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☆ Xi tells Dutch prime minister: No force can stop China’s tech advance
▼ + stars: | 2024-03-28 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +1 min

THE HAGUE, NETHERLANDS - MARCH 23:Dutch Prime Minister Mark Rutte meets with the President of the People's Republic of China Xi Jinping at the Catshuis March 23, 2014 in The Hague, Netherlands. (Photo by Valerie Kuypers-Pool/Getty ImagesChina's technological progress cannot be stopped, Chinese President Xi Jinping told Dutch Prime Minister Mark Rutte when they met in Beijing Wednesday for talks on areas such as the critical semiconductor industry. "The Chinese people also have legitimate development rights, and no force can stop the pace of China's scientific and technological progress," said Xi, according to Xinhua News Agency. Such EUV lithography machines are crucial for chip manufacturing and are used by companies like Taiwan's TSMC to make the smallest and most sophisticated chips. In January, the Netherlands barred ASML from exporting some of its deep ultraviolet lithography systems to China, which are used to make slightly less advanced chips.

Persons: Mark Rutte, Valerie Kuypers, Xi Jinping, Xi Organizations: Dutch, People's Republic of China Xi, Xinhua News Agency, U.S Locations: HAGUE, NETHERLANDS, People's Republic of China, The Hague, Netherlands, Beijing, China

China’s economy has struggled to recover from severe self-imposed restrictions during the COVID-19 pandemic that it lifted only at the end of 2022. But Xi said that China was again contributing to world economic growth in the double digits percentage-wise. China's economy has been bogged down by a crisis in its property market in which builders are struggling under mountains of debt, and buyers are paying off loans on apartments that may never be completed. Other issues, such as an aging population and high youth unemployment, are prompting China's leaders to lean more heavily on boosting export manufacturing to make up for weak demand at home. “The respective successes of China and the United States create opportunities for each other," Xi was quoted as saying by Xinhua.

Persons: —, Xi Jinping, Xi, ” Xi, Stephen A, Biden, Donald Trump, “, Craig Allen, China's, Antony Blinken, Janet Yellen Organizations: BEIJING, U.S, Communist Party, China's, Xinhua News Agency, Blackstone . Trade, U.S ., China Business Council, Apple, Xinhua Locations: Beijing, China, U.S, United, Washington, San Francisco, Taiwan, Hong Kong, Tibet, Xinjiang, People's Republic, United States

☆ A deadly Boeing 737 crash in China is still shrouded in mystery as the government says it found nothing abnormal before the plane nose-dived
▼ + stars: | 2024-03-26 | by ( Matthew Loh | ) www.businessinsider.com time to read: +4 min

Read previewChinese authorities say they've yet to identify the cause of a Boeing 737 crash that killed 132 people two years ago, reporting that investigators found nothing abnormal occurring before the fatal incident. The report, published Wednesday by the Civil Aviation Administration of China, covers the government probe into the crash of flight MU5735, which was operated by China Eastern Airlines. AdvertisementBloomberg reported shortly after the crash, citing flight tracker data, that the plane hit the ground while traveling near the speed of sound. A rescuer ties a safety rope to a tree at the plane crash site in Tengxian County, south China's Guangxi Zhuang Autonomous Region, March 26, 2022. When asked to comment on the report, a Boeing spokesperson referred BI to the Civil Aviation Administration of China.

Persons: —, MU5735, Lu Boan Organizations: Service, Boeing, Civil Aviation Administration, China Eastern Airlines, Business, Staff, Street, Bloomberg, Getty Images, Civil Aviation Administration of China Locations: China, Guangxi Zhuang, Teng County, Tengxian County, Guangxi Zhuang Autonomous Region, Xinhua, Kunming, Guangzhou, Weibo

☆ An ancient dinner still sits in a Bronze Age village 2,850 years later
▼ + stars: | 2024-03-23 | by ( Ashley Strickland | ) edition.cnn.com time to read: +6 min

First, one of the crew found a marble head of a Roman lady, and two weeks later its bust surfaced nearby, reuniting the pieces. Cambridge Archaeological UnitMust Farm was a thriving Bronze Age stilt village, perched above a river in eastern England, when it burned down 2,850 years ago — just nine months after its inhabitants had built it. The site, acclaimed by experts as “Britain’s Pompeii,” preserved rare information that reveals a new, less hierarchical portrait of Bronze Age society. Malhan/MPIAAstronomers have spied two streams of ancient stars that likely helped build the Milky Way galaxy billions of years ago. They find wonder in planets beyond our solar system and discoveries from the ancient world.

Persons: Earl of Exeter, ”, Chris Wakefield, Kermit the, Jim Henson’s, Payne, Shiva, Li Yibo, Ashley Strickland, Katie Hunt Organizations: CNN, Burghley, University of Cambridge, Smithsonian National Museum of, NASA, Force, Xinhua News Agency, Getty, CNN Space, Science Locations: United Kingdom, Peterborough, England, Cambridge, Africa, Ethiopia’s, China, Shaanxi, Iran

☆ Spring equinox: First day of spring arrives
▼ + stars: | 2024-03-19 | by ( Forrest Brown | ) edition.cnn.com time to read: +7 min

The spring equinox will arrive exactly at 3:06 UTC (Coordinated Universal Time) on Wednesday, March 20, according to EarthSky. Click here to look up the exact moment of the spring equinox where you’re located. Spring equinox has another nameIf you ever hear anyone say “vernal equinox,” it means the same thing. Zhang Xiaoyu/Xinhua News Agency/Getty ImagesIn Japan, Vernal Equinox Day is a public holiday (on Wednesday, March 20, this year). In China, trying to stand an egg upright is a popular game during the spring equinox, according to VisitBeijing.com.

Persons: Tuesday •, •, • Chiang Mai, David Silverman, Alex Pena, It’s, you’ve, it’s, Hugo Borges, Itzá, El Castillo, Zhang Xiaoyu, ” Organizations: CNN, Tuesday, United, Southern, Anadolu Agency, Getty, NASA, Northern Hemisphere, Northern, Southern Hemisphere, National Weather Service, Heritage, Xinhua News Agency Locations: • Anchorage, Alaska, Vegas ( Nevada, Tuesday • Guadalajara, Mexico, Chicago, Illinois, Toronto, Canada, Jacksonville, Florida, Halifax, • Dublin, Ireland, Accra, Ghana, • Berlin, Germany, • Alexandria, Egypt, • Ankara, Turkey, • Dubai, United Arab Emirates, • Mumbai, India, Thailand, • Hong Kong, • Tokyo, Japan, Stellenbosch , South Africa, Northern, South, Quito, Ecuador, Singapore, San Andrés, Zapotitán, El Salvador, Pole, Scandinavia, Itzá, Yucatan State, AFP, England, Malta, Yoyogi, Tokyo, Vernal, Persian, China

☆ China and New Zealand pledge deeper trade and economic cooperation
▼ + stars: | 2024-03-19 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +2 min

China and New Zealand are working toward implementing an upgraded version of the free trade agreement between the two countries. Wang met New Zealand Trade Minister Todd McClay during an official visit to New Zealand. New Zealand was the first developed country to sign a bilateral free trade deal with China in 2008. China's door to the world will open even wider, Wang said, pledging to forge closer cooperation with New Zealand in the next decade and emphasizing on the need to safeguard free trade. He will be holding the seventh China-Australia Foreign and Strategic Dialogue with Australian Foreign Minister Penny Wong in his visit to Australia.

Persons: Wang Yi, Wang, Todd McClay, McClay, Winston Peters, China's, Peters, Penny Wong Organizations: Xinhua, New Zealand Trade, New Zealand, Foreign Affairs, Australian Foreign Locations: China, New Zealand, New, Xinjiang, Hong Kong, Tibet, Zealand, South, Sea, Taiwan Strait, Taiwan, Beijing, Philippines, Wang, Australia, Mar

☆ Problems in China have US intelligence worried the rising military power may become 'even more aggressive and unpredictable'
▼ + stars: | 2024-03-12 | by ( Chris Panella | ) www.businessinsider.com time to read: +5 min

China may act "even more" aggressively and unpredictably thanks to its domestic problems, US intel said. China's demographic issues, as well as economic challenges, put its leadership and military in difficult positions. US intel suggested China's global leadership and military ambitions are meeting resistance. AdvertisementAs China grapples with mounting domestic challenges, its already concerning behavior on the world stage may become even more aggressive and unpredictable, according to US intelligence. "China's serious demographic and economic challenges may make it an even more aggressive and unpredictable global actor," the threat assessment said.

Persons: —, Xi Jinping, Yang Jie, That's Organizations: intel, Service, US Intelligence Community, National Intelligence, Pentagon, People's Liberation Army Navy, Getty, Democratic Progressive Party's, East China, East China Seas, Liberation Army, Chinese Communist Party, CCP, Force Locations: China, United States, China's, Zhanjiang, Guangdong Province, Xinhua, Taiwan, Beijing, South, East, East China Seas, Philippine, PRC, People's Republic of China, Hefei, Anhui province, COVID

☆ 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

☆ Hong Kong shoppers are crossing the border into Shenzhen to buy croissants and rotisserie chickens at China's newest Costco
▼ + stars: | 2024-03-05 | by ( Erin Snodgrass | ) www.businessinsider.com time to read: +4 min

The store's popularity is driven by Hong Kong residents crossing the border to shop in mainland China. Xinhua News AgencyLarge bulk stores are a rarity in Hong Kong due to the city's limited space and expensive culture. AdvertisementHong Kong's economic struggles, however, have created the perfect circumstances for Shenzhen Costco to thrive. Costco has organized several shuttle buses each day that run between the Shenzhen store and Hong Kong, according to a company spokesperson. Costco is also partnering with cross-border delivery companies that pack and ship items purchased by Hong Kong residents.

Persons: — Organizations: Costco, Service, Xinhua, Agency, Hong, Shenzhen Costco, Bloomberg, Tencent Holdings, Pay Locations: Shenzhen, China, Hong Kong, Costco, Guangdong Province, Guangdong Province of China, Taiwan

But Mr. Li maintained that China was on the right track. China had “withstood external pressures and overcome internal hardships,” Mr. Li told the National People’s Congress, a Communist Party controlled body that approves laws and budgets. “The economy is generally rebounding.”The National People’s Congress, a choreographed weeklong event, typically focuses on the government’s near-term initiatives, especially economic objectives. China’s growth goal, and the ways that the government is attempting to achieve it, are under intense international scrutiny this year. Communist Party leaders are trying to restore confidence in China’s long-term prospects and to harness new drivers of growth, such as clean energy and electric vehicles.

Persons: Li, ” Mr, Li’s Organizations: Stock, National People’s Congress, Communist Party, People’s Congress Locations: China

☆ China PMI: Factories send mixed signals about the economy, pressing Beijing to do more
▼ + stars: | 2024-03-01 | by ( Laura He | ) edition.cnn.com time to read: +4 min

But the Caixin manufacturing PMI — which focuses on smaller, private companies — rose to 50.9 in February, up from 50.8 in January, according to S&P Global, which compiled the survey. The divergence in the output and new order sub-indexes is likely related to differences in geographic and sector coverage, as the Caixin PMI covers more southern regions, they said. “Overall, the manufacturing sector continued to improve in February,” said Wang Zhe, senior economist at Caixin Insight Group, in a statement that accompanied the Caixin PMI data. “Looking ahead, the focus should be on the effectiveness of the measures [announced previously by Beijing to boost growth],” Wang said. “Fiscal policy will lead the way,” HSBC analysts said Friday.

Persons: ” Goldman Sachs, ”, Wang Zhe, ” Wang, Xi Jinping, Lintao Zhang, “ Organizations: Hong Kong CNN, National Bureau of Statistics, P, National People’s Congress, PMI, Caixin Insight, “, of People, Communist Party’s Politburo, NPC, Xinhua, HSBC Locations: China, Hong Kong, Beijing, Southern China, Guangdong, Zheijang, ” China

☆ Magnitude 5.8 earthquake strikes China's Xinjiang region
▼ + stars: | 2024-02-25 | by ( ) www.cnbc.com time to read: 1 min

The Irkeshtam pass, border crossing between Kyrgyzstan and Xinjiang, China. (Photo by: Arterra/Universal Images Group via Getty Images)A 5.8-magnitude struck Akqi County in China's northwestern Xinjiang region at 12:14 p.m. (0414 GMT) on Sunday, the China Earthquake Networks Center (CENC) said. No casualties or collapsed houses had been reported as of 1:00 p.m., Xinhua reported citing local authorities, adding the areas around the epicenter are sparsely populated. The local main grid and power distribution networks are operating as normal, and local train operations have not been affected, Xinhua added. A 7.1-magnitude earthquake shook the Kyrgyzstan-Xinjiang border region on Jan. 23, killing at least three people.

Persons: CENC Organizations: Getty, China Earthquake Networks, Xinhua Locations: Kyrgyzstan, Xinjiang, China, Akqi County, China's

☆ Spending in Shenzhen: Chinese used to escape to this former British colony. Now Hongkongers are heading in the opposite direction
▼ + stars: | 2024-02-24 | by ( Chris Lau | Veronica Lin | ) edition.cnn.com time to read: +13 min

Hong Kong CNN —With Hong Kong’s sky-high cost of living, residents like Andy Tsui have been looking for alternative ways to have more fun and spend less. Rather than spending his cash in his hometown of Hong Kong, he’s been crossing the border into mainland China to splurge instead. Such trips are noteworthy because, for much of Hong Kong’s modern history, the traffic has been largely — conspicuously, even — in the other direction. Hong Kong used to be the place where Chinese would escape to, not from. In 2023, just 26 million mainlanders — about half of the 2018 crowd — visited Hong Kong.

Persons: Andy Tsui, he’s, boba, ” Tsui, Justin Robertson, Noemi Cassanelli, CNN Hong Kong’s, Hong Kong —, misbehaving, —, ”, Steve Tsang, Hong, Shenzhen’s, Hongkongers, Gilles Sabrie, Hongkonger Eddy Lam, Lam, Cherrie Leung, Qilai Shen, Hugo Sin, “, Gary Ng, John Lee, Tsang Organizations: Hong Kong CNN, CNN, Shoppers, Yuen, Britain, Newspapers, Hong, Hong Kong Immigration Department, China Institute, SOAS University, Huawei, Tencent, Bloomberg, Getty, Sam’s Club, Costco, Sam’s, Walmart, Hong Kong, Shenzhen hasn’t, Xinhua, RTHK, SOAS University of London Locations: Hong Kong, China, splurge, Peking, Shenzhen, East, Hong, People’s Republic of China, British, Beijing, London, Bay Area, San Francisco , New York, Tokyo, Kowloon, Coco, Shanghai, “, Inner Mongolia, Taiwan, Japan, Mainland China, Hong Kong’s, Britain, Canada, Australia, Bay, ”

☆ Warren Buffett honors Charlie Munger in annual note, Berkshire reports record cash pile
▼ + stars: | 2024-02-24 | by ( Nicole Goodkind | Eva Rothenberg | ) edition.cnn.com time to read: +11 min

Courtesy of Susie Buffett Buffett teaches a class at the University of Nebraska-Omaha. Courtesy of Susie Buffett Buffett married his first wife, Susan, in 1952. Courtesy of Susie Buffett Buffett and his wife pose at the beach with their three children. Courtesy of Susie Buffett Buffett poses for a photo in 1980. Nati Harnik/AP Buffett and Berkshire Hathaway Vice Chairman Charlie Munger are seen on a giant screen during the Berkshire Hathaway shareholders meeting in 2013.

Persons: Warren Buffett’s, Charlie Munger, Buffett, Munger, ”, Charlie, Berkshire Hathaway, “ Charlie, Munger’s, Greg Abel, Abel, Berkshire’s, Greg, ” Buffett, “ Greg, Berkshire Berkshire Hathaway, Warren Buffett, Nati, Laila, Howard Buffett, Howard, Susie Buffett, Ernest, Susie Buffett Laila Buffett, Warren, Doris, Susie Buffett Warren Buffett, Susie Buffett Buffett, Susan, Peter, Lee Balterman, Salomon, Marcy Nighswander, AP Buffett, Buffett's, Mark Peterson, Curt Hudson, Arnold Schwarzenegger, Kathy Willens, Chris Machian, Dave Weaver, Michael Israel, John Sleezer, Bill Gates, Mario Tama, Barack Obama, Obama, doggedly, isn't, Jim Watson, Daniel Acker, Harry Benson, Getty Images Buffett, Astrid, David Cameron, Brendan Hoffman, Kristoffer Tripplaar, Alamy Buffett, Scott Eells, Chris, Franklin, Ndamukong Suh, Scott Olson, Huang Jihui, Jason Miller, Adam Jeffery, Hillary Clinton, Kempin, Forbes, Andy Kropa, Scott Morgan, Reuters Buffett, Andrew Harrer, Apple Berkshire Hathaway Organizations: New, New York CNN, Berkshire Hathaway, Investors, Oracle, “, Berkshire, Berkshire Berkshire, University of Nebraska -, Getty, Federal Reserve, AP, Omaha for Berkshire, Bloomberg, California Gov, Wall Street, Schwarzenegger's, Kansas City Royals, Kansas City Star, Girl Scouts, Buffett, Microsoft, Getty Images, White, British, Woodrow Wilson High, Washington, Forbes, Harlem Globetrotters, Cleveland Cavaliers, Moon, NBA, CNBC, Reuters, Apple Berkshire, Apple, Securities and Exchange Commission, HP, Paramount Locations: New York, Omaha, “ Berkshire, Berkshire, The Omaha , Nebraska, Omaha , Nebraska, University of Nebraska - Omaha, Omaha for, Woodstock, Trenton , New Jersey, AFP, Washington , DC, Illinois, Sun Valley , Idaho

☆ Two giant pandas are moving to a California zoo in a rare loan from China
▼ + stars: | 2024-02-22 | by ( Taylor Romine | Jessie Yeung | ) edition.cnn.com time to read: +3 min

CNN —China is sending two giant pandas to the San Diego Zoo – the first time it has granted new panda loans to the United States in two decades. His comments came shortly after the Smithsonian National Zoo in Washington, DC sent its three pandas back to China – marking the end of more than 50 years of Chinese pandas being housed at the zoo. The National Zoo was the first US zoo to showcase pandas, and the end of its program had left Zoo Atlanta as the only other US zoo to feature pandas. San Diego Zoo returned its last two pandas to China in 2019, after its loan agreement ended. According to Xinhua, discussions are ongoing for “a new round of cooperation” with the National Zoo and a zoo in Austria.

Persons: Xi Jinping, ” Xi, Xi, Joe Biden Organizations: CNN, San Diego Zoo, San Diego Zoo Wildlife Alliance, Smithsonian National Zoo, Washington , DC, Zoo, Zoo Atlanta, China Wildlife Conservation Association, Xinhua, Washington, Smithsonian, National Zoo, World Wildlife Fund Locations: China, United States, Washington ,, San, Europe, Germany, Netherlands, Denmark, Finland, Qatar, Xinhua, Austria

☆ The odds of no interest-rate cuts in 2024 are growing
▼ + stars: | 2024-02-20 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

In today’s big story, we’re looking at the chances of there being no rate cuts this year, and how the markets would react. What's on deck:This story is available exclusively to Business Insider subscribers. The big storyCuts are canceledAaron Schwartz/Xinhua via Getty ImagesDon't count your chickens before they hatch and don't price in your rate cuts before they materialize. Last December, Fed Chair Jerome Powell signaled that three cuts were on the table for 2024, which he reiterated earlier this month. AdvertisementBonds could struggle, though, with further delays on rate cuts raising the risk that debt markets suffer another meltdown like they did last fall.

Persons: —, Mark Zuckerberg, Aaron Schwartz, ”, won’t, Jerome Powell, Phil Rosen, There's, BI’s Yuheng Zhan, NYCB’s, Ark's Cathie Wood, Paul Judge, Tessa Flippin, Claude Grunitzky, Gayle Jennings O'Byrne, Black VCs, Masayoshi Son, OpenAI’s, Jenny Chang, Rodriguez, Vladimir Putin, Donald Trump, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover, Grace Lett Organizations: Service, UFC, Business, Xinhua, Getty, Federal, Paramount, Fed, Big Tech, JPMorgan Private Bank, Discover, Discover Financial, Nvidia, Opportunity, Equity Alliance, Wocstar Fund, Opportunity Fund, Equity Alliance Wocstar, Google, Walmart, Pandora, Home Locations: Japan, Ukraine, Moscow, Russia, Fox, New York, London, Chicago

☆ Europe is nervous about a potential Trump win. China sees an opportunity
▼ + stars: | 2024-02-19 | by ( Simone Mccarthy | ) edition.cnn.com time to read: +10 min

China – which has not condemned Russia’s invasion and claims impartiality in the conflict – has also emerged as a key lifeline for the sanctions-hit Russian economy. In Europe, this has galvanized concerns about China’s own global ambitions and played a role in the European Union’s ongoing push to recalibrate its policy toward China. EU foreign policy chief Josep Borrell reiterated the EU’s “expectation that China refrains from supporting Russia,” in a meeting with Wang Friday. “As long as war in Ukraine continues, EU policies toward China will move into closer alignment with the US. As president, Trump not only voiced skepticism of the system of US alliances in Europe, but leveraged tariffs on European steel and aluminum, sparking retaliatory measures on US goods from Europe.

Persons: Hong Kong CNN —, Wang Yi, Wang, Donald Trump, Trump, ” Wang, Alexey Navalny, Vladimir Putin’s, “, ”, Noah Barkin, Maxym Marusenko, Putin, Xi Jinping, –, Jens Stoltenberg, Josep Borrell, Christoph Heusgen, Dmytro Kuleba, Xi, hasn’t, It’s, Kuleba, Vladimir Putin, Xie Huanchi, Yu Jie, ‘, Liu Dongshu, “ Wang Yi, China …, ” Liu, Emmanuel Macron, GMF Organizations: Hong Kong CNN, Munich, Washington, NATO, German Marshall Fund of, Communist Party, Wang Friday, Bloomberg, CNN, China’s, Ministry, ”, Ukrainian, Security, Beijing, Peace, Getty, ’ Observers, US, Chatham House, City University of Hong, “, White Locations: China, Hong Kong, States, Europe, Ukraine, Beijing, Munich, Moscow, Russia, United States, Russian, Ukraine's Kharkiv, West . China, Taiwan, EU, ”, China’s, Asia, Pacific, ” Beijing, Switzerland, Xinhua, London, Spain, France, City University of Hong Kong’s, Washington, York

BEIJING (AP) — The former chairman of the Bank of China has been indicted on bribery charges, prosecutors said Monday, adding to a long list of business and government officials who have been brought down by Chinese leader Xi Jinping's yearslong anticorruption drive. Liu Liange is accused of taking advantage of his positions at the Bank of China and previously as president of the Export-Import Bank of China, the Supreme People’s Procuratorate said in a statement posted on social media. The state-owned Bank of China, one of the country's “Big Four” banks, has a major overseas presence. The Supreme People’s Procuratorate announced last month that Tang Shuangning, the former chairman of China Everbright Group, another state-owned bank, had been arrested on suspicion of embezzlement and bribery. Beyond finance, the former chairman of the Chinese Football Association was tried last month on charges of taking 81 million yuan ($11.2 million) in bribes.

Persons: Xi Jinping's, Liu Liange, People’s Procuratorate, Liu, Xi, Tang Shuangning Organizations: BEIJING, Bank of, Bank of China, Export, Import Bank of China, Xinhua News Agency, of, China Everbright Group, Xinhua, Chinese Football Association Locations: Bank of China, Jinan, China’s Shandong province, of China

☆ Happy New Year of the Dragon - or Loong?
▼ + stars: | 2024-02-16 | by ( Chris Lau | ) edition.cnn.com time to read: +7 min

This year, it’s the Year of the Dragon, or more accurately, the “Year of the Loong,” says Chinese state media, using its preferred term for the mythical beast. The Chinese “loong” conjures positivity, nobleness and fortune and therefore should be distinguished linguistically from its Western cousin, state media argues. Chinese media has dedicated coverage and airtime to promote the new nomenclature over the past week or so, though both “dragon” and “loong” are being used interchangeably in English-language reports. “Transcribing long into English ‘loong’ would cause more problems and confusion than translating it as ‘dragon’,” he wrote. He noted that “some patriotic and political sources in the Sinosphere” have been peddling the concept that the Western dragon is fearful.

Persons: ”, Loong ”, it’s, loong, “ loong, Xi Jinping, Loong, John Lee, Wong Tai, Alex Chan Tsz Yuk, Elliott, Bradford Lee Eden, Eden, Eduardo Leal, ‘, Weibo, Victor Mair, Mair, “ loong ”, ” Eden, “ Organizations: Hong Kong CNN, Disney, Xinhua, of Library Services, Valparaiso University ,, Tolkien Research, Getty, University of Pennsylvania, Valparaiso University Locations: China, Hong Kong, Beijing, Valparaiso University , Indiana, Macau, Weibo, West

☆ Why do people keep uninsured money in banks?
▼ + stars: | 2024-02-12 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +10 min

Somehow, the same issue plaguing last year’s failed banks is back in focus at the latest bank in crisis: massive loads of uninsured deposits. To be sure, the risk isn’t anywhere close to that of the banks that failed last year: About 94% of domestic deposits at Silicon Valley Bank were uninsured and 90% of Signature Bank’s deposits were uninsured, according to the Federal Reserve. The money is guaranteed by the Federal Deposit Insurance Corporation, which is funded by fees paid by major US banks. About 40% of all money in the US, or $8 trillion, sitting in banks is uninsured, said Lawrence White, a professor at New York University’s Stern School of Business. “It also risks violating the FDIC’s statutory requirement to resolve failed banks and protect insured depositors in the least expensive way possible.”Sometimes, he said, rescuing those uninsured depositors may be the cheapest way to protect insured depositors at banks.

Persons: NYCB, Brian Snyder, James Lee, David Wessel, Lawrence White, University’s, Banks, Ting Shen, ”, Kori Suzuki, JPMorgan Chase, Michael Ohlrogge, Maxine Waters, Elizabeth Warren, “ Organizations: New, New York CNN, New York Community Bancorp, Investors, Silicon Valley Bank, Federal Reserve, Bank, Xinhua, Federal Deposit Insurance Corporation, FDIC, Reuters, Brookings Institution, International Monetary Fund, University’s Stern School of Business, US Treasury, Bloomberg, Getty, Securities and Exchange Commission, Valley Bank, Signature Bank, JPMorgan, Bank of America, Citigroup, First Republic Bank, New York University’s School of Law, Financial Services, Banking Committee, CBS, Bank Coalition of America Locations: New York, Silicon, United States, New, ”, Washington , DC, San Francisco , California, Sen

☆ Migratory species are in a shocking state of decline, landmark UN report shows
▼ + stars: | 2024-02-12 | by ( Angela Dewan | Rachel Ramirez | ) edition.cnn.com time to read: +8 min

Migratory species include some of the most iconic animals on the planet, like elephants. Yasuyoshi Chiba/AFP/Getty ImagesBaby Leatherback sea turtles head to the sea at sunset on Indonesia's Lhoknga Beach in February 2023. Those activities also fragment migratory species’ pathways, sometimes making it impossible for them to complete their journeys. Around 58% of the monitored locations recognized as important for migratory species are facing what the CMS says are unsustainable levels of pressure from humans. “Migratory species have a special role in nature as they don’t recognize political boundaries,” said Anurag Agrawal, professor of environmental studies at Cornell University.

Persons: They’ve, Yasuyoshi Chiba, Chaideer Mahyuddin, Didier Brandelet, Kristin Laidre, Amy Fraenkel, Scott Gibbons, Zheng Yuanjian, Carl de Souza, Sergio Pitamitz, Wolfgang Kaehler, ” Inger Andersen, ”, Anurag Agrawal Organizations: CNN, UN, Convention, Animals, Getty, McCormick, United Nations Environment, Cornell University Locations: Asia, Alaska, Kimana, Kenya, AFP, Beach, Greenland, Elsehul, South Georgia, longline, Chicago, Lake Michigan, Xinhua, Mongolia, UN, Samarkand, Uzbekistan

☆ Women in China Aren't Having Kids. 3 of Them Told Us Why.
▼ + stars: | 2024-02-11 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +8 min

Read previewWhen it comes to settling down and having children, 26-year-old Bihan Chen views the choice in simple terms: It's a bad investment. Falling birth rates saw China's population shrank in 2022 for the first time since the early 1960s. "When it comes to having children, I don't have a shred of desire, only fear. AdvertisementOthers cited the loss of personal freedom as a key obstacle to having children. Having children remains a deeply personal decision that can't be evaluated by finances alone.

Persons: —, Chen, Emily Huang, Huang, Xi Jinping, Xi, Zhu Zheng, haven't, Dudley L, Poston Jr, Rich, we've, Lanjie Wang, Wang, Collin Meisel, might've, Yi Organizations: Service, Business, Women's Congress, Getty, Texas, M University, Weibo, University of Denver's, Center for International Futures, Publishing, University of Wisconsin, Project Syndicate Locations: China, Beijing, Weibo, Xinhua, Japan, Korea, America, Madison

He replaced Yi Huiman, who presided over months of turmoil as share markets slumped, losing trillions of dollars of value. Earlier this week, the CSRC said that it was cracking down on insider trading, market manipulation and other crimes and would protect small investors. A state investment fund pledged to step up buying of exchange-traded funds and regulators also imposed limits on short-selling. Prolonged weakness in the property market and share prices has dented consumer confidence, hindering that transition. Given the selloff in the stock market, “many could be tempted to take their loss and walk away in the slightest recovery.

Persons: Wu Qing, Yi Huiman, Swissquote, Wu, “, Xi Jinping, ” Ozkardeskaya Organizations: Shanghai Stock Exchange, Communist Party, China Securities Regulatory Commission, Xinhua News Agency, Investors, ”, Authorities Locations: BANGKOK, Wu, China, Shanghai, Shenzhen, Beijing

☆ China expresses concerns to U.S. over tariffs, sanctions in Beijing talks
▼ + stars: | 2024-02-07 | by ( ) www.cnbc.com time to read: +1 min

China's financial officials expressed concerns to visiting U.S. Treasury officials about U.S. tariffs, investment restrictions and sanctions set up to "suppress" Chinese companies, the Chinese finance ministry said on Tuesday. China's financial officials expressed concerns to visiting U.S. Treasury officials about U.S. tariffs, investment restrictions and sanctions set up to "suppress" Chinese companies, the Chinese finance ministry said on Tuesday. Both sides had "in-depth, frank, pragmatic and constructive" exchanges on their macroeconomic situation and policy, and developing countries' debt, among other issues in the meetings this week in Beijing, the ministry said. They agreed to continue to maintain communications, it added. In a separate meeting, China's vice premier He Lifeng also met with U.S. Treasury Undersecretary for International Affairs Jay Shambaugh on Tuesday, China's official Xinhua news agency reported.

Persons: Lifeng, International Affairs Jay Shambaugh Organizations: U.S, Treasury, International Affairs, China's, Xinhua Locations: Beijing

☆ China replaces head of securities regulator after stock market meltdown
▼ + stars: | 2024-02-07 | by ( Laura He | Wayne Chang | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —China has replaced the head of its securities regulator, as public anger over the meltdown in the stock market grows. Wu, 59, was also the chairman of the Shanghai Stock Exchange, the largest stock exchange in mainland China, between 2016 and 2018. Chinese stock markets have stabilised this week but they had a dire 2023 and have been the world’s worst performer this year. By Monday, about $6.1 trillion in market value had been wiped from the Chinese and Hong Kong stock markets since their recent peaks in February 2021. On Wednesday, mainland Chinese stock markets logged a second straight day of gains.

Persons: Wu Qing, Yi Huiman, Wu, “, Evergrande Organizations: Hong Kong CNN, China Securities Regulatory Commission, Xinhua, Shanghai Stock Exchange, Embassy, Central Huijin Investment, Shenzhen Component Locations: Hong Kong, China, Shanghai, Beijing, Shenzhen, United States

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