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☆ China needs to unblock, sustain financial channels for private firms
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +4 min

Private firms, which account for 60% of China's gross domestic product and 80% of urban jobs, were hurt by three years of COVID curbs and a regulatory crackdown that targeted sectors from technology to private tutoring. Banking and financial institutions should set annual service targets for private enterprises, increase the weight of related businesses serving private enterprises in performance appraisal and gradually increase the proportion of loans to private enterprises, it said. China should also expand private firms' bond financing and guide financial institutions to expand the bond financing scale of private enterprises, according to the statement. China should back the listing, mergers and acquisitions, and reorganisation of private enterprises, including supporting qualified companies in going public overseas, it said. Fixed-asset investment by private firms fell 0.6% in January-September year-on-year, highlighting weak private sector confidence.

Persons: Tingshu Wang, Ryan Woo, Ziyi Tang, Kevin Yao, Christopher Cushing Organizations: People's Bank of China, REUTERS, Rights, Banking, Garden Holdings, HK, Bloomberg, Thomson Locations: Beijing, China, Rights BEIJING

☆ Shein files for U.S. IPO as fast-fashion giant looks to expand its global reach
▼ + stars: | 2023-11-27 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +4 min

Shein has confidentially filed to go public in the U.S. as the Chinese-founded fast-fashion juggernaut looks to expand its global reach with a long-rumored initial public offering, CNBC has learned. Over the next few months, Shein will likely make tweaks to its paperwork and answer numerous questions from the agency. The filing will be made public once the company is ready to move forward with its IPO. He said, "there's no such thing as forced labor" in the Shein factories that he has visited. As Shein grew from an obscure Chinese retailer into a global behemoth with headquarters in Singapore, it largely stayed in the shadows.

Persons: Shein, it's, Marcelo Claure, Sky Xu, Donald Tang, influencers, Xu, Goldman Sachs, Morgan Stanley Organizations: CNBC, U.S . Securities, Exchange Commission, SEC, Chinese Communist Party, Bear, Sparc Group, Authentic Brands Group, Simon, Group, JPMorgan, CNBC PRO Locations: U.S, Beijing, Singapore, Bear Stearns

☆ Vietnam's plan for spending $15.5 billion for its clean energy transition to be announced at COP28
▼ + stars: | 2023-11-24 | by ( ) www.cnbc.com time to read: +2 min

A plan for how Vietnam will spend $15.5 billion to transition to cleaner energy has been finalized and will be announced at the COP28 climate conference, which begins in Dubai next week. George gave no details of the plan. The United Kingdom is co-chair of a group of nine, rich industrialized nations that have agreed to provide the $15.5 billion to help Vietnam end its reliance on dirty coal power and more quickly switch to renewable energy as a part of a Just Energy Transition Partnership, or JETP. Earlier this year, Vietnam released a national energy plan that aimed to more than double the maximum power Vietnam can generate to some 150 gigawatts by 2030. It called for a drastic shift away from heavily polluting coal and pledges that no new coal-fired plants will be built after 2030.

Persons: Mark George, George, Tang Organizations: British, Economic, Trade, Britain, Energy, Sustainable Development Locations: Vietnam, Dubai, Hanoi, United Kingdom, Asia, Pacific, Japan

☆ China wealth manager Zhongzhi flags insolvency, $64 bln in liabilities
▼ + stars: | 2023-11-23 | by ( ) www.reuters.com time to read: +4 min

BEIJING, Nov 23 (Reuters) - China's Zhongzhi Enterprise Group, a leading wealth manager, told investors it is heavily insolvent with up to $64 billion in liabilities, threatening to reignite concerns that the country's property debt crisis is spilling over into the broader financial sector. The firm, which has sizable exposure to China's real estate sector, apologised to its investors in a letter that said it had total liabilities of about 420 billion yuan ($58 billion) to 460 billion yuan ($64 billion). The liabilities compared to Zhongzhi's estimated total assets of about 200 billion yuan, according to the letter, which was issued on Wednesday and was seen by Reuters. 'ENORMOUS' HOLESigns of trouble at the Zhongzhi group first came to light in July when Zhongrong International Trust Co, a leading trust company controlled by Zhongzhi, missed payments on dozens of investment products. "The Zhongzhi group deeply apologises for the losses caused to investors.

Persons: Zhongzhi, Xu, Xing Zhaopeng, Christopher Beddor, Beddor, Ziyi Tang, Ryan Woo, Sumeet Chatterjee, Muralikumar Organizations: Zhongzhi Enterprise Group, Reuters, International Trust Co, Big, ANZ, Thomson Locations: BEIJING, Beijing, Zhongzhi, China's, China

☆ China wealth manager Zhongzhi flags insolvency, liabilities of $64 bln
▼ + stars: | 2023-11-23 | by ( ) www.reuters.com time to read: +3 min

The firm, which has sizable exposure to China's real estate sector, apologised to its investors in a letter that said it had total liabilities of about 420 billion yuan ($58 billion) to 460 billion yuan ($64 billion). The liabilities compared to Zhongzhi's estimated total assets of about 200 billion yuan ($27 billion), according to the letter, which was issued on Wednesday and was seen by Reuters. China's highly indebted property sector has been reeling from a liquidity crunch since 2020. Signs of trouble at the Zhongzhi group first came to light in July when Zhongrong International Trust Co, a leading trust company controlled by Zhongzhi, missed payments on dozens of investment products. "The Zhongzhi group deeply apologises for the losses caused to investors.

Persons: Zhongzhi, Ziyi Tang, Ryan Woo, Sumeet Chatterjee, Muralikumar Organizations: Zhongzhi Enterprise Group, Reuters, International Trust Co, Big, Thomson Locations: BEIJING, Beijing, Zhongzhi, China's, China

☆ China wealth manager Zhongzhi flags insolvency, $64 billion in liabilities
▼ + stars: | 2023-11-23 | by ( ) www.reuters.com time to read: +4 min

Canadian Public Safety Minister Dominic LeBlanc speaks at a news conference in Ottawa on September 7. Justin Tang/The Canadian Press/AP/FILECanadian Public Safety Minister Dominic LeBlanc said his government is taking the vehicle explosion at the Rainbow Bridge border crossing “extremely seriously,” and is receiving regular updates from US authorities, Royal Canadian Mounted Police, and border service agencies. “This is obviously a very serious situation,” the minister said, but would not speculate on the “origin” of the incident or fatalities due to its "evolving" nature. He and the Canadian Prime Minister Justin Trudeau will receive further updates in the “coming moments," he said. Trudeau echoed the minister's sentiments and said the explosion at is “obviously a very serious situation” and additional measures are being "contemplated and activated."

Persons: Dominic LeBlanc, Justin Tang, Leblanc, Justin Trudeau, Trudeau Organizations: Canadian Public, Canadian Press, Public, Royal Canadian Mounted Police, Canadian Locations: Ottawa

☆ What do we know about China's new financial watchdog?
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +4 min

BEIJING, Nov 21 (Reuters) - China's Central Financial Commission (CFC), a new regulator with Premier Li Qiang as its head, held a meeting on Monday and urged stronger supervision of risks in the financial sector as Beijing accelerates efforts to become a "major financial power". The CFC was set up for the top-level design, development and supervision of the financial sector, strengthening "unified leadership on financial work", according to a restructuring plan published by state media in March this year. The CFC has recruited many officials from the central bank and the finance ministry, financial news outlet Caixin reported earlier this month. The appointments indicate that both officials, who are close confidants of President Xi Jinping, will play important roles in shaping China's financial policies. He was also appointed as party chief of a separate Central Financial Work Commission (CFWC), which has been set up to strengthen the ideological and political role of the party in China's overall financial system.

Persons: Li Qiang, Premier Li, Li, Lifeng, Xi Jinping, Wang Jiang, Xia Xiande, Xi, Ziyi Tang, Kevin Yao, Ryan Woo, Sumeet Chatterjee Organizations: Financial Commission, Communist Party, CFC, WHO, THE, Financial Work, China Everbright Group, Analysts, Reuters, National Financial Regulatory Administration, State Council, People's Bank of China, prudential, Thomson Locations: BEIJING, Beijing, China, Lincoln

☆ ‘Faces of Sanxingdui’: Bronze Age relics shed light on mysterious ancient kingdom
▼ + stars: | 2023-11-17 | by ( Christy Choi | ) edition.cnn.com time to read: +9 min

Hong Kong CNN —A golden face with patinaed turquoise eyes stares out of the darkness. Currently on display at the Hong Kong Palace Museum, they may appear Mayan or Aztec to the untrained eye, but these over-3,000-year-old sculptures weren’t unearthed anywhere near Mesoamerica’s ancient civilizations. Archaeologists from the Sanxingdui Museum say the city was established some 4,800 to 2,800 years ago, until it was abandoned around 800 BC for unknown reasons. 'Kneeling figure with a twisted head', bronze, at the Hong Kong Palace Museum in Hong Kong, China on September 26, 2023. A figure on display at the Hong Kong Palace Museum.

Persons: Shu, Sanxingdui, Noemi Cassanelli, Shen Bohan, China’s, Qin Shi Huang, Wang Shengyu, ” Wang, would’ve, what’s, Qin, ”, Henry Tang, Ian Johnson, ’ ”, CNN Johnson, “ Organizations: Hong Kong CNN, Hong, Hong Kong Palace Museum, Sanxingdui, CNN, Sipa, Army, Palace Museum, UNESCO, Kowloon Cultural, Hong Kong’s, China Studies, Foreign Relations, Chinese Communist Party, People’s Locations: China, Hong Kong, Chengdu, Sanxingdui, China's Sichuan province, Noemi, Sichuan, Shu, Kowloon, People’s Republic, People’s Republic of China, Republic of China

☆ Sean Combs Is Accused by Cassie of Rape and Years of Abuse in Lawsuit
▼ + stars: | 2023-11-16 | by ( Ben Sisario | More About Ben Sisario | ) www.nytimes.com time to read: +2 min

The suit, which names Mr. Combs and a number of his associated companies as defendants, seeks unspecified damages. scan she had — for memory loss, possibly caused by drug use or by a beating she said she suffered from Mr. Combs — went directly to Mr. Combs. According to the suit, Mr. Combs then had his staff bring her to a hotel room to recuperate for a week. She asked to go home to her parents, but Mr. Combs refused, the suit says. The suit says that after seeing the violent repercussions of rejecting Mr. Combs, and the extent to which he would isolate her from her support network, “Ms.

Persons: Combs, Ventura, Cassie, Casandra Ventura, “, Karwai Tang, Ms, Ventura’s, Combs — Organizations: Mr, Getty, Bad Locations: Los Angeles

Experts say new steps China has agreed to will eventually reduce the flow of the deadly opioid fentanyl into the U.S., but that alone will not stem the overdose crisis killing Americans at a record rate. Synthetic opioids are now the biggest killers in the deadliest drug crisis the U.S. has ever seen. More than two-thirds of those deaths — more than 200 per day — involved fentanyl or similar synthetic drugs. It's in counterfeit pills and cocaine, in some cases causing overdoses in people who have no idea that they're using fentanyl. A growing number of places are allowing drug screening kits so users can find out if their drugs include fentanyl.

Persons: Joe Biden, Xi Jinping, ”, Adam Wandt, “, Wandt, Kevin Roy, ” Roy, Rahul Gupta, it’s, Donald Trump, It's, Xi, ” Biden, Xi’s, Wang Wenbin, they're, we’re, Regina LaBelle, Biden, Andres Manuel Lopez, LaBelle, Didi Tang Organizations: John Jay College of Criminal, of National Drug Control, U.S . Centers for Disease Control, San Francisco Wednesday, Chinese Foreign Ministry, International Narcotics, U.S, Georgetown University’s O’Neill, Associated Locations: China, U.S, California, America, Mexico, U.S . China, San Francisco, United States

The coronavirus pandemic exposed frailties in their supply chains. Chinese President Xi Jinping, too, met with American business leaders — at a $2,000-per-plate dinner Wednesday evening. “The global economy is recovering, but its momentum remains sluggish,” Xi said. “Industrial and supply chains are still under the threat of interruption and protectionism is rising. The new framework has four major pillars: supply chains, climate, anti-corruption and trade.

Persons: Fresh, Joe Biden, “ We've, ” Biden, hasn't, Bill Clinton, Biden, Kamala Harris, Alexei Overchuk —, “ Will, Xi Jinping, —, ”, Xi, ” Xi, Josh Boak, Didi Tang Organizations: FRANCISCO, APEC, Russia's, U.S, Smithsonian National Zoo, Atlanta Zoo, Biden, Pacific, won’t, Associated Press Locations: China, U.S, Bangkok, Ukraine, Israel, Russia, United States, Northern California, Tokyo, Washington, San Francisco

The San Diego Zoo sent its pandas home in 2019 and the last bear at the Memphis, Tennessee, zoo went home earlier this year. Whatever the reason, San Diego Zoo officials were hopeful. "It is a moment with some heartbreak in it,” National Zoo Director Brandie Smith said at the time. The San Diego Zoo has been panda-less for four years and may need to upgrade or refurbish its facilities. The National Zoo had announced plans to renovate its panda house and outdoor enclosure, but the timing on those plans is unclear.

Persons: —, Xi Jinping, Xi, Mei Xiang, Tian Tian, Xiao Qi Ji —, ”, Daniel Ashe, ” Dennis Wilder, ” Wilder, Wilder, Gavin Newsom's, Xi’s, Paul A, Baribault, Ling, Hsing, Brandie Smith, Le Le, Didi Tang, Amy Taxin Organizations: WASHINGTON, San Diego Zoo, National Zoo, Atlanta Zoo, Veteran, Economic Cooperation, Association of Zoos, Aquariums, Georgetown University’s Initiative, U.S, California Gov, San Diego Zoo Wildlife Alliance, “, Zoo, Associated Press Locations: America, California, San Diego, U.S, Memphis , Tennessee, China, Veteran China, People's Republic, Asia, San Francisco, United States, Washington, Memphis, Santa Ana , California

☆ Car crashes into barricade near Israel embassy in Tokyo, man detained
▼ + stars: | 2023-11-16 | by ( Francis Tang | ) www.reuters.com time to read: +1 min

[1/5] A view of the scene after a car crashed into a barricade near the Israeli embassy in Tokyo, Japan, November 16, 2023. REUTERS/Kim Kyung-Hoon Acquire Licensing RightsTOKYO, Nov 16 (Reuters) - A car crashed into a barricade near the entrance of the Israeli embassy in Tokyo on Thursday and a man in his 50s was detained on the spot, local media reported. An official at the Israeli embassy said the matter was under police investigation and declined further comment. Several pro-Palestinian demonstrations have been held outside Israeli embassies around the world in recent weeks, including in Tokyo, in protest against Israel's bombardment of the Gaza Strip. Around the same time, a staffer at the Israeli embassy in Beijing was assaulted on the street and hospitalised.

Persons: Kim Kyung, Israel, Francis Tang, Satoshi Sugiyama, Mariko Katsumura, John Geddie, Christopher Cushing Organizations: REUTERS, Rights, Fuji, Police, Thomson Locations: Tokyo, Japan, Tama, Gaza, Israel, Beijing

But the steady ebbing of inflation hasn't translated into good news for either President Joe Biden or the Federal Reserve when it comes to public opinion. They're just going up at a slower rate," Fed Governor Christopher Waller said last week when asked at a research conference about common public misconceptions. Inflation expectations have fallen, according to a New York Fed survey but remain well above the central bank's 2% target. Both Waller and Fed Governor Lisa Cook took note of the public mood last week in similar comments about the expectation for prices to fall, which they don't frequently do. Reuters GraphicsBut if inflation readings continue to show a slowdown, the Fed could put more weight on sustaining the strength of the job market.

Persons: Joe Biden, They're, Christopher Waller, That's, Biden, Jeff Jones, Waller, Lisa Cook, Derek Tang, Howard Schneider, Dan Burns, Paul Simao Organizations: Federal Reserve, Fed, Reuters, Democratic, Gallup, Reuters Graphics, New, FOCUS, Biden, Thomson Locations: U.S, shutdowns

China detained the executive, named in several media reports as Hiroshi Nishiyama, on suspicion of espionage in March, and he was formally arrested last month. Japan's then foreign minister protested the executive's detention with his Chinese counterpart on a visit to Beijing in April. China's foreign ministry did not immediately respond to a request for comment. Half the respondents in a recent survey of Japanese companies doing business in China said they would cut investments this year. It's a very difficult point in time to be navigating that as a decision maker, in business or politics," he said.

Persons: Fumio Kishida, Xi Jinping, Rahm Emanuel, Hiroshi Nishiyama, Japan's, Xi, Masashi Mizobuchi, Nishiyama, Takeshi Niinami, Niinami, Stefan Angrick, Yukiko Toyoda, Kiyoshi Takenaka, John Geddie, Sakura Murakami, Francis Tang, Laurie Chen, Antoni Slodkowski, Andrew Silver, Lincoln Organizations: Economic Cooperation, Kyodo, drugmaker Astellas Pharma, APEC, Reuters, Japanese Chamber of Commerce, Japan Association of Corporate, Suntory, Moody's Analytics, Thomson Locations: Asia, Bangkok, Thailand, TOKYO, BEIJING, China, San Francisco, Tokyo, U.S, Japan, Beijing, officialdom, Shanghai

☆ Exclusive: China orders local governments to cut exposure to public-private projects as debt risks rise, sources say
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +5 min

The guidelines were mentioned in a cabinet document that was circulated among local governments, policy banks and state lenders last month, said the two sources with knowledge of the matter. The move comes after numerous local governments' PPP expenditure hit the upper limit of the threshold in recent years. But the PPP boom has alarmed authorities who say some local governments have used public-private partnerships, government investment funds and government procurement services as "disguised channels" for raising debt. The State Council and the NAO did not immediately respond to Reuters requests for comments. A portion of the $12.6 trillion local government debt is linked to the PPP projects, as municipalities used these infrastructure-building initiatives as a conduit to raise capital.

Persons: Thomas Peter, NAO, Kevin Yao, Ziyi Tang, Sumeet Chatterjee Organizations: Central Business District, National People's Congress, REUTERS, Rights, International Monetary Fund, National Audit, State, State Council, Bank of, Reuters, National Development, Reform Commission, Thomson Locations: Beijing, China, Rights BEIJING, Bank of China

The two leaders will meet Wednesday at Filoli, a secluded estate along Northern California’s coastal range. It was built in 1917 as a private residence and later became a National Trust for Historic Preservation site. The estate is about 25 miles (40 kilometers) south of San Francisco, where leaders are gathering for the Asia-Pacific Economic Cooperation leaders’ conference this week. “It appears to be a quiet, secluded estate, where Biden and Xi can have an intimate conversation in a relaxed environment,” Glaser said. The gardens feature in Jennifer Lopez’s film “The Wedding Planner.”——AP writers Didi Tang and Colleen Long in San Francisco, and Zeke Miller and Matthew Lee in Washington contributed to this report.

Persons: Joe Biden, China’s Xi, Bonnie Glaser, Biden, Xi, ” Glaser, ”, Jeremi Suri, “, ” Suri, Ronald Reagan, Mikhail Gorbachev, Suri, William Bowers Bourn, Jennifer Lopez’s, Didi Tang, Colleen Long, Zeke Miller, Matthew Lee Organizations: FRANCISCO, —, National Trust for Historic, Economic Cooperation, German Marshall Fund, APEC, University of Texas Locations: Filoli, Northern, San Francisco, Asia, Austin, Soviet Union, Reykjavik, Washington

Peng Zhao, CEO, Citadel Securities speaks at the 2023 Milken Institute Global Conference in Beverly Hills, California, U.S., May 1, 2023. If Citadel Securities were to obtain a licence, it would be the first foreign firm to formally foray into market-making in China outside interbank and foreign exchange market making. "We are pleased to see the introduction of the market-making program in China," Zhao told Reuters in an interview in Hong Kong. Citadel Securities in July appointed Tony Tang, the former head of BlackRock's China business, to helm its China operations. This year, Citadel Securities also launched an investment-grade corporate bond market-making business in the United States.

Persons: Peng Zhao, Mike Blake, Zhao, Ken, Tony Tang, Summer Zhen, Selena Li, Sumeet Chatterjee, Edwina Gibbs Organizations: Citadel Securities, Milken, Global Conference, REUTERS, Reuters, Beijing Stock Exchange, Nasdaq, China's Stock, Treasuries, Asia, Thomson Locations: Beverly Hills , California, U.S, HONG KONG, China, interbank, Hong Kong, United States, Beijing, Asia

Their last meeting was at the Group of 20 summit in Indonesia last fall. The U.S. has consistently viewed military relations with China as critical to avoiding any missteps and to maintaining a peaceful Indo-Pacific region. Sullivan also said there were other areas where U.S. and Chinese interests overlap, particularly on the effort to combat fentanyl trafficking. The White House announced Monday that Biden would also meet with Mexican President Andrés Manuel López Obrador later this week. Associated Press Writers Janie Har in San Francisco and Lolita C. Baldor and Didi Tang in Washington contributed to this report.

Persons: Joe Biden, Xi Jinping, The, Biden, Xi, Jake Sullivan, ” Sullivan, “, Sullivan, Andrés Manuel López Obrador, Janet Yellen, ___ Madhani, Janie Har, Lolita C, Baldor, Didi Tang Organizations: WASHINGTON, —, Economic Cooperation, The Biden, Group, Biden, White House, U.S . Navy, Air Force, Disease Control, Drug Enforcement Administration, U.S, Democratic, White, Moscone Center, APEC, Finance, San Francisco Police Department, Union Square, Associated Press Locations: Asia, San Francisco, Indonesia, China, U.S, Pacific, Washington, Mexico, Iran, Taiwan, Beijing, Taipei, Taiwan Strait, Tehran, Israel, Union

☆ Four killed in building collapse in China's Wenzhou city
▼ + stars: | 2023-11-12 | by ( ) www.reuters.com time to read: +1 min

BEIJING, Nov 12 (Reuters) - Four people were killed when a building collapsed in China's Wenzhou city, state media outlet CCTV reported on Sunday. The collapse occurred on Saturday during renovation of the building, and the casualties were all construction workers, CCTV reported, adding that continuous rain had hampered rescue work. The accident in the eastern city follows several similar incidents recently, including the collapse of a gym in heavy snow in the northeast province of Heilongjiang last week, which killed three. In July, 11 people were killed when the roof of a school gym caved in during intense rain, also in Heilongjiang province, drawing criticism by media. Authorities said construction materials illegally stacked on the roof may have caused the collapse, Xinhua reported.

Persons: Andrew Hayley, Ziyi Tang, Robert Birsel Organizations: Authorities, Xinhua, Weibo, Thomson Locations: BEIJING, China's Wenzhou, Heilongjiang, Heilongjiang province

☆ Four Killed in Building Collapse in China's Wenzhou City
▼ + stars: | 2023-11-11 | by ( Nov. | At P.M. | ) www.usnews.com time to read: +1 min

BEIJING (Reuters) - Four people were killed when a building collapsed in China's Wenzhou city, state media outlet CCTV reported on Sunday. The collapse occurred on Saturday during renovation of the building, and the casualties were all construction workers, CCTV reported, adding that continuous rain had hampered rescue work. The accident in the eastern city follows several similar incidents recently, including the collapse of a gym in heavy snow in the northeast province of Heilongjiang last week, which killed three. In July, 11 people were killed when the roof of a school gym caved in during intense rain, also in Heilongjiang province, drawing criticism by media. Authorities said construction materials illegally stacked on the roof may have caused the collapse, Xinhua reported.

Persons: Andrew Hayley, Ziyi Tang, Robert Birsel Organizations: Authorities, Xinhua, Weibo Locations: BEIJING, China's Wenzhou, Heilongjiang, Heilongjiang province

☆ China's e-commerce platforms not doing enough on climate -Greenpeace
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +2 min

The logo of e-commerce app Pinduoduo is displayed next to mobile phones displaying the app, in this illustration picture taken October 25, 2023. REUTERS/Florence Lo/Illustration/File Photo Acquire Licensing RightsSINGAPORE, Nov 9 (Reuters) - China's top e-commerce platforms have made insufficient effort to steer consumers onto a more sustainable path that would help protect the environment and combat climate change, environment group Greenpeace said on Thursday. "But overall, China's e-commerce giants still don't do enough to leverage their platforms towards sustainability." In a report ranking the environmental record of six of China's e-commerce giants, Greenpeace said the discount online shopping platform Pinduoduo (PDD.O) performed the worst, making "no progress whatsoever" on climate and environmental protection. Pinduoduo was given a negative score on Greenpeace's list after failing to draw up strategies on issues like climate change, waste, dangerous chemicals and biodiversity.

Persons: Florence Lo, Tang Damin, Pinduoduo, Douyin, Bytedance, Alibaba, David Stanway, Sophie Yu, Josh Ye, Casey Hall, Edwina Gibbs Organizations: REUTERS, Rights, Greenpeace, HK, Thomson Locations: Rights SINGAPORE, Beijing

COLOMBO, Sri Lanka (AP) — The U.S. announced a $553- million project Wednesday to build a new, deep-water shipping container terminal in the Port of Colombo as it competes with China in international development financing. The U.S.-backed financing comes at a time when Sri Lanka is struggling to recover from a dire financial and economic crisis. Sri Lanka borrowed heavily from China to build the port and other infrastructure including an airport and a city being built on reclaimed land. Both neighboring India and China are jostling for influence in Sri Lanka and both have already invested in expanding facilities at the Colombo port. Colombo port also has a terminal run by China Merchants Port Holdings.

Persons: ”, Scott Nathan, Sri Lanka’s John Keells, Lanka’s, Wang Wenbin, William & Mary, AidData, China's, saysChina, Bradley Parks, “, ” ___ Didi Tang Organizations: South, U.S . International Development Finance Corp, West, Local, Sri, Sri Lanka’s John Keells Holdings, Initiative, Foreign Ministry, China Merchants Port Holdings, CHEC Port City Colombo Co, China Communications Construction Company, William & Locations: COLOMBO, Sri Lanka, U.S, Port, Colombo, China, Bay, Bengal, Beijing, Hambantota Port, Hambantota, India, oceanside, Port City, Virginia, “ Beijing, Washington

☆ China's He Lifeng named to key post in Central Financial Commission
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Florence Lo/File Photo Acquire Licensing RightsBEIJING, Nov 6 (Reuters) - A Chinese vice premier, He Lifeng, has been appointed head of the office of the Central Financial Commission (CFC), which is responsible for running day-to-day affairs of a new regulator tasked with overseeing a vast financial sector. He was also appointed as party chief of a separate Central Financial Work Commission (CFWC), which has been set up to strengthen the ideological and political role of the party in China's overall financial system. The appointments, announced by the central bank's Financial News publication, underscore how the ruling Communist Party has taken direct control of supervising the financial sector. He has also been appointed director of a key ruling Communist Party economic body, the Central Finance and Economic Affairs Commission, replacing Liu He. In 2014, He was named vice chairman of the National Development and Reform Commission, the state planning agency, before taking full control in 2017.

Persons: Lifeng, Florence, Xi Jinping, Liu He, Xi, Ziyi Tang, Kevin Yao, Ryan Woo, Edwina Gibbs, Robert Birsel Organizations: REUTERS, Rights, Central Financial Commission, Financial Work, Financial, Communist Party, Central Finance, Economic Affairs Commission, Xiamen University, National Development, Reform Commission, Thomson Locations: China, EU, Diaoyutai, Beijing, Rights BEIJING, Quanzhou, Fujian province, Xiamen, Tianjin

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