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

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

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

☆ Analysis-As China's Xi Summons 'New Productive Forces', Old Questions Linger for Economy
▼ + stars: | 2024-03-05 | by ( March | At P.M. | ) www.usnews.com time to read: +5 min

By James Pomfret, Kevin Yao and Ellen ZhangHONG KONG/BEIJING (Reuters) - Facing its deepest economic challenges in years, China's leadership has tasked ministries and local governments with implementing a new mantra from President Xi Jinping: unleash "new productive forces". Beijing hopes the “new productive forces” campaign will strengthen China at a time when geopolitical pressures including steps by the United States to “decouple” or “de-risk” have curtailed access to foreign technology. "To support innovation, we should give people more freedom to think and talk, because many innovations result from the collision of ideas. The new mantra was also taken up by China's state planning agency, the National Development and Reform Commission. Its annual report on Tuesday pledged support for industries including satellite internet applications, China's BeiDou Navigation Satellite System, and research into nuclear fusion.

Persons: James Pomfret, Kevin Yao, Ellen Zhang HONG, Xi Jinping, Li Qiang, Xi’s, Xi, Tianchen Xu, Li, Steve Tsang, Ellen Zhang, Nick Macfie Organizations: Communist Party, Party, Reuters, Economist Intelligence Unit, SOAS China Institute, National Development, Reform Commission Locations: Ellen Zhang HONG KONG, BEIJING, China, China’s, Beijing, United States, London, Pearl

☆ Asia markets poised to slip ahead of Chinese government's report card at 'Two Sessions' meeting; gold sets new record
▼ + stars: | 2024-03-05 | by ( Lim Hui Jie | ) www.cnbc.com time to read: 1 min

Delegates attend the closing session of the Chinese People's Political Consultative Conference (CPPCC) in Beijing in 2022. Asia-Pacific markets were set to fall ahead of China's "Two Sessions" meeting, with investors watching out for its economic plans, including the country's gross domestic product growth target. Chinese Premier Li Qiang is expected to deliver the government's work report on Tuesday, though the traditional press conference with the premier has been scrapped. Separately, the Caixin services purchasing managers' index reading for China will be released later in the day. On the economic data front, investors also await South Korea's revised GDP numbers for the fourth quarter of 2023, as well as inflation figures from Japan's capital city of Tokyo.

Persons: Li Qiang Organizations: Political Consultative Locations: Beijing, Asia, Pacific, China, Tokyo

☆ Xi's growing paranoia and secrecy are signs of just how badly China's economy is doing
▼ + stars: | 2024-03-05 | by ( Tom Porter | ) www.businessinsider.com time to read: +5 min

Under Xi Jinping's rule, China's economy has slowed after decades of growth. After decades of growth, China's economy is slowing, with a property market crisis causing consumer debt, deflation, a slowdown in spending, and an unemployment crisis. Xi walks a tightropeAs well as moves to close down scrutiny, the Party is unveiling ambitious measures to boost China's economy. But analysts say China continues to face deep economic problems. China's growth target, which is in line with last year's official growth figures, appears modest in comparison to the 10% annual growth it has experienced on average for the past few decades.

Persons: Xi, Premier Li Qiang, —, Xi Jinping, Xi doesn't, Jonathan Ward, Ward, Ali Wyne, Li, Vladimir Putin's Organizations: Premier, Analysts, Service, Communist Party, The New York Times, Hudson Institute, Chinese Communist Party, Crisis, BBC Locations: China, Beijing, Vladimir Putin's Russia, Ukraine, Iran, Moscow, Tehran

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

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

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

☆ Japan's Nikkei smashes 40,000 point barrier, Asia markets poised to track Wall Street gains
▼ + stars: | 2024-03-04 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

A screen displays the Nikkei 225 Stock Average figure on the trading floor at the Nomura Securities Co. headquarters in Tokyo, Japan, on Jan. 11, 2024. Japan's Nikkei 225 crossed the 40,000 mark on Monday, setting a new record high and leading gains in Asia as other markets also rose, tracking gains on Wall Street as both the S&P500 and the Nasdaq Composite hit fresh all-time highs on Friday. Investors will also be watching China's "Two Sessions" meetings today. The "Two Sessions" refer to the concurrent annual meetings of China's legislature, the National People's Congress, and the country's top political advisory body, the Chinese People's Political Consultative Conference. At the meetings, China premier Li Qiang is expected to deliver the government's work report, which details economic and policy goals for the world's second-largest economy, including its gross domestic product growth target.

Persons: Li Qiang Organizations: Nomura Securities Co, Japan's Nikkei, Nasdaq, National People's Congress, Political Locations: Tokyo, Japan, Asia, China

☆ ‘Two sessions’: China’s key political gathering gets underway as leaders try to repair broken economic confidence
▼ + stars: | 2024-03-04 | by ( Simone Mccarthy | ) edition.cnn.com time to read: +8 min

Xi is under the spotlight as economic pain has sparked growing frustration within China. Xi has also overseen a political shakeup in his own ranks, further marring the start of the new term. Those challenges may not pose a threat to Xi, who is China’s most powerful and authoritative leader in decades. But the two sessions provide an important platform for China’s notoriously opaque government to broadcast its strategy for economic, social and foreign policies and announce key indicators including China’s economic growth target, its budget deficit limit and military spending for the coming year. Analysts widely expect Li to reveal a relatively ambitious growth target of “around 5%,” showing that policymakers are still focused on economic growth, even as challenges pile up.

Persons: —, Xi Jinping, Xi, ”, Chen Gang, Li Qiang, It’s, Xuezhi Guo, Guo, Wang Yi, Qin Gang, Li Shangfu, Li, Qin, Pedro Pardo, Neil Thomas, Premier Li, Asia Society’s Thomas, “ Organizations: Beijing CNN —, Communist, National University of Singapore’s East Asian Institute, Getty, of, National People’s, Guilford College, Observers, Washington, Asia Society, Center for Locations: China, Beijing, Chongqing, AFP, Taiwan, China's, Henan, Center for China, Asia

☆ Japan’s Nikkei 225 stock index surpasses 40,000 for the first time
▼ + stars: | 2024-03-04 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Japan’s Nikkei 225 index jumped above 40,000 for the first time on Monday, extending a historic rally that analysts say has just begun. The milestone comes just days after it had set a record closing high of 39,098.68, eclipsing its previous 1989 peak. Optimism regarding semiconductors boosted Taiwan’s stock market as well, with benchmark Taiex hitting an all-time high on Monday, led by Taiwan Semiconductor Manufacturing Company. Premier Li Qiang is set to announce China’s 2024 growth target on Tuesday and is also likely to unveil more stimulus measures to revive the sagging economy. Analysts widely expect the policymakers to set this year’s growth target at around 5%.

Persons: ”, Jefferies, “, chipmaker, Kospi, Hong, Li Qiang, Stephen Innes Organizations: Hong Kong CNN —, Nikkei, Nasdaq, Taiwan Semiconductor Manufacturing Company, Nvidia, Investors, National People’s Congress, NPC, Communist Party’s Politburo Locations: Hong Kong, Japan, Beijing, Shanghai, China

☆ China ‘two sessions’: Beijing sets ambitious economic growth target of ‘around 5%’ for 2024, vows to ‘transform’ economy
▼ + stars: | 2024-03-04 | by ( Simone Mccarthy | ) edition.cnn.com time to read: +1 min

Editor’s Note: Sign up for CNN’s Meanwhile in China newsletter which explores what you need to know about the country’s rise and how it impacts the world. Beijing CNN —China has set an ambitious economic growth target of “around 5%“ for 2024, as its leaders vowed to “transform the growth model” in the face of growing challenges. The growth rate for the budget is the same as last year’s. The gross domestic product (GDP) target and military spending are among the most closely watched figures during the opening day proceedings. The GDP target in particular is being closely monitored this year as China faces a raft of economic problems.

Persons: Premier Li Qiang, ” Li, ”, “ Organizations: Beijing CNN, Premier, National People’s Congress Locations: China, Beijing

☆ U.S. cautions Pacific Island nations about China security ties after Hawaii neighbor Kiribati gets Chinese police
▼ + stars: | 2024-02-28 | by ( ) www.cnbc.com time to read: +2 min

BEIJING, Jan. 6, 2020 -- Chinese Premier Li Keqiang meets with Kiribati's President Taneti Mamau at the Great Hall of the People in Beijing, capital of China, Jan. 6, 2020. The United States on Monday cautioned Pacific Islands nations against assistance from Chinese security forces after Reuters reported that Chinese police are working in the remote atoll nation of Kiribati, a neighbor of Hawaii. Kiribati's acting police commissioner Eeri Aritiera told Reuters last week uniformed Chinese officers were working with police in community policing and a crime database program. "We are concerned about the potential implications security agreements and security-related cyber cooperation with the PRC may have for any Pacific Island nation's autonomy," the spokesperson said. The United States countered with a pledge in October to upgrade the wharf on Kanton island, a former U.S. military base, and said it wants to open an embassy in Kiribati.

Persons: Li Keqiang, Taneti Mamau, Eeri Aritiera Organizations: of, People, Monday, Pacific, Reuters, U.S . State Department, world's, United Locations: BEIJING, Beijing, China, United States, Kiribati, Hawaii, Honolulu, People's Republic of China, Washington, Kanton, U.S

☆ China's Premier Li urges stronger economic, trade ties with U.S.
▼ + stars: | 2024-02-28 | by ( ) www.cnbc.com time to read: +1 min

China's Premier Li Qiang attends a meeting with US Climate Envoy John Kerry at the Great Hall of the People in Beijing on July 18, 2023. China and the United States should strengthen economic and trade ties and Washington should avoid decoupling from China, Chinese Premier Li Qiang said on Wednesday, during a meeting with a visiting U.S. delegation, Chinese state radio reported. "Strengthening economic and trade cooperation is a win-win situation for both countries," Li told the delegation led by Chamber of Commerce chief Suzanne Clark. Li said U.S. companies were welcome to continue investing in China and that barriers were not in the fundamental interests of both sides. Ties are still recovering after the United States downed an alleged Chinese spy balloon a year ago.

Persons: Li Qiang, John Kerry, Li, Suzanne Clark, Clark Organizations: US, of, People, Chamber of Commerce, United Locations: Beijing, China, United States, Washington, U.S, loggerheads, Taiwan, South

☆ ‘It Is Suffocating’: A Top Liberal University Is Under Attack in India
▼ + stars: | 2024-02-10 | by ( Sameer Yasir | ) www.nytimes.com time to read: 1 min

Jawaharlal Nehru University, named for India’s first prime minister, is one of the country’s premier liberal institutions, a hothouse of strong opinions and left-leaning values whose graduates populate the upper echelons of academia and government. But to the Hindu nationalists who hold power in India, the university and others like it are dangerous dens of “anti-India” ideas. campus and attacked students, shouting slogans associated with a far-right Hindu group. Vocal supporters of the right-wing governing party who have been installed as administrators have suspended students for participating in protests and, in December, imposed new restrictions on demonstrations. Professors have been denied promotions for questioning government policies.

Organizations: Jawaharlal Nehru University Locations: India

☆ Australia and China: Rebound in Ties Threatened by Death Sentence for Australian Writer
▼ + stars: | 2024-02-05 | by ( Feb. | At A.M. | ) www.usnews.com time to read: +4 min

China's then ambassador to Australia says that in response to the call, the Chinese public would boycott Australian wine, beef and tourism. Nov. 27, 2020 - China will impose temporary anti-dumping tariffs on Australian wine, China announces. Jan. 3, 2023 - China allows three government-backed utilities and its top steelmaker to resume coal imports from Australia. Oct. 11, 2023 - China releases Australian journalist Cheng Lei after three years in a Beijing prison on national security charges. Oct. 22, 2023 - China agrees to review dumping tariffs of 218% on Australian wine, potentially clearing way for the resumption of imports.

Persons: Yang Hengjun, Anthony Albanese, China's, Cheng Lei, Albanese, Xi Jinping, Jan, Li, Kirsty Needham, Antoni Slodkowski, Gerry Doyle Organizations: SYDNEY, South China, Huawei Technologies Co, Australia's Labor Party Locations: Beijing, Canberra, China, South, Australia, Indonesia, Japan

☆ China is stepping up to save its economy this year, but the data just doesn't seem to be getting much better
▼ + stars: | 2024-02-01 | by ( Huileng Tan | ) www.businessinsider.com time to read: +5 min

In January, authorities pulled about a dozen moves to stabilize a stock market rout and to support the property sector. But China's economic data isn't encouraging, and investor confidence is still low. Investors are cautiousThe moves gave some support to Chinese markets, but investors are still cautious. China's economic data hasn't been rosy either. Consumer appetite for property is still lowStill, overall consumer appetite for the property market appears to be in the dumps.

Persons: —, Hao Hong, Premier Li Qiang, Hong, Min Lan Tan, Tan Organizations: Service, Bloomberg, Grow Investment, Premier, Reuters, Investors, CSI, Securities Times, Estate Information Corp, Asia Pacific, UBS, Nikkei Locations: China, Beijing, Shanghai, Shenzhen, Guangzhou, Suzhou, Guangxi, Nikkei Asia

☆ China's economy is facing a nightmarish Year of the Dragon
▼ + stars: | 2024-01-30 | by ( George Glover | ) www.businessinsider.com time to read: +4 min

With the Year of the Dragon less than two weeks away, China's economy wobbled again on Monday. Fragile growthIn late 2022, China's Communist Party finally called time on its harsh zero-COVID measures — but the economy hasn't enjoyed the post-lockdown rebound many forecasters had predicted. DeflationFalling prices are another source of China's economic woes. AdvertisementNone of that speaks to a dedication to the free market — so China will likely keep struggling to attract more foreign investment in 2024. The sell-off reflects investor concern about the economy's overall health, as well as Chinese tech companies falling behind their US rivals in the development of AI.

Persons: wobbled, Linda Chan, Evergrande, Liquidators, hasn't, they'll, Li Qiang, John Kerry, Janet Yellen, Elon Musk, Xi Organizations: Hong, Business, China's Communist Party, World Bank, Tesla, Communist Party, Bain, Co, Big Tech, CSI Locations: Hong Kong, Evergrande, Beijing, China, Japan, Shanghai

☆ China stock market: Calm returns after wild week but big challenges remain
▼ + stars: | 2024-01-26 | by ( Laura He | ) edition.cnn.com time to read: +6 min

Hong Kong CNN —It’s been a rollercoaster week for stocks trading in mainland China and Hong Kong. “For a sustained rally in China stocks, we think China will need to address the core of these concerns (predominantly property sector issues and US-China tensions),” the analysts added. In the 7 days to January 24, exchange-traded funds (ETFs) tracking Chinese stocks recorded large inflows of $12.6 billion, according to a Citi survey of global fund managers. Still, investors have been fleeing Chinese stocks over a much longer period because they are worried about the country’s economic prospects. The country is facing the prospect of a vicious cycle whereby lower demand leads to lower investment, lower production and lower income, thus causing even lower demand.

Persons: Hong Kong CNN — It’s, Hong, — haven’t, ” Nomura, “, Li Qiang, ”, Li Yunze, Pan Gongsheng, Florence Lo, HSI, Raymond Yeung, ” Yeung Organizations: Hong Kong CNN, Shanghai Shenzhen, ”, Shanghai Financial Exchange, Bloomberg, State, Supervision, Administration Commission, Administration of Financial, Reuters, People’s Bank of China, Citi, Enodo Economics, HSBC, Greater China, ANZ Research Locations: China, Hong Kong, Shanghai, United States, Beijing, Davos, Switzerland, Greater

BANGKOK (AP) — China’s leaders launched a barrage of new policies this week to prop up languishing financial markets and rekindle growth in the world’s second-largest economy. The moves to support lending and spending with billions of dollars of fresh cash gathered pace when the central bank cut bank reserve requirements and issued new rules to encourage banks to lend more to property companies. HOW IS THE CHINESE ECONOMY DOING? The Chinese economy grew at a 5.2% annual pace in 2023, exceeding the government's target, and many indicators including factory output and retail sales show signs of improvement. The moves to put more money into the economy and encourage bank lending might not go far enough, many analysts said.

Persons: —, Premier Li Qiang, ”, It's, Pan Gongsheng, ” Stephen Innes Organizations: State Council, Economic, People's Bank of China Gov, Management Locations: BANGKOK, United States, China, Premier, Davos, Switzerland, Hong Kong, Beijing

☆ China is ramping up stimulus to boost market confidence — but is it enough?
▼ + stars: | 2024-01-25 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

Starting Feb. 5, the People's Bank of China will allow banks to hold smaller cash reserves, central bank governor Pan Gongsheng said at a press conference, his first in the role. Cutting the reserve requirement ratio (RRR) by 50 basis points is set to release 1 trillion yuan ($139.8 billion) in long-term capital, the central bank said. A 2 trillion yuan boost? Chinese Premier Li Qiang on Monday called for much stronger measures to boost market stability and confidence, according to an official readout. Chinese authorities in October already announced the issuance of 1 trillion yuan in government bonds, alongside a rare increase in the deficit.

Persons: Gongsheng, Pan Gongsheng, Tao Wang, Ting Lu, a, Lu, Wang, Stocks, Winnie Wu, That's, Li Qiang, Pan, Philip Yin, David Chao, Pan's Organizations: People's Bank of China, State Administration of Foreign Exchange, Financial, Getty, Visual China, People's Bank of, UBS Investment Bank, Wednesday, National Financial Regulatory Administration, UBS, Bank of America's, Bloomberg, PBOC, Citi, U.S, Asia Pacific, CNBC Locations: BEIJING, CHINA, Beijing, China, People's Bank of China, Asia, Hong Kong, capitulating, Japan, Invesco

☆ Beijing is making moves to restore confidence in its battered stock markets, but there might be another big problem just ahead
▼ + stars: | 2024-01-25 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Chinese authorities are making moves to restore confidence in its battered stock markets. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Ugly corporate results could undermine Beijing's efforts to prop up investor confidence in China's stock markets, which have bled over $6 trillion in market value from 2021. AdvertisementNews that Beijing is trying to boost the investor confidence gave some upside to China's battered markets.

Persons: —, it's, Morgan Stanley, Laura Wang, Catherine Chen, Nomura, Li Qiang Organizations: Service, Bloomberg, Reuters, CSI Locations: China, Beijing, Shanghai, Shenzhen

☆ China tries to halt stock market rout by boosting lending and wooing foreign investors
▼ + stars: | 2024-01-24 | by ( Laura He | ) edition.cnn.com time to read: +6 min

Hong Kong CNN —China has vowed to pump more money into the economy and further open its $64 trillion financial industry to international investors, as Beijing scrambles to restore confidence following a massive stock market rout. The astonishing losses, reminiscent of the last Chinese stock market crash of 2015-2016, highlight a crisis of confidence among investors concerned about the country’s future. It will allow Hong Kong banks to expand their businesses in mainland China and reduce the barriers to investing in mainland insurers. Last month, China Reform Holdings, a state-owned investment fund, announced it had bought tech-focused index funds to support the market. The brutal sell-off in Chinese stock markets has even forced some hedge fund managers to apologize for making wrong bets.

Persons: Li Yunze, “, Pan Gongsheng, Goldman Sachs, Li, ”, Lam, Li Qiang, Wang Zhao, Premier Li Qiang, Stringer, Li Bei Organizations: Hong Kong CNN, Administration of Financial, People’s Bank of, Buildings, New Champions, Getty, Premier, Xinhua, Reuters, Securities Daily, Social Security Fund, China Reform Holdings, Central Huijin Investment, Shanghai Banxia Investment Management Locations: China, Hong Kong, Beijing, Shanghai, Shenzhen, People’s Bank of China, Victoria Harbour, British, Tianjin, AFP, Central, Fuyang, China's, Anhui

☆ Japan Business Leaders Return to China Seeking to Bolster Cooperation
▼ + stars: | 2024-01-24 | by ( Jan. | At P.M. | ) www.usnews.com time to read: +3 min

Japanese economic delegations had visited China every year since 1975, but those visits lapsed during the COVID-19 era when China largely shuttered its borders due to its stringent pandemic policies. During their visit this week, the Japanese business delegates, which included Masakazu Tokura, chairman of the powerful Keidanren, as the Japan Business Federation is known, are due to meet with Chinese Premier Li Qiang on Thursday. Japan is heavily reliant on China, where Japanese companies have for years invested in building manufacturing supply chains and forged relationships with local partners. China last year arrested a Japanese executive, an employee of the drugmaker Astellas Pharma, on suspicion of espionage. The move has had a chilling effect on business, Japanese officials say.

Persons: Masakazu Tokura, Premier Li Qiang, Fumio, Xi Jinping, Wang Yi, Gamble, Ryan Woo, Miyoung Kim, David Dolan, Michael Perry Organizations: Japan Business, Premier, Pharma, Procter, SK, Nidec Corp, Toyota, Nissan Locations: BEIJING, China, Japan, United States, Kishida, Greater China, Beijing, Singapore, Tokyo

☆ Premarket stocks: The world is a mess and Wall Street isn’t paying attention
▼ + stars: | 2024-01-23 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

But geopolitical tensions are growing and Wall Street appears to be underestimating their potential impact on the global economy and markets. The United States and China are squabbling about trade, particularly high-powered AI chips that both believe carry consequences for national security. Less trade could mean lower supplies to meet demand — and that could be bad news for inflation around the world. Bank of America also gave geopolitical risk a top spot on its list of surprises that could affect markets in 2024. It’s the worst start to a year for Chinese stocks since 2016, when investors were ditching their holdings following a market crash in 2015.

Persons: ”, “, Jamie Dimon, dory, he’s, Anna Cooban, Laura He, Hong, Premier Li Qiang, Ken Cheung, Catherine Thorbecke Organizations: New, New York CNN, Dow Jones, Federal Reserve, BlackRock, Shipping, CNBC, Economic, Bank of America, Center for Strategic, International Studies, Apple, Google, Microsoft, Meta, Nvidia, “, Shenzhen Component, Premier, Mizuho Bank, MIT’s Computer, Artificial Intelligence Locations: New York, Russia, Ukraine, United States, China, Taiwan, Suez, Iranian, Pakistan, Iran, Europe, Asia, Drewry, Yemen, Davos, Switzerland, Wall, Shanghai, Shenzhen

☆ Why Chinese stocks have lost $6 trillion in 3 years: everything you need to know
▼ + stars: | 2024-01-23 | by ( Laura He | ) edition.cnn.com time to read: +8 min

Hong Kong CNN —Chinese shares haven’t just had a bad start to 2024. The astonishing losses, reminiscent of the last Chinese stock market crash of 2015-2016, highlight a crisis of confidence among investors concerned about the country’s future. But on the same day, major state-owned banks moved to support the Chinese yuan, in order to prevent the currency from falling too fast as Chinese shares plunged, according to a Reuters report, citing unnamed sources. Topics related to the “market plunge” and “China’s stock market rescue” were trending on Weibo on Tuesday. “I’m sad about today’s stock market performance,” Hu Xijin, former editor-in-chief for state newspaper Global Times, posted on Weibo on Monday.

Persons: It’s, “, Goldman Sachs, Wall, Li Qiang, ”, Nomura, bedeviling, Beijing’s, Li, Ken Cheung, ” Hu Xijin, “ Hu Organizations: Hong Kong CNN, Reuters, Bloomberg, Monday, People’s Bank of China, ”, Big Tech, Xinhua, Hong, Mizuho Bank, Global Times Locations: China, Hong Kong, Shanghai, Shenzhen, Japan, Asia, Beijing, US, Weibo

☆ China is weighing measures to prop up its stock markets, could reportedly mobilize $278 billion
▼ + stars: | 2024-01-23 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: +1 min

China is considering a rescue package backed by offshore money to stave off a slump in its struggling stock markets, according to Bloomberg News. The report, citing people familiar with the matter, said Chinese authorities are aiming to get about 2 trillion yuan ($278 billion), primarily through offshore accounts of Chinese state-owned companies to help stabilize the market by purchasing stocks onshore through Hong Kong markets. Hong Kong's Hang Seng index fell nearly 14% in 2023, making it the worst performing major Asian stock market. The Bloomberg report comes a day after Chinese Premier Li Qiang said during a state council meeting the country will be rolling out measures to stabilize its stock markets. "We must take more powerful and effective measures to stabilize the market and confidence," Li said, according to state media.

Persons: Premier Li Qiang, Li Organizations: Bloomberg News, Bloomberg, China Securities Finance Corp, Huijin Investment Ltd, China's CSI, Premier Locations: China, Hong Kong

☆ 'It's really bad': China strategist warns of deflation and rock-bottom consumer confidence
▼ + stars: | 2024-01-23 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +3 min

BEIJNG, CHINA - NOVEMBER 13: Illuminated skyscrapers stand at the central business district at sunset on November 13, 2023 in Beijing, China. The economy here is bad, it's pretty ... it's really bad. In December, depressed prices for pork — which makes up around a fifth of China's CPI basket — heralded the possible advent of deflation. The decision comes amid infectious expectations among investment banks that China's economy will expand at a more sluggish pace in 2024. Despite this, the International Monetary Fund in November outlined a forecast for China's growth to slow in 2024 to just 4.6%.

Persons: Gao Zehong, it's, I've, Shaun Rein, CNBC's, Rein, Li Qiang, Li Organizations: Getty, China Market Research Group, CPI, People's Bank of China, Economic, International Monetary Fund Locations: BEIJNG, CHINA, Beijing, China, Davos, Switzerland

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