Page 110 - China

China to give one-off cash handouts for poor people in rare use of aid

While amount is unknown, deployment of one-time handouts within such a short period of time appears to be a departure for a government that has long eschewed what President Xi Jinping calls welfarism

India pips Japan, ranks 3rd on Asia Power Index of Australia think tank

India ranks third in the annual Asia Power Index, released by an Australian think-tank, surpassing Japan on the back of strong post-COVID 19 economic growth, while China's power appeared to plateau just below the United States. The Sydney-based Lowy Institute has put the US at the top of its Asia Power Index with a score of 81.7, followed by China with a score of 72.7, India (39.1), Japan (38.9), Australia (31.9) and Russia (31.1). The Index ranks 27 countries and territories in terms of their capacity to shape their external environment -- its scope reaching as far west as Pakistan, as far north as Russia and as far into the Pacific as Australia, New Zealand and the US. The index has cited economic growth, future potential and diplomatic influence as key factors for India's rise. However, it has pointed out that New Delhi's clout remains below the potential promised by its resources. "India has shown remarkable post-pandemic economic recovery, contributing to a 4.2-point rise in i

Australia's treasurer will visit China in sign that ties are mending

Treasurer Jim Chalmers will this week become the first Australian government minister in that key economic role to visit China in seven years, in the latest sign that strained bilateral relations are mending. Chalmers flies to Beijing on Thursday for a two-day visit. The last Australian treasurer to visit China was Scott Morrison in 2017. Morrison rose to become prime minister a year later and bilateral relations further soured under his rule until his conservative government was replaced by Prime Minister Anthony Albanese's centre-left Labour Party after the 2022 general election. Chalmers said Wednesday that the main purpose of his visit was to co-chair the Australia-China Strategic Economic Dialogue on Thursday with He Lifeng, chair of China's National Development and Reform Commission. Discussions will focus on growing trade and investment with China and opportunities for Australian and Chinese businesses to cooperate, government documents say. This is another really important

US missile system will remain in Philippines despite China's alarm

American and Filipino security officials have agreed to keep a US mid-range missile system in the northern Philippines indefinitely to boost deterrence despite China's expressions of alarm, two Philippine officials said on Wednesday. The US Army transported the Typhon missile system, a land-based weapon that can fire the Standard Missile-6 and the Tomahawk Land Attack Missile, to the northern Philippines as part of combat exercises in April with Philippine troops and to test its deployability aboard an Air Force aircraft. Tomahawk missiles can travel over 1,000 miles (1,600 kilometers), which places China within their target range. Officials are considering keeping the missile system in the northern Philippines up to April next year, when US and Philippine forces are scheduled to hold their annual Balikatan Tagalog for "shoulder-to-shoulder" large-scale combat exercises, he said. The two officials spoke to The Associated Press on condition of anonymity because they were not ...

Volkswagen starts key pay talks with unions in shadow of plant closures

Other German automakers are feeling the pain too, with Mercedes-Benz and BMW cutting their profit forecasts in recent weeks due to weak demand in China

China test-fires ICBM into Pacific Ocean; says achieved 'desired goals'

The Chinese military on Wednesday test-fired an intercontinental ballistic missile (ICBM) with a dummy warhead in the Pacific Ocean, the Defence Ministry announced. The launch tested weaponry performance and military training effectiveness and achieved desired goals, the ministry said in a statement. The missile fell into expected sea areas, the statement said, adding this was a routine arrangement in the annual training plan and relevant countries had been notified in advance. This test launch is a routine arrangement in our annual training plan. It is in line with international law and practice and is not directed against any country or target," the statement said. It is the first time in 44 years that China is known to have successfully conducted an atmospheric test of an ICBM over the high seas. In May 1980, a DF-5 -- China's first ICBM -- flew more than 9,000 kilometres (5,590 miles), the Hong Kong-based South China Morning Post reported. The new missile could reach the US .

Cash rich Middle East firms drive record capital investment Into China

Foreign investors pulled a record amount of money from China in the April-June period

China plans to add capital at big banks for first time in a decade

The plan included a broad-based cut to existing mortgage rates, adding to pressure on banks by lowering annual interest expenses by about 150 billion yuan ($21 billion)

Top Chinese economist vanishes after remarks against Xi in private chat

Zhu Hengpeng, deputy director at the CASS Institute of Economics for a decade, is under investigation as the Chinese Communist Party escalates efforts to suppress criticism of the economy

China's central bank unveils broad stimulus measures to revive economy

The broader-than-expected package marks the latest attempt by Chinese officials to restore confidence in the world's second-largest economy after a slew of disappointing data

Hard brake: Why have China's car dealers lost nearly $20 billion this year?

The mounting losses have created severe cash flow issues for car dealerships in China, who are struggling to sell large inventories of unsold vehicles

China 'firmly supports' Lebanon in safeguarding its security amid strikes

Wang and Habib met in New York where they exchanged views on the situation in the Middle East, according to a statement from China's Foreign Ministry

India overtakes China as top EM market, but China's achievements noteworthy

China is creating emerging industry leaders, and regardless of what happens in the Chinese stock market, the country cannot be ignored as a fierce competitor

China's fuel oil imports set to slow down on anticipated tax changes

The revamp would further pressure China's independent refiners, known as teapots, that typically use fuel oil as a feedstock for processing into fuel

Economists urge China to ramp up housing rescue package to propel growth

The years-long real estate slump that's wiped out an estimated $18 trillion in wealth from households has been the single biggest challenge faced by the Chinese economy

India beating US, China's consumption rates of premium spirits: Researcher

India's rising affluent class is fuelling a surge in high-end spirits sales, with Scotch whisky and fine wines registering double-digit growth, outpacing consumption rates in the US and China, according to a Switzerland-based researcher. "One subcategory where India surpasses China and is growing at double the rate of the USA over a five-year CAGR is Scotch luxury whisky," Simon Joseph, a senior luxury brand builder and consumer experience expert based in Zurich, said. Joseph, a researcher with Glion Institute of Higher Education, said according to various data forecasts, the luxury Scotch whisky market is also growing at 16 per cent CAGR up to 2024-end. Scotch whisky exports to India grew at a compound annual growth rate of 66% up to 2022, outpacing the US, China, and other significant markets, Joseph said, citing data from the UK-based Scotch Whisky Association (SWA). According to the UK-based SWA data, the equivalent of 167 million bottles were exported to India in 2023, up 27%

Taiwan detects 6 PLA aircrafts and 6 PLAN vessels around territory

Five of the seven PLA aircraft crossed the median line of the Taiwan Strait, entering the northern and central areas of the country's ADIZ

China weighs removing major homebuying restrictions to boost demand

Authorities are also mulling fresh measures to shore up the sluggish stock market, the people added, without providing more specifics

Huawei's $2,800 tri-fold phone hits stores as people face supply concerns

Another eager consumer surnamed Guo said he took a day off from his job in manufacturing to queue from Thursday night

China adds 9 million tonnes of new fuel export quotas for rest of 2024

China's product export quotas are watched by the industry as they impact supply and refiners' margins in the region