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☆ Tencent's online ad revenue grows for the first time in more than a year
▼ + stars: | 2023-03-23 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

Overall revenue for the quarter ended Dec. 31 came in at 144.95 billion yuan ($21.07 billion), higher than the 143.89 billion yuan estimated by FactSet. Average monthly users of WeChat in China and overseas rose by 3.5% from a year ago 1.31 billion accounts in the fourth quarter. Ad spendingIn-feed ads for video accounts generated more than 1 billion yuan in revenue in the fourth quarter, Tencent said. Revenue sourcesThe largest revenue segment, which includes the giant gaming business, fell by 2% to 70.4 billion yuan in the fourth quarter, in line with FactSet estimates for 70.2 billion yuan. Tencent's second-largest revenue source, financial technology and business services revenue fell by 1% to 47.2 billion yuan, below FactSet estimates for 49.49 billion yuan.

☆ China and Russia affirm economic cooperation for the next several years
▼ + stars: | 2023-03-22 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +2 min

Chinese President Xi Jinping and Russian President Vladimir Putin toast during a reception following their talks at the Kremlin in Moscow on March 21, 2023. BEIJING — Chinese President Xi Jinping and Russian President Vladimir Putin have agreed to cooperate on a range of economic and business areas, both countries said Wednesday. The affirmation of Russia-China economic cooperation comes as the U.S. and its allies have sanctioned Russia over its unprovoked invasion of Ukraine. As has been the case, Russia's readout of the economic agreement went into more detail than Beijing's. China's imports from Russia grew by nearly 49% last year in yuan terms to 763.75 billion yuan ($110.89 billion), according to China customs data accessed through Wind Information.

☆ Baidu says it can now operate robotaxis in Beijing with no human staff inside
▼ + stars: | 2023-03-17 | by ( Evelyn Cheng | ) www.cnbc.com time to read: 1 min

Chinese tech company Baidu announced Monday it can sell some robotaxi rides without any human staff in the vehicles. BEIJING — Chinese tech company Baidu announced Friday it can now operate robotaxis in a part of the capital city of Beijing with no human staff or driver inside. The government approval initially covers 10 vehicles in the Beijing suburb of Yizhuang, which is home to many corporations such as JD.com. The suburb is the primary site of Baidu's robotaxi public road testing and operation in Beijing city. Public transport users can book heavily subsidized robotaxi rides through the companies' apps.

☆ China's Xi to go to Russia next week for his first visit since Putin ordered invasion of Ukraine
▼ + stars: | 2023-03-17 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

Russian President Vladimir Putin speaks to China's President Xi Jinping during the Shanghai Cooperation Organization leaders' summit in Samarkand on Sept. 16, 2022. BEIJING — Chinese President Xi Jinping is set to visit Russia from March 20 to 22, China's Ministry of Foreign Affairs announced Friday. This is Xi's first visit to Russia since the invasion of Ukraine in late February last year. The ministry said the visit was at Russian President Vladimir Putin's request. Beijing has refused to call Moscow's unprovoked attack on Ukraine an invasion.

☆ China revives ruling party control of financial oversight
▼ + stars: | 2023-03-17 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

Greg Baker | Afp | Getty ImagesBEIJING — The ruling Communist Party of China is establishing commissions to oversee finance and tech, state media announced Thursday. A new "Central Financial Commission" is set to strengthen the party's "centralized and unified leadership over financial work," state media said Thursday in Chinese, according to a CNBC translation. watch nowWhile state media did not specify, a financial work commission of the same name had been set up in the aftermath of the 1998 Asian financial crisis. Responsibilities of that party commission are borne by the restructured Ministry of Science and Technology. The State Council changes established a National Financial Regulatory Administration to oversee most of the financial industry — except for the securities industry.

According to CNBC analysis of state media reports, 7.7 million people took the civil service exam in the 2023 application round, vying for more than 200,000 government jobs at the national and provincial level. Qilai Shen | Corbis Historical | Getty ImagesA record number of people in China took the civil service exam this year, as unemployment among young people soared. According to CNBC analysis of state media reports, 7.7 million people took the civil service exam in the 2023 application round, vying for more than 200,000 government jobs at the national and provincial level. China's National Civil Service Administration could not be reached for comment despite multiple attempts by CNBC. However, Xi and other senior leaders did not need to take the civil service exam to gain their current roles.

☆ Baidu shares drop to 8-week lows after company reveals ChatGPT rival
▼ + stars: | 2023-03-16 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +2 min

Men interact with a Baidu AI robot near the company logo at its headquarters in Beijing, China April 23, 2021. During a livestreamed release event, Baidu CEO Robin Li emphasized the company's product — called Ernie bot — is not perfect. Baidu is prioritizing initial Ernie bot access for what it calls 650 ecosystem business partners, which include some media companies, banks and car firms. Within an hour of the Ernie bot announcement, Baidu said 30,000 corporate clients had joined the waitlist for access to the chatbot. Baidu's Li said Ernie bot had similar issues if used enough, and that it wasn't perfect.

☆ Moody's retains 'negative' outlook on China's banks amid challenges of emerging from Covid-zero
▼ + stars: | 2023-03-15 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

BEIJING — Ratings agency Moody's said Wednesday it maintained a "negative" outlook on China's banking sector as a result of a drawn out recovery after Beijing's Covid controls ended. While Beijing ended its stringent Covid controls in early December, the economic rebound so far has remained muted. "Our outlook on the banking sector remains negative," said Vice President Nicholas Zhu and Associate Managing Director Chen Huang, the authors of the report. Moody's had changed its outlook on China's banks to "negative" from "stable" in November due to "deteriorating operating environment, asset quality and profitability." The ratings agency affirmed its negative outlook earlier this month.

☆ China's post-Covid year gets off to a disappointing start
▼ + stars: | 2023-03-15 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +2 min

Most categories within retail sales rose, but big-ticket items of autos and home appliances saw sales decline. Online retail sales of physical goods rose by 5.3% for the first two months of the year from a year ago. But within that category, investment in real estate fell by 5.7% in January and February from a year ago. That follows a 10% drop in real estate investment for all of last year. Infrastructure and manufacturing investment rose at a slower pace in the first two months of the year than in 2022.

The Silicon Valley Bank fallout has ripple effects on Chinese startups, particularly those backed by U.S. dollar-denominated funds. U.S. regulators shut down the bank Friday in what has become the country's second-biggest banking failure. Silicon Valley Bank had built its business on supporting tech startups, including those from China. "Mainstream traditional banks, such as Standard Chartered, HSBC, Citi have strict compliance and it takes a long time to start a bank account with them. The source, who founded a fintech company and two other tech companies, said venture capitalists liked working with SVB because the bank allowed the investors to see and approve how the startups used their funds.

☆ In his first address, China's new premier says high quality growth is a priority
▼ + stars: | 2023-03-13 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

China's new premier Li Qiang said Monday that policymakers would focus on the quality of growth. While he said China's growth target of around 5% won't be easy to achieve, policymakers would push for growth, he added. BEIJING — China's new premier Li Qiang said Monday that policymakers would focus on the quality of growth — especially on ordinary people's need for housing, income, education and health care. Li said China's focus was shifting to what it calls high-quality development, such as building up tech and so-called green industries. He said China's growth target of around 5% won't be easy to achieve.

☆ Chinese startups are confident they can retain assets despite the Silicon Valley Bank fallout
▼ + stars: | 2023-03-13 | 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 EmailChinese startups are confident they can retain assets despite the Silicon Valley Bank falloutSome Chinese startups have stored capital that they raised from U.S. dollar investors through Silicon Valley Bank, but there's confidence that they'll be able to maintain and retain their assets, CNBC's Evelyn Cheng reports.

☆ Consumer spending in China isn't surging back yet, companies say
▼ + stars: | 2023-03-10 | by ( Evelyn Cheng | ) www.cnbc.com time to read: 1 min

BEIJING — China has yet to see a strong rebound in consumer spending, according to major companies. He said it will take time for the government's stimulus measures to show up in consumers' income and confidence. JD reported Thursday a 7.1% increase in net revenue in the fourth quarter to 295.45 billion yuan ($42.8 billion). That's below expectations for 296.2 billion yuan, according to Reuters. The company's U.S.-listed shares closed more than 11% lower overnight.

☆ China's Xi gains unprecedented third term as president
▼ + stars: | 2023-03-10 | by ( Evelyn Cheng | ) www.cnbc.com time to read: 1 min

Chinese President Xi Jinping is pictured here on Oct. 23, 2022, after consolidating his control of the ruling Communist Party of China. BEIJING — Chinese leader Xi Jinping gained an unprecedented third term as president of the country on Friday. Xi was widely expected to stay on as president in this month's largely ceremonial parliamentary meeting, known as the "Two Sessions." Xi rose through China's political ranks, becoming president in 2013 and abolishing term limits in 2018. At the Chinese Communist Party's 20th National Congress in October, Xi consolidated his control of the ruling party by filling the highest circle of leadership with loyalists.

☆ U.S. says it doesn't want to separate its economy from China's
▼ + stars: | 2023-03-09 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

BEIJING — The U.S. is pushing back on the idea it wants to suppress China and said it doesn't want to separate the two economies, according to a State Department spokesperson's comments. The spokesperson was responding to a CNBC request for comment on Chinese Foreign Minister Qin Gang's remarks Tuesday. "We have made it clear we do not seek to contain China or have a new Cold War," the U.S. State Department spokesperson said. The spokesperson pointed to Secretary of State Antony Blinken's comments last year that said the U.S. doesn't seek to stop China from growing its economy or "advancing the interests of its people." "He also said we do not want to sever China's economy from ours, though China is pursuing asymmetric decoupling," the spokesperson said.

☆ China plans to revamp finance, tech oversight
▼ + stars: | 2023-03-08 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

Lintao Zhang | Getty Images News | Getty ImagesBEIJING — China plans to overhaul its financial regulatory system by consolidating aspects of the central bank and securities regulator under a new entity, while doing away with the existing banking regulator. The moves also come as Beijing has increased regulation on parts of the economy that had developed quickly, with little oversight. The latest plan calls for the establishment of a National Financial Regulatory Administration, which replaces the China Banking and Insurance Regulatory Commission and expands its role. watch nowThe China Securities Regulatory Commission's investor protection responsibilities are set to shift to the new financial regulator. "China's consolidated financial regulatory body is [a] paradigm shift to ramp up oversight of its vast financial system," said Winston Ma, adjunct professor of law at New York University.

Chinese authorities have denied claims by billionaire investor Mark Mobius, who said he is unable to wire funds out of China due to government restrictions on capital flow. Asked in an interview with Fox Business last week about whether he's reduced his exposure to China, Mobius said, "the government is restricting the flow of money out of the country." He warned investors of "all kinds of barriers" imposed by the government. "I'm personally affected because I have an account with HSBC in Shanghai," he told Fox Business. They did not name HSBC .

☆ China's new foreign minister says relations with U.S. have 'entirely deviated' from a rational path
▼ + stars: | 2023-03-07 | by ( Evelyn Cheng | ) 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 new foreign minister says relations with U.S. have 'entirely deviated' from a rational pathChina's new foreign minister Qin Gang says the U.S. must "hit the brakes" or "there will surely be conflict and confrontation." CNBC's Evelyn Cheng reports.

☆ China says U.S. relations have left rational path, warns of conflict unless they 'hit the brake'
▼ + stars: | 2023-03-07 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +2 min

Qin Gang, now China's foreign minister, is pictured here speaking in Washington, D.C., in Dec. 2022 while he was China's ambassador to the United States. BEIJING – China's new foreign minister Qin Gang said relations with the U.S. have left a rational path and warned of conflict if the U.S. doesn't "hit the brake." Qin was speaking at his first press conference since becoming foreign minister. Qin on Tuesday also presented Beijing's relations with Moscow as an example for relations with other countries. "The more unstable the world becomes the more imperative it is for China and Russia to steadily advance relations," Qin said via an official English translation.

☆ China says policies for cross-border withdrawals have not changed
▼ + stars: | 2023-03-07 | 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 says policies for cross-border withdrawals have not changedChinese regulator, the State Administration on Foreign Exchange, says rules on withdrawing money from China have not changed. The comments come after billionaire investor Mark Mobius said Beijing was "restricting the flow of money out of the country." CNBC's Evelyn Cheng reports.

☆ Growth in China's real estate sector will face an 'uphill battle,' says government work report
▼ + stars: | 2023-03-06 | by ( Evelyn Cheng | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGrowth in China's real estate sector will face an 'uphill battle,' says government work reportCNBC's Evelyn Cheng discusses the headwinds that China's economy faces, as highlighted in the government's work report released on Sunday.

☆ China takes a cautious approach to its economy in 2023
▼ + stars: | 2023-03-06 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

Beijing announced Sunday a target of "around 5%" growth in gross domestic product for 2023, with only a modest increase in fiscal support. "The government's conservative growth target of 5% for 2023 recognizes that the pickup in China's growth continues to face headwinds," Martin Petch, vice president and senior credit officer, Moody's Investors Service, said in a note. "Some local governments are finding economic recovery difficult and are facing prominent fiscal imbalances," the report said. Consumption is keyConsumption can become the primary driver of economic growth this year, Li Chunlin, deputy director at the NDRC, told reporters Monday. An overall recovery in the economy can help fiscal revenues grow, and boost demand for workers, he said.

☆ China to increase defense spending by 7.2%
▼ + stars: | 2023-03-05 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

China's air force shows off its L15 Falcon trainer at the Zhuhai Air Show in 2022. BEIJING — China is set to increase defense spending this year by 7.2% to 1.56 trillion yuan ($230 billion), according to a draft released Sunday by the Ministry of Finance. China's defense budget grew by 7.1% last year to 1.45 trillion yuan, faster than the 6.8% increase in 2021 and 6.6% climb in 2020, according to official data. In 2019, China's defense spending rose by 7.5% to 1.19 trillion yuan. The work report called for "resolute steps to oppose 'Taiwan independence'" while sticking to Beijing's call for "peaceful reunification."

☆ China sets GDP target of 'around 5%' for 2023
▼ + stars: | 2023-03-05 | by ( Evelyn Cheng | ) www.cnbc.com time to read: 1 min

BEIJING — China set a growth target of "around 5%" for 2023, according to Premier Li Keqiang's government work report released Sunday. Analysts generally expected China to set a GDP target of above 5% for 2023. China also set a goal of 3% for the consumer price index, and a 5.5% unemployment rate for people in cities — with the creation of around 12 million new urban jobs. The work report called for implementing "prudent monetary policy" in a "targeted" way. Li presented the report Sunday at the opening of the National People's Congress, part of the annual "Two Sessions" parliamentary meeting.

Such efforts to attract foreign investment come as the pandemic and geopolitical tensions push companies to diversify their supply chains away from China. The Commerce Ministry said Thursday that for the first time, it would launch events for an "Invest in China Year." Apple later said the Zhengzhou factory disruptions would delay deliveries of some iPhone 14 models. He also noted "serious challenges" to attracting foreign investment. Those include unfair competition with local players in China due to industrial policies, lack of legal protection for foreign business in China and geopolitical risks, Wang said.

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