Updated: 31 min 56 sec ago
Davos is on, and this year it is Trump who is the main speaker, as opposed to Xi last year. Much has changed in the past year, and most of it to the benefit of Beijing. The FT's excellent columnist Martin Wolf has an article about how sick Western democratic capitalism is, and it's certainly going through a rough patch. The CCP sees this, quite rightly, as the time to press forward with its view - that the international order should not inhibit China in any way.
WORKING IN FINANCE
Chinese video-streaming start-up Kuaishou approaches $1 billion at the end of a funding round led by tech giant Tencent, with hopes to go public within the year, sources told Reuters.
Qualcomm Technologies Inc. has strengthened business ties with Lenovo, Oppo, Vivo, and Xiaomi, signing memorandums of understanding for sales of at least $2 billion over the next three years, Reuters reports.
Chinese ride-hailing giant Didi Chuxing is gearing up for another costly price war by reintroducing subsidies for drivers, Caixin reports. The company has quietly introduced a special membership card scheme in seven cities, including Shanghai and Beijing, where drivers holding the card will be able to receive extra monthly pay, a subsidy in all but name, sources told Caixin.
China’s renewed focus on curbing financial risks may have the unintended consequence of making life tougher for small companies, a key engine of job growth that the government has sought to promote, according to Bloomberg.
Chinese provinces have stepped down their GDP targets for 2018 following a call by Xi Jinping for local governments to pursue sustainable economic policies over simply higher growth figures, the SCMP reports.
Beijing will pull down a minimum of 40 million square meters of illegal structures, an area 28 times larger than London's Hyde Park, and close down 500 manufacturing companies by the end of 2018, Reuters reports.
India will witness a highly symbolic spectacle during its Republic Day parade on Friday morning, according to the Financial Times. Whereas the procession of military hardware, dancing troupes and cheesy floats is usually overseen by one foreign "chief guest," this year it will be viewed by 10: the leaders of the member countries of the Association of Southeast Asian Nations.
China's tech industry has experienced another recent surge, reports Reuters, with record-levels of capital reaching innovative companies in fields such as cybersecurity and artificial intelligence. Such investment is encouraged by the government, who wants to accelerate China’s path to global tech dominance.
Experts at the global economic forum in Davos, Switzerland, this week commented on China's ambitious One Belt, One Road project, warning of the potential for politics to guide the flow of investments rather than economic value, Caixin Global reports.
Bike-sharing company Mobike has managed to raise $1 billion in its latest fundraising round, Caixin Global reports, after talks of a merger with key competitor Ofo were abandoned.
Chinese tech giant Baidu continues to shake up its autonomous driving division with the departure of Wu Xuebin, the company’s vice-president who was in charge of its autonomous vehicles operations, Caixin reports. Wu had been in charge of Baidu's autonomous driving division since September 2016, according to Caixin.
Interest rates are likely to remain unchanged, said Zhu Min, former vice-governor of the country's central bank, to Reuters on Tuesday, given the central government's current focus on reducing debt levels, and a stable inflation rate.
Hong Kong could become a new hot-spot for Biotech Listings, Caixin reports, following its recent legislation regarding IPOs in that industry.
China's Export-Import bank is continuing a push to expand its scope beyond infrastructure by releasing $4bn of private equity capital. The state-controlled overseas investor will use this to its competitiveness with global funds for diversified assets, reports the FT.
China has sold the rights to explore three oil and gas exploration blocks in the restive western region of Xinjiang for fees worth more than RMB 2.7 billion ($422 million), Reuters reports, citing an article by Xinhua.
The US government announced today that it will impose considerable new tariffs on Chinese-imported solar panels and washing machines, reports the Financial Times. This will be the first such trade measure directly taken by the President during his premiership, but is not expected to be the last as he continues to enact his 'America First' policy.
Beijing Electric Vehicle Co. (BJEV) is due to be listed on the Shanghai Stock Exchange following a massive $4.5 billion deal with industry giant BAIC Motor Corp, reports Bloomberg.
Recent data released by local authorities has shown that four Chinese cities accounted for a disproportionate share on national output in 2017, reports the SCMP.