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☆ IMF upgrades global growth forecast, citing U.S. resilience and policy support in China
▼ + stars: | 2024-01-30 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

Buildings in Pudong's Lujiazui Financial District in Shanghai, China, on Monday, Jan. 29, 2024. The International Monetary Fund on Tuesday nudged its global growth forecast higher, citing the unexpected strength of the U.S. economy and fiscal support measures in China. It now sees global growth in 2024 at 3.1%, up 0.2 percentage points from its prior October projection, followed by 3.2% expansion in 2025. It forecasts growth this year of 2.1% in the U.S., 0.9% in both the euro zone and Japan, and 0.6% in the United Kingdom. "What we've seen is a very resilient global economy in the second half of last year, and that's going to carry over into 2024," the IMF's chief economist, Pierre-Olivier Gourinchas, told CNBC's Karen Tso on Tuesday.

Persons: Pierre, Olivier Gourinchas, Karen Tso Organizations: Monetary Fund, IMF Locations: Lujiazui, Shanghai, China, U.S, Brazil, India, Russia, Japan, United Kingdom

The order by the Hong Kong High Court also is not a remedy for the crisis of confidence haunting China’s financial markets. Markets in both Hong Kong and Shanghai fell Tuesday while share prices of property developers sank. State-owned Chinese banks and other domestic entities own most of the debt owed by Chinese property developers. David Goodman, director of the University of Sydney’s China Studies Center, said he thinks China’s property debt burdens are unlikely to precipitate a major financial crisis. “The fact of the matter is that the Chinese financial system is not as open or as marketized (as in the United States),” he said.

Persons: Brock Silvers, haven't, Silver, ”, Seng, David Goodman, —, Soo Organizations: Evergrande, Hong Kong High, Kaiyuan, ”, Sunac China Holdings, F Properties, Shanghai, Swiss Re Institute, Swiss, University of Sydney’s China Studies Center Locations: BANGKOK, Hong Kong, China, Beijing, Shanghai, Guangzhou, United States, U.S, Singapore

☆ The Red Sea crisis tests China’s global ambitions
▼ + stars: | 2024-01-30 | by ( Nectar Gan | ) edition.cnn.com time to read: +10 min

China’s responseThe Houthi rebels in Yemen started firing missiles and drones at ships in the Red Sea in mid-November, in what they say is an act of solidarity with Palestinians. Chinese officials repeatedly stressed that the Red Sea crisis is a “spillover” from the conflict in Gaza, citing an immediate ceasefire between Israel and Hamas as the top priority. Beijing’s reluctance to wade into the Red Sea crisis reflects these geopolitical calculations. The Chinese government readout of the meeting between Wang and Sullivan did not mention the Red Sea. Egypt is losing millions of dollars per day from the reduced traffic at the Suez Canal at the northern end of the Red Sea.

Persons: Houthi, “, ”, Mordechai Chaziza, Xi Jinping, Israel, ” Chaziza, Wang Yi, Jake Sullivan, Iran ”, we’re, Wang, Sullivan, Ebrahim Raisi, Yan Yan, OOCL, Kuehne + Nagel, Jonathan Fulton, “ can’t, ” Fulton, William Figueroa, Xi Organizations: Hong Kong CNN, Ashkelon Academic College, Beijing, Iran, People’s Liberation Army Navy, Britain, United Nations Security Council, Global, Western, Chinese Foreign, White House, Reuters, Chinese Foreign Ministry, China, Shanghai Shipping Exchange, Atlantic Council, University of Groningen, Xi’s Global Security Initiative, GSI, Hamas Locations: Hong Kong, Red, Israel, Ashkelon, United States, China, Europe, Yemen, Gulf, Aden, Djibouti, Beijing, Gaza, Bangkok, Iran, Tehran, Africa, Switzerland, Francisco, Shanghai, Abu Dhabi, Egypt, Suez, Sea, Saudi Arabia, Netherlands

BEIJING (AP) — As the U.S. presidential campaign moves closer to a Donald Trump-Joe Biden rematch, China is watching uneasily. While Biden has looked for areas of cooperation with China, Beijing is concerned about his efforts to unite allies in the Indo-Pacific in a coalition against China. “For China, no matter who won the U.S. presidential election, they would be two ‘bowls of poison’,” said Zhao Minghao, a professor of international relations at Fudan University in Shanghai. When Biden and Trump squared off in 2020, U.S. intelligence agencies reported before the election that China viewed Trump as “unpredictable” and opposed his reelection. “Trump is by nature volatile and cruel and is a person hard to be familiar with,” said Shi Yinhong, international relations professor at Renmin University of China.

Persons: Donald Trump, Joe Biden, uneasily, Biden, It’s, hasn’t, ”, Zhao Minghao, Sun Chenghao, Trump, Chuan Jianguo, “ Trump, Sun Yun, Sun, Xi Jinping, Antony Blinken, Xi, Miles Yu, China's, ” Yu, Deng Xiaoping, Shi Yinhong, Shi, Wang Yiwei, ” Wang, ” Shi, ___ Tang, Yu Bing, Chen Wanqing, Eric Tucker Organizations: BEIJING, U.S, China, Trump, “, Fudan University, Center for International Security, Tsinghua University, Stimson Center, Hudson Institute, Communist Party, Renmin University of China, White, Institute of International Affairs, Associated Press Locations: China, Beijing, Taiwan, Shanghai, Asia, Pacific, Sun, Washington, Lago, Florida, City, United States, U.S

☆ Costco CFO says China has huge potential as he gives us a peek at international expansion plans
▼ + stars: | 2024-01-30 | by ( Paulina Likos | ) www.cnbc.com time to read: +8 min

The world's second-largest economy has "very good potential" for Costco expansion, CFO Rich Galanti told CNBC. In an interview with Galanti, the warehouse club's numbers cruncher gave CNBC a glimpse at Costco's longer-term expansion plans. Costco plans to open one more China location this calendar year after the debut earlier this month of the store in the southern Chinese city of Shenzhen. Costco's international segment "continues to grow as a percent of the store base," he told CNBC. Shoppers queue in the parking lot to enter the Costco Wholesale Corp. store in Shenzhen, China, on Sunday, Jan. 14, 2024.

Persons: Rich Galanti, Galanti, Craig Jelinek, Jim Cramer, We've, Jelinek didn't, Ron Vachris, signups, Phillip Blee, William Blair, Blee, cardholders, Corey Tarlowe, Tarlowe, Michael Baker, Davidson, Kirkland, bode, Jim Cramer's, Jim, Qilal Shen Organizations: Costco, CNBC, cruncher, Disney, Jefferies, D.A, Kirkland, Tarlowe, Shoppers, Costco Wholesale Corp, Bloomberg, Getty Locations: Shenzhen, China, Canada, North America, United States, Mexico, South America, Shanghai, U.S, —

☆ Heavy Fog Suspends Shipping at Chinese Ports; Shanghai Issues Heightened Advisory
▼ + stars: | 2024-01-30 | by ( Jan. | At P.M. | ) www.usnews.com time to read: +1 min

BEIJING (Reuters) - Heavy fog has suspended the operation of ships travelling through the Qiongzhou Strait off the coast of China's Guangdong province and several cities, including Shanghai, have issued warning advisories, Chinese state media reported on Wednesday. China has a three-tier colour-coded warning system for thick fog, with red being the most serious, followed by orange and yellow. CCTV also reported that more than 100 airports across the country issued haze and snow warnings. Heavy snow is also affecting several provinces, including Henan and Hubei, forcing the closure of several roads, CCTV reported. Chinese weather forecasters have warned that snow and freezing rain over the next several days is expected to hamper transportation for millions of Chinese as they travel across the country for the Chinese New Year.

Persons: Bernard Orr, Stephen Coates Organizations: Shanghai Central Meteorological Locations: BEIJING, Qiongzhou, China's Guangdong, Shanghai, Port, Guangxi, China, Henan, Hubei

☆ China securities regulator suspends restricted share lending from Monday
▼ + stars: | 2024-01-29 | by ( ) www.cnbc.com time to read: +3 min

An investor reacts as she views the stock index at a securities company on May 30, 2007 in Shanghai, China. The CSRC added that the move would "resolutely" crack down on illegal activities that use securities lending to reduce holdings and cash out. The regulator also said it will limit the efficiency of some securities lending in the securities refinancing market from March 18. Last October, the CSRC restricted securities lending businesses and tightened scrutiny of improper regulatory arbitrage by imposing higher margin requirements. Both Shanghai and Shenzhen stock exchanges said they will suspend securities lending by strategic investors during lockup periods, effective from Jan. 29.

Persons: CSI300 Organizations: Analysts, China Securities Regulatory Commission Locations: Shanghai, China, Beijing, Shenzhen

☆ China stock market: CSRC limits short-selling in latest effort to stem a rout
▼ + stars: | 2024-01-29 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —China’s top securities regulator has limited short-selling, in its latest effort to stem a protracted $6 trillion-dollar stock market rout that began in 2021. The China Securities Regulatory Commission announced Sunday it would “fully” suspend the lending of restricted shares on bourses in mainland China. The Shenzhen stock exchange is the second-largest in mainland China after Shanghai. Bloomberg/Getty ImagesCalm returns but challenges remainChinese authorities have stepped up their measures to stem the stock market rout over the past week. A day later, in an unprecedented move, regulators said they were considering evaluating the performance of the heads of state-owned companies based on their stock market value.

Persons: Hong Kong CNN —, ”, Ken Cheung, Evergrande, ” Cheung, Hong, Li Yunze, Pan Gongsheng Organizations: Hong Kong CNN, China Securities Regulatory Commission, Mizuho Bank, Bloomberg, Shanghai Shenzhen, Administration of Financial, People’s Bank of China Locations: Hong Kong, bourses, China, Shanghai, Shenzhen

☆ China's luxury market is bouncing back with new areas of opportunity
▼ + stars: | 2024-01-29 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

The company's results showed that despite some resumption of overseas travel, more of China's consumers are buying luxury products at home. watch nowThe mainland China personal luxury market grew by about 12% last year to more than 400 billion yuan ($56.43 billion), according to consulting firm Bain & Company. "All of that data points to the importance of the Chinese luxury consumer and the China market," she told CNBC. Luxury brands have increasingly turned to online channels to ensure customer engagement, said Xing from Bain. As companies compete for a slice of the Chinese consumer market, one emerging segment is bedding and fine linen.

Persons: Louis Vuitton, they're, LVMH, Bernard Arnault, that's, Bain, Weiwei Xing, Cartier, Richemont, Burkhart Grund, Xing, Ding Shizhong, Ashley Dudarenok Organizations: Future Publishing, Getty, BEIJING, Bain & Company, CNBC, Consumers Locations: Shanghai, China, Hong Kong, Greater China, Macao, Bain

What It Took Young People in China to Get Their Jobs Not long ago, China’s economy was the envy of the world. We spoke to five young Chinese about what it took to find their jobs amid such uncertainty. Now, those boom years are fading, as are many young people’s hopes — with unpredictable consequences for China and the world. Ethan Yi, Class of 2022Qilai Shen for The New York TimesLooking back, Ethan Yi thinks he had been a little entitled, or at least naive. “I think it’s not good for young people to be too comfortable,” she said.

Persons: ”, hesitating, —, people’s, Nadia Yang, Fiona Qin, Qilai Shen, Ethan Yi, Yi, “, Phoebe Liu, Gilles Sabrié, Liu, ” Tsuki Jin, The New York Times Tsuki Jin, Jin, Ms Organizations: The New York Times Locations: China, Beijing, Shanghai

☆ A woman in China has decided to leave her $2.8m fortune to her dogs and cats and nothing to her children, says report
▼ + stars: | 2024-01-28 | by ( Alia Shoaib | ) www.businessinsider.com time to read: +2 min

A woman in China has cut her children out of her will as she felt they neglected her. Instead, she is leaving her $2.8 million fortune to her pets, says a Shanghai report. A pet clinic will administer the money and care for her dogs, cats, and their offspring. AdvertisementA wealthy woman in China has decided to leave her $2.8m fortune to her pets, and her three children will get nothing, say reports. Advertisement"We told Auntie Liu that if her children change their attitude toward her, she could always alter her will again," the official said.

Persons: —, Liu, Auntie Liu Organizations: Service, China Morning Post, Zonglan, Registration, China Morning Locations: China, Shanghai

☆ Chinese stocks are starting to turn around. How to play it
▼ + stars: | 2024-01-28 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

Chinese stocks ended the week with four straight days of gains — a rare upswing after a dismal start to the year. "Investing in China, you have to have an active strategy," he said, emphasizing the need to focus on industries that receive policy support. All three are listed on mainland Chinese stock exchanges. In the past six months, foreign investors have pulled around $30 billion from mainland Chinese A shares, the report said. Citi analysts also include adidas and Kone in their basket of European stocks with China exposure.

Persons: David Chao, Chao, Pan Gongsheng, Edward Chan, Schelling Xie, Xie, CRRC, —, Peter Alexander, Alexander, — CNBC's Michael Bloom Organizations: Asia Pacific, People's Bank of China, PBOC, . Federal Reserve, Financial Regulatory Administration, CNBC, HSBC, Hong, Citi, adidas, Kone Locations: Asia, Japan, Invesco, China, Beijing, Hong Kong, Shanghai, U.S

HONG KONG (AP) — Asian markets opened the week on a positive note, with Chinese regulators announcing measures to support the country’s teetering stock markets while heavily indebted property developer China Evergrande was ordered to undergo liquidation. China's securities regulator announced on Sunday that beginning Monday, China will suspend the lending of specific shares for short selling, a move to support the country’s declining stock markets. The Federal Reserve’s meeting this week will likely end with no change to interest rates, but traders are split on whether it could begin cutting rates in March. It's trying to slow the economy and hurt investment prices enough through high interest rates to get inflation fully under control. Traders are betting the Fed will cut interest rates as many as six times this year, according to data from CME Group.

Persons: China Evergrande, Evergrande, Australia’s, It's Organizations: China Evergrande, Hong, Hong Kong High Court, Dow Jones, Nasdaq, Intel, Fed, Treasury, Traders, CME Group, New York Mercantile Exchange, Brent, U.S Locations: HONG KONG, China, Hong Kong, Shanghai, South Korea, Bangkok

☆ A local government in China faked signatures on nearly 2,000 traffic tickets amid a $10 trillion debt time bomb
▼ + stars: | 2024-01-26 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

A local government in China faked signatures and fingerprints in nearly 2,000 traffic tickets last year. AdvertisementA local government in northern China was busted for faking signatures on nearly 2,000 traffic tickets, China's State Council, the country's cabinet, announced on January 19. In total, the bureau faked signatures and fingerprints on 1,964 of the 2,099 traffic tickets it issued last year, according to the State Council statement. China's State Council did not state the motivations behind She County's forgery. The incidents come as China's cash-strapped local governments have nearly nearly $10 trillion in so-called local government financing vehicle, or LGFV, debt.

Persons: Cash, —, Xu, didn't Organizations: Provincial, Service, Council, Authorities, State, Bloomberg Locations: China, Hebei, Hebei province, Shanghai, Beijing

☆ China stock market: Calm returns after wild week but big challenges remain
▼ + stars: | 2024-01-26 | by ( Laura He | ) edition.cnn.com time to read: +6 min

Hong Kong CNN —It’s been a rollercoaster week for stocks trading in mainland China and Hong Kong. “For a sustained rally in China stocks, we think China will need to address the core of these concerns (predominantly property sector issues and US-China tensions),” the analysts added. In the 7 days to January 24, exchange-traded funds (ETFs) tracking Chinese stocks recorded large inflows of $12.6 billion, according to a Citi survey of global fund managers. Still, investors have been fleeing Chinese stocks over a much longer period because they are worried about the country’s economic prospects. The country is facing the prospect of a vicious cycle whereby lower demand leads to lower investment, lower production and lower income, thus causing even lower demand.

Persons: Hong Kong CNN — It’s, Hong, — haven’t, ” Nomura, “, Li Qiang, ”, Li Yunze, Pan Gongsheng, Florence Lo, HSI, Raymond Yeung, ” Yeung Organizations: Hong Kong CNN, Shanghai Shenzhen, ”, Shanghai Financial Exchange, Bloomberg, State, Supervision, Administration Commission, Administration of Financial, Reuters, People’s Bank of China, Citi, Enodo Economics, HSBC, Greater China, ANZ Research Locations: China, Hong Kong, Shanghai, United States, Beijing, Davos, Switzerland, Greater

Thursday on Wall Street, the S&P 500 added 0.4% to 4,894.16 and set a record for a fifth straight day. IBM helped lead the market with a gain of 9.5% after it reported a better profit for the latest quarter than analysts expected. The electric-vehicle maker reported earnings and revenue that fell short of forecasts and warned of lower sales growth this year. Such a resilient economy should drive profits for companies, which are one of the main inputs that set stock prices. On the losing end of Wall Street, Humana tumbled 11.7% after the insurer reported worse results for the end of 2023 than expected.

Persons: ” Robert Carnell, Seng, Tesla, ”, Jamie Cox Organizations: TOKYO, Nikkei, Bank of Japan, ING, Dow Jones, Nasdaq, IBM, U.S ., Federal Reserve, Harris Financial, Treasury, . American Airlines, Humana, New York Mercantile Exchange, Brent Locations: U.S, Asia, Pacific, Shanghai, Australia, Wall

WASHINGTON (AP) — By any standard, the past 18 months have been remarkable for getting wrongfully detained Americans home. For all the releases of wrongly detained Americans, several dozen remain imprisoned or held hostage, often by a hostile government. In some instances, there have been few signs of progress, and families have sometimes seen the foreign countries that are holding their loved ones release other detainees — but not yet their relatives. In September, five Americans jailed for years in Iran walked free in a deal that saw the release of nearly $6 billion in frozen Iranian assets. Despite the administration’s recent spate of success with other detainees, he said he was pragmatic about the absence of an obvious solution.

Persons: Brittney Griner, Harrison Li, Kai, Li, ”, he’s, “, ” Li, Roger Carstens, ” “ There’s, ” Carstens, Biden, Leonard ”, Nicolas Maduro, Paul Rusesabagina, Joe Biden, Kai Li, Xi Jinping, you’re, Maryam Kamalmaz, Majd Kamalmaz, Austin Tice, Carstens, there’s, He’s, Paul Whelan, we’re, Whelan’s, David, Whelan, don’t Organizations: WASHINGTON, Stanford, Biden, ., U.S, U.S ., FBI, United, Michigan Locations: Iran, Russia, Venezuela, China, Rwanda, ”, Israel, Gaza, U.S, Shanghai, United Nations, Washington, Beijing, Texas, Syria, United States, America, Kremlin

TOKYO (AP) — Asian shares were mostly higher on Thursday, with Chinese stocks extending gains after Beijing announced a raft of policies to support sagging markets. Late Wednesday, the Chinese central bank announced a set of rules to govern lending to property developers. Earlier, it said it would cut bank reserve requirements to put about 1 trillion yuan ($141 billion) into the economy. The Chinese economy has slowed, with growth forecast below 5% this year, its lowest level since 1990 excluding the years of the COVID-19 pandemic. The yield on the 10-year Treasury rose to 4.17% from 4.14% late Tuesday.

Persons: Sydney's, Brent Organizations: TOKYO, Beijing, Shanghai, China Evergrande Holdings, Nikkei, Bank of Japan, Nasdaq, Dow Jones, Federal Reserve, Treasury, Fed, Global, U.S Locations: Hong Kong, Tokyo, Seoul . U.S, Shanghai, U.S

☆ Beijing is making moves to restore confidence in its battered stock markets, but there might be another big problem just ahead
▼ + stars: | 2024-01-25 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Chinese authorities are making moves to restore confidence in its battered stock markets. 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 . Ugly corporate results could undermine Beijing's efforts to prop up investor confidence in China's stock markets, which have bled over $6 trillion in market value from 2021. AdvertisementNews that Beijing is trying to boost the investor confidence gave some upside to China's battered markets.

Persons: —, it's, Morgan Stanley, Laura Wang, Catherine Chen, Nomura, Li Qiang Organizations: Service, Bloomberg, Reuters, CSI Locations: China, Beijing, Shanghai, Shenzhen

UNITED NATIONS (AP) — The U.N. trade body sounded an alarm Thursday that global trade is being disrupted by attacks in the Red Sea, the war in Ukraine, and low water levels in the Panama Canal. Since November, the Iranian-backed Houthis have launched at least 34 attacks on shipping through the waterways leading to the Suez Canal. Total transits through the Panama Canal in December were 36% lower than a year ago, and 62% lower than two years ago, Hoffmann said. Hoffmann said ships transporting liquified natural gas have stopped transiting the Suez Canal altogether because of fears of an attack. “Here you see the global impact of the crisis, as ships are seeking alternative routes, avoiding the Suez and the Panama Canal,” Hoffmann said.

Persons: Jan Hoffmann, Yemen’s Houthi, Hoffmann, Yemen’s, ” Hoffmann Organizations: UNITED NATIONS, United Nations Conference, Trade, UNCTAD, Suez, U.N, Ships Locations: Red, Ukraine, Panama, Suez, Asia, Europe, Iranian, Saudi, Israel, United States, Britain, Geneva, Russia, East Africa, South Asia, Southeast Asia, East Asia, Hope, Africa, Shanghai, U.S

☆ Tesla shares plunge to wipe out $71 billion in market value, after dour earnings call
▼ + stars: | 2024-01-25 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

London CNN —Shares in Tesla plunged as much as 11% after the market opened Thursday, wiping $73 billion off the company’s market value hours after it warned of slowing growth in electric car sales and an existential threat from Chinese rivals. While it reported a sizeable 38% increase in deliveries last year compared with 2022, Tesla had previously targeted a 50% annual growth rate averaged over several years. At the time, investors were worried about the outlook for Tesla’s sales and profitability, as well as the health of the US economy. Dan Ives, an analyst with market research firm Wedbush, said Tesla’s earnings call provided investors with “minimal answers” to the company’s shrinking margins. China’s BYD beat Tesla in the final three months of last year, selling more cars than Elon Musk’s carmaker for the first time.

Persons: Tesla, Thursday’s, Qilai Shen, Dan Ives, Musk, ”, China Tesla, China’s, Elon Musk’s carmaker, ” Garrett Nelson, Ben Barringer, Chris Isidore Organizations: London CNN —, Bloomberg, Getty, Elon, CFRA Research Locations: Shanghai, China, Cheviot

☆ 5 huge challenges facing Apple this year
▼ + stars: | 2024-01-25 | by ( Samantha Murphy Kelly | ) edition.cnn.com time to read: +9 min

Behind in generative AI. A recent Reuters report noted iPhone sales in China dropped 30% in the first week of the year amid pressure from rival Huawei. Still, Barclays downgraded Apple stock earlier this month citing disappointing iPhone 15 sales in China and softening demand for the latest iPhone. Apple also faces challenges around the upcoming rollout of the Vision Pro headset, which will be its riskiest product launch in years. Tim Cook, chief executive officer of Apple Inc., speaks during a launch event for the new Apple iPhone 15 at Apple Park in Cupertino, California, on September 12, 2023.

Persons: ”, David McQueen, ALY, Dan Ives, Apple, Justin Sullivan, Jitesh, IDC –, that’s, It’s, Siri, McQueen, “, Ming Yeung, Tim Cook, Nic Coury, hasn’t, Brian Fung, Clare Duffy Organizations: CNN, Microsoft, Apple, ABI Research, Huawei, Reuters, Apple Watch, International Trade Commission, IDC, Meta, Google, Samsung, Mac, Barclays, Apple Inc, Getty, EU, Markets, Epic Locations: China, Shanghai, Cupertino , California, Milan, Italy, AFP

☆ China tries to halt stock market rout by boosting lending and wooing foreign investors
▼ + stars: | 2024-01-24 | by ( Laura He | ) edition.cnn.com time to read: +6 min

Hong Kong CNN —China has vowed to pump more money into the economy and further open its $64 trillion financial industry to international investors, as Beijing scrambles to restore confidence following a massive stock market rout. The astonishing losses, reminiscent of the last Chinese stock market crash of 2015-2016, highlight a crisis of confidence among investors concerned about the country’s future. It will allow Hong Kong banks to expand their businesses in mainland China and reduce the barriers to investing in mainland insurers. Last month, China Reform Holdings, a state-owned investment fund, announced it had bought tech-focused index funds to support the market. The brutal sell-off in Chinese stock markets has even forced some hedge fund managers to apologize for making wrong bets.

Persons: Li Yunze, “, Pan Gongsheng, Goldman Sachs, Li, ”, Lam, Li Qiang, Wang Zhao, Premier Li Qiang, Stringer, Li Bei Organizations: Hong Kong CNN, Administration of Financial, People’s Bank of, Buildings, New Champions, Getty, Premier, Xinhua, Reuters, Securities Daily, Social Security Fund, China Reform Holdings, Central Huijin Investment, Shanghai Banxia Investment Management Locations: China, Hong Kong, Beijing, Shanghai, Shenzhen, People’s Bank of China, Victoria Harbour, British, Tianjin, AFP, Central, Fuyang, China's, Anhui

☆ China’s EV players ramp up competition with Tesla using new tech
▼ + stars: | 2024-01-24 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

CNBC | Evelyn ChengBEIJING — Hot competition in China's electric car market is pushing local automakers to sell vehicles with fancy tech that Tesla doesn't yet offer in the country — and sometimes at lower prices. Tesla's cars don't come with those accessories, and Elon Musk's automaker only offers a limited version of its driver-assist tech in China right now. Xpeng 's G9 SUV, widely considered a leader in China for driver-assist tech on city streets, starts at 289,900 yuan. That's because electric car batteries and other parts aren't made in the U.S., which means American companies are already paying a premium for core components of the electric car, Li said. Traditional foreign auto giants like Volkswagen are struggle to adjust to the surge of electric cars in China, while domestic companies, including smartphone company Xiaomi and Geely-backed startup Zeekr, are rushing to release electric cars.

Persons: Evelyn Cheng, Tesla, Elon, Li Yi, Aito, Li Auto, Yiming Wang, Wang, Li, wasn't, Appotronics, aren't, BYD, Zhong Shi, Omer Ganiyusufoglu Organizations: CNBC, Elon Musk's, Huawei, HSBC, Consumers, China Renaissance Securities, Price, U.S ., U.S, China Automobile Dealers Association, BYD, Volkswagen, German's National Academy of Science, Engineering Locations: Evelyn Cheng BEIJING, China, Shenzhen, Europe, Shanghai, U.S, Tesla

☆ Nvidia's Jensen Huang sheds his biker chic look to dance in a red floral vest during a visit to China
▼ + stars: | 2024-01-24 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Read previewAs the cofounder and CEO of Nvidia, Jensen Huang is known for building the company into the world's leading AI chipmaker. AdvertisementNvidia CEO Jensen Huang visited the company's offices in Shanghai, Beijing, and Shenzhen last week, taking part in year-end festivities. He engaged in the traditional twist Yangge, a popular rural folk dance in northeast China, wearing a traditional flower-patterned vest. Huang's trip to China came amid intensifying rivalry between Washington and Beijing over a range of issues, including tech and geopolitics. The restrictions thrust Nvidia into a difficult position since China has typically accounted for about one-fifth of the company's revenue.

Persons: —, Jensen Huang, He's, Huang, SCMP, Nvidia’s, …, Biden Organizations: Service, Nvidia, Business, Business Insider, Bloomberg, China Morning Locations: China, Shanghai, Beijing, Shenzhen, Washington

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