DIRS.INFO The most relevant business & tech news

☆ China has announced a slew of measures to bolster its economy. Here's what we know so far
▼ + stars: | 2023-07-24 | by ( Clement Tan | ) www.cnbc.com time to read: +5 min

Here are some of the key measures released by the Chinese government in recent weeks. Private businessesOn Monday, China's economic planning agency announced a series of measures to promote private investment. Julian Evans-Pritchard Capital EconomicsThe NDRC said it will support private investment in sectors — such as transportation, water conservancy, clean energy, new infrastructure, advanced manufacturing and modern agriculture facilities. The agency is also encouraging private investment projects to issue real estate investment trusts (REITS) in the infrastructure sector to promote asset diversification and further broaden investment and financing channels for private investment. Business sentiment has generally soured amid lackluster economic growth after China's initial recovery following its exit from "zero Covid" faltered.

Persons: Julian Evans, Pritchard Organizations: Afp, Getty, China, Private, Communist Party, National Development, Reform, Pritchard Capital, People's Bank of China, State Administration of Foreign Exchange, China Economics, Capital Economics, Household, Commerce Locations: China, Beijing, Shanghai

☆ China vows to 'adjust and optimize' property policy in 'tortuous' economic recovery
▼ + stars: | 2023-07-24 | by ( Clement Tan | ) www.cnbc.com time to read: +8 min

The post-pandemic economic recovery will proceed in a "wave-like" fashion in a "tortuous" process, it added. On Tuesday, Hong Kong and mainland China stock markets cheered the Politburo's policy pledges, outperforming broader Asia-Pacific benchmarks. The Chinese property sector saw some of the strongest percentage gains in Hong Kong, with developer Country Garden rebounding more than 14% from a nine-month low. By some calculations, the country's property sector still accounts for up to a quarter of China's annual economic activity. Expanding domestic demandLate Monday, China's top leaders pledged to "actively expand domestic demand" and to "expand consumption by raising income levels."

Persons: Xi Jinping, Li Qiang, China Vanke, Goldman Sachs, China's, Julian Evans, Pritchard Organizations: Getty, Communist, Xinhua, Barclays, Index, CSI, Longfor, China Overseas, Observers, Citi, People's Bank, China's, National, Capital Economics Locations: China, Hong Kong, outperforming, Asia

☆ China announces steps to boost sales of cars, electronics
▼ + stars: | 2023-07-21 | by ( Reuters Staff | ) www.reuters.com time to read: +2 min

FILE PHOTO-People enter the SEG E-Market at Huaqiangbei electronics market in Shenzhen, Guangdong province, China June 8, 2023. REUTERS/David Kirton/File PhotoBEIJING (Reuters) -Chinese authorities announced a raft of measures on Friday to help boost sales of automobiles and electronics, and warned local governments from rolling out policies that would fuel vicious competition, as they seek to shore up a slowing economy. As China’s post-pandemic economic recovery slows, policymakers have identified the country’s automobile sector as a key lever which they want to use to shore up growth. In June, they unexpectedly extended a purchase tax break on new energy vehicles (NEVs) until 2027. A separate statement on supporting sales of electronics products said authorities would encourage scientific research institutes and market entities to actively apply domestic artificial intelligence (AI) technology to improve intelligence levels of electronic products.

Persons: David Kirton, Tesla Organizations: SEG, REUTERS, National Development, Reform Locations: Shenzhen, Guangdong province, China, BEIJING, Regions

☆ China's steps to boost sales of cars, electronics disappoint market
▼ + stars: | 2023-07-21 | by ( Reuters Staff | ) www.reuters.com time to read: +2 min

FILE PHOTO-People enter the SEG E-Market at Huaqiangbei electronics market in Shenzhen, Guangdong province, China June 8, 2023. REUTERS/David Kirton/File PhotoBEIJING (Reuters) -Chinese authorities announced measures on Friday intended to help boost sales of automobiles and electronics with the goal of shoring up a sluggish economy, but the steps failed to impress investors who have been clamouring for stronger stimulus. The Friday statement aimed at encouraging automobile consumption echoed this. “These supports will unlikely significantly boost consumption when people are still generally reluctant to spend as they lack confidence in the economic recovery,” UBS said in a note on Friday. Investors have said they are disappointed by China’s weak second quarter growth and want to see stronger stimulus, with some pinning their hopes on the Politburo meeting later this month.

Persons: David Kirton, Tesla, ”, China’s Organizations: SEG, REUTERS, National Development, Reform, ” UBS Locations: Shenzhen, Guangdong province, China, BEIJING

☆ China announces steps to boost sales of cars and electronics
▼ + stars: | 2023-07-21 | by ( ) www.cnbc.com time to read: +2 min

Employees work on the assembly line of new energy vehicles (NEVs) at a workshop of China FAW Group's Hongqi Fanrong Plant on July 5, 2023 in Changchun, Jilin Province of China. Chinese authorities announced measures on Friday intended to help boost sales of automobiles and electronics with the goal of shoring up a sluggish economy, but the steps failed to impress investors who have been clamoring for stronger stimulus. In June, they unexpectedly extended a purchase tax break on new energy vehicles until 2027. A separate statement on supporting sales of electronics products said authorities would encourage scientific research institutes and market entities to actively apply domestic artificial intelligence technology to improve intelligence levels of electronic products. Investors have said they are disappointed by China's weak second quarter growth and want to see stronger stimulus, with some pinning their hopes on the Politburo meeting later this month.

Persons: Tesla, China's Organizations: China FAW Group's Hongqi, National Development, Reform Locations: Changchun, Jilin Province, China

☆ China says two policies to support business coming soon
▼ + stars: | 2023-07-20 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

A view of high-rise buildings is seen along the Suzhou Creek in Shanghai, China on July 5, 2023. BEIJING — China's economic planner said Thursday that two new policies for supporting non-state-owned businesses will be launched soon. While it did not specify a date, the policy plans come a day after China's top party and government leadership announced lengthy "opinions" on supporting non-state-owned businesses. Business sentiment has generally soured amid lackluster economic growth after China's initial recovery from the pandemic. The two forthcoming policies will focus on promoting business investment and their overall development, Li Chunlin, deputy director of the National Development and Reform Commission, said in Mandarin, translated by CNBC.

Persons: Li Chunlin Organizations: National Development, Reform, CNBC Locations: Suzhou, Shanghai, China, BEIJING, Beijing

[1/5] A worker sweeps a street in the Central Business District on a rainy day in Beijing, China, July 12, 2023. REUTERS/Thomas PeterBEIJING, July 18 (Reuters) - China is entering an era of much slower economic growth, raising a daunting prospect: it may never get rich. He expects growth to slow to 3%, which "will feel like an economic recession" when youth unemployment is already above 20%. The April-June data puts 2023 growth on track for roughly 5%, with slower rates thereafter. But China's annual growth averaged around 7% last decade, and more than 10% in the 2000s.

Persons: Thomas Peter BEIJING, Desmond Lachman, year's, Wang Jun, Zheng Shanjie, Zheng, Richard Koo, Juan Orts, Xi Jinping's, Zhao, Cai Fang, Zhu Ning, Koo, Liangping Gao, Ellen Zhang, Ziyi Tang, Kevin Yao, Joe Cash, Marius Zaharia, David Crawshaw Organizations: Central Business District, REUTERS, American Enterprise Institute, Reuters, Communist, Huatai Asset Management, Reform Commission, Overseas, Nomura Research Institute, Fathom Consulting, Shanghai Advanced Institute of Finance, Thomson Locations: Beijing, China, Japan, United States, Young, Africa, Latin, U.S, Central

☆ China vows to 'restore and expand' consumption to boost growth
▼ + stars: | 2023-07-18 | by ( Clement Tan | ) www.cnbc.com time to read: +2 min

China's top economic state planner vowed Tuesday to "restore and expand" consumption in a wide-ranging plan to bolster growth in the world's second-largest economyChina's top economic state planner vowed Tuesday to "restore and expand" consumption in a wide-ranging plan to bolster growth that includes boosting household income, improving business environment for private firms and stabilizing youth employment. "Consumer purchasing power and expectations are relatively weak, while consumption infrastructure and environment need to be improved," Jin added. On Monday, a raft of weaker-than-expected economic data provided more basis for market watchers to renew calls for policy support to bolster growth. "We will promptly formulate and introduce policies to restore and expand consumption, and issue policies to stabilize large scale consumption, promote the consumption of automobile and electronic products, expand rural consumption, and optimize the consumption environment" Jin added. Within hours, Commerce Ministry followed with an announcement of an 11-point plan to boost the domestic consumption of household consumer goods and services.

Persons: China's, Jin Xiandong, Jin Organizations: National Development, Reform, CNBC, Consumer, Commerce Locations: Beijing, Shanghai

☆ China takes major step in regulating generative AI services like ChatGPT
▼ + stars: | 2023-07-14 | by ( Laura He | ) edition.cnn.com time to read: +4 min

China also urges platforms to “participate in the formulation of international rules and standards” related to generative AI, it said. Generative AI tools like ChatGPT have taken the world by storm. Generative AI refers to the technology that underpins platforms like ChatGPT. In the global race to build guardrails for how governments tap AI, China had gained a significant head start, US Senator Mark Warner warned last month. So far, Baidu, Alibaba and JD.com’s generative AI services are either in the trial stage or being tested by corporate users.

Persons: —, Olivier Morin, Mark Warner, ” Organizations: Hong Kong CNN, Cyberspace Administration, Ant, Baidu, Getty, China, Politico’s Global Tech Summit ., ” Citi, National Development, Reform Commission Locations: Hong Kong, China, Beijing, AFP, United States

☆ China's state planner praises Tencent, Alibaba as attitude towards tech shifts
▼ + stars: | 2023-07-12 | by ( ) www.reuters.com time to read: +2 min

[1/2] The logo of Alibaba Group is seen at its office in Beijing, China January 5, 2021. REUTERS/Thomas Peter/File PhotoBEIJING, July 12 (Reuters) - China's state planner on Wednesday praised Tencent (0700.HK) and Alibaba (9988.HK) in a statement detailing a study it had done on platform firms, in the latest sign authorities are warming up to the technology sector after a nearly three-year crackdown. The National Development and Reform Commission (NDRC) said platform companies had become key contributors to areas of tech innovation China was prioritising, such as semiconductors and autonomous driving. The commission's comments come after authorities signalled last week that a crackdown that began in late 2020 on the country's technology sector had ended with fines on Ant Group and Tencent. During the campaign, which wiped billions of dollars off the market value of China's top technology firms, regulators repeatedly criticised and punished these companies for violations ranging from failing to protect customer privacy to monopolistic behaviour.

Persons: Thomas Peter, Tencent, Tencent's, Xi Jinping, Qiaoyi Li, Brenda Goh, Sonali Paul Organizations: REUTERS, HK, National Development, Reform Commission, Ant, Index, Baidu, Thomson Locations: Beijing, China, BEIJING, Hong Kong

☆ China's state planner holds meeting with private firms, including Baidu
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +1 min

BEIJING, July 10 (Reuters) - China's state planner said on Monday it held a meeting with private firms including Baidu (9888.HK) and LONGi Green Energy Technology (601012.SS). This is the second round of dialogue between the NDRC and private firms. Chinese Premier Li Qiang heads the State Council, or cabinet, which oversees the state planner. He has been attempting to reassure the private sector as part of his drive to re-invigorate China's post-pandemic economy. Reporting by Beijing newsroom; Editing by Jacqueline Wong and Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

Persons: Li Qiang, Li, Jacqueline Wong Organizations: Baidu, HK, Green Energy Technology, National Development, Reform Commission, State Council, Beijing, Thomson Locations: BEIJING

☆ Chinese economic planner woos European giants Airbus, BMW despite unresolved tensions over Ukraine
▼ + stars: | 2023-06-23 | by ( Laura He | ) edition.cnn.com time to read: +3 min

The Chinese planner said it supports domestic airlines cooperating with Airbus according to their needs. He also witnessed the signing of the agreements between the NDRC and the European companies separately in Berlin and Paris, according to the Chinese planner. Relations are also strained from recent moves by European Union regulators and governments to limit China’s access to sensitive technology. In March, the European Commission president Ursula von der Leyen called on Europe to reassess its diplomatic and economic relations with China. “Germany is committed to actively broadening our economic relations with Asia and beyond,” Scholz said at a joint press conference with Li, according to French news agency AFP.

Persons: Guillaume Faury, Zheng Shanjie, Li Qiang, Li, Ursula von der Leyen, Olaf Scholz, ” Scholz, China’s Sinochem Organizations: Hong Kong CNN, Moscow, Airbus, BMW, Mercedes, Benz, Volkswagen, Siemens, BASF, National Development, Reform Commission, Union, ASML, European, AFP Locations: Hong Kong, China, Ukraine, Paris, Tianjin, Europe, European, Berlin, Beijing, Russia, United States, Netherlands, Germany, Asia, Italy

☆ China's state planner signs letter of intent to cooperate with European corporate giants
▼ + stars: | 2023-06-21 | by ( ) www.reuters.com time to read: +2 min

BEIJING, June 21 (Reuters) - China's state planner this week signed letters of intent in Berlin on cooperation with European corporate heavyweights in areas ranging from aviation and chemicals to automobiles, as the world's second-largest economy seek to lobby for stronger ties with Europe. The Chinese state planner said it will work with the relevant companies to advance cooperation in areas including sustainable aviation fuel, low-carbon product production, and new-energy vehicles. Li, who was on his first overseas visit since becoming premier in March, had warned against any economic decoupling from Beijing. "Lack of cooperation is the biggest risk, and lack of development is the biggest insecurity," he said. Reporting by Ethan Wang and Ryan Woo in Beijing, Twinnie Siu in Hong Kong; Editing by Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

Persons: Premier Li Qiang, Li, Ethan Wang, Ryan Woo, Twinnie Siu, Jonathan Oatis Organizations: Airbus, BASF, Siemens, Benz, BMW, Volkswagen, China's National, Reform, Premier, European Union, Thomson Locations: BEIJING, Berlin, Europe, China, Germany, West, Beijing, Hong Kong

☆ Tesla's China expansion hits speed bump amid industry overcapacity
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: +5 min

"You could argue that as Tesla, I've got new products, I need to have a new factory to build them in," he said. "But viewed from the China government's point of view, all they see is a market that's oversupplied." Construction of Tesla's Shanghai plant took less than a year to complete after it broke ground on the site in 2019. U.S. luxury EV maker Lucid Group (LCID.O) is also keen to make cars in China but has been advised that the possibility was low, industry sources said. "China needed Tesla to open the market for retail consumers, but Tesla needs China, because the supply chain benefits of being here and the competitive bar that's set here makes Tesla a more competitive company globally.

Persons: Tesla, Bill Russo, I've, Elon Musk, Ding Xuexiang, Musk, it's, Dan Ives, EVs, Nio, Xiaomi, Automobility's Russo, Zhang Yan, Brenda Goh, Jamie Freed Organizations: National Development, Reform Commission, Tesla, Wedbush Securities, Reuters, HK, Lucid, Thomson Locations: China, SHANGHAI, Shanghai, Beijing, CHINA, United States, Southeast Asia, Canada, India, South Korea, Indonesia

☆ Analysis: Struggling China local governments find a fundraising loophole, lifeline in "pearl bonds"
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +5 min

SHANGHAI/HONG KONG, May 31 (Reuters) - China's cash-strapped local governments have suddenly rushed to an unusual corner of the debt market in Shanghai where ambiguous rules offer ways to skirt restrictions on onshore borrowing. LGFVs accounted for about two-thirds of the issuers and 60% of the debt sold this year nation-wide, according to Reuters' calculations. Among all the newly-issued FTZ bonds this year, 55, or two-thirds of all 82 issuers, were LGFVs, according to Reuters' calculations. The "pearl" or free trade zone (FTZ) bonds have been around since 2016 but are only now becoming popular as tighter central government supervision on LGFV debts starts to bite. AMBIGUOUS POSITIONING"Pearl bonds" differ from other offshore bonds as trades are cleared by the state-owned China Central Depository & Clearing Co, rather than a global clearing house.

Persons: Shi Xiaoshan, Fitch, Royston Quek, Tim Fang, Pearl, Zhang Hong, Georgina Lee, Tom Westbrook, Kim Coghill Organizations: U.S, Haitong International Securities, China Central Depository, Industrial, Group, Credit Agricole CIB, Shanghai Pudong Development Bank, Bank of Communications, Pudong New, Financial, Reform Commission, Reuters, The, Administration of Foreign Exchange, Shanghai, Thomson Locations: SHANGHAI, HONG KONG, Shanghai, Beijing, U.S . Federal, Hong Kong, China, Zhejiang, Pudong, SINGAPORE

The spot price for benchmark 62% iron ore for delivery to north China , as assessed by commodity price reporting agency Argus, dropped to $110.25 a tonne on April 21, the lowest since Dec. 20. China produces just over half of the world's steel and buys more than 70% of seaborne iron ore, with the main exporters being Australia, Brazil and South Africa. It's also the case the outlook for iron ore demand in China is not particularly clear cut, with some positive macro drivers but also areas of concern. This implies that steel mills may be looking to increase iron ore imports, especially if they plan to keep production at relatively high levels. Overall, the outlook for China's iron ore and steel demand is less assured than it was at the start of the year, when optimism over the economic re-opening abounded.

☆ China says drafting plans to boost recovery, expansion of consumption
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +1 min

BEIJING, April 19 (Reuters) - China is formulating plans to boost the recovery and expansion of consumption, the state planner's spokesperson Meng Wei said on Wednesday, signaling officials are worried about weak demand despite a sharp rebound in retail sales. The National Development and Reform Commission (NDRC) pledged to promote a sustained recovery in consumption. "Currently, we are working on drafting documents on the recovery and expansion of consumption, mainly focusing on key areas such as stabilising big-ticket consumption, enhancing service consumption and expanding rural consumption," said Meng. Meng, at a news conference, also mentioned stabilising of automobile consumption, which was a "big part" of supporting consumption, by promoting new energy vehicles to rural areas. "The international environment is still complex and ever-changing, constraints from insufficient domestic demand are obvious and the foundation for economic recovery is not solid," said statistics bureau spokesperson Fu Linghui on Tuesday.

☆ China's green loans exceed $3.2 trln, central bank chief says
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +1 min

BOAO, China, March 29 (Reuters) - China's outstanding green loans currently exceed 22 trillion yuan ($3.2 trillion), accounting for about 10% of the country's total loan balance, People's Bank of China Governor Yi Gang said on Wednesday. Separately, China's green bonds have hit more than 2.5 trillion yuan, Yi said at the Boao Forum in southern China's Hainan province. "Achieving carbon neutrality requires 'carrots and sticks'," Yi said, adding that a central bank incentive mechanism, which provides commercial banks with loans with interest rates as low as 1.75%, could be equated to a "carrot". To support carbon emission reduction, the central bank has lent more than 300 billion yuan via a relending tool which has helped banks to make 600 billion yuan in loans to green projects. The central bank said in January it would keep the relending tool in place until the end of 2024.

☆ China urges Apple to strengthen data security
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: 1 min

HONG KONG, March 28 (Reuters) - China has urged Apple (AAPL.O) to strengthen its data security and personal privacy protection, the country's state planner said in a statement on Tuesday. Chairman of National Development and Reform Commission Zheng Shanjie made the comments when he met Apple CEO Tim Cook on Monday, the statement said. Reporting by Ella Cao and Meg Shen, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

"The reality is that China has more coal power capacity than it needs," said Zhang Shuwei, director at Draworld Energy Research Centre. That's equivalent to about a hundred large coal-fired plants and enough to supply the whole of Britain. China's big jump in coal power approvals has sparked fears that there will be backsliding on its climate goals. Share of coal in China's energy mixAnalysts note existing coal plants could provide sufficient backup for renewables if they were plugged into a nationwide market, but China's power sector remains fragmented. "It would be far cheaper... to incentivise provincial trading than incentivising new loss-making coal," he said.

☆ 8 million Chinese youths sat for a test in the style of an 'imperial examination' — all for a job that pays about $7,000 a year
▼ + stars: | 2023-03-17 | by ( Aditi Bharade | ) www.businessinsider.com time to read: +6 min

A record 7.7 million Chinese youths sat for an intense test to try to secure one of 200,000 government jobs. The modern-day civil service tests are not far off the mark from their ancient iterations. In spite of the tough tests required to secure these jobs, civil service jobs are not high paying. "In general, civil service jobs could bring with them benefits for the whole family, like connections to positions of power," Wu said. For those who want to be active participants in the workforce, civil service jobs continue to be a solid option.

China's four new vice premiers:Ding Xuexiang, 60, is the first-ranked vice premier who also sits in the ruling Communist Party's Politburo Standing Committee, China's top echelon of power. Wang Zhigang, 65, remains minister of science and technology. Huai Jinpeng, 60, remains minister of educationPan Yue, 62, remains head of the National Ethnic Affairs CommissionWang Xiaohong, 65, remains minister of public securityChen Yixin, 63, remains minister of state security. Considered a Xi ally, he had worked with Xi when the latter was party chief of Zhejiang province from 2002-2007. Tang Dengjie, 63, remains minister of civil affairsHe Rong, 60, remains minister of justiceWang Xiaoping, 59, remains minister of human resources and social securityWang Guanghua, 59, remains minister of natural resourcesHuang Runqiu, 59, remains minister of ecology and environmentNi Hong, 60, remains minister of housing and urban-rural developmentLi Xiaopeng, 63, remains minister of transportLi Guoying, 63, remains minister of water resourcesTang Renjian, 60, remains minister of agriculture and rural affairsHu Heping, 60, remains minister of culture and tourismMa Xiaowei, 63, remains head of the National Health CommissionPei Jinjia, 59, remains minister of veterans affairsWang Xiangxi, 60, remains minister of emergency managementHou Kai, 60, remains auditor-general of the National Audit OfficeReporting by Yew Lun Tian, Ziyi Tang, additional reporting by Albee Zhang; Editing by Raju GopalakrishnanOur Standards: The Thomson Reuters Trust Principles.

However, further announcements are expected in coming weeks as China implements a reorganisation of its financial regulatory structure and other government bodies. "Opting for continuity in these critical economic roles suggests an emphasis on credibility and stability," said Mattie Bekink, China director at the Economist Intelligence Corporate Network. The U.S.-educated central bank chief Yi, appointed PBOC governor in 2018, had widely been expected to retire after being left off the ruling Communist Party's Central Committee during the party's once-in-five-years congress in October. "It shows China wants to at least have a dialogue with the United States on monetary policy and financial cooperation," he said. The parliamentary session will end on Monday, with Xi expected to give a speech and Li, the new premier, scheduled to hold a televised media conference afterwards.

As debt obligations mount, some local governments are pushing banks to extend maturities and cut interest rates, sources said. Reuters Graphics"BLACK HOLES""The LGFVs have become the black hole of the Chinese financial system. Chinese banks and other financial institutions have been cautious on new lending to LGFVs over the past years. In recent months, some state-owned banks, asset managers, and insurers have been looking into their portfolios to screen LGFV borrowers with weaker creditworthiness and dispose them, separate financial sector sources told Reuters. Offshore branches of Chinese financial institutions have been major buyers of the bonds, industry sources said.

☆ China's state planner tells Qualcomm VP it will provide good business environment for MNCs
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: 1 min

SHANGHAI, March 10 (Reuters) - A representative from China's National Development and Reform Commission (NDRC), the country's top planning agency, met with a VP from Qualcomm Inc (QCOM.O) on March 7 to discuss Qualcomm's business in China, according to an NDRC statement on Friday. At the meeting, the NDRC said that China was willing to provide a first-class business environment for MNCs including Qualcomm to develop in China. Reporting by Josh Horwitz; Editing by Himani SarkarOur Standards: The Thomson Reuters Trust Principles.

Search resuls for: "Reform Commission"

25 mentions found