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☆ Xi's planned revival of Chinese financial watchdog exerts more party control
▼ + stars: | 2023-03-01 | by ( Joe Cash | ) www.reuters.com time to read: +4 min

BEIJING, March 1 (Reuters) - Plans by China's Communist Party to revive a high-level economic watchdog after two decades signal President Xi Jinping push to increase oversight of the financial sector, analysts say, part of a wider tightening of control by Xi and the party. "Through the CFWC, Xi and his allies could more rapidly roll out a reshuffle to replace the remaining legacy technocrats with people more loyal to them," he said. China's financial sector is overseen by the People's Bank of China (PBOC), the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, with the cabinet's Financial Stability and Development Committee at the top. Under the new proposed structure, the party would take on a direction-setting role for the economy and regulatory bodies. "But this could also lead to policies replacing some market forces, which may not be ideal for financial liberalisation", she said.

☆ TikTok Parent’s Work-Collaboration Tool Feishu Hit $100 Million in Revenue
▼ + stars: | 2023-02-16 | by ( Raffaele Huang | ) www.wsj.com time to read: 1 min

Consumers learned about ByteDance’s platform Feishu at an exhibition Beijing. SINGAPORE—ByteDance Ltd.’s Slack-like work-collaboration tool Feishu said its subscription revenue hit $100 million last year, as the Beijing-based parent company of TikTok seeks new sources of growth. Xie Xin, the chief executive of Feishu, told staff in a virtual meeting Thursday that the product’s annual recurring revenue—a metric that software-service companies refer to—jumped around 270% from 2021, according to employees who attended the meeting.

☆ What do Chinese travelers want? Luxury 'star-rated' hotels, says new survey
▼ + stars: | 2023-02-10 | by ( Evelyn Cheng | Chris Dwyer | ) www.cnbc.com time to read: +4 min

The research points to growing demand for high-end and luxury hotels in China now that the country has ended domestic travel restrictions — and a Covid wave has passed. watch nowThe report said that "37% of the consumers prefer higher star-rated hotels, up from 18% in 2020, with higher-income consumers showing even stronger appetites for luxury hotel stays (47% vs. 31% in 2020)." "The growing mid-/high-income population in China will fuel continued growth in demand for upscale hotels," the UBS report said. "At present, the number of upscale and luxury hotel guest room contribution and brand penetration rate in China are both lower than in North America." "China's hotel groups are still exploring the upscale hotel market, and we think acquisition of established overseas upscale brands may be their best option, and that founding joint ventures with real estate developers could provide property management resources for expansion into the upscale hotel market."

☆ China's big consumer market isn't rebounding to pre-pandemic levels just yet
▼ + stars: | 2023-01-09 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

For the past six months, revenue had dropped to 30% of typical levels, Chong said. The travel season for China's big holiday runs this year from around Jan. 7 to Feb. 15. That's twice what it was last year, and 70% of 2019 levels, China's Ministry of Transport said Friday. It noted most of the trips will likely be for visiting family, while just 10% will be for leisure or business travel. By that time, people will have been able to process their passport applications, while the number of international flights may have recovered to 50% or 60% of 2019 levels, Chen said.

☆ From recovery to regulation: How China's tech giants could fare in 2023 after a bruising year
▼ + stars: | 2022-12-20 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +11 min

But investors are starting to feel slightly more optimistic toward Chinese tech giants in 2023. Jakub Porzycki | Nurphoto | Getty ImagesIt's been another rough year for China's tech stocks. Xin Sun King's College LondonHow the exit from zero-Covid is handled could ultimately determine the extent of the rebound for China tech. Since the start of 2021, the Hang Seng tech index in Hong Kong, which includes most of China's tech giants, has fallen more than 50%. Firstly, Chinese tech firms have been cutting costs and exiting non-core businesses in order to boost profitability.

☆ The last panda in Latin America? Mexico to decide what happens next
▼ + stars: | 2022-11-18 | by ( Associated Press | ) www.nbcnews.com time to read: +2 min

Xin Xin, the last panda in Latin America, is not your average bear. A native of Mexico, she’s the only remaining member of a diaspora descended from giant pandas China gifted to foreign countries during the 1970s and 1980s. That era may soon end after more than 50 years because Xin Xin, the granddaughter of pandas gifted by China, is childless, in menopause and, at 32, very old. It could be the end for pandas in Latin America altogether if Mexico’s government balks at the price of a new panda. Xin Xin is a second-generation Mexican-born panda, tracing her lineage to Pe Pe and Ying Ying, who arrived to the zoo in 1975.

☆ Alibaba, Tencent shares plummet 11% alongside China tech stocks as Xi tightens grip on power
▼ + stars: | 2022-10-24 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +3 min

Tech giants Alibaba and Tencent closed down more than 11% in Asia; search company Baidu was 12% lower while food delivery firm Meituan tanked more than 14%. That makes it unlikely that anyone would challenge any "policy mistakes" that Xi makes which could hamper growth of the tech sector, Xin Sun, senior lecturer in Chinese and East Asian business, at King's College London said. Under Xi's leadership, China has implemented a raft of policy that has tightened regulation on the tech sector in areas from data protection to governing the way in which algorithms can be used. "Tech stocks have never been the best friend of Xi and it's clear that the market thinks that purge will continue," Justin Tang, head of Asian research at United First Partners, told CNBC. As part of the leadership reshuffle in China, Li Qiang, party secretary of Shanghai is expected to be made premier next year.

☆ China c.bank rolls over policy loans for liquidity, keeps rate unchanged
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +3 min

SHANGHAI, Oct 17 (Reuters) - China's central bank rolled over maturing medium-term policy loans while keeping the interest rate unchanged for a second month on Monday, largely in line with market expectations. The People's Bank of China (PBOC) said it was keeping the rate on 500 billion yuan ($69.55 billion) worth of one-year medium-term lending facility (MLF) loans to some financial institutions unchanged at 2.75% from the previous operation. Previously, the PBOC drained a net 200 billion yuan each in August and September. In a poll of 27 market watchers conducted last week, all respondents forecast no change to the MLF rate, with the vast majority of them expecting a partial rollover. The MLF rate serves as a guide to the loan prime rate (LPR), which is scheduled for release on Thursday.

☆ China c.bank rolls over policy loans to maintain liquidity, keeps rate unchanged
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +3 min

The People's Bank of China (PBOC) kept the rate on 500 billion yuan ($69.6 billion) worth of one-year medium-term lending facility (MLF) loans to some financial institutions at 2.75%, unchanged from the previous operation. Monday's liquidity injection was to "keep banking system liquidity reasonably ample" and to "fully meet financial institutional demand," the PBOC said in an online statement. In a poll of 27 market watchers conducted last week, all respondents forecast no change to the MLF rate, with the vast majority of them expecting a partial rollover. Widening policy divergence could risk yuan depreciation and capital outflows, despite inflationary pressure in China remaining largely benign by global standards. The MLF rate serves as a guide to the loan prime rate (LPR), which is scheduled for release on Thursday.

☆ Best Chinese food: 32 must-try dishes
▼ + stars: | 2022-10-13 | by ( Maggie Hiufu Wong | ) edition.cnn.com time to read: +20 min

Dan dan noodlesIt’s nearly impossible to dislike China’s soul-comforting dan dan mian, or dan dan noodles. Dan dan noodles are named after the way they were originally sold more than 100 years ago – on a dan dan, a carrying pole, by street hawkers. Some think dan dan noodles should contain a dry mix of noodles, made with minced meat, chopped scallions, spices, crushed peanuts and various sauces. Others disagree, preferring dan dan noodles in a hot, spicy, salty and nutty broth albeit with similar ingredients. Similar to Hainanese chicken rice, the Wenchang version is often served with yellow chicken fat rice and chicken soup.

Persons: –, It’s, Dan, mian, jiao, you’ve, Ding Baozeng, Ding Gongbao, Ding, Hanyuan, cai, hei, Jian bing, jian bing, bing guozi, Chen, chow, Su Dongpo, China’s, zhu, Shui zhu, zhu niu, Bao Bao, bao, jian bao, Rou jia, xin, cheung, yun cheung, Laap cheung, Yun cheung, Congee, Chaozhou Organizations: CNN, Adobe, Adobe Stock Locations: China, Peking, Nanjing, Beijing, Govan, –, Sichuan, Hunan, Shandong province, Fujian, Hainan, Malaysia, Pidu, It’s, Tianjin, Chen, Shunde district, Shaanxi, Fuding county, Ningbo

REUTERS/Lucy NicholsonSept 19 (Reuters) - Faraday Future Intelligent Electric (FFIE.O) shareholder FF Top Holding has sued the electric vehicle startup seeking the removal of two board members, according to a court filing, escalating the battle for the revamp of the company's board. Register now for FREE unlimited access to Reuters.com RegisterFF Top added that the "current board has driven the company into the ground". read moreFF Top earlier this month delivered a notice to the company seeking the removal of Swenson. Faraday Future's shares have slumped about 93% since going public through a reverse merger with a blank-check firm in July last year. Register now for FREE unlimited access to Reuters.com RegisterReporting by Akash Sriram in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

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