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An unprecedented liquidity crisis in China's vast property sector is a major risk to a sputtering post-COVID recovery in the world's second-biggest economy, which has rattled global markets. Country Garden debt payment extension buys time for China's largest private developer to avoid default, and is good news for financial markets and the Chinese government, which has announced a raft of measures to support the property sector. In Friday's vote, 56.08% of participating Country Garden onshore creditors approved the extension, 43.64% opposed and 0.28% abstained, an official document shared with bondholders showed. Country Garden did not immediately respond to a request for comment. A default by Country Garden would have exacerbated the real estate crisis and put more strain on its onshore lenders.
Persons: spiralled, Junan, Zhou Hao, Moody's, Xie Yu, Kevin Huang, Li Gu, Sumeet Chatterjee, William Mallard Organizations: Reuters, HK, China Evergrande, Thomson Locations: HONG KONG, Beijing, China, Caa1, Hong Kong, Shanghai
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUS Commerce Secretary Raimondo in Beijing: What it means for U.S.-China relationsHao Hong, Grow Investment Group chief economist, and Jessica Lessin, The Information founder and editor-in-chief, join 'Squawk on the Street' to discuss Lessin's sense of dialogue between China and the U.S. Commerce Department, Hong's insights on the impact of Raimondo's visit, and more.
Persons: Raimondo, Hao Hong, Jessica Lessin Organizations: US, U.S, Grow Investment Group, U.S . Commerce Department Locations: Beijing, China
CNN —Chinese authorities on Monday publicly accused a government worker of spying for the CIA, the second high-profile espionage case publicized this month as Beijing ramps up its emphasis – and rhetoric – on national security. The 39-year-old Chinese national, identified only by his surname Hao, became acquainted with a US embassy official in Japan while applying for a US visa, the ministry said. Upon returning to China, Hao landed a job at a government ministry, and allegedly met with CIA agents multiple times to “provide intelligence and collect espionage funds,” the Chinese spy agency claimed. The secretive agency, which overseas intelligence and counterintelligence both within China and overseas, has taken on a higher profile to warn the Chinese public against espionage. Earlier in August, two US Navy sailors in California were arrested for allegedly providing sensitive US military information to Chinese intelligence officers.
Persons: Hao, ” Hao, , Xi Jinping Organizations: CNN, CIA, Ministry of State Security, US Locations: Beijing, Japan, China, Italy, WeChat, United States, California
Security cameras are seen at the U.S. embassy in Beijing, China July 26, 2018. REUTERS/Damir Sagolj/File Photo Acquire Licensing RightsBEIJING, Aug 21 (Reuters) - China is investigating a Chinese national accused of spying for the U.S. Central Intelligence Agency (CIA), the country's state security ministry said on Monday. The 39-year-old Chinese national, surnamed Hao, was a cadre at a ministry and had gone to Japan for studies, which was where the spying recruitment occurred, the ministry said. The statement came less than two weeks after the ministry said it uncovered another national also suspected of spying for the CIA after being recruited in Italy. Relations between the United States and China have soured in recent years over a range of issues, including national security.
Persons: Damir Sagolj, Hao, Ted, Li Jun, Li, Liz Lee, Elaine Lies, Gerry Doyle Organizations: U.S, REUTERS, Rights, U.S . Central Intelligence Agency, CIA, Thomson Locations: Beijing, China, Rights BEIJING, Japan, Italy, The U.S, Tokyo, United States, Washington, Shanghai
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Persons: Dow Jones
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Persons: Dow Jones
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe macroeconomic picture is relatively challenging in China, economist saysHao Zhou, chief economist at Guotai Junan International, says Chinese policymakers will prevent an economic slump and try to deliver on its growth target of 5% this year.
Persons: Hao Zhou Organizations: Guotai Locations: China
Str | Afp | Getty ImagesChina's central bank unexpectedly cut rates on Tuesday, as policymakers continued to ramp up support for its struggling economy. It was the second rate cut in three months. China is facing a "confidence crisis" as Beijing's policy delay is being perceived as "inaction" to spur growth, according to an economist. "In a crisis such as this … you can't really call it a consumption crisis or investment crisis. In addition to the rate cut on Tuesday, the central bank also injected 204 billion yuan through seven-day reverse repos, cutting borrowing costs by 10 basis points to 1.80% from 1.90%.
Persons: we've, Louise Loo, CNBC's, Loo, they've, 15bps, Goldman Sachs, Hao Zhou Organizations: Afp, Getty, People's Bank of China, Oxford Economics, Guotai Locations: China
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCountry Garden's missed dollar bond coupon payments came as a 'big surprise,' economist saysHao Hong, partner and chief economist at Grow Investment Group, discusses the prospects for China's Country Garden, one of the largest non-state-owned developers by sales, which reportedly missed two coupon payments on dollar bonds that were due Sunday.
Persons: Hao Hong Organizations: Grow Investment
China Drafts Rules for Facial-Recognition Use
  + stars: | 2023-08-08 | by ( Karen Hao | Liza Lin | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/china-drafts-rules-for-facial-recognition-use-4953506e
Persons: Dow Jones
SAG-AFTRA actors and Writers Guild of America (WGA) writers walk the picket line during their ongoing strike outside Walt Disney Studios in Burbank, California, U.S., July 31, 2023. As evidence of its interest, Disney has 11 current job openings seeking candidates with expertise in artificial intelligence or machine learning. AI has become a powder keg in Hollywood, where writers and actors view it as an existential threat to jobs. In Switzerland, Disney Research has been exploring AI, machine learning and visual computing, according to its website. This technology is used to augment digital effects, not replace human actors, according to a source familiar with the matter.
Persons: Mario Anzuoni, Walt Disney, Walt Disney Imagineering, Indiana Jones, Disney Imagineer, Groot, Imagineer, Harrison Ford, STEAMBOAT WILLIE, Willie, Bob Iger, Marvel, Hao Li, Li, Scott Trowbridge, Dawn Chmielewski, Krystal Hu, Kenneth Li, Matthew Lewis Organizations: Writers Guild of America, Walt Disney Studios, REUTERS, Hollywood, Reuters, Disney, Guardians, Screen Actors Guild, STEAMBOAT, U.S . Patent, Swiss Federal Institute of Technology, Carnegie Mellon University, Disney Research, Star, Galactic, Thomson Locations: Burbank , California, U.S, Hollywood, Zurich, Pittsburgh , Pennsylvania, Pittsburgh, Disney's, Switzerland, Los Angeles, New York
The Art of Telling Forbidden Stories in China
  + stars: | 2023-08-03 | by ( Han Zhang | ) www.nytimes.com   time to read: +5 min
Browsing one of the literature bulletin boards, he came across a serialized novel titled “My Beijing,” published under the pseudonym Drunken Fish. Hao’s depiction of Chengdu’s seedy underbelly became a sensation on forums like Tianya, one of the period’s largest blogging platforms. Once, a colleague recommended the novel to Hao without knowing that he was Murong Xuecun. “From the get-go, he has been completely obsessed with how people are corrupted by the environment in which they live,” says Megan Walsh, author of “The Subplot,” a book about contemporary Chinese literature. Later, at a propaganda meeting, the deputy party secretary of Chengdu criticized Hao’s fiction for damaging the city’s image.
Persons: Hao, , Fish, Murong Xuecun, Wei Da, Wei, Megan Walsh, Li Boqing, Li, Ran Yunfei, ” Ran Organizations: Authorities, Writers ’ Association, International New York Times Locations: Beijing, H.R, Shenzhen, Chengdu, China, North Africa, Weibo
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/chatgpt-openai-content-abusive-sexually-explicit-harassment-kenya-workers-on-human-workers-cf191483
Persons: Dow Jones Locations: kenya
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/chatgpt-openai-content-abusive-sexually-explicit-harassment-kenya-workers-on-human-workers-cf191483
Persons: Dow Jones Locations: kenya
CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Meanwhile, China's lackluster gross domestic product figures, released yesterday, prompted Wall Street to cut their expectations of China's annual growth to around 5%. Peak oil demandIndia imported 2.2 million barrels of Russian oil per day in June. Since Russia invaded Ukraine in February last year and oil price caps were instituted, India has become one of the leading importers of Russian oil. Buffett previously revealed Berkshire added to its initial Activision stake in a bet the deal would close and cause shares to rise.
Persons: Hong, Hong Hao, Viktor Katona, Berkshire Hathaway, Buffett, Bitcoin, bitcoin Organizations: New York Stock Exchange, CNBC, Grow Investment, Activision Blizzard, Microsoft, Activision, BlackRock Locations: New York City, Asia, Pacific, India, Russia, Ukraine, Berkshire
Fears are growing that China's economy is tethering on the verge of deflation after another slate of underwhelming economic data provided more evidence of stagnating growth, renewing calls for more meaningful policy intervention. On Monday, Beijing announced that GDP for the second quarter grew 6.3% from a year ago, missing market expectations for 7.3%. "We need to see broad and persistent price pressure before we can declare deflation," said Hong Hao, Grow Investment Group's chief economist. "I think we are on the verge of deflation. The annual decline in June was China's ninth consecutive drop and its steepest since December 2015.
Persons: Hong Hao, Hong, Organizations: Grow Investment Locations: Beijing
After listening to suggestions from firms that also included PDD Holdings' (PDD.O) Pinduoduo and JD.com (9618.HK), Li told them authorities would seek to make regulation of platform firms more transparent and predictable. Shares in some U.S.-listed Chinese firms rallied in premarket trade, with Alibaba Group Holding gaining 2.2% and PDD Holdings rising 2.7%. Still Zhou Hao, economist at Guotai Junan International, said Wednesday's meeting was a "positive signal". "A sound development of the platform economy is very significant to investors too. Prudent development of platform firms is important to investors' long-term valuation," he added.
Persons: Li Qiang, Li, ByteDance's Douyin, Zhou Hao, Ella Cao, Brenda Goh, Ellen Zhang, Ethan Wang, Ryan Woo, Barbara Lewis, Mark Potter Organizations: Wednesday, HK, PDD Holdings, Alibaba, Ant, Reuters, Guotai, Thomson Locations: BEIJING, China, premarket
[1/3] US Treasury Secretary Janet Yellen speaks during her meeting with China's Vice Premier He Lifeng (out of frame) at the Diaoyutai State Guesthouse in Beijing on July 8, 2023. Yellen said nothing publicly to indicate that the U.S. was poised to ease tariffs, but commentators in China were hopeful, amid a U.S. Trade Representative review. "While U.S might continue its technological curbs on China, a reduction or exemption of non-core tariffs against China is possible." Yellen last year advocated eliminating some duties on "non-strategic" goods as a way to ease some specific costs amid high inflation. Haley has said she would push Congress to revoke China’s trade status until China curbs its alleged role in the fentanyl trade.
Persons: Janet Yellen, Lifeng, Pedro PARDO, Janet Yellen's, Biden, Harry Broadman, Donald Trump's, Premier Li Qiang, Yellen, Hong Hao, Chad Bown, " Bown, Josh Hawley, Ron DeSantis, Nikki Haley, Haley, Donald Trump, David Lawder, Andrea Shalal, Gram Slattery, Jeff Mason, Heather Timmons, Nick Zieminski Organizations: China's, WASHINGTON, . Treasury, Trump, White House, World Bank, Berkeley Research, Premier, U.S . Treasury, . Trade, China's Finance, U.S, Grow Investment, Times, Peterson Institute of International Economics, Reuters, Republican, Firebrand, Thomson Locations: Diaoyutai, Beijing, China, U.S, Washington, U.s, Donald Trump's China, CHINA, Xinjiang, Hong Kong, Florida, Mexico, Cuba
[1/2] US Treasury Secretary Janet Yellen speaks during a lunch meeting with women economists in Beijing, on July 8, 2023. Pedro Pardo/Pool via REUTERS/File PhotoHONG KONG, July 10 (Reuters) - A group of Chinese female economists who met with U.S. Treasury Secretary Janet Yellen over the weekend have been lambasted on Chinese social media by some netizens who accused them of treason for meeting her and being "radical feminists". Yellen, a trailblazer in the field of economics, had lunch with six female economists in Beijing on Saturday, an effort to spotlight gender diversity following meetings with China's largely male government leaders. Some users called Yellen an "obviously dangerous person" asking why she was allowed to be officiated as a public guest in the country, while others called out the female economists as being pro-American. "Look at the bunch, the anti-espionage law might come in handy," wrote a user called Shan3847, while another user wrote "Everyone around the table should be caught, no one is innocent.
Persons: Janet Yellen, Pedro Pardo, China's, Hao Jingfang, Yellen, Hao, Xi, Communist Party's, Devika Organizations: U.S, Treasury, American, U.S . Federal Reserve, Communist, Thomson Locations: Beijing, HONG KONG, China, U.S, United States
"The accomplishment of the meeting was the meeting itself, not specific issues," said Scott Kennedy, a China economics expert at the Center for Strategic and International Studies in Washington. A senior U.S. Treasury official accompanying Yellen on her first trip to China as secretary described it as "respectful, frank and constructive," adding: "She was warmly received." Her meeting on Saturday with He, China's new economic czar, was scheduled for two hours but lasted five, followed by a "cordial" dinner, the official said. In the meantime, Yellen said the talks set the stage for more frequent U.S.-China communications at the staff level about economic issues, including areas of disagreement. A possible venue for this would be the Asia-Pacific Economic Cooperation summit in San Francisco in November.
Persons: Janet Yellen, Yellen, Lifeng, Scott Kennedy, Premier Li Qiang, Pan Gongsheng, Joe Biden's, Jake Colvin, Hong Hao, Hong, Colvin, Biden, John Kerry, Gina Raimondo, Xi Jinping, Wang Yiwei, David Lawder, Andrea Shalal, Ryan Woo, Ellen Zhang, Qiaoyi Li, Stephen Coates Organizations: . Treasury, U.S, Center for Strategic, International Studies, Global Times, Treasury, Premier, People's Bank of China, National Foreign Trade Council, Grow Investment, . Commerce, Renmin University, Economic Cooperation, Thomson Locations: Beijing, China, Washington, China's, U.S, United States, Hong Kong, Asia, San Francisco, Anchorage , Alaska
Economist Hao Hong discusses China's economic outlook
  + stars: | 2023-07-10 | 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 EmailThere'll be a greater urge to roll out blanket stimulus if China's economy slows further: EconomistHao Hong, Grow Investment Group's chief economist, says there's a debate about whether to hand out coupons, like Western economies do, to Chinese consumers.
Persons: Hao Hong, there's Organizations: Grow Investment
SHANGHAI/HONG KONG, July 6 (Reuters) - Chinese investors are rushing offshore to make dollar deposits and buy Hong Kong insurance in a signal domestic confidence is languishing and that the ailing yuan faces more pressure. New premiums collected on Hong Kong insurance policies leapt a staggering 2,686% to $9.6 billion in the first quarter of 2023. "The burst of insurance buying in Hong Kong reflects a gloomy domestic outlook, and worries about an uncertain future." "Offshore demand for policies denominated in Hong Kong dollars is low – U.S. dollar-denominated policies are more prevalent, to provide access to global asset allocation," said Lawrence Lam, chief executive officer at Prudential Hong Kong. The wealth manager at Noah fears that a sustained rush into Hong Kong insurance risks inviting Beijing's policy tightening.
Persons: Helen Zhao, lurch, Noah Holdings, Lawrence Lam, Hao Hong, Tan Xiaofen, We've, Sami Abouzahr, Samuel Shen, Winni Zhou, Georgina Lee, Summer Zhen, Tom Westbrook, Kim Coghill Organizations: Hong, AIA, HK, Prudential, Manulife, Noah Holdings, Savings, Bank of China, U.S, Prudential Hong Kong, Investment, School of Economics, Management, Beihang University, HSBC, Thomson Locations: SHANGHAI, HONG KONG, Hong Kong, Macau, COVID, U.S, Beijing
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Persons: Dow Jones, zuckerberg
"For 618, generally of course brands will be trying, but compared to before it's a bit more tired," said Ashley Dudarenok, founder of ChoZan, a China marketing consultancy. In the first quarter, the median disposable income of urban residents in China was officially 12,175 Chinese yuan ($1,739), up 3.9% from a year ago. A focus on affordabilitySluggish economic growth and uncertainty about future income have weighed on Chinese consumer spending since the Covid-19 pandemic. watch nowBrands are keen to spend more on ByteDance's Douyin, likely taking away from ad spending on Alibaba's Taobao and Tmall e-commerce platforms, Oliver Wyman's Xie said. And for brands spending on Douyin, he said the return on investment per ad dollar was getting lower.
Persons: Jade Gao, Ashley Dudarenok, Dudarenok, let's, Microsoft's Bing, Dave Xie, Oliver Wyman, Douyin, Oliver Wyman's Xie, ByteDance isn't, doesn't, Pinduoduo, Sun Hao, Sun, didn't, Trip.com, Kelly Shi Organizations: Afp, Getty, Baidu, Retail, Brands, Growth, Nestle, Netflix Locations: Beijing, BEIJING, China
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/openai-ceo-calls-for-collaboration-with-china-to-counter-ai-risks-eda903fe
Persons: Dow Jones
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