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☆ China stock market: angry Chinese take to US Embassy’s social media account to vent about plunging shares
▼ + stars: | 2024-02-05 | by ( Laura He | ) edition.cnn.com time to read: +2 min

On Monday, mainland Chinese markets slumped again after their worst weeks in years. Under a Friday post by the US Embassy’s Weibo account about protecting wild giraffes, many Chinese people complained about the stock market rout and the challenging economy. “The US government, please help Chinese stock investors,” a user said in a repost of the animal protection article. Investors seemed to have shrugged off Chinese regulators’ latest pledge to bolster the stock market. On Sunday, the China Securities Regulatory Commission vowed to prevent “abnormal fluctuations” in the stock market and stabilize confidence.

Organizations: Hong Kong CNN, Embassy, US, Weibo, Investors, China Securities, CNN Locations: China, Hong Kong, Beijing, Shanghai, Shenzhen

☆ Japan or China — which is the world’s top car exporter?
▼ + stars: | 2024-02-02 | by ( Laura He | Himari Semans | ) edition.cnn.com time to read: +2 min

Hong Kong/Tokyo CNN —Did China just pull ahead of Japan to become the world’s top car exporter? “It is a certainty that China has become the world’s largest exporter,” the China Passenger Car Association (CPCA) said last month. And the picture is further clouded if you consider industry association data. One trend is clear though: China has been closing the gap with the world’s top car exporting nations over the past two years. In 2023, China’s passenger car exports rose 62% from 2022, according to data published by the CPCA last month.

Persons: BYD, Tesla, Elon Organizations: Tokyo CNN —, China Passenger Car Association, Japan Automobile Manufacturers Association, China Auto Manufacturing Association, Elon Musk’s Locations: China, Hong Kong, Tokyo, Japan, Beijing, South Korea, Germany, Russia, Moscow, Ukraine, Europe, Australia, Southeast Asia, Shenzhen

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

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

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

☆ BRICS: South Africa says countries are clamoring to join the China and Russia-backed group
▼ + stars: | 2024-02-01 | by ( Simone Mccarthy | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —Nearly three dozen countries are seeking entry into the China and Russia-backed BRICS economic group, member state South Africa said Wednesday, weeks after the body expanded its membership for the first time in more than a decade. Thirty-four countries have submitted an expression of interest in joining the bloc of major emerging economies, South African Foreign Minister Naledi Pandor told reporters, without naming the nations. BRICS, which since 2011 had been made up of Brazil, Russia, India, China and South Africa, roughly positions itself as the Global South’s answer to the Group of Seven (G7) major developed economies. The group took shape as a summit-level gathering between Brazil, Russia, India and China in 2009 and expanded to include South Africa two years later. Six new BRICS countries were invited during the 2023 summit last August.

Persons: Naledi Pandor, Xi Jinping, Putin, Pandor Organizations: Hong Kong CNN, African Foreign, United Arab Emirates, United Nations Security Council, Finance Locations: China, Hong Kong, Russia, South Africa, Iran, Saudi Arabia, UAE, Ethiopia, Egypt, United States, Washington, Brazil, India, Beijing, Ukraine, Johannesburg, Russian, Kazan, Argentina

☆ Demand for shipments from China via rail through Russia has 'skyrocketed' since the Red Sea attacks
▼ + stars: | 2024-02-01 | by ( Lucy Handley | ) www.cnbc.com time to read: +6 min

And — while it only represents a very small proportion of containers moved between the Far East and Europe — rail routes via Russia have seen an uptick in interest too. Rail through RussiaFirms have raised concerns about sending goods via rail through Russia, Sciglaite said. A train engine pulls carriages that started their journey in Yiwu, China into Barking rail freight terminal on January 18, 2017 in the U.K. Igor Tambaca, managing director of Rail Bridge Cargo, a Dutch logistics company, said China-Europe rail route bookings were up 37% over the past four weeks. Tambaca said the cost of sending one forty-foot container (FEU) from China to Europe via rail is currently around $7,900.

Persons: Liu Wenhua, Julija, RailGate, Hapag Lloyd, Sciglaite, Dan Kitwood, Igor Tambaca, Tambaca, Maria Magdalena Pavitsich, Pavitsich, Vladimir Putin, Davies Turner Organizations: China News Service, Getty, Air, CNBC, Rail, Cargo, OBB Rail Cargo Group, FEU, Initiative, British Locations: China, Europe, Russia, Manzhouli, Vietnam, Xeneta, East, European, Rotterdam, South Africa's, Ukraine, Yiwu, Barking, Kazakhstan, Belarus, Poland, Germany, Belgium, France, Red, Dutch, Turkey, Austrian, Asia, Xian, Chengdu, Suez, Africa, Moscow, Central Siberia, Beijing, Wuhan, Duisburg

☆ The US, Russia and China are in a race to dominate new-wave nuclear energy — and win global influence
▼ + stars: | 2024-02-01 | by ( Angela Dewan | Ella Nilsen | ) edition.cnn.com time to read: +12 min

Russia's floating nuclear power plant, Akademik Lomonosov, leaving the service base Rosatomflot on August 23, 2019. For some experts, nuclear energy — in all forms, large or small — has an important role to play in that transition. Globally, the construction of conventional nuclear power plants dipped following the Chernobyl meltdown in 1986. Russia has already built or designed nuclear plants — the traditional type — for China, India, Bangladesh, Turkey, Slovakia, Egypt and Iran. “It certainly dampens the excitement abroad,” said John Parsons, a senior lecturer at MIT and a financial economist focused on nuclear energy.

Persons: Akademik Lomonosov, Biden, Lomonosov, Maxim Shemetov, “ There’s, ”, Josh Freed, China —, Vladimir Putin’s, Bill Gates ’, Luo Yunfei, Kirsten Cutler, they’re, Cutler, ” Cutler, They’re, John Parsons, John Kerry, Thomas Mukoya, Way’s Freed, “, ” Parsons, Mohammed Hamdaoui, ” Hamdaoui, “ It’s Organizations: CNN, Reuters, European Union, International Energy Agency, Energy, World Nuclear, IEA, US, SMR, US Export, Import Bank, International Development Finance Corporation, GE Hitachi Nuclear Energy, China, Changjiang, China News Service, Nuclear Energy, US State Department, “, MIT, InfluenceMap, The State Department, Nuclear Regulatory Commission, NRC, Rystad Energy Locations: Alaska, Russian, Russia, China, European, Japan, India, South Korea, Europe, Dubai, America, Poland, North Carolina, Southeast Asia, Bangladesh, Turkey, Slovakia, Egypt, Iran, Lomonosov, Siberia, Russia’s, Washington, Bill Gates ’ TerraPower, Wyoming, Changjiang Li Autonomous County, Hainan province, United States, Oregon, Idaho, United Arab Emirates

☆ China stock market: Calm returns after wild week but big challenges remain
▼ + stars: | 2024-01-26 | by ( Laura He | ) edition.cnn.com time to read: +6 min

Hong Kong CNN —It’s been a rollercoaster week for stocks trading in mainland China and Hong Kong. “For a sustained rally in China stocks, we think China will need to address the core of these concerns (predominantly property sector issues and US-China tensions),” the analysts added. In the 7 days to January 24, exchange-traded funds (ETFs) tracking Chinese stocks recorded large inflows of $12.6 billion, according to a Citi survey of global fund managers. Still, investors have been fleeing Chinese stocks over a much longer period because they are worried about the country’s economic prospects. The country is facing the prospect of a vicious cycle whereby lower demand leads to lower investment, lower production and lower income, thus causing even lower demand.

Persons: Hong Kong CNN — It’s, Hong, — haven’t, ” Nomura, “, Li Qiang, ”, Li Yunze, Pan Gongsheng, Florence Lo, HSI, Raymond Yeung, ” Yeung Organizations: Hong Kong CNN, Shanghai Shenzhen, ”, Shanghai Financial Exchange, Bloomberg, State, Supervision, Administration Commission, Administration of Financial, Reuters, People’s Bank of China, Citi, Enodo Economics, HSBC, Greater China, ANZ Research Locations: China, Hong Kong, Shanghai, United States, Beijing, Davos, Switzerland, Greater

☆ China tries to halt stock market rout by boosting lending and wooing foreign investors
▼ + stars: | 2024-01-24 | by ( Laura He | ) edition.cnn.com time to read: +6 min

Hong Kong CNN —China has vowed to pump more money into the economy and further open its $64 trillion financial industry to international investors, as Beijing scrambles to restore confidence following a massive stock market rout. The astonishing losses, reminiscent of the last Chinese stock market crash of 2015-2016, highlight a crisis of confidence among investors concerned about the country’s future. It will allow Hong Kong banks to expand their businesses in mainland China and reduce the barriers to investing in mainland insurers. Last month, China Reform Holdings, a state-owned investment fund, announced it had bought tech-focused index funds to support the market. The brutal sell-off in Chinese stock markets has even forced some hedge fund managers to apologize for making wrong bets.

Persons: Li Yunze, “, Pan Gongsheng, Goldman Sachs, Li, ”, Lam, Li Qiang, Wang Zhao, Premier Li Qiang, Stringer, Li Bei Organizations: Hong Kong CNN, Administration of Financial, People’s Bank of, Buildings, New Champions, Getty, Premier, Xinhua, Reuters, Securities Daily, Social Security Fund, China Reform Holdings, Central Huijin Investment, Shanghai Banxia Investment Management Locations: China, Hong Kong, Beijing, Shanghai, Shenzhen, People’s Bank of China, Victoria Harbour, British, Tianjin, AFP, Central, Fuyang, China's, Anhui

☆ Why Chinese stocks have lost $6 trillion in 3 years: everything you need to know
▼ + stars: | 2024-01-23 | by ( Laura He | ) edition.cnn.com time to read: +8 min

Hong Kong CNN —Chinese shares haven’t just had a bad start to 2024. The astonishing losses, reminiscent of the last Chinese stock market crash of 2015-2016, highlight a crisis of confidence among investors concerned about the country’s future. But on the same day, major state-owned banks moved to support the Chinese yuan, in order to prevent the currency from falling too fast as Chinese shares plunged, according to a Reuters report, citing unnamed sources. Topics related to the “market plunge” and “China’s stock market rescue” were trending on Weibo on Tuesday. “I’m sad about today’s stock market performance,” Hu Xijin, former editor-in-chief for state newspaper Global Times, posted on Weibo on Monday.

Persons: It’s, “, Goldman Sachs, Wall, Li Qiang, ”, Nomura, bedeviling, Beijing’s, Li, Ken Cheung, ” Hu Xijin, “ Hu Organizations: Hong Kong CNN, Reuters, Bloomberg, Monday, People’s Bank of China, ”, Big Tech, Xinhua, Hong, Mizuho Bank, Global Times Locations: China, Hong Kong, Shanghai, Shenzhen, Japan, Asia, Beijing, US, Weibo

☆ 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

☆ The Himalayan mountains are growing — but Tibet could be splitting apart in the process
▼ + stars: | 2024-01-18 | by ( Kelsey Vlamis | Morgan Mcfall-Johnsen | ) www.businessinsider.com time to read: +4 min

As the Indian and Eurasian tectonic plates slowly collide, the Himalayan mountains continue to rise. However a new study suggests the Indian plate may be peeling apart, causing a slab tear. AdvertisementAn eons-long collision that created the Himalayas, the world's tallest mountain range, may also be splitting Tibet apart into two pieces, new research suggests. The edge of the Eurasian plate crumpled upward as India pressed into it, thrusting the Himalayas into existence. But scientists haven't been sure where exactly the Indian plate was going.

Persons: —, Gongga, haven't, Stringer, van Hinsbergen, Utrecht University geodynamicist, Simon Klemperer, it's Organizations: Service, China News Service, Reuters, American Geophysical Union, Utrecht University, Stanford University, Science Locations: Tibet, India, Lhasa, Tibet Autonomous Region, China, Utrecht

☆ China’s population declines for second straight year as economy stumbles
▼ + stars: | 2024-01-17 | by ( Laura He | Simone Mccarthy | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —China’s population shrank for the second year in a row in 2023, marking a deepening of a demographic challenge set to have significant implications on the world’s second largest economy. The population fell in 2023 to 1.409 billion, down some 2.08 million people from the previous year, China’s National Bureau of Statistics (NBS) announced Wednesday. The NBS confirmed that China’s economy grew by 5.2% last year, compared to a government target of around 5%. While this expansion marks a significant pick-up over 2022, when China’s economy grew by just 3%, it is still one of the country’s worst economic performances in over three decades. China’s birth rate also dropped to a new record low of 6.39 births per 1,000 people, down from 6.77 a year earlier and the lowest level since the founding of Communist China in 1949.

Persons: Mao Zedong’s Organizations: Hong Kong CNN, China’s National Bureau of Statistics, NBS, Communist Locations: China, Hong Kong, Communist China, India, Beijing

In China, Tencent is already doing it. Now it’s betting on Weixin Palm Payment, a biometric system launched in May for users of Weixin Pay, WeChat’s sister app. Last year, JPMorgan cited the opportunity as it announced its own payment authentication software pilot program using palm scanning. “With face scanning technology, people can look a lot like each other — like twins,” he said. The Seattle-based e-commerce giant launched its own palm scanning payment service in 2020, letting users connect their palm prints to credit cards to buy items at the company’s cashier-free stores.

Persons: China that’s, — Tencent, Guo Rizen, “, ” Guo, Tencent’s, Guo, ”, Tencent, “ We’re, Edward Santow, …, ” Santow, Kate Xue, wasn’t Organizations: China CNN, CNN, Goode Intelligence, JPMorgan, Fujitsu, University of Technology Locations: China, Shenzhen, Beijing, Seattle, Chinese, Guangdong, Supermonkey, University of Technology Sydney

☆ What’s at stake for the global economy as Taiwan goes to the polls
▼ + stars: | 2024-01-13 | by ( Laura He | ) edition.cnn.com time to read: +7 min

That pushed Taiwan’s trade surplus with China to an enormous $80.5 billion in 2023. For Taiwan, China has been its favorite investment stop for decades. China imports electronic components or precision machine tools from Taiwan, assembles them and exports the finished products to global markets. China may respond to a DPP victory by putting military and economic pressure on the island, Vest said. In 2022, China retaliated after Pelosi’s visit by banning imports of a range of food products from Taiwan.

Persons: Xi Jinping, Lai Ching, Lai, ”, Charlie Vest, Nancy Pelosi’s, Tsai Ing, Kevin McCarthy, they’re, ” Vest, Mike Kai Chen, Vest, there’s Organizations: Hong Kong CNN, Communist Party, Democratic Progressive Party, US, Taiwan’s Ministry of Economic Affairs, Imports, Hsinchu Science, Bloomberg, Getty, Capital Economics, Taiwan Semiconductor Manufacturing Company, Apple, Foxconn, Analysts, Atlantic Locations: China, Hong Kong, Taiwan, Beijing, Taiwan Strait, California, United States, Europe, Japan, South Korea, “ Taiwan, Hsinchu, Hsinchu Science Park

☆ China’s double whammy: Exports fell for the first time in 7 years, as domestic demand dips
▼ + stars: | 2024-01-12 | by ( Laura He | ) edition.cnn.com time to read: +5 min

Exports for the year as a whole fell for the first time since 2016 as global demand for Chinese-made goods (other than cars) slowed, according to customs data released on Friday. Exports measured in US dollar terms stood at $3.38 trillion in 2023, down by 4.6% compared to the year before. The last time China registered a decline in overseas shipments was in 2016, when exports fell 7.7%. “Sluggish external demand has hit China’s exports.”He expects China will continue to face “difficulties” on export markets as global demand is likely to remain weak and “protectionism and unilateralism” hinder growth, he added. The United States remained China’s largest single-country trading partner in 2023, accounting for 11.2% of total trade.

Persons: ” Lyu, ” Goldman Sachs, Price, won’t, ” Organizations: Hong Kong CNN, National Bureau of Statistics, Imports, Administration of Customs, Bloomberg, Getty, PPI, Capital Economics, AFP, ASEAN, European Union Locations: China, Hong Kong, Beijing, Russia, United States, Washington, Taicang Port, China's, Jiangsu, Southeast Asia, That’s, “, Japan

☆ 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

☆ ASML forced to suspend some China exports after US escalates tech battle
▼ + stars: | 2024-01-02 | by ( Diksha Madhok | ) edition.cnn.com time to read: +2 min

Editor’s Note: Sign up for CNN’s Meanwhile in China newsletter, which explores what you need to know about the country’s rise and how it impacts the world. CNN —ASML has been ordered by the Dutch government to restrict shipment of some of its chip-making equipment to China, the company said on Monday. For several years, the Dutch government has faced pressure from the United States to limit chip-related exports to China. ASML said when the rules were updated that due to “the length and complexity of the regulations, ASML will need to carefully assess any potential implications.”The updated export restrictions would affect between 10% and 15% of the firm’s sales to China, ASML Chief Executive Peter Wennink said during an earnings call in October. China reacted on Tuesday, by calling the US curbs “hegemonic” and “bullying.”These actions will “undermine the global semiconductor landscape,” Foreign Ministry spokesperson Wang Wenbin said.

Persons: CNN — ASML, ASML, Biden, Peter Wennink, ” ASML, Wang Wenbin Organizations: CNN, United, NXT, ASML, Foreign Locations: China, United States, Veldhoven, Netherlands

☆ China’s youths throng bargain basements as economy bites: ‘The first floor is too expensive’
▼ + stars: | 2023-12-06 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +4 min

Future Publishing | Future Publishing | Getty ImagesMin Li doesn't go to the mall often. The name of the game for Chinese youth in 2024 is trading down. Anything not in the basement floors is considered to be "in heaven," signaling it's out of reach. Citizens shopping for Mid-Autumn Festival gifts at a shopping mall in Yantai, East China's Shandong province, Sept 25, 2023. (Photo credit should read CFOTO/Future Publishing via Getty Images) Future Publishing | Future Publishing | Getty Images"The name of the game for Chinese youth in 2024 is trading down.

Persons: Min Li doesn't, Gucci, Chanel, Louis Vuitton, She's, Shaun Rein, Rein, Jia Miao, Jia, Chung Chi, Miao Organizations: Future Publishing, Getty, Apple, China Market Research Group, Starbucks, China Market Research, Weibo, Citizens, Publishing, New York University Shanghai, MyCOS Research, NYU Shanghai, Hong Kong Polytechnic University, McKinsey, China's, China News Service Locations: Yantai, East China's Shandong province, Weibo, East China's Shandong, Covid, NYU Shanghai China, Shanghai, Guangzhou

☆ Moody’s warns it may downgrade China
▼ + stars: | 2023-12-05 | by ( Laura He | Diksha Madhok | ) edition.cnn.com time to read: +4 min

The lowering of its outlook does not automatically mean the ratings agency will downgrade China’s creditworthiness, but it increases the chances. Analysts say the property downturn is likely to drag on, hobbling China’s growth prospects for years. Slower growth, weaker demographicsMoody’s expects China’s annual economic growth rate to slow to 4% in both 2024 and 2025, and average 3.8% a year from 2026 to 2030. “The affirmation of the A1 rating reflects China’s financial and institutional resources to manage the transition in an orderly fashion,” the agency said. “Its economy’s vast size and robust, albeit slowing, potential growth rate, support its high shock-absorption capacity.”China’s Finance Ministry said Tuesday it was “disappointed” with Moody’s decision to downgrade the country’s credit outlook.

Persons: Hong Kong / New Delhi CNN — Moody’s, China’s, Moody’s, “, Hong, Seng, Anna Cooban Organizations: Hong Kong / New Delhi CNN, China’s Finance, CSI Locations: China, Hong Kong / New Delhi, China’s, “, Shanghai, Shenzhen

☆ Popular Taiwanese rock band Mayday investigated for lip-synching in China
▼ + stars: | 2023-12-05 | by ( Nectar Gan | ) edition.cnn.com time to read: +5 min

Hong Kong CNN —Popular Taiwanese rock band Mayday is being investigated by Chinese authorities over allegations of lip-synching during recent concerts, an accusation the band’s label has denied in a controversy that has dominated Chinese social media since the weekend. Live shows routinely use pre-recorded background vocals and music to bolster artists’ live singing performances, especially acts that involve vigorous choreography. Chinese government regulations explicitly ban performers from “deceiving audiences with lip-synching,” and organizers from arranging for performers to lip synch. The band is well known for hosting energetic marathons of music, with each show typically lasting two to three hours. They were among the first Taiwanese musicians to hold large-scale concerts in China after the country lifted its stringent zero-Covid policy and travel restrictions.

Persons: ”, ’, vlogger Organizations: Hong Kong CNN —, Tourism Bureau, Xinhua, B’in Music, Weibo, CNN, B’in, “ Locations: China, Hong Kong, Shanghai, Shanghai Culture, Weibo, Taiwan, Beijing

☆ Wanxiang Trust: Another Chinese ‘shadow bank’ faces major financial trouble
▼ + stars: | 2023-12-05 | by ( Laura He | ) edition.cnn.com time to read: +4 min

A trust company usually manages funds for individuals, companies or other entities. The reports come two weeks after Zhongzhi Enterprise Group, another major shadow bank, declared itself “insolvent” after missing payments to its investors. Moody’s Investors Services also warned in September that China’s trust sector could face liquidity challenges during the current property downturn. The two medical trust products were related to a hospital project in Guizhou, which is one of China’s most indebted provinces, according to Cailianshe. Last month, at its twice-a-decade Central Financial Work Conference, the Chinese leadership stressed the importance of addressing risks more systematically across the financial sector and preserving overall stability.

Persons: Hong Kong CNN —, Cailianshe, Wanxiang, hasn’t, Zhongzhi Organizations: Hong Kong CNN, Hong Kong CNN — Wanxiang Trust, Century Business Herald, Wanxiang Group, Zhongzhi Enterprise Group, ”, Zhongrong, Zhongzhi Enterprise Group Bloomberg, Getty, Fitch, Moody’s, Services, Kaisa, CNN Local, Financial Work Conference Locations: China, Hong Kong, Hangzhou, Zhejiang, Beijing, Guizhou

☆ Minnie Chan: Media groups raise concerns following report of ‘missing’ Hong Kong journalist in China
▼ + stars: | 2023-12-05 | by ( Simone Mccarthy | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Press freedom groups are voicing concern for veteran Hong Kong journalist Minnie Chan following a news report that she went missing after traveling to Beijing to cover a security forum in late October. The association, a trade union which advocates for press freedom, called for friends or relatives with information to get in touch. Chan is a highly regarded journalist in Hong Kong and among international audiences who closely follow China news. China ranks 179 out of 180 in the 2023 RSF World Press Freedom Index. It is the world’s largest captor of journalists and press freedom defenders with at least 121 detained, according to the organization.

Persons: Hong, Minnie Chan, “, Chan, ”, Cheng Lei, Haze Fan Organizations: Hong Kong CNN — Press, Protect Journalists, Kyodo, China Morning, Beijing ”, China’s Foreign, Hong Kong Journalists Association, Bloomberg News, China Locations: Hong Kong, Beijing, China, Hangzhou

☆ PDD earnings: Alibaba’s Jack Ma urges reform as rival rattles e-commerce giant
▼ + stars: | 2023-11-30 | by ( Michelle Toh | Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Alibaba founder Jack Ma has called for “change” as the stellar performance of a competitor causes a stir at his e-commerce company. On Wednesday, the billionaire responded to a recent rally in the stock of PDD (PDD), the group behind Chinese online shopping giant Pinduoduo and US-based retail upstart Temu. That has pushed up the company’s stock in New York dramatically, taking it 18% higher Tuesday and another 2% higher Wednesday. As a result, PDD’s market cap has soared to $188.3 billion, putting it just below Alibaba’s (BABA) $189.9 billion. I believe that everyone in Alibaba today is watching and listening,” he wrote in a comment, according to the source.

Persons: Hong Kong CNN —, Jack Ma, PDD, Ma, ”, ” “, Chen Lei Organizations: Hong Kong CNN, Temu Locations: China, Hong Kong, New York, Hangzhou, Alibaba, United States, Australia

☆ China mourns Kissinger — ‘a most valued old friend’
▼ + stars: | 2023-11-30 | by ( Simone Mccarthy | Nectar Gan | ) edition.cnn.com time to read: +8 min

“Farewell, old friend of the Chinese people,” said a top comment with thousands of likes. In July 1971, Kissinger became the first high-ranking US official to visit Communist China. Long after Kissinger left office, Beijing had regarded the well-connected diplomat as a potential helping hand in navigating the increasingly hawkish views towards China in Washington. State broadcaster CCTV called him a “living fossil” who witnessed the development of US-China relations. The tectonic shift in US-China relations that was formalized some eight years later opened the door for extensive economic engagement starting from the early 1980s.

Persons: Henry Kissinger, ”, Wang Wenbin, Xi Jinping, Joe Biden, Wang, “, Kissinger, Washington –, Richard Nixon’s, Scott Kennedy, Washington . Long, Xie Feng, centenarian, ” Xie, – Kissinger, Biden, Xi, John Kerry, Janet Yellen, Wang Yi, Nixon, Alfred Wu, Lee, ’, Wu, “ Kissinger, ” Wu, Zhou Enlai, Kennedy, China …, ” Kennedy Organizations: Hong Kong CNN, China’s Foreign, Center for Strategic, International Studies, CCTV, Xinhua, Foreign, Lee Kuan Yew, of Public, National University of Singapore, Flying Tigers, CSIS Locations: China, Hong Kong, Beijing, Weibo, United States, Washington, Communist China, “ China, American, selfTaiwan, Japan, Soviet Union, Moscow

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