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After Beijing cracked down on real estate developers' high debt levels, banks and other financial institutions drastically pulled back on lending to those companies. Meanwhile, China's latest development plans have emphasized advanced manufacturing — production of goods of higher value than apparel and other lower-cost goods Chinese factories have been known for. But analysts increasingly realize that the high-growth days of real estate are over, weighing further o n the economy in the near term. Oxford Economics expects the economy to slow to a 4.4% pace in 2024 and 4.0% in 2025, dragged down by real estate. China is set to release third-quarter GDP, retail sales, industrial production and fixed asset investment on Wed., Oct. 18.
Persons: That's, hasn't, Banks, Gill, Kharas, Louise Loo, Loo, Brian Tycangco Organizations: People's Bank of China, Oxford, Stansberry Research, HSBC, World, Network Locations: China, Beijing, Oxford, Friday's
China is starting to show what sway it has in the semiconductor supply chain, and stocks are only starting to react. About a week ago on July 3 , China's Commerce Ministry announced export restrictions on germanium and gallium would take effect on Aug. 1. WestSummit claims about 20 billion yuan ($2.77 billion) in assets under management. China's latest export curbs follow sweeping U.S. export restrictions in October to limit Chinese businesses' access to advanced semiconductor technology. One of Delta's investments, Shanghai New Vision Microelectronics, raised just over 1 billion yuan in an initial public offering on Shanghai's Star board on June 1.
Persons: Bo Du, Du, WestSummit, Greg Ye, Ye, Wei Jianguo, Wei didn't, Brian Tycangco, Tycangco Organizations: China's Commerce Ministry, . Geological Survey, WestSummit Capital Management, CNBC, Delta Capital, Shanghai New Vision Microelectronics, Shanghai's Star, Stansberry Research, Materials, Earth Holdings Locations: China, Yunnan, U.S, Shenzhen, Shanghai, Washington, Beijing
The move represented a light at the end of the tunnel for many investors who had seen a wave of regulatory blitzes as a major cloud hanging over China's private sector. Reuters GraphicsAlibaba said on Tuesday it would split into six units - Cloud Intelligence Group, Taobao Tmall Commerce Group, Local Services Group, Cainiao Smart Logistics Group, Global Digital Commerce Group and Digital Media and Entertainment Group. He was spotted on Monday in Hangzhou, home to Alibaba, just one day before the company announced the restructuring. Tencent Holdings Ltd (0700.HK), China's largest gaming company, saw shares rise as much as 5.1%. Alibaba's split may pave the way for other Chinese tech giants to undergo similar restructuring, CMC Markets analyst Tina Teng said.
Sopa Images | Lightrocket | Getty ImagesBEIJING — State-backed entities have taken tiny stakes in parts of two Alibaba subsidiaries that oversee a video platform and web browser. The state-backed stakes reflect a progression of government directives over the last decade to increase control of media in China. "So far most of the stakes announced (including in other Chinese companies) seem to be highly concentrated on media companies and media subsidiaries." watch nowSince 2020, business records show state-backed entities have taken 1% stakes in popular social media or short-video apps Weibo , ByteDance's Douyin and Kuaishou . A provincial state media group completed a 1% investment in September, leaving Alibaba's media arm with 99% ownership.
A young Beijing company's game called "Sheep a Sheep" went viral in China in September 2022. That's because the new game, called Sheep a Sheep, sits inside ByteDance's Douyin and Tencent's messaging app WeChat as a mini-program. Sheep a Sheep just went viral these past few days. Weeks later in early September, Jianyou had launched the sheep game, according to posts on its official Weibo, a Twitter-like social media platform in China. In contrast, NetEase's first game approval in more than a year came 10 months after the company registered the software, according to Tianyancha data.
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