discussions with banks about a potential overseas IPO that could raise US$8 billion to US$10 billion, two people with direct knowledge of the matter told Reuters.JD Logistics is targeting a valuation of at least US$30 billion, according to the people, who declined to […]

China lifts 18-year-old ban on Japanese beef imports as Beijing seeks to warm trade ties with Tokyo

https://ift.tt/eA8V8J China has lifted an 18-year-long ban on beef imported from Japan in a fresh sign that Beijing is trying to warm its relationship with Tokyo, as well as feed a growing appetite for meat.The import ban on beef from Japanese cows under 30 months old has been immediately removed, according to a notice published […]

Amid economic downturn in Hong Kong, a lukewarm response to latest batch of subsidised homes

https://ift.tt/eA8V8J Hong Kong homebuyers gave a lukewarm reception to the latest batch of subsidised houses to hit the market, with most of the estates involved shifting fewer than 10 per cent of flats since they were made available this month, official statistics show.The 4,871 flats across six estates, released by the Housing Authority in December, […]

What are the chances of companies implementing a four-day working week in Hong Kong where long hours are a way of life?

https://ift.tt/eA8V8J Hong Kong companies could be ripe for a change to a shorter work week, according to Brett Cooper, general manager of the Hong Kong office for Philip Morris International. The 350-person office, which oversees the highly lucrative Asia-Pacific region for the cigarette maker, works four and a half days a week, with most staff […]

China’s African swine fever outbreak drives 150 per cent jump in pork imports

https://ift.tt/eA8V8J China’s pork imports in November surged more than 150 per cent from a year ago to 229,707 tonnes, the highest since at least 2016, as the world’s top consumer of the meat faces a severe domestic supply shortage after disease decimated its hog herd.The figures were also up 30 per cent from the previous […]

What are the chances of companies implementing a four-day working week in Hong Kong where long hours are a way of life?

https://ift.tt/eA8V8J Hong Kong companies could be ripe for a change to a shorter work week, according to Brett Cooper, general manager of the Hong Kong office for Philip Morris International. The 350-person office, which oversees the highly lucrative Asia-Pacific region for the cigarette maker, works four and a half days a week, with most staff […]

China’s African swine fever outbreak drives 150 per cent jump in pork imports

https://ift.tt/eA8V8J China’s pork imports in November surged more than 150 per cent from a year ago to 229,707 tonnes, the highest since at least 2016, as the world’s top consumer of the meat faces a severe domestic supply shortage after disease decimated its hog herd.The figures were also up 30 per cent from the previous […]

What are the chances of companies implementing a four-day working week in Hong Kong where long hours are a way of life?

https://ift.tt/eA8V8J Hong Kong companies could be ripe for a change to a shorter work week, according to Brett Cooper, general manager of the Hong Kong office for Philip Morris International. The 350-person office, which oversees the highly lucrative Asia-Pacific region for the cigarette maker, works four and a half days a week, with most staff […]

IPO bankers face headwinds from Silicon Valley to Saudi Arabia as capital markets fees shrink

https://ift.tt/eA8V8J From Silicon Valley to Saudi Arabia, it’s been a tough year for IPO bankers.Wall Street kicked off the year excited about money it would make bringing to market some of the world’s most iconic companies. A crop of start-up unicorns from Uber Technologies to WeWork were preparing to sell shares. Then the world’s most […]

China’s African swine fever outbreak drives 150 per cent jump in pork imports

https://ift.tt/eA8V8J China’s pork imports in November surged more than 150 per cent from a year ago to 229,707 tonnes, the highest since at least 2016, as the world’s top consumer of the meat faces a severe domestic supply shortage after disease decimated its hog herd.The figures were also up 30 per cent from the previous […]

IPO bankers face headwinds from Silicon Valley to Saudi Arabia as capital markets fees shrink

https://ift.tt/eA8V8J From Silicon Valley to Saudi Arabia, it’s been a tough year for IPO bankers.Wall Street kicked off the year excited about money it would make bringing to market some of the world’s most iconic companies. A crop of start-up unicorns from Uber Technologies to WeWork were preparing to sell shares. Then the world’s most […]

IPO bankers face headwinds from Silicon Valley to Saudi Arabia as capital markets fees shrink

https://ift.tt/eA8V8J From Silicon Valley to Saudi Arabia, it’s been a tough year for IPO bankers.Wall Street kicked off the year excited about money it would make bringing to market some of the world’s most iconic companies. A crop of start-up unicorns from Uber Technologies to WeWork were preparing to sell shares. Then the world’s most […]

Foreign insurers embrace China as ownership and operating barriers go on fast-track easing

https://ift.tt/eA8V8J Foreign insurance companies are expected to expand further into mainland Chinese market as the country removes a cap on foreign ownership and other regulatory hurdles, analysts said.The China Banking and Insurance Regulatory Commission will allow foreign investors to raise their stakes in local life insurers to 100 per cent from January 1, widening the […]

China beware, the road to an open economy is paved with Asian casualties

https://ift.tt/eA8V8J In recent years, the Chinese government has announced a series of measures to open up the financial sector, both to attract foreign investments and to develop its financial system.In November this year, the State Council of China released its “Opinions on Further Improving Work for the Utilisation of Foreign Capital”. The document includes 20 […]

China to reduce import tariffs on key commodities including frozen pork

https://ift.tt/eA8V8J China is to reduce tariffs on more than 850 goods including frozen pork, hi-tech components and vital medicines, in a move billed at opening the economy to freer international trade.The reduction has been approved by the State Council and will come into effect on January 1. While there has been no new tariff rate […]

Hong Kong Tourism Board arranges lucky draw with HK$4 million in prizes after cancellation of tradition New Year’s Eve fireworks

https://ift.tt/eA8V8J A New Year’s countdown lucky draw featuring more than HK$4 million (US$513,000) in prizes will be held for the first time in Hong Kong this year.Open to locals and tourists alike, the draw has been arranged after the cancellation of the city’s traditional firework display over safety fears.Hosted by the Hong Kong Tourism Board […]

Hong Kong faces gloomy and uncertain economic future, say two of city’s senior officials

https://ift.tt/eA8V8J Shrinking growth, more job losses, and companies moving their activities elsewhere as social unrest and the US-China trade war continue to take their toll – that is the gloomy prediction for the new year from two of the city’s senior leaders.In an exclusive interview with the Post, Executive Council convenor Bernard Chan said complex […]

Have anti-government protests cooked Hong Kong’s financial goose?

https://ift.tt/eA8V8J Shifting jobs from a media company to a Hong Kong financial services business seemed like a good move to Lau. His wife had just had a baby and the new job offered flexible hours and better earnings. That was a year ago, but it didn’t pan out like he planned.As anti-government street protests spread […]

Have anti-government protests cooked Hong Kong’s financial goose?

https://ift.tt/eA8V8J Shifting jobs from a media company to a Hong Kong financial services business seemed like a good move to Lau. His wife had just had a baby and the new job offered flexible hours and better earnings. That was a year ago, but it didn’t pan out like he planned.As anti-government street protests spread […]

Chinese researcher accused of trying to smuggle vials of ‘biological material’ out of US hidden in a sock

https://ift.tt/eA8V8J A Chinese medical researcher was arrested in Boston earlier this month on suspicion of trying to take stolen biological samples back to China, according to an affidavit by an FBI agent.According to the agent’s testimony, published with redactions on Universal Hub, a community news and information site for the Boston area, Zheng Zaosong, 29, […]

China, Japan and South Korea agree to continue push for free-trade deal despite ongoing tensions across region

https://ift.tt/eA8V8J The trade ministers of China, Japan and South Korea agreed to work towards a regional trade pact and a trilateral free-trade deal on Sunday.The agreement was reached despite the recent bitter quarrel between Tokyo and Seoul and the uncertainty caused by China’s ongoing trade negotiations with the US, as well as the threat of […]

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 […]

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 […]

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 […]

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 from the Chinese e-commerce giant in September at the age of 55, […]

Arts festival breathes new life into tourism on tranquil Hong Kong island – but not everybody’s a fan of growing commercialisation

https://ift.tt/eA8V8J Stepping off the boat on the tranquil island of Yim Tin Tsai, which sits in Hong Kong’s backyard of Sai Kung, retiree Janny Wong Yuet-yee is greeted by a set of colourful wind chimes.The percussion instrument produces sounds resembling the old bell that used to call villagers in the Hakka Catholic settlement to attend […]

Trade war lands Asian exports in worst condition since the global financial crisis

https://ift.tt/eA8V8J The year of pig brought the worst 12 months for Asia-Pacific trade since the global financial crisis 10 years ago, with the United Nations laying much of the blame on the US-China trade war.In 2019, for the first time in over a decade, Asia-Pacific economies will see declining trade in goods and services by […]

Donald Trump had ‘very good talk’ with Xi Jinping on US-China trade war deal, Hong Kong and North Korea

https://ift.tt/eA8V8J US President Donald Trump spoke on Friday with Chinese President Xi Jinping and claimed progress between the two governments on issues that have divided them, from trade to Hong Kong and North Korea.The two leaders spoke a week after their envoys sealed a “phase one” agreement aimed at ending an 18-month trade war that […]

HKMA insists Hong Kong’s political crisis has not sparked capital flight even as data shows spike in funds leaving

https://ift.tt/eA8V8J Hong Kong’s political crisis may have plunged the city into recession and wreaked havoc in the tourism, retail and property sectors.But according to the Hong Kong Monetary Authority, it has not caused the huge flight of capital many had anticipated.That is despite third-quarter balance of payment figures released by the government on Friday night […]

Trade war fears spook US policymakers into thinking China could weaponise drug exports

https://ift.tt/eA8V8J This story is part of an ongoing series on US-China relations, jointly produced by the South China Morning Post and POLITICO, with reporting from Asia and the United States.One of the biggest national security threats in the US-China trade war could be lurking in your medicine cabinet.The United States relies on imported medicines from […]

China’s Xi Jinping set to skip World Economic Forum in Davos, scuppering hopes of meeting with Donald Trump

https://ift.tt/eA8V8J Chinese President Xi Jinping is not planning to attend the World Economic Forum in January, according to people familiar with the matter, taking one option for a face-to-face meeting with his US counterpart Donald Trump off the table.Beijing still plans to send its top trade negotiator, Vice-Premier Liu He, to Washington to sign the […]

Chinese fintech company Ant Financial quietly takes stake in Vietnam’s eMonkey amid anti-China sentiment

https://ift.tt/eA8V8J China’s Ant Financial, a fintech affiliate of e-commerce giant Alibaba, has quietly acquired a sizeable stake in a Vietnamese e-wallet eMonkey, people familiar with the matter said.The move, negotiated over the summer, is not being announced due to concerns that anti-China sentiment in Vietnam could result in possible pushback, three people with knowledge of […]

Not time for bond crisis alarm as ‘out-of-cycle defaults’ are yet to be seen, top Singapore lawyer says

https://ift.tt/eA8V8J Cracks in Asia’s bond market are not as alarming as headlines suggested because market predictions for “out-of-cycle defaults” remain on the bearish side for now, a top Singapore corporate lawyer said.The US-China trade war, oil-price swings and commodity cycles have played a part in stoking concerns about defaults among the weakest borrowers this year. […]

China’s trading partners wary of phase one trade war deal, while analysts puzzle over US$200 billion import figure

https://ift.tt/eA8V8J Economists continue to puzzle over the details of the US-China phase one deal announced last Friday, particularly Washington’s demand that Beijing imports an extra US$200 billion of American goods and services over two years.The deal would effectively double China’s imports from the United States, which were around US$188 billion in 2017, the last year […]

Trudeau to Trump: Don’t sign US-China trade deal until Canadians released

https://ift.tt/eA8V8J Canadian Prime Minister Justin Trudeau said on Thursday he has asked the United States to hold off on any final trade agreement with China until two Canadians detained in China have been released.Beijing detained former diplomat Michael Kovrig and businessman Michael Spavor last December in an apparent attempt to pressure Canada to release Meng […]

US and China to sign phase one trade pact in early January, Steven Mnuchin says

https://ift.tt/eA8V8J US Treasury Secretary Steven Mnuchin said on Thursday the United States and China would sign their so-called phase one trade pact at the beginning of January, adding that it was completely finished and just undergoing a technical “scrub”.Mnuchin, speaking on CNBC, said the trade deal had already been put down on paper and translated, […]

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 […]

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 […]

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 […]

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 […]

Trump impeachment clouds prospects for US-China trade war talks

https://ift.tt/eA8V8J Beijing held to diplomatic protocol and declined to comment on the US House of Representatives’ vote on Wednesday to impeach President Donald Trump, but with both nations locked in trade war talks observers said the negotiations could face new obstacles.The impeachment process would likely distract Trump from resolving the trade conflict between the world’s […]

Trade war: China lifts tariffs on six US goods for a year in goodwill gesture week after agreeing phase one deal

https://ift.tt/eA8V8J China announced on Thursday that it will exempt a number of US products from additional tariffs for a year in a goodwill gesture after Beijing and Washington agreed to a phase one deal last week.According to a brief statement by Customs Tariff Commission of the State Council, China will exempt six products, including special […]

Trade war: China, US tensions will persist despite phase one deal, says renowned scholar

https://ift.tt/eA8V8J China’s phase one deal with the United States will neither lead to balanced trade nor end a broad rivalry between the two countries, according to an influential Chinese researcher.The interim deal is expected to see China significantly increase purchases from the US, and while Fan Gang – who is the director of the Beijing-based […]

Trade war: China buys US soybeans after fresh round of tariff waivers, but will it be the last for some time?

https://ift.tt/eA8V8J Chinese importers bought at least two cargoes of soybeans from the United States after receiving another round of tariff-free quota for shipments on Tuesday, traders in both countries said.The sales, the first since Washington announced an interim trade deal with Beijing last week, may also be China’s last large US purchases before newly harvested […]

China’s free-spending youngsters offer GDP hopes beyond trade war as consumption base shifts to smaller cities, McKinsey says

https://ift.tt/eA8V8J Young, single Chinese living in smaller cities, most of them women, are fast becoming a driving force behind the country’s consumption growth story, offering clues to investors looking for opportunities beyond the US-China trade war tensions.These “young free spenders” holding nine-to-five jobs in less glamorous lower-tier cities, such as Mianyang in the southwestern province […]

China’s pork crisis: local banks offer meat to new customers with African swine fever set to continue

https://ift.tt/eA8V8J Handing out servings of expensive pork as a reward for opening an account is the latest gimmick being used by a growing number of small local banks across China to lure new depositors.Banks are being forced to go to greater lengths to attract new deposits, since they generally earn less money from lending and […]

China’s pork crisis: local banks offer meat to new customers with African swine fever set to continue

https://ift.tt/eA8V8J Handing out servings of expensive pork as a reward for opening an account is the latest gimmick being used by a growing number of small local banks across China to lure new depositors.Banks are being forced to go to greater lengths to attract new deposits, since they generally earn less money from lending and […]

China’s pork crisis: local banks offer meat to new customers with African swine fever set to continue

https://ift.tt/eA8V8J Handing out servings of expensive pork as a reward for opening an account is the latest gimmick being used by a growing number of small local banks across China to lure new depositors.Banks are being forced to go to greater lengths to attract new deposits, since they generally earn less money from lending and […]

China’s bond market stress creates US$26 billion headache as private firms face unprecedented funding squeeze

https://ift.tt/eA8V8J China’s credit market stress is creating a 185 billion yuan (US$26.4 billion) headache for the nation’s private enterprises as they face the worst funding squeeze in more than two decades amid an economic slowdown.The companies, regarded as the pillar of the world’s second-largest economy, have raised 1.5 trillion yuan from onshore bond sales this […]

Hong Kong exports to shrink 2 per cent in 2020, in second straight year of contraction, Trade Development Council forecasts

https://ift.tt/eA8V8J Hong Kong’s exports will shrink by a further 2 per cent in 2020, the second year in a row of contraction following a 4 per cent fall in 2019, according to the latest forecast by the city’s trade development body.Although the predicted decline is seen as slowing, economists and researchers warn that the local […]

Trade war: China’s trade ministry fails to mention phase one deal as a priority for 2020

https://ift.tt/eA8V8J Despite the transpacific clamour for China to confirm details of its phase one trade deal with the United States, the Ministry of Commerce made no mention of the agreement in a statement summarising its working priorities for 2020.A two-day policy-setting conference was concluded in Beijing this week, on the heels of an agreement with […]

China central bank flags fintech regulation to avoid risk build-up

https://ift.tt/eA8V8J China’s central bank has again warned that the country must avoid building up risks in the technology-driven development of its domestic financial sector, given the headwinds of a slowing economy and the continued trade war with the United States.Pan Gongsheng, deputy governor of the People’s Bank of China (PBOC), said on Tuesday that financial […]

China central bank flags fintech regulation to avoid risk build-up

https://ift.tt/eA8V8J China’s central bank has again warned that the country must avoid building up risks in the technology-driven development of its domestic financial sector, given the headwinds of a slowing economy and the continued trade war with the United States.Pan Gongsheng, deputy governor of the People’s Bank of China (PBOC), said on Tuesday that financial […]

China central bank flags fintech regulation to avoid risk build-up

https://ift.tt/eA8V8J China’s central bank has again warned that the country must avoid building up risks in the technology-driven development of its domestic financial sector, given the headwinds of a slowing economy and the continued trade war with the United States.Pan Gongsheng, deputy governor of the People’s Bank of China (PBOC), said on Tuesday that financial […]