Updated: 19 min 48 sec ago
HNA Group disclosed it's controlled by a couple of charities as the acquisitive Chinese conglomerate whose overseas investments have come under scrutiny seeks to dispel concerns about its ownership structure, Bloomberg reports. Two charities named Cihang, one based in New York and the other in Hainan, own 52% of HNA Group, according to a company statement on Monday.
US Navy reconnaissance plane was forced to take evasive action to avoid a possible mid-air collision after a Chinese jet fighter came within 300 feet of the American aircraft over the East China Sea, US officials said Monday. Capt. Jeff Davis, a Pentagon spokesman, said a Chinese J-10 jet fighter rapidly approached under the US EP-3 reconnaissance plane, slowed down and then flew in front of the American pilot, triggering the plane's collision alarm system and forcing it to take evasive action.
Chinese police will strike hard against shady financial schemes because of the risk of social unrest from such fundraising ploys, according to the Public Security Ministry. Top of Form Guo Shengkun, China's police chief, said at a nationwide meeting with local police authorities on Sunday that law enforcers must use "big data" technology to uncover and stop internet financial crimes as early as possible.
Mercedes-Benz parent Daimler is investing in a Chinese self-driving startup, in another instance of a Western auto maker seeking out a Chinese partner to get a foothold in a challenging market. The German automotive giant made its first ever investment in a Chinese startup this week, taking part in a $46 million funding round for Momenta, a Beijing-based firm providing road sensors and high definition mapping software.
China's military warned India it would defend its territory "at all costs" and planned to reinforce its position high in the Himalayas, where a stand-off between the Asian powers has stretched into its second month. Chinese and Indian forces have been maneuvering – and even physically shoving each other – in an effort to control a few hundred meters of barren terrain claimed by both China and Bhutan, India's tiny neighbor and long-time ally.
Since regulators opened up the consumer finance market three years ago, lenders have deployed hundreds of thousands of salespeople to cash registers and even car parks across China to hand out on-the-spot loans for phones, electronic gadgets and cars. The Financial Times reports the pent up demand was huge. Millennial consumers often struggle to obtain loans from traditional lenders and many in smaller cities do not carry plastic in their wallets.
China's government reined in one of its brashest conglomerates with the approval of President Xi Jinping, according to people with knowledge of the action—a mark that the broader government clampdown on large private companies comes right from the top of China's leadership, according to The Wall Street Journal.
China's central bank used its open-market operations to boost the supply of cash in the financial system after demand driven by tax and dividend payments pushed the overnight money rate to a four-week high.
China, a surveillance state where authorities have unchecked access to citizens' histories, is seeking to look into their future with technology designed to predict and prevent crime. Companies are helping police develop artificial intelligence they say will help them identify and apprehend suspects before criminal acts are committed. "If we use our smart systems and smart facilities well, we can know beforehand...
A record number of Chinese companies have made it onto the latest Fortune Global 500 list, with tech leaders Alibaba and Tencent joining for the first time China's traditional energy and banking giants. A total of 115 Chinese firms made the cut, 10 more than a year before, putting China second behind the United States, which had 132 companies on the list, two fewer than last year, Caixin reports.
With the 19th Party Congress galloping towards us, Those in Command are getting ever-busier making arrangements for the big moment. In the last week, we have had a top candidate for the new leadership team being toppled.
The US and China have ended two days of high-level economic talks with vows to co-operate on tackling their huge trade imbalance – but without producing any concrete measures to do so. The pledges followed negotiations that some experts said showed little progress had been made towards resolving the countries' economic differences. The meetings came after the 100-day period of negotiations launched in April by US President Donald Trump and his Chinese counterpart Xi Jinping.
US-based payment card companies, including American Express, MasterCard and Visa, are preparing to submit license requests to operate in China within months, three people with direct knowledge of the matter told Reuters.
India on Thursday said it was ready to hold talks with China about both sides pulling back their forces to end the stand-off in the Himalayas, but Beijing has insisted its rival withdraw troops first. The two sides have been locked in an escalating confrontation for more than a month in the southernmost part of Tibet in an area also claimed by Indian ally Bhutan.
A new group chaired by Jack Ma, of Alibaba, and Stephen Schwarzman, co-founder of Blackstone Group, called at its inaugural meeting for greater transparency and dialogue between the US and China, seeking to smooth and even boost trade ties between the world's two largest economies.
China's solar industry is expected to produce 25% more panels in 2017 than last year, supported by domestic sales and demand from the United States and emerging markets, the head of a Chinese industry association said. China was expected to produce solar panels with a combined capacity of 60 gigawatts (GW) this year, said Wang Bohua, secretary general of China's photovoltaic industry association. China produced panels with capacity of 48 GW in 2016.
China and the US ramped up talks on steel amid threats from President Donald Trump to impose new curbs on imports of the metal in the name of US national security, the Financial Times reports. The intensified deliberations are part of the "Comprehensive Economic Dialogue" between Trump's team and their Chinese counterparts in Washington, which began this week.
Dalian Wanda altered a deal with Sunac China announced a week ago, after banks scrutinized their credit risk, by bringing in another developer Guangzhou R&F Properties. In a joint announcement, Wanda said it would sell 77 hotels in China to Guangzhou R&F Properties for 19.9 billion yuan ($2.95 billion), and a total of 91% equity in 13 tourism projects to Sunac China for 43.8 billion yuan.
China is preparing to accelerate its consolidation of companies owned by the central government, aiming to create from existing enterprises about 80 corporate giants that can be globally competitive, from the current 101, a knowledgeable source told Caixin.
German luxury carmaker Audi AG has come under fire from consumers in China for an advert that compared buying a second-hand car to checking out a bride-to-be. Audi, which is attempting to revive its sales in the world's biggest car market, said on Wednesday it deeply regretted the advert and that it had been withdrawn.