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☆ China's wealthy are increasingly looking overseas for business investment opportunities
▼ + stars: | 2024-09-06 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

Instead of high-net-worth individuals, C-suite executives in China are increasingly using business jets, said Paul Desgrosseilliers, general manager at ExecuJet Haite General Aviation Services. ExecuJet HaiteBEIJING — China's wealthy are increasingly looking for ways to move capital outside the mainland to pursue business opportunities, rather than just chasing investment returns, according to asset managers and consultants. The company's active overseas clients rose by nearly 63% year on year to 3,244. Overseas assets under management rose nearly 15% to $5.4 billion from a year earlier, while mainland China assets under management fell over 6% to $15.8 billion, according to Noah's quarterly earnings report. "What we are hearing from them is that the fastest growth in terms of interest from Chinese clients [occurred] in the post-Covid [period to] early last year."

Persons: Paul Desgrosseilliers, ExecuJet, there's, Ryota Kadogaki, Grant Pan, Noah Holdings, Noah, Kadogaki, Mu Chen, That's, Pan, ExecuJet Haite Organizations: General Aviation Services, Beijing Daxing, Monolith, Investors, Ministry of Commerce, CNBC, Noah Holdings, Beijing Daxing International Locations: China, Beijing, BEIJING, Japan, Mainland China, Singapore, Hong Kong, Southeast Asia, East, Africa, Asia Pacific

☆ China's capital city is opening a robotaxi route to a major train station, startup Pony.ai says
▼ + stars: | 2024-05-31 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

Robotaxi operator Pony.ai has begun testing rides with human staff inside between a suburb of Beijing and a major high-speed train station. By the end of this year or early next year, Zhang expects the train station route will be fully driverless, with no human staff inside. BEIJING — In three years, China's capital city of Beijing has taken rapid steps toward letting robotaxis operate closer to the city center. By the end of this year, Zhang expects the city will allow robotaxi operation around Beijing Capital International Airport to the north. In three to five years, Zhang expects Beijing will allow robotaxis throughout the city.

Persons: Pony.ai, Zhang, Ning Zhang, WeRide Organizations: Beijing South Railway, CNBC, BEIJING —, Daxing International, Baidu, Beijing Capital International Airport, Toyota Locations: Beijing, Yizhuang, Pony.ai, BEIJING, China

☆ A Chinese airline warned passengers not to throw coins into plane engines after an Airbus A350 was delayed for 4 hours
▼ + stars: | 2024-03-11 | by ( Pete Syme | ) www.businessinsider.com time to read: +2 min

China Southern Airlines warned passengers on social media not to throw coins at planes. In a video, a flight attendant tells confused passengers someone threw "three to five coins" into the engine. AdvertisementA major Chinese airline has warned passengers not to throw coins into its planes' engines after an incident last week. China Southern Airlines posted a five-minute video on Weibo explaining how actions like "throwing coins at the plane" can delay flights and threaten safety. CNN reported that it happened on another Chinese Southern Airlines flight in 2017, when an elderly passenger said it was "a prayer for a safe flight."

Persons: —, 📹亡 Organizations: China Southern Airlines, Service, Weibo, Liberty Times, Airbus, Southern Airlines Locations: Hainan, Beijing, Sanya

☆ China says visa-free travel policy has boosted tourism
▼ + stars: | 2023-12-05 | by ( ) www.reuters.com time to read: +1 min

BEIJING, Dec 5 (Reuters) - China's foreign ministry said on Tuesday its visa-free travel policy has produced a clear effect, making things easier for travellers. "Going forward, the Ministry of Foreign Affairs will continue to adjust visa policies to create more favourable conditions and further facilitate cross-border travel," spokesperson Wang Wenbin told a press briefing when asked for an update on tourism after China announced the policy, which covers several European countries and Malaysia. Travellers walk past an installation in the shape of five stars, at Beijing Daxing International Airport in Beijing, China April 24, 2023. Germany's ambassador to China had expressed hope that China would extend the measures to all European Union members. Reporting by Andrew Hayley; Writing by Liz Lee and Bernard Orr; Editing by Tom Hogue and Miral FahmyOur Standards: The Thomson Reuters Trust Principles.

Persons: Wang Wenbin, Tingshu Wang, Wang, Andrew Hayley, Liz Lee, Bernard Orr, Tom Hogue Organizations: Ministry of Foreign Affairs, China, Beijing Daxing International, REUTERS, European Union, Thomson Locations: BEIJING, Malaysia, Beijing, China, France, Germany, Italy, Netherlands, Spain

Travellers walk with their suitcases at Beijing Daxing International Airport in Beijing, China April 24, 2023. A recent Pew Research Center survey in 24 countries revealed that views of China were broadly negative, with 67% of adults expressing unfavourable views. Visa-free travel to Germany for Chinese nationals would only be possible if all members of the European Schengen Agreement approved, she said. This month, China expanded its visa-free transit policy to 54 countries to include citizens of Norway. It resumed 15-day visa-free entry for citizens of Singapore and Brunei in July.

Persons: Tingshu Wang, Patricia Flor, Catherine Colonna, Wang Yi, Joe Cash, Ethan Wang, Ryan Woo, Christopher Cushing, Kim Coghill, Miral Organizations: Beijing Daxing International, REUTERS, Rights, Pew Research Center, Visa, French, Chamber of Commerce, Thomson Locations: Beijing, China, Rights BEIJING, France, Germany, Italy, Netherlands, Spain, Malaysia, Taiwan, Norway, Singapore, Brunei

☆ China's capital city is letting the public take fully driverless robotaxis — and has bigger rollout plans, startup Pony.ai says
▼ + stars: | 2023-09-19 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

Vcg | Visual China Group | Getty ImagesBEIJING — China's capital city is taking swift steps to allow robotaxi businesses to grow. As of Tuesday, the suburban Beijing city district of Yizhuang is officially letting local robotaxi operators — primarily Baidu and startup Pony.ai — charge fares for fully autonomous taxis, with no human staff inside. "We have very high confidence ... maybe only in three years, our full driverless vehicles are going to be running over the whole Beijing city," he said in an interview with CNBC on Monday. Out of more than 200 robotaxis that Pony.ai operates in the region, only about ten are currently fully driverless, Zhang said. Beijing city did not immediately respond to a CNBC request for comment.

Persons: Ning Zhang, Beijing's, Zhang, Yin Yong, Pony.ai, Baidu, Alphabet's Waymo, Pony.ai's Zhang, —, Leswing, Lora Kolodny Organizations: Visual China, Getty, BEIJING, Baidu, CNBC, Daxing International, robotaxis, General Motors, California Department of Motor Vehicles, Beijing Daxing, Google Locations: Beijing, Yizhuang, Pony.ai, Yizhuang district, Daxing, U.S, San Francisco, California, China, Shenzhen, Wuhan, Chongqing, Guangzhou, Shanghai

Travellers walk past an installation in the shape of five stars, at Beijing Daxing International Airport in Beijing, China April 24, 2023. REUTERS/Tingshu Wang/file photoBEIJING, Aug 10 (Reuters) - China has lifted pandemic-era restrictions on group tours for more countries, including key markets such as the United States, Japan, South Korea and Australia in a potential boon for their tourism industries. Just how much outbound Chinese tourism will bounce back for the latest group of countries remains to be seen. Shares in firms in the latest group of countries with large exposure to Chinese travel demand jumped on the news. China has never publicly acknowledged limiting group tours to South Korea.

Persons: Tingshu Wang, Fumio Kishida, Don Farrell, Steve Saxon, Casey, Sophie Yu, Joyce Lee, Jamie Freed, Edwina Gibbs Organizations: Beijing Daxing International, REUTERS, Japanese, Trade, Tourism, Weibo, McKinsey & Co, South, Grand Korea, Reuters, Casey Hall, Thomson Locations: Beijing, China, BEIJING, United States, Japan, South Korea, Australia, Germany, Britain, Canada, Thailand, Russia, Cuba, Argentina, Nepal, France, Portugal, Brazil, Xinjiang, South Korean, U.S, Shanghai, Seoul

At least 11 people have been killed and 27 others reported missing, state broadcaster CCTV reported, while more than 127,000 people have been evacuated from the city. In Mentougou district, the average rainfall was more than 18 inches, according to data from Beijing’s meteorological service, while nearby Fangshan saw 16 inches of rain. The storm is the deadliest to hit Beijing since 2012 when floods killed 77 people – a toll that authorities initially tried to cover up. Before hitting Fujian, the typhoon had killed at least 39 people in the Philippines and lashed parts of southern Taiwan. At least 1,870 passengers and 68 staff had been stranded on two trains and were finally led to safe ground by Monday afternoon, Xinhua reported, citing Beijing’s state railway operator.

Persons: Doksuri, Pedro Pardo, Xi Jinping, ” Xi Organizations: CNN, CCTV, Beijing, Xinhua, Authorities Locations: Beijing, China, Mentougou district, Fangshan, Zhengzhou, Henan, Beijing's Mentougou, AFP, Fujian, Philippines, Taiwan, Guizhou, Mentougou, Zhangjiakou, Hebei, Zhejiang

☆ Chinese company earnings reveal lopsided economic recovery
▼ + stars: | 2023-05-10 | by ( Summer Zhen | ) www.reuters.com time to read: +4 min

Restaurants and tourism businesses recovered, with travel-related consumer services sector earnings surging 155%, data from China International Capital Corp (CICC) showed. Food-and-beverage sector earnings jumped 18% and automobiles were up a smaller 8%. Several analysts believe the first quarter will be the low point for 2023 and full-year earnings will reach double digits. Refinitiv data forecasts full-year earnings growth of 26% for companies listed on the Shanghai Stock Exchange. The materials sector posted the worst results, with earnings in steel and building materials tumbling more than 60%, respectively.

CNN —Chinese police have detained 12 people over a hospital fire that killed 29 people, mostly elderly in-patients, in Beijing Tuesday, one of the deadliest fires in the Chinese capital in recent years. The blaze that engulfed an inpatient building of the Changfeng Hospital was caused by renovation work of its interior, where sparks from the construction ignited flammable paint, said Zhao Yang, an official at Beijing’s fire department, on Wednesday. The hospital director and construction workers were among 12 suspects held on suspicion of major negligence, said Sun Haitao, an official with the Beijing Public Security Bureau. As of Wednesday, 39 injured remain in hospital, with three in critical condition, said Li Ang, deputy director of the Beijing Municipal Heath Commission. One person was seen jumping from one level of the building to the lower terrace.

CNN —At least 21 people have died after a fire broke out in Changfeng Hospital in China’s capital Beijing, state media CCTV reported on Tuesday. “As of 6pm local (6am EST), 21 people have unfortunately died,” CCTV said. Additionally, 71 hospital patients were evacuated. The fire, reported at around 1 p.m. local time (1 a.m. That tragedy prompted authorities to demolish large swathes of buildings deemed illegal or unsafe in the neighborhood and forced thousands of migrant workers out of their homes and businesses.

REUTERS/Thomas Suen/File PhotoJOHANNESBURG, March 28 (Reuters) - China spent $240 billion bailing out 22 developing countries between 2008 and 2021, with the amount soaring in recent years as more have struggled to repay loans spent building "Belt & Road" infrastructure, according to a study published Tuesday. People's Bank of China (PBOC) swap lines accounted for $170 billion of the rescue financing, including in Suriname, Sri Lanka and Egypt. China's rescue lending is "opaque and uncoordinated," said Brad Parks, one of the report's authors, and director of AidData, a research lab at William & Mary College in the United States. China is negotiating debt restructurings with countries including Zambia, Ghana and Sri Lanka and has been criticised for holding up the processes. In response, it has called on the World Bank and International Monetary Fund to also offer debt relief.

☆ Chinese savers stashed away $2.6 trillion last year but property crash will cool ‘revenge spending’
▼ + stars: | 2023-02-07 | by ( Laura He | ) edition.cnn.com time to read: +6 min

Burberry (BBRYF) said last month that it’s seeing “very promising” signs in China, according to Reuters. Since real estate accounts for 70% of household wealth in China, “revenge spending” will be limited, analysts said. They expect household consumption growth to rebound to 9.5% in 2023 from about 3% in 2022, fueling annual GDP growth of more than 5%. Morgan Stanley analysts expect to see some “revenge spending” mostly from household with stable incomes. They’re expecting household consumption growth to rebound to 8.5% in 2023, contributing to full-year economic growth of 5.7%.

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