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Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina's 6 trillion yuan aid to property market is helpful to 'a certain extent': EconomistHao Hong of GROW Investment Group says China's total local government debt is likely much higher than official figures. He says investors who are attracted to Chinese high-yield dollar bonds are betting on 'very substantial' policy measures by the government.
Persons: Hao Hong
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch retail investors during this leg of the China market rally: CIOWilliam Ma of GROW Investment Group says the market sentiment in China is good and that in the short term the rally will continue to be driven by price and sentiment.
Persons: William Ma Organizations: Watch Locations: China
China's stock markets surged this week, marking the best weekly performance since late 2008. AdvertisementChina's stock markets closed sharply higher Friday, notching their best week in 16 years as investors joined the rally party. The stock market party overwhelmed tech systemsThe stock market party got too hot to handle. AdvertisementFurthermore, the US Federal Reserve has started cutting interest rates, which has historically benefited Chinese markets, they added. So even if Beijing's stimulus isn't enough for China's economy, a liquidity or leverage-driven market rally could still be "very powerful," they wrote.
Persons: , Vishnu Varathan, Hong, Hao Hong, Pan Gongsheng, Data.TS, Freya Beamish, Rory Green Organizations: Service, Grow Investment, Shanghai Stock Exchange, of America, Bank of America, US Federal Reserve, People's Bank of China Locations: China, Beijing, Asia, Japan, Shanghai, India
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMidea's Hong Kong listing is a good sign for Chinese companies going global, investment firm saysWilliam Ma, CIO of Grow Investment Group, says "green shoots [are] coming back" in the Chinese market despite struggling macroeconomic data.
Persons: William Ma Organizations: Grow Investment Locations: Kong
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEconomist discusses the challenges that China's export sector is facingHao Hong, partner and chief economist at Grow Investment Group, discusses U.S. Treasury Secretary Janet Yellen's visit to China and says he "wouldn't be too surprised to see even more tariffs or more trade friction in the coming months."
Persons: Hao Hong, Janet Yellen's Organizations: Economist, Grow Investment, U.S, Treasury Locations: China
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRemote possibility of a 'bazooka' stimulus from Beijing, economist saysHao Hong, partner and chief economist at Grow Investment Group, discusses expectations for China's gross domestic product target ahead of the government's annual meeting, saying "people are just sitting and watching and waiting for the 5% number."
Persons: Hao Hong Organizations: Grow Investment Locations: Beijing
Pork has had a 'huge influence' on China's CPI, economist says
  + stars: | 2024-02-08 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPork has had a 'huge influence' on China's CPI, economist saysHao Hong, partner and chief economist at Grow Investment Group, discusses China's latest consumer price index numbers and says the "overall picture is not particularly rosy and so much work need to be done to rejuvenate the economy."
Persons: Hao Hong Organizations: CPI, Grow Investment
The site of a real estate building under construction in Huai 'an city, Jiangsu province, China, December 26, 2023. "If you look at the inventory overhang situation — at this sales rate — it will take about two years to clear all the inventory that is outstanding in the market," Hong told CNBC Street Signs Asia on Thursday. At the same time, one has to find new growth spots for the economy to go forward, instead of just relying on just the property sector and property investment for economic growth," Hong said. One has to find new growth spots for the economy to go forward, instead of just relying on just the property sector and property investment for economic growth. "This time around, it seems to us that the property sector has peaked and the long cycle is coming down.
Persons: Huai, Hao Hong, Hong, China's Organizations: Getty, Investment, CNBC, Beijing, Economic Work Locations: Jiangsu province, China
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina's property crisis requires multiple years of correction, economist saysHao Hong of Grow Investment Group says new growth spots must be found for the country's economy.
Persons: Hao Hong Organizations: Grow Investment
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina's property market: China's biggest lenders still have a lot of debt to resolve, says economistHao Hong, chief economist at Grow Investment Group, discusses China's economic outlook and Chinese banks' "very large exposure" to the property sector.
Persons: Hao Hong Organizations: Grow Investment
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina's consumer confidence is 'very slowly' improving, economist saysHao Hong, partner and chief economist at Grow Investment Group, discusses China's economic outlook, including on interest rates.
Persons: Hao Hong Organizations: Grow Investment
Bank of China is one of the major state-owned banks in China. China's sovereign wealth fund, Central Huijin Investment, increased its stake in four of the country's biggest banks late Wednesday in what is seen as a move to renew confidence in its stock market. Bank Of China, Agricultural Bank of China, Industrial and Commercial Bank of China and China Construction Bank shares rose between 2.43% and 4.73% in early trading on Thursday, while the broader CSI 300 index gained 0.69%. Central Huijin boosted its stake in each lender by 0.01 percentage point for the first time since 2015. Investor confidence in China's stock markets has been shaken by turmoil in its real estate sector as property giants such as Evergrande and Country Garden struggled to repay debt.
Persons: Hao Hong Organizations: of, Central Huijin Investment, Bank Of China, Agricultural Bank of China, Industrial, Commercial Bank of, China Construction Bank, Central Huijin, Grow Investment, Investor, Garden, CSI Locations: of China, China, Shanghai, Commercial Bank of China, Central
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCainiao listing signals the end of China's regulatory crackdown, says portfolio managerWilliam Ma of GROW Investment Group explains why Alibaba's listing of Cainiao, its logistics unit, will be a 'catalyst' for the broader market.
Persons: William Ma
China's property crisis may take up to a decade to resolve, economist Hao Hong told CNBC. Hong's WeChat and Weibo social media accounts were suspended last year after a series of bearish posts on China's economy. "Fixing the property sector may be a multi-year or even a decade's work in front of us. The property sector, along with related industries, contributes as much as 30% to the country's GDP. Still, there may be an upside ahead for China's economy once the property market's problems are resolved, Hong told CNBC.
Persons: Hao Hong, Hong's WeChat, , Keng, that's, Hui Ka Yan, Hong, Hao, , China's, Hong's, Li Daokui, Evergrande Organizations: CNBC, Weibo, Service, Grow Investment, China, Bloomberg, Investment, CFA, Twitter, Nikkei, Bank of Communications International, People's Bank of China Locations: China, Shanghai, Weibo
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFixing China's property sector will probably take a decade, economist saysHao Hong, partner and chief economist of Grow Investment Group, says it's a "very challenging year" for China's economy, which has to be restructured to be "much healthier" and less reliant on its property sector.
Persons: Hao Hong Organizations: Grow Investment
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUS Commerce Secretary Raimondo in Beijing: What it means for U.S.-China relationsHao Hong, Grow Investment Group chief economist, and Jessica Lessin, The Information founder and editor-in-chief, join 'Squawk on the Street' to discuss Lessin's sense of dialogue between China and the U.S. Commerce Department, Hong's insights on the impact of Raimondo's visit, and more.
Persons: Raimondo, Hao Hong, Jessica Lessin Organizations: US, U.S, Grow Investment Group, U.S . Commerce Department Locations: Beijing, China
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCountry Garden's missed dollar bond coupon payments came as a 'big surprise,' economist saysHao Hong, partner and chief economist at Grow Investment Group, discusses the prospects for China's Country Garden, one of the largest non-state-owned developers by sales, which reportedly missed two coupon payments on dollar bonds that were due Sunday.
Persons: Hao Hong Organizations: Grow Investment
Fears are growing that China's economy is tethering on the verge of deflation after another slate of underwhelming economic data provided more evidence of stagnating growth, renewing calls for more meaningful policy intervention. On Monday, Beijing announced that GDP for the second quarter grew 6.3% from a year ago, missing market expectations for 7.3%. "We need to see broad and persistent price pressure before we can declare deflation," said Hong Hao, Grow Investment Group's chief economist. "I think we are on the verge of deflation. The annual decline in June was China's ninth consecutive drop and its steepest since December 2015.
Persons: Hong Hao, Hong, Organizations: Grow Investment Locations: Beijing
CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Meanwhile, China's lackluster gross domestic product figures, released yesterday, prompted Wall Street to cut their expectations of China's annual growth to around 5%. Peak oil demandIndia imported 2.2 million barrels of Russian oil per day in June. Since Russia invaded Ukraine in February last year and oil price caps were instituted, India has become one of the leading importers of Russian oil. Buffett previously revealed Berkshire added to its initial Activision stake in a bet the deal would close and cause shares to rise.
Persons: Hong, Hong Hao, Viktor Katona, Berkshire Hathaway, Buffett, Bitcoin, bitcoin Organizations: New York Stock Exchange, CNBC, Grow Investment, Activision Blizzard, Microsoft, Activision, BlackRock Locations: New York City, Asia, Pacific, India, Russia, Ukraine, Berkshire
[1/3] US Treasury Secretary Janet Yellen speaks during her meeting with China's Vice Premier He Lifeng (out of frame) at the Diaoyutai State Guesthouse in Beijing on July 8, 2023. Yellen said nothing publicly to indicate that the U.S. was poised to ease tariffs, but commentators in China were hopeful, amid a U.S. Trade Representative review. "While U.S might continue its technological curbs on China, a reduction or exemption of non-core tariffs against China is possible." Yellen last year advocated eliminating some duties on "non-strategic" goods as a way to ease some specific costs amid high inflation. Haley has said she would push Congress to revoke China’s trade status until China curbs its alleged role in the fentanyl trade.
Persons: Janet Yellen, Lifeng, Pedro PARDO, Janet Yellen's, Biden, Harry Broadman, Donald Trump's, Premier Li Qiang, Yellen, Hong Hao, Chad Bown, " Bown, Josh Hawley, Ron DeSantis, Nikki Haley, Haley, Donald Trump, David Lawder, Andrea Shalal, Gram Slattery, Jeff Mason, Heather Timmons, Nick Zieminski Organizations: China's, WASHINGTON, . Treasury, Trump, White House, World Bank, Berkeley Research, Premier, U.S . Treasury, . Trade, China's Finance, U.S, Grow Investment, Times, Peterson Institute of International Economics, Reuters, Republican, Firebrand, Thomson Locations: Diaoyutai, Beijing, China, U.S, Washington, U.s, Donald Trump's China, CHINA, Xinjiang, Hong Kong, Florida, Mexico, Cuba
Economist Hao Hong discusses China's economic outlook
  + stars: | 2023-07-10 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThere'll be a greater urge to roll out blanket stimulus if China's economy slows further: EconomistHao Hong, Grow Investment Group's chief economist, says there's a debate about whether to hand out coupons, like Western economies do, to Chinese consumers.
Persons: Hao Hong, there's Organizations: Grow Investment
"The accomplishment of the meeting was the meeting itself, not specific issues," said Scott Kennedy, a China economics expert at the Center for Strategic and International Studies in Washington. A senior U.S. Treasury official accompanying Yellen on her first trip to China as secretary described it as "respectful, frank and constructive," adding: "She was warmly received." Her meeting on Saturday with He, China's new economic czar, was scheduled for two hours but lasted five, followed by a "cordial" dinner, the official said. In the meantime, Yellen said the talks set the stage for more frequent U.S.-China communications at the staff level about economic issues, including areas of disagreement. A possible venue for this would be the Asia-Pacific Economic Cooperation summit in San Francisco in November.
Persons: Janet Yellen, Yellen, Lifeng, Scott Kennedy, Premier Li Qiang, Pan Gongsheng, Joe Biden's, Jake Colvin, Hong Hao, Hong, Colvin, Biden, John Kerry, Gina Raimondo, Xi Jinping, Wang Yiwei, David Lawder, Andrea Shalal, Ryan Woo, Ellen Zhang, Qiaoyi Li, Stephen Coates Organizations: . Treasury, U.S, Center for Strategic, International Studies, Global Times, Treasury, Premier, People's Bank of China, National Foreign Trade Council, Grow Investment, . Commerce, Renmin University, Economic Cooperation, Thomson Locations: Beijing, China, Washington, China's, U.S, United States, Hong Kong, Asia, San Francisco, Anchorage , Alaska
SHANGHAI/HONG KONG, July 6 (Reuters) - Chinese investors are rushing offshore to make dollar deposits and buy Hong Kong insurance in a signal domestic confidence is languishing and that the ailing yuan faces more pressure. New premiums collected on Hong Kong insurance policies leapt a staggering 2,686% to $9.6 billion in the first quarter of 2023. "The burst of insurance buying in Hong Kong reflects a gloomy domestic outlook, and worries about an uncertain future." "Offshore demand for policies denominated in Hong Kong dollars is low – U.S. dollar-denominated policies are more prevalent, to provide access to global asset allocation," said Lawrence Lam, chief executive officer at Prudential Hong Kong. The wealth manager at Noah fears that a sustained rush into Hong Kong insurance risks inviting Beijing's policy tightening.
Persons: Helen Zhao, lurch, Noah Holdings, Lawrence Lam, Hao Hong, Tan Xiaofen, We've, Sami Abouzahr, Samuel Shen, Winni Zhou, Georgina Lee, Summer Zhen, Tom Westbrook, Kim Coghill Organizations: Hong, AIA, HK, Prudential, Manulife, Noah Holdings, Savings, Bank of China, U.S, Prudential Hong Kong, Investment, School of Economics, Management, Beihang University, HSBC, Thomson Locations: SHANGHAI, HONG KONG, Hong Kong, Macau, COVID, U.S, Beijing
A cargo ship carrying containers is seen near the Yantian port in Shenzhen, following the novel coronavirus disease (COVID-19) outbreak, Guangdong province, China May 17, 2020. BEIJING — China's exports fell in May for the first time since February, customs data showed Wednesday. Exports fell 7.5% year-on-year to $283.5 billion, far worse than the 0.4% decline predicted by a Reuters poll. The disappointing export figures indicate that the longer-term trend is down, said Hao Hong, chief economist at Grow Investment Group. China won't be able depend on trade to boost its economy for "another six months, for sure," he said, noting a drag from lackluster U.S. demand, where inflation — and interest rates — remain high.
Persons: Hao Hong Organizations: Grow Investment Locations: Shenzhen, Guangdong province, China, BEIJING
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina's exports are likely to decelerate this month, economist saysHao Hong of Grow Investment Group says imports are also likely to be weak.
Persons: Hao Hong Organizations: Grow Investment
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