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☆ Critical chip firm ASML posts profit beat but sales miss expectations with 22% drop
▼ + stars: | 2024-04-17 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +3 min

Net sales fell 21.6% year-on-year while net income dropped 37.4%. ASML's net sales fell in the middle point of the company's guidance. ASML on Monday said first-quarter profit beat expectations while sales missed forecasts, with the company sticking to its full-year outlook. ASML has previously said it expects net sales for 2024 to be similar to 2023 and reiterated this projection on Monday. ASML previously said that export restrictions would impact 10% to 15% of China sales this year.

Persons: Joe Biden's, ASML, Peter Wennink, ASML's bullishness, Roger Dassen Organizations: Samsung, Taiwan Semiconductor Manufacturing Co, Intel Locations: Netherlands, China, U.S, America

☆ China's inaction on Iran has 'undermined' its influence in the Middle East, analyst says
▼ + stars: | 2024-04-16 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +1 min

China's restrained silence on the Middle East conflict is tipping the scales of regional influence back in the U.S.' favor, according to one analyst. "[Beijing's] role has been less pronounced than many expected, and actually I think it's undermined the sense of growing Chinese influence and confidence in the region," Julien Barnes-Dacey, director of the Middle East & North Africa program at the European Council on Foreign Relations, said on CNBC's "Street Signs" Tuesday. Last week, world leaders entreated China to use its considerable influence as a key trade partner to sway Tehran away from a direct attack against Israel, after an Israeli strike killed several top Iranian commanders in Damascus. Roughly 99% of these projectiles were eliminated by Israel, with help from the U.S., the U.K., France and Jordan. Since then, the specter of Israeli retaliation and a broader conflict in the Middle East has loomed large, with Washington stressing its commitment to Israeli defense and world leaders urging calm.

Persons: Julien Barnes, Dacey, Israel — Organizations: European Council, Foreign Relations, Israel Locations: U.S, Africa, China, Tehran, Israel, Damascus, Iran, Strait, Hormuz, France, Jordan, Washington

☆ Iran's attack on Israel could be bad for Russia's war in Ukraine
▼ + stars: | 2024-04-15 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Read previewIran's attack on Israel on Saturday is bad not only for the Middle East, but also for Russia's war in Ukraine as new fault lines emerge between Moscow and Tehran. AdvertisementRussia has been installing itself as a military and diplomatic player in the Middle East for years. This is in part due to Moscow's preoccupation with its war in Ukraine, Grisé wrote. "Russia would be especially sensitive to Chinese attempts to encroach on its influence in the Middle East," Grisé wrote in her commentary. AdvertisementThis is especially so since Beijing managed to deliver results in March 2023, brokering a détente between Saudi Arabia and Iran, Grisé added.

Persons: —, Michelle Grisé, Grisé, Russia's, Israel —, Ursula von der Leyen, Vladimir Putin Organizations: Service, RAND, Business, Iran, European Commission Locations: Israel, Ukraine, Moscow, Tehran, American, Russia, Iran, Damascus, Syria, Libya, Iranian, Beijing, Saudi Arabia, China

☆ The Moscow-Beijing alliance is here to stay because partnering with China is the only way Putin can sustain his conflict with the West, think tank says
▼ + stars: | 2024-04-14 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +1 min

Russia's growing partnership with China isn't going to fade, a think-tank director said. The West should consider enforcing economic sanctions on China as well, he said. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . In an op-ed for Foreign Affairs, the think-tank director pointed to Russia and China's economies becoming increasingly intertwined since Moscow began its invasion of Ukraine in 2022. The two nations scaled up their trade partnership to a record $240 billion last year, partly because China has snapped up key Russian commodities while the West has shunned trade with Moscow.

Persons: China isn't, Putin, —, Vladimir Putin, Alexander Gabuev Organizations: Service, Carnegie Russia Eurasia Center, Foreign Affairs, Business Locations: China, Beijing, Russia, Moscow, Ukraine

☆ Biden warns on Beijing's South China Sea moves in Philippines-Japan summit
▼ + stars: | 2024-04-12 | by ( ) www.cnbc.com time to read: +2 min

Leaders from the three nations are meeting in a first-ever trilateral summit in a show of solidarity as China's assertiveness in the South China Sea has raised tensions in the region. Topping the meeting's agenda is China's increasing pressure in the South China Sea, which has escalated despite a personal appeal by Biden to Chinese President Xi Jinping last year. China claims almost the entire South China Sea, including the maritime economic zones of neighboring nations. Japan has a dispute with China over islands in the East China Sea. Chinese foreign ministry spokesperson Mao Ning said "China's activities in the East China Sea and South China Sea fully comply with international law" and that they were prepared to resolve issues through "dialogue and consultation" but criticized both the U.S. and Japan for ratcheting up tensions.

Persons: Joe Biden, Fumio Kishida, Ferdinand Marcos, Andrew Harnik, Beijing's, Joe Biden's, Ferdinand Marcos Jr, Biden, Xi Jinping, Thomas Shoal, Marcos, Thomas, Mao Ning Organizations: Japanese, White, Washington , DC, South China, Getty, East China, U.S Locations: Washington ,, South, China, U.S, Japan, Philippines, Manila, . U.S, American, Washington, South China, States, East

☆ China's policy to boost demand by $700 billion will have a 'bigger and bigger' impact, official says
▼ + stars: | 2024-04-12 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

Vcg | Visual China Group | Getty ImagesBEIJING — China's latest policy to boost demand will soon have a greater effect on growth, a top official at the economic planning agency told reporters Thursday. "We believe this work will achieve bigger and bigger results," he said in Mandarin, translated by CNBC. He noted that equipment upgrades account for 9% to 10% of total GDP. 'Strong' central government fiscal supportIn terms of fiscal funding for those upgrades, Zhao said the central government would provide "strong support." Part of the equipment upgrade and consumer trade-in policy also focuses on improving standards for the kinds of products that can be used.

Persons: That's, Zhao Chenxin, Goldman Sachs, Morgan Stanley, Zhao, Bruce Pang, Fu Jinling, Fu, Francoise Huang, We're, JLL's Pang, Shan Zhongde Organizations: Visual China, Getty, BEIJING, National Development, Reform Commission, CNBC, Analysts, People's Bank of, Allianz Trade, Ministry of Industry, Information Technology, Ministry of Housing, Ministry of Commerce, State Administration, Market, China's Ministry of Commerce, Industry, Global Locations: Qingzhou, Weifang City, Shandong Province, China, oversupply, Beijing, JLL, People's Bank of China

The U.S. has passed a series of export controls starting in October 2022 aimed at restricting China's access to advanced chip technology, particularly those used in AI applications. According to data from tech consultancy Omdia, China consumes nearly 50% of the world's semiconductors as it is the biggest market for assembling consumer devices. But, soon after, it was reported that Nvidia was working on a new chip made for China. The company did not respond to a request for comment on their plans for the China market. An analysis of Huawei's Mate 60 Pro smartphone by TechInsights revealed an advanced chip made by China's top chip maker, SMIC.

Persons: Wong Yu Liang, Chris Miller, William B, Bailey, Donald Trump, TechInsights Organizations: AMD MU, P Global, Intel, Broadcom, Qualcomm, Marvell Technology, U.S, The, CNBC, Nasdaq, Intelligence, Micron Technology, AMD, Nvidia, Huawei, Semiconductor Industry Association, America's Micron, country's Cyberspace Administration, Micron Locations: China, The U.S, U.S, Washington, Xi'an, Netherlands, Beijing

☆ Fitch downgrades outlook on China to negative on economic growth risks
▼ + stars: | 2024-04-10 | by ( ) www.cnbc.com time to read: 1 min

The aerial view shows residential buildings under construction in Hangzhou, China on March 15, 2024. Ratings agency Fitch revised its outlook on China's sovereign credit rating to negative on Tuesday, citing risks to public finances as the economy faced increasing uncertainty in its shift to new growth models. Fitch forecast the general government deficit would rise to 7.1% of gross domestic product (GDP) in 2024 from 5.8% in 2023, the highest since a reading of 8.6% in 2020, when Beijing's strict Covid curbs weighed heavily on the world's No. While it lowered its outlook, indicating a downgrade is possible over the medium term, the agency affirmed China's IDR rating at "A+." Fitch forecast China's economic growth would slow to 4.5% in 2024 from 5.2% last year, in contrast to Citi and the International Monetary Fund, which both revised up their China forecasts.

Persons: Fitch, China's Organizations: Citi, International Monetary Fund Locations: Hangzhou, China

☆ Yellen says U.S. plans to ‘underscore’ need for China to shift policy
▼ + stars: | 2024-04-08 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

U.S. Treasury Secretary Janet Yellen said Monday that future discussions between the U.S. and China will focus on Beijing's need to shift its policy on industry and the economy, as she wrapped up the fourth and final full day of her trip to China on April 8. Pedro Pardo | Afp | Getty ImagesBEIJING — U.S. Treasury Secretary Janet Yellen said Monday that future discussions between the U.S. and China will focus on Beijing's need to change its policy on industry and the economy. Yellen said her conversations with Chinese officials during the trip discussed plans Beijing had for its economy, but she did not elaborate. Yellen also declined to share what tools the U.S. might use to prevent China's industrial policy from resulting in the loss of American jobs. During her trip, Yellen met with top Chinese officials including Premier Li Qiang in Beijing and Vice Premier He Lifeng in Guangzhou.

Persons: Janet Yellen, Pedro Pardo, Yellen, Yue Su, Su, Premier Li Qiang Organizations: Treasury, U.S, Afp, Getty, International Monetary Fund, World Bank Group, EV, The Economist Intelligence Unit, ASEAN, Consumer, Premier, Lifeng Locations: China, BEIJING, U.S, Guangzhou, Beijing, Washington ,, Europe, Hong Kong, Washington

☆ U.S. ready to sanction Chinese banks if they aid Russia's war machine, Yellen says
▼ + stars: | 2024-04-08 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +1 min

The United States is prepared to sanction Chinese banks and companies, as well as Beijing's leadership, if they assist Russia's armed forces with the invasion of Ukraine, U.S. Treasury Secretary Janet Yellen said Monday. "We stand ready to act if we see significant violations, especially by financial institutions," Yellen said in an interview with CNBC's Sara Eisen in Beijing. "Anything that involves aiding Russia's military in their brutal war against Ukraine is unacceptable to us and we have the ability to sanction it." President Joe Biden issued a new executive order in December that vested the Treasury secretary with the authority to sanction financial institutions that aided Russia's military-industrial complex. But the provision of military aid from Beijing to Moscow could trigger sanctions.

Persons: Janet Yellen, Yellen, CNBC's Sara Eisen, Joe Biden Organizations: Treasury, Treasury Department, U.S Locations: States, Ukraine, U.S, Beijing, China, Russia, Moscow

☆ Targeting Chinese chips, U.S. to push Dutch on ASML service contracts
▼ + stars: | 2024-04-05 | by ( ) www.cnbc.com time to read: +1 min

Alan Estevez, the U.S. export policy chief, is scheduled to meet in the Netherlands next Monday with officials from the Dutch government and ASML to discuss the servicing contracts, the people said. Washington may also be seeking to add to a list of Chinese chipmaking factories restricted from receiving Dutch equipment as part of the discussions, one of the people said. The Dutch Foreign Ministry confirmed the upcoming meeting but did not elaborate on which topics would be on the agenda. The meeting of officials on Monday is one example of that," the Ministry told Reuters. The Commerce Department and ASML, whose shares briefly fell after the news, declined to comment.

Persons: Joe Biden's, Alan Estevez, ASML Organizations: Dutch Foreign Ministry, Ministry, Reuters, Embassy, U.S, China, Commerce Department Locations: Netherlands, China, U.S, Washington, Beijing

☆ Microsoft warns China will use AI to try to influence US elections
▼ + stars: | 2024-04-05 | by ( Madison Hall | ) www.businessinsider.com time to read: +2 min

A new report from Microsoft shows how Chinese social-media accounts have used AI. The accounts target East Asian countries but also aim to influence US elections, per the report. AdvertisementMicrosoft says in a new report that China will use AI-generated media to influence elections in East Asian countries and the US. AdvertisementMany of the Chinese social-media messages ask followers to comment about which presidential candidates they support. Microsoft said the "accounts could be operating to increase intelligence gathering around key voting demographics within the United States."

Persons: —, Hillary Clinton, Donald Trump, Trump Organizations: Microsoft, CCP, Service, Microsoft Threat Intelligence, National Intelligence, Chinese Communist Party, Reuters, CIA Locations: China, East, East Asia, Hawaii, Kentucky, United States, PRC

☆ Yellen kicks off China meetings with overcapacity concerns, encouraging market-oriented reforms
▼ + stars: | 2024-04-05 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

Ambassador to China Nicholas Burns (R) receive U.S. Treasury Secretary Janet Yellen (R) upon her arrival in Guangzhou on April 4, 2024. Pedro Pardo | Afp | Getty ImagesBEIJING — U.S. Treasury Secretary Janet Yellen kicked off her first full day of official meetings in China with discussion about overcapacity concerns and encouragement to pursue market-oriented reforms. It is her second trip to China as Treasury secretary. China's growth potentialGuangdong is one of the largest contributors to China's economic growth and home to the city of Shenzhen, a major hub for tech companies and startups. "In recent decades, [Guangzhou] was at the forefront of market-oriented reforms that advanced China's economic development and openness," Yellen said in prepared remarks for her meeting with Wang.

Persons: Liao Min, China Nicholas Burns, Janet Yellen, Pedro Pardo, Yellen, Wang Weizhong, Wang, I've, Nicholas R, Lardy Organizations: Finance, U.S, Treasury, Afp, Getty, Peterson Institute for International Economics, Foreign Affairs Locations: China, Guangzhou, BEIJING, U.S, Beijing, Guangdong province, United States, Guangdong, Shenzhen, Asia

☆ China needs a new economic plan that focuses less on exporting and more on domestic growth, 'Dr. Doom' Nouriel Roubini says
▼ + stars: | 2024-04-04 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

China will stagnate if it relies on manufacturing and exports to grow, Nouriel Roubini wrote in Project Syndicate. That growth model is outdated and worked in a time when foreign markets were more open to Chinese products. AdvertisementChina can't grow out of its economic problems if it stays focused on manufacturing and exports, says famed "Dr. Doom" economist Nouriel Roubini. "The old Chinese growth model is broken," the perma-bear economist wrote for Project Syndicate, later adding: "China therefore needs a new growth model concentrated on domestic services — rather than goods — and private consumption." Related storiesWhen China's economy was smaller, this form of growth made sense, as its exports were still manageable for foreign markets, Roubini said.

Persons: Nouriel Roubini, Doom, —, Roubini, Xi Jinping, he's, Paul Krugman Organizations: Project Syndicate, Service Locations: China, Beijing

☆ U.S. loses its spot to China as Southeast Asia's most favored ally, survey finds
▼ + stars: | 2024-04-03 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +2 min

This is the first time Beijing has edged past Washington since 2020 when the annual survey first posed the question. China's aggressive behavior in the South China Sea is the Philippines' (90.2%) and Vietnam's (72.5%) top concern, the region's two frontline South China Sea claimant states. The Philippines President Ferdinand Marcos Jr. told Bloomberg last month that his government's claims on certain parts of the South China sea should not be viewed as provoking China. Vietnam has also asserted sovereignty over islands in the South China Sea though Beijing has brushed aside those claims. ASEAN should build up its resilience and unity to fend off pressures from the two major powers, the U.S. and China, nearly half of the survey respondents said.

Persons: ISEAS – Yusof, Ferdinand Marcos Jr, Kenddrick Chan Organizations: ASEAN Studies, Jan, Association of Southeast Asian Nations, ASEAN, China, Bloomberg, Philippines, U.S, LSE, London School of Economics, Political Science Locations: China, U.S, Washington, Beijing, Singapore, ISEAS, Indonesia . China, Japan, South China, Philippines, Vietnam, Southeast Asia

☆ KKR says China's real estate correction may only be halfway done
▼ + stars: | 2024-04-03 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

"A fundamentally overbuilt real estate industry needs to be addressed — and quickly," he said in the report, which counts Changchun Hua, KKR's chief economist for Greater China, among the co-authors. Real estate and related sectors once accounted for about one fifth or more of China's economy, depending on the breadth of analysts' calculations. Based on comparisons to housing corrections in the U.S., Japan and Spain, China's "housing market correction may be just halfway complete" in terms of its depth, the KKR report said. watch nowWhile KKR's report didn't provide much detail on expectations for specific real estate policy, the authors said more action by Beijing to improve China's real estate sector "could materially shift investor perception." Chinese officials have said the real estate sector remains in a period of adjustment, while Beijing shifts its emphasis toward manufacturing and what it considers "high-quality development."

Persons: Henry H, McVey, " McVey, Hong, Nomura Organizations: West Coast New, Nurphoto, Getty, BEIJING, KKR, Authorities, Housing Locations: West, Qingdao, East China's Shandong, China, Changchun Hua, Greater China, U.S, Japan, Spain, Beijing, China's

☆ Biden and Xi Jinping hold phone call ahead of Yellen's trip to China
▼ + stars: | 2024-04-02 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +4 min

President Joe Biden spoke with Chinese President Xi Jinping on the phone Tuesday, a call the White House described as a way for the two leaders to "check in" and responsibly manage the strained U.S.-China relationship. During the call with Xi, the first such phone meeting since July 2022, Biden raised a host of U.S. concerns, according to a White House readout of the call. Specifically, Biden confronted Xi on China's "unfair trade policies and non-market economic practices," the White House said. The last time Biden and Xi met in person was in November, on the sidelines of a summit in Woodside, California. "To take it back to that meeting last November, both President Biden and President Xi agreed that they would try to pick up the phone a bit more," the senior administration official said.

Persons: Joe Biden, Xi Jinping, Xi, Biden, Janet Yellen, Antony Blinken, Yellen Organizations: White, U.S ., Russia, U.S, Treasury, Treasury Department, Trump Locations: U.S, China, Taiwan, Ukraine, November's, Woodside , California, Guangzhou, Beijing, United States, Washington

☆ Japan Is a Preview of China's Ugly Recession, Stock Market Crash
▼ + stars: | 2024-03-31 | by ( Linette Lopez | ) www.businessinsider.com time to read: +14 min

But Japan's economy — the long-unconscious patient — recently started to wiggle its toe. The country's stock market is ripping; the Nikkei recently exceeded the all-time highs it set 34 years ago. Now, Koo says, Chinese academics and policymakers are flocking to Japan to glean some kind of wisdom from the country's experience. Advertisement"This has made Japan attractive for foreign investors, and the stock market has done well," Koo said. Even without a currency war with Beijing, the world is building defenses against another wave of Chinese goods.

Persons: —, Goldman Sachs, there's, Nomura, Richard Koo, Koo, Shinzo Abe, Japan's, What's, it's, we're, haven't, Xi Jinping, doesn't, Xi, we've, Brasília Organizations: Nikkei, Goldman, Bank of Japan, Corporations, International Monetary Fund, Japan, Peterson Institute, European Union, China Locations: East Asia, China, Japan, Real, Tokyo, Beijing, Brussels, Brasília, American, Washington, Brazil, Turkey

☆ U.S. consumer plays in China are more than coffee and iPhones. Stocks to watch
▼ + stars: | 2024-03-31 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

Domino's Pizza's China operator DPC Dash reported Wednesday its 26th straight quarter of same-store sales growth — including the pandemic period. Pizza push Domino's has a roughly 14% stake in DPC Dash, which listed in Hong Kong about a year ago. Woo has a buy rating on DPC Dash and a price target of 73.05 Hong Kong dollars. "Chinese people do eat pizza," DPC Dash CEO Wang said. Yum China, which owns Pizza Hut in China among other brands, is set to release earnings in late April.

Persons: DPC Dash, they've, Xi Jinping, Papa John's, Papa, DPC, Aileen Wang, Wang, Walter Woo, Woo, McDonald's, That's, Christopher J, Kempczinski Organizations: Starbucks, Apple, HSBC, U.S, DPC, Advertising, Hong, Hong Kong Stock Exchange Locations: China, Shanghai, U.S, DPC, Hong Kong, North America, Beijing, Xi'an, Changsha, FY24E, Thurs

☆ CNBC Daily Open: Focus turns to key inflation data
▼ + stars: | 2024-03-28 | by ( Sumathi Bala | ) www.cnbc.com time to read: +2 min

Photographer: Christopher Dilts/Bloomberg via Getty ImagesThis report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Xi on China tech progressChinese President Xi Jinping told Dutch Prime Minister Mark Rutte that no force can stop China's tech advance. Separately, Xi also told U.S. executives that bilateral ties can have a "brighter future" and vowed to improve the business environment. The next few days could prove crucial in diverting trade away from the port, logistics executives told CNBC, after a container ship collided into the Francis Scott Key Bridge early Tuesday.

Persons: Christopher Dilts, Topix, Xi, Xi Jinping, Mark Rutte, Janet Yellen, Yellen, Francis Scott Key, David Neuhauser Organizations: Bloomberg, Getty, CNBC, Nikkei, U.S ., CSI, Dow, Nasdaq, Dutch, Xinhua News Agency, U.S, Treasury, Francis Scott Key Bridge, Livermore Partners Locations: Chicago , Illinois, Japan, Seng, China, Beijing, U.S, Baltimore, Port of Baltimore

☆ CNBC Daily Open: A key inflation gauge in focus
▼ + stars: | 2024-03-28 | by ( Sumathi Bala | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Yellen on China dumpingU.S. Treasury Secretary Janet Yellen warned that China is dumping its surplus of solar panels and EVs on global markets, distorting market prices. This signals Beijing's latest efforts to boost foreign investment in China as relations with the U.S remain fraught. Investors anxious over a market decline should hedge their positions to limit risk in financial assets, according to fund managers.

Persons: Janet Yellen, Yellen, Xi Jinping, Stephen Schwarzman, Cristiano Amon, Mark Carney, Francis Scott Key, David Neuhauser Organizations: CNBC, Dow, Treasury, U.S, Blackstone, Qualcomm, Bloomberg, Francis Scott Key Bridge, Livermore Partners Locations: Yellen, China, U.S, Baltimore, Port of Baltimore

☆ China's Xi meets U.S. executives as businesses navigate bilateral tensions
▼ + stars: | 2024-03-27 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +8 min

The forum this year coincided with other efforts to attract foreign business. However, a combination of geopolitical tensions, regulatory uncertainty and slower economic growth have made it more challenging for foreign businesses in China. ... foreign companies share the same lack of confidence and worries about an uncertain future that is felt amongst much of China's domestic industry. Looking for economic clarityFor businesses considering China investment plans, the country's near-term growth outlook is another factor. He emphasized China's large market, industrial supply chain, and pointed out how China has worked on issues such as data exports and equal market treatment for foreign businesses.

Persons: Tim Cook, Management Dean Bai Chong, Xi Jinping, Stephen Schwarzman, Cristiano Amon, Mark Carney, Rajesh Subramaniam, Joe Biden, Carlos Gutierrez, Sean Stein, Gutierrez, Biden, Scott Kennedy, Peter Bachmann, Bachmann, Kennedy, Stephen S, Roach, Yale Law School's Paul Tsai, he's, China's, Han Zheng, Amin H, Nasser Organizations: Apple, China Development Forum, Tsinghua University School of Economics, Management, China News Service, Getty, U.S . Blackstone, Qualcomm, Bloomberg, FedEx, China, Cyberspace Administration, U.S, American Chamber of Commerce, of Commerce, Scott, Scott Kennedy Center for Strategic, Studies, China Centre, University of Applied Sciences, Arts Northwestern Switzerland, Center for Strategic, International Studies, Yale Law, Yale Law School's Paul Tsai China, Communist Party, Invest, CNBC, Aramco Locations: China, BEIJING, U.S, San Francisco, Beijing, Shanghai, Washington ,, Saudi

The International Energy Agency, a Paris-based intergovernmental group, notes that in 2023 China accounted for around 60% of global electric car sales. Yellen's remarks are to be delivered Wednesday afternoon at Suniva — a solar cell manufacturing facility in Norcross, Ga. It is reopening, in part, because of incentives provided by the Democrats' Inflation Reduction Act, which provides tax incentives for green energy manufacturing. The European Union, also concerned about the potential threat to its auto industry, launched its own investigation into Chinese subsides for electric vehicles last year. “In the past, in industries like steel and aluminum, Chinese government support led to substantial overinvestment and excess capacity that Chinese firms looked to export abroad at depressed prices,” Yellen said.

Persons: Janet Yellen, China's, ” Yellen, ”, Xi Jinping, Xi Organizations: WASHINGTON, —, International Energy Agency, Treasury, Democrats, China, Trade Organization, U.S, Chinese Commerce Ministry, European Union, “, Communist Party Locations: China, Georgia, Paris, Norcross , Ga, U.S, Beijing

☆ China pushes banks to speed up approvals of new loans to private developers: Reuters
▼ + stars: | 2024-03-26 | by ( ) www.cnbc.com time to read: +1 min

Chinese regulators are pushing banks to speed up approvals of new loans to cash-starved private property developers, people with knowledge of the matter said, a bid to revive homebuyer sentiment that risks denting lenders' asset quality. Chinese regulators are pushing banks to speed up approvals of new loans to cash-starved private property developers, people with knowledge of the matter said, a bid to revive homebuyer sentiment that risks denting lenders' asset quality. The property sector in the world's second-largest economy has lurched from one crisis to another since 2021, after a regulatory crackdown on developers' high leverage led to a liquidity crisis. The sources spoke on condition of anonymity because they were not authorized to speak to the media on the subject. Developers and bank statements say banks have been reluctant to grant new loans to property projects, while mostly extending maturity and lowering interest rates of existing loans.

Organizations: Reuters, National Financial Regulatory Administration Locations: Beijing

☆ Hong Kong lawmakers pass new national security law, giving government more power to curb dissent
▼ + stars: | 2024-03-19 | by ( ) www.cnbc.com time to read: +2 min

Hong Kong lawmakers passed a new national security law on Tuesday that grants the government more power to quash dissent, widely seen as the latest step in a sweeping political crackdown that was triggered by pro-democracy protests in 2019. The legislature passed the Safeguarding National Security Bill during a special session Tuesday. The law threatens stringent penalties for a wide range of actions authorities call threats to national security, with the most severe — including treason and insurrection — punishable by life imprisonment. "I fully agree with what the Chief Executive said: the sooner the legislation is completed, the sooner national security will be safeguarded," he said. Hong Kong's political scene has changed dramatically since the massive 2019 street protests that challenged China's rule over the semi-autonomous territory, and the imposition of Beijing's National Security Law.

Persons: Hong, John Lee, Andrew Leung, Critics, China's Organizations: National, Kong's Legislative, Legislative, British, National Security Law Locations: Central, Hong Kong, Beijing, Kong's

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