DIRS.INFO The most relevant business & tech news

☆ China condemns British lawmakers for ignoring demand not to visit Taiwan
▼ + stars: | 2023-03-19 | by ( ) www.reuters.com time to read: +1 min

BEIJING, March 19 (Reuters) - China's embassy in Britain on Sunday condemned a visit this week by British lawmakers to Taiwan, saying they were insisting on visiting the island despite China's strong opposition. Taiwan's Presidential Office said the group of six lawmakers from the British-Taiwanese All-Party Parliamentary Group would meet President Tsai Ing-wen in Taipei on Monday. China views democratically governed Taiwan as its own territory and has been ramping up military, political and economic pressure to assert those claims. A statement from China's embassy in London said that the lawmakers have "insisted on visiting the Taiwan region of China despite China's resolute opposition". Taiwan regularly hosts visiting foreign lawmakers, which China routinely condemns.

☆ China launches recruitment drive for college graduates
▼ + stars: | 2023-03-19 | by ( ) www.reuters.com time to read: +1 min

The recruitment drive, hosted by the Ministry of Human Resources and Social Security, will last from Sunday to May 26, Xinhua said. The government aims to keep survey-based jobless rate of around 5.5% this year. During the first 10 days of the recruitment drive, 19 offline job fairs, eight cross-region job fairs and job fairs featuring sectors such as manufacturing, medicine and health, Internet and electricity and new energy will be hosted, Xinhua said. China's survey-based jobless rate was 5.6% in February, but for 16-24 years old it was 18.1%, National Bureau of Statistics data showed. A rise in the jobless rate in February was due to seasonal factors, the bureau said.

☆ China renews pledge for wider market access for foreign investors
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +2 min

BEIJING, March 16 (Reuters) - China's commerce ministry said on Wednesday it will continue to push for the relaxation of market access for foreign investors, renewing efforts to lure foreign capital as the world's second-largest economy emerges from three years of COVID disruptions. As China reopens after dropping its zero tolerance policy for COVID-19 in December, convincing foreign investors to return to China will help reinvigorate an economy that grew at its slowest rates last year in half a century. China will "help foreign companies seize the opportunity to deepen their presence in China," Shu Jueting, a commerce ministry spokesperson, told reporters. Shu told reporters that China will also "steadily expand institutional openness." China's fresh efforts to court foreign investors and businesses also came as global uncertainties, from wars to bank crises, push them to search for new safe havens.

☆ China's property sector draws closer to exit from protracted slump
▼ + stars: | 2023-03-15 | by ( Liangping Gao | Ryan Woo | ) www.reuters.com time to read: +3 min

BEIJING (Reuters) -China’s embattled property sector made new progress in its climb out of a months-long slump as official data on Wednesday showed much narrower declines in home sales, developer investment and construction starts in January-February. Property investment by developers fell 5.7% in January-February, improving from a 12% slump in December and a 10% decline for the entire 2022. Analysts expect property sales to be the first indicator to turn positive soon and see property investment rebounding in the second half of 2023. “The figures are a good start to the recovery of the property market for 2023, and will further boost confidence,” said Yan Yuejin, analyst at the E-house China Research and Development Institution in Shanghai. At the beginning of the annual meeting of China’s parliament this month, the government made guarding against risks to top property developers one of its top priorities this year, but added that it would prevent disorderly expansion by developers.

☆ China's parliament approves changes to speed up 'emergency' laws
▼ + stars: | 2023-03-13 | by ( Laurie Chen | ) www.reuters.com time to read: +2 min

The amendment to the Legislation Law, which governs how laws are enacted, gives the highest body of the national parliament, the roughly 170-member National People's Congress Standing Committee, special powers to pass laws after just one review session. Three years ago, China imposed a national security law on the semiautonomous city of Hong Kong, criminalising a broad range of vaguely defined offences intended to stifle dissent. China has repeatedly brushed off criticism of the law, saying it protects Hong Kong residents' freedoms and only targets a small minority of "criminals" who "endanger national security". The latest draft of the law, published March 5, did not define what constitutes an emergency situation. Reporting by Ryan Woo and Laurie Chen; Editing by Tom Hogue and Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

☆ Factbox: Key takeaways from China's annual NPC parliamentary meeting
▼ + stars: | 2023-03-13 | by ( Laurie Chen | ) www.reuters.com time to read: +5 min

These include Premier Li Qiang, NPC Chairperson Zhao Leji, Executive Vice-Premier Ding Xuexiang, and Vice President Han Zheng. China's private sector has been rattled in recent years by a sweeping regulatory clampdown targeting some of its most vibrant industries, including the internet and private education. The new national financial regulatory administration will replace the existing banking and insurance watchdog and oversee all aspects of China's $57 trillion financial sector apart from the securities market. A separate top-level party financial watchdog, the Central Financial Work Commission, is likely to be resurrected after the NPC, sources earlier told Reuters. This will likely have responsibility for the new state financial regulator.

Li, installed as premier on Saturday during the annual session of China's parliament, is tasked with reviving the world's second-largest economy after three years of COVID curbs. But he faces challenges including weak confidence among consumers and private industry, sluggish demand for exports and worsening relations with the United States. China's private sector has been rattled in recent years by a sweeping regulatory clampdown targeting some of its most vibrant industries, including the internet and private education. At the opening of the annual parliamentary session, China set a GDP growth target of 5% percent, its lowest goal in nearly three decades, after the economy grew just 3% last year. China's relations with the United States sank to a low after U.S. House Speaker Nancy Pelosi visited Taiwan in August 2022.

☆ Saudi, Iran restoration of ties a 'victory for dialogue'-China’s Wang Yi
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: +2 min

China Daily via REUTERSBEIJING, March 10 (Reuters) - The successful talks between Iran and Saudi Arabia in Beijing are a victory for dialogue and peace, China's top diplomat Wang Yi said on Friday, following the major diplomatic coup for China in Middle East geopolitics. Iran and Saudi Arabia agreed on Friday to re-establish relations after seven years of hostility which had threatened stability and security in the Gulf and helped fuel conflicts in the Middle East from Yemen to Syria. In the statement, the three parties expressed their willingness to make "every effort" to strengthen international and regional peace and security. "As a good-faith and reliable mediator, China has faithfully fulfilled its duties as the host," Wang said. Reporting by Ethan Wang and Ryan Woo; Editing by Hugh LawsonOur Standards: The Thomson Reuters Trust Principles.

☆ China consumer inflation slowest in a year; producer deflation deepens
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: +2 min

Summary Feb consumer inflation slowedFeb producer deflation deepenedBEIJING, March 9 (Reuters) - China's annual consumer inflation slowed down in February as consumers remained cautious despite the abandonment of strong pandemic controls late last year, official data showed on Thursday. The CPI, which is seasonally adjusted, fell 0.5% from a month earlier, missing the forecast of 0.2% gain. Annual producer deflation deepened last month. Economists say China will nonetheless see upward pressure on consumer prices in coming months, mostly thanks to the end of efforts to suppress COVID-19. Core annual inflation, which excludes volatile food and energy prices, was 0.6% in February, compared with January's 1.0%, reflecting persistently weak domestic demand.

☆ Factbox: What is China's new government restructuring plan?
▼ + stars: | 2023-03-08 | by ( Laurie Chen | ) www.reuters.com time to read: +5 min

The restructured ministry will be overseen by a newly created Communist Party body, the Central Science and Technology Commission, strengthening party oversight of science and technology policy. A new national data bureau will be responsible for coordinating the sharing and development of data resources, as well as planning the digital economy and promoting initiatives. Since taking power in 2012, Xi has established several new central party committees overseeing multiple ministries, which report directly to him. Analysts expect the party reforms to be revealed soon after the NPC concludes its meetings on Monday. A top-level party financial watchdog, the Central Financial Work Commission, is likely to be resurrected after the NPC, sources earlier told Reuters.

☆ China to set up new financial regulator in sweeping reform
▼ + stars: | 2023-03-07 | by ( ) www.reuters.com time to read: +6 min

The new financial regulator will replace the China Banking and Insurance Regulatory Commission (CBIRC) and bring supervision of the industry, excluding the securities sector, into a body directly under the State Council, or cabinet. The proposal for setting up the new regulator, the National Financial Regulatory Administration, was presented to China's parliament during its annual meeting on Tuesday. China's financial sector is overseen by the People's Bank of China (PBOC), the CBIRC, and the China Securities Regulatory Commission (CSRC), with the cabinet's Financial Stability and Development Committee having overall responsibility. The setting up of the new financial regulatory body comes as Beijing seeks to rein in large corporate and financial institutions that may bring systemic risks via regulatory arbitrage among multiple authorities. 'STRENGTHEN SUPERVISION'The new administration will "strengthen institutional supervision, supervision of behaviours and supervision of functions", according to the plan.

☆ China to set up new financial regulator in major supervisory overhaul
▼ + stars: | 2023-03-07 | by ( ) www.reuters.com time to read: +2 min

BEIJING, March 7 (Reuters) - China will set up a national financial regulatory administration, according to a plan announced on Tuesday, in the biggest overhaul of the country's financial supervisory apparatus in years. China's financial sector is currently overseen by the People's Bank of China (PBOC), the CBIRC, and the China Securities Regulatory Commission (CSRC), with the cabinet's Financial Stability and Development Committee having overall purview. The new administration will "strengthen institutional supervision, supervision of behaviours and supervision of functions," according to the plan, with all kinds of financial activities to be supervised according to the law. The overall reform plan will be "targeted, intensive and wide-ranging, touching on deep-rooted interests", Xi told the party's Central Committee. Reporting by Ryan Woo and Ziyi Tang; Editing by Andrew Heavens and Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

☆ China says must advance relations with Russia as world becomes more turbulent
▼ + stars: | 2023-03-07 | by ( ) www.reuters.com time to read: +1 min

BEIJING, March 7 (Reuters) - China must advance its relations with Russia as the world becomes more turbulent, Foreign Minister Qin Gang said on Tuesday. Speaking to reporters at an annual parliamentary session in Beijing, Qin said the close interactions between both leaders - President Xi Jinping and President Vladimir Putin - provided the anchor for China-Russia relations. He did not give a definite answer when asked if Xi would visit Russia after China's parliament session, which goes on for one more week. Asked whether it is possible that China and Russia would abandon the U.S. dollar and euro for bilateral trade, Qin said that countries should use whatever currency is efficient, safe and credible. China, which has refused to name Russia as the aggressor in the Ukraine conflict, has often criticised the United States for bullying other countries with unilateral sanctions.

Summary Taiwan says will not allow "repeated provocations" from ChinaChina warns US not to cross red line on TaiwanTaiwan President, US House Speaker plan to meet in USTAIPEI/BEIJING, March 7 (Reuters) - Taiwan will not allow "repeated provocations" from China, the island's defence minister said on Tuesday, as China's foreign minister said Taiwan was the "first red line" that must not be crossed in Sino-U.S. relations. Speaking to reporters at parliament, Taiwan Defence Minister Chiu Kuo-cheng said he was not aware of a planned meeting between Tsai and McCarthy. In Beijing, Chinese Foreign Minister Qin Gang said it was "absurd" for U.S. officials to say that Taiwan is not an internal affair of China's. "The United States has unshakable responsibility for causing the Taiwan question." Reporting by Ben Blanchard and Ryan Woo; Editing by Gerry Doyle and Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

☆ China says Ukraine crisis driven by 'invisible hand'
▼ + stars: | 2023-03-07 | by ( ) www.reuters.com time to read: +1 min

BEIJING, March 7 (Reuters) - The Ukraine crisis seems to be driven by an invisible hand pushing for the protraction and escalation of the conflict, China's foreign minister Qin Gang said on Tuesday. The "invisible hand" is "using the Ukraine crisis to serve certain geopolitical agendas", Qin said on the sidelines of an annual parliament meeting in Beijing, calling for dialogue to begin as soon as possible. Qin also said Beijing has not provided weapons to either side of the Ukraine conflict, amid loud warnings from U.S. officials on unspecified "consequences" for China, should it send lethal aid to Russia. "(China) is not a party to the crisis and has not provided weapons to either side of the conflict. So on what basis is this talk of blame, sanctions and threats against China?

☆ China warns US against suppressing it or risk 'conflict'
▼ + stars: | 2023-03-07 | by ( ) www.reuters.com time to read: +3 min

[1/2] Journalists attend a news conference by Chinese Foreign Minister Qin Gang on the sidelines of the National People's Congress (NPC) in Beijing, China March 7, 2023. REUTERS/Thomas PeterBEIJING, March 7 (Reuters) - The U.S. should change its recent mistaken policies towards China or "conflict and confrontation" will follow, China's foreign minister said on Tuesday, while reiterating Beijing's call for dialogue to end the conflict in Ukraine. "The United States' perception and views of China are seriously distorted," Qin said. China has fiercely defended its stance on Ukraine, amidst Western criticism of its decision not to call Russia the aggressor in the conflict. But China must advance its relations with Russia as the world becomes more turbulent, Qin said.

☆ China fully respects Middle East countries as masters of their own affairs
▼ + stars: | 2023-03-07 | by ( ) www.reuters.com time to read: 1 min

BEIJING, March 7 (Reuters) - China fully respects Middle East countries as masters of their own affairs and has no intention to fill a so called "vacuum", China's foreign minister Qin Gang said on Tuesday. China will continue to stand for justice and support countries in this region in seeking political settlement of hot spot issues through dialogue and consultation, Qin said on the sidelines of an annual parliament meeting in Beijing. Reporting by Ryan Woo; Writing by Bernard Orr; Editing by Tom HogueOur Standards: The Thomson Reuters Trust Principles.

☆ China to guard against risks among property developers - Premier Li
▼ + stars: | 2023-03-05 | by ( ) www.reuters.com time to read: +3 min

Premier Li Keqiang made guarding against risks to top property developers one of the government's priorities this year, amid still cautious buyer sentiment, following through on the work done at a key economic meeting in December. "There are more potential risks in the real estate market and some small and medium-sized financial institutions are exposed to risks," Li said in the government's work report for 2023. "Only when consumer demand for housing is boosted can other real estate problems, including the problem of financial risks of leading housing companies, be truly resolved." Premier Li said the government would resolve housing issues for young people and support the needs of homebuyers. China will ensure developers deliver pre-sold properties and expand the supply of affordable rental housing, the planner said.

☆ China to guard against risks in property market - Premier Li
▼ + stars: | 2023-03-05 | by ( ) www.reuters.com time to read: +1 min

BEIJING, March 5 (Reuters) - Warning that risks remain in the property market, China's government said in a report released at parliament's annual opening on Sunday that it would promote the sector's stable development and prevent disorderly expansion by developers. "There are more potential risks in the real estate market and some small and medium-sized financial institutions are exposed to risks," Premier Li Keqiang said in the work report. Li made guarding against risks to top property developers this year one of the government's priorities this year, following through on the work done at a key economic meeting in December. China will also insist that "housing is for living, not for speculation," according to a separate report by the state economic planner, though Li did not mention it in the government 2023 work outlook. China will ensure developers deliver pre-sold properties and expand the supply of affordable rental housing, the planner said.

☆ Factbox: Schedule of China's annual parliamentary meeting
▼ + stars: | 2023-03-05 | by ( ) www.reuters.com time to read: +1 min

[1/2] Chinese officials and delegates attend the opening session of the National People's Congress (NPC) at the Great Hall of the People in Beijing, China March 5, 2023. REUTERS/Thomas PeterBEIJING, March 5 (Reuters) - China's nearly 3,000-member National People's Congress (NPC), the country's legislature, kicked off its annual gathering in Beijing on Sunday, with delegates set to review government reports and choose its leaders for the next five years. This year also marks the start of China's country's 14th legislature, whose delegates serve five-year terms. When the full parliament is not in session, laws can be passed by the NPC Standing Committee. Following is a schedule in local time (eight hours ahead of GMT) for the session, which ends on March 13.

☆ China parliament to review state entity reform plan, Legislative Law
▼ + stars: | 2023-03-04 | by ( ) www.reuters.com time to read: +2 min

BEIJING, March 4 (Reuters) - China's National People's Congress (NPC) will deliberate on a plan to reform institutions under the State Council, or cabinet, and review draft amendments to the Legislation Law, an NPC spokesman said on Saturday. He renewed calls this week for "intensive" reorganisation of state and Communist Party entities, adding that part of the reform plan pertaining to state institutions would be presented before parliament. At this year's parliamentary meeting, amendments to China's Legislative Law, which governs how laws are enacted, will also be further reviewed. One proposed amendment involves allowing the NPC Standing Committee to pass laws in the event of an "emergency" after a single review. The committee, which enacts and amends laws when parliament is not in session, voted in June 2020 to adopt landmark laws on national security in Hong Kong.

☆ China's defence spending increases have been 'reasonable' - parliament spokesman
▼ + stars: | 2023-03-04 | by ( ) www.reuters.com time to read: +1 min

BEIJING, March 4 (Reuters) - China's defence spending as a share of gross domestic product has been kept basically stable for many years, with the increases "moderate" and "reasonable", the spokesman of the country's parliament said on Saturday. "The modernisation of China's military will not pose a threat to any country," Wang Chao, spokesman for the National People's Congress, told reporters. Wang was asked at a news conference by how much China's defence budget would increase this year, and whether any increase would be larger than in previous years. The spending figure will be officially unveiled in the national budget to be released on Sunday at the start of this year's annual meeting of parliament. China staged war games near Taiwan in August to express anger at the visit to Taipei of then-U.S. House Speaker Nancy Pelosi.

☆ China willing to play constructive role in debt talks
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +1 min

BEIJING, March 1 (Reuters) - China is willing to "constructively" participate in solving the debt problems of relevant countries under a multilateral framework, its Premier Li Keqiang said on Wednesday. China, the world's largest bilateral creditor, has criticised multilateral lenders for not accepting losses, or haircuts, on loans to low-income countries while Beijing is being asked to do so on credit it has extended on its own. In a phone call with International Monetary Fund Managing Director Kristalina Georgieva, Li said that solving the debt problems of low-income countries requires the participation of all creditors, according to a China State Department statement. China is a major lender to high-debt countries, such as Ghana and Zambia. Reporting by Meg Shen and Ryan Woo Ediing by Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

☆ China's President Xi, poised for third term, urges 'intensive' state and party revamp
▼ + stars: | 2023-02-28 | by ( Ryan Woo | ) www.reuters.com time to read: +3 min

BEIJING, Feb 28 (Reuters) - Chinese President Xi Jinping envisages "intensive" and "wide-ranging" re-organisation of state and Communist Party entities, with part of the plan to be presented to the annual meeting of parliament, state media said on Tuesday . At the October congress, the party made clear that reforms of institutions were needed, including reforms to the financial system, Xi said. The overall reform plan will be "targeted, intensive and wide-ranging, touching on deep-rooted interests", Xi was quoted as saying in a speech before the Central Committee. 'REJUVENATION'China's "rejuvenation" must be guided by Xi and the Central Committee as national governance is "modernised", the Central Committee said in a communique but it offered no details. China's development still faces triple pressures including a demand contraction, supply shocks and weakened expectations, the Central Committee said in its communique.

☆ China's Communist party cautious on economy, reiterates party's leadership
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +2 min

China's development still faces triple pressures including demand contraction, supply shock and weakened expectations, the Communist Party's Central Committee said in a communique after a major three-day gathering, according to the official Xinhua News Agency. China's "rejuvenation" must be guided by Xi and the Central Committee as national governance is being "modernised", the committee said in the communique but it offered no details. "It is necessary to fully, accurately and comprehensively implement a new development concept," the committee, the largest of the party's top decision-making bodies, said. More than 200 members of the Central Committee discussed a draft of reforms to party and state organisations that will be examined at an upcoming session of the National People's Congress, China's legislature. Xi is also widely expected to secure his third five-year term as president, after clinching a precedent-breaking third party leadership term in October last year.

Search resuls for: "Ryan Woo"

25 mentions found