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☆ Troubled Chinese homebuilder Country Garden is rushing to raise cash to avoid default
▼ + stars: | 2023-08-30 | by ( Laura He | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —Country Garden is raising funds to avoid default, as the troubled real estate giant battles a liquidity crisis which some fear could spread to China’s wider economy and even spill over abroad. The total value of the shares would be $270 million ($34.4 million.) Country Garden won’t receive any cash from the transaction, the filing said. It forecast a loss of $6.2 billion to $7.6 billion for the first six months of this year. Chinese state media reported at the time that the developer was expected to start a debt restructuring soon.

Organizations: Hong Kong CNN, HK, Kingboard Holdings, Country Garden Locations: Hong Kong, Foshan, Guandong, China, Malaysia, Beijing

☆ US isn’t trying to hold China’s economy back, says Commerce Secretary Raimondo
▼ + stars: | 2023-08-29 | by ( Laura He | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —The United States is not seeking to decouple from China’s economy or hold it back, Commerce Secretary Gina Raimondo told senior Chinese economic officials Tuesday in Beijing. Hours later, when she met with Chinese Premier Li Qiang, Raimondo emphasized that point. “A well-maintained economic and trade relationship is beneficial to both [our] countries and the whole world.”“We hope that commercial relationship can provide stability for the overall relationship,” Raimondo said in reply to Li. He said that he hoped the United States will work with China to “adopt rational and practical practices” and put the leaders’ recommendations into practice. On Monday, Raimondo said it was “profoundly important” that the US and China have a stable economic relationship.

Persons: Gina Raimondo, ” Raimondo, Lifeng, ”, Premier Li Qiang, Raimondo, “, Biden, Li, Xi Jinping, Joe Biden, Hu Heping Organizations: Hong Kong CNN, Premier, “, Culture and Tourism, Biden, United States Locations: Hong Kong, United States, Beijing, China, United, Bali

☆ Chinese stocks get brief uplift from first share dealing tax cut since 2008
▼ + stars: | 2023-08-28 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —China has made a series of moves to restore investor confidence in the world’s second largest economy, including cutting a tax on stock trading for the first time since 2008. Foreign investors dumped billions of dollars worth of Chinese stocks over the past few weeks as the prospects for the economy dimmed. The announcements boosted Chinese stocks on Monday. Separately on Sunday, the China Securities Regulatory Commission (CSRC) the country’s top securities watchdog, also unveiled several measures to “boost investor confidence” in the sagging stock market. Chinese stock markets have declined sharply in recent weeks, as investors fretted about a worsening slowdown in the world’s second largest economy and its real estate crisis.

Persons: ”, Chris Liu, ” Liu, Ken Cheung, Seng Organizations: Hong Kong CNN, Ministry of Finance, State Administration of Taxation, China Securities Regulatory Commission, Hong Kong’s Stock Connect, China’s, Mizuho Bank, Shanghai Locations: Hong Kong, China, Beijing, Shanghai, Shenzhen, China’s Shanghai

☆ China's Evergrande says its losses narrowed by 50% in the first half of 2023
▼ + stars: | 2023-08-27 | by ( Laura He | ) edition.cnn.com time to read: +1 min

Hong Kong CNN —Evergrande Group, the world’s most indebted real state developer, has reported a significant narrowing in its net losses for the first half of the year, thanks to a rise in revenue because of “the short boom of the property market” earlier this year. Its shares plummeted 87% at Monday’s open, after they resumed trading following a 17-month suspension. Evergrande said its loss attributable to shareholders amounted to 33 billion yuan ($4.5 billion) for the January to June period, a 50% drop from the 66.4 billion yuan loss ($9.1 billion) recorded in the same period a year ago, it said in a Sunday filing to the Hong Kong stock exchange. Revenue surged 44% from a year ago, reaching 128.2 billion yuan ($17.6 billion). But it had borrowed heavily to fund its expansion and defaulted on its debt in 2021, sparking a crisis in China’s real state sector, which accounts for as much as 30% of the country’s economy.

Persons: Evergrande, “, ” Organizations: Hong Kong CNN — Evergrande, Revenue Locations: Hong Kong, Shenzhen, United States

☆ The US needs a stable Chinese economy. Will Biden’s commerce secretary offer help?
▼ + stars: | 2023-08-24 | by ( Laura He | ) edition.cnn.com time to read: +7 min

Hong Kong CNN —US Commerce Secretary Gina Raimondo will travel to China next week, a visit that coincides with a worsening slowdown in the world’s second largest economy. Gina Raimondo, US commerce secretary, speaks during the SelectUSA Investment Summit in National Harbor, Maryland, US, on Tuesday, May 2, 2023. The Commerce Department announced on Monday that it was removing 27 Chinese companies from US export controls. China’s Ministry of Commerce welcomed the decision, saying it was conducive to trade and reflected the interests of both sides. That was followed earlier this month by President Biden signing an executive order that limits US investment in certain tech sectors of the Chinese economy, including AI and quantum computing.

Persons: Gina Raimondo, Raimondo, ”, Craig Singleton, Ting Shen, Trump, Biden, “, Washington, Donald Trump, It’s, Xi, Singleton, — Kylie Atwood, Jeremy Diamond Organizations: Hong Kong CNN — US, Washington, Foundation for Defense of Democracies, Commerce Department, Beijing, SelectUSA Investment, Bloomberg, Getty, China’s Ministry of Commerce, ” Eurasia Group, Apple, Nike, Intel, Microsoft, General Motors, US Treasury Department, Mintz Group, Bain & Company, Communist Locations: Hong Kong, China, Beijing, Washington, Shanghai, National Harbor , Maryland, United States, Europe, Japan, New York, court

☆ China fines Mintz Group $1.5 million for 'unapproved' investigations
▼ + stars: | 2023-08-22 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —China has fined Mintz Group, an American corporate due diligence firm, about $1.5 million for allegedly conducting unapproved statistical work in the country, as it continues with a nationwide crackdown on consulting firms in the name of national security. The fine came to light months after authorities closed the firm’s Beijing office in March and detained five of its local employees. Mintz’s Beijing office had carried out “foreign-related statistical investigations” without seeking and obtaining approvals, which violated two Chinese regulations, the Beijing Municipal Bureau of Statistics said in a statement on its website dated July 14. The authorities imposed a fine totaling 10.69 million yuan ($1.49 million) on the company and ordered it to stop conducting such investigations in the country. Days after the raid occurred, a spokesperson for the Chinese foreign ministry said Mintz was suspected of “illegal business operations.”Since then, Chinese regulators launched a broader crackdown on consulting firms.

Persons: Mintz, Mintz didn’t, Capvision Organizations: Hong Kong CNN, China, Mintz Group, Beijing Municipal Bureau, Statistics, CNN, Wall Street, Bain & Company Locations: Hong Kong, American, Beijing, Shanghai, New York, United States, Washington, chipmaking, China

CNN —US Commerce Secretary Gina Raimondo will visit China next week at a critical time for the world’s second-largest economy — and for the Biden administration’s relationship with the country and its leaders. “Secretary Raimondo looks forward to constructive discussions on issues relating to the US-China commercial relationship, challenges faced by US businesses, and areas for potential cooperation,” the Commerce Department said Tuesday in its announcement. Maintaining a dialogue while ramping up competitionIn previous visits, other Biden administration officials aimed to reopen lines of communication and ease tensions that have risen between the two countries in recent years. The Biden administration has said it wants to maintain dialogue with China to prevent competition from turning into conflict. Raimondo’s visit also comes on the heels of the revelation that Chinese-based hackers infiltrated the Commerce Secretary’s emails.

Persons: Gina Raimondo, Biden, Xi, hasn’t, Antony Blinken, Janet Yellen, John Kerry, Joe Biden, “, Raimondo, She’ll, Trump, Mintz, Raimondo’s, —, Laura Organizations: CNN, US, Biden, Commerce Department, Treasury Department, US Trade Representative, Raimondo’s Commerce, White, China, Mintz Group, Commerce Locations: China, Hong, Beijing, Shanghai, American

☆ What's gone wrong with China's economy
▼ + stars: | 2023-08-21 | by ( Laura He | ) edition.cnn.com time to read: +8 min

It’s a far cry from global financial meltdown of 2008, when China launched the largest stimulus package in the world and was the first major economy to emerge from the crisis. It’s also a reversal from the early days of the pandemic, when China was the only major developed economy to dodge a recession. Property woesChina’s economy has been in doldrums since April, when momentum from a strong start to the year faded. While Evergrade is still undergoing a debt restructuring, troubles at Country Garden raised fresh concerns about the Chinese economy. Beijing has so far unveiled a steady incremental drip of measures to boost the economy, including interest rate cuts and other moves to help the property market and consumer businesses.

Persons: rekindling, Ying Tang, Morgan Stanley, Xi Jinping, It’s, what’s, Evergrande, Evergrade, ”, Julian Evans, Pritchard, Evans Organizations: Hong Kong CNN, UBS, Nomura, Barclays, Garden, Zhongrong Trust, CNN, Capital Economics, “, People’s Bank of China, National Health Commission, Moody’s Investors Service Locations: Hong Kong, China, Shanghai, It’s, doldrums, Beijing, United States, Europe

☆ The Fed's next move after raising rates to fight inflation
▼ + stars: | 2023-08-20 | by ( Bryan Mena | ) edition.cnn.com time to read: +7 min

Some investors are betting on rate cuts as soon as early next year, perhaps on expectations that the economy might soon deteriorate. If unemployment spikes because of higher interest rates, for example, the Fed would likely cut rates to stem job losses under its mandate of maximum employment. The Fed’s tough talk has rattled the bond market, helping push up long-dated yields. In addition to the possibility of cutting rates because of an economic downturn, the Fed could also cut rates if inflation slows too much. “If the Fed sees that inflation goes below the 2% target, they could start decreasing interest rates, but I don’t think they are going to start decreasing interest rates until that happens,” said Eugenio Alemán, chief economist at Raymond James.

Persons: there’s, Rather, Austan Goolsbee, Mike Hackett, they’ve, ”, Eugenio Alemán, Raymond James, Melissa Brown, China’s ‘ Lehman, Laura, Mengchen Zhang, Technology —, Zhongrong, Read, Thomas Barkin, Michelle Bowman, Kansas City Fed’s, Jerome Powell, Christine Lagarde Organizations: CNN Business, Bell, DC CNN, Federal, Federal Reserve Bank of Chicago, Treasury, Nationwide, CNN, Fed, Service, KBC Corporation, Xianheng, Science, Technology, National Association of Realtors, Body, Nvidia, Kansas City, Global, US Commerce Department, Labor Department, Central Bank Locations: Washington, “, China, BJ’s, Abercrombie, Kansas

☆ A Marylander who hadn't recently traveled internationally caught malaria. Officials say it's the state's first 'locally acquired' case in 40 years.
▼ + stars: | 2023-08-20 | by ( Katie Balevic | ) www.businessinsider.com time to read: +2 min

Maryland detected a locally acquired case of malaria, the first in over 40 years, health officials said. Health officials maintain there is an "extremely low" risk of locally contracting malaria in the US. Someone in Maryland contracted malaria, and officials are scratching their heads as they grapple with the state's first local case of the disease in four decades. The Maryland Department of Health confirmed the case on Friday, saying the individual lives in the Washington, D.C., region and had not recently traveled internationally – a common flag for malaria cases. The Centers for Disease Control and Prevention previously reported similar, locally acquired malaria cases in Florida and Texas, calling the risk of catching the disease locally "extremely low in the United States."

Persons: Laura Herrera Scott, Nilesh Kalyanaraman Organizations: Health, Morning, Maryland Department of Health, D.C, of Heath, Public Health Services, Disease Control, CDC Locations: Maryland, Florida and Texas, Washington, United States, Florida, Texas

It warned investors to be vigilant of fraud, but has not commented on the issue of missed payments to investors. Investors were afraid of “contagion” spreading to the country’s $2.9 trillion investment trust industry, Citi analysts wrote in a Wednesday research report. Last year, Zhongrong extended payments on several of its real estate trust products, saying that the companies couldn’t repay their debts. Most trust products are closed-ended, which means they can only be repaid at maturity, and hence are not vulnerable to panic selling. In addition, thanks to new regulations launched in 2017, the traditional banks have curbed their off-balance-sheet business, including trust products.

Persons: Technology —, Zhongrong, hasn’t, ”, Stringer, Zhongrong’s, China’s “ Lehman, ” Nomura, Lehman, “ Organizations: Beijing CNN, Service, KBC Corporation, Xianheng, Science, Technology, CNN, Zhongzhi, International Trust Co, Bloomberg, Getty, Investors, Citi, China, Association, Companies, Kaisa, Sunac, Nomura, Consumer, National Bureau of Statistics, People’s Bank of China Locations: Hong Kong, Beijing, China, Shanghai, Shenzhen, …, Sunac China

☆ China’s economic activity slows further in July as recovery stalls
▼ + stars: | 2023-08-14 | by ( Laura He | ) edition.cnn.com time to read: +1 min

Hong Kong CNN —China has reported a slew of disappointing economic data showing another month of tepid growth in the world’s second largest economy. The NBS said it would no longer release data on youth unemployment, after that figure hit consecutive record highs in previous months. Retail sales expanded 2.5% last month from a year ago, slowing from the 3.1% increase recorded in June. It was up 3.7% in July from a year earlier, compared to growth of 4.4% in June. Fixed-asset investment rose 3.4% in July, compared to the 3.8% growth recorded in June.

Organizations: Hong Kong CNN, Consumer, National Bureau of Statistics, NBS Locations: Hong Kong, China

☆ China's Country Garden stock plummets to record low, trading of onshore bonds suspended amid debt restructuring talks
▼ + stars: | 2023-08-14 | by ( Laura He | ) edition.cnn.com time to read: +4 min

The Shanghai Country Garden Center pictured on August 9. Country Garden acknowledged last Thursday that it was facing a temporary “liquidity pressure” due to deteriorating sales and a difficult refinancing environment. Troubled giantCountry Garden is the latest major Chinese developer to run into trouble as the country’s property industry grapples with a historic downturn. The crisis at Country Garden is likely to spill over to the property industry and financial markets, analysts from Moody’s Investors Service said Friday. So far, Country Garden hasn’t yet defaulted on any debt.

Persons: hasn’t, CICC, Aly Song, “, ” Organizations: Hong Kong CNN, Garden, CNN, Shanghai Country Garden, Reuters, Country Garden, Longfor, China Resources, ., . China Overseas Land, Investment, Evergrande, Moody’s Investors Locations: Hong Kong, Shanghai, China, . China

☆ China slips into deflation as CPI falls for the first time in more than two years
▼ + stars: | 2023-08-09 | by ( Laura He | ) edition.cnn.com time to read: +1 min

Hong Kong CNN —The Chinese economy has slipped into deflation, with consumer prices falling for the first time in more than two years in another sign of weakening demand. The consumer price index (CPI) fell by 0.3% in July from a year ago, according to China’s National Bureau of Statistics on Wednesday. The producer price index (PPI), which measures goods prices at the factory gate, also dropped by 4.4% in July from a year earlier. Signs of deflation have become more prevalent in the world’s second biggest economy in recent months, sparking concerns that China could enter a prolonged period of stagnation. China is also suffering from a prolonged slump in its real estate sector, and weak trade.

Persons: That’s Organizations: Hong Kong CNN, National Bureau, Statistics Locations: Hong Kong, China

☆ Country Garden default? China's property crisis deepens as developer misses bond payments
▼ + stars: | 2023-08-09 | by ( Laura He | ) edition.cnn.com time to read: +5 min

The latest major industry player to get into trouble is Country Garden, once China’s largest developer. Several of Country Garden’s yuan-denominated bonds were suspended from trading in Shanghai and Shenzhen on Tuesday after they dropped by more than 20%. Country Garden did not respond to a request from CNN for comment. An aerial view of a residential project developed by Country Garden Holdings is seen in Zhenjiang, Jiangsu province on October 31, 2021. Property crisis deepensChina’s property industry has been mired in a historic downturn in the past two years.

Persons: “, Fang Dongxu, ”, Edward Moya, Moody’s, Kaven Tsang, Li Qiang Organizations: Hong Kong CNN —, Reuters, CNN, Country Garden Holdings, China Index Academy, Oanda, China’s, People’s Bank of Locations: Hong Kong, Shanghai, Shenzhen, Zhenjiang, Jiangsu province, China, Moody’s, Beijing, People’s Bank of China

☆ Global trade: China's economy suffers new blow as exports drop 14% in July
▼ + stars: | 2023-08-08 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —China’s exports suffered their biggest drop in more than three years in July as global demand slowed, adding further pressure on Beijing to find ways to reinvigorate the world’s second largest economy. For the first seven months of the year, China’s exports decreased 5% from a year earlier. But since last October, those shipments have shrunk as surging inflation and rising interest rates dampen global demand. Weakening exports deal a fresh blow to the Chinese economy, which lost momentum recently after a strong start to the year. The weak trade figures and lower yuan fixing triggered a drop in the Chinese currency in foreign exchange markets.

Persons: ”, Justin Sullivan, Ken Cheung Organizations: Hong Kong CNN —, Capital Economics, Port, Getty, Exports, Analysts, People’s Bank of China, Mizuho Bank, “ Locations: Hong Kong, Beijing, United States, Port of Oakland, Oakland , California, China

☆ Why China has few good options to boost its faltering economy
▼ + stars: | 2023-08-06 | by ( Laura He | ) edition.cnn.com time to read: +7 min

Fiscal stimulus, for instance, amounted to just a third of the aid offered in the United States, with no nationwide cash handouts. “A comprehensive policy mix — covering monetary and fiscal stimulus, including infrastructure, property, and consumption, alongside structural reforms,” would be helpful to rebuild confidence, they said. It was seen as a success and helped boost Beijing’s domestic and international political standing as well as China’s economic growth, which soared to more than 9% in the second half of 2009. China’s debt woes have only deepened during the Covid-19 pandemic, when three years of draconian restrictions and a real estate downturn drained the coffers of local government. “An infrastructure-led fiscal stimulus would need to be much bigger to have the same economic impact,” she said.

Persons: they’ve, ”, Robert Carnell, Craig Singleton, Alicia Garcia, Herrero, China “, wouldn’t, Zhu Min, Garcia, Xi Jinping, Derek Scissors, Singleton, “ Organizations: Hong Kong CNN, CNN, ING Group, Foundation for Defense of Democracies, Manufacturers, Asia Pacific, UBS Global Wealth Management, International Monetary Fund, Bloomberg, American Enterprise Institute Locations: Hong Kong, China, Asia, Pacific, Washington, “, Beijing, United States, China’s, Tianjin

☆ Asian markets tumble as Fitch downgrades US debt rating
▼ + stars: | 2023-08-02 | by ( Laura He | ) edition.cnn.com time to read: +2 min

Asian markets may “tread cautiously” as investors turn wary of foreign holders selling their US Treasuries, said Stephen Innes, managing partner of SPI Asset Management. Just hours before, Fitch Ratings had cut the credit rating of US debt from the top AAA level to AA+. Together they own $2 trillion, which is more than a quarter of the $7.6 trillion in US Treasury securities held by foreign countries. Nonetheless, Goldman Sachs analysts said on Wednesday that they don’t believe there are any meaningful holders of Treasury securities who will be forced to sell due to a downgrade. “Because Treasury securities are such an important asset class, most investment mandates and regulatory regimes refer to them specifically, rather than AAA-rated government debt,” the Goldman Sachs analysts said.

Persons: Fitch, “, Australia’s, Stephen Innes, Goldman Sachs, ” Organizations: Hong Kong CNN, Nikkei, . Tech, China’s, Fitch, AAA, AA, Treasury Locations: Hong Kong, China’s Shanghai, United States, China, Japan

☆ China real estate: Home sales by top 100 developers plunged further in July
▼ + stars: | 2023-08-01 | by ( Laura He | ) edition.cnn.com time to read: +4 min

The drop in new home sales in China is the steepest monthly decline since July 2022. For the first seven months of this year, new home sales by the 100 developers fell 4.7% from a year earlier. China’s huge property industry was long an important engine of economic growth, accounting for as much as 30% of the country’s GDP. As a result China’s property industry has been mired in a historic downturn in the past two years. And late last year Beijing unveiled a 16-point plan to ease a liquidity crisis in the real estate sector.

Persons: —, …, ”, Nomura, “, Li Qiang, ” Nomura Organizations: Hong Kong CNN, China’s, Hong, Estate Information Corp, People’s Bank of Locations: Hong Kong, China, Beijing, Guangzhou, Shenzhen, People’s Bank of China

☆ China PMI: factory sector contracts for fourth straight month, raising urgency for more stimulus
▼ + stars: | 2023-07-31 | by ( Laura He | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —China is preparing to announce new stimulus for its stumbling economy after the vast factory sector contracted for a fourth straight month, and a gauge of activity in its services sector slipped to a seven month low. The official manufacturing Purchasing Managers’ Index (PMI), which measures activity level in the manufacturing sector, came in at 49.3 in July, according to data released by the National Bureau of Statistics on Monday. That result was slightly up compared with 49 in June but the index has nonetheless contracted each month since April. The official non-manufacturing PMI, which looks at activities in the services and construction industries, fell to 51.5 from 53.2 in June. “China’s official PMI data provides little encouragement that the economy is turning the corner,” said Robert Carnell, regional head of research for Asia-Pacific at ING Group.

Persons: Stringer, “, ”, Robert Carnell, Xi Jinping, Carnell Organizations: Hong Kong CNN, National Bureau, Statistics, PMI, Getty, ING Group, National Development, Reform Commission, Ministry of Industry, Information Technology, State, Information, Ministry of Commerce, Capital Economics Locations: Hong Kong, China, Beijing, Hangzhou, China's, Zhejiang, AFP, Asia, Pacific

☆ Japan sends yen soaring and stocks tumbling with hint it could join rate-hiking party
▼ + stars: | 2023-07-28 | by ( Laura He | ) edition.cnn.com time to read: +3 min

CNN —Japan’s central bank kept interest rates unchanged Friday despite rising inflation but hinted that it could gradually abandon years of ultra-cheap money, sending the yen soaring and stocks tumbling. “No introduction of the policy rate guidance suggests that the Bank [of Japan] left open the near-term policy rate hike optionality, in our view,” UBS analysts noted. The Japanese yen surged by as much as 1% against the US dollar in response to the BOJ announcement. It has stayed above the central bank’s inflation target for the fifteenth straight month. On paper, the headline numbers suggest the BOJ’s inflation target has already been met.

Persons: ”, Stephen Innes, “, Kazuo Ueda Organizations: CNN, Bank of Japan, Bank, UBS, US Federal Reserve, European Central Bank, Nikkei Locations: Japan, EU, China

☆ Volkswagen invests $700 million in Chinese EV maker Xpeng to boost sluggish sales
▼ + stars: | 2023-07-27 | by ( Laura He | ) edition.cnn.com time to read: +4 min

The German group’s Audi subsidiary will also work more closely with its existing partner, SAIC Motor, China’s biggest car maker. Shares in Xpeng jumped more than 30% Thursday in Hong Kong, leading a broad rally in Chinese EV stocks. China is the single largest market for Volkswagen, accounting for about 40% of its global sales and half of its profits. In the first quarter of 2023, BYD, the Chinese EV maker backed by Warren Buffett, surpassed Volkswagen to become the largest brand by sales in China, according to official car insurance registration data. The German car maker said it would strengthen its strategic position in China, including beefing up its capacity for e-mobility, digitalization and autonomous driving.

Persons: ”, Ralf Brandstätter, Xpeng, Warren Buffett, It’s Organizations: Hong Kong CNN, Volkswagen, VW, Audi, SAIC, China’s, “ Volkswagen Locations: Hong Kong, German, Xpeng, China, Xinjiang, Germany, BYD, Europe, Hefei, Anhui, Hefei city

☆ Pan Gongsheng: China's new central bank governor faces daunting tasks
▼ + stars: | 2023-07-26 | by ( Laura He | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —China has a new central bank governor. He replaced Yi Gang, who took office in March 2018, when China’s longest-serving central banker Zhou Xiaochuan stepped down after a 15-year tenure. He was previously a deputy governor of the PBOC and has served as head of China’s foreign exchange regulator since 2016, managing currency reserves worth $3.18 trillion. In China’s political system, the Communist Party boss is usually the top official in the relevant organization, be it a level of government or a public institution. In March, Beijing created a powerful financial watchdog run by the Communist Party, named the Central Financial Commission, as part of a broad reform of governing bodies to strengthen the party’s oversight of economic affairs.

Persons: Pan Gongsheng, Yi Gang, Zhou Xiaochuan, Xi Jinping, Xi, ”, Ken Cheung, Zhou Organizations: Hong Kong CNN, People’s Bank of China, Communist Party, Renmin University of China, Cambridge University, Harvard University, Xinhua, Mizuho Bank, Central Financial Commission, Financial Regulatory Locations: Hong Kong, China, Beijing

“I don’t necessarily need a higher paid job or a better life,” she added. College graduates looking for jobs at a fair in central China's Hubei province on July 20. A growing trendOn Douban, about 4,000 members of a group called “full-time children’s work communication center” discuss topics related to their daily “working” lives. By contrast, today’s “professional” children spend time with parents and do housework in exchange for financial support. In addition to her family duties, she’s busy applying for government jobs and taking exams for graduate school.

Persons: Litsky Li, Li, ”, “, headwinds, Zhang Dandan, ” hashtag, somethings, today’s, ’, Fang Xu, Nancy Chen, she’s, Chen, hasn’t, It’s, George Magnus, Magnus Organizations: Hong Kong CNN, College, CNN, Peking University, University of California, China News Service, Harvard University, China Centre, Oxford University, SOAS University of London Locations: Hong Kong, Luoyang, China's Hubei, Beijing, ”, China, University of California Berkeley, Jiangxi, Wanshou, China's Jiangxi

☆ Alipay and WeChat Pay now accept Visa and Mastercard for all payments in China
▼ + stars: | 2023-07-21 | by ( Laura He | ) edition.cnn.com time to read: +4 min

The move marks a revival of efforts by Alipay and WeChat Pay to accept foreign credit cards after they provided some limited access in late 2019. WeChat Pay is officially known as Weixin Pay in China. Alipay and WeChat Pay are dominant in digital payment services, accounting for a combined 91% market share. In 2019, Alipay and WeChat started allowing the use of foreign credit cards on their apps as Chinese regulators eased restrictions. A week later, an executive from Tencent said at a forum that the company would open wider its WeChat Pay system to international card organizations, such as Visa, starting in July.

Persons: Alipay, WeChat, ” Dennis Chang, Tencent, ”, Chen Qiru Organizations: Hong Kong CNN —, Mastercard, Ant Group, Visa, Club, Discover, World, Hangzhou, Alibaba, JCB, Greater China, “, Tencent Financial Technology, ”, People’s Bank of Locations: Hong Kong, China, Beijing, Chengdu, Hangzhou, Tianjin, People’s Bank of China

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