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☆ Chinese banks cut deposit rates to relieve squeezed margins
▼ + stars: | 2024-07-25 | by ( ) www.cnbc.com time to read: +2 min

Brent Lewin | Bloomberg | Getty ImagesFive of China's major state-owned banks on Thursday cut deposit rates to cushion a hit to their already record low margins after this week's surprise lowering of lending benchmarks to bolster stuttering economic growth. Industrial and Commercial Bank of China (ICBC) , Agricultural Bank of China , China Construction Bank , Bank of China and Bank of Communications cut deposit rates by 5 to 20 basis points, according to statements on their websites. It marks the first broad reduction in deposit rates by Chinese banks since December last year. Prior to that, Chinese lenders had broad cuts to deposit rates in late 2022, their first such move since 2015. ICBC cut its demand deposit rate by five basis points to 0.15% and one-year deposit rate by 10 basis points to 1.35%.

Persons: Brent Lewin, Nie Wen, Nie Organizations: Agricultural Bank of China Ltd, Bloomberg, Getty, Commercial Bank of China, Agricultural Bank of, China Construction Bank, Bank of China, Bank of Communications, Shanghai Hwabao Trust Locations: Guangdong, Guangzhou, Guangdong Province, China, Agricultural Bank of China, Shanghai

☆ China’s summer of devastating floods shows steep challenge as it grapples with extreme weather
▼ + stars: | 2024-07-22 | by ( Simone Mccarthy | Joyce Jiang | ) edition.cnn.com time to read: +9 min

Villagers clean rubbish after torrential rains caused flooding in Meizhou, Guangdong province of China on June 19. John Ricky/Anadolu/Getty ImagesA man drives through a muddy street in the aftermath of flooding from heavy storms in Meizhou, Guangdong province last month. “All my hard work for a year has come to nothing.”A road is flooded following heavy rainfall in Jiangxi province on July 4. China’s government has mounted a top-down effort to revamp how the country responds to extreme weather in recent years after 2021 floods in Henan’s Zhengzhou killed more than 300 people. But there have been past issues of misappropriation of state recovery funds, for example following the deadly 2021 floods in Zhengzhou.

Persons: John Ricky, –, Xi Jinping, it’s, “, Tingshu Wang, ”, Hongzhang Xu, Typhoon Doksuri, Li Zhao Organizations: Hong Kong CNN, Getty, Communist Party, AFP, China’s Ministry of Emergency Management, Agricultural Television, Retailers, Workers, CNN Weather, ” Observers, Australian National University, Reuters, Greenpeace East, “ Locations: China, Hong Kong, sweltering Henan, Nanyang, speedboats, Meizhou, Guangdong province, Guangdong, AFP, Guangzhou province, Henan, Hunan, Lake, Henan’s Nanyang, Jiangxi province, Shaanxi, Sichuan, Hunan province's Changsha, Chongqing, Hainan, Zhengzhou, breadbasket, Jiangxi, Munich, Greenpeace East Asia, Beijing, –

☆ Amazon's Asian rival Shein wants to be supply chain giant, but some fear Chinese cyber spying inside global trade links
▼ + stars: | 2024-07-08 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +13 min

Shein logistics software is in beta testing with select supply chain customers, according to a person familiar with its plans. "Shein's software could provide unprecedented access to sensitive supply chain data, which the Chinese government could seize under its laws. This exposure poses a direct threat to U.S. supply chain integrity, making it vulnerable to exploitation and manipulation." Even with a headquarters based in Singapore, company supply chain data could be subject to seizure by the Chinese. Shein's fast rise to dominance Shein's dominance lies in the company's hyper-flexible supply chain, according to a recent report from supply chain intelligence firm Zero100.

Persons: Jade Gao, Shein, cybersecurity, Lee Kair, Kair, Dewardric McNeal, McNeal, Ram Ben Tzion, Ben Tzion, Department of Homeland Security's, Shein's, Srini Cherukuri, Chris Xu's, Zero100, Eric Fullerton, Project44 Organizations: Shein, Afp, Getty, Transportation Security Administration, U.S, Authentic Holdings, Simon Property Group, Longview Global, Obama administration's Department of Defense, CNBC, Standards Organization, Secretariat, IAF, Microsoft U.S, EU, Social, International, Uyghur Forced Labor, Department of Homeland, Border Patrol, New York, ITS Logistics, Logistics Locations: Guangzhou, China's Guangdong, Jade, China, U.S, Exiger, Shein, Asia, Singapore, Frankfurt, Germany, Xinjiang Province, Customs, York, United States

Hong Kong CNN —There are a lot of princesses at Hong Kong Disneyland, but not the ones you think. Hair carefully coiffed, and in full makeup Liang Xiaoyu, 18, is dressed for a day out at Hong Kong Disneyland. Noemi Cassanelli/CNNAnd at Hong Kong Disneyland, Disney characters aren’t the sole fashion inspiration for dedicated fans. Li Mengru, 27, poses for a picture during an interview with CNN, at the entrance of Hong Kong Disneyland on June 7, 2024. Yang Yushen, who also goes by Kris, and his partner Jimmy Redinger like the romantic side of Hong Kong Disneyland.

Persons: “ Duffy, ”, Liang Xiaoyu, Noemi Cassanelli, CNN Liang, Mary Janes, Duffy, Qin Wuxiao, Jessie, it’s, Charmy Chan, Yanni Chung, Judy, Nick Wilde, “, Chan, CNN Oscar Yim, Captain America, Marvel, CNN Jing Hongche, Li Sitan, CNN Charmy Chan, Chung, Li Mengru, Chen Xinyu, Li, Chen, Linda Lee, CNN Li, Cassanelli, Yang Yushen, Kris, Jimmy Redinger, Ankh Wong, Kris Yang, Yang, Zootopia, Hercules ”, Redinger, Disney, Mariko Otomo, Nozomi Yasuda, Yuka Izawa, CNN Otomo, China’s “ meng ”, Mariko Otomo kitted, Deng Chundan, CNN Deng Chundan, Le, Godiva, Chow Tai, Gen, ” Shen Jing, CNN Linda Lee, CNN Chen Xinyu, CNN Lee, CNN Chen, lacy Organizations: Hong Kong CNN, Disney, CNN, Hong Kong Baptist University, USA, Captain, Hong Kong Disneyland, Marvel, “, Hong, Hong Kong Tourism, Hong Kong Locations: Hong Kong, Guangzhou, Hong, China’s Fujian, Guangdong, Japan, Arendelle, Tomorrowland, Tsim Sha Tsui, China, Southeast Asia, Philippines, Thailand, Singapore, South Korea, Grizzly Gulch, United States, Chinese, Hebei, Asia, Hangzhou

☆ Chinese automakers expected to achieve 33% global market share by 2030
▼ + stars: | 2024-06-27 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

Much of the growth, from a forecast 21% market share this year, is expected to come outside of China. The rapid expansion of Chinese automakers is a growing concern for legacy automakers and politicians globally. In North America, Chinese automakers are forecast to only achieve a 3% market share, largely in Mexico, where one in five vehicles are expected to be Chinese brands by 2030. In most other major regions of the world, AlixPartners reports that the share of Chinese automakers is expected to exponentially grow. Chinese brands in China also are expected to grow from 59% to 72% in market share, according to AlixPartners.

Persons: AlixPartners, Mark Wakefield Organizations: Auto Guangzhou, China Import, Export, Visual China, Getty Images, AlixPartners, General Motors, Nurphoto, Getty Locations: Guangzhou, Guangdong Province of China, China, Japan, North America, U.S, AlixPartners, Mexico, Central, South America, Southeast Asia, East, Africa, Bangkok, Nonthaburi Province, Thailand

☆ China’s deadly flooding moves north prompting top rainstorm alert
▼ + stars: | 2024-06-25 | by ( Lex Harvey | Fred He | ) edition.cnn.com time to read: +4 min

The region has been battered by heavy rainfall over the last week, causing deadly flooding and landslides that have killed at least 71 people, according to Chinese state media. Southern Guangdong province, an economic powerhouse home to 127 million people, is subject to annual flooding from April to September. Floodwaters immerse a rural road in Chongzuo, southern China, on June 23, 2024. An excavator works at the site of a landslide in Guizhou province, China on June 24, 2024. Local rivers rose a record 4.59 meters (15 feet), according to Chinese state broadcaster CGTN.

Persons: VCG, John Ricky, Xi Jinping Organizations: Hong Kong CNN, Publishing, China’s Meteorological Administration, Flood, Drought Relief, CGTN, Emergency, Reuters, Getty, CCTV Locations: Hong Kong, China, Southern Guangdong province, Guangdong, Hunan, Chongzuo, Chongqing province, Zhejiang, Hubei, Anhui, China’s, Jiangxi, Guizhou province, Changsha, Local, –, Meizhou, Guangdong province, Yuanlin county, Taoyuan county

☆ China wants EU to scrap planned higher tariffs and 'abide by WTO rules,' state media reports
▼ + stars: | 2024-06-24 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +2 min

GUANGZHOU, CHINA - NOVEMBER 17: A GAC Aion Hyper SSR electric sports car is on display during the Auto Guangzhou 2023 at China Import & Export Fair Pazhou Complex on November 17, 2023 in Guangzhou, Guangdong Province of China. The ideal outcome China wants is for the European Commission to revoke its tariff decision by July 4 and adhere to World Trade Organization rules, Global Times reported, quoting observers. China has firmly opposed the tariffs, saying the move was "blatant protectionism" and could violate WTO rules, its commerce ministry said on June 14. A Chinese official told CNBC last week that the EU's probe into Chinese EVs was overly selective and that the results were not credible. Read the full report on Global Times.

Persons: Chen Yihang, Wang Wentao, Valdis Dombrovskis, EVs Organizations: Auto Guangzhou, China Import, Export, Getty Images, Union, Global Times, European Commission, World Trade Organization, EV, CNBC Locations: GUANGZHOU, CHINA, Guangzhou, Guangdong Province of China, China, Beijing

At least 47 people have died in southern China’s Guangdong Province after torrential rains set off flooding and landslides, according to the Chinese authorities. The city of Meizhou, home to about 3.8 million people, began experiencing “once-in-a-century” rainfall last week, according to state media. Initially, officials reported that nine people in Meizhou had died. But on Friday afternoon, the death toll leaped dramatically, as officials reported an additional 38 deaths in Pingyuan, a county under Meizhou’s jurisdiction. More than 100,000 people were evacuated, state media said.

Persons: “, Meizhou Locations: China’s Guangdong Province, Meizhou, Pingyuan

☆ Relentless deadly rains lash southern China as flooding threatens millions
▼ + stars: | 2024-06-21 | by ( Chris Lau | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Tens of thousands of people across southern China have been evacuated, with many more potentially at risk, as deadly torrential rains continue to lash the region, causing flash flooding and mudslides. Villager walks on muddy streets as torrential rains cause flooding on June 19, 2024 in Meizhou, Guangdong Province of China. Villagers clean rubbish as torrential rains cause flooding on June 19, 2024 in Meizhou, Guangdong Province of China. Aerial view of an area affected by torrential rains on June 18, 2024 in Sishui Town, Pingyuan County, Meizhou City, Guangdong Province of China. Villagers stand in the water as torrential rains cause flooding on June 19, 2024 in Meizhou, Guangdong Province of China.

Persons: John Ricky, Lian Zhicheng, Xi Jinping, Stringer Organizations: Hong Kong CNN, Villager, Getty Locations: Hong Kong, China, Meizhou, Guangdong Province of China, Guangdong, Fujian, Sishui Town, Pingyuan County, Meizhou City, Guangxi, Guilin, China's Guangxi, AFP

Heavy rains battered southern China over the weekend and into Tuesday, setting off landslides and causing roads and homes to collapse as rivers overran their banks. The landslides and flash floods killed at least nine people in Fujian Province and neighboring Guangdong, China’s most populous province. Days of severe rainfall forced thousands of people to evacuate and left more than 100,000 households without power as the region was inundated. As of Monday, at least 17 rivers had risen above warning levels in Guangdong, according to local media. The province has a population of about 127 million people.

Locations: China, Fujian Province, Guangdong, China’s

CNN —Thousands of people have been evacuated in southeast China after heavy rains hammered the region over the weekend, triggering floods and deadly landslides, authorities and state media said Monday. As of Monday morning, more than 10,000 people were evacuated in Meizhou, the hardest flood-hit city in Guangdong province. Those warnings were underscored in April, when deadly floods submerged parts of Guangdong after rain poured for multiple days. Four people were killed in a series of landslides in the coastal province, CCTV reported Monday. China has been grappling with extreme weather this month as heavy rains inundate the south while severe drought and record temperatures scorch the north.

Organizations: CNN, Ministry of Water Resources, “ Authorities Locations: China, Meizhou, Guangdong province, Guangdong, Fujian, Shanghang

☆ U.S. Bans Imports From 3 Chinese Companies Over Ties to Forced Labor
▼ + stars: | 2024-06-11 | by ( Ana Swanson | ) www.nytimes.com time to read: +1 min

The Department of Homeland Security on Tuesday added three Chinese companies to a list of firms whose products can no longer be exported to the United States, as part of what it described as an escalating crackdown on companies that aid in forced labor programs in Xinjiang. The companies include a seafood processor, Shandong Meijia Group, that an investigation by the Outlaw Ocean Project identified as a business employing laborers brought to eastern China from Xinjiang — a far-western region of China where the government has detained and surveilled large numbers of minorities, including Uyghurs. Another firm, Xinjiang Shenhuo Coal and Electricity, is an aluminum processor whose metal can be found in cars, consumer electronics and other products, a U.S. official said. The third, Dongguan Oasis Shoes, brought Uyghurs and people from other persecuted groups to its footwear factory in Guangdong, the U.S. government said. With those additions, 68 companies now appear on the so-called entity list of firms that the U.S. government says participate in forced labor programs, nearly double the number at the beginning of the year.

Organizations: of Homeland Security, Shandong Meijia Group, Coal, U.S, Dongguan Oasis Locations: United States, Xinjiang, Shandong, China, Dongguan, Guangdong, U.S

☆ Northern China braces for record high temperatures in major heat wave
▼ + stars: | 2024-06-10 | by ( Nectar Gan | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —A major heat wave is forecast to spread across large swathes of northern China this week, bringing record high temperatures to some areas, according to China’s meteorological authorities. The heat wave, which began on Saturday, has already triggered government weather alerts and follows the country’s hottest spring on record. The national observatory on Monday issued an orange alert for high temperatures – the second most severe warning – as sweltering heat engulfed the country’s north. Beijing on Saturday raised its first yellow alert for high temperatures this summer, warning residents to avoid going outdoors during the hottest parts of the day. Zhong said the high temperatures were linked to El Niño, a natural climate pattern marked by warmer than average ocean temperatures in the equatorial Pacific.

Persons: Zheng Zhihai, Zhong, El Niño, El Organizations: Hong Kong CNN, National Meteorological Center, NMC, National Climate Center, Xinhua Locations: Hong Kong, China, Shandong, Hebei, Xinjiang, Beijing, ”, Beijing’s Chaoyang, Guangdong

☆ Chinese trade group seeks drone jammers for Russian buyers
▼ + stars: | 2024-06-05 | by ( Laura He | ) edition.cnn.com time to read: +5 min

Hong Kong CNN —A Chinese government trade body has sought drone detectors and jammers for apparent Russian buyers, adding to concerns that Beijing may be supplying dual-use technology to Moscow. They are known for being used by the Russian army during its 2022 invasion of Ukraine to identify drone activity. He told CNN by phone that it was removed because it was “improper.” CNN has also reached out to the Yunfu trade association for comment. Mastro said she is “not particularly surprised” that local Chinese governments would help Russian companies seek drone equipment. Last week, the US warned it could act against Chinese firms and financial institutions in response to Beijing’s alleged backing of Russian war efforts.

Persons: Vladimir Putin, Xi Jinping, Volodymyr Zelensky, “, ”, Oriana Skylar Mastro, Stanford University’s Freeman, Mastro, doesn’t, Antony Blinken, Washington Organizations: Hong Kong CNN, Guangdong Provincial Association, Promotion of, province’s Commerce Department, Assel Labs, 3MX, City’s Association, Promotion of International Trade, United, CNN, US, Stanford, Stanford University’s Freeman Spogli Institute for International Studies Locations: China, Hong Kong, Beijing, Moscow, Guangdong, Russia, Russian, Ukraine, United States, Singapore, “ Beijing

☆ Shein suppliers work 75-hour weeks, report claims as Chinese fast-fashion giant looks to IPO
▼ + stars: | 2024-05-16 | by ( Dylan Butts | ) www.cnbc.com time to read: +1 min

As fast-fashion giant Shein prepares for an IPO in the U.S., a new report suggests that workers at some of its suppliers are still clocking 75 hour weeks, despite assurances the company would tighten its labor standards. Following negative press in the wake of the previous report, Shein promised to improve its standards. However, a new survey by Public Eye, which polled 13 workers across six suppliers in China, has found little progress. "I work every day from 8 in the morning to 10.30 at night and take one day off each month. I can't afford any more days off because it costs too much," Public Eye cited one worker as saying.

Persons: Shein Organizations: Public, CNBC Locations: Guangzhou, China's, Guangdong, U.S, Swiss, China

☆ Chinese asylum seekers in New York City live in limbo, caught between China and the US
▼ + stars: | 2024-05-15 | by ( Tara John | Yong Xiong | ) edition.cnn.com time to read: +14 min

It was his only day off from working 12-hour shifts at a Chinese restaurant in New York City. Evelio Contreras/CNNAfter arriving in New York, Ye spent a week in a Manhattan shelter. For Chinese asylum seekers like Ye, there is a well-trodden route to residency in the US. … It’s impossible for them to be spies.”But the rhetoric around the rise of undocumented Chinese migrants highlights growing tensions between the US and Chinese governments. He received permanent US residence a year later and has gone on to help Chinese migrants in Flushing.

Persons: Ye Chengxiang, “, ”, Ye, Evelio Contreras, Amy Hsin, Jiang Zhen, Yong Xiong, Xi Jinping, Biden, Mark Green of, Wan Yanhai, …, Jiang, “ It’s, I’m, Melanie Stetson Freeman, ’ Wan, Flushing . Li Jiada, Li Jiada, Jesus, Li Organizations: NY CNN, Central America, CNN, Queens College, Customs and, Embassy, Central, Chinese Ministry of Foreign Affairs, China, Republicans, Republican, House Homeland Security Committee, Communist Party, Christian Science, Customs Enforcement, of, Yorker Locations: Flushing, NY, New York City, China, Communist, Ye, States, Colombia, Darien, South, Central, New York, Manhattan, Flushing’s, Sunset, Mexico, Central America, Queens, Hunan province, Guangdong, Chinatown, , Flushing , New York, San Francisco, Mark Green of Tennessee, Beijing, Flushing ., Flushing , Queens

☆ China’s Xi is visiting Europe for the first time in five years – his goodwill tour will be an uphill struggle
▼ + stars: | 2024-05-04 | by ( Simone Mccarthy | ) edition.cnn.com time to read: +9 min

Major breakthroughs with China’s toughest critics will be hard to come by unless Xi is ready to make surprise concessions. And the trip could instead serve to underscore divisions – not only between Europe and China – but those within Europe that could play to China’s favor, analysts say. Chinese President Xi Jinping and French President Emmanuel Macron visit a garden in Guangdong during Macron's state visit to China last April. Putin has said he plans to visit China this month, according to Russian state media. Xi may also look to highlight Chinese investments in both Belgrade and Budapest in a message to the rest of Europe.

Persons: Xi Jinping, Andrea Bocelli, –, Xi, China –, ”, Noah Barkin, Hungary –, Ursula von der Leyen, Emmanuel Macron, Von der Leyen, Olaf Scholz, Chong Ja Ian, “, Chong, Jacques Witt, China’s, Macron, Russia …, Wang Yiwei, Vladimir Putin, Putin, Aleksandar Vučić, Viktor Orban – Organizations: CNN, European Union, Ukraine, German Marshall Fund of, EU, “, National University of Singapore, Getty, Beijing’s Renmin University, NATO, Reuters, EV Locations: China, Italy, France, Germany, United Kingdom, Russia, “ China, Europe, Berlin, United States, Serbia, Hungary, Beijing, Paris, “ France, North America, Guangdong, Ukraine, Switzerland, Barkin, “, Belgrade, Budapest, Balkans, Balkan

☆ Highway collapse kills 19 people in southern China
▼ + stars: | 2024-05-01 | by ( Wayne Chang | ) edition.cnn.com time to read: +1 min

CNN —Nineteen people have been killed after a highway collapsed in China’s Guangdong province on Wednesday, according to the country’s state broadcaster, CCTV. A section of the express highway connecting Meizhou City and Dapu City in Guangdong Province collapsed at around 2:10 a.m. on Wednesday, leaving eighteen cars trapped, CCTV reported. Southern China has been bombarded with heavy rain in recent weeks. Guangdong province, an economic powerhouse home to 127 million people, has seen widespread flooding, which has forced more than 110,000 people to relocate, state media reported, citing the local government. The floods have killed at least four people in Guangdong, including a rescue worker, state news agency Xinhua reported Monday.

Organizations: CNN, Xinhua Locations: China’s Guangdong, Meizhou City, Dapu City, Guangdong Province, Guangdong, Southern China, Hong Kong

☆ Tornado kills at least 5, injures 33, in Chinese metropolis
▼ + stars: | 2024-04-27 | by ( Jennifer Hauser | ) edition.cnn.com time to read: +2 min

CNN —At least five people were killed and 33 injured in a tornado Saturday that struck Guangzhou, a city of 19 million people in southern China, according to Chinese state media. Authorities say 141 factory buildings were damaged but no residential houses collapsed, according to the Xinhua news agency. It said a preliminary assessment put the tornado at level-three intensity, two below the highest level of five. A weather station in Liangtian Village, Baiyun District, about 1.7 miles from where the tornado hit, registered a maximum wind gust of 20.6 meters per second, Xinhua reported. Earlier this week state media reported that floods had killed at least four people in Guangdong.

Organizations: CNN, Authorities, Xinhua, China Meteorological Agency Locations: Guangzhou, China, Xinhua, Hong Kong, Guangdong province, Liangtian Village, Baiyun District, Guangdong

☆ China may have to brace for a new wave of bond defaults, S&P says
▼ + stars: | 2024-04-24 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

BEIJING — China's state-directed economy may be creating the conditions for a new wave of bond defaults that could come as soon as next year, according to an S&P Global Ratings report released Tuesday. It comes against a backdrop of extremely few defaults in China amid concerns about overall growth in the world's second-largest economy. China's corporate bond default rate fell to 0.2% in 2023, the lowest in at least 8 years and far below the global rate of about 2.6%, S&P data showed. "We've seen directives or guidance from the government in the past year to discourage defaults in the bond market." "The question is: When the guidance to avoid the defaults in the bond market [ends], what happens to the bond market?"

Persons: Charles Chang, that's, Chang, We've Organizations: Country Garden Holdings Co Locations: Phoenix, Heyuan, Guangdong province, China, BEIJING

☆ Massive floods threaten tens of millions as intense rains batter southern China
▼ + stars: | 2024-04-22 | by ( Nectar Gan | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Heavy rains hammered southern China on the weekend, flooding homes, streets and farmland and threatening to upend the lives of tens of millions of people as rescuers rushed to evacuate residents trapped by rising waters. Since April 16, sustained torrential rains have pounded the Pearl River Delta, China’s manufacturing heartland and one of the country’s most populated regions, with four weather stations in Guangdong registering record rainfall for April. Since last week, at least 44 rivers in the Pearl River basin have swelled above the warning line, threatening to burst their banks, according to state broadcaster CCTV. Aerial view of waterlogged fields after torrential rains on April 20, 2024 in Qingyuan, Guangdong Province of China. Authorities raised the flood control emergency response for the Pearl River Delta to level 2 on Sunday – the second highest in a four-tier system.

Organizations: Hong Kong CNN, Xinhua, China Meteorological Administration, Visual China, CCTV, Authorities Locations: Hong Kong, China, Guangdong, Jiangwan, Shaoguan, Pearl, Qingyuan, Guangdong Province of China, Guangning county, Zhaoqing, Qingyuan city, Guangzhou, Shenzhen

☆ U.S. criticism of Chinese overcapacity rehashes 'China threat' rhetoric, state media says
▼ + stars: | 2024-04-06 | by ( ) www.cnbc.com time to read: +2 min

U.S. Treasury Secretary Janet Yellen shakes hands with China's Vice Premier He Lifeng before a dinner in the southern Chinese city of Guangzhou, on April 5, 2024. U.S. Treasury Secretary Janet Yellen comments on China's excess manufacturing capacity seek to rehash "China threat" rhetoric and appear to create a pretext for more protectionist policies from the U.S., Chinese state media said. "Talking up 'Chinese overcapacity' in the clean energy sector also smacks of creating a pretext for rolling out more protectionist policies to shield U.S. companies," Xinhua said. Yellen met with Vice Premier He Lifeng and Guangdong Province Governor Wang Weizhong in Guangzhou after arriving in China late on Thursday. She is to travel on Saturday to Beijing, where she will meet officials including Premier Li Qiang and People's Bank of China Governor Pan Gongsheng through Monday, according to a Treasury press advisory.

Persons: Janet Yellen, Yellen, Guangdong Province Governor Wang Weizhong, Premier Li Qiang, Pan Gongsheng Organizations: Treasury, China's, Xinhua, Lifeng, Premier, People's Bank of China Locations: Guangzhou, U.S, Washington, China, Xinhua, Guangdong Province Governor, Beijing

☆ Yellen kicks off China meetings with overcapacity concerns, encouraging market-oriented reforms
▼ + stars: | 2024-04-05 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

Ambassador to China Nicholas Burns (R) receive U.S. Treasury Secretary Janet Yellen (R) upon her arrival in Guangzhou on April 4, 2024. Pedro Pardo | Afp | Getty ImagesBEIJING — U.S. Treasury Secretary Janet Yellen kicked off her first full day of official meetings in China with discussion about overcapacity concerns and encouragement to pursue market-oriented reforms. It is her second trip to China as Treasury secretary. China's growth potentialGuangdong is one of the largest contributors to China's economic growth and home to the city of Shenzhen, a major hub for tech companies and startups. "In recent decades, [Guangzhou] was at the forefront of market-oriented reforms that advanced China's economic development and openness," Yellen said in prepared remarks for her meeting with Wang.

Persons: Liao Min, China Nicholas Burns, Janet Yellen, Pedro Pardo, Yellen, Wang Weizhong, Wang, I've, Nicholas R, Lardy Organizations: Finance, U.S, Treasury, Afp, Getty, Peterson Institute for International Economics, Foreign Affairs Locations: China, Guangzhou, BEIJING, U.S, Beijing, Guangdong province, United States, Guangdong, Shenzhen, Asia

☆ Here's who Treasury Secretary Janet Yellen is going to meet in China
▼ + stars: | 2024-04-04 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

U.S. Treasury Secretary Janet Yellen, center, waits with others to receive Chinese President Xi Jinping at the San Francisco International Airport on Nov. 14, 2023, ahead of Xi's meeting with U.S. President Joe Biden. BEIJING — U.S. Treasury Secretary Janet Yellen was scheduled to arrive in China on Thursday ahead of four full days of meetings with Chinese officials. It's her second trip to the country since the summer, as the U.S. and China seek to increase high-level communication in an otherwise tense relationship. U.S. Secretary of State Antony Blinken is also due to visit China again later this year. We went for too long with too little communication, and misunderstandings developed," Yellen told reporters ahead of her arrival in China.

Persons: Janet Yellen, Xi Jinping, Joe Biden, It's, Antony Blinken, Yellen, Here's Organizations: Treasury, San Francisco International Airport, U.S Locations: BEIJING — U.S, China, Guangzhou, China's, Guangdong —, Beijing

☆ China Evergrande's flagship unit, founder punished for securities fraud
▼ + stars: | 2024-03-19 | by ( ) www.cnbc.com time to read: +1 min

The Evergrande Group headquarters building in Shenzhen is pictured on January 11, 2022 in Shenzhen, Guangdong Province of China. China Evergrande Group founder Hui Ka Yan will be barred from the securities market for life and fined 47 million yuan ($6.53 million) after the regulator accused the group's flagship unit of inflating results, securities fraud and failing to make timely disclosures. China Evergrande Group founder Hui Ka Yan will be barred from the securities market for life and fined 47 million yuan ($6.53 million) after the regulator accused the group's flagship unit of inflating results, securities fraud and failing to make timely disclosures. It comes days after the China Securities Regulatory Commission, or CSRC, vowed to crack down on securities fraud, and protect small investors with "teeth and horns". Last September, Evergrande said its founder was being investigated over suspected crimes.

Persons: Hui Ka Yan, Evergrande Organizations: Group, China Evergrande Group, Evergrande, Hong Kong High Court, China Securities Regulatory Commission Locations: Shenzhen, Guangdong Province of China, China

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