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☆ U.S. and China to hold talks on 'balanced growth' amid overcapacity concerns, Yellen says
▼ + stars: | 2024-04-06 | by ( ) www.cnbc.com time to read: +4 min

US Treasury Secretary Janet Yellen (L) shakes hands with China's Vice Premier He Lifeng in the southern Chinese city of Guangzhou, on April 5, 2024. After two days of economic talks in China's southern export hub of Guangzhou, Yellen said she and He also agreed to start a forum to cooperate on anti-money laundering efforts in their respective financial systems. Beijing also expressed serious concerns about U.S. economic and trade restrictions on China and made a full response to the production capacity issue during the talks, the statement said. The U.S. Treasury official, who spoke on condition of anonymity, said the balanced growth forum was first proposed in February during an economic working group meeting. Yellen also said she had warned Chinese firms faced "significant consequences" if they provided material support to Russia's invasion of Ukraine.

Persons: Janet Yellen, Pedro Pardo, Lifeng, Yellen, Biden, Wendy Cutler Organizations: China's, Afp, Getty, Treasury, U.S . Treasury Locations: Guangzhou, overcapacity, China, U.S, United States, Xinhua, Beijing, Ukraine

☆ A glut of cheap Chinese goods is flooding the world and stoking trade tensions
▼ + stars: | 2024-03-28 | by ( Hanna Ziady | Laura He | ) edition.cnn.com time to read: +8 min

The oversupply of Chinese goods in key industries is stoking tensions between the world’s biggest manufacturer and its major trading partners, including the United States and the European Union. From clothes to carsChina’s exports of low-priced goods got a boost after it joined the World Trade Organization (WTO) in 2001. “What China exports is advanced production capacity that meets the needs of foreign customers,” Xinhua News Agency wrote. US President Joe Biden recently pledged to investigate whether imports of Chinese vehicles pose a national security threat. “But perhaps more importantly, persistent oversupply and low prices of Chinese goods will add to geopolitical tensions and keep the threat of tariffs and counter-tariffs alive,” she wrote in a recent note.

Persons: Hong Kong CNN —, ” Jens Eskelund, Xi Jinping, Huang Jingwen, ” Eskelund, Brad W, ” Markus W, Voigt, China’s BYD, Warren Buffett, Setser, Li Qiang, “, ”, Joe Biden, Jennifer McKeown, Shawn Deng Organizations: Hong Kong CNN, European Union, European Union Chamber of Commerce, Zero, of, People, China’s National Bureau of Statistics, Council, Foreign Relations, World Trade Organization, Aream Group, Tesla, Getty, China Development Forum, Xinhua, Agency, ., EV, European Commission, WTO, Capital Economics Locations: Hong Kong, United States, China, Europe, Beijing, Xinhua, China's Shandong, . Washington, Brussels

☆ Xi tells Dutch prime minister: No force can stop China’s tech advance
▼ + stars: | 2024-03-28 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +1 min

THE HAGUE, NETHERLANDS - MARCH 23:Dutch Prime Minister Mark Rutte meets with the President of the People's Republic of China Xi Jinping at the Catshuis March 23, 2014 in The Hague, Netherlands. (Photo by Valerie Kuypers-Pool/Getty ImagesChina's technological progress cannot be stopped, Chinese President Xi Jinping told Dutch Prime Minister Mark Rutte when they met in Beijing Wednesday for talks on areas such as the critical semiconductor industry. "The Chinese people also have legitimate development rights, and no force can stop the pace of China's scientific and technological progress," said Xi, according to Xinhua News Agency. Such EUV lithography machines are crucial for chip manufacturing and are used by companies like Taiwan's TSMC to make the smallest and most sophisticated chips. In January, the Netherlands barred ASML from exporting some of its deep ultraviolet lithography systems to China, which are used to make slightly less advanced chips.

Persons: Mark Rutte, Valerie Kuypers, Xi Jinping, Xi Organizations: Dutch, People's Republic of China Xi, Xinhua News Agency, U.S Locations: HAGUE, NETHERLANDS, People's Republic of China, The Hague, Netherlands, Beijing, China

☆ CNBC Daily Open: Focus turns to key inflation data
▼ + stars: | 2024-03-28 | by ( Sumathi Bala | ) www.cnbc.com time to read: +2 min

Photographer: Christopher Dilts/Bloomberg via Getty ImagesThis 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. Xi on China tech progressChinese President Xi Jinping told Dutch Prime Minister Mark Rutte that no force can stop China's tech advance. Separately, Xi also told U.S. executives that bilateral ties can have a "brighter future" and vowed to improve the business environment. The next few days could prove crucial in diverting trade away from the port, logistics executives told CNBC, after a container ship collided into the Francis Scott Key Bridge early Tuesday.

Persons: Christopher Dilts, Topix, Xi, Xi Jinping, Mark Rutte, Janet Yellen, Yellen, Francis Scott Key, David Neuhauser Organizations: Bloomberg, Getty, CNBC, Nikkei, U.S ., CSI, Dow, Nasdaq, Dutch, Xinhua News Agency, U.S, Treasury, Francis Scott Key Bridge, Livermore Partners Locations: Chicago , Illinois, Japan, Seng, China, Beijing, U.S, Baltimore, Port of Baltimore

China’s economy has struggled to recover from severe self-imposed restrictions during the COVID-19 pandemic that it lifted only at the end of 2022. But Xi said that China was again contributing to world economic growth in the double digits percentage-wise. China's economy has been bogged down by a crisis in its property market in which builders are struggling under mountains of debt, and buyers are paying off loans on apartments that may never be completed. Other issues, such as an aging population and high youth unemployment, are prompting China's leaders to lean more heavily on boosting export manufacturing to make up for weak demand at home. “The respective successes of China and the United States create opportunities for each other," Xi was quoted as saying by Xinhua.

Persons: —, Xi Jinping, Xi, ” Xi, Stephen A, Biden, Donald Trump, “, Craig Allen, China's, Antony Blinken, Janet Yellen Organizations: BEIJING, U.S, Communist Party, China's, Xinhua News Agency, Blackstone . Trade, U.S ., China Business Council, Apple, Xinhua Locations: Beijing, China, U.S, United, Washington, San Francisco, Taiwan, Hong Kong, Tibet, Xinjiang, People's Republic, United States

☆ An ancient dinner still sits in a Bronze Age village 2,850 years later
▼ + stars: | 2024-03-23 | by ( Ashley Strickland | ) edition.cnn.com time to read: +6 min

First, one of the crew found a marble head of a Roman lady, and two weeks later its bust surfaced nearby, reuniting the pieces. Cambridge Archaeological UnitMust Farm was a thriving Bronze Age stilt village, perched above a river in eastern England, when it burned down 2,850 years ago — just nine months after its inhabitants had built it. The site, acclaimed by experts as “Britain’s Pompeii,” preserved rare information that reveals a new, less hierarchical portrait of Bronze Age society. Malhan/MPIAAstronomers have spied two streams of ancient stars that likely helped build the Milky Way galaxy billions of years ago. They find wonder in planets beyond our solar system and discoveries from the ancient world.

Persons: Earl of Exeter, ”, Chris Wakefield, Kermit the, Jim Henson’s, Payne, Shiva, Li Yibo, Ashley Strickland, Katie Hunt Organizations: CNN, Burghley, University of Cambridge, Smithsonian National Museum of, NASA, Force, Xinhua News Agency, Getty, CNN Space, Science Locations: United Kingdom, Peterborough, England, Cambridge, Africa, Ethiopia’s, China, Shaanxi, Iran

☆ Spring equinox: First day of spring arrives
▼ + stars: | 2024-03-19 | by ( Forrest Brown | ) edition.cnn.com time to read: +7 min

The spring equinox will arrive exactly at 3:06 UTC (Coordinated Universal Time) on Wednesday, March 20, according to EarthSky. Click here to look up the exact moment of the spring equinox where you’re located. Spring equinox has another nameIf you ever hear anyone say “vernal equinox,” it means the same thing. Zhang Xiaoyu/Xinhua News Agency/Getty ImagesIn Japan, Vernal Equinox Day is a public holiday (on Wednesday, March 20, this year). In China, trying to stand an egg upright is a popular game during the spring equinox, according to VisitBeijing.com.

Persons: Tuesday •, •, • Chiang Mai, David Silverman, Alex Pena, It’s, you’ve, it’s, Hugo Borges, Itzá, El Castillo, Zhang Xiaoyu, ” Organizations: CNN, Tuesday, United, Southern, Anadolu Agency, Getty, NASA, Northern Hemisphere, Northern, Southern Hemisphere, National Weather Service, Heritage, Xinhua News Agency Locations: • Anchorage, Alaska, Vegas ( Nevada, Tuesday • Guadalajara, Mexico, Chicago, Illinois, Toronto, Canada, Jacksonville, Florida, Halifax, • Dublin, Ireland, Accra, Ghana, • Berlin, Germany, • Alexandria, Egypt, • Ankara, Turkey, • Dubai, United Arab Emirates, • Mumbai, India, Thailand, • Hong Kong, • Tokyo, Japan, Stellenbosch , South Africa, Northern, South, Quito, Ecuador, Singapore, San Andrés, Zapotitán, El Salvador, Pole, Scandinavia, Itzá, Yucatan State, AFP, England, Malta, Yoyogi, Tokyo, Vernal, Persian, China

☆ Hong Kong shoppers are crossing the border into Shenzhen to buy croissants and rotisserie chickens at China's newest Costco
▼ + stars: | 2024-03-05 | by ( Erin Snodgrass | ) www.businessinsider.com time to read: +4 min

The store's popularity is driven by Hong Kong residents crossing the border to shop in mainland China. Xinhua News AgencyLarge bulk stores are a rarity in Hong Kong due to the city's limited space and expensive culture. AdvertisementHong Kong's economic struggles, however, have created the perfect circumstances for Shenzhen Costco to thrive. Costco has organized several shuttle buses each day that run between the Shenzhen store and Hong Kong, according to a company spokesperson. Costco is also partnering with cross-border delivery companies that pack and ship items purchased by Hong Kong residents.

Persons: — Organizations: Costco, Service, Xinhua, Agency, Hong, Shenzhen Costco, Bloomberg, Tencent Holdings, Pay Locations: Shenzhen, China, Hong Kong, Costco, Guangdong Province, Guangdong Province of China, Taiwan

☆ Two giant pandas are moving to a California zoo in a rare loan from China
▼ + stars: | 2024-02-22 | by ( Taylor Romine | Jessie Yeung | ) edition.cnn.com time to read: +3 min

CNN —China is sending two giant pandas to the San Diego Zoo – the first time it has granted new panda loans to the United States in two decades. His comments came shortly after the Smithsonian National Zoo in Washington, DC sent its three pandas back to China – marking the end of more than 50 years of Chinese pandas being housed at the zoo. The National Zoo was the first US zoo to showcase pandas, and the end of its program had left Zoo Atlanta as the only other US zoo to feature pandas. San Diego Zoo returned its last two pandas to China in 2019, after its loan agreement ended. According to Xinhua, discussions are ongoing for “a new round of cooperation” with the National Zoo and a zoo in Austria.

Persons: Xi Jinping, ” Xi, Xi, Joe Biden Organizations: CNN, San Diego Zoo, San Diego Zoo Wildlife Alliance, Smithsonian National Zoo, Washington , DC, Zoo, Zoo Atlanta, China Wildlife Conservation Association, Xinhua, Washington, Smithsonian, National Zoo, World Wildlife Fund Locations: China, United States, Washington ,, San, Europe, Germany, Netherlands, Denmark, Finland, Qatar, Xinhua, Austria

BEIJING (AP) — The former chairman of the Bank of China has been indicted on bribery charges, prosecutors said Monday, adding to a long list of business and government officials who have been brought down by Chinese leader Xi Jinping's yearslong anticorruption drive. Liu Liange is accused of taking advantage of his positions at the Bank of China and previously as president of the Export-Import Bank of China, the Supreme People’s Procuratorate said in a statement posted on social media. The state-owned Bank of China, one of the country's “Big Four” banks, has a major overseas presence. The Supreme People’s Procuratorate announced last month that Tang Shuangning, the former chairman of China Everbright Group, another state-owned bank, had been arrested on suspicion of embezzlement and bribery. Beyond finance, the former chairman of the Chinese Football Association was tried last month on charges of taking 81 million yuan ($11.2 million) in bribes.

Persons: Xi Jinping's, Liu Liange, People’s Procuratorate, Liu, Xi, Tang Shuangning Organizations: BEIJING, Bank of, Bank of China, Export, Import Bank of China, Xinhua News Agency, of, China Everbright Group, Xinhua, Chinese Football Association Locations: Bank of China, Jinan, China’s Shandong province, of China

He replaced Yi Huiman, who presided over months of turmoil as share markets slumped, losing trillions of dollars of value. Earlier this week, the CSRC said that it was cracking down on insider trading, market manipulation and other crimes and would protect small investors. A state investment fund pledged to step up buying of exchange-traded funds and regulators also imposed limits on short-selling. Prolonged weakness in the property market and share prices has dented consumer confidence, hindering that transition. Given the selloff in the stock market, “many could be tempted to take their loss and walk away in the slightest recovery.

Persons: Wu Qing, Yi Huiman, Swissquote, Wu, “, Xi Jinping, ” Ozkardeskaya Organizations: Shanghai Stock Exchange, Communist Party, China Securities Regulatory Commission, Xinhua News Agency, Investors, ”, Authorities Locations: BANGKOK, Wu, China, Shanghai, Shenzhen, Beijing

BEIJING (AP) — China replaced the head of its market watchdog Wednesday in an apparent attempt to restore confidence in financial markets following a prolonged downturn. Official media said Wu Qing, a former chairman of the Shanghai Stock Exchange, would replace Yi Huiman as chairman and Communist Party chief of the China Securities Regulatory Commission. Chinese stocks have been trading near 5-year lows despite various measures to stabilize the markets. Earlier this week, the CSRC said it was cracking down on insider trading, market manipulation and other crimes and would protect small investors. The appointment came during a week that has seen wild swings in share prices and despair among investors who have seen their investments evaporate.

Persons: Wu Qing, Yi Huiman, Wu, “, Butcher ”, Swissquote, ” Ozkardeskaya, Yi, monthslong Organizations: BEIJING, Shanghai Stock Exchange, Communist Party, China Securities Regulatory Commission, Xinhua News Agency Locations: China, Shanghai, Shenzhen, Beijing

☆ China expresses concerns to U.S. over tariffs, sanctions in Beijing talks
▼ + stars: | 2024-02-07 | by ( ) www.cnbc.com time to read: +1 min

China's financial officials expressed concerns to visiting U.S. Treasury officials about U.S. tariffs, investment restrictions and sanctions set up to "suppress" Chinese companies, the Chinese finance ministry said on Tuesday. China's financial officials expressed concerns to visiting U.S. Treasury officials about U.S. tariffs, investment restrictions and sanctions set up to "suppress" Chinese companies, the Chinese finance ministry said on Tuesday. Both sides had "in-depth, frank, pragmatic and constructive" exchanges on their macroeconomic situation and policy, and developing countries' debt, among other issues in the meetings this week in Beijing, the ministry said. They agreed to continue to maintain communications, it added. In a separate meeting, China's vice premier He Lifeng also met with U.S. Treasury Undersecretary for International Affairs Jay Shambaugh on Tuesday, China's official Xinhua news agency reported.

Persons: Lifeng, International Affairs Jay Shambaugh Organizations: U.S, Treasury, International Affairs, China's, Xinhua Locations: Beijing

☆ Social media chatter helps draw 3 million tourists in 3 days to a frigid city in northern China
▼ + stars: | 2024-02-07 | by ( Yulia Jiang | ) www.cnbc.com time to read: +7 min

"He said he was happy to see so many southern visitors in Harbin." The plump, bundled-up appearance of Harbin tourists, many hailing from southern China, led to locals calling them "Little Southern Taters" — a nickname that was widely discussed on Chinese social media. Tourists new nickname for Harbin — the shorter "Rbin" — has swept across Chinese social media too, representing their newfound affection for the city. A larger plan to use social media to publicize Harbin and the larger province of Heilongjiang may be at play. He Jing, head of Heilongjiang Provincial Department of Culture and Tourism, told China Central Television that his department has been focusing on using social media "since the beginning of 2023."

Persons: Yuying Zhang, Zhang, Zhang Zhang, Zhang Tao, she's, —, Andrea Verdelli, Jing, Jiang, Yuetong Jiang Organizations: Harbin Cultural Broadcasting, Tourism Bureau, CNBC, Xinhua News Agency, Getty, Street, Bloomberg, Heilongjiang Provincial Department of Culture, China Central Television, Harbin Locations: Harbin, China, Shanghai, Heilongjiang, Tourism, Changchun, China's Jilin

☆ Red Sea tensions risk significantly higher inflation, OECD warns
▼ + stars: | 2024-02-05 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

watch nowElevated shipping costs as a result of ongoing tensions in the Red Sea could impede the global fight against inflation, the Organisation for Economic Co-operation and Development said Monday. The Paris-based group estimates that the recent 100% rise in seaborne freight rates could increase import price inflation across its 38 member countries by nearly 5 percentage points if they persist. That could add 0.4 percentage points to overall price rises after a year, the OECD said in its latest economic outlook. Clare Lombardelli, chief economist at the OECD, told CNBC on Monday that a sustained increase in inflation as a result of the latest crisis is a risk, but not the group's base case. "It's something we're watching closely ... we have seen an increase in shipping prices, if that were to continue for for an extended period, then that would feed through into consumer price inflation.

Persons: Ahmed Gomaa, Clare Lombardelli, Lombardelli, Tiemen Meester, it's, Meester Organizations: Organisation for Economic Co, Development, OECD, Xinhua News Agency, Getty, CNBC Locations: Paris, Suez, Europe, Asia, Iran, Yemen, United States, Ismailia Province, Egypt, Good, Africa, Dubai

☆ A change to this one clause could be the most important part of the Fed meeting
▼ + stars: | 2024-01-30 | by ( Jeff Cox | ) www.cnbc.com time to read: +5 min

"We heard at the December meeting that no official expected to raise rates further as a baseline outcome. And we've heard that Fed officials are beginning the discussions around rate cuts," Matthew Luzzetti, Deutsche Bank's chief U.S. economist, said in an interview. Now, there's considerably more uncertainty as multiple statements from Fed officials point to a more cautious approach about declaring victory over inflation. The inflation rate judged by core personal consumption expenditures prices, a U.S. Department of Commerce measure that the Fed favors, indicates the real funds rate to be around 2.4%. Fed officials figure the long-run real rate to be closer to 0.5%.

Persons: Jerome Powell, Liu Jie, we've, Matthew Luzzetti, Luzzetti, He'll, Bill English Organizations: Federal, Washington , D.C, Xinhua News Agency, Getty, Federal Reserve, Deutsche Bank, Bank's, Fed, U.S . Department of Commerce, Yale School of Management Locations: Washington ,

☆ China plans to merge 3 bad debt asset managers with its largest sovereign wealth fund, state media reports
▼ + stars: | 2024-01-29 | by ( Clement Tan | ) www.cnbc.com time to read: +1 min

The plan to put China Cinda Asset Management , China Orient Asset Management and China Great Wall Asset Management under the jurisdiction of one of the world's largest sovereign wealth funds by assets will happen "in the near future," Xinhua added, without providing any further details. Beijing's actions follow a stock market rout amid burgeoning financial risks stemming from a debt crisis in its real estate sector. Last week, China's central bank announced its largest cut in mandatory cash reserves for banks since 2021. The property market slumped after Beijing cracked down on developers' high reliance on debt for growth in 2020, weighing on consumer growth and broader growth in the world's second-largest economy. China's real estate troubles are closely intertwined with local government finances since they typically relied on land sales to developers for a significant portion of revenue.

Persons: Beijing's Organizations: China Investment Corp, Xinhua, Asset Management, China Orient Asset Management, Wall Asset Management Locations: China, Xinhua, Beijing

☆ China says US military makes region more dangerous after Navy ship sails through Taiwan Strait
▼ + stars: | 2024-01-26 | by ( Brad Lendon | ) edition.cnn.com time to read: +4 min

Seoul, South Korea CNN —China accused the United States military of “abusing international law” and continuing a pattern of “dangerous provocations” in East Asia Thursday, after a US Navy destroyer made the service’s first transit of the Taiwan Strait of 2024. The USS John Finn (DDG 113) conducts routine operations in the East China Sea, on January 24, 2024. John Finn’s transit through the Taiwan Strait demonstrates the United States’ commitment to upholding freedom of navigation for all nations as a principle,” Greene said. While the John Finn’s transit of the Taiwan Strait was the first of 2024, US warships and warplanes regularly travel through and over the waterway. Aquilino told a defense forum in Hawaii that he expected a show of force from China against Taiwan in the wake of the election result.

Persons: ”, John Finn, Xi Jinping, reunify, Justin Stack, Cmdr, Meagan Greene, John Finn’s, ” Greene, John, Collin Koh, Washington, Wu Qian, “, John Aquilino, Aquilino, ” Aquilino, ” Koh Organizations: South Korea CNN, United, US Navy, Democratic Progressive Party, Party, Taiwan, Taiwan Relations, U.S . Navy US Navy 7th Fleet, Coast Guard, Rajaratnam, of International Studies, China’s Defense Ministry, Xinhua, China -, Defense, Pacific Command, Communist Party, Clinton, CNN, Pacific Locations: Seoul, South Korea, China, United States, East Asia, Taiwan Strait, Taiwan, Beijing, East China, State, States, Singapore, China - U.S, U.S, Hawaii, Honolulu ., Washington

☆ Fire in China school dorm kills 13 students
▼ + stars: | 2024-01-20 | by ( ) www.cnbc.com time to read: +1 min

The fire broke out on Friday night at Yingcai School in Yanshanpu Village, near Nanyang City in Henan province, China Central Television Station and Xinhua News Agency said. The dead were third graders at an elementary school, according to China Newsweek, a weekly magazine published by China News Service, the second largest Chinese news agency after Xinhua. A fire in a school dormitory in central China killed 13 students and injured another person, Chinese state media reported on Saturday. Yingcai is a private boarding school with a kindergarten and an elementary school, said The Paper, a Shanghai government-backed news outlet. The school gives students a break every two weeks but this was not a break weekend, The Paper said, citing several local residents.

Persons: Yingcai Organizations: Yingcai, China Central Television Station, Xinhua News Agency, China Newsweek, China News Service, Xinhua, Firefighters, Getty Images Locations: Yanshanpu Village, Nanyang City, Henan province, China, CHONGQING, CHINA, Chongqing, Shanghai

☆ Apple knew AirDrop users could be identified and tracked as early as 2019, researchers say
▼ + stars: | 2024-01-12 | by ( Sean Lyngaas | Brian Fung | ) edition.cnn.com time to read: +9 min

Washington CNN —Security researchers warned Apple as early as 2019 about vulnerabilities in its AirDrop wireless sharing function that Chinese authorities claim they recently used to track down users of the feature, the researchers told CNN, in a case that experts say has sweeping implications for global privacy. AirDrop lets Apple users who are near each other share files using a proprietary mix of Bluetooth and other wireless connectivity without having to connect to the internet. A Chinese tech firm, Beijing-based Wangshendongjian Technology, was able to compromise AirDrop to identify users on the Beijing subway accused of sharing “inappropriate information,” judicial authorities in Beijing said this week. The Chinese tech firm, Wangshendongjian Technology, that claimed to have exploited AirDrop appeared to have used some of the same techniques first identified by the Darmstadt researchers in 2019, said Alexander Heinrich, one of the German researchers. “Now that Chinese security agencies are exploiting this vulnerability, it’s a tough political problem for Apple.”

Persons: Apple, “, ”, Benjamin Ismail, Florida Sen, Marco Rubio, ” Rubio, Milan Stute, Sascha Meinrath, Palmer, Alexander Heinrich, ” Heinrich, Kenn White, Heinrich et al, ” White, Sen, Ron Wyden, ” Wyden, “ Apple, Qi An Xin, Dakota Cary, SentinelOne, Ismail, would’ve, Matthew Green Organizations: Washington CNN —, CNN, Apple, Bluetooth, Technology, Republican, Senate Intelligence Committee, Technical University of Darmstadt, Penn State University, Wangshendongjian Technology, ” Apple, Oregon Democrat, Beijing, Olympic, Xinhua, Johns Hopkins University, “ Locations: China, Washington, Hong Kong, Beijing, Florida, Germany, Darmstadt, Oregon, cyberattacks, Dakota

☆ Former Chinese central banker took ‘extraordinarily massive’ bribes, state media says
▼ + stars: | 2024-01-11 | by ( Michelle Toh | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —Fan Yifei, a disgraced former Chinese central banker, has admitted making a “huge mistake” in comments aired as part of a documentary by state broadcaster CCTV that alleges he accepted massive bribes from the beginning of his tenure. It described how he had received “extraordinarily massive” payments from executives of various companies in exchange for favors after taking up the PBOC’s second-highest position. “I wanted to possess great power, and at the same time, to be rich,” Fan said in the documentary. “I made a huge mistake.”According to CCTV, Fan accepted payments from businesspeople through his brother’s investment company. In addition to Fan’s case, the CCTV documentary exposed graft at a state-owned energy investment group and at the highest levels of Chinese sport.

Persons: Fan, Xi Jinping, “, Qian Long, Liu Liange, Wang Bin, Tang Shuangning, Tang, Wang Yongsheng, Wang, Li, China’s Organizations: Hong Kong CNN, People’s Bank of China’s, Central Commission, Xinhua, Communist Party, National Supervisory Commission, of China, China Life Insurance, China Everbright, China Development Bank, China Daily, soccer team, China’s Twitter Locations: China, Hong Kong, Xinhua, Weibo

☆ Will 2024 bring good tidings to media and telecom companies? That's unlikely
▼ + stars: | 2023-12-19 | by ( Alex Sherman | ) www.cnbc.com time to read: +10 min

Still, legacy media companies including Disney, Paramount Global, Warner Bros. Since the "Great Netflix Correction" of 2022, there isn't a unifying growth narrative for media and entertainment companies. Disney, Paramount Global and NBCUniversal have all pegged 2025 as their flagship streaming services' first full year of profitability. Beyond financial metrics, several executives privately acknowledged morale has become an increasing concern at legacy media companies. One executive noted he's increasingly hearing from peers that running media and entertainment companies just isn't as fun as it was five or 10 years ago.

Persons: Corey Martin, Granderson Des Rochers, Martin, Jerome Powell, Liu Jie, Shari Redstone, David A, CNBC Shari Redstone, Biden, Sinclair, Lina Khan, Joe Biden, Khan, There's, John Harrison, Brian Roberts, Drew Angerer, Donald Trump, Trump, David Zaslav, Michael M, Disney, Nelson Peltz, Jay Rasulo, Bob Iger, he's, LightShed's Rich Greenfield Organizations: Universal Studios, Warner Bros . Discovery, Disney, Paramount Global, Comcast, Granderson, U.S, Federal, Washington , D.C, Xinhua News Agency, Getty, Treasury, Federal Reserve, Allen, Co . Media, Technology Conference, Grogan, CNBC, Trump, Nexstar, Gray Television, Federal Trade, Verizon, Mobile, NBCUniversal, CBS, NBC, EY, Allen & Company Sun Valley Conference, Trump's Department, Justice, Time Warner, Republican, Democratic, Netflix, Cable, Warner Bros, New York Times, Santiago, Getty Images Media, Management, Paramount Locations: Washington ,, United States, Sun Valley , Idaho, Tegna, Europe, U.S, EY Americas, New York City

☆ China's Xi tells coast guard to enforce maritime law
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +1 min

China's President Xi Jinping attends the Leaders Retreat at the Asia-Pacific Economic Cooperation (APEC) Summit in San Francisco, California, U.S. November 17, 2023. REUTERS/Carlos Barria/File Photo Acquire Licensing RightsBEIJING, Dec 1 (Reuters) - China's President Xi Jinping has said the country's coast guard must enforce maritime law and crack down on "criminal activities" to defend China's territorial sovereignty, state media reported on Friday. Xi made the comments as he inspected the China Coast Guard's command office for the East China Sea area and the performance of the coast guard's ships by video, Xinhua news agency reported. "It is necessary to establish and improve the coordination and cooperation mechanism of maritime law enforcement, severely crack down on illegal and criminal activities at sea," Xi said. The Chinese coast guard has had several confrontations with vessels from the Philippines in disputed territorial waters in the South China Sea.

Persons: Xi Jinping, Carlos Barria, Xi, Ella Cao, Bernard Orr, Christina Fincher, Barbara Lewis Organizations: Economic Cooperation, REUTERS, Rights, East, Thomson Locations: Asia, San Francisco , California, U.S, Rights BEIJING, East China, Xinhua, Philippines, South China

☆ China’s Xi Jinping visits financial hub Shanghai as Chinese economy sputters
▼ + stars: | 2023-11-30 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Chinese leader Xi Jinping has visited Shanghai for the first time in three years, as his government steps up efforts to prop up the country’s economy and financial markets. The visit, his first since 2020, comes as business confidence wanes in China and foreign companies pull out of the country. “General Secretary Xi Jinping’s visit to Shanghai sends important signals at a critical moment,” an editorial by Xinhua said Thursday. “Shanghai must be a vanguard of the country’s reform and opening up and a pioneer in its tech innovation and development,” Xi was quoted as saying by Xinhua. Earlier this month, Xi visited the United States for the first time in more than six years, where he met with President Joe Biden to amend ties between the two countries.

Persons: Xi Jinping, Xi, Lifeng, Cai Qi, Xi Jinping’s, ” Xi, Joe Biden Organizations: Hong Kong CNN, Shanghai Futures Exchange, Xinhua News Agency, PMI, Xinhua, “ Finance Locations: Hong Kong, Shanghai, China, Beijing, United States

☆ Australia walks a tight rope on trade with China as security concerns mount
▼ + stars: | 2023-11-29 | by ( Clement Tan | ) www.cnbc.com time to read: +5 min

Chinese President Xi Jinping meets with Australian Prime Minister Anthony Albanese at the Great Hall of the People in Beijing, capital of China, Nov. 6, 2023. While trade compulsions have forced the Asia-Pacific nation to reach out to China, security concerns over Beijing's South China Sea claims have prevented a reset in ties. Trade talksPart of Beijing's calculus is rooted in Australia economic dependence on China. According to the Australian government, China is its largest trading partner, accounting for nearly a third of the country's total trade with the world. Australia is already closely watching potential flashpoints in the South China Sea, and in regard to Taiwan," Economist Intelligence Unit analysts said in a note.

Persons: Xi Jinping, Anthony Albanese, Ding Haitao, coronavirus, Darren Lim, Lee McLean, McLean, we've, Albanese, We've Organizations: Australian, of, People, Getty Images, Xinhua, Agency, Xinhua News Agency, Getty, Australian National University, Labor, Australia, U.S ., China Hub . Trade, CNBC, Sky News Australia, Economist Intelligence, U.S Locations: Beijing, China, Xinhua, Australia, Asia, Pacific, Canberra, U.S, South China, Taiwan, The Hague, Philippines

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