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☆ Citi CEO commits to China expansion, Beijing says
▼ + stars: | 2023-06-07 | by ( Selena Li | ) www.reuters.com time to read: +2 min

The CEO also held meetings with Citi staff and clients, which include some of the largest U.S. multinational companies with presence in China, a Citi spokesperson said. Fraser's first trip to China since taking up the CEO role in March 2021 follows a visits by JPMorgan's chief Jamie Dimon last week and by other global financial executives in March. Sequoia said on Tuesday it plans to spin off its Chinese business as part of wider changes at the U.S. venture capital giant. Li told Fraser that China will open up its financial sector further. Citi is in the process of getting approval to set up a securities brokerage in China, having submitted its application in late 2021.

Persons: Jane Fraser, Fraser, Li Yunze, Li, NFRA, Fraser's, Jamie Dimon, Sequoia, Selena Li, Nivedita Bhattacharjee, Navaratnam, Alexander Smith Organizations: National Financial Regulatory Administration, Citi, U.S, United States . International, Beijing, Thomson Locations: HONG KONG, BEIJING, U.S, Beijing, China, United States, China's, Hong Kong

☆ Citigroup CEO pledges to Beijing to continue China expansion
▼ + stars: | 2023-06-07 | by ( Selena Li | ) www.reuters.com time to read: +2 min

Fraser held a meeting with the head of China's new financial regulator on Monday, the National Financial Regulatory Administration (NFRA) said in a statement on Wednesday. Most of the CEOs were reluctant publicly express their enthusiasm in growing their China business, as they tread a fine line between showing commitment to China and not antagonizing the United States. Citi currently offers corporate and institutional banking, global markets, wealth businesses and other banking services in China. The U.S. lender started winding down its retail banking business in China last December due to a global strategy shift, a move set to impact about 1,200 local staff. China will open up its financial sector further, Li Yunze, chief of China's financial regulator told Fraser.

Persons: Jane Fraser, Fraser, Morgan's, Jamie Dimon, Li Yunze, Li, Selena Li, Nivedita Bhattacharjee Organizations: National Financial Regulatory Administration, Citi, Beijing, Thomson Locations: BEIJING, China, J.P, United States, The U.S, China's, Hong Kong

☆ Ports in China's oil hub Shandong scrutinizing old tankers -sources
▼ + stars: | 2023-06-05 | by ( Muyu Xu | ) www.reuters.com time to read: +3 min

Qingdao and Lanshan are two of the top five biggest Chinese oil importing ports, according to data from Kpler. Shandong is home to numerous independent refineries known as teapots that account for up to one-fifth of China's processing capacity. Port authorities could detain ships for days to rectify any issues, prompting shippers to divert cargoes to other Chinese ports, the sources said. Almost all tankers hauling crude to Qingdao for independent refiners are more than 10 years old, said Vortexa analyst Emma Li. In April, tankers calling at Shandong ports experienced delays after customs authorities stepped up checks on diluted bitumen cargoes.

Persons: Seapalm, Emma Li, Eikon, Muyu Xu, Florence Tan Organizations: Kpler, Shandong Maritime Safety Administration, Reuters, Seapalm Shipping, Thomson Locations: SINGAPORE, China's Shandong, Qingdao, Rizhao, Lanshan, Shandong, Tokyo, Cameroon, Seychelles, Jiangsu, Hebei, Liaoning, Beijing

☆ China will extend purchase tax exemption for NEVs -cabinet meeting
▼ + stars: | 2023-06-02 | by ( ) www.reuters.com time to read: 1 min

BEIJING, June 2 (Reuters) - China will extend and optimise a purchase tax exception on new-energy vehicles (NEVs) and study policies to promote NEV development, state media reported on Friday, citing discussions at a cabinet meeting. Separately, the meeting pointed out that the foundation of China's economic recovery is not yet solid, CCTV reported. Reporting by Beijing newsroom; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

Persons: Jason Neely Organizations: Beijing, Thomson Locations: BEIJING, China

[1/3] A man looks at job information at an employment fair beside a street in Zhengzhou, Henan province, February 19, 2014. REUTERS/Jason LeeHONG KONG, June 1 (Reuters) - China's Henan province has unveiled a 100-day plan to "dynamically clear" youth unemployment as concern grows over record levels of joblessness among young adults, with millions more students due to graduate this year. The goal is to ensure "zero-dynamic clearing" for long-term unemployment and the "smooth employment of college graduates", the provincial Department of Education said in a social media post this week. Economists expect youth unemployment to become increasingly common in coming years as graduates enter the job market. The "dynamic zero clearing" term the education department used is reminiscent of the language authorities used in the fight against COVID, reflecting the level of concern about unemployment.

Persons: Jason Lee HONG, Farah Master, Robert Birsel Organizations: REUTERS, Department of Education, COVID, Thomson Locations: Zhengzhou, Henan province, Jason Lee HONG KONG, Henan, China, Beijing

☆ China encourages Arm to deepen cooperation with its research institutions, companies
▼ + stars: | 2023-06-01 | by ( ) www.reuters.com time to read: 1 min

BEIJING, June 1 (Reuters) - China Vice Minister of Science and Technology Zhang Guangjun encouraged Softbank-owned British chip technology firm Arm to deepen its cooperation with Chinese research institutions, colleges and companies, his ministry said on Thursday. In a meeting with Arm CEO Rene Haas in Beijing on Tuesday, Zhang said Arm's potential for development in the Chinese market is big, and the ministry will continue to provide services and support for high tech enterprises operating in the country. Reporting by Beijing Newsroom; Editing by Tom HogueOur Standards: The Thomson Reuters Trust Principles.

Persons: Technology Zhang Guangjun, Softbank, Rene Haas, Zhang, Tom Hogue Organizations: China, Science, Technology, Beijing, Thomson Locations: BEIJING, British, Beijing

☆ China Renaissance chairman's detention extended by 3 months -report
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +1 min

BEIJING, May 31 (Reuters) - The detention of Bao Fan, chairman of investment bank China Renaissance Holdings (1911.HK), has been extended for another three months beginning May 7, Chinese financial publication Economic Observer reported on Wednesday, citing sources. Bao was taken away by disciplinary and supervision officials on February 7 and detained, the report said. China Renaissance did not immediately respond to a Reuters request for comment. Late in February, the bank said in an exchange filing that Bao, its star dealmaker, was co-operating with authorities in their investigation. Bao's disappearance in February saw shares in the investment bank plunge as much as 50%.

Persons: Bao Fan, Bao, Didi, Kuaidi, Andrew Heavens, Jason Neely Organizations: China Renaissance Holdings, HK, Central Commission, Beijing, Thomson Locations: BEIJING, Beijing, China

☆ China foreign minister meets with Elon Musk in Beijing
▼ + stars: | 2023-05-30 | by ( ) www.reuters.com time to read: 1 min

BEIJING, May 30 (Reuters) - China will create a better market-oriented business environment for enterprises from all countries, including Tesla, China's foreign minister Qin Gang said during a meeting with Tesla's Elon Musk on Tuesday. China will continue to unswervingly promote high-level opening-up and strive to create a better international business environment, Qin told Musk, according to a statement from the Chinese foreign ministry. Reporting by Beijing newsroom, editing by Ed OsmondOur Standards: The Thomson Reuters Trust Principles.

☆ China urges Japan to stop imposing chip export controls
▼ + stars: | 2023-05-29 | by ( ) www.reuters.com time to read: 1 min

BEIJING, May 29 (Reuters) - Chinese Commerce Minister Wang Wentao urged Japan to correct its "wrongdoing" of imposing chip export controls, according to a statement from the Chinese commerce ministry on Monday. Wang made the comments during talks with Japanese Trade Minister Yasutoshi Nishimura on May 26 at the Asia-Pacific Economic Cooperation (APEC) conference. Wang was quoted as saying that Japan had ignored China's strong opposition and opinion within the industry and that its actions "seriously violated" international economic and trade rules. "China is willing to work with Japan to promote pratical cooperation in key economic and trade areas," the statement also quoted Wang as saying. Reporting by Beijing newsroom; Writing by Bernard Orr; Editing by Muralikumar Anantharaman and Edwina GibbsOur Standards: The Thomson Reuters Trust Principles.

☆ China's Wuling Motors cuts Mini EV starting prices to as low as 29,800 yuan
▼ + stars: | 2023-05-22 | by ( ) www.reuters.com time to read: 1 min

BEIJING, May 22 (Reuters) - China's Wuling Motors has lowered starting prices for its Mini EV electric vehicles to as low as 29,800 yuan ($4,300), the company said on Monday. Some new energy vehicle models saw price cuts of as much as 13,000 yuan, it added in a statement. ($1=6.9121 Chinese yuan renminbi)Reporting by Beijing newsroom; Writing by Liz Lee; Editing by Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

☆ China urges U.S. to meet it halfway, bring ties back on track
▼ + stars: | 2023-05-22 | by ( ) www.reuters.com time to read: 1 min

BEIJING, May 22 (Reuters) - China's foreign ministry on Monday urged the United States to have the right understanding of China, meet it halfway and bring bilateral relations back on track. Mao Ning, a ministry spokesperson, made the remarks in response to U.S. President Joe Biden suggesting that a shift in U.S.-China relations could occur soon. Reporting by Beijing Newsroom; Editing by Toby ChopraOur Standards: The Thomson Reuters Trust Principles.

☆ Messi to lead Argentina in friendly against Australia in China
▼ + stars: | 2023-05-22 | by ( ) www.reuters.com time to read: +1 min

BEIJING, May 22 (Reuters) - Argentina captain Lionel Messi will lead his side against Australia in a friendly in Beijing next month with his first visit to China in six years set to spark a mass scramble for tickets. The Argentina embassy in China said on Monday that the World Cup winners would play Australia on June 15, bringing Messi to the country for the first time since 2017. Messi has received a fervent welcome on each of his previous visits to China, which has a huge soccer fan base despite the struggles of the men's national team. Since his first China trip in 2005, Messi has played for Argentina or his former club Barcelona in friendlies. The Spanish side beat Beijing Guoan 3-0 in a friendly in 2010.

☆ China grants approvals to 86 domestic online games
▼ + stars: | 2023-05-22 | by ( ) www.reuters.com time to read: 1 min

BEIJING, May 22 (Reuters) - China's gaming regulator on Monday granted publishing licences to 86 domestic online games, including titles belonging to Tencent Holdings Ltd (0700.HK), NetEase Inc (9999.HK) and other developers. Reporting by Beijing Newsroom; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

☆ China says it will work for better solution of Zambia's debt issues
▼ + stars: | 2023-05-19 | by ( ) www.reuters.com time to read: 1 min

BEIJING, May 19 (Reuters) - China has always taken Zambia's debt issues seriously and will jointly work for a better solution, the Chinese foreign ministry said on Friday. Wang Wenbin, a spokesperson of the ministry, made the remarks at a regular news briefing when answering a question regarding Zambian President Hakainde Hichilema saying he wants to meet with President Xi Jinping to get Zambia's debt restructuring done. Reporting by Beijing Newsroom; Editing by Toby ChopraOur Standards: The Thomson Reuters Trust Principles.

☆ China's Xi calls for stable, secure central Asia
▼ + stars: | 2023-05-19 | by ( ) www.reuters.com time to read: +1 min

[1/2] Chinese President Xi Jinping speaks at the round table during the China-Central Asia Summit in Xi'an, Shaanxi province, China, 19 May 2023. MARK CRISTINO/Pool via REUTERSXIAN, May 19 (Reuters) - China's President Xi Jinping said on Friday that the security, independence and territorial integrity of central Asian nations must be safeguarded. Delivering the keynote speech at the China-Central Asia Summit in the historic city of Xian, Xi said the world needs "a central Asia that is stable, prosperous, harmonious, and well-connected", state media reported. Xi, who is hosting Asian leaders from five central Asian countries, characterized relations between China and its western neighbours as having great vigour and vitality. Leaders from Kazakhstan, Kyrgyzstan, Uzbekistan, Turkmenistan and Tajikistan were on hand for meetings that cover trade and bilateral relations.

☆ Visiting Ukraine, China's envoy urged all sides to create space for peace talks
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +2 min

BEIJING, May 18 (Reuters) - Beijing's special envoy noted there was no panacea to the war in Ukraine during a visit to Kyiv earlier this week, but urged all parties to create conditions for peace talks, China's foreign ministry said on Thursday. Ukraine's foreign minister told Li on Wednesday that Kyiv would not accept any proposals to end the war that involved losing territory or freezing the conflict, the Ukrainian foreign ministry said. Li, who is a former ambassador to Russia, will also visit Poland, France, Germany and finally Russia during a multi-day trip. He is the most senior Chinese official to visit Ukraine since Russia invaded in February 2022. During Li's visit to Kyiv, bilateral relations were also discussed, and both sides agreed to work to maintain mutual respect and keep moving forward with mutually beneficial co-operation, China's foreign ministry said.

☆ China says S.Korean soccer player detained for suspected bribery
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: 1 min

BEIJING, May 16 (Reuters) - China's foreign ministry said on Tuesday a South Korean soccer player is suspected of taking bribes from non-state workers and has been detained by the public security department of Liaoning province. China is a country that follows the rule of law and handles relevant cases in accordance with the law, ministry spokesperson Wang Wenbin told a news briefing. South Korean soccer player Son Jun-ho is being held in police custody in northeast China in connection with a bribery case, a Korean diplomatic source said on Monday. read moreReporting by Beijing Newsroom; Editing by Tom HogueOur Standards: The Thomson Reuters Trust Principles.

President Xi Jinping recently attended a meeting concerned with population development, it added with the newspaper describing population development as a major event linked to China's "great rejuvenation". Concerned about China's first population drop in six decades last year and its rapid ageing, the government has urgently embarked on measures to lift the country's birth rate including financial incentives and boosting childcare facilities. China will double the number of childcare centres by 2025, state-backed broadcaster CCTV said on Tuesday, with the headline "It is no longer difficult to take care of a baby". Gender discrimination and traditional thinking that places the burden of caring for children mostly on women are still widespread throughout the country. Opening up fertility services to unmarried women may help to boost the country's fertility rate, the government's political advisers proposed in March.

☆ Ford says it will reduce costs to boost China business
▼ + stars: | 2023-05-15 | by ( ) www.reuters.com time to read: +1 min

Companies Ford Motor Co FollowBEIJING, May 15 (Reuters) - Ford (F.N) said on Monday it was working to reduce costs in China as it strives to recover from a long sales slump in the world's largest auto market. “Our costs are not competitive, and we are working internally and with our partners to reduce costs in all areas,” a representative of Ford China told Reuters in a statement. These actions are necessary for us to build a healthier and more sustainable business in China," the company added. Local Chinese media reported last week, citing unnamed sources, that the company planned to cut 1,300 jobs in China. The company did not comment on how it would cut costs.

HONG KONG, May 15 (Reuters) - China will launch pilot projects in more than 20 cities to create a "new-era" marriage and childbearing culture to foster a friendly child bearing environment, the latest move by authorities to boost the country's falling birth rate. Promoting marrying, having children at appropriate ages, encouraging parents to share child-rearing responsibilities, and curbing high "bride prices" and other outdated customs are the focus of the projects, the Times said. The association already launched projects in 20 cities including Beijing last year, the Times said. "The society needs to guide young people more on the concept of marriage and childbirth," demographer He Yafu told the Times. Reporting by Farah Master and the Beijing newsroom; Editing by Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

☆ US citizen sentenced to life in prison for espionage - Chinese court
▼ + stars: | 2023-05-15 | by ( ) www.reuters.com time to read: +2 min

BEIJING, May 15 (Reuters) - A 78-year-old U.S. citizen and Hong Kong resident was on Monday convicted of espionage and sentenced to life imprisonment by a court in eastern China, a court statement said. The court added that Leung was a Hong Kong resident and a U.S. passport holder. The court gave no specifics of his alleged offence, but said: "Suzhou's National Security Bureau began investigating Leung on April 15, 2021, on suspicion of spying." Last week, U.S. national security adviser Jake Sullivan met China's top diplomat Wang Yi to try to keep open channels of communication and to stablise the relationship between the superpowers. Hong Kong and Chinese media outlets reported that Leung had once been a senior member of a Chinese patriotic group in the United States called the U.S.-China Friendship Promotion Association.

☆ Chinese baby product firms seek to age up, sell more abroad as population falls
▼ + stars: | 2023-05-10 | by ( Farah Master | Thomson Reuters | Farah Master Is A Senior Correspondent At Reuters Where She Focuses On Health | ) www.reuters.com time to read: +5 min

HONG KONG, May 11 (Reuters) - For many of China's manufacturers of baby and children's products, painful reverberations from last year's historic decline in the country's population are already upon them. Hong Kong-listed Health and Happiness (H&H) (1112.HK), which gains nearly half of its revenue from baby products such as infant formula, food and diapers, is one such company. China's market for baby food and diapers is the world's largest at $37.9 billion, accounting for around a third of global sales annually, according to research from Euromonitor. Adult diaper revenue, however, shot up 13% - highlighting how China's rapidly ageing population is prompting shifts in consumer spending. Reuters GraphicsShares for the three firms now trade between a third and a fifth of their all-time highs.

Capvision said in a statement soon after the broadcast that it would resolutely abide by national security rules. The CCTV report was the first clear indication of the national security scope of recent police action against several consulting firms. "The state security organ and other authorities will intensify law enforcement against activities that endanger national security, such as illegal consulting," the state-owned Global Times said. The revisions will see all documents, data, materials and items "related to national security and interests" given the same protection as state secrets. The law does not define China's national security or interests.

☆ China to expel Canadian diplomat in Shanghai as reciprocal measure
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: 1 min

BEIJING, May 9 (Reuters) - China's foreign ministry said on Tuesday that it will expel a diplomat in Canada's Shanghai Consulate as a reciprocal countermeasure, according to a statement on its website. The Canadian diplomat, Jennifer Lynn Lalonde, has been asked to leave China by May 13, the statement said. Reporting by Beijing newsroom; Editing by Edmund KlamannOur Standards: The Thomson Reuters Trust Principles.

☆ China says imperative to stabilise Sino-US relations
▼ + stars: | 2023-05-08 | by ( ) www.reuters.com time to read: +3 min

BEIJING, May 8 (Reuters) - China's Foreign Minister Qin Gang said on Monday it is imperative to stabilise Sino-U.S. relations after a series of "erroneous words and deeds" threw ties back into a deep freeze. In response, Beijing severed formal communications channels with the United States including one between their militaries. "A series of erroneous words and deeds by the United States since then have undermined the hard-won positive momentum of Sino-U.S. relations," Qin told Burns, the Chinese foreign ministry said in a statement. "The top priority is to stabilise Sino-U.S. relations, avoid a downward spiral and prevent any accidents between China and the United States," Qin said. Last month, China staged war games around Taiwan after Taiwanese President Tsai Ing-wen met with U.S. House of Representatives Speaker Kevin McCarthy in Los Angeles.

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