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☆ Labor Day isn’t the holiday it once was for China’s workers
▼ + stars: | 2024-04-30 | by ( Chris Lau | Hassan Tayir | ) edition.cnn.com time to read: +7 min

Hong Kong CNN —Like hundreds of millions of workers in China, Hao Zeyu, an algorithm engineer at an electric vehicle maker, is getting five days off this week for the Labor Day holiday. So, why has a decades-old policy caused so much upset in a country whose Communist Party leadership pays annual homage to International Workers’ Day? Trending topicIn recent weeks, complaints about this year’s Labor Day leave arrangements have exploded on Chinese social media. Tourists visit the Qiansimen Jialing River Bridge during the May Day holiday on May 1, 2023 in Chongqing, China. Labor Day isn’t the only holiday to get the adjusted rest policy.

Persons: Hao Zeyu, Hao, “, ” Hao, ”, Yao, Max Teng, it’s, Yaer Tuerdi, Pang Dong Lai, Yu Donglai, Yu, Teng Organizations: Hong Kong CNN, Labor, CNN, Communist Party, International Workers, Workers, Weibo, Tourists, China News Service, University of Wellington, “ Workers Locations: China, Hong Kong, Chongqing, United States, United Kingdom, Kentucky, Henan

☆ Jack Ma is praising Alibaba. Wall Street is more cautious
▼ + stars: | 2024-04-14 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

Alibaba shares got a boost last week from news founder Jack Ma is pleased with the company's turnaround so far. They cut their price target to $100 a share, down from $105 previously, while maintaining an overweight rating. Eddie Wu became CEO of Alibaba in September, and is also acting head of the cloud business. They cut their price target by $1 to $105 a share and maintained their buy rating. They have a price target of $85, and, in contrast to the many buy ratings, rate the stock equal weight.

Persons: Jack Ma, Joe Tsai, Ma, Alex Yao, Tsai, Nicolai Tangen, We've, Eddie Wu, Trudy Dai, Daniel Zhang, Kenneth Fong, Douyin, Nomura, Doubao, Ernie, Qianwen, monetization, Morgan Stanley, Gary Yu, — CNBC's Michael Bloom, Arjun Kharpal Organizations: CNBC, Wall Street, JPMorgan, Norges Bank Investment, Alibaba, Commerce, UBS, PDD Holdings, Norges Bank Investment Management Locations: China, U.S, Taobao, BABA

☆ Alphabet's cloud event Tuesday could justify the stock's recent records and further upside
▼ + stars: | 2024-04-09 | by ( Zev Fima | ) www.cnbc.com time to read: +7 min

Shares of Alphabet are on the verge of a possible breakout ahead of the company's three-day Google Cloud Next conference in Las Vegas, where artificial intelligence will be a major theme. Shortly after the trade, Alphabet shares ran into a brick wall after some advertising weakness surfaced in fourth-quarter results and was followed by a controversy over Gemini's image generator that caused the company to pull the tool. The conference is expected to show that "Google is not being left behind, not being troubled by Search," Jim said. That said, we expect Tuesday's AI conversation to be limited to how it relates to Google Cloud. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

Persons: Thomas Kurian's, Nvidia —, bottoming, Jim Cramer, Jim, Nikesh Arora, Anthropic, Dario Amodei, Ford Yao Ge, Nik Spirin, Oppenheimer, Claude, Jim Cramer's Organizations: Google Cloud, Google, Microsoft, Super, Apple, Nvidia, Management, CNBC, Amazon, Bank of America, Palo Alto, Ford, Apple's Worldwide, Getty Locations: Las Vegas, Palo Alto, Amazon, OpenAI

☆ A billionaire helped bring ‘3-Body Problem’ to Netflix. His business partner ensured he never lived to see its premiere
▼ + stars: | 2024-04-03 | by ( Nectar Gan | ) edition.cnn.com time to read: +8 min

Hong Kong CNN —Lin Qi, a billionaire fan of “The Three-Body Problem,” had big plans to bring his favorite Chinese sci-fi novel to TV, cinema and video-game screens across the world. Xu was sentenced to death for murder by a court in Shanghai on March 22 - the day after the much-anticipated debut of “3 Body Problem” on Netflix. 3 Body Problem. Soon, he was sidelined, with key projects handed to another executive, Zhao Jilong, one of the executives who would later have his drinks poisoned by Xu, according to Caixin. When Netflix announced its adaptation project of “The Three-Body Problem” in September 2020, Lin and Zhao were listed as executive producers, with Xu’s name conspicuously missing.

Persons: Hong Kong CNN — Lin Qi, ”, Lin, Lin’s, Xu Yao, Xu, Caixin, John Bradley, Jack Rooney, Jess Hong, Jin Cheng, Mark Gatiss, Isaac Newton, Reece Shearsmith, Alan Turing, Jenson Cheng, Kublai Khan, Netflix Xu, China’s, Liu Cixin, Zhao Jilong, Zhao, Yoozoo, “ Xu Yao’s Organizations: Hong Kong CNN, “, Netflix, Lin’s Yoozoo, Yoozoo Games, Phoenix News Locations: China, Hong Kong, Shanghai, pufferfish, Japan, France, United States

☆ Certain work shifts may harm your health later in life, study finds
▼ + stars: | 2024-04-03 | by ( Kristen Rogers | ) edition.cnn.com time to read: +8 min

More dire long-term consequences may also be at play, according to new research on the associations between work patterns in young adulthood and health outcomes later in life. Multiple studies have shown how irregular work hours can harm overall health and social life, but the new paper views the relationship through a “life-course” approach, observing how work patterns affect health throughout adulthood instead of one point in time. Despite the challenges of today’s work schedules, health experts say there are strategies people can use to mitigate the negative impacts. Additionally, still having some kind of routine or schedule around that shift can make it easier to fit in those health-promoting activities — especially sleep, Yao added. And past research has found that refraining from eating late at night counteracts the negative effects of shift work on health, he added.

Persons: ”, Wen, Han, ” Han, White, Xiaoxi Yao, wasn’t, Yao, ” Yao, “, Leana Wen, Wen wasn’t, Azizi Seixas, Christian Benedict, Han’s, ” Benedict, Benedict, ” Seixas Organizations: CNN, Silver School of Social, New York University, Longitudinal Survey, Mayo Clinic, “, George Washington University Milken Institute School of Public Health, Center, University of Miami Miller School of Medicine, Uppsala University Locations: midlife, Minnesota, Sweden

☆ The executive on Netflix's '3 Body Problem' who murdered its super-rich producer practiced by poisoning cats and dogs: report
▼ + stars: | 2024-04-02 | by ( Mikhaila Friel | ) www.businessinsider.com time to read: +1 min

Former Yoozoo Games executive Xu Yao received a death sentence for murdering his boss. Lin Qi died in 2020 after ingesting poison, The New York Times reported. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAn executive who worked on Netflix's "3 Body Problem" practiced killing cats and dogs before fatally poisoning his boss, the Chinese outlet Caixin reported.

Persons: Xu Yao, Lin Qi, Xu, Caixin, — Organizations: Yoozoo Games, New York Times, Service, The New York Times, Business

☆ The Bizarre Chinese Murder Plot Behind Netflix’s ‘3 Body Problem’
▼ + stars: | 2024-04-01 | by ( David Pierson | ) www.nytimes.com time to read: +1 min

The video game tycoon had wanted to turn one of China’s most famous science-fiction novels, “The Three-Body Problem,” into a global hit. He had started working with Netflix and the creators of the HBO series “Game of Thrones” to bring the alien invasion saga to international audiences. But Mr. Lin did not live to see “3 Body Problem” premiere on Netflix last month, drawing millions of viewers. Sidelined at work, Mr. Xu reportedly exacted vengeance with meticulous planning, including by testing poisons on small animals in a makeshift lab. (He not only killed Mr. Lin, but also poisoned his own replacement.)

Persons: Lin Qi, “, Lin, Xu Yao, Lin’s, Xu Organizations: Netflix, HBO Locations: Shanghai

☆ An executive who worked on '3 Body Problem' was sentenced to death for fatally poisoning the Netflix show's producer
▼ + stars: | 2024-04-01 | by ( Eve Crosbie | ) www.businessinsider.com time to read: +1 min

Lin Qi, who helped bring "3 Body Problem" to screens, died before the series aired. He was poisoned in 2020 by Xu Yao, who headed up a subsidiary which oversaw adaptations of the book. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementA former Yoozoo Games executive has been handed a death sentence for the murder of a producer on Netflix's sci-fi show "3 Body Problem." According to The New York Times, the Shanghai First Intermediate People's Court found Xu Yao guilty of fatally poisoning Lin Qi, who was dubbed China's "billionaire millennial."

Persons: Lin Qi, Xu Yao, Xu, —, Lin Organizations: Service, Yoozoo Games, The New York Times, Shanghai

☆ Analysis-As China's Xi Summons 'New Productive Forces', Old Questions Linger for Economy
▼ + stars: | 2024-03-05 | by ( March | At P.M. | ) www.usnews.com time to read: +5 min

By James Pomfret, Kevin Yao and Ellen ZhangHONG KONG/BEIJING (Reuters) - Facing its deepest economic challenges in years, China's leadership has tasked ministries and local governments with implementing a new mantra from President Xi Jinping: unleash "new productive forces". Beijing hopes the “new productive forces” campaign will strengthen China at a time when geopolitical pressures including steps by the United States to “decouple” or “de-risk” have curtailed access to foreign technology. "To support innovation, we should give people more freedom to think and talk, because many innovations result from the collision of ideas. The new mantra was also taken up by China's state planning agency, the National Development and Reform Commission. Its annual report on Tuesday pledged support for industries including satellite internet applications, China's BeiDou Navigation Satellite System, and research into nuclear fusion.

Persons: James Pomfret, Kevin Yao, Ellen Zhang HONG, Xi Jinping, Li Qiang, Xi’s, Xi, Tianchen Xu, Li, Steve Tsang, Ellen Zhang, Nick Macfie Organizations: Communist Party, Party, Reuters, Economist Intelligence Unit, SOAS China Institute, National Development, Reform Commission Locations: Ellen Zhang HONG KONG, BEIJING, China, China’s, Beijing, United States, London, Pearl

☆ China’s AI stocks are surging. Here are the names to watch
▼ + stars: | 2024-02-25 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +7 min

The investment analyst team led by Gary Yu has a $140 price target and overweight rating on Baidu's U.S.-listed shares. "We believe the current AI cloud integration between Galaxy AI and Ernie is just the first step," Yu said. For all the interest in AI stocks, China markets this year are still grappling with worries about whether Beijing is doing enough to support economic growth. They have a price target of 160 yuan on Shanghai-listed shares of Cambricon — upside of 12% from Friday's levels. They have a price target of 380 yuan on Shanghai-listed Kingsoft, up more than 50% from Friday's levels.

Persons: Morgan Stanley, Gary Yu, Yu, Ernie chatbot, Ernie, Fawne Jiang, Jiang, Baidu, Alex Yao, Yao, Geoffrey Hinton, Cade Metz, Hinton, Metz, it's, Sinodata, Microsoft didn't, EPFR, Bernstein, monetization Organizations: Bloomberg, Baidu, U.S, Huawei, Galaxy, Benchmark, JPMorgan China, Mavericks, Google, Facebook, Microsoft, Shenzhen Stock Exchange, Shanghai, China Equity Funds, Nvidia Locations: China, U.S, Shenzhen, Beijing, Shanghai

☆ Everything we know so far about Amazon's 'Fallout' TV series
▼ + stars: | 2024-02-23 | by ( Eammon Jacobs | ) www.businessinsider.com time to read: +7 min

Read previewAmazon's "Fallout" TV series is set to bring the warped 1950s futurism and nuclear weapons of the award-winning video games into live action. AdvertisementHere's what we know about Amazon's "Fallout" TV series, which adds an original story to the universe. "Fallout" is set in an alternate history where nuclear technology is everywhereElla Purnell as Lucy, a Vault Dweller, in "Fallout." Lucy will meet other groups in the "Fallout" wasteland, like the Brotherhood of SteelKnights of the Brotherhood of Steel in "Fallout." Amazon Prime Video/YouTubeThe first trailer for "Fallout" confirmed that the show starts streaming on April 12.

Persons: —, Jonathan Nolan, Lisa Joy, Ella Purnell, Lucy, Pip, Kyle MacLachlan, Lucy's, Hank, Nolan, Steel Knight, Aaron Moten, Walton Goggins, Cooper Howard, he's, yao, yao guai, there's Organizations: Service, Business, Apple, Vault Tech, Fair, of Steel Knights, Brotherhood of Steel, of Steel, Marine Corps, Knights, Steel, Brotherhood, Amazon Prime

☆ China policymakers will struggle to give markets what they want, chief strategist says
▼ + stars: | 2024-02-21 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

Photo taken on January 21, 2024 shows a real estate project under construction in Huai 'an city, Jiangsu province, China. CFOTO | Future Publishing | Getty ImagesPolicymakers are doing little to soothe concerns surrounding China's ailing economy, Brian McCarthy, chief strategist at Macrolens told CNBC's "Street Signs Asia" on Wednesday. The latest monetary policy announcement from the People's Bank of China (PBOC) saw the central bank cut the benchmark 5-year loan prime rate by 25 basis points earlier this week. Many observers saw the move as an effort to boost the country's struggling property market, as the majority of mortgages are pegged to this rate. The 5-year loan prime rate cut was a more "aggressive" move within these decisions, he added.

Persons: Huai, Brian McCarthy, Macrolens, CNBC's, Wei Yao, Générale, stabler, McCarthy Organizations: Getty, People's Bank of China, CSI Locations: Jiangsu province, China, Asia

☆ China's fiscal policy is 'increasingly more important,' economist says
▼ + stars: | 2024-02-21 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina's fiscal policy is 'increasingly more important,' economist saysWei Yao, head of research and chief economist for Asia-Pacific at Société Générale, discusses the People's Bank of China's decision to cut the country's benchmark five-year loan prime rate for the first time since June, and the limitations the central bank faces in stimulating the economy.

Persons: Wei Yao, Générale Organizations: People's Bank Locations: Asia

☆ China vs. India? Where one Asia investment manager is buying in a world of uncertainty
▼ + stars: | 2024-01-21 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

India stocks have run up so high that China looks relatively attractive, said Abrdn's Xin-Yao Ng, Singapore-based investment manager of Asian equities. Until the Chinese economy rebounds, his strategy is to pick stocks. Chinese stocks have dropped over the last several months, with the Shanghai Composite trading near lows not seen since the early months of the pandemic in 2020. All this follows a year in which mounting concerns about China's economy and lack of stimulus have kept investors on the sidelines. But for China's economy overall, a slew of concerns from geopolitics to an aging population remain.

Persons: Abrdn's Xin, Yao Ng, Abrdn's Ng, Ng, Li Qiang, he's, Abrdn, We've Organizations: Shanghai, Equity Fund, Eye, Nike Locations: India, China, Singapore, Davos, Mindray

☆ China's rapidly dwindling future will shape the world for decades to come
▼ + stars: | 2024-01-21 | by ( Linette Lopez | ) www.businessinsider.com time to read: +14 min

Everything was getting bigger — its cultural influence, geopolitical ambition, population — and seemed poised to continue until the world was remade in China's image. But now China's economy is withering, and the future Beijing imagined is being cut down to size along with it. What Beijing does — or fails to do — to fight this malaise will determine the course of humanity for decades to come. China's deflation worries started in earnest in the summer. Years of overbuilding — by about double the population, according to some estimates — and slowing population growth caused prices to collapse .

Persons: Minxin Pei, there's, Charlene Chu, Autonomous Research Charlene Chu, Chu, Wei Yao, Générale, I'm, Ben Bernanke, Bernanke, Xi Jinping, Xie Huanchi, Société Générale's Yao, Yao, It's, —, aren't, Logan Wright, Wright, Xi doesn't, Jinping, it's, Xi, Claremont's Pei, magnanimity Organizations: Claremont McKenna College, Autonomous Research, Federal Reserve, Getty Images Japan, Chinese Communist Party, Xi, CCP Locations: China, Beijing, dauphin, Xinhua, Japan, Xi's China, East Asia, Taiwan, Europe

☆ China could take inspiration from Vladimir Putin as it seeks to conquer Taiwan
▼ + stars: | 2024-01-11 | by ( Gregor Schwung | ) www.businessinsider.com time to read: +8 min

Read previewOn the beach of the Taiwanese island of Kinmen, pointed metal rods protrude from the ground and point towards the sea. To test Western resolve, China could first grab one of the offshore islands - just as Putin initially seized Crimea. After all, the only previous hostilities between Taiwan and China took place here - Beijing tried to conquer Kinmen in 1960 and 1970. To take Taiwan, China does not need Kinmen or the other offshore islands as a springboard. Due to its proximity to the mainland, Chinese military activities and any preparations for an invasion can be easily observed from here.

Persons: —, Gregor Schwung, Xi Jinping, Putin, Xi, Sun Tzu, Li Wen, Jing, Li, Vladimir Putin, Yao, Yuan Yeh Organizations: Service, Business, Congress, Kinmen, dicey coastguard, People's Liberation Army, Institute for National Defence and Security Research, Ministry of Defence, WELT, New, Security, Beijing, Communist Party, St Thomas University, Policy Locations: Kinmen, China, Xiamen, Taiwan, Taipei, Pratas, People's Republic, Crimea, Washington, Beijing, Ukraine, Taiwan's, Houston

☆ Wall Street’s new e-commerce darling just overtook Alibaba in market cap — one analyst says it's a 'standout growth stock'
▼ + stars: | 2023-12-05 | by ( Sheila Chiang | ) www.cnbc.com time to read: +4 min

PDD's current market capitalization is nearly $190 billion, compared to Alibaba's market capitalization of $185.8 billion, LSEG data showed. PDD posted 94% growth in third-quarter revenue from a year earlier, far outpacing Alibaba's 9% growth during the same period. Analysts say that consumers increasingly looking for bargains in the face of economic uncertainties have helped boost PDD's growth domestically and internationally. "PDD's strong 3Q23 results imply both sustainable market share expansion of its domestic e-commerce business and strong growth momentum of ... Temu," they told clients. PDD "remains a standout growth stock" amid a broader base economic slowdown in China, wrote The Benchmark Company in a Nov. 29 report.

Persons: Morgan Stanley, PDD, Morgan Stanley Morgan Stanley, Eddy Wang, Kathy Zhu, Gary Yu, Temu's, Temu, Andre Chang, Alex Yao, Nancy Liu, Morningstar Morningstar, Chelsey Tam, Fawne Jiang, Long Lin Organizations: PDD Holdings, Investment, JPMorgan, Morningstar, Alibaba, PDD's Nasdaq, JPMorgan JPMorgan, China Internet, Morningstar Asia, Company Locations: China, 4Q23, U.S, Europe, Australia, New Zealand, Morningstar Morningstar Asia, Temu

☆ China's policy support is a 'stop-gap' measure — not stimulus, SocGen economist says
▼ + stars: | 2023-12-05 | by ( Clement Tan | ) www.cnbc.com time to read: +4 min

Close up of Chinese Yuan notes, with Mao Tse-tung Peter Dazeley | The Image Bank | Getty ImagesChina's recent policy support is aimed at fixing its system and shouldn't be seen as economic stimulus, according to Societe Generale's Asia chief economist and head of research. PMI divergenceExpansion in China's services sector climbed to its strongest since August, a private survey on Tuesday showed. However, the private survey diverged from China's official PMI. The moderating manufacturing PMI and contracting services PMI, along with other November data point to the fragility of the Chinese economy and a faster deceleration of growth momentum last month, they added. The official PMI includes more companies engaged in heavy industries compared with the Caixin PMI, which covers more consumer-focused firms, Barclays economists said.

Persons: Yuan, Mao Tse, Peter Dazeley, Wei Yao, Yao, Jian Chang Organizations: Bank, Getty, Societe Generale's, CNBC, Economic Work Conference, China Communist, PMI, National Bureau of Statistics, NBS, Barclays Locations: Societe Generale's Asia, China

☆ Moody's cuts China credit outlook, citing lower growth, property risks
▼ + stars: | 2023-12-05 | by ( ) www.reuters.com time to read: +5 min

[1/2] A Chinese national flag flutters at the headquarters of a commercial bank on a financial street near the headquarters of the People's Bank of China, China's central bank, in central Beijing November 24, 2014. "The outlook change also reflects the increased risks related to structurally and persistently lower medium-term economic growth and the ongoing downsizing of the property sector," Moody's said. "Moody's concerns about China's economic growth prospects, fiscal sustainability and other aspects are unnecessary," the ministry said. STRUGGLING FOR TRACTIONMost analysts believe China's growth is on track to hit the government's target of around 5% this year, but that compares with a COVID-weakened 2022 and activity is highly uneven. Analysts widely agree that China's growth is downshifting from breakneck expansion in the past few decades.

Persons: Kim Kyung, Moody's, Ken Cheung, Pan Gongsheng, COVID, Goldman Sachs, Gnaneshwar Rajan, Kevin Yao, Tom Hogue, Kim Coghill Organizations: People's Bank of China, REUTERS, Mizuho Bank, Economic Work Conference, Fitch, China's Finance Ministry, International Monetary Fund, Thomson Locations: Beijing, Hong Kong, China, outflows, Bengaluru

☆ China's economy is on a 'very treacherous' path of stabilization, economist says
▼ + stars: | 2023-12-05 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina's economy is on a 'very treacherous' path of stabilization, economist saysWei Yao, Societe Generale chief economist and head of research, says China's economy still faces "immense" downward pressure from the housing sector and debt problems.

Persons: Wei Yao Organizations: Societe Generale

☆ China’s version of Spotify is ‘underappreciated,’ Morgan Stanley says
▼ + stars: | 2023-12-03 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

Tencent Music Entertainment is convincing more people in China to pay for music. Because of the size of China's market, it's more than Spotify 's claim of 574 million monthly active users —across 184 countries and territories. TME's "music value [is] still underappreciated," Morgan Stanley analysts led by Alex Poon wrote in a late November report. "We see room for [TME] music revenue to double and profit to triple in the next three years," the Morgan Stanley analysts wrote, noting "limited risks from macro and competition." Revenue from music subscriptions is estimated to rise 38% in 2023 versus 2022, Morgan Stanley estimates.

Persons: That's, Morgan Stanley, Alex Poon, ADRs, TME, Alex Yao, Gross, JPMorgan's Yao, Tencent, — CNBC's Michael Bloom Organizations: Tencent, Entertainment, Spotify, Kugou Music, JPMorgan Locations: China, U.S, Tencent, 3Q23

☆ As global rates turn, banks in India and Indonesia set to win
▼ + stars: | 2023-11-29 | by ( Ankur Banerjee | ) www.reuters.com time to read: +4 min

Loan growth at Asian banks is estimated to rise from 4.5% this year to 10% next year, LSEG data shows, with banks in India and Indonesia leading with 15% and 11% growth, respectively. Ng likes banks in India and Indonesia, given the better economic growth in those economies and ability of banks to sustain margins. LSEG data shows profits at banks in India and Indonesia will grow 13% and 11% respectively next year, nearly double the 6% average rise across Asia-Pacific banks. That compares to price-to-book ratio for MSCI's index for all-country Asian banks (.dMIAS0CB00PUS) of 0.9. Banks in Australia are estimated to see a drop of 5% in profit in 2024 while profits at Singapore banks will be flat.

Persons: Frederic Neumann, Neumann, Morgan, Yao Ng, abrdn, Ng, Vinay Agarwal, Agarwal, Morgan Stanley, Ankur Banerjee, Gaurav Dogra, Patturaja, Vidya Ranganathan, Simon Cameron, Moore Organizations: U.S . Federal, Fed, HSBC, ICICI, Kotak Mahindra Bank, Axis Bank, FSSA Investment Management, Indonesia's Bank Central Asia, BCA, Reuters, Thomson Locations: SINGAPORE, India, Indonesia, Thailand, Asia, Japan, J.P, Pacific, Singapore, Hong Kong, South Korea, Banks, Australia, China, Bengaluru

☆ China's central bank pledges to support domestic demand
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Thomas Peter/File Photo Acquire Licensing RightsBEIJING, Nov 27 (Reuters) - China's central bank on Monday said it would fend off systemic risks to the economy and use forceful and targeted monetary policy to better support domestic demand. "Prudent monetary policy should be precise and forceful, with greater emphasis on cross-cyclical and countercyclical adjustments, enriching the monetary policy toolbox," the bank said. The bank added it would "further unblock the monetary policy transmission mechanism", enhance the stability of financial support for the real economy and keep prices "reasonably stable". China's economy is gaining momentum, but it faces challenges such as an imbalanced global economic recovery and an unstable foundation for domestic economic recovery, the central bank said. "Supply and demand dynamics in the property market have greatly changed," the central bank said.

Persons: Thomas Peter, Liangping Gao, Kevin Yao, Ella Cao, Ethan Wang, Bernard Orr, Toby Chopra, Christina Fincher Organizations: Central Business District, National People's Congress, REUTERS, Rights, Thomson Locations: Beijing, China, Rights BEIJING

☆ China needs to unblock, sustain financial channels for private firms
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +4 min

Private firms, which account for 60% of China's gross domestic product and 80% of urban jobs, were hurt by three years of COVID curbs and a regulatory crackdown that targeted sectors from technology to private tutoring. Banking and financial institutions should set annual service targets for private enterprises, increase the weight of related businesses serving private enterprises in performance appraisal and gradually increase the proportion of loans to private enterprises, it said. China should also expand private firms' bond financing and guide financial institutions to expand the bond financing scale of private enterprises, according to the statement. China should back the listing, mergers and acquisitions, and reorganisation of private enterprises, including supporting qualified companies in going public overseas, it said. Fixed-asset investment by private firms fell 0.6% in January-September year-on-year, highlighting weak private sector confidence.

Persons: Tingshu Wang, Ryan Woo, Ziyi Tang, Kevin Yao, Christopher Cushing Organizations: People's Bank of China, REUTERS, Rights, Banking, Garden Holdings, HK, Bloomberg, Thomson Locations: Beijing, China, Rights BEIJING

☆ Exclusive: China govt advisers call for steady growth target in 2024, more stimulus
▼ + stars: | 2023-11-22 | by ( Kevin Yao | ) www.reuters.com time to read: +4 min

Five of the seven advisers who spoke with Reuters said they favoured a target of around 5%, matching this year's goal. The proposals will be made next month at the ruling Communist Party's annual Central Economic Work Conference that discusses policy plans and the outlook for the world's second-largest economy. "We need to adopt expansionary fiscal and monetary policy to stimulate aggregate demand," Yu Yongding, a government economist who advocates for a growth target of roughly 5%, told Reuters. "We are stepping up fiscal policy support," said another adviser, to make the "difficult" 2024 target "achievable." The stuttering post-COVID recovery has prompted many analysts to call for structural reforms that tilt the drivers of economic growth away from property and infrastructure investment and towards household consumption and market-allocation of resources.

Persons: Yu Yongding, Yu, Guan Tao, Xi Jinping, Kevin Yao, Marius Zaharia Organizations: Reuters, Communist, Economic Work Conference, BOC International, State Administration of Foreign Exchange, Thomson Locations: China, BEIJING, Beijing, outflows, Japan

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