DIRS.INFO The most relevant business & tech news

☆ China tightens regulations on consumer finance companies
▼ + stars: | 2024-03-19 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: +1 min

(Photo by VCG/VCG via Getty Images)China has tightened the screws on consumer finance companies, raising the capital limit for non-bank financial firms which provide small personal loans. The measures announced by the National Financial Regulatory Administration on Tuesday will come into effect April 18. It comes at a time when Beijing is tightening its grip on the financial sector. The new rules stipulate that firms eligible to provide consumer loans — excluding those for home and car purchases — need to have a minimum registered capital of 1 billion yuan ($139 million). Investors of consumer finance firms are divided into main investors and general investors, according to the statement.

Organizations: of, National Committee of, Political Consultative, Getty Images, National Financial Regulatory Administration, Reuters, Investors Locations: BEIJING, CHINA, Beijing, China

☆ China is debating if it's finally time to let people marry at 18 as it grapples with a dwindling population
▼ + stars: | 2024-03-06 | by ( Matthew Loh | ) www.businessinsider.com time to read: +3 min

A top advisor suggested that China lower its marriage age to 18, and people aren't happy with him. It's a further sign that China's population woes can't be solved through family policy alone. His proposal, however, went viral and was quickly slammed online, a further sign that China's population woes are rooted beyond just family policies. "I thought at least those who have experienced childbirth should propose these reproduction suggestions," said one top comment with 7,500 likes on Weibo, China's version of X. China's population decreased by around 2 million people in 2023, while its birth rates have declined to their lowest levels since 1949, per government statistics.

Persons: Gan Huatian, It's, —, Gan, Mao Zedong's Organizations: Service, National Committee of, Political Consultative, National People's Congress, West China Hospital, Business Locations: China, Beijing, Sichuan, Weibo

☆ Asia markets poised to slip ahead of Chinese government's report card at 'Two Sessions' meeting; gold sets new record
▼ + stars: | 2024-03-05 | by ( Lim Hui Jie | ) www.cnbc.com time to read: 1 min

Delegates attend the closing session of the Chinese People's Political Consultative Conference (CPPCC) in Beijing in 2022. Asia-Pacific markets were set to fall ahead of China's "Two Sessions" meeting, with investors watching out for its economic plans, including the country's gross domestic product growth target. Chinese Premier Li Qiang is expected to deliver the government's work report on Tuesday, though the traditional press conference with the premier has been scrapped. Separately, the Caixin services purchasing managers' index reading for China will be released later in the day. On the economic data front, investors also await South Korea's revised GDP numbers for the fourth quarter of 2023, as well as inflation figures from Japan's capital city of Tokyo.

Persons: Li Qiang Organizations: Political Consultative Locations: Beijing, Asia, Pacific, China, Tokyo

☆ 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

☆ Japan's Nikkei smashes 40,000 point barrier, Asia markets poised to track Wall Street gains
▼ + stars: | 2024-03-04 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

A screen displays the Nikkei 225 Stock Average figure on the trading floor at the Nomura Securities Co. headquarters in Tokyo, Japan, on Jan. 11, 2024. Japan's Nikkei 225 crossed the 40,000 mark on Monday, setting a new record high and leading gains in Asia as other markets also rose, tracking gains on Wall Street as both the S&P500 and the Nasdaq Composite hit fresh all-time highs on Friday. Investors will also be watching China's "Two Sessions" meetings today. The "Two Sessions" refer to the concurrent annual meetings of China's legislature, the National People's Congress, and the country's top political advisory body, the Chinese People's Political Consultative Conference. At the meetings, China premier Li Qiang is expected to deliver the government's work report, which details economic and policy goals for the world's second-largest economy, including its gross domestic product growth target.

Persons: Li Qiang Organizations: Nomura Securities Co, Japan's Nikkei, Nasdaq, National People's Congress, Political Locations: Tokyo, Japan, Asia, China

☆ China ousts top rocket scientist from key political body in widening military purge
▼ + stars: | 2024-01-31 | by ( Nectar Gan | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —China has expelled a leading rocket scientist from its top political advisory body, the latest sign of a widening purge in the Chinese military’s missile force and aerospace contractors. Wang, 54, until recently led the China Academy of Launch Vehicle Technology (CALT), a prestigious state-run institute known as the birthplace of China’s aerospace industry. Wang spent his nearly three-decades-long career designing rockets at the CALT, a subsidiary of the main contractor of the Chinese space program, the state-owned China Aerospace Science and Technology Corporation. In December, three aerospace executives, including the chairman of China Aerospace Science and Technology Corporation – were stripped of their roles in the CPPCC. In July, the Rocket Force abruptly replaced its two leaders, the commander and the political commissar, with no explanation.

Persons: Wang Xiaojun, Wang, Xi Jinping, Xi, ” Wang, Qian Xuesen Organizations: Hong Kong CNN, Political Consultative, Xinhua, China Academy of Launch Vehicle Technology, China Aerospace Science, Technology Corporation, People’s Liberation Army, Rocket Force, Communist Locations: Hong Kong, China, Beijing, “, Hunan

☆ Exclusive: Combat veteran is likely replacement for China's missing defence minister
▼ + stars: | 2023-10-12 | by ( ) www.reuters.com time to read: +7 min

China's defence ministry and State Council information office did not respond to requests for comment. If his departure is confirmed, Li will be the second senior minister to lose his job in recent months. Qin Gang was removed as foreign minister in July, one month after he was last seen in public. U.S. defence officials have long wanted to reestablish routine communications with counterparts directly involved in command decisions. Qin was made foreign minister in Dec. 2022 and Li became defence minister in March.

Persons: Carlos Garcia Rawlins, Liu Zhenli, Liu, Li Shangfu, Li, Qin Gang, Qin, Nancy Pelosi, Xi Jinping, Xi, James Char, Lloyd Austin, Alexander Neill, Willy Lam, Chang Dingqiu, Katerina Ang, Daniel Flynn Organizations: Political Consultative, REUTERS, Rights, Defence, Reuters, Russia, Joint Staff Department of, Central Military Commission, State, U.S . Department of Defense, ., CMC, Xiangshan, National, Committee, Communist Party's, U.S, Pentagon, People's, Army, Rajaratnam, of International Studies, Washington, PUBLIC, National Defence, Joint Staff Department, Pacific Forum, Jamestown Foundation, Xinhua, Air Force, Thomson Locations: Beijing, China, Rights BEIJING, United States, U.S, Taipei, ., Singapore, Honolulu, Vietnam

☆ China should step up policy support for economy- ex-PBOC head
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +2 min

Vehicles drive among the buildings during the evening rush hour in Beijing's central business area, China November 21, 2018. REUTERS/Jason Lee/File Photo Acquire Licensing RightsBEIJING, Sept 20 (Reuters) - China should step up policy support for the economy while promoting reforms to help achieve the annual growth target of around 5%, Yi Gang, former governor of the People's Bank of China (PBOC), said in remarks published on Wednesday. That will help China achieve the 2023 growth target of around 5%, Yi said. The government should move to boost the weak confidence of private firms and tackle local government debt risks that have hampered local authorities' ability to support growth, Yi said. The central bank should use its structural policy tools to support "rigid and improved housing demand", he said.

Persons: Jason Lee, Yi Gang, Yi, Kevin Yao, Chizu Organizations: REUTERS, Rights, People's Bank of China, Political Consultative, Thomson Locations: China, Rights BEIJING

On Sunday, Evergrande reported losses of 33 billion yuan ($4.53 billion) for the first half of the year, versus a 66.4 billion yuan loss in the same period a year earlier. The Chinese property sector’s worsening debt crisis poses a significant challenge for President Xi Jinping and his policy makers, with the country’s economy already reeling from weaker domestic and overseas demand. China’s State Council Information Office, which handles media queries on behalf of the government, declined to comment on the property market and Evergrande’s fate. He sold the first complex the following year for 80 million yuan, according to Evergrande’s website. The committee investigated the matter after banks seized 13.4 billion yuan ($1.84 billion)of deposits held by the property-services unit in 2021.

Persons: Aly, Hui Ka Yan, Hui, Evergrande, Suppliers haven’t, ”, Anne Stevenson, Yang, Evergrande’s, Xi Jinping, Reuters wasn’t, Kelly Richmond Pope, ” Hui, “ Evergrande, Stevenson, Engen Tham, Julie Zhu, Clare Jim, Cassell Bryan Organizations: China Evergrande Group, REUTERS, Rights, China Evergrande, HK, Reuters, Suppliers, J Capital Research, Information Office, Political, Conference, Guangzhou Evergrande, soccer’s, Hong, Forbes, HengTen Networks, Management, Chicago’s DePaul University, Evergrande, Financial, Communist Party, “, China, Shanghai, Cassell, Low, Thomson Locations: China, Shenzhen, Guangdong province, Rights SHANGHAI, HONG KONG, United States, U.S, China’s, Henan province, Beijing, Hong Kong, Guangzhou, Evergrande, HengTen, Evergrande’s Hong Kong, Shanghai

China's application, by far the biggest economy, is next in line if they are dealt with in the order they were received, although that is not a given. The free trade agreement has its roots in the U.S.-backed Trans-Pacific Partnership, developed in part to counter China's growing economic dominance. I think that is completely wrong," Tim Groser, a former New Zealand trade minister and chief trade negotiator said. For CPTPP members, China's application is not the only political dilemma. Taiwan is also seeking to join the pact, in a move opposed by China that member trade negotiators remain unsure about.

Persons: Chris Hipkins, Shigeyuki Goto, Damien O’Connor, Trade Kemi, Damien O'Connor, Donald Trump, Henry Gao, couldn't, Tim Groser, CPTPP, Graham Zebedee, Britain's, New Zealand Wang Xiaolong, Hopes, Wang Huiyao, Antony Blinken, Natalie Black, Lucy Craymer, Joe Cash, Jamie Freed Organizations: New Zealand, Economic, New, Trade, Export, State, Business, Malaysian, Beijing, Pacific, New Zealand's Trade, Pacific Partnership, Communist Party, Singapore Management University, Ministry of Foreign Affairs, World Trade Organization, Australia, Center for, Political, Comprehensive Economic, U.S, Asia Pacific, Thomson Locations: British, Trade Kemi Badenoch, Taiwan, AUCKLAND, BEIJING, China, Pacific, Britain, Auckland, Ukraine, Costa Rica, Uruguay, Ecuador, U.S, Japan, Australia, Canada, Beijing, New Zealand, SOEs, Mexico, Center for China, Wellington, Asia

☆ China's VCs look to the Middle East for a U.S. dollar lifeline
▼ + stars: | 2023-06-16 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

China's ties with the Middle East have warmed since Saudi Arabia and Iran restored diplomatic relations earlier this year — through discussions brokered by Beijing. Those tensions and increased regulatory scrutiny in both countries prompted many U.S.-based investors to hold off on investments in Chinese venture capital funds. Middle East capital is looking to step in, especially as countries such as Saudi Arabia and Qatar look to diversify from dependence on fossil fuels. However, many potential investments in Chinese funds are still in discussion, the venture capital funds said. Preqin data showed the share of Middle East sovereign wealth funds' investment in alternative assets worldwide roughly doubled between 2021 and the first half of 2022.

Persons: Faisal bin Farhan al, Saud, Hu Chunhua, Fayez Nureldine, Morgan Stanley, Khalid Al, CNBC's Dan Murphy, Falih, PIF, Massimo, Aysar Tayeb, Prosperity7, Tayeb, Abu Organizations: Saudi, Political Consultative, China Business Conference, Afp, Getty, BEIJING — Venture, U.S ., CNBC, Public Investment Fund, Investment, Conference, Prosperity7 Ventures, Business, of, Local Locations: Riyadh, BEIJING, China, Saudi Arabia, Iran, Beijing, U.S, Qatar, Middle East, Asia, East, Saudi, Al, Aramco, Hyperview, Shanghai, UAE, of Dubai, Abu Dhabi

☆ Time and money for love: China brainstorms ways to boost birth rate
▼ + stars: | 2023-03-15 | by ( Farah Master | ) www.reuters.com time to read: +3 min

China dug itself into a demographic hole largely through its one-child policy imposed between 1980 and 2015. Young people cite high childcare and education costs, low incomes, a feeble social safety net and gender inequalities, as discouraging factors. "But without any fertility encouragement policy then fertility will decline even further." China's birth rate last year fell to 6.77 births per 1,000 people, from 7.52 births in 2021, the lowest on record. Demographer Yi Fuxian remains sceptical whether any measures would have a significant impact by themselves, saying China needed a "paradigm revolution of its entire economy, society, politics and diplomacy to boost fertility."

☆ Ukraine buries volunteer fighters killed on Russian soil
▼ + stars: | 2023-03-07 | by ( Dave Lucas | ) www.reuters.com time to read: 1 min

Annual sessions begin in Beijing of China's national legislature, the National People's Congress (NPC), and the Chinese People's Political Consultative Conference (CPPCC), a political advisory body. The NPC is poised to implement the biggest government shake-up in a decade, making way for Xi loyalists.

☆ Factbox: What to look for at China's NPC meeting of parliament
▼ + stars: | 2023-03-07 | by ( Laurie Chen | ) www.reuters.com time to read: +5 min

Besides meeting annually to deliberate legislation and appoint government personnel, it oversees the State Council, China's cabinet. Its top body, the roughly 170-member NPC Standing Committee, meets more frequently to pass legislation. The Standing Committee also has the power to amend semiautonomous Hong Kong's mini-constitution, known as the Basic Law. The NPC will also appoint top government positions including vice president, NPC chair, vice premiers, state councillors, head of the Supreme Court and ministers. Several NPC and CPPCC delegates have put forth policy proposals in recent days, with China's historically low fertility rate a hot topic.

☆ China's Xi has mixed feelings about CATL's battery market dominance
▼ + stars: | 2023-03-07 | by ( ) www.reuters.com time to read: +3 min

[1/2] Chinese President Xi Jinping attends the opening session of the Chinese People's Political Consultative Conference (CPPCC) at the Great Hall of the People in Beijing, China March 4, 2023. "Emerging industries must do a good job in planning, figuring out how big the market is and where the risks are," Xi was quoted as saying. At the same time, it has come under growing pressure from Washington, which has restricted Chinese companies' access to advanced AI chips and other semiconductors, citing national security. The Ford-CATL partnership will be win-win for both parties without threatening China's leadership in the EV industry, Dong wrote. Reporting by Zhang Yan and Brenda Goh Editing by Edwina Gibbs and David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ China's Xi tells CATL he has mixed feelings about its battery market dominance
▼ + stars: | 2023-03-07 | by ( ) www.reuters.com time to read: +2 min

[1/2] Chinese President Xi Jinping attends the opening session of the Chinese People's Political Consultative Conference (CPPCC) at the Great Hall of the People in Beijing, China March 4, 2023. REUTERS/Thomas PeterSHANGHAI, March 7 (Reuters) - Chinese President Xi Jinping told CATL (300750.SZ) on Monday he had mixed feelings about its status as the world's largest battery maker - remarks that come at a time when the company is rapidly expanding abroad and moving to undercut domestic rivals. After a presentation by CATL Chairman Zeng Yuqun who described how the firm commands 37% of the global battery market, Xi was quoted as saying that he was "both happy and worried", glad about its leading position but concerned about the risks. "Emerging industries must do a good job in planning, figuring out how big the market is and where the risks are. CATL's shares fell 1.6% on Tuesday, in line with a decline in China's blue chip CSI300 Index.

☆ China gives itself easy GDP homework
▼ + stars: | 2023-03-06 | by ( Pete Sweeney | Thomson Reuters | Asia Economics Editor Pete Sweeney Joined Reuters Breakingviews In Hong Kong In September Previously He Served As Reuters' Chief Correspondent For China Economy | ) www.reuters.com time to read: +4 min

HONG KONG, March 6 (Reuters Breakingviews) - China aims to grow GDP by “around 5%” in 2023, which might seem low given last year’s 3% marked the country’s weakest performance in decades. Chen Long of Plenum China notes that the annual work report, usually an important window into the economy and official priorities for the year ahead, dedicates only six pages to discussing the future, compared to 22 pages last year. That may be because Premier Li Keqiang, who gives the work report, is on his way out along with other reformers. By keeping goals conservative and methods vaguer than usual, the government makes it harder for newcomers to fail. The government is aiming for a 2023 budget deficit target of 3% of gross domestic product, according to the report, widening from a deficit goal of around 2.8% last year.

☆ China's Xi urges private firms to 'be rich and loving' in pursuit of prosperity for all
▼ + stars: | 2023-03-06 | by ( Yew Lun Tian | ) www.reuters.com time to read: +3 min

Private Chinese and foreign firms have been waiting for Beijing to flesh out details on how it intends to pursue "common prosperity", Xi's signature initiative to narrow China's wealth gap, and how it expects private firms to contribute. Xi also said that private firms should share the fruits of their growth with employees more equitably, in what he called a "community of shared interests". "Be rich and responsible, be rich and benefit others, be rich and loving," state radio cited Xi as saying. He said it is unfair to expect private firms to share the social responsibility for "common prosperity" with state-owned firms, which enjoy privileged access to markets and preferential loans not always available to private firms. "Led by the United States, the West has implemented all-round containment to suppress China, bringing unprecedented challenges to China's development," state radio quoted Xi as saying.

☆ China Favors Chips, AI Executives Over Internet Tycoons at Top Political Meetings
▼ + stars: | 2023-03-05 | by ( Shen Lu | ) www.wsj.com time to read: 1 min

The Chinese People’s Political Consultative Conference opened at the Great Hall of the People in Beijing on Saturday. A number of prominent Chinese internet executives have been left out of the country’s top political meetings in Beijing this week, giving way to experts in artificial intelligence and semiconductors as Chinese leader Xi Jinping ’s priorities shift amid rising technology competition with the U.S.Pony Ma , Robin Li and William Ding , the chief executives of Chinese internet companies Tencent Holdings Ltd., Baidu Inc. and NetEase Inc. respectively, are conspicuous in their absence from this year’s list of delegates to the National People’s Congress, China’s legislative body, and the Chinese People’s Political Consultative Conference, a political advisory body. Also missing was Lenovo Group Ltd. CEO Yang Yuanqing .

☆ China's economy, government revamp in focus as parliament set to open
▼ + stars: | 2023-03-04 | by ( Tony Munroe | ) www.reuters.com time to read: +3 min

REUTERS/Thomas PeterBEIJING, March 5 (Reuters) - China opens its annual parliamentary session on Sunday, with the National People's Congress (NPC) set to implement the biggest government shakeup in a decade as Beijing confronts a host of challenges and looks to revive its COVID-battered economy. During the NPC, former Shanghai party chief Li Qiang, a longtime Xi ally, is expected to be confirmed as premier. "We might see institutional changes that indicate an elevated importance of, and more party control over, the financial regulatory system," Goldman Sachs analysts wrote. On the opening day of the NPC, China is also likely to announce its central and military spending budgets. Reporting by Tony Munroe; Editing by Himani SarkarOur Standards: The Thomson Reuters Trust Principles.

☆ China's defense spending increases have been 'reasonable,' parliament spokesman says
▼ + stars: | 2023-03-04 | by ( ) www.cnbc.com time to read: +1 min

China's defense spending as a share of gross domestic product has been kept basically stable for many years, with the increases "moderate" and "reasonable," the spokesman of the country's parliament said on Saturday. "The modernization of China's military will not pose a threat to any country," Wang Chao, spokesman for the National People's Congress, told reporters. Wang was asked at a news conference by how much China's defense budget would increase this year, and whether any increase would be larger than in previous years. He declined to give any figures for this year's defense budget. The spending figure will be officially unveiled in the national budget to be released on Sunday at the start of this year's annual meeting of parliament.

☆ What to expect from China's 'Two Sessions' meeting kicking off this weekend
▼ + stars: | 2023-03-03 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

BEIJING — The Chinese government is set to announce its GDP target and new premier in coming days as part of its annual meeting. Known as the "Two Sessions," the parliamentary meeting gathers delegates from across China to discuss and approve national priorities. This year, the meeting is set to formalize government titles for the new premier, vice premiers and heads of different ministries. Xi is set to gain an unprecedented third term as president at the parliamentary meeting. The upcoming meeting is also set to review a "reform plan" for the ruling Chinese Communist Party and state institutions, state media said.

☆ At China political meeting, internet bosses are out, chip execs are in
▼ + stars: | 2023-03-03 | by ( Laurie Chen | ) www.reuters.com time to read: +4 min

HARDWARE FOCUSNewcomers to the events include representatives from chip firms Semiconductor Manufacturing International Corporation (SMIC), state-backed Hua Hong Semiconductor Ltd, Shandong Youyan Semiconductor Materials Co. in the NPC and Cambricon Techologies Corp in the CPPCC. Other new NPC delegates come from robotics, laser, aerospace and aeronautics firms. Delegates for the NPC and CPPCC are chosen every five years by the Communist Party and have the option to resign. Some celebrity CPPCC delegates did not reappear on this year's list, such as Hong Kong action star Jackie Chan, film director Feng Xiaogang and state television anchor Bai Yansong. Yao Ming, a retired basketball star who heads the Chinese Basketball Association, has moved from the CPPCC to the NPC.

☆ Free education, equal rights for unmarried women among proposals to boost China's fertility
▼ + stars: | 2023-03-02 | by ( Farah Master | ) www.reuters.com time to read: +3 min

REUTERS/Tingshu WangHONG KONG, March 2 (Reuters) - Free college education and equal rights for unmarried women are among proposals being urged by members of China’s top political advisory body to boost the country's birth rate after its population fell last year for the first time in six decades. The proposals come ahead of the upcoming Chinese People's Political Consultative Conference (CPPCC), which kicks off on March 4. China should remove restrictions on marital status used to register newborns, allowing unmarried women to enjoy fertility services like married women do, Xie Wenmin, a member of China's top political advisory body, told the state-backed Global Times this week. Even after authorities scrapped the rule, high childcare and education costs are cited as a key reason for having fewer children. Currently IVF and egg freezing in China are banned for unmarried women.

☆ Factbox: What to look for as China kicks off its annual session of parliament
▼ + stars: | 2023-03-02 | by ( Laurie Chen | ) www.reuters.com time to read: +5 min

Besides meeting annually to deliberate legislation and appoint government personnel, it oversees the State Council, China's cabinet. Its top body, the roughly 170-member NPC Standing Committee, meets more frequently to pass legislation. The Standing Committee also has the power to amend semiautonomous Hong Kong's mini-constitution, known as the Basic Law. The NPC will also appoint top government positions including vice president, NPC chair, vice premiers, state councillors, head of the Supreme Court and ministers. China will announce its central and local government budgets, military spending budget and economic growth target on the opening day of the NPC.

Search resuls for: "Political Consultative Conference"

25 mentions found