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☆ TikTok aside, Congress has its eye on the U.S. money going into China
▼ + stars: | 2024-03-21 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

The House Select Committee on the CCP, established in January last year, led the legislative act to essentially ban TikTok in the U.S. if its Chinese parent ByteDance doesn't sell the popular social media app. watch nowThe House select committee in February also published a report alleging U.S. venture capital firms invested billions "into PRC companies fueling the CCP's military, surveillance state and Uyghur genocide." Similar research detailing the links between U.S. capital, venture firms in China and Chinese tech startups has started making its rounds in major media outlets since late 2023. The Senate in July overwhelmingly passed a bill that would have required U.S. investors in advanced Chinese technology to notify the Treasury Department. The Biden administration in August issued an executive order aimed at restricting U.S. investments into semiconductor, quantum computing and artificial intelligence companies citing national security concerns.

Persons: Ken Cedeno, that's, Mike Gallagher, Gallagher, Andrew King, King, Biden, Michael McCaul, Gregory W, Meeks Organizations: U.S, Capitol, Reuters, The U.S, Congress, Chinese Communist Party, CNBC, House Armed, Technologies, Innovation, Intelligence, CCP, Future, Ventures, Treasury Department, Treasury, Foreign, China's Ministry of Commerce, Financial Regulatory Administration Locations: Washington , U.S, Reuters BEIJING, The, China, United States, U.S, Beijing, San Francisco

☆ 'Hong Kong is China's Hong Kong': Beijing hits back at U.S. for 'slandering' city's new security law
▼ + stars: | 2024-03-21 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +2 min

The flags of China and Hong Kong displayed in rows. China's embassy hit back against U.S. criticism of Hong Kong's new national security law on Thursday, saying the U.S. should "respect China's sovereignty." Hong Kong lawmakers passed a new national security law on Tuesday which critics say grants the government more power to quash dissent. "Hong Kong is China's Hong Kong. Hong Kong affairs are purely China's internal affairs, which no country is in the position to point fingers at or interfere in," a spokesperson said on Wednesday.

Persons: Hong, Hong Kong's, Vedant Patel, John Lee, Wang Yi, — CNBC's Evelyn Cheng, Clement Tan Organizations: U.S . State Department, Kong's Legislative, China's, Beijing, China - Locations: China, Hong Kong, U.S, China's, Hong Kong . Hong Kong, Kong's, China - U.S

STR | AFP | Getty ImagesIn the race against Tesla for the global electric car market, Chinese automaker BYD is pushing hard overseas despite rising barriers to the U.S. market. Given policy uncertainty around Chinese EV exports to major markets like the U.S. and Europe, BYD is seeking to bolster overseas sales by moving production to regions perceived as more friendly. The U.S. has tried to support adoption of electric cars domestically, but sales penetration is well below that of China. EY predicts the electric car market in the region will grow exponentially to at least $80 billion a year in sales in the next decade. The rapid growth of BYD and other Chinese electric car companies has other automakers worried.

Persons: Tesla, BYD, Xiao Feng, Biden, it's, EY, Alvin Liu, Liu, BYD's, Sime Darby, Stella Li, Reuters BYD, Bill Russo, CNBC's, Li Organizations: AFP, Getty, Toyota, Counterpoint Research, Tesla, Sime, Americas, Reuters, Alliance for American Manufacturing, U.S Locations: Taicang Port, Suzhou, China's, Jiangsu, U.S, Shenzhen, Europe, Thailand, Brazil, Indonesia, Hungary, Uzbekistan, China, Marklines, Southeast Asia, Singapore, Philippines, Malaysia, Mexico, Americas, North America, United States, Canada, Washington

☆ EU-China trade relations are in a 'slow-motion train accident,' business group says
▼ + stars: | 2024-03-19 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

"What we see right now is the unfolding of a slow-motion train accident," he told reporters at a briefing last week. "That's when trade becomes a security question and I think that is perhaps not fully appreciated in China just yet." There needs to be an honest conversation between Europe and China about what this is going to mean. The EU was China's largest regional trading partner until Southeast Asia recently surpassed it. The U.S. is China's largest trading partner on a single-country basis.

Persons: Jens Eskelund, Eskelund, I've, Markus Herrmann Chen Organizations: Future Publishing, Getty, European Union Chamber of Commerce, EU, of Commerce, Investment, China Macro Locations: Hefei, Anhui province, BEIJING, Europe, Beijing, China, Southeast Asia, U.S

☆ China kicks off the year on strong note as retail, industrial data tops expectations
▼ + stars: | 2024-03-18 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

Retail sales rose 5.5%, better than the 5.2% increase forecast in a Reuters poll, while industrial production climbed 7%, compared with estimates of 5% growth. Investment into real estate fell by 9% in the first two months of the year from a year ago. National Bureau of Statistics Spokesperson Liu Aihua said that real estate remains in a period of "adjustment," according to a CNBC translation of his statement in Mandarin. New loans in February missed expectations and fell from the prior month, "even after adjusting for seasonality," Goldman Sachs analysts said in a report Friday. Chinese authorities did not reveal significant new support for the massive real estate sector during an annual parliamentary meeting that ended last week.

Persons: Liu Aihua, Liu, Ting Lu, Goldman Sachs, Pan Gongsheng, Goldman Organizations: Pudong New, Investment, National Bureau of, CNBC, China, People's Bank of China, Reuters Locations: Dongyu, Qiantan, Pudong, Pudong New Area, Shanghai, China, BEIJING, Real, Beijing

☆ TikTok debate reveals the risks for investing in China during U.S. election year
▼ + stars: | 2024-03-17 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

The debate over whether Chinese-owned TikTok can operate in the U.S. is back with fervor, revealing more about the risk for Chinese stocks in a U.S. presidential election year. Such considerations motivated Goldman Sachs analysts to update their model for measuring the level of risk from U.S.-China tensions in Chinese stocks. Their barometer, created in 2020, "has correlated well with the U.S.-China events timeline, and China equity performance," the analysts said. Goldman's revised U.S.-China tensions barometer stands at a modest 53 out of 100, indicating a "somewhat benign" outlook for the bilateral relationship. But as the TikTok bill now makes its way to the Senate, many analysts expect its momentum to slow.

Persons: Goldman Sachs, Goldman's, It's, Raymond James, That's, Steven Mnuchin, CNBC's, Mnuchin, Donald Trump, Joe Biden, Trump, Biden, Goldman, — CNBC's Michael Bloom Organizations: U.S ., Goldman, U.S, Chinese Communist Party, IMEIK Technology, Postal Savings Bank Locations: U.S, China, Beijing

☆ Nio plans to launch its mass market EV brand in May
▼ + stars: | 2024-03-15 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

BEIJING — Chinese premium electric car company Nio said Thursday it plans to reveal its mass market brand in May. Executives confirmed the new brand will be named "Le Dao" in Chinese, and said the name is meant to reflect families — the target consumer segment — having a happy time together. Earlier this month Nio said its mass market brand would debut in the second quarter, with the first product launch in the third quarter and large-scale deliveries the following quarter. Another Chinese electric car startup called Xpeng said last summer it plans to develop a new mass market brand that will target the 150,000 yuan ($20,580) price range. The company said it would develop the brand through a strategic partnership with Didi.

Persons: Nio, Xpeng, Didi Organizations: Executives Locations: BEIJING

Philippine Department of Trade and Industry Secretary Alfredo Pascual (R) and US Commerce Secretary Gina Raimondo attend a press conference in the Philippines on March 11, 2024. Chinese electric cars can one day drive on U.S. roads if there are enough government controls on software and sensors, U.S. Commerce Secretary Gina Raimondo told CNBC's Eunice Yoon in an exclusive interview Tuesday. I could see a day when we have those vehicles on roads in the United States," Raimondo said, "but not unless we have very significant controls and conditions around the software and sensors in those cars." "Because at the end of the day we must protect the American people from the threat that China poses," Raimondo said, claiming that Beijing could access data about location or personal messages transmitted through Chinese-made cars. China's Foreign Ministry has said that "the Chinese government has never asked and will never ask any company or individual to collect or provide data, information or intelligence located abroad against local laws."

Persons: Alfredo Pascual, Gina Raimondo, CNBC's Eunice Yoon, " Raimondo Organizations: Philippine Department of Trade, Industry, US, . Commerce, Department of Commerce Locations: Philippines, U.S, United States, China, Beijing, Mexico

☆ Xiaomi is set to launch its electric car on March 28
▼ + stars: | 2024-03-12 | by ( Evelyn Cheng | ) www.cnbc.com time to read: 1 min

Chinese consumer electronics company Xiaomi revealed Thurs., Dec. 28, 2023, its long-awaited electric car, but declined to share its price or specific release date. BEIJING — Chinese smartphone company Xiaomi announced Tuesday it would formally launch its long-awaited electric car on March 28. The company claimed in a social media post its SU7 electric car "would be delivered as soon as it is launched," according to CNBC's translation of the post written in Chinese. The post said the company was opening the waitlist for 59 stores in 29 cities in China. Xiaomi revealed the vehicle's exterior and tech features in late December, but did not share a price or specific delivery date.

Persons: Xiaomi Organizations: Xiaomi Locations: BEIJING, China

☆ China's housing minister says real estate developers must go bankrupt if necessary
▼ + stars: | 2024-03-11 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

BEIJING — China's struggling real estate developers won't be getting a major bailout, Chinese authorities have indicated, warning that those who "harm the interests of the masses" will be punished. "For real estate companies that are seriously insolvent and have lost the ability to operate, those that must go bankrupt should go bankrupt, or be restructured, in accordance with the law and market principles," Ni Hong, Minister of Housing and Urban-Rural Development, said at a press conference Saturday. "Those who commit acts that harm the interests of the masses will be resolutely investigated and punished in accordance with the law," he said. That's according to a CNBC translation of his Mandarin-language remarks published in an official transcript of the press conference, held alongside China's annual parliamentary meetings. Ni's comments come as major real estate developers from Evergrande to Country Garden have defaulted on their debt, while plunging new home sales have put future business into question.

Persons: China's Organizations: BEIJING, Hong, Housing, CNBC Locations: Evergrande

☆ China's annual parliamentary meeting has ended. Here are the key takeaways
▼ + stars: | 2024-03-11 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

BEIJING — China's weeklong annual parliamentary meetings ended on Monday and for the first time in decades, the Chinese premier did not host a press conference. Such press conferences were a rare instance of press interaction with the highest levels of China's government. To be clear, the annual gathering of the top leadership is typically ceremonial in nature. The real power lies with the ruling Communist Party, which is headed by Xi, who is general secretary of the party and president of China. Here are some highlights of what was announced at this year's week-long parliamentary meeting, which started Tuesday last week and ended Monday.

Persons: Xi Jinping, Xi Organizations: of, Initiative, People's Congress, National People's, Communist Party Locations: Beijing, China, BEIJING

☆ China says it plans to boost these industries. Stocks to play the trend
▼ + stars: | 2024-03-10 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

"MS' Economics team believes that the announced fiscal package is insufficient to boost the economy as fiscal package remains supply-centric," Wang said. "Policy support for developing advanced production capacity will lead to increased capex in associated value chains like the industrials and IT sectors," the HSBC analysts said. All four stocks are listed in Shenzhen: Inovance — as a seller of factory automation components, Inovance should "benefit from the recovery of the discrete automation market in 2024," the HSBC analysts said. The HSBC analysts expect Innolight to increase its sales of its most advanced product, and introduce an even better product in the fourth quarter. Sanqi Entertainment — HSBC analysts expect this gaming stock can nearly double to 36 yuan a share.

Persons: Steven Sun, Wu Qing, Morgan Stanley, Laura Wang, Wang, Xi Jinping, Michael Bloom Organizations: Beijing, Authorities, HSBC, Finance, Information, Inovance, Naura Tech, Sanqi Entertainment — HSBC Locations: China, HSBC China, Shanghai, Beijing, Chongqing —, Shenzhen

☆ China doubles down on manufacturing, leaving real estate behind
▼ + stars: | 2024-03-08 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

China News Service | China News Service | Getty ImagesBEIJING — China revealed this week it aims to spend more than a billion dollars to bolster manufacturing and domestic tech in a bid to remain globally competitive, while divulging little new support for the struggling real estate market. Industrial support clearly ranked first on Beijing's priority list for the year ahead, according to three major plans released this week as part of China's annual parliamentary meetings. Chinese authorities in 2020 intensified a crackdown on real estate developers' high reliance on debt for growth. Within that second priority, the finance ministry said it would allocate 31.3 billion yuan for improving vocational education. The government work report presented by Premier Li Qiang gave real estate a similar level of prominence.

Persons: Frederic Neumann, Li Qiang Organizations: Seres, China News Service, Getty, Ministry of Finance, HSBC, UBS, National Development, Reform Commission Locations: Chongqing, China, BEIJING, Asia, Beijing, U.S

☆ China is making it much easier for foreigners to use mobile pay
▼ + stars: | 2024-03-08 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

Scanning QR codes with a mobile pay app has become the most common way to pay in mainland China. BEIJING — Foreign visitors to China can now spend up to $2,000 a year using the mobile app Alipay without having to register their ID, the app operator said Friday. The number of foreign travelers to China had declined after the country temporarily imposed strict border controls during the pandemic. However, stringent real-name verification policies have often made it difficult for foreign visitors to China to use mobile pay. Tencent did not confirm an exact figure for ID-free transactions using WeChat Pay, but noted foreigners could complete some payments without registering their ID.

Persons: Ant Organizations: Alibaba, Ant, Pay Locations: China, BEIJING

Chinese Foreign Minister Wang Yi in 2019. Mark Kauzlarich | ReutersBEIJING — China's top diplomat slammed the U.S. for worsening bilateral tensions, while reiterating Beijing's support for peaceful resolutions to the Israel-Palestine and Russia-Ukraine conflicts. Wang said the U.S. has been devising "new ways to suppress China," saying U.S. accusations against China had reached an "unbelievable degree." While he said he sees a way forward for both countries, Wang said communication between both countries may only continue by respecting and recognizing differences. After the unexplained dismissal of Qin Gang as foreign minister in July last year, Wang reassumed the role.

Persons: Wang Yi, Mark Kauzlarich, Joe Biden's, Biden, Joe Biden, Xi Jinping, Wang, Qin, Wang reassumed, hasn't, Xi's, Lai Ching Organizations: Reuters, Reuters BEIJING —, China -, CNBC, Communist Party of, Qin Gang, United Nations, Democratic Progressive Party Locations: Reuters BEIJING, Israel, Palestine, Russia, Ukraine, China, China - U.S, San Francisco, South China, U.S, Gaza, Beijing, Taiwan, South

China's central bank governor said there was room to further cut banks' reserve requirements, and pledged to utilize monetary policy to prop up consumer prices. BEIJING — China's central bank governor said there was room to further cut banks' reserve requirements, and pledged to utilize monetary policy to "mildly" prop up consumer prices. This is part of Beijing's broader economic policy "adjustments" so the economy can hit its growth target of around 5% for the year, while adhering to a 3% fiscal deficit. For investors in the near term, the primary concern remains how much China's policymakers are focused on ensuring growth. "If China's economy encounters unexpected shocks in the future, or the international environment undergoes unexpected changes, we still have tools in reserve in our policy toolbox," he said.

Persons: Gongsheng, Huang Shouhong Organizations: People's Bank of, State, CNBC Locations: BEIJING, People's Bank of China, China

(Photo by WANG Zhao / AFP) (Photo by WANG ZHAO/AFP via Getty Images)BEIJING — China's top securities regulator vowed to "strictly" crack down on market manipulators, while stating that protecting small investors was a "core task." Wu outlined measures deemed necessary to improve the quality of listed companies and increase returns on investment. They include: encouraging listed companies to improve stability, timeliness and predictability of dividend payouts, stricter delisting rules, and expanding inspections of listed companies. "China's market is the second largest in the world, but it's not as strong," Wu said, adding the recent market volatility exposed deep-seated issues. At the same press conference, Pan Gongsheng, governor of the People's Bank of China, also pledged support for overseas listings for high-quality Chinese companies.

Persons: Wu Qing, WANG Zhao, WANG ZHAO, Wu, it's, Pan Gongsheng Organizations: China Securities Regulatory Commission, National People's Congress, Getty Images, People's Bank of Locations: China, Beijing, AFP, BEIJING, People's Bank of China

☆ 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

☆ Chinese leaders to hold annual 'Two Sessions' meeting as debate about bazooka-like stimulus swirls
▼ + stars: | 2024-03-04 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

Edgar Su | ReutersBEIJING — China is set this week to kick off its annual parliamentary meetings, which investors are watching closely for signals on economic stimulus. China's economic policy is typically set at an annual meeting in December by leaders within the ruling Communist Party of China. GDP and other economic targetsThe Chinese People's Political Consultative Conference, an advisory body, is set to kick off its annual meeting on Monday. "On balance, the additional fiscal impulse this year, assuming a bazooka-like fiscal package is not forthcoming, is unlikely to be particularly large." China's foreign minister and premier typically hold press conferences during the parliamentary meetings, which generally end in mid-March.

Persons: Edgar Su, Wang Jun, Wang, Zong Liang, Louise Loo, Loo, Goldman Sachs, Bank of China's Zong Organizations: of, Initiative, Reuters, Huatai Asset Management, CNBC, Communist Party of China, U.S, Political Consultative Conference, National People's, Oxford Economics, Industry, Information Technology, Science, Technology, Housing, Bank of, Communist Party's, Communist Party of Locations: Beijing, China, Reuters BEIJING, U.S . Federal, RMB3.8tn, Bank of China's

☆ The best EV plays are now in China. Analysts are raising price targets on this stock
▼ + stars: | 2024-03-03 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

With Apple reportedly out of the electric car game and Tesla losing market share in some Chinese cities, the best EV stock plays are arguably now all based in China. Li Auto 's market share waned, and Morgan Stanley analysts are watching whether there will be a boost from new models. "Following our upgrade earlier this month, Li Auto delivered impressive earnings/guidance, further cementing its position as a top-tier China OEM," Deutsche Bank analysts said in a late February report. Li Auto management said they expect gross margin to fluctuate between 10% and 25%, but generally remain above 20%. But even with its premium pricing the company isn't immune from intense competition in China's electric car market.

Persons: Morgan Stanley, Nio, BYD, Li Auto, Li, Li Auto's, Weibing Lu, Xi Jinping, — CNBC's Michael Bloom Organizations: Apple, Friday, China, Deutsche Bank, Li Auto, Bank of America Securities, Huawei, Forseven, CYVN Holdings Locations: China, Hong Kong, Shanghai, U.S, Europe, Japan, East, Central Asia, Abu Dhabi, Norway

☆ China calls on foreign businesses to share their problems as investment slumps
▼ + stars: | 2024-03-01 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

While the Commerce Ministry meeting did not reveal much new progress on the 24 measures to support foreign business that were announced last summer, attendees said they were able to share specific challenges about doing business in China. The ministry said representatives from more than 60 foreign businesses and 9 associations attended Wednesday's roundtable. Foreign direct investment into China has fallen to its lowest level in three years, according to official data, amid geopolitical tensions and slowing growth in the country. Hart said that it's hard for companies not yet in China to complete due diligence and approve new investments. Biden, who faces re-election this fall, has emphasized the need to compete with China while finding areas of cooperation.

Persons: Aly Song, MofCom, Jens Eskelund, Eskelund, Michael Hart, Hart, Joe Biden, Xi Jinping, Biden Organizations: Chinese Communist Party, Reuters, Reuters BEIJING — China's Ministry of Commerce, Commerce Ministry, EU Chamber of Commerce, Cyberspace Administration of, China's Ministry of Commerce, American Chamber of Commerce, U.S, U.S . Transportation Department Locations: China, U.S, Yiwu, Zhejiang province, Reuters BEIJING, Beijing, Cyberspace Administration of China, San Francisco

☆ IQiyi, the Netflix of China, posts first year of profits and says it's 'excited' about Sora
▼ + stars: | 2024-02-29 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

Bloomberg | Bloomberg | Getty ImagesBEIJING — Chinese video content and streaming company iQiyi CFO Wang Jun said he is "excited" about potential new business opportunities with the emergence of OpenAI's text-to-video tool Sora. Speaking exclusively to CNBC on Thursday, Wang said such tools can help iQiyi tell stories more creatively, and that internally, it is exploring the text-to-video space. For 2023, iQiyi said Wednesday its original content accounted for a record 65% of major dramas it released. Other major Chinese video platforms with longer-form content include Tencent Video, Alibaba -owned Youku and Bilibili . Recent data insights show more people across China are watching iQiyi's content on internet-connected television sets, and, increasingly screens inside electric cars, Wang said.

Persons: Wang Jun, Wang, OpenAI, Sora, iQiyi Organizations: Bloomberg, Getty, CNBC, Apple Locations: BEIJING, U.S, Beijing, China

☆ Geely-backed car tech company takes aim at Nvidia's growing auto business
▼ + stars: | 2024-02-29 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

BEIJING — Companies from Nvidia to Huawei are chasing the market for in-vehicle tech as the electric car industry booms, with Ecarx emerging as a new contender. Since 2017, Chinese car conglomerate Geely's founder and chairman, Eric Li, has been building Ecarx that provides software and chip systems for digital car cockpits and driver-assist. The company on Wednesday reported its fourth-quarter revenue surged 22% from a year earlier to $263 million. Geely's car brands, such as Lynk and Co, made up 70% of that revenue. "We can't compete with them in this area," he said, but noted there's still about 70% or 80% of the car market that doesn't need such advanced tech, and can buy simpler driver-assist tech focused on safety.

Persons: Geely, Eric Li, Jensen Huang, Orin, Li, Ecarx, Ziyu Shen Organizations: BEIJING — Companies, Nvidia, Huawei, CNBC Locations: Berlin, BEIJING

☆ China doubles down on national security, expanding its state secrets law
▼ + stars: | 2024-02-28 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

Edgar Su | ReutersBEIJING — China is beefing up national security measures by expanding its protections of state secrets to include a broad category of "work secrets." The new rules, set to take effect May 1, describe how precautions taken for state secrets should also apply to unclassified information known as work secrets. "There is a risk that individual departments will overzealously identify matters as 'work secrets,'" Daum said. He also founded the website China Law Translate, which published an unofficial English translation of the new rules. Growing national security concernsThe updated state secrets law comes as Beijing and Washington increasingly cite national security risks when announcing new restrictions for business.

Persons: Edgar Su, Xi Jinping, Jeremy Daum, Yale Law School's Paul Tsai, Daum, Jeremy Daum Yale Law School's Paul Tsai, Gabriel Wildau Organizations: of, Initiative, Reuters, Yale Law, Yale Law School's Paul Tsai China Center, China, Jeremy Daum Yale Law, Jeremy Daum Yale Law School's Paul Tsai China Locations: Beijing, China, Reuters BEIJING, Washington

Trader works at the post where Alibaba is traded on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., March 28, 2023. REUTERS/Brendan McDermid Brendan Mcdermid | ReutersChinese e-commerce giant Alibaba is back on track to be a top market player after a period of pressure, co-founder Joe Tsai told CNBC's Emily Tan in an exclusive interview Friday. Questions about Alibaba's future have mounted after a series of internal changes, a scrapped cloud computing IPO and competition for its core e-commerce business. "Where we didn't feel as confident as before, we felt the competitive pressure, but now we're back." watch nowStock Chart Icon Stock chart icon Alibaba

Persons: Brendan McDermid Brendan Mcdermid, Joe Tsai, Emily Tan, Tsai Organizations: New York Stock Exchange, REUTERS, PDD Holdings, ByteDance, Alibaba Locations: New York City, U.S, China, Alibaba

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