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It said China plans to tap offshore funds held by Chinese state-owned enterprises and also local funds. Elsewhere in Asia, South Korea's Kospi rose 0.6% to 2,478.61 and Australia's S&P/ASX 200 added 0.5% to 7,514.90. ADM also said it expects to report profit for the full year of 2023 that’s below what analysts were forecasting. That in turn has relaxed the pressure considerably on the stock market and helped it to rip higher. In other trading, U.S. benchmark crude oil rose 9 cents to $74.85 per barrel in electronic trading on the New York Mercantile Exchange.

Persons: Seng, Tan Boon Heng, “, ” Tan, Sunoco, Archer Daniels Midland, Tesla Organizations: Bloomberg, Mizuho Bank, Nikkei, Bank of Japan, U.S ., Dow Jones, Nasdaq, Technologies, NuStar Energy, ADM, American Airlines, Intel, Procter, Gamble, Federal Reserve, Treasury, New York Mercantile Exchange, Brent Locations: BANGKOK, Asia, Hong Kong, Shanghai, Beijing, China, South, U.S

☆ Why China hates the new president of Taiwan
▼ + stars: | 2024-01-15 | by ( Huileng Tan | ) www.businessinsider.com time to read: +5 min

"Lai Ching-te clings stubbornly to the separatist position for 'Taiwan independence.' A matter of Taiwan's independenceIn 2017, while he was premier, Lai referred to himself as a "pragmatic worker for 'Taiwan independence.'" AdvertisementLai has pledged to maintain status quo and stability in Taiwan, but China isn't backing down on its stance either. "I think China hates him, really hates him," Wu Xinbo, an international relations professor at Shanghai's Fudan University, told Reuters, referring to Lai. "It is because if he is elected as the leader of Taiwan, he may come to advance his goal of Taiwan independence, which will provoke a crisis across the Taiwan Strait," added Wu.

Persons: William Lai Ching, Taiwan's, Lai, —, Wiliam Lai Ching, Lai Ching, Xi Jinping, Wu Xinbo, Wu, Wang Yi, Jeremy Mark, William Lai, Chong Ja Ian, Chong, Tsai Ing Organizations: Democratic Progressive Party, Service, China's Taiwan Affairs Office, Chinese Communist Party, Shanghai's Fudan University, Reuters, Analysts, Lai's, Atlantic Council, Eurasia Group, KMT, National University of Singapore, Carnegie China, Channel News Asia Locations: China, Beijing, Taiwan, South America, Taiwan Strait, Taiwan's

☆ After racist threats forced a Southeast Asian restaurant to close down, the owner reopened a new restaurant as an homage to his immigrant parents
▼ + stars: | 2024-01-13 | by ( Yoonji Han | ) www.businessinsider.com time to read: +6 min

A Southeast Asian restaurant closed down last year after facing false accusations of serving dog meat. Anna Le Nguyen and Minh Rasavong Oriyavong help out in the kitchen of Love & Thai. Rallying togetherIn November, Rasavong reopened his restaurant under a new name: Love & Thai. The mural by Hana Luna Her at Love & Thai pays homage to Rasavong's family's journey to America. Customers have flocked to Love & Thai and shown their support, and Rasavong wants to share that support with others in the community.

Persons: —, David Rasavong, Rasavong, Anna Le Nguyen, Minh Rasavong, Richard Vogel, Louis, Yelp, David Rasavong Rasavong, Hana Luna, Rasavong's Organizations: Service, Google, Facebook, Business, Thai, &, US, Philippine -, People, Local, Love &, Customers Locations: Fresno, Laos, Thailand, United States, St, Philippines, Oregon, America

☆ Shanghai wants Microsoft to promote AI tech in city - govt
▼ + stars: | 2023-12-05 | by ( ) www.reuters.com time to read: 1 min

A Microsoft sign at the U.S. tech giant's offices in Issy-les-Moulineaux, near Paris, France, January 25, 2023. REUTERS/Gonzalo Fuentes/File Photo Acquire Licensing RightsBEIJING, Dec 5 (Reuters) - Shanghai authorities told Microsoft's (MSFT.O) visiting president on Tuesday they want his company to promote artificial intelligence technology to boost businesses there, the Chinese financial hub's government said. Chen Jining, Shanghai's Communist party Secretary, made the remarks while meeting Microsoft President and Vice Chair Brad Smith, the government said. Shanghai was also open to Microsoft collaborating on studying technology-related governance frameworks and standards, Chen said. Reporting by Beijing Newsroom;Our Standards: The Thomson Reuters Trust Principles.

Persons: Gonzalo Fuentes, Microsoft's, Chen Jining, Brad Smith, Chen Organizations: Microsoft, REUTERS, Rights, Communist, Beijing Newsroom, Thomson Locations: Issy, Paris, France, Rights BEIJING, Shanghai

☆ China's Xi visits financial hub Shanghai
▼ + stars: | 2023-11-29 | by ( ) www.reuters.com time to read: +3 min

Chinese President Xi Jinping attends the Leaders Retreat at the Asia-Pacific Economic Cooperation (APEC) summit in San Francisco, California, U.S., November 17, 2023. REUTERS/Kevin Lamarque Acquire Licensing RightsSHANGHAI, Nov 29 (Reuters) - China President Xi Jinping visited Shanghai, where he went to several venues and learned about the city's efforts to strengthen its competitiveness as an international financial centre, Xinhua news agency reported on Wednesday. Xi made the trip on Tuesday and Wednesday and he inspected the Shanghai Futures Exchange, an exhibition on Shanghai's sci-tech innovations and a government-subsidized rental housing community, the report said. Vice Premier He Lifeng, Shanghai's Communist party secretary Chen Jining and Mayor Gong Zheng also accompanied his visit. It was his first visit to the city since November 2020 and comes a year after historic street protests against China's zero-COVID policy broke out in Shanghai.

Persons: Xi Jinping, Kevin Lamarque, Xi, Cai Qi, Chen Jining, Gong Zheng, Xi's, Premier Li Qiang, Brenda Goh, Bernard Orr, Ella Cao, Ethan Wang, Mark Potter, Louise Heavens, Chizu Nomiyama, Mark Porter Organizations: Economic Cooperation, REUTERS, Rights, Shanghai Futures Exchange, Communist Party of China Central Committee, CPC, Communist, Shanghai Free, Trade, Disney, L'Oreal, Premier, Thomson Locations: Asia, San Francisco , California, U.S, China, Shanghai, Xinhua, Minhang

☆ Putin says Russia will develop new AI technology to counter the Western monopoly, which he fears could lead to a 'digital abolition' of Russian culture
▼ + stars: | 2023-11-25 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +3 min

He announced plans for a new national strategy for AI development to counter the West. The United Kingdom has eight. Similarly, close to 300 authors of these systems come from the United States. Another 140 are from the United Kingdom. Geoffrey Hinton, the British-Canadian AI researcher named a "godfather of AI," for instance, has said he's worried about "bad actors" like Putin using the AI tools he's creating .

Persons: Putin, —, Vladimir Putin, they're, Geoffrey Hinton Organizations: Russia, Service, Artificial Intelligence, supercomputing, Stanford's Institute for, Intelligence Locations: Moscow, Russia, United States, United Kingdom, States, British, Canadian

☆ Shanghai's Jewish refugee history takes centre stage in new oratorio
▼ + stars: | 2023-11-21 | by ( Casey Hall | Thomson Reuters | Casey Has Reported On China'S Consumer Culture Her Base In Shanghai For More Than A Decade | ) www.reuters.com time to read: +3 min

[1/5] Musicians perform onstage at the debut performance of Emigre at the Shanghai Symphony Orchestra Hall in Shanghai, China November 17, 2023. A collaboration between the Shanghai Symphony Orchestra, New York Philharmonic as well as choirs from the U.S. and China, the work premiered on Nov. 17. Composer Aaron Zigman, known best for his movie scores, said he was approached by Shanghai Symphony Orchestra's maestro Long Yu in 2019 with the idea for a piece telling the story of Shanghai's Jewish refugee history. In the late 1930s, as World War Two was about to break out, Shanghai was one of the few places in the world open to Jewish refugees, as many countries restricted visa access. Chen Jian, curator of the Shanghai Jewish Refugees Museum, was in the audience for Emigre's global premiere at the Jaguar Shanghai Symphony Orchestra Hall in downtown Shanghai.

Persons: Nicoco Chan, Aaron Zigman, Long Yu, Zigman, Mark Campbell, Chen Jian, Casey Hall, Sonali Paul Organizations: Shanghai Symphony Orchestra Hall, REUTERS, Rights, Shanghai Symphony Orchestra, New York Philharmonic, Shanghai, Shanghai Jewish Refugees Museum, Jaguar Shanghai, Orchestra Hall, Reuters, Thomson Locations: Shanghai, China, U.S, Nazi Germany, Europe, Japan, Israel, Gaza, Ukraine, New York

☆ China's not-so-special economic zone embodies a harsh new reality
▼ + stars: | 2023-11-16 | by ( David Kirton | ) www.reuters.com time to read: +9 min

REUTERS/David Kirton Acquire Licensing RightsSHENZHEN, China, Nov 16 (Reuters) - Tony Xiong is among the latest arrivals to the glitzy office towers in the newest part of Shenzhen, built to showcase China's economic miracle. Office workers are not the only ones grumbling about the unattractiveness of Qianhai, a special economic zone where Chinese dreams of global financial might and economic prosperity that once seemed inevitable are now darkened by half-empty skyscrapers and shopping malls as well as barely used motorways. And that's before China's tallest skyscraper of over 1,000 metres and a cluster of other towers are completed. With China entering a new era of sluggish growth, Qianhai may never reach the international status to which it aspires. The Qianhai Authority and China's State Council Information Office did not respond to Reuters requests for comment on the local and macro economic challenges.

Persons: David Kirton, Tony Xiong, Qianhai, Knight Frank, Antonio Fatas, Deng Xiaoping's, Xi Jinping, Xi, Zhiwu Chen, incentivised, Witman Hung, I've, Brian Miller, Klaus Zenkel, it's, Bill Deng, Zhang, James Pomfret, Marius Zaharia, David Crawshaw Organizations: REUTERS, Rights, Reuters, Authority, Communist Party, University of Hong, Qianhai Authority, HSBC, UBS, Standard Chartered, Chamber of Commerce, Greater, Thomson Locations: Shenzhen, Guangdong province, China, Rights SHENZHEN, Hong Kong, Beijing, Shanghai, China's, Qianhai, University of Hong Kong, Guangzhou, Hengqin, Macau, Nansha, South China, Greater Bay Area, . Hong Kong

☆ Alphabet CEO, in Play store trial, acknowledges some materials not retained
▼ + stars: | 2023-11-14 | by ( Greg Bensinger | Thomson Reuters | Greg Bensinger Joined Reuters As A Technology Correspondent In Focusing On The World'S Largest Technology Companies. He Was Previously A Member Of The New York Times Editorial Board | ) www.reuters.com time to read: +3 min

He largely stuck to one-word answers but was occasionally admonished by Epic Games' attorney for straying beyond simple answers. Pichai, in examination by a Google attorney, denied he had ever tried to keep any document hidden from a lawsuit. Epic Games has alleged in its lawsuit that app store policies amount to an illegal monopoly and have caused consumers to pay artificially high prices. Google has said changing its systems would cause its Android-based app store to be less secure and damage its ability to compete with Apple (AAPL.O). Google has settled claims over its app store with dating app maker Match Group and from U.S. consumers and U.S. states.

Persons: Sundar Pichai, Joe Biden, Narendra Modi, Evelyn Hockstein, Pichai, ” Pichai, Epic's, “ Fortnite ”, Cary, Greg Bensinger, Matthew Lewis Organizations: Google, U.S, India's, White, REUTERS, Alphabet's Google, Epic Games, Games, Apple, Supreme, Thomson Locations: Washington , U.S, San Francisco, North Carolina, U.S

Google CEO Sundar Pichai on Tuesday was summoned to federal court for the second time in two weeks to testify in an antitrust trial threatening to topple a pillar of an internet empire that he helped build. In his latest court appearance in San Francisco, Pichai spent more than two hours defending the business practices of the Google Play Store, which distributes apps for the company's Android software that powers most of the world's smartphones. Evidence submitted during Pichai's Tuesday testimony showed just how lucrative the Play Store has been for Google. During the first half of 2020, for instance, the Play Store generated an operating profit of $4.4 billion. “The way we designed Google Play is we do well only when developers do well,” Pichai said.

Persons: Sundar Pichai, Pichai, Department's, Lauren Moskowitz, District Judge James Donato, Donato, Moskowitz, Apple, ”, specter, ” Pichai Organizations: Google, Apple, Washington D.C, ., District, Samsung, Android, U.S, Supreme Locations: San Francisco, Washington, iPhones, U.S

(Photo by Mandel NGAN / AFP) (Photo by MANDEL NGAN/AFP via Getty Images)Alphabet CEO Sundar Pichai on Tuesday confirmed that Google pays Apple 36% of Safari search revenue, under the terms of a default search agreement that is core to the Justice Department's antitrust claims. Pichai was testifying in a separate lawsuit filed against Google by Epic Games, the maker of Fortnite. The Epic attorney then alleged that Google pays Samsung, Android's largest hardware partner, less than half of what it pays to Apple. Google's TAC costs include all of Google's payments to companies like Apple and Samsung to place its search engine in front of users. Apple, Google and Samsung did not immediately respond to CNBC's request for comment on Pichai's testimony.

Persons: Sundar Pichai, Mandel NGAN, MANDEL NGAN, Pichai, Google's, Kevin Murphy, Murphy, Connolly, John Schmidtlein, Leswing Organizations: Artificial Intelligence, Getty, Google, Apple, Epic Games, Washington , D.C, Samsung, Google's TAC, University of Chicago, Williams, Department, D.C Locations: Washington ,, AFP, Virginia, Washington

☆ Alphabet chief Pichai labored in trenches but rose to defend search giant
▼ + stars: | 2023-10-30 | by ( ) www.reuters.com time to read: +2 min

The move was done to give Page fewer direct reports and product units to oversee. * Pichai became CEO of Google in 2015 and all of Alphabet in 2019. * Alphabet, Google's parent company, has a long list of other businesses. Since Pichai became CEO, it acquired Fitbit in 2021 and the security company Mandiant in 2022. * Pichai's total compensation was about $226 million in 2022, more than 800 times the median employee's pay, the company said in a securities filing in April.

Persons: Sundar Pichai, Joe Biden, Narendra Modi, Evelyn Hockstein, Larry Page, Andy Rubin, Page, Pichai, Bard, Diane Bartz, Jonathan Oatis Organizations: Google, U.S, India's, White, REUTERS, Rights, Big Tech, Wharton, Stanford University, Indian Institute of Technology, McKinsey & Co, Thomson Locations: Washington , U.S, Washington, Madurai, Tamil Nadu, India, Indian Institute of Technology Kharagpur

☆ Wall Street wants to know how Google's going to profit from AI
▼ + stars: | 2023-10-24 | by ( Jennifer Elias | ) www.cnbc.com time to read: +5 min

In the age of AI hype, few companies have used the word "AI" more than Google. Now, Wall Street wants know how it'll turn the hyped tech into dollars and cents. With SGE, Pichai said it'll be able to include "a wider range of sources on the results page, creating new opportunities for content to be discovered." Pichai added that with AI, he sees the opportunity to "evolve search and assistant for the next decade ahead." "It's probably the ultimate example of AI," Pichai said in response to Sheridan's question.

Persons: Bard, Lloyd Walmsley, Pichai, Brian Nowak, Morgan Stanley, Nowak, it'll, Philipp Schindler, we're, Schindler, UBS's Eric Sheridan, execs, Max, Google's, It's Organizations: Google, Deutsche Bank, YouTube, CNBC, Samsung, Toyota

TOKYO (AP) — Shares mostly rose Tuesday in Asia after Wall Street wobbled to a mixed close as yields on U.S. Treasury bonds fell back after creeping above 5%. Political Cartoons View All 1215 ImagesHong Kong's Hang Seng dropped 0.8% to 17,033.00, while the Shanghai Composite advanced 0.8% to 2,963.70. Lower bond yields tend to most help stocks of companies promising big growth far in the future or those seen as the most expensive. Treasury yields help dictate how much investors pay for everything from stocks to corporate bonds to cryptocurrencies. While worries about higher Treasury yields and the war in Gaza are weighing on markets, strong corporate profits and the resilient U.S. economy have helped to offset such pressures.

Persons: Sydney's, Korea's Kospi, Hang Seng, Taiex, Brent, it's, Hess Organizations: TOKYO, —, Wall, Treasury, Nikkei, Shanghai, Dow Jones, Nasdaq, Nvidia, Microsoft, Federal Reserve, New York Mercantile Exchange, Energy, Chevron, Exxon Mobil, Natural Resources, Apple, Technology, General Motors, U.S . Locations: Asia, Tokyo, Sydney, Seoul, Shanghai, Taiwan, Hong Kong, Israel, U.S, Gaza, Iran

☆ Apple supplier Foxconn says it will cooperate with Chinese authorities on tax, land use investigations
▼ + stars: | 2023-10-23 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

Apple supplier Foxconn, officially known as Hon Hai , said it will cooperate with Chinese authorities on investigations, following a report that officials are conducting tax audit inspections and reviewing land use of Foxconn subsidiaries. State media Global Times reported on Sunday, citing unnamed sources, that multiple offices of Hon Hai's subsidiaries across China had been subjected to tax audits and on-site investigations into land use. Hon Hai Technology Group is the world's largest contract electronics manufacturer. "Legal compliance everywhere we operate around the world is a fundamental principle of Hon Hai Technology Group (Foxconn). Hon Hai's Taipei-listed shares fell 3.29% in early Monday morning trade.

Persons: Hai, Hai's Organizations: Foxconn, Global Times, Hai Technology Locations: China, Hai's Taipei

☆ Google's highly competitive APM program was the key to jump-starting my career. Here's what it was like and how much I make as a product manager.
▼ + stars: | 2023-10-19 | by ( Aria Yang | ) www.businessinsider.com time to read: +9 min

He said the APM program is so competitive that landing an interview is like hitting a gold mine. After graduating, I chose Google over other companies because it offered a lot more support and resources: The Google APM program was proposed by former Google executive Marissa Mayer who started the program in 2002 to recruit fresh talents. Getting into the program is hard — it is estimated that 8,000 people apply to the APM program each year, and only 40-45 get accepted. This is the best part about the APM program — the ability to switch teams. I went to work in the office of the CEO, Sundar Pichai, and did product strategy-related work directly for him.

Persons: Arjun Lalwani, Arjun, —, Marissa Mayer, I've, you'll, Google's, Sundar Pichai, Sundar Pichai's, It's, Aria Yang Organizations: Google, APM, Service, YouTube, Microsoft, Google APM, APM II, Base, Hilton, Marriott Locations: Paris, Singapore, Madrid, Lisbon, ayang@insider.com

☆ Hon Hai's 'disruptive business models' will help it compete in the EV market, says CEO
▼ + stars: | 2023-10-19 | 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 EmailHon Hai's 'disruptive business models' will help it compete in the EV market, says CEOYoung Liu, CEO and chairman of Hon Hai Technology, discusses the company's new "3+3" business models, and explains how this will make it competitive in the EV industry.

Persons: Hai's, Young Liu Organizations: Hon, Technology

☆ We'll 'never give up' on reaching 40% to 45% global market share, says Hon Hai's EV CSO
▼ + stars: | 2023-10-18 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe'll 'never give up' on reaching 40% to 45% global market share, says Hon Hai's EV CSOJun Seki of Hon Hai Technology, its chief strategy officer for electric vehicles, discusses the company's near-term and longer-term goals.

Persons: Seki Organizations: Technology

☆ India could account for 20-30% of Hon Hai's manufacturing and sales, says CEO
▼ + stars: | 2023-10-18 | 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 EmailIndia could account for 20-30% of Hon Hai's manufacturing and sales, says CEOYoung Liu, CEO and chairman of Hon Hai Technology, discusses the company's business expansion plans in India.

Persons: Hai's, Young Liu Organizations: Hon, Technology Locations: India

☆ Apple supplier Foxconn says it's 'way too late' to chase dominance in cutting-edge chips
▼ + stars: | 2023-10-18 | by ( Sheila Chiang | ) www.cnbc.com time to read: +5 min

watch nowApple iPhone supplier Foxconn , officially known as Hon Hai, said its semiconductor strategy is to focus on producing "specialty chips" — not competing in cutting-edge chips. We focus more on specialty technology," Chiang Shang-Yi, chief strategy officer for semiconductor at Hon Hai Technology Group, told CNBC's Emily Tan on Tuesday. Specialty chips are known as semiconductors found in sectors such as automotive and internet of things. And we call it specialty technology – that is not late at all," said Chiang. Chiang Shang-Yi Chief strategy officer for semiconductor"Sometimes we may have to build their cars by their drawings.

Persons: Hai, Chiang Shang, Yi, Emily Tan, Taiwan's, Chiang, Jun Seki, Hai's, Foxconn, Foxtron, – Tesla, Volkswagen –, Young Liu, Liu Organizations: Apple, Hai Technology Group, Samsung, Hai Technology, Yulon, Reuters, CNBC, Volkswagen, Research, Vedanta Locations: South, Foxconn, China, Europe, U.S, India, Karnataka, Beijing, Washington

A woman holds her smart phone which displays the Google home page, in this picture illustration taken February 24, 2016. Google's vice president and general manager of ads, Jerry Dischler, acknowledged that Google earned more than $100 billion in 2020 from search ads. GOOGLE'S DEFENSE NO. GOOGLE'S DEFENSE NO. GOOGLE DEFENSE NO.

Persons: Eric Gaillard, Sundar Pichai, Kevin Murphy, Apple, Joshua Lowcock, Jerry Dischler, Eddie Cue, Bing, John Schmidtlein, Google's, Jennifer Fitzpatrick, Diane Bartz, Marguerita Choy Organizations: REUTERS, U.S, Google, Justice Department, Verizon, Samsung, University of Chicago Booth School of Business, Microsoft, UM Worldwide, Nokia, Bing, GOOGLE, Core Systems, Thomson Locations: WASHINGTON

☆ Tesla signs lease to open vast sales and service centre in Shanghai industrial park
▼ + stars: | 2023-10-07 | by ( ) www.reuters.com time to read: +1 min

A Tesla logo is seen at a groundbreaking ceremony of Tesla Shanghai Gigafactory in Shanghai, China January 7, 2019. REUTERS/Aly Song/File Photo Acquire Licensing RightsSHANGHAI, Oct 7 (Reuters) - Tesla (TSLA.O) has signed a leasing contract with Shanghai Waigaoqiao Free Trade Zone Group (600648.SS) to open a massive sales and service centre in an industrial park in the city, its biggest one in China, the government-owned company said. The company, the world's biggest electric car manufacturer, has nearly 300 stores across China. Reuters reported last year that it was considering closing some showrooms in flashy malls in cities like Beijing. Reporting by Zhang Yan and Brenda Goh; editing by Clelia OzielOur Standards: The Thomson Reuters Trust Principles.

Persons: Tesla, Aly, Elon Musk's, Zhang Yan, Brenda Goh, Clelia Organizations: Tesla Shanghai, REUTERS, Rights, Shanghai Waigaoqiao, Trade Zone Group, Reuters, Thomson Locations: Shanghai, China, Xin Park, Shanghai's Pudong, Beijing

☆ Schumer starts China trip amid tension with US, hopes to meet Xi
▼ + stars: | 2023-10-07 | by ( ) www.reuters.com time to read: +2 min

U.S. Senate Majority Leader Chuck Schumer (D-NY), and other members of the delegation arrive at Shanghai Pudong International Airport in Shanghai, China October 7, 2023. The goal of the trip to Asia, which includes stops in South Korea and Japan, is to advance U.S. economic and national security interests, and in China, the group hopes to meet Chinese President Xi Jinping, U.S. officials said. The trip follows visits by a series of high-level Biden administration officials, including Commerce Secretary Gina Raimondo in August. Other senators on the trip include Republicans Bill Cassidy and John Kennedy and Democrats Maggie Hassan and Jon Ossoff. China welcomes Schumer's visit and hopes it will deepen the U.S. Senate's "objective" understanding of China and facilitate dialogue between the nations' legislative agencies, China's foreign ministry said this week.

Persons: Chuck Schumer, Aly, Xi Jinping, Schumer, Biden, Gina Raimondo, Republican Mike Crapo, Bill Cassidy, John Kennedy, Maggie Hassan, Jon Ossoff, Schumer's, Raimondo, Antoni Slodkowski, Robert Birsel Organizations: International, REUTERS, Rights, U.S, Democratic, Republican, Thomson Locations: Shanghai, China, Washington, Beijing, Asia, South Korea, Japan, U.S, Taiwan, Shanghai's Pudong

☆ Pressure piles on Evergrande with chairman under police watch, liquidation risk
▼ + stars: | 2023-09-27 | by ( ) www.cnbc.com time to read: +1 min

Shanghai's city skyline as seen from observation deck at Shanghai Tower in China. The chairman of China Evergrande Group has been placed under police surveillance, Bloomberg News reported on Wednesday, raising more doubts about the embattled developer's future as it also grapples with mounting prospects of liquidation. Citing people with knowledge of the matter, the report said Hui Ka Yan, who founded Evergrande in 1996 in southern Guangzhou city, was taken away by police earlier this month and is being monitored at a designated location. Evergrande, the police department in Guangdong province, whose capital is Guangzhou, and the public security ministry did not immediately respond to a Reuters request for comment. Evergrande is the world's most indebted property developer and has been at the center of an unprecedented liquidity crisis in China's property sector, which accounts for roughly a quarter of the world's second-largest economy.

Persons: Hui Ka Yan, Hui, Evergrande Organizations: China Evergrande, Bloomberg, Evergrande, Bloomberg News Locations: Shanghai, China, Guangzhou, Guangdong province, China's

☆ Fixing China's property sector could take years — if not a decade, says economist
▼ + stars: | 2023-09-26 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +2 min

watch nowChina's urbanization drive may be drawing to a close — and that could further hurt the already ailing property sector, according to China economist Hao Hong. "Fixing the property sector may be a multi-year or even a decade's work in front of us. China's property market has been embattled by faltering consumer confidence, as property giants Evergrande and Country Garden are mired in debt problems. Not having an overbearing Chinese property sector actually is good for the Chinese economy going forward. Hong noted that 18 trillion yuan ($2.46 trillion) worth of Chinese property were sold two years ago.

Persons: Hao Hong, Hong, Hao, Qilai Shen, Keng, China's Organizations: Grow Investment, Hao Hong Grow Investment, Bloomberg, Getty Locations: China, Shanghai's, Shanghai

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