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☆ China vows to treat foreign firms equally as it seeks more international investment
▼ + stars: | 2024-03-25 | by ( ) www.cnbc.com time to read: +4 min

Guo Tingting, Chinese Vice Minister of Commerce, attends the China Development Forum in Beijing on March 25, 2024. "China will fully guarantee national treatment for foreign companies, so that more foreign companies can invest in China with confidence and peace of mind," Vice Commerce Minister Guo Tingting said at the China Development Forum in Beijing. China pledged on Monday to treat foreign companies the same way as domestic peers in a bid to attract more foreign investment, cooperation and expertise, as Asia's largest economy moves to upgrade and strengthen its industrial chains. In response, China has stepped up efforts to address concerns of foreign investors, pledging to protect the rights of foreign companies and promising to further enlarge entry into its markets. Over 100 overseas executives and investors have attended the annual China Development Forum since the weekend, including companies with deep supply chains in China such as Apple and Siemens .

Persons: Guo Tingting, Guo, Li Qiang, Stephen von Schuckmann, CGTN, We're, Information Technology Jin Zhuanglong, Jin, Kristalina Georgieva Organizations: Commerce, China Development Forum, Trade Organization, WTO, Sunday, ZF Group, Apple, Siemens, Industry, Information Technology, Monetary Fund's Locations: Beijing, China, consultancies, United States

☆ China’s Plan to Spur Growth: A New Slogan With Familiar Ideas
▼ + stars: | 2024-03-24 | by ( Keith Bradsher | ) www.nytimes.com time to read: +1 min

From the top of the government, China is heavily promoting a plan to fix the country’s stagnant economy and offset the harm from a decades-long housing bubble. The program has a fresh slogan, presented foremost by Xi Jinping, the country’s top leader, as “new, quality productive forces.”But it has features that are familiar from China’s economic playbook: The idea is to spur innovation and growth through massive investments in manufacturing, particularly in high-tech and clean energy, as well as robust spending on research and development. And there have been few concrete provisions for how the government hopes to persuade Chinese households to reverse a prolonged slowdown in spending. 2 official, laid out the plan on Sunday in a speech to chief executives from around the globe, who had gathered in Beijing for the country’s annual China Development Forum. “We will accelerate the development of new, quality productive forces,” he said at the forum’s opening ceremony.

Persons: Xi Jinping, Li Qiang, ” Organizations: China Development Locations: China, Beijing

☆ How Putin and Xi both bent their nations to their will to become presidents for life
▼ + stars: | 2024-03-19 | by ( Tom Porter | ) www.businessinsider.com time to read: +9 min

In the past decade, Putin and Xi have crushed what little remained of domestic opposition on their paths to absolute power. Advertisement"Both Putin and Xi's careers were forged as highly effective backroom operators forging relationships of dependency and patronage," he said. GREG BAKER via Getty ImagesDover said it would be a mistake to see Putin and Xi simply as dictators operating by arbitrary fiat. Both, he said, had built effective networks of loyalists capable of responding to crises and enacting their ambitious strategies to seize more global power. Xi and Putin bond over hatred of Western powerIt's on the global stage that the synergy between the leaders is of growing significance and growing alarm to Western leaders.

Persons: —, Vladimir Putin, Xi Jinping, Putin, It's, Xi, Graeme Thompson, Robert Dover, Li, notionally, Korea's, GREG BAKER, Getty Images Dover, Xi's, Thompson Organizations: Service, Business, Reuters, Eurasia Group, Hollywood, Getty, University of Hull, Communist Party, US, National People's, of, People, Getty Images, Central, Putin, Beijing Locations: China, Russia, Soviet Union, Moscow, Hong Kong, Beijing, Dover, Ukraine, Ukrainian, Taiwan, Putin Russia, East Asia

☆ China’s consumer inflation rate rises for first time in six months. But the holiday boost is likely to fade
▼ + stars: | 2024-03-11 | by ( Laura He | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —China’s consumer inflation turned positive for the first time in six months, largely supported by the Lunar New Year holiday, when a spending boom pushed up prices. The Consumer Price Index (CPI) increased by 0.7% in February from a year earlier, government data showed on Saturday, versus a rise of 0.3% forecast in a Reuters poll. This was the first increase in the inflation rate since August 2023. Last Tuesday, Premier Li Qiang said the government had set this year’s growth target at around 5% and inflation target at 3%. But the key to growth and rising prices will be how Beijing implements its policy to stimulate demand and boost confidence, analysts said.

Persons: “, ”, Zhiwei Zhang, ” Nomura, Price, Li Qiang, Gongsheng, Zheng Shanjie Organizations: Hong Kong CNN —, Index, “, People’s Bank of China, Getty, National, ” Citi Locations: China, Hong Kong, Nanjing, Jiangsu province, Beijing

BEIJING (AP) — China’s national congress is wrapping up its annual session Monday with the usual show of near-unanimous support for plans designed to carry out ruling Communist Party leader Xi Jinping's vision for the nation. This year's weeklong event, replete with meetings carefully scripted to allow no surprises, has highlighted how China’s politics have become ever more calibrated to elevate Xi. A key item due to be put for a ritual vote on Monday are revisions of the “Organic Law of the State Council,” China's version of a cabinet, that direct it to follow Xi's vision. The Organic Law of the State Council is being revised for the first time since it was adopted in 1982. The revision calls for the State Council, above all, to “uphold the leadership of the Communist Party of China."

Persons: Xi, —, Li Qiang, ” Neil Thomas, ” Thomas, Wang Yi, Qin Gang, Mao Zedong, ” Organizations: BEIJING, —, Communist Party, State Council, Asia Society Policy Institute, Communist Party of China Locations: China, China's, U.S

☆ China is teaching the likes of Apple and Tesla a very painful business lesson
▼ + stars: | 2024-03-11 | by ( Hasan Chowdhury | Lina Batarags | ) www.businessinsider.com time to read: +6 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. In turn, sentiment toward Western business has soured. It's no wonder US companies that once banked on this being the "Chinese century" are having to learn a very painful lesson about doing business in China. According to The Wall Street Journal, a directive known as Document 79 is being ramped up to push out Western companies. AdvertisementHow Western companies respond will be closely watched, as China remains too valuable to lose a hold of.

Persons: —, Apple's, Tesla, Gene Munster, Wang Gang, Muster, BYD, It's, John Keeble, Li Qiang, Suzanne Clark Organizations: Service, Business, Research, Apple, Getty, Shanghai gigafactory, Bloomberg, China's Passenger Car Association, Deepwater Asset Management, Huawei, Volkswagen, Reuters, National People's Congress, Wall Street, US Chamber of Commerce Locations: China, Beijing, Shanghai

☆ Beijing says property developers in deep trouble must go bankrupt
▼ + stars: | 2024-03-11 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

China's housing minister, Ni Hong, said real-estate developers in serious trouble should be bankrupted and restructured. Analysts suggest Beijing's priority is to ensure delivery of property projects, not to save developers. AdvertisementChina's housing minister said Beijing will not be bailing out the country's distressed property developers. China's real-estate debt crisis has already taken down property giant Evergrande, which is currently undergoing liquidation. "We view the tone on the property sector set at the 'Two Sessions' as negative," they added, referring to China's parliamentary sessions.

Persons: Ni Hong, —, Xi, Li Qiang's, Ni, Jizhou Dong, Riley Jin Organizations: Service, Authorities, Nomura Locations: China, Beijing, Hong Kong

☆ Analysis: China worried about return of Trump, but also sees opportunities if he wins 2024 election
▼ + stars: | 2024-03-10 | by ( Simone Mccarthy | ) edition.cnn.com time to read: +15 min

Then-US President Donald Trump and his wife Melania with Chinese leader Xi Jinping and his wife Peng Liyuan at Beijing's Forbidden City in 2017. “If this decoupling is carried out by Trump 2.0 in a very forceful way, the impact on China is going to be very severe. But experts say China’s business and official sectors are likely already considering contingency plans. Chinese leader Xi Jinping and Russian President Vladimir Putin leave a reception following talks at the Kremlin in March 2023. “Whoever wins – the structure of (US) confrontation, competition, pressure to China are still there,” he said.

Persons: Joe Biden, Xi, Donald Trump, didn’t, –, Biden, Wang Yi, Trump, He’s, Trump’s, Brian Wong, ” Wong, Lintao Zhang, Obama, Melania, “, Xi Jinping, Peng Liyuan, Xie Huanchi, he’s, ”, Bala Ramasamy, Shen Dingli, Premier Li Qiang, Ronald Reagan, “ Biden, Shen, ” Trump, skeptically, Vladimir Putin, Putin, Pavel Byrkin, Wong, it’s, Wang Yiwei Organizations: Beijing CNN —, Communist Party, Biden, Senior, Trump’s “, University of Hong Kong’s, Contemporary, House, oceanside, Trump, of, Forbidden, Huawei, Oxford Economics, China Europe International Business School, Premier, American, South Korea Navy, Asia –, Russia’s, NATO, Europe, Kremlin, Getty, South Korea –, White House, Renmin University Locations: China, Beijing, State, US, Russia, Communist, Contemporary China, Taiwan, Lago, City, Xinhua, Shanghai, Southeast Asia, Latin America, Europe, China's Qingdao Port, –, Asia, Seoul, Tokyo, Ukraine, United States, AFP, Japan, South Korea, America, Washington, Hong Kong, South China

☆ China growth target: Beijing wants to upgrade the economy. Why are investors so skeptical?
▼ + stars: | 2024-03-08 | by ( Laura He | ) edition.cnn.com time to read: +7 min

Hong Kong CNN —Chinese leaders have pledged to achieve an ambitious growth rate this year, while reshaping its economic model to focus on technology innovation. On Tuesday, Premier Li Qiang announced that economic growth target of around 5% for 2024, which he said “will not be easy” to hit, given that a Covid-battered 2022 had provided a lower base of growth for last year. “The level of support is likely too little to rocket the economy to its 5% growth target this year,” said Sarah Tan, an economist at Moody’s, referring to the measures announced by Li Tuesday. “China is walking a tightrope on the fiscal front between infrastructure stimulus and LGFV [local government financing vehicle] deleveraging,” said Goldman Sachs analysts on Wednesday. In order to achieve the ambitious 5% growth target, more specific stimulus is needed, such as increasing manufacturing investments, Liu said.

Persons: Li Qiang, “, ”, Sarah Tan, Li Tuesday, Goldman Sachs, Li, ” Nomura, Xi Jinping, Peiqian Liu, Liu, Pan Gongsheng Organizations: Hong Kong CNN, AFP, Getty, Goldman, Fidelity International, People’s Bank of China, Jefferies Locations: China, Hong Kong, Beijing, ‘, Asia, —

☆ China doubles down on manufacturing, leaving real estate behind
▼ + stars: | 2024-03-08 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

China News Service | China News Service | Getty ImagesBEIJING — China revealed this week it aims to spend more than a billion dollars to bolster manufacturing and domestic tech in a bid to remain globally competitive, while divulging little new support for the struggling real estate market. Industrial support clearly ranked first on Beijing's priority list for the year ahead, according to three major plans released this week as part of China's annual parliamentary meetings. Chinese authorities in 2020 intensified a crackdown on real estate developers' high reliance on debt for growth. Within that second priority, the finance ministry said it would allocate 31.3 billion yuan for improving vocational education. The government work report presented by Premier Li Qiang gave real estate a similar level of prominence.

Persons: Frederic Neumann, Li Qiang Organizations: Seres, China News Service, Getty, Ministry of Finance, HSBC, UBS, National Development, Reform Commission Locations: Chongqing, China, BEIJING, Asia, Beijing, U.S

☆ China to extend visa exemption to six European countries
▼ + stars: | 2024-03-07 | by ( Wayne Chang | Manveena Suri | ) edition.cnn.com time to read: +3 min

CNN —It’s about to get easier for some foreign travelers to visit China, with the government announcing plans to extend its visa exemption policy to six additional European countries. The exemption will take effect on March 14, Chinese Foreign Minister Wang Yi announced on Thursday during a press conference on the sidelines of the National People’s Congress meeting in Beijing. “I wish to share with you that starting from March 14, China will further extend, on a pilot basis, visa exemption to six countries, including Switzerland, Ireland, Hungary, Austria, Belgium and Luxembourg,” Wang said. In January, China signed a reciprocal agreement with Thailand and Singapore to permanently waive tourist visa requirements for each other’s citizens from March. In November last year, China announced a trial program to allow visitors from France, Germany, Italy, the Netherlands, Spain and Malaysia to enter visa-free for 15 days.

Persons: Wang Yi, “, ” Wang, Premier Li Qiang, Wang, ”, That’s Organizations: CNN, National People’s, Premier, National Immigration Administration Locations: China, Beijing, Switzerland, Ireland, Hungary, Austria, Belgium, Luxembourg, Thailand, Singapore, France, Germany, Italy, Netherlands, Spain, Malaysia, Washington

☆ China just pulled the country version of a company canceling its quarterly earnings call
▼ + stars: | 2024-03-07 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

China has canceled a closely watched annual press conference with Premier Li Qiang. Experts suggest the move indicates Xi Jinping is attempting to control the narrative regarding China's economic health. After all, investors are looking to the event for cues on China's economy, which has been struggling to stage a convincing post-pandemic recovery. AdvertisementInstead of a sustained post-COVID boom, China's economy is beset with major problems including a property crisis , deflationary pressure , and a demographic crisis . But some experts say the cancellation is a sign that Chinese leader Xi Jinping doesn't want anyone questioning his regime.

Persons: Premier Li Qiang, Jinping, —, Lou Qinjian, Rick Waters, Waters, Li, Lou, Xi Jinping, Xi, Jonathan Ward, Tom Porter Organizations: Premier, Service, National People's, Eurasia Group, GZERO Media, Hudson Institute Locations: China, Beijing

☆ In post-Covid China, the masks are off, but Xi’s tight control is here to stay
▼ + stars: | 2024-03-07 | by ( Simone Mccarthy | ) edition.cnn.com time to read: +8 min

2 official, who is charged with running its economy – and one more move for Xi to cement his control over the official narrative. China's Premier Li Qiang speaks during a press conference after the closing session of the National People's Congress in Beijing on March 13, 2023. He used his first and likely last press conference last year to highlight the prominence of the Communist Party over the state government. The axing of the premier’s press conference came alongside a shortening of the “two sessions” overall – first imposed during the pandemic to prevent the spread of Covid. Traffic slowed due to checkpoints on surrounding streets, with security officials even stopping and checking IDs of some cyclists riding on a major throughfare along the square.

Persons: Xi Jinping, Xi, ”, Liu Dongshu, Jinping, Li Qiang, Greg Baker, Premier Li Keqiang, Xi protégé Li Qiang, Li, “, ” Li, Liu, ” Changhao Wei, Paul Tsai, presser, Tatan Organizations: Beijing CNN, of, National People’s Congress, City University of Hong, National People's Congress, Premier, Communist Party, Paul Tsai China Center of Yale Law School, National People's, AP, Communist Locations: Beijing, Communist, China, City University of Hong Kong, AFP, Hong Kong, Tiananmen

HONG KONG (AP) — China’s exports and imports for the first two months of the year beat estimates, an indication that demand may be improving as Beijing attempts to boost economic recovery. Exports for the January-February period grew 7.1% from a year earlier, customs data released Thursday showed, higher than the 2.3% rise in December. Imports rose 3.5% from the same time last year, up from a 0.2% growth in December. Demand for Chinese exports has also been weak since the Federal Reserve and central banks in Europe and Asia began raising interest rates last year to cool inflation that was at multi-decade highs. China has set a target of around 5% for economic growth this year, Chinese Premier Li Qiang revealed this week at the annual meeting of the National People’s Congress.

Persons: Li Qiang Organizations: —, Beijing, Federal Reserve, PMI, National People’s Congress Locations: HONG KONG, China, Europe, Asia

☆ Sam Altman and Elon Musk are beefing, but the two share plenty in common
▼ + stars: | 2024-03-07 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

In today's big story, we're looking at Sam Altman's sprawling AI empire amid his beef with Elon Musk . AdvertisementBut first, the sun never sets on Sam Altman's AI empire. OpenAI CEO Sam Altman was thrust into the mainstream consciousness with the release of ChatGPT in 2022. Elon Musk and Sam Altman Michael M. Santiago/Getty, Nordin Catic/Getty, Tyler Le/BIThere is another tech billionaire whose vision exceeds a singular company. But unlike Musk, Altman has, somewhat incredibly, mostly skirted controversy (save for his ouster-then-return saga ).

Persons: —, There's, Sam Altman's, Elon Musk, Alastair Grant, Rebecca Zisser, Sam Altman, Altman, Darius Rafieyan, Sam Altman Michael M, Nordin Catic, Tyler Le, Elon, Musk, OpenAI, execs, Altman isn't, Robert Downey Jr, Tony Stark, Goldman Sachs, Jenny Chang, Rodriguez, Neema Raphael, Goldman's, Jerome Powell, Powell, Li Qiang's, Xi Jinping, Fernando Gutierrez, leapfrog, Ridley Scott's, Napoleon, BI's Peter Kafka, Elon Musk's, Joe Biden, Dan DeFrancesco, Hallam Bullock, Jordan Parker Erb, George Glover Organizations: Service, Elon, Business, OpenAI, Microsoft, Goldman, Beijing, Nvidia, leapfrog Apple, Apple, Google, FTC, Facebook, Variety, Tesla, Costco, Kroger, Digital Locations: China, Delaware, New York, London

☆ China may have to resort to a tried-and-tested tactic to power its 'new leap forward'
▼ + stars: | 2024-03-06 | by ( Clement Tan | In Clemtan | ) www.cnbc.com time to read: +5 min

Liu Liqun | Corbis Documentary | Getty ImagesChina may want a "new leap forward" in "productive forces" — but President Xi Jinping may need to resort to an old tactic to hit the country's ambitious growth target this year, one economist warns. While scant on specifics, the work report appears to suggest Beijing is refraining from the aggressive, bazooka-like stimulus that some markets observers were expecting. China has historically resorted to infrastructure building as a short-term fix to boost growth, particularly after the 2008-09 financial crisis. Goldman Sachs economists said that this pledge is the "most important positive surprise" from this year's government work report. Chinese Premier Li Qiang delivers a speech during the opening of the second session of the 14th National People's Congress at The Great Hall of People on March 5, 2024 in Beijing, China.

Persons: Liu Liqun, Xi Jinping, Wang Dan, Wang, Erica Tan, Goldman Sachs, Li Qiang, Li, Lintao Zhang Organizations: Bund, Getty, Hang Seng Bank, CNBC, China Investment Corporation, Maybank, Seng Bank, National People's Congress, of People Locations: China, Beijing, overcapacity, Covid, Gorges

☆ More Chinese Women Choosing Singledom as Economy Stutters
▼ + stars: | 2024-03-06 | by ( March | At P.M. | ) www.usnews.com time to read: +6 min

Chinese Premier Li Qiang also vowed to "work towards a birth-friendly society" and boost childcare services in this year's government work report. In Shanghai, this figure reached 30.6 for men and 29.2 for women last year, according to city statistics. Long-term single lifestyles are gradually becoming more widespread in China, giving rise to online communities of mostly single women who seek solidarity from like-minded people. Decades of the one-child policy have led to 32.3 million more men than women in 2022, according to official data. "Well-educated women in search of supportive life partners find fewer suitable men who also endorse women's rights."

Persons: Laurie Chen XIAN, Chai Wanrou, didn't, Xi Jinping, Li Qiang, stigmatised, influencers, China's Instagram, Liao Yueyi, I've, Xiaoling Shu, Davis, Shu, Laurie Chen, Farah Master, Miral Fahmy Organizations: Reuters, Communist Party, Communist Youth League, University of California Locations: China, Xian, Shanghai, United States, Xiaohongshu, Nanning, Hong Kong

☆ China’s New Economic Agenda, a Lot Like the Old One: Takeaways
▼ + stars: | 2024-03-05 | by ( Alexandra Stevenson | Chris Buckley | ) www.nytimes.com time to read: +1 min

China’s annual legislative meeting — the National People’s Congress, when Communist Party leaders promote their solutions for national ills — opened for business. The event is a chance for the leaders to signal the direction of the economy and outline how and where the government will spend money in the coming year. Despite their reluctance to spend, China’s top leaders said the economy would grow around 5 percent this year. The growth target and other policies came in a report given to the annual session of the legislature. 2 official, Li Qiang, and is the marquee event in a weeklong gathering dominated by officials and party loyalists.

Persons: —, China’s, Li Qiang Organizations: People’s Congress, Communist Party Locations: Beijing

☆ China sets GDP target of 'around 5%' for 2024
▼ + stars: | 2024-03-05 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +2 min

BEIJING — China set a growth target of "around 5%" for 2024, according to the "Government Work Report" released Tuesday. The targets for GDP and other economic indicators were published as part of the opening of the National People's Congress annual meeting. The work report emphasized the need to "ensure both high-quality development and greater security," preventing risks and maintaining social stability, among other tasks. The work report said that "internal drivers of development are being built up," but added the country should be "well prepared for all risks and challenges." More than 2,800 delegates attended the opening of the National People's Congress annual meeting in Beijing on Tuesday.

Persons: Li Qiang, Louise Loo Organizations: Economic, National People's, National Bureau of Statistics, Communist Party of China's, National People's Congress, IMF, Oxford Economics Locations: Davos, Switzerland, BEIJING, China, Beijing

The work report presented Tuesday by Premier Li Qiang to the National People’s Congress outlined plans for modest increases in overall spending and a hefty 7.2% jump in funding for the military. Li's work report is designed to showcase for the nation achievements in the past year and convey the top leadership's priorities for this year. Photos You Should See View All 60 ImagesApart from the ambitious growth target, “There is no reform, no liberalization, no action plan and no messaging of reassurance,” he said. — Another 10.4 billion yuan ($1.4 billion) will go to upgrading industries and modernizing manufacturing. “We will work to build China's self-reliance and strength in science and technology,” the report said.

Persons: it’s, Premier Li Qiang, Li, Xi Jinping's, James Zimmerman, ”, Tianchen Xu, What's, —, Xu, ” Lynn Song Organizations: BEIJING, Premier, National People’s, Communist, American Chamber of Commerce, Economist Intelligence Unit, Baidu, Greater China, ING Economics, — Locations: China, Beijing, Washington, Hong Kong, Greater

☆ A subtle shift in how China talks about Taiwan suggests it is gearing up for war
▼ + stars: | 2024-03-05 | by ( Mikhaila Friel | ) www.businessinsider.com time to read: +1 min

China dropped mention of "peaceful reunification" with Taiwan in a government report, Reuters said. The report stated that China will increase its military budget by 7.2% this year. China appears to be taking a tougher approach to dealing with Taiwan. AdvertisementIn its latest budget report, China dropped mention of "peaceful reunification" with Taiwan — a subtle shift that could signal it is preparing for war. The report, delivered by Premier Li Qiang at the opening of the National People's Congress, stated that China will increase its military budget by 7.2% this year, Reuters said.

Persons: —, Premier Li Qiang Organizations: Reuters, Service, Premier, National People's Congress, Bloomberg, Business Locations: China, Taiwan

☆ Premarket stocks: What ‘Super Tuesday’ means for your portfolio
▼ + stars: | 2024-03-05 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

Welcome to “Super Tuesday.” Today, a whopping 16 states and territories hold primary elections. But stock market analysts say not to fret and to hold tight. Based on annualized returns for the S&P 500, stocks gained an average 13.75% during Trump’s presidency. Election year math: History shows that stocks typically gain during the fourth year of presidential terms. The S&P 500 has gained 6.2% on average during the fourth year of presidential terms since 1932, according to Yardeni Research.

Persons: ’, Edward Jones, Donald Trump, Joe Biden, Angelo Kourkafas, ” Kourkafas, Raymond James, Trump, Obama, ”, Simon Hamilton, Barack Obama, “ That’s, it’s, Hamilton, Goldman Sachs, Allison Morrow, Bitcoin, —, Simone McCarthy, Premier Li Qiang, Hong Organizations: CNN Business, Bell, New York CNN, ”, Markets, White House, Congress, CNN, Republicans, Republican, “, Research, Dow Jones, University of Cincinnati, University of Missouri, Securities and Exchange, Bloomberg, Premier, National People’s Congress Locations: New York, Washington, Hamilton, United States, China, Beijing

☆ Bitcoin's back on top, but it's not a boon for everyone in the space
▼ + stars: | 2024-03-05 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

In today's big story, we're looking at bitcoin's latest rally and what's driving it so high this time around . The milestone comes amid a massive rally for bitcoin over the past month, where its price has surged almost 60%. Business Insider's Phil Rosen has a full rundown on what's pushing bitcoin's price so high this time . SOPA Images / GettyA boon for bitcoin doesn't mean everyone in the space wins. The insider I spoke to said there's no single, agreed-upon narrative for what's driving crypto toward a new peak.

Persons: —, you've, Phil Rosen, BlackRock's, Jamie Dimon, there's, Tom Williams, Doom, Roubini, BofA, Li Qiang, headwinds, Mark Zuckerberg's, Andrew Bosworth, Sam Altman's, Altman, Hugo Herrera, Lachlan Murdoch, Nordstrom, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover Organizations: Service, Business, Bitcoin, JPMorgan, Bank of America, Beijing, Apple, Getty, European Commission, Employees, BI, Boomers, Fox, Target Locations: bitcoin, China, Chengdu, Southwest China's Sichuan, New York, London

☆ 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 is laying out ambitious growth goals for 2024, and even Beijing knows they'll be hard to hit
▼ + stars: | 2024-03-05 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewChina is laying out ambitious growth goals for 2024, and Beijing knows they'll be hard to hit. China — the world's second-largest economy — is targeting economic growth of around 5% this year, Li Qiang, the country's premier, announced on Tuesday. "Achieving the 'around 5%' growth target will be very challenging," Nomura economists wrote in a note on Tuesday. Economists are watching to see whether Beijing will inject more stimulus into its economy to help it hit its 5% growth target.

Persons: —, they'll, Li Qiang, Li, Nomura, Lynn Song Organizations: Service, Business, National People's, ING, Nomura, Deutsche, Seng China Enterprises Locations: China, Beijing, Greater China, Hong Kong

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