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Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLack of job security and income growth are key factors hindering consumer spending in ChinaHelen Qiao from BofA Global Research talks about China consumer weakness and what government should do to boost domestic consumption.
Persons: China Helen Qiao Organizations: Global Research Locations: China
“The policymakers recognize the urgency to prevent an outright property crisis,” said Zhaopeng Xing, senior China strategist at ANZ Research. According to Goldman Sachs, the total value of unsold homes, unfinished projects and unused land in China is about 30 trillion yuan ($4.1 trillion). On Friday, Tao Ling, deputy governor of the PBOC, said the relending program could eventually underpin 500 billion yuan ($69 billion) worth of bank loans to support the buying. The Housing Ministry said Friday that local governments can instruct local state-owned enterprises to help purchase some unsold homes from developers. Just the beginningAddressing the oversupply of unsold homes is only the first step, experts say.
Persons: , Zhaopeng Xing, Goldman Sachs, it’s, Tao Ling, Ting Lu, Nomura, Helen Qiao, It’s, Tao, ” Jing Liu, Taylor Wang, Xing, Goldman, Donald Trump, Michelle Lam, Wei Yao, Société Générale Organizations: Hong Kong CNN —, ANZ Research, Goldman, People’s Bank of China, Greater China, Bank of America, Housing Ministry, HSBC, European Union Locations: China, Hong Kong, Hong Kong CNN — Beijing, Beijing, Greater, Société, Japan
China's breakout from its economic slump may also mean less government support ahead, BofA said. BofA doesn't expect a "a full-blown growth rebound" as real estate woes and weak demand are still a problem. AdvertisementBank of America boosted its forecast for China's economic growth in 2024 on the heels of a surprisingly strong first-quarter performance from the world's second-largest economy. AdvertisementWith a robust first quarter dataset in hand, policymakers may be less inclined to intensify easing measures, dashing hopes for imminent policy support, according to the bank. The analysts wrote that they anticipate a gradual growth deceleration through the rest of 2024 as policy support wanes.
Persons: BofA, , Helen Qiao, wasn't Organizations: of America, Service, Bank of America, FAI Locations: China
[1/3] The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. "Nobody believed that Country Garden would fail. Country Garden declined to comment. In July, only weeks before it skipped debt payments, Country Garden launched a campaign on its WeChat channel titled “Beautiful Delivery”, showcasing newly built apartments and happy homeowners. Country Garden did not respond to questions about the payment or delivery disputes.
Persons: Aly, Ping, COVID, Economist Intelligence Unit's Xu Tianchen, EIU’s Xu, it’s, , Qiao Jingjing, Qiao, Clare Jim, Liangping Gao, Amy Lv, Laurie Chen, Antoni Slodkowski Organizations: Shanghai Country Garden, REUTERS, Rights, China's, Garden, Ping An, Economist Intelligence, Reuters, Observers, Jujiang, Thomson Locations: Shanghai, China, Rights BEIJING, HONG KONG, Beijing, Chongqing, Xinzheng, Henan Province, Lincoln
CNN —A tiny wooden shed perched on a steep cliff in a scenic southern Chinese region has earned the nickname of “most inconvenient convenience store” in the country. It’s also home to Haohan Qiao, or “Brave Men’s Bridge,” which, upon opening in 2015, was China’s first glass-bottomed bridge. The convenience store is located along an 800-meter via ferrata route. It returned to the spotlight this month following recent reports on state media, captivating Chinese social media users. “The most inconvenient convenience store,” a popular military blogger, who has more than 889,400 fans, quipped on Chinese social network Weibo last week.
Persons: It’s, Haohan Qiao, , Huizhou, Shiniuzhai, James Cameron’s, Organizations: CNN, China Daily, Weibo, China Daily . Staff, Beijing Youth Daily Locations: Chinese, Hunan, , China
Goldman Sachs announced its 2023 class of managing directors Thursday afternoon, giving 608 employees the coveted title. It's a smaller cohort than the bank's 2021 MD class, down 5% amid a dealmaking slowdown. Still, Goldman appears to have taken pains to promote employees in revenue-generating divisions like investment banking and trading. Goldman says the percentage of women it promoted as part of the 2023 MD class sets a record, up 1% from 2021. Two years ago, Goldman promoted the largest managing director class in its history, naming 643 employees to the designation in 2021.
Persons: Goldman Sachs, Goldman, David Solomon, John Waldron, we've, Solomon, Waldron, Goldman Sachs Fereshteh Abbasi Thomas Abe Devina Abreo Francesca Adamski Emmanuel Adenitire Gopal Agarwal Prasoon Agarwal Udit Agrawal Khamran Ali Omar Alzaim Dorothee Amar Akbar Amin Joe Amsler Wilfred Amuri Jack Anstey Paul Antonios Hidemi Aoki, Carolina Aragon Gonzalez Nelson Armbrust Georgina Aspden Laurene, Gisha, Sharon Babick Navin Babu Alexey Bachurin Alberto Bacis Patrick Badaro Rahul Bajaj Elise Bal Tanya Ballaram Brian Baltz Guillaume Banderet Nirav Bansal Nitin Bansal Swati, Chalapathi, Andrei Banu Camella Barnes James Barry Elisa Anna Bassu Aman Batra Eleanor Beasley Nicole Beavan Michael Becker Yukiko Beer Omar Benchekroune Richard Bennett Nigel Beslee Ashima Bhalla Nikhil Bhandari Nimita Bhargava Bodha Bhattacharya Rebecca Bibb Roseline, Rahul Bindu Mark Bird Leo Biselman Christian Blanc Patrick Bogues Michael Boratin Katherine Bordlemay Gabriela Borges Kate Boucher Erik Bouland Joanne 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Prosecutors now say that Sam Bankman-Fried committed fraud and conspiracy when he oversaw FTX. AdvertisementAdvertisementThe collapse of FTX in 2022 wasn't the result of fraud or a deliberate scheme to steal from customers; it was just the nature of a volatile cryptocurrency market, Sam Bankman-Fried's attorney argued on Wednesday. His attorney, Mark Cohen, argued during opening statements on Wednesday that Bankman-Fried never intended to defraud anyone or mislead customers to get them to invest in FTX. For the first time since 2021, the crypto market overall was worth less than $1 trillion by June 2022. That kind of turbulence is precisely what can overwhelm burgeoning companies like FTX, Cohen tried to argue.
Persons: Sam Bankman, Fried, SBF, , Bankman, Mark Cohen, Cohen, Sam, FTX, Sheila Warren, Qiao Wang Organizations: Prosecutors, Service, Alameda Research, Crypto, Innovation, New York Times, Alliance Locations: FTX, Manhattan, Bahamas
An employee works on the production line at Jingjin filter press factory in Dezhou, Shandong province, China August 25, 2022. China's non-manufacturing PMI, which incorporates sub-indexes for service sector activity and construction, also rose, coming in at 51.7 versus August's 51.0. PROPERTY RISKSMore stable economic indicators will be welcomed by policymakers as they continue to grapple with a property sector debt crisis that has rattled global markets. Analysts say more policy support will be needed to ensure China's economy can hit the government's growth target of about 5% this year. "China's economy stabilised partly driven by the loosening of property sector policies," said Zhiwei Zhang, chief economist of Pinpoint Asset Management.
Persons: Siyi Liu, Zhou Hao, Zhiwei Zhang, Ryan Woo, Tina Qiao, Joe Cash, Michael Perry, William Mallard Organizations: REUTERS, National Bureau of Statistics, PMI, Guotai, China Evergrande, HK, Asian Development Bank, Analysts, Thomson Locations: Dezhou, Shandong province, China, BEIJING
BEIJING, Sept 30 (Reuters) - Shanghai Minghong Investment Management Co, one of China's largest quantitative hedge funds, has been banned from registering new products for three months due to "inappropriate" staff behaviour, the Asset Management Association of China said. Shanghai Minghong failed to conduct effective internal control over issues such as employees' "inappropriate comments" about the company's peers on social media and failed to promptly urge them to make rectifications, the association said in a statement dated Sept. 29. The measures against Shanghai Minghong, established in 2014, come as the sector rapidly expands, with total funds managed nearly doubling to more than 1.08 trillion yuan ($148 billion) in 2021 from a year earlier, according to industry estimates. Shanghai Minghong could not be immediately reached for comment on Saturday due to a public holiday in China. ($1 = 7.3010 Chinese yuan renminbi)Reporting by Ryan Woo and Tina Qiao; Editing by Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.
Persons: Shanghai Minghong, Ryan Woo, Tina Qiao, Kirsten Donovan Organizations: Shanghai Minghong Investment Management Co, Asset Management Association of China, China Securities, Shanghai Minghong, Shanghai, Thomson Locations: BEIJING, Shanghai, China
ST. PETERSBURG, Fla. (AP) — Florida agriculture losses from Hurricane Idalia are estimated at between $78 million and $371 million, with producers also suffering widespread damage to such infrastructure as irrigation rigs and fences, according to a preliminary report Thursday from the University of Florida. Predicted losses for livestock are pegged at between $30.1 million and $123.4 million, according to the University of Florida's Institute of Food and Agricultural Sciences report. Four people in Florida were killed during the hurricane, according to medical examiner reports to the Florida Department of Law Enforcement. Also Thursday, Agriculture Commissioner Wilton Simpson announced an assistance program targeted at repair or replacement of existing irrigation systems. Florida agriculture and related industries such as processing accounted for more than $270 billion in sales revenue and supported some 2 million jobs in 2022, the University of Florida estimated.
Persons: , Xiaohui Qiao, Christa Court, Wilton Simpson, Simpson Organizations: Hurricane, University of Florida, University of Florida's Institute of Food, Agricultural Sciences, Florida Department of Law, Resource Economics Department Locations: PETERSBURG, Fla, Florida, Bend, Dixie, Hamilton, Lafayette, Madison, Suwannee, Taylor, Gulf of Mexico, Georgia
watch nowA raft of weak Chinese economic data in May has raised hopes of decisive policy intervention. A slew of economic data from industrial production and fixed asset investment to retail sales and trade fell short of expectations, with China teetering on the brink of deflation as its post-pandemic economic recovery stalls. "Weak investments data suggest that authorities are unlikely to stop at the monetary easing we saw this week," Oxford Economics' lead economist Louise Loo wrote in a note after Thursday's China data release. "We therefore continue to expect announcements of further 'piecemeal' property sector easing measures to follow in the coming weeks," Loo wrote. Goldman Sachs economists said last month that getting young people back to work would give China's economic recovery a sizable boost, given that they account for almost 20% of consumption in China.
Persons: China teetering, Helen Qiao, Louise Loo, Loo, Goldman Sachs, America's Qiao Organizations: China's State Council, Communist, China's National Statistics Bureau, Bank of America's, CNBC, People's Bank of, Oxford, Afp, Getty, Bank Locations: China, People's Bank of China, Chinese, Chongqing, America's
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email'More useful and impactful' stimulus measures likely after end-July Politburo meeting: BofAHelen Qiao, chief Greater China economist at BofA Global Research, discusses the kind of stimulus package the Chinese government is likely to roll out to boost investment and consumption.
Persons: BofA Helen Qiao Organizations: BofA Global Research Locations: China
Qiao Ling speaks up to correct him. Instead of apologizing, Thomas laughs it off and asks Qiao Ling if she has a nickname because her real name is "too hard to remember." Many people think of allyship as a two-way relationship between the ally ("I saw it") and the affected person ("It happened to me"). Step 2: Help the affected person as they want to be helped. Rather than treating the affected person as you would wish to be treated, help them as they would wish to be helped.
CNN —The Justice Department announced on Tuesday five criminal cases against people accused of stealing or illegally diverting American technology and materials for the Russian, Chinese and Iranian governments. The man, Xiangjiang Qiao, is at large in China, according to the Justice Department. “These charges demonstrate the Justice Department’s commitment to preventing sensitive technology from falling into the hands of foreign adversaries, including Russia, China, and Iran,” said Matthew Olsen of the Justice Department’s national security division. In New York, a Greek national is charged with allegedly acquiring more than 10 different types of sensitive technologies on behalf of the Russian government. The man, Dr. Nikolaos “Nikos” Bogonikolos, was arrested in Paris last week and the US will move for his extradition, the Justice Department said.
The People's Bank of China (PBOC) building in Beijing, China, on Tuesday, April 18, 2023. Source: BloombergChina's consumer price index rose 0.1% in April year-on-year, the slowest since early 2021. Economists surveyed by Reuters expected to see consumer prices rise 0.4% from a year ago and remain unchanged from the previous month. Inflation in China was led by food and services, according to the National Bureau of Statistics – food prices rose by 0.4% and service prices rose 1% from a year ago. That's a stark contrast to the latest U.S. inflation data overnight which showed consumer prices rose 4.9% in April – easing in the wake of the Federal Reserve's efforts to tame inflation by hiking rates 10 consecutive times.
SHANGHAI/SINGAPORE, April 28 (Reuters) - Chinese banks are ramping up efforts to promote international use of the yuan, and reporting a surge in cross-border yuan business from the country's booming trade with Russia and deepening ties with the Middle East. Harbin Bank Co (6138.HK), in China's Heilongjiang province neighboring Russia, saw its cross-border yuan business grow nine-fold last year to a record, as the Sino-Russia trade grew briskly after the Ukraine war began. Industrial Bank Co (601166.SS), whose cross-border, corporate payment business jumped 50% last year, has also been actively promoting CIPS, China's own global payment system. The bank said it currently helps 153 foreign and Chinese banks connect to CIPS, to advance China's yuan internationalisation strategy. "Increasing the use of yuan in pricing, and settling cross-border oil and gas trade will give a boost to yuan internationalization."
JingdezhenLarge chimneys, used for firing porcelain, dot the skyline of Jingdezhen city. gui yong nian/Adobe StockDubbed the porcelain capital of the world, Jingdezhen has been firing quality pieces of “white gold” for more than 1,700 years. For a crash course in the city’s porcelain history, visit the newly built and photogenic Jingdezhen Imperial Kiln Museum of China. LinhaiLinhai's historic city wall stretches more than 6,000 meters in length. Food aside, travelers should leave time to admire this historic city that dates back more than 2,000 years.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPrices in China's service sector are 'edging up a bit,' says economistHelen Qiao of BofA Global Research says some small Chinese businesses in the sector now have more pricing power.
October 2022 Wang Linfang,92, molecular biologist Four members of China’s two most prestigious academic institutions died in October – in line with the average in recent years. October 2022 Wang Linfang,92, molecular biologist Four members of China’s two most prestigious academic institutions died in October – in line with the average in recent years. Zhang Guocheng, 91 Zhao Zisen, 90, developed China’s first practical optical fiber Tang Hongxiao, 91 The obituaries began accumulating. October 2022 Wang Linfang,92, molecular biologist Four members of China’s two most prestigious academic institutions died in October – in line with the average in recent years. October 2022 Wang Linfang,92, molecular biologist Four members of China’s two most prestigious academic institutions died in October – in line with the average in recent years.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRelaxation of China's Covid measures is 'the key' to its growth rebound in 2023, economist saysHelen Qiao of BofA Securities says turmoil is still "very likely" in the near term, and it expects that the situation will get better only in the second half of 2023.
Li Qiang, likely to become the next premier, is pictured here speaking at a major annual financial conference in Shanghai in 2020. Bloomberg | Bloomberg | Getty ImagesBEIJING — Chinese stocks' plunge on Monday over fears about China's new leadership team "may be misguided," consulting firm Teneo said. Xi's leadership teamThe Politburo standing committee is the highest circle of power in China. Li Xi has led the export-heavy province of Guangdong as party secretary, while Cai Qi held the role for the capital city of Beijing. Mr Li [Qiang] has been widely regarded as a capable pro-market and pro-growth politician.
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