DIRS.INFO The most relevant business & tech news

☆ China announces $1.4 trillion over five years to tackle local governments’ hidden debt
▼ + stars: | 2024-11-08 | by ( Evelyn Cheng | Evelyn Cheng Is A Senior Correspondent With Cnbc. | ) www.nbcnews.com time to read: +3 min

BEIJING — China on Friday announced the central government would allocate an additional 6 trillion yuan ($840 billion) to local governments for tackling hidden debt issues. The policies will reduce hidden debt from 14.3 trillion yuan to 2.3 trillion yuan by 2028, Lan said. At the parliamentary meeting, officials had reviewed a plan to increase the limit on how much debt local governments can issue, according to state media. The additional quota would go toward swapping out local governments’ hidden debt. Nomura estimates that China has 50 trillion yuan to 60 trillion yuan ($7 trillion to $8.4 trillion) in such hidden debt, and said it expected that Beijing could allow local authorities to increase debt issuance by 10 trillion yuan over the next few years.

Persons: of Finance Lan Fo’an, Lan, Xi Jinping, Donald Trump —, —, Nomura Organizations: Friday, of Finance, People’s Bank of, People’s Congress, U.S, Nomura, International Monetary Fund Locations: BEIJING, China, Beijing, People’s Bank of China, Covid

☆ China expected to announce highly anticipated fiscal stimulus package
▼ + stars: | 2024-11-08 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

BEIJING – China is widely expected to unveil more stimulus on Friday after its parliament ends a five-day meeting. President Xi Jinping led a meeting on Sept. 26 that called for strengthening fiscal and monetary support, and stopping the real estate market slump. While the People's Bank of China has already cut several interest rates, major increases in government debt and spending requires approval by the country's parliament, called the National People's Congress. Analysts expect an increase in the scale of fiscal support after Donald Trump — who has threatened harsh tariffs on Chinese goods — won the U.S. presidential election this week. When discussing planned fiscal support at a press conference last month, Minister of Finance Lan Fo'an emphasized the need to address local government debt problems.

Persons: Xi Jinping, Donald Trump —, —, Finance Lan Fo'an Organizations: Hongkong, People's Bank of, People's Congress, U.S, Finance Locations: Shanghai, BEIJING – China, People's Bank of China, Beijing

☆ China economy: Beijing approves $1.4 trillion debt package in latest measure to boost flagging growth
▼ + stars: | 2024-11-08 | by ( Juliana Liu | ) edition.cnn.com time to read: +3 min

Lan revealed that, as of the end of 2023, China had an enormous hidden debt balance of 14.3 trillion yuan ($1.99 trillion). Officials aim to trim that amount to 2.3 trillion yuan ($320 billion) by 2028. Hitting a growth targetThe scale of the debt swap, seen as underwhelming by some investors, was largely in line with the expectations of economists. Still, at this pace of growth, there’s a risk Beijing may miss its growth target rate of around 5%. Since then, economists have been expecting additional stimulus measures worth up to 10 trillion yuan ($1.4 trillion) to restore bullishness in the world’s second-largest economy.

Persons: Donald Trump, Lan Fo’an, ” Lan, Lan, Larry Hu, Xi Jinping Organizations: Hong Kong CNN, House, Finance, National People’s Congress, “, Macquarie Bank, Reuters Locations: China, Hong Kong, Lan, Beijing

☆ Gold ticks lower but holds near key $2,700 level
▼ + stars: | 2024-11-08 | by ( ) www.cnbc.com time to read: +2 min

Argor Heraeus SA-branded one kilogram gold bars are arranged for a photograph at the Chinese Gold and Silver Exchange Society in Hong Kong, China. Gold prices eased on Friday but hovered around the $2,700 level, as traders assessed the impact of Donald Trump's presidency and its implications for the U.S. interest rate outlook. Spot gold fell 0.4% to $2,697.19 per ounce as of 0251 GMT and was headed for a weekly loss. Gold prices are marginally pressured due to the market's uncertainty over U.S. political and policy developments, said Kyle Rodda, financial market analyst at Capital.com. Spot silver fell 0.8% to $31.75 per ounce, platinum fell 0.2% to $994.80 and palladium shed 0.21% to $1,022.36.

Persons: Argor, Donald Trump's, Kyle Rodda, Rodda, Brian Lan Organizations: Argor Heraeus, Silver Exchange Society, U.S, Federal Reserve, GoldSilver, Gold Locations: Hong Kong, China, Singapore, Beijing

☆ China's central bank affirms supportive monetary policy stance at closely watched meeting
▼ + stars: | 2024-11-06 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

Pan Gongsheng, governor of the People's Bank of China, delivers a speech during the 2024 Lujiazui Forum on June 19, 2024 in Shanghai, China. BEIJING — The head of the People's Bank of China said in a closely watched meeting Tuesday that the central bank planned to maintain supportive monetary policy, according to state media. PBOC Governor Pan Gongsheng added that the central bank intended to “increase the intensity of counter-cyclical monetary policy," state media said in Chinese, translated by CNBC. Finance Minister Lan Fo'an addressed the committee Monday about a plan to increase the local government debt limit in order to replace hidden debt, state media said. Lan on Tuesday also presented a report on managing state-owned assets, according to state media.

Persons: Pan Gongsheng, Lan Fo'an, Lan Organizations: People's Bank of China, People's Bank of, CNBC, National, Committee, Finance, U.S Locations: Shanghai, China, BEIJING, People's Bank of China, U.S . Federal

☆ China reviews plan to increase local government debt
▼ + stars: | 2024-11-05 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

BEIJING — A closely watched meeting of China's parliament standing committee on Monday reviewed a proposal to raise the local government debt limit, according to state media. New debt would go toward replacing hidden debt, the report said, noting that Finance Minister Lan Fo'an spoke at the meeting on the plan. Lan indicated at a press conference last month that an increase in the local debt limit was in the works. Local authorities in China have historically been responsible for much of public services spending, but have struggled financially as revenue from land sales to developers has dropped. China has about 50 trillion yuan to 60 trillion yuan (about $7 trillion to $8.45 trillion) in outstanding hidden debt, according to Ting Lu, chief China economist at Nomura.

Persons: Lan Fo'an, Lan, Ting Lu Organizations: of, Initiative, Local, Nomura Locations: Beijing, China, BEIJING

☆ China gears up for a big week as markets await U.S. elections and stimulus details
▼ + stars: | 2024-11-04 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

Investors expect Beijing to announce details on fiscal support Friday. He expects Trump has a greater chance of winning, which he said would increase downward pressure on the Chinese yuan versus the U.S. dollar. While the People's Bank of China has cut interest rates, the Ministry of Finance has yet to release details on widely anticipated fiscal stimulus. China is considering more than 10 trillion yuan in debt issuance over a few years, Reuters reported Tuesday, citing sources. Whether it is 10 trillion yuan over three to five years, or 2 trillion yuan in one year, the average is about 2 trillion yuan in support a year, she pointed out.

Persons: Aly Song, That's, —, Donald Trump, Kamala Harris, Harris, Ting Lu, Biden, Zhu Bin, Zhu, Trump, Liqian Ren, Ren, Xi Jinping, Lan Fo'an, Zong Liang, WisdomTree's Ren Organizations: Reuters, U.S, Investors, National People's, Trump, Nomura, Nanhua, CNBC, U.S ., WisdomTree, People's Bank of, Ministry of Finance, Finance, Bank of China Locations: Yiwu, Zhejiang province, China, Reuters BEIJING, Beijing, U.S, United, People's Bank of China

☆ China schedules meeting expected to reveal fiscal stimulus details
▼ + stars: | 2024-10-25 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +2 min

BEIJING — China's parliament will hold a highly anticipated meeting Nov. 4 to 8, state media said Friday, according to a CNBC translation. Investors have been awaiting news of the gathering of the standing committee of the National People's Congress, which is expected to announce details on any fiscal stimulus. Last year, the committee's meeting in late October oversaw a rare increase in China's fiscal deficit to 3.8%, from 3%, which was subsequently reported by state media. He pointed out that the last month of Chinese stimulus measures have all underscored the need for more fiscal support. Analysts have tempered expectations that large-scale fiscal stimulus would directly pillar consumption, instead noting how struggling local governments would likely get support first.

Persons: Bruce Pang, Finance Lan Fo'an, Xi Jinping, Pang Organizations: BEIJING —, CNBC, National People's Congress, China's, Finance, People's Bank of Locations: Beijing, BEIJING, China, JLL, People's Bank of China

☆ In the battle of WiFi versus mesh networks, the latter has the edge. Two tech leaders share why.
▼ + stars: | 2024-10-24 | by ( Erica Sweeney | ) www.businessinsider.com time to read: +5 min

Mesh networks consist of devices that connect to each other rather than to a single router. A mesh network is a private wireless broadband network in which devices, or connection points, link to one another in a weblike structure. Mesh networks also offer significantly more safety and security, whether from a malicious attack or other breach. We're also moving toward more autonomy and artificial-intelligence-driven decision-making, applications, and technologies; mesh networks are built for that. If you drop a mesh network into an environment with poor LAN architecture and configuration, it will become apparent pretty quickly.

Persons: —, Steven Griggs, Todd Rigby, Griggs, Rigby, Erica Sweeney, We're, Sweeney Organizations: Rajant Corporation, Service, LTE

☆ CNBC Pro Talks: China portfolio manager reveals what he's buying right now
▼ + stars: | 2024-10-22 | by ( Cnbc.Com Staff | ) www.cnbc.com time to read: +2 min

As investors ponder how — and where — to invest in China, CNBC's Tanvir Gill will quiz China portfolio manager Jason Hsu on where he sees opportunities in the current market. Hsu previously told CNBC Pro that he was betting on tech — and artificial intelligence in particular — for the long term. Hsu set up Ranmore Fund Management in 2016, prior to which he was co-founder and vice chairman of quantitative asset manager Research Affiliates. Join CNBC Pro Talks on Wednesday, Oct. 23 at 6:30 a.m. BST / 1:30 p.m. SGT / 1:30 a.m. Learn more from our previous Pro Talks: How to play AI in a cheaper way without owning stocks like Nvidia, according to fund manager Fund manager reveals his worst trade of the year — and the lessons he learned Beyond Novo: Fund manager likes this under-the-radar pharma stock Related coverage from Pro: Is it time to invest in China?

Persons: Finance Lan Fo'an, CNBC's Tanvir Gill, Jason Hsu, Hsu, Goldman, Tanvir Gill Organizations: Finance, China's CSI, Rayliant Global Advisors, China Equity, CNBC Pro, China Equity ETF, Ping An Insurance, Midea, Ranmore Fund Management, Research, Anderson School of Management, UCLA, Nvidia, pharma, Wall, Citi Locations: China

China’s National Bureau of Statistics on Friday reported third-quarter GDP growth of 4.6% year on year, slightly exceeding the 4.5% expected by economists polled by Reuters. “The national economy showed positive signs of growth in September,” Sheng Laiyun, the bureau’s deputy commissioner, said at the news conference, according to CNBC’s translation of the Chinese. Other data also released on Friday, such as retail sales and industrial production, also beat expectations, a hopeful sign for the world’s second-largest economy. “Despite the multitude of challenges, China’s economy is not incurable as some would suggest,” Xu added. Authorities continued to dip feed more stimulus measures throughout this month amid low consumer sentiment and a flagging property sector.

Persons: ” Sheng Laiyun, ”, Tianchen Xu, ” Xu, Finance Lan Organizations: China’s National Bureau, Statistics, Reuters, Economist Intelligence Unit, China’s, Finance, Ministry Locations: China’s, Beijing

☆ China could raise nearly $1 trillion of fresh debt in the next 3 years to revive its economy
▼ + stars: | 2024-10-16 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

Chinese media reported that China could rack up $850 billion in debt to help revive its economy. China has vowed to roll out more fiscal stimulus, but key details were missing in a recent update. AdvertisementChina's fiscal stimulus efforts could include racking up almost $1 trillion in fresh debt over the next several years, according to local media. The money could be used as fiscal stimulus and to help "off-the-books debt" in local governments, the people added. One researcher recently estimated that the direct effects of China's latest stimulus package may not be felt until 2025, mainly because more fiscal stimulus needs to be unlocked before the policies can bolster the nation's economy.

Persons: —, Lan Fo'an Organizations: Service, China's, Finance, CNBC, Bloomberg, CSI Locations: China, Beijing, Hong Kong

☆ The Panda Factories
▼ + stars: | 2024-10-15 | by ( Mara Hvistendahl | Joy Dong | ) www.nytimes.com time to read: +30 min

They show that, from the beginning, zoos saw panda cubs as a pathway to visitors, prestige and merchandise sales. Panda keepers with cubs at the Chengdu Research Base of Giant Panda Breeding, in China, in 2022. A Chinese giant panda at the Panda Park in Al Khor, in Qatar, in 2022. Smithsonian Institution Archives A panda wakes up from anesthesia in March 1999 during a seminal study by American and Chinese researchers into panda breeding. Smithsonian Institution Archives Giant panda Mei Xiang taken out of the China Conservation and Research Center for the Giant Panda in Wolong, Sichuan Province, in 2000, for shipment to the National Zoo in Washington.

Persons: Ariana Drehsler, Kati Loeffler, “, ’, Loeffler, Kimberly Terrell, ”, Terrell, Soraya, Xin Bao, zookeepers, Richard M, Nixon, Pat Nixon, Annalisa Meyer, Melissa Songer, Heather Bacon, Bacon, Don Kohlbauer, JoGayle Howard, Darting, Howard, Ping Ping, Thomas Hildebrandt, Dr, Hildebrandt, Lei Lei, Meyer, Lung Yuan Chih, Lung, James Ayala, . Hildebrandt, Ayala, interjected, Mei Xiang, Ken Cedeno, Tian Tian, Xiang, David Wildt, Mei, Mei Xiang vomited, Qi Ji, Agnes Bun, scrawled, Pierre Comizzoli, Mads Frost Bertelsen, Meng Lan, Su Weizhong Organizations: Zoo Washington, Factories, Chengdu Research Base, Archives San Diego Zoo, The New York Times Chengdu Research Base, China, National Zoo, New York Times, Smithsonian Institution, Times, Pandas, Agence France, Memphis Zoo, Tulane University, Smithsonian, San Diego Zoo, The New York, Smithsonian . Pandas, Zoo, Associated Press, University of Central, Bear Care Group, China Conservation and Research Center, San Diego Union Tribune, Feature, Future Publishing, Getty, U.S . Fish, Wildlife Service, ”, Leibniz Institute for Zoo, Wildlife Research, National Zoo Washington, Institution Archives Chengdu Research Base, Breed, The New York Times, Beijing Zoo, Tsinghua University, Animal Studies, Visitors, New York Times China Conservation and Research Center, Smithsonian National, Associated, Smithsonian’s, and Wildlife Service, National, Fujifilm, Smithsonian Institution Archives, Reuters, Smithsonian Channel, “, Copenhagen Zoo Locations: China, Chengdu, Sichuan, Archives San Diego Zoo California, Washington, Louisiana, Japan, San Diego, San Francisco, Indonesia, Qatar, Al Khor, University of Central Lancashire, England, U.S, San, Fuzhou, United States, Feature China, Sichuan Province, Beijing, Berlin ., Wolong, Taiwan, American, estrus, New York Times China, Europe, Washington ,, Washington , DC, Beijing Zoo Beijing

☆ Asia markets open higher after China weekend briefing hints at more stimulus; economic data in focus
▼ + stars: | 2024-10-14 | by ( Anniek Bao | ) www.cnbc.com time to read: +1 min

"China's growth recovery and north Asia's earnings rebound in 2024 remain our key investment themes and overweight areas," Goldman Sachs' strategists, led by Timothy Moe, wrote in a Saturday note. Asia-Pacific markets opened higher Monday, as investors assessed China's weekend press briefing and awaited a slew of economic data this week from the region. Both metrics missed expectations of economists polled by Reuters, who estimated CPI to rise 0.6% and PPI to decline 2.5%. China is set to release its trade data for September on Monday, with exports expected to rise 6%, a slower growth than 8.7% in August, while imports are estimated to grow 0.9%, compared to 0.5% in August. China watchers also look ahead to the week with a busy set of economic data, including China's third-quarter GDP, September industrial output growth, retail sales and unemployment rate.

Persons: Goldman Sachs, Timothy Moe, Finance Lan Fo'an Organizations: China's, Finance, Reuters, PPI Locations: Asia, Pacific, China

☆ Dollar extends gains while investors parse China's stimulus plans
▼ + stars: | 2024-10-14 | by ( ) www.cnbc.com time to read: +4 min

The dollar extended its gains in early Monday trades in Asia as a holiday in Japan sapped liquidity, leaving China's somewhat disappointing weekend stimulus announcements the focus of market attention. The dollar extended its gains in early Monday trades in Asia as a holiday in Japan sapped liquidity, leaving China's somewhat disappointing weekend stimulus announcements the focus of market attention. "Markets are likely disappointed that China's Finance Ministry did not unveil concrete additional stimulus," said Richard Franulovich, head of FX strategy at Westpac, in a note. The yuan is down 0.9% against the dollar since Sept. 24, when the People's Bank of China kicked off China's most aggressive stimulus measures since the pandemic. The yen and euro both fell around 0.3% each, sterling shed 0.4% and the dollar index climbed 0.4%.

Persons: Lan Foan, Richard Franulovich, Christopher Wong, Christopher Waller Organizations: Federal Reserve, Finance, China's Finance Ministry, Westpac, People's Bank of China, CSI, Fed, Traders, New Zealand Locations: Asia, Japan, China, Singapore, U.S, United States

☆ CNBC Daily Open: With an unchanged PPI, the Fed’s near the finish line
▼ + stars: | 2024-10-14 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Winning week for marketsAll major U.S. indexes rose Friday on the back of encouraging inflation data and positive earnings from big banks. That gave them a winning week. Banks' earnings in good shapeJPMorgan Chase , the biggest bank in the U.S., reported third-quarter earnings and revenue that beat estimates.

Persons: Tesla's, Tesla, Elon Musk, Musk, of Finance Lan Fo'an, Lan, Banks, JPMorgan Chase, Wells Fargo, Goldman Sachs, Morgan Stanley Organizations: New York Stock Exchange, CNBC, of Finance, JPMorgan, It's Bank of America Locations: New York, Asia, Pacific, Shanghai, Beijing, China, U.S

☆ CNBC Daily Open: With a stagnant PPI, the Fed’s nearly at the finish line
▼ + stars: | 2024-10-14 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

Persons: Jerome Powell, Europe's, Tesla's, Tesla, Elon Musk, Musk, of Finance Lan Fo'an, Lan, Banks, JPMorgan Chase, Wells Fargo, Goldman Sachs, Morgan Stanley Organizations: US Federal Reserve, National Association of Business Economics, CNBC, of Finance, JPMorgan, It's Bank of America Locations: Nashville , Tennessee, U.K, China, Beijing, U.S

☆ China's Ministry of Finance is taking aim at local debt problems before tackling broader economic challenges
▼ + stars: | 2024-10-14 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

Nurphoto | Nurphoto | Getty ImagesBEIJING — China's Ministry of Finance press briefing over the weekend underscored how it is focused on tackling local government debt problems, instead of the stimulus markets have been waiting for. In his opening remarks on Saturday, Minister of Finance Lan Fo'an laid out four measures, starting with increasing support for local governments in resolving debt risks. China's real estate market slump has cut into a significant source of revenue for local governments, many of which struggled financially even before needing to spend on Covid-19 measures. He added that a large plan to address local governments' hidden debt would be announced in the near future, without specifying when. Historically, local governments were responsible for more than 85% of expenditure but only received about 60% of tax revenue, Rhodium Group said in 2021.

Persons: Finance Lan Fo'an, Lan, Robin Xing, Morgan Stanley Organizations: Goldin Finance, Nurphoto, Getty, BEIJING, China's Ministry, Finance, Ministry of Finance, International Monetary Fund Locations: Tianjin, China, Covid

☆ European markets set to start the new trading week on a somber note
▼ + stars: | 2024-10-14 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +1 min

European stocks are heading for a mixed start to the week Monday, with regional markets lacking direction after a choppy week last week. The region's major indexes closed higher on Friday as investors assessed U.K. growth figures and looked ahead to a fiscal stimulus announcement by China over the weekend. China's Minister of Finance Lan Fo'an in a press briefing on Saturday hinted at more debt issuance amid efforts to shore up the economy, stating the government had a "rather large" space to increase deficit. Asia-Pacific markets were mixed on Monday and China stocks volatile as investors assessed the weekend press briefing. Meanwhile, U.S. stock futures were little changed in overnight trading Sunday as investors waited to assess whether the next batch of key corporate earnings could power the market to more records; Bank of America, Goldman Sachs and Johnson & Johnson report their latest results on Tuesday before the market opens, while Morgan Stanley and United Airlines are set to release results Wednesday.

Persons: Finance Lan Fo'an, Goldman Sachs, Johnson, Morgan Stanley Organizations: China's, Finance, Bank of America, Johnson, United Airlines Locations: China, Asia, Pacific

☆ Chinese finance minister hints at increasing the deficit at highly anticipated briefing
▼ + stars: | 2024-10-12 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +2 min

BEIJING — China's Minister of Finance Lan Fo'an told reporters Saturday during a press briefing that the central government has room to increase debt and the deficit. Economists have said China needs additional fiscal support, but Beijing has yet to announce any. He did not name specific figures and noted supporting real estate required multiple policies. In a meeting in late September, led by Chinese President Xi Jinping, authorities had called for strengthening monetary and fiscal policy support. China's retail sales grew only modestly over the last few months, and the country's real estate slump has shown few signs of turning around.

Persons: Lan Fo'an, Zheng Shanjie, Pan Gongsheng, Finance Lan Fo'an, Lan, Finance Liao Min, Xi Jinping, Ting Lu Organizations: National Development, Reform Commission, People's Bank of China, National People's Congress, BEIJING —, Finance, Nomura, National Bureau, Statistics Locations: Beijing, China, BEIJING

☆ China to increase debt issuance in bid to revive economy
▼ + stars: | 2024-10-12 | by ( Rebecca Rommen | ) www.businessinsider.com time to read: +2 min

China plans to increase debt issuance to boost its economy. It announced plans for a new fiscal stimulus package on Saturday. AdvertisementChina has announced plans to ramp up government debt issuance in a bid to boost its economy. "We will increase support for local governments in resolving government debt risks, increase debt limits on a larger scale, and support local governments in resolving hidden debts," he said. Chinese equities rallied in September on the back of a series of easing measures announced by Beijing aimed at stimulating growth.

Persons: —, Lan Fo'an, Fo'an, Huang Yan Organizations: Service, China, Asia Investment, CSI, Shanghai QiuYang, Reuters Locations: China, Beijing, Asia

☆ China’s ‘whatever it takes’ moment? Investors hope for hundreds of billions in new stimulus
▼ + stars: | 2024-10-11 | by ( Anniek Bao | In | ) www.cnbc.com time to read: +4 min

China's Ministry of Finance, pictured here in Beijing in 2021, is refunding taxes and cutting fees to support economic growth. China's Finance Minister Lan Fo'an is set to hold a press conference at 10 a.m. on Saturday local time on "intensifying" fiscal stimulus policies, the country's State Council Information Office said. Authorities are likely to affirm that at the press conference on Saturday, Zhao said. At the time, Chinese major indexes began to rally, surging over 25% as investors cheered on the slate of stimulus measures. Lan Fo'an, China's Minister of Finance, attends a press conference during the second session of the 14th National People's Congress (NPC) in Beijing on March 6, 2024.

Persons: Cong, Lan Fo'an, NDRC, Zheng Shanjie, Chen Zhao, CNBC's, Zhao, Chetan Ahya, Morgan Stanley, Wang Zhao Organizations: of Finance, Bloomberg, Getty, China's Finance, Beijing, Investors, National Development, Reform, Authorities, China's Ministry, Finance, China's, National People's Congress, Afp Locations: Beijing, country's, Shanghai, Asia

☆ China economy: Beijing will ‘significantly’ increase spending
▼ + stars: | 2024-10-11 | by ( ) edition.cnn.com time to read: +4 min

Beijing Reuters —China will “significantly increase” government debt issuance to offer subsidies to people with low incomes, support the property market and replenish state banks’ capital as it pushes to revive sputtering economic growth. “There is still relatively big room for China to issue debt,” he said. Reuters reported last month that China plans to issue special sovereign bonds worth about 2 trillion yuan ($284.43 billion) this year as part of fresh fiscal stimulus. Separately, Bloomberg News reported that China is also considering injecting up to 1 trillion yuan ($142 billion) of capital into its biggest state banks to increase their capacity to support the economy, primarily by issuing new sovereign bonds. Swedish furniture retailer Ikea, whose 39 stores in China have felt the spillovers from the property crisis, urged Beijing on Thursday to deploy further stimulus.

Persons: Lan Foan, ”, Zheng Shanjie, “, Lan Organizations: Beijing Reuters, Finance, National Development, Reform Commission, Communist Party’s, Reuters, Bloomberg News, Local, Investment, Ikea Locations: Beijing, China, China’s, Swedish

☆ China is trying to give investors the one major thing missing from its economic stimulus blitz
▼ + stars: | 2024-10-11 | by ( Filip De Mott | ) www.businessinsider.com time to read: +4 min

China is expected to announce extra fiscal policy support on Saturday. The lack of consumer support in China's last stimulus package disappointed investors. According to a Bloomberg survey, most analysts expect authorities to pledge $283 billion of fiscal stimulus at Saturday's highly anticipated press conference. Chinese authorities followed up by announcing Saturday's press conference, which promised to introduce new measures centered on fiscal policy. Some analysts remain less sure about what fiscal stimulus will actually achieve on its own, pointing out that Beijing needs to pursue structural reforms to revive consumer confidence.

Persons: —, Lan Fo'an, China's, Mark Williams, Stephen Roach, Arthur Kroeber, Gavekal Organizations: Bloomberg, Service, Finance, Analysts, CSI, Reform Commission, Capital Economics, Asia, Financial Times Locations: China, Beijing, Yale

☆ Small town in Thailand hold mass cremation for 23 who died in a school trip bus fire
▼ + stars: | 2024-10-09 | by ( Story Associated Press | ) edition.cnn.com time to read: +2 min

Lan Sak, Thailand AP —Mourners wept and monks prayed at a cremation ceremony Tuesday in a small town in central Thailand for 23 young students and teachers who died in last week’s bus fire on a school field trip. A large cremation site was set up close to the temple in Lan Sak town whose compound hosts the school that was attended by the victims. Six teachers and 39 elementary and junior high school students were on the bus when it caught fire on October 1 on a highway in Pathum Thani, a northern suburb of Bangkok. Transport officials were being scrutinized after information emerged that the bus had passed an inspection about four months before the fire. Police believe that a gas tube from one of the canisters had come loose, with sparks then setting the leaking gas on fire.

Persons: Lan, King Maha Vajiralongkorn, Surayud Chulanont Organizations: Thailand AP, Police, Education Ministry Locations: Lan Sak, Thailand, Pathum Thani, Bangkok, Uthai Thani

Search resuls for: "LAN"

25 mentions found