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Showing posts with the label China

News | China | Imports: China Has Overtaken Germany To Become UK's Single Import Market.

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  bbc.com China overtakes Germany as UK’s top import market BBC News 2-3 minutes image copyright Getty Images China has overtaken Germany to become the UK's biggest single import market for the first time since records began. Goods imported from China rose 66% from the start of 2018 to £16.9bn ($24bn) in the first quarter of this year, the Office for National Statistics said. Imports from Germany fell by a quarter to £12.5bn in the same period. The change came as trade with the European Union was disrupted by Brexit and the pandemic boosted demand for Chinese goods. The Office for National Statistics (ONS) report aimed to assess the impacts of Brexit and the coronavirus on the UK's trade in goods. It found evidence that trade had been disrupted at the start of the new relationship between the UK and the EU. The ONS said German imports to the UK had fallen since April 2019, amid uncertainty over the details of Br

News | China | Financial Market: Bilibili Slump of Shares: Chinese Video Platform 'Bilibili' Shares slumped at Their Launch on Stock Exchange of Hong Kong.

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  bbc.com China's answer to YouTube slumps on market debut BBC News 3 minutes image copyrightGetty Images Shares of Chinese video platform Bilibili have slumped at their launch on the Hong Kong stock exchange. The shares opened at HKD$790 ($101.6 ; £73.7), which is 2.2% below their issue price, before slipping another 4%. Bilibili is similar to YouTube, but the company hopes to increase revenues through Netflix-style subscriptions. The listing is the latest in a large number of "homecomings" for US-listed Chinese companies. The Chinese firms have sought out secondary listings in Hong Kong due to increased scrutiny from US regulators, which began under President Donald Trump. In part, the listings are insurance against being kicked off US exchanges, a process which has already started for three Chinese telecommunications companies. In January, The New York Stock Exchange suspended state-ba

U.S. First High Level Meeting: Angry Words between U.S. At Hig-Level Alaska Talks

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  bbc.com US and China trade angry words at high-level Alaska talks BBC News 6-7 minutes US and Chinese officials have exchanged sharp rebukes in the first high-level talks between the Biden administration and China, taking place in Alaska. Chinese officials accused the US of inciting countries "to attack China", while the US said China had "arrived intent on grandstanding". Relations between the two superpowers are at their most strained for years. The US pledged to raise contentious issues such as Beijing's treatment of Uighur Muslims in Xinjiang. The ill-tempered talks in Anchorage involved Secretary of State Antony Blinken and National Security Adviser Jake Sullivan on the US side, facing off with China's most senior foreign policy official, Yang Jiechi, and foreign minister Wang Yi. However, a US official said the subsequent talks behind closed doors had been "sub

News | China | Regulators Press Tech Giants: China Tech Giants Under Regulators Pressure.

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  bbc.com China's tech giants fall under regulator's pressure BBC News 3 minutes image copyrightGetty Images China's tech giants are coming under increasing pressure from regulators worried about their growing influence. By Monday, Tencent had shed more than $60bn (£42bn) from its market value as its share price slid over concerns of greater regulator scrutiny. Media reports suggest that rival tech giant Alibaba may have to sell some of its media assets under the crackdown. Chinese regulators have signalled a tougher approach towards tech firms. China's State Administration for Market Regulation (SAMR) on Friday said it had fined 12 companies over 10 deals that violated anti-monopoly rules. The companies included Tencent, Baidu, Didi Chuxing, SoftBank and a ByteDance-backed firm, the SAMR said in a statement. Investors appear to be worried that Tencent could be the next company in the cross

News | China International Investment: Chinese International Investments in Australia plummets 61%.

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  bbc.com Chinese investment in Australia plummets 61% BBC News 3-4 minutes image copyrightGetty Images image captionMany Chinese companies have looked to Australia's mining sector for investment opportunities. Chinese investment in Australia plummeted 61% in 2020, the lowest number in six years. The drop in investment comes amid a growing diplomatic rift between the two countries. The Australian National University's Chinese Investment in Australia Database (CHIIA) recorded just over $780m (A$1bn ; £550m) in investment. Only 20 Chinese investments were recorded in 2020, well below the 2016 peak of 111. Last year's decline came on top of a 47% drop from 2019, when Chinese investment totalled $1.57bn. Dr Shiro Armstrong, director of the East Asian Bureau of Economic Research, where CHIIA is based, said the decline in Chinese investment in Australia outpaced falling global foreign investment last

News | Chinese Coronavirus | Covid-19: China to test entire city for Covid-19 in five days

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  4 minutes - Source: BBC Image copyright Barcroft Media Image caption The coastal city of Qingdao confirmed a small number of cases on Sunday The Chinese city of Qingdao is testing its entire population of nine million people for Covid-19 over a period of five days. The mass testing comes after a dozen cases were found linked back to a hospital treating coronavirus patients arriving from overseas. In May, China tested the entire city of Wuhan - home to 11 million people and the epicentre of the global pandemic. The country has largely brought the virus under control. That's in stark contrast to other parts of the world where the

News | Business | Tech | China | Companies: China takes aim at US 'bullying' of its tech firms

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4 minutes - Source: BBC Image copyright Getty Images China has taken aim at the US saying its tech firms are victims of "naked bullying". The accusations come as the Chinese government launches a new set of global guidelines for technology companies. Its new initiative outlaws illegally obtaining people's data and large-scale surveillance. Last month a similar data privacy effort was announced by the US called The Clean Network. It is the latest clash between Washington and Beijing over data security issues which has already embroiled TikTok, Huawei and WeChat. In recent months, the Trump administration has taken steps to block Chinese tech firms like Huawei and Chinese apps including TikTok and WeChat saying they pose threats to national security. "Some individual

News | Business | China | Smartphone Industry: Huawei cold-shouldered in India

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Mercedes Ruehl and James Kynge  10-12 minutes - Source: FT The Big Story — Exclusive The cost to China of a brutal border clash with Indian troops in June is becoming ever clearer. The latest victims are Huawei and other Chinese telecoms equipment companies that are being phased out of India’s booming market, including that for 5G networks, according to Amy Kazmin and Stephanie Findlay of the FT in New Delhi. Although New Delhi has not issued any formal written ban on equipment suppliers such as Huawei and ZTE, industry executives and government officials say key ministries have indicated that local telecoms service providers should avoid using Chinese equipment in future investments. Key implications: The impact on Chinese tech companies could be considerable. Huawei has been one of the three biggest telecoms equipment suppliers in India (see Smart data), which is the world’s second biggest mobile market with more

News | Business | Markets | China: Covid-19 vaccine hopeful doubles on China stock market debut

Christian Shepherd and Hudson Lockett  3-4 minutes - Source: FT Shares in a pharmaceutical group that is developing a coronavirus vaccine alongside China’s military more than doubled on its trading debut, as investors brushed aside longstanding doubts over profitability. CanSino Biologics’ stock surged as much as 127 per cent on its first day of trading on Shanghai’s Nasdaq-like Star Market on Thursday after the company raised Rmb5.2bn ($748.9m) in a secondary share offering. The shares later pared some of that initial enthusiasm to trade 85 per cent higher. Appetite for Tianjin-based CanSino’s stock has been driven by its development of an experimental Covid-19 vaccine that seeks to stimulate an immune response to coronavirus using a chemically weakened common cold. The treatment has been developed jointly with a team of leading immunologists from China’s People’s Liberation Army and has already been approved for u

News | China | Tech | Giants Index: Hong Kong launches share index of tech giants

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3-4 minutes - Source: BBC Image copyright Getty Images A new share index focused on China's technology giants has been launched by Hong Kong's stock market. The Hang Seng Tech Index went live on Monday and includes internet giants such as Tencent, Alibaba and JD.com. It will feature 30 of the largest tech firms listed in Hong Kong, which are among the world's biggest companies. The new index comes as Chinese tech firms face greater scrutiny in the US, with many looking at listings in both Hong Kong and China. Jack Ma, the billionaire founder of Alibaba, recently announced plans to list its affiliate financial arm Ant Group in Hong Kong. Alibaba, NetEase and JD.com are three tech giants that have recently listed in Hong Kong amid growing tensions bet

News | China | Tech | Huawei Summit: Huawei holds summit as global pressure grows

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3minutes - Source: BBC Image copyright Getty Images Chinese technology giant Huawei starts a four-day online event today focusing on how technology can be used in the fight against the coronavirus. The "Better World Summit" will also explore how to boost the world economy in the wake of the pandemic. Meanwhile, HSBC has issued a statement defending its cooperation with the US in a case against Huawei. It came after Chinese state media accused the London-headquartered bank of “setting traps to ensnare” Huawei. The world’s biggest telecoms equipment maker said the summit will feature talks by technology industry executives and experts from around the world, including Huawei's deputy chairman Guo Ping as well as South Africa's telecoms minister St

News | Business | Economy | China: China says its economy grew 3.2% in the second quarter this year, rebounding from coronavirus

Huileng Tan, Evelyn Cheng 4-5 minutes - Source: CNBC China reported that the country’s GDP grew by 3.2% in the second quarter of this year, compared to a year ago — beating analysts’ expectations and rebounding from the first quarter’s contraction. It comes as lockdowns to contain the coronavirus  outbreak in China eased, and as Beijing rolled out stimulus measures to prop up its economy. Economists polled by Reuters expected gross domestic product to have grown modestly at 2.5% in the April to June quarter. China’s first quarter GDP contracted by 6.8% in 2020 from a year ago as the world’s second largest economy took a huge hit from the coronavirus outbreak. This was the country’s first GDP decline since at least 1992, when official quarterly records started. China’s official GDP figures are tracked as an indicator of the health of the world’s second-largest economy, but many outside experts have long expressed skepticism about the veracity of China’s re

News | China | Hong Kong Security Law: China passes controversial Hong Kong security law

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7-9 minutes - Source: BBC Image copyright AFP Image caption Protests rocked Hong Kong last year, sparked by a bill intended to enable extraditions to the mainland China has passed a controversial security law giving it new powers over Hong Kong, deepening fears for the city's freedoms, the BBC has learned. It is set to criminalise secession, subversion and collusion with foreign forces, but will also effectively curtail protests and freedom of speech. The move follows increasing unrest and a widening pro-democracy movement. Veteran activists have already said they will march on Wednesday, despite the risk of arrest under the new law. But the Demosisto p

News | China | Tech | Space | Satellites: China launches final satellite in GPS challenger

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3minutes - Source: BBC Image copyright Getty Images China has successfully put into orbit the final satellite in its BeiDou-3 navigation system, further advancing the country as a major power in space. Tuesday's launch will allow China to no longer rely on the US government-owned Global Positioning System (GPS). The $10bn (£8bn) network is made up of 35 satellites and provides global navigation coverage. It comes as tensions between Beijing and Washington are increasing over the coronavirus, trade and Hong Kong. The launch had been scheduled for last week but was delayed after technical problems were found with the rocket in pre-launch tests. The third version of the Beidou Navigation Satellite System (BDS) offers an alternative to Russia's GLONASS and

News | Asia | China | Yuan Exchange Rate Expectations: Barings sees opportunities in the Chinese yuan and the country's 10-year bond

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Eustance Huang 3minutos - Source: CNBC A Chinese clerk counts renminbi yuan banknotes at a bank in China on December 2015. Jie Zhao | Corbis News | Getty Images The Chinese yuan  has weakened considerably in recent days, as U.S.-China tensions reignite and investors weigh the uncertainty over Beijing’s  proposed a new national security law for Hong Kong . There is “value” for the Chinese currency at these current levels, according to Barings’ Head of Greater China Investments, Khiem Do. “For the next 12 months, we believe that the yuan will trade somewhere between 6.8 against the U.S. dollar to 7.2,” Do told CNBC’s “Street Signs” on Wednesday. The onshore yuan — which trades in the mainland and is tightly controlled by China — traded at 7.1579 per dollar on Wednesday afternoon Singapore time. On Monday, the People’s Bank of China said the official yuan midpoint at its weakest since the 2008 global financial crisis, acco