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☆ China willing to be partners, friends with US, Chinese envoy says
▼ + stars: | 2024-11-16 | by ( ) www.cnbc.com time to read: +2 min

The national flags of the United States and China flutter at the Fairmont Peace Hotel on April 25, 2024 in Shanghai, China. China is willing to be partners and friends with the United States, China's ambassador to Washington said, seeking to strengthen dialogue between the world's two largest economies. China has no plan to surpass or replace the United States, Xie Feng said in a speech in Hong Kong on Friday, addressing Chinese officials and the U.S. ambassador to China. Chinese President Xi Jinping called on Friday for rejecting unilateralism and protectionism in favour of economic globalisation. However, some analysts say China's pitch as a counterbalance to a Trump-led United States has lost its shine compared to 2016, when Trump was first elected.

Persons: Xie Feng, Donald Trump's, Trump, Xi Jinping, Xie Locations: United States, China, Fairmont, Shanghai, Washington, Hong Kong, U.S, Beijing, Europe, Asia, Trump, Taiwan, Taipei

☆ China's Singles Day shopping festival is more than halfway over. Here's how consumers are spending
▼ + stars: | 2024-11-04 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

China's e-commerce giants stopped reporting Singles Day GMV in 2022 during the pandemic. Singles Day GMV this year as of Oct. 30 was 845 billion yuan ($119.1 billion), according to research firm Syntun. Subsidies boost appliancesHelping boost sales this Singles Day are China's subsidies for trade-ins of home appliances, launched in late July. They predict 4% to 5% growth in Singles Day GMV, with sales in the home appliance category supported by the trade-in program. "Something that kind of came out of nowhere, into all of a sudden really, really big numbers."

Persons: Alibaba, Jacob Cooke, JD's, ByteDance's Douyin, Cooke, Louis Vuitton, we've, UOB Kay Hian, JD.com, Dave Xie, Oliver Wyman, Xie, There's, Liang, Chiikawa, Taobao, Tmall Organizations: Visual China, Getty, Alibaba, Technologies, CNBC, Louis Locations: Lianyungang, Jiangsu Province, China, BEIJING, Asia, Alibaba, British

☆ Eyeing U.S. election, China considers over $1.4 trillion in extra debt over next few years, Reuters reports
▼ + stars: | 2024-10-30 | by ( ) www.cnbc.com time to read: +4 min

The 6-trillion-yuan worth of debt would be raised over three years including 2024, said the sources, adding the proceeds would primarily be used to help local governments address off-the-books debt risks. Local governments would be allowed to raise that amount on top of their usual annual issuance quota, which mainly funds infrastructure spending. The quota stood at 3.9 trillion yuan this year and 3.8 trillion in 2023. The latest move is aimed at enhancing local governments' ability to manage land supply, and alleviate liquidity and debt pressures on both local governments and property developers, they added. Special-purpose bonds are a tool for off-budget debt financing used by Chinese local governments, with the proceeds raised typically earmarked for specific policy objectives, such as infrastructure expenditures.

Persons: Stringer, Donald Trump, it's, Tommy Xie, Trump, Kamala Harris Organizations: Afp, Getty, National People's Congress, Reuters, Information, NPC, Greater, Greater China Research, OCBC Bank, U.S, Trump, Republican, Democratic Locations: Chongqing, China, Beijing, Greater China

☆ China property stocks jump after Beijing proposes measures to lift troubled sector
▼ + stars: | 2024-10-14 | by ( Anniek Bao | In | ) www.cnbc.com time to read: +2 min

China property stocks jumped Monday after Beijing layed out more support measures over the weekend to shore up the troubled sector. While the Hang Seng Index was last down 0.4% in volatile trading Monday, the Hang Seng Mainland Properties Index rose over 2%. Shares of other real estate developers also saw significant gains, including China Overseas Land & Investment and Yuexiu Property gaining nearly 7% and 6%, respectively. Real estate was also the leading gainer in Mainland China's CSI 300, advancing nearly 5%, while the broader index was up 2%. The rally came after China's Ministry of Finance outlined new policy measures focused on stabilizing the beleaguered real estate sector.

Persons: Tommy Xie, Leonard Law Organizations: China Jinmao Holdings Group Ltd, Beijing, Mainland, China Resources, China Overseas Land & Investment, Yuexiu, China's CSI, China's Ministry, Finance, OCBC Bank, Lucror Analytics, CNBC Locations: Jinmao, Shanghai, China, China's, Asia

☆ Young Chinese are looking for dupes and cheaper substitutes for everything from Hermès to travel
▼ + stars: | 2024-09-30 | by ( Huileng Tan | Matthew Loh | ) www.businessinsider.com time to read: +9 min

Chinese consumers are opting for affordable alternatives across various categories to save money. The trend, known as pingti, is driven by economic challenges and is popular among young people. Consumers are finding cheaper substitutes for luxury goods, everyday items, and even healthcare. It's now become a trend in China to save on nearly every consumer category, from luxury goods to everyday consumables to travel, with cheaper substitutes. A Bank of America survey of 1,052 adult Chinese consumers showed weakening consumer sentiment, with 30% of respondents planning to spend more — down from 45% in June.

Persons: —, It's, Bobbi Brown, Estée Lauder, MingYii Lai, it's, Lindy, Hermes Lindy, Lai, Ruth Jin, Xiaohongshu Cleo Xie, they've, She's, Xie, Jin, Yves Saint Laurent, Keith, she's Organizations: Service, Daxue Consulting, Bottega, Prada, University, Dai, PPI, Bank of America Locations: China, Xiaohongshu, Beijing, Ili, Xinjiang, Provence, France, Xishuangbanna, Laos, Myanmar, Bangkok, Thailand, Chengdu, Europe, Asia

☆ China is Starbucks' 2nd biggest market, but sales are slumping. Here's why.
▼ + stars: | 2024-08-23 | by ( Grace Dean | ) www.businessinsider.com time to read: +7 min

Comparable store sales, a key measure for the restaurant industry, were down 14% in its most recent quarter. Sales slumpStarbucks' comparable store sales in China have been incredibly volatile over the past five years. But in recent months, they've been hit by cautious consumer spending and increased competition, then-CEO Laxman Narasimhan told investors in July. Luckin Coffee, Starbucks' biggest rival in China, has nearly three times as many stores as Starbucks in the country after monumental unit growth. "We're not interested in entering the price war," Starbucks China CEO Belinda Wong told investors in January.

Persons: —, Brian Niccol, they've, Laxman Narasimhan, Narasimhan, Sherri, Kearney, Luckin, McCafe, KFC's, Dave Xie, Oliver Wyman, Xie, latte, We're, Belinda Wong, Wong, it's, Brian Yarbrough, Edward Jones, Liu Ying Organizations: Service, Starbucks, Business, Bank of America, Bloomberg, Publishing, Getty, Reuters Locations: China, Beijing, Shanghai, Seattle, Luckin, Cotti, Xinhua

☆ Where are China's ultra-rich parking their wealth amid a slowing economy?
▼ + stars: | 2024-07-30 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +5 min

At a time when China's economy is facing headwinds, and growth has been slowing, where are the Chinese ultra-rich, whose numbers are expected to swell to 144,897 by 2028 from 98,551 in 2023, parking their wealth? However, the country's high-end property market remains a favored asset. Luxury real estate"There has been a noticeable increase in transactions within Shanghai's luxury real estate sector," said James Macdonald, head of China research at global real estate firm Savills, attributing it to a recent policy easing by the government. That said, China's luxury real estate market is still primarily concentrated in the core areas of first-tier cities, said Li. Other local investment classes, such as the wider property market and China-listed stocks are not as popular among the ultra rich, experts told CNBC.

Persons: Weiquan Lin, Frank, James Macdonald, Savills, Stephen Pau, Sam Xie, CBRE's, Xie, Arbour, Tian Di, Knight Frank Head of, Pacific Research Christine Li, Li, Nick Xiao, Xiao, Yongyuan Dai, Pau, defensiveness Organizations: CNBC, Pacific Research, Overseas, Domestic Institutional Investors, Domestic Limited, Hywin Locations: China, Shanghai, Lujiazui, Knight Frank Head of Asia, Pacific, Hong Kong, Yongyuan, Pau

☆ Chinese cities desperate for cash are chasing companies for taxes — some from the 1990s
▼ + stars: | 2024-06-21 | by ( Laura He | ) edition.cnn.com time to read: +7 min

Last year, the soy milk seller made a net profit of only 209 million yuan ($29 million). And it’s still unsure how much it owes in fines, which could be potentially higher than the actual $11.7 million tax bill. Including fines, the company needed to pay a total amount of 480 million yuan ($66 million). The amounts paid vary from 8 million yuan ($1.1 million) to 310 million yuan ($43 million). It said in January that the Shenzhen government had asked for payment of 19.8 million yuan ($2.7 million) in back taxes for 2017 and 20.2 million yuan ($2.8 million) in fines.

Persons: they’ve, ”, Craig Singleton, Frank Tian Xie, ” Singleton, it’s, ” Bohui, “ Organizations: Hong Kong CNN — Authorities, Food & Beverage, Foundation for Defense of Democracies, Administration of Taxation, “ Police, Taxation, Centers ”, University of South, University of South Carolina Aiken, Ningbo Bohui Chemical Technology, Healthcare, ChinaLin Securities, Yixintang Pharmaceutical Group Locations: China, Hong Kong, Zhijiang, Hubei, Yichun, Jiangxi, University of South Carolina, “, ” Beijing, Ningbo, Qinghai, Golmud, Chongqing, Shanghai, Shenzhen

☆ Inside China's plan for AI: shape reality and enforce its power
▼ + stars: | 2024-06-03 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

In today's big story, we're looking at China's strict approach to overseeing its AI development and the threat it poses to the world. The country's history of censorship and surveillance is extending to its approach to AI , writes Business Insider's Linette Lopez. AdvertisementThe CCP's plan for AI is about shaping reality and enforcing its power, according to internal documents. What to do ahead of May's jobs report. Permabull Tom Lee said it's a great time to buy stocks — shocking — with a new jobs report set to drop on Friday.

Persons: —, Kiran Ridley, Stringer, Getty, Tyler Le, Insider's Linette Lopez, Linette, chatbots, Jinping, Xie Huanchi, we've, Ken Griffin's, Permabull Tom Lee, it's, Stocks, Keith Gill, It's, Amazon's, Alyssa Powell, boomer, Gen, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover, Grace Lett, Annie Smith Organizations: Service, Harvard, Business, Chinese Communist Party, of, People, Getty, Citadel Securities, BI, GameStop, Cloud, Prime, Apple, American Express, Research, Boomers Locations: China, Beijing, Xinhua, New York, London, Chicago

☆ China, Xi Jinping's Plan for AI Will Wreak Havoc on the World Economy
▼ + stars: | 2024-06-02 | by ( Linette Lopez | ) www.businessinsider.com time to read: +18 min

According to the CCP's plan, by 2020, China was supposed to have "achieved iconic advances in AI models and methods, core devices, high-end equipment, and foundational software." Censorship requirements may slow China's AI development and limit the commercialization of domestic models, but they will not stop Beijing from benefiting from AI where it sees fit. We're not seeing a huge gap between the models Chinese companies have been able to roll out. The current price war is a race to the bottom, similar to what we've seen in the Chinese technology space before. A race to the bottom may simply beggar China's AI ecosystem.

Persons: Xi Jinping, China doesn't, there's, Beijing's, Reva Goujon, We're, It's, ChatGPT, Xie Huanchi, couldn't, you'll, —, Kenneth DeWoskin, it's, Matt Sheehan, they're, chatbot, Sheehan, Ernie Bot, There's, Alibaba, ByteDance's, Paul Triolo, Albright, we've, haven't, DeWoskin, Sam Altman, Elon Musk Organizations: Chinese Communist Party, CCP, Intelligence, Cyberspace Administration, Getty, Freedom, University of Michigan, Deloitte, CAC, Carnegie Endowment, International Peace, Baidu, Bloomberg, Companies, Brookings Institution, Beijing, The Commerce Department Locations: China, Beijing, China's, Hong Kong, Xinhua, , Washington, Brussels, Berlin, Taiwan, US, Xinjiang

☆ The red flags that will tell us when China's actually ready to invade Taiwan
▼ + stars: | 2024-04-27 | by ( Chris Panella | ) www.businessinsider.com time to read: +12 min

"I don't think they lack for anything that they need," Lyle Goldstein, director of Asia engagement at Defense Priorities, said of China's forces. Military forces are being deployed nearer to Taiwan than ever, effectively shortening Taiwan's reaction time. Stockpiling of China's rocket force, too, suggests it would have more than enough missiles and rockets to target Taiwan. One common concern is that as China's military exercises around Taiwan have grown in frequency and size, the line between exercise and potential attack is becoming blurred. Xie Huanchi/Xinhua via Getty ImagesExperts, as well as US and Taiwan lawmakers and military officials, have long debated about the readiness of the People's Liberation Army as China's military is known.

Persons: —, Lyle Goldstein, Stringer China, Xi, Thomas Shugart, who's, Shugart, Goldstein, Mike Studeman, Xi Jinping, Dean Cheng, haven't, Cheng, Xie Huanchi, There's, Kyle Amonson, Dane Egli, Annabelle Chih, Getty Images Goldstein, Joe Biden Organizations: Service, Business, Defense, REUTERS, Taiwan's, Taiwan's Ministry of Defense, US Department of Defense, China Economic, Security, PLA, Patriot, US, Center, New, New American Security, Marine Corps, China Coast Guard, Scarborough, ROSA, Military, of Naval Intelligence, Pacific Command, US Institute of Peace, of, People, Getty Images, People's Liberation Army, CCP, Soviet, Center for Strategic, International Studies, Japan, US Coast Guard, Chinese Communist Party, Democratic Progressive Party, Kyodo, Stills Locations: China, Taiwan, Asia, Liaoning, Beijing, New American, AFP, Hong Kong, Xinhua, DoD's China, Cuba, US, Tainan, Japan, Philippines

☆ China is getting a head start on the flying car industry: report
▼ + stars: | 2024-04-22 | by ( Grace Eliza Goodwin | ) www.businessinsider.com time to read: +2 min

China is pulling ahead in the flying car industry. AdvertisementChina is leading the pack as the flying car industry tries to take off. Kellen Xie, the vice president of Chinese eVTOL company AutoFlight Group, told the Financial Times that the Civil Aviation Administration of China (CAAC) has been "quite supportive" of the growing industry. Related storiesXie told FT that CAAC regulators "work longer hours" and "are determined to actually speed up the process of bringing this new technology into reality." A month later, California-based startup Aska became the second eVTOL company to earn FAA certification, but Aska's prototype is more like an aircraft than a car.

Persons: AutoFlight, —, Kellen Xie, Xie Organizations: Service, AutoFlight, Financial Times, Civil Aviation Administration of China, Federal Aviation Administration, Alef Aeronautics, FAA Locations: China, Europe, California

☆ Lessons for Baltimore: How Minneapolis recovered from its 1-35W bridge collapse 17 years ago
▼ + stars: | 2024-03-27 | by ( Alicia Wallace | ) edition.cnn.com time to read: +7 min

Minneapolis CNN —The collapse of the the Francis Scott Key Bridge in Baltimore on Tuesday is unfortunately not the first deadly collapse of a major interstate bridge in the US. About 140,000 cars a day traversed the I-35W bridge that once stood more than 100 feet above the Mighty Mississippi. Steve Helber/APIt’s not a complete apples to apples comparison between the I-35W bridge and the Key Bridge. The Key Bridge had about 22% of the daily traffic of the I-35W Mississippi River Bridge; however, the Minneapolis bridge was about 22% the length of the truss bridge in Baltimore. In the immediate aftermath of the Key Bridge collapse, Levinson told CNN that this event should hopefully bring attention to vulnerabilities of critical pieces of infrastructure.

Persons: Francis Scott Key, ” Christopher Phelan, Minneapolis , Minnesota Mandel Ngan, MnDOT, Nancy Daubenberger, George W, Bush, ” Phelan, Tim Walz, Steve Helber, ” Ryan Petersen, David Levinson, ”, Levinson, Feng Xie, Xie, ” Levinson Organizations: Minneapolis CNN, Twin, University of Minnesota, CNN, Getty, Minnesota Department of Transportation, NPR, US, Minnesota, Minnesota Gov, Coast Guard, Port, University of Sydney, Minneapolis Star, Transportation Planning, Technology Locations: Minneapolis, Baltimore, Mississippi, Twin Cities, Mighty Mississippi, Minnesota, Minneapolis , Minnesota, AFP, City, Lakes, Anthony Falls, Maryland, Baltimore , Maryland, Port of Baltimore, Australia

☆ Analysis: China worried about return of Trump, but also sees opportunities if he wins 2024 election
▼ + stars: | 2024-03-10 | by ( Simone Mccarthy | ) edition.cnn.com time to read: +15 min

Then-US President Donald Trump and his wife Melania with Chinese leader Xi Jinping and his wife Peng Liyuan at Beijing's Forbidden City in 2017. “If this decoupling is carried out by Trump 2.0 in a very forceful way, the impact on China is going to be very severe. But experts say China’s business and official sectors are likely already considering contingency plans. Chinese leader Xi Jinping and Russian President Vladimir Putin leave a reception following talks at the Kremlin in March 2023. “Whoever wins – the structure of (US) confrontation, competition, pressure to China are still there,” he said.

Persons: Joe Biden, Xi, Donald Trump, didn’t, –, Biden, Wang Yi, Trump, He’s, Trump’s, Brian Wong, ” Wong, Lintao Zhang, Obama, Melania, “, Xi Jinping, Peng Liyuan, Xie Huanchi, he’s, ”, Bala Ramasamy, Shen Dingli, Premier Li Qiang, Ronald Reagan, “ Biden, Shen, ” Trump, skeptically, Vladimir Putin, Putin, Pavel Byrkin, Wong, it’s, Wang Yiwei Organizations: Beijing CNN —, Communist Party, Biden, Senior, Trump’s “, University of Hong Kong’s, Contemporary, House, oceanside, Trump, of, Forbidden, Huawei, Oxford Economics, China Europe International Business School, Premier, American, South Korea Navy, Asia –, Russia’s, NATO, Europe, Kremlin, Getty, South Korea –, White House, Renmin University Locations: China, Beijing, State, US, Russia, Communist, Contemporary China, Taiwan, Lago, City, Xinhua, Shanghai, Southeast Asia, Latin America, Europe, China's Qingdao Port, –, Asia, Seoul, Tokyo, Ukraine, United States, AFP, Japan, South Korea, America, Washington, Hong Kong, South China

☆ Europe is nervous about a potential Trump win. China sees an opportunity
▼ + stars: | 2024-02-19 | by ( Simone Mccarthy | ) edition.cnn.com time to read: +10 min

China – which has not condemned Russia’s invasion and claims impartiality in the conflict – has also emerged as a key lifeline for the sanctions-hit Russian economy. In Europe, this has galvanized concerns about China’s own global ambitions and played a role in the European Union’s ongoing push to recalibrate its policy toward China. EU foreign policy chief Josep Borrell reiterated the EU’s “expectation that China refrains from supporting Russia,” in a meeting with Wang Friday. “As long as war in Ukraine continues, EU policies toward China will move into closer alignment with the US. As president, Trump not only voiced skepticism of the system of US alliances in Europe, but leveraged tariffs on European steel and aluminum, sparking retaliatory measures on US goods from Europe.

Persons: Hong Kong CNN —, Wang Yi, Wang, Donald Trump, Trump, ” Wang, Alexey Navalny, Vladimir Putin’s, “, ”, Noah Barkin, Maxym Marusenko, Putin, Xi Jinping, –, Jens Stoltenberg, Josep Borrell, Christoph Heusgen, Dmytro Kuleba, Xi, hasn’t, It’s, Kuleba, Vladimir Putin, Xie Huanchi, Yu Jie, ‘, Liu Dongshu, “ Wang Yi, China …, ” Liu, Emmanuel Macron, GMF Organizations: Hong Kong CNN, Munich, Washington, NATO, German Marshall Fund of, Communist Party, Wang Friday, Bloomberg, CNN, China’s, Ministry, ”, Ukrainian, Security, Beijing, Peace, Getty, ’ Observers, US, Chatham House, City University of Hong, “, White Locations: China, Hong Kong, States, Europe, Ukraine, Beijing, Munich, Moscow, Russia, United States, Russian, Ukraine's Kharkiv, West . China, Taiwan, EU, ”, China’s, Asia, Pacific, ” Beijing, Switzerland, Xinhua, London, Spain, France, City University of Hong Kong’s, Washington, York

☆ Unlikely to see a 'no landing' scenario of zero Fed rate cuts in 2024: Strategist
▼ + stars: | 2024-02-06 | 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 EmailUnlikely to see a 'no landing' scenario of zero Fed rate cuts in 2024: StrategistAmy Xie Patrick of Pendal explains why she sees limited upside in the bond markets in the short term, and discusses her expectations for rate cuts by the U.S. Federal Reserve.

Persons: Amy Xie Patrick, Pendal Organizations: U.S . Federal Reserve

☆ Bao Fan: Missing Chinese banker resigns from China Renaissance for ‘health reasons’
▼ + stars: | 2024-02-02 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Bao Fan, a star Chinese tech banker who disappeared a year ago amid Beijing’s anti-corruption crackdown, has formally resigned from the firm he founded, the company said. CNN has contacted China Renaissance for comment. China Renaissance announced a management reshuffle to replace its chairman and CEO, along with other top positions. He founded China Renaissance in 2005 in Beijing and made it one of the top dealmakers for Chinese tech firms. Shares in China Renaissance were suspended from trading last April because of issues related to Bao’s status.

Persons: Hong Kong CNN — Bao Fan, Bao, ”, Xie Yi Jing, Deloitte Touche Tohmatsu, “ Organizations: Hong Kong CNN, China Renaissance, Company, CNN, Economic Observer, Communist Party, Deloitte Locations: China, Hong Kong, Bao, Beijing, Dianping

☆ Evergrande, the massive Chinese real estate developer with $300 billion in debt, is ordered to liquidate by a Hong Kong court
▼ + stars: | 2024-01-29 | by ( Clare Jim | Xie Yu | ) www.businessinsider.com time to read: +3 min

A Hong Kong court on Monday ordered the liquidation of real-estate developer China Evergrande Group. Evergrande is the world's most indebted developer with more than $300 billion of total liabilities. AdvertisementA Hong Kong court on Monday ordered the liquidation of China Evergrande Group, a move likely to send ripples through China's crumbling financial markets as policymakers scramble to contain the deepening crisis. Evergrande had been working on a $23 billion debt revamp plan with the ad hoc bondholder group for almost two years. Before Monday, at least three Chinese developers have been ordered by a Hong Kong court to liquidate since the current debt crisis unfolded in mid-2021.

Persons: —, Evergrande, Hui Ka Yan, Linda Chan Organizations: Monday, China Evergrande, Service, Hong, China Evergrande Group, Hong Kong High, Evergrande Locations: Hong Kong, Beijing, China

☆ Chinese stocks are starting to turn around. How to play it
▼ + stars: | 2024-01-28 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

Chinese stocks ended the week with four straight days of gains — a rare upswing after a dismal start to the year. "Investing in China, you have to have an active strategy," he said, emphasizing the need to focus on industries that receive policy support. All three are listed on mainland Chinese stock exchanges. In the past six months, foreign investors have pulled around $30 billion from mainland Chinese A shares, the report said. Citi analysts also include adidas and Kone in their basket of European stocks with China exposure.

Persons: David Chao, Chao, Pan Gongsheng, Edward Chan, Schelling Xie, Xie, CRRC, —, Peter Alexander, Alexander, — CNBC's Michael Bloom Organizations: Asia Pacific, People's Bank of China, PBOC, . Federal Reserve, Financial Regulatory Administration, CNBC, HSBC, Hong, Citi, adidas, Kone Locations: Asia, Japan, Invesco, China, Beijing, Hong Kong, Shanghai, U.S

Kerry and Xie paved the way for progress at international summits that could have otherwise stagnated. The annual U.N. climate summit was being held in Copenhagen later that year, and Kerry was eager to talk about it with Chinese officials. Stern said the deal “ricocheted around the climate world" and convinced countries that “we can actually get this done.”The importance of the deal became evident one month later. It was the relationship with China, Kerry said afterward, that helped “change the paradigm.”——-The warm feelings were short-lived. Donald Trump was elected president in 2016, and he promptly withdrew the U.S. from the Paris agreement after taking office.

Persons: John Kerry, Xie Zhenhua, Kerry, Xie, Mao Zedong's, Christiana Figueres, ”, Li Shuo, ” —, George W, Bush, Barack Obama's, Obama, Todd Stern, ” Stern, “, Xi Jinping, Stern, Figueres, ” Xie, —, Donald Trump, Joe Biden, Xi, hadn’t, Trump, Biden, Jonathan Pershing, Nancy Pelosi, John, John Podesta, Podesta, ___ Read, Chris Megerian, Seth Borenstein Organizations: WASHINGTON, United, Communist Party, U.S, Asia Society, Greenpeace, Senate Foreign Relations, International, Trump, William, Flora Hewlett Foundation, Associated Press Locations: United Nations, Dubai, Paris, England, Vietnam, China, Copenhagen, Lima, Glasgow, Sunnylands, Beijing, Christiana, U.S, “, Lima , Peru, South, Taiwan, COVID, Egypt, California, Arab Emirates, AP.org

☆ A couple says they were caught naked by a cleaner who walked into their hotel room. They're demanding 10 times the cost of their stay as an apology.
▼ + stars: | 2024-01-25 | by ( Matthew Loh | ) www.businessinsider.com time to read: +2 min

Read previewA couple who stayed at a hotel in Guangdong, China, is demanding a refund worth 10 times the cost of their room after a cleaner walked in on them while they were naked. Huang and his girlfriend were staying at the Ranz Hotel in the city of Shenzhen on Saturday and had arranged for a late checkout at 6 p.m., per the outlet. Related storiesA front desk staff member at the Ranz Hotel confirmed the incident to Hunan-based daily Xiaoxiang Morning News. The hotel told the outlet it could offer an apology, but not the money. The Ranz Hotel did not immediately respond to a request for comment sent by BI.

Persons: —, Huang, Xie Organizations: Service, Business, TV, Guangdong Radio, Ranz Hotel, Morning, BI Locations: Guangdong, China, Shenzhen, Hunan, Weibo

☆ China's rapidly dwindling future will shape the world for decades to come
▼ + stars: | 2024-01-21 | by ( Linette Lopez | ) www.businessinsider.com time to read: +14 min

Everything was getting bigger — its cultural influence, geopolitical ambition, population — and seemed poised to continue until the world was remade in China's image. But now China's economy is withering, and the future Beijing imagined is being cut down to size along with it. What Beijing does — or fails to do — to fight this malaise will determine the course of humanity for decades to come. China's deflation worries started in earnest in the summer. Years of overbuilding — by about double the population, according to some estimates — and slowing population growth caused prices to collapse .

Persons: Minxin Pei, there's, Charlene Chu, Autonomous Research Charlene Chu, Chu, Wei Yao, Générale, I'm, Ben Bernanke, Bernanke, Xi Jinping, Xie Huanchi, Société Générale's Yao, Yao, It's, —, aren't, Logan Wright, Wright, Xi doesn't, Jinping, it's, Xi, Claremont's Pei, magnanimity Organizations: Claremont McKenna College, Autonomous Research, Federal Reserve, Getty Images Japan, Chinese Communist Party, Xi, CCP Locations: China, Beijing, dauphin, Xinhua, Japan, Xi's China, East Asia, Taiwan, Europe

[1/4] The company logo is seen on the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. REUTERS/Aly Song/File Photo Acquire Licensing RightsHONG KONG, Dec 4 (Reuters) - A court hearing into a liquidation petition filed against China Evergrande Group (3333.HK) was adjourned in a Hong Kong court to next month, allowing more time to finalise a debt restructuring proposal in a major relief for the embattled developer. On Oct. 29, when adjourning the hearing to Monday, Hong Kong High Court Justice Linda Chan had said the next hearing would be the last before a decision was made on liquidating Evergrande. Evergrande last week scrambled to put together a revised restructuring plan to avoid a possible liquidation order. The creditors were opposed to the latest restructuring plan and will seek liquidation if the terms do not change, said the advisor.

Persons: Aly, Jan, Linda Chan, Evergrande, Hui Ka Yan, Clare Jim, Sumeet Chatterjee, Kim Coghill, Christopher Cushing Organizations: China Evergrande Group, REUTERS, China Evergrande, HK, Hong, Hong Kong High, Moelis, Authorities, Thomson Locations: China, Shenzhen, Guangdong province, HONG KONG, Hong Kong, Evergrande, destabilised

☆ China Evergrande creditors seek controlling stakes in new proposal
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +1 min

An Evergrande sign is seen near residential buildings at an Evergrande residential complex in Beijing, China September 27, 2023. REUTERS/Florence Lo/File Photo Acquire Licensing RightsDec 1 (Reuters) - A group of offshore creditors to China Evergrande Group (3333.HK) is asking for a controlling equity stake of the developer and two of its Hong Kong subsidiaries as part of company's revised debt restructuring proposal, a source familiar with the matter said on Friday. The group, which works as an ad hoc group of Evergrande's offshore creditors, made the request after the developer earlier this week made a new offer to repay their offshore debts, the source said. Evergrande has until a Hong Kong court hearing on Monday to present a "concrete" revised debt restructuring proposal for offshore creditors, a judge said last month after its original plan had lapsed. Reporting by Xie Yu in Hong Kong, Gnaneshwar Rajan in Bengaluru; Editing by Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

Persons: Florence, Evergrande, Xie Yu, Gnaneshwar, Stephen Coates Organizations: REUTERS, China Evergrande, Hong Kong, Bloomberg News, Reuters, Thomson Locations: Beijing, China, HK, Hong, Hong Kong, Gnaneshwar Rajan, Bengaluru

☆ Executives go missing in China—this time linked to troubled shadow bank Zhongzhi
▼ + stars: | 2023-12-01 | by ( Laura He | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —Two Chinese business executives at companies controlled by the embattled financial conglomerate Zhongzhi have gone missing, according to statements by their respective firms. The development comes just days after Chinese authorities launched a criminal investigation into the troubled shadow bank, one of China’s largest. Both companies are controlled by Zhongzhi’s investment units, and the missing executives have been connected with the conglomerate for years. The office building of Zhongrong International Trust, a trust company partially owned by Zhongzhi Enterprise Group, in Beijing. Zhongzhi’s trust banking unit has invested about a tenth of its money in real estate.

Persons: Zhongzhi, Ma Hongying, Ma Changshui, Florence Lo, Xie Zhikun, —, ”, Xie, Xi Jinping Organizations: Hong Kong CNN, Gym Education Technology, Shenzhen Stock Exchange, International Trust, Zhongzhi Enterprise Group, Beijing, Business Locations: Hong Kong, Dalian, Xinjiang, Beijing, China’s, China

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