Updated: 18 min 5 sec ago
Pakistan has decided to cancel a $14 billion infrastructure agreement with China because it could not accept the hyper strict conditions, local media reported, in another setback to Beijing's overseas ambitions.
China supports Saudi Arabia's efforts to safeguard national sovereignty and achieve greater development, President Xi Jinping told Saudi Arabia's King Salman, at a time of regional tensions between Saudi Arabia, Iran, Lebanon and Yemen. China has traditionally played little role in Middle East conflicts or diplomacy, despite its reliance on the region for oil.
Volkswagen AG and its Chinese partners will jointly invest nearly $12 billion by 2025 in developing electric cars for the local market, VW's China chief executive said. That will enable the German auto group – which operates in China through joint ventures with the state-run SAIC Motor and FAW Group – to release five electric-car models in China annually until 2025, or around 40 in all, Jochem Heizmann told reporters Thursday.
It's not often that China's official media agency takes aim at a specific stock. But that's what happened to Kweichow Moutai on Thursday, when Xinhua News Agency said shares in China's biggest liquor maker should rise at a slower pace. Within hours, the company had made its own stock exchange filing, says it hopes investors are cautious in making decisions, and that analysts' share price targets and valuations in the market are "overly high." The stock dropped 2% at 9:36 a.m. in Shanghai.
China may start to levy a long-expected property tax in the coming few years, a senior official with the top legislature's financial committee said at the 8th Caixin Summit on Thursday.
The negotiations for an investment treaty between China and the European Union are being hampered because China wants so many sectors to be exempt from the treaty, sources told the South China Morning Post.
China's central government has ordered a small city in Inner Mongolia to halt construction of a Rmb30.5bn ($4.6bn) subway project, signaling Beijing's willingness to sacrifice growth in order to rein in financial risks, the Financial Times reports. The city of Baotou had intended to fund 60% of the project's cost from bank loans and held a groundbreaking ceremony in May, which was attended by Baotou's top two officials.
Cardinal Health has agreed to sell its Chinese pharmaceutical and medical-products distribution business to a local rival. In a statement, Hong Kong-listed Shanghai Pharmaceuticals Holding said Wednesday it would acquire Cardinal Health China for $557 million after the exclusion of debt and other accounting adjustments. It put the "base payment" figure at $1.2 billion, the same price tag Cardinal Health attached to the deal in a separate release.
Tencent has grown into a company with a stock market capitalization of $470bn by building a social media platform that combines messaging, payments and other apps. Now it is taking a step into the world of YouTube, earmarking billions of dollars to amass a catalogue of user-generated content, the Financial Times reports.
China's foreign exchange rate has moved to a "much more market-oriented frame," which the current US administration has "recognized," former US Treasury Secretary Jack Lew said Wednesday. Lew spoke at the 8th Caixin Summit in Beijing via a video link from New York City.
Alongside the gladhanding, strutting and tweets from world leaders at two Asian summits over the past few days, one of the most important geopolitical developments came from a low-key meeting between civil servants from four countries.
Amazon.com Inc is selling off the hardware from its public cloud business in China, amid tightening regulation over online data that is creating a hurdle for technology firms operating in the world's second-largest economy, Reuters reports.
US President Donald Trump has again raised doubts about his country's commitment to the region by opting abruptly to skip a full session of an Asian summit and head home, according to the South China Morning Post. Trump had been expected wrap up his marathon 12-day regional tour by attending the main session of on Tuesday.
China's commercial banking sector has managed to keep its official nonperforming loan (NPL) ratio steady for the past year, with the latest data from the industry regulator showing bad debts amounted to 1.74% of outstanding loans for the fourth straight quarter. But the number masks a significant and growing divergence between the performance of the big state-owned banks and smaller lenders, numbers released on Friday by the China Banking Regulatory Commission (CBRC) show.
The US Congress is moving quickly to approve proposed bipartisan legislation that would tighten national security reviews of foreign investment, particularly Chinese acquisitions of US assets, by pushing for a hearing on the bill this year and a vote in both chambers by next January, an expert with direct knowledge of the bill told the South China Morning Post
Stronger Chinese economic growth will push global greenhouse gas emissions to a record high in 2017 after remaining flat for three years, dashing tentative hopes of a turning point in the world's efforts to curb climate change. A new report by the Global Carbon Project, an international research consortium, predicts that carbon dioxide emissions from fossil fuels and industry will rise 2% this year. The report was released at the UN climate change meeting in Bonn on Monday.
China's second biggest e-commerce company, JD.com, reported an unexpected profit in the third quarter, though it lost about 100 merchants to fierce competition in the run-up to this month's Singles' Day shopping extravaganza. JD posted net earnings of 1 billion yuan ($151 million), its highest ever quarterly profit, in the three months to Sept. 30, far above an analyst consensus forecast of a 213 million yuan loss. The unexpected profit and a 39% rise in revenue boosted the company's shares, which were 5% higher at 1554 GMT Monday.
Alibaba's Singles' Day shopping extravaganza, which generated a record $25.3 billion in sales this year, is even affecting an obscure part of China's debt market. The company's financial affiliate got regulatory approval last month to sell up to 3 billion yuan ($452 million) of what it called "shopping festival" asset-backed securities. That came before the Nov. 11 Singles' Day – when customers stock up on shoes, cosmetics, electronics and even cars in nominal celebration of singlehood.
Jiangsu province is stepping up regulation of public-private partnerships (PPPs) to stop them from becoming another financing platform for local governments to secretly rack up more debt, Caixin reports. The province, the first to heed a recent Ministry of Finance (MOF) warning of a buildup of "hidden risks" in such deals, issued sweeping new rules in an effort to stamp out abuses of the system.
Thousands of Christians in an impoverished county in rural southeast China have swapped their posters of Jesus for portraits of President Xi Jinping as part of a local government poverty-relief program that seeks to "transform believers in religion into believers in the party." Located on the edge of Poyang, China's largest freshwater lake, Yugan county in Jiangxi province is known equally for its poverty and its large Christian community, according to the