Page 161 - China

China cuts reference rate more than expected to revive property market

The five-year loan prime rate (LPR) was lowered by 25 basis points to 3.95 per cent from 4.20 per cent previously, while the one-year LPR was left unchanged at 3.45 per cent

China plans to centralise work on tech, science under communist party

The party will refine a mechanism whereby technological works are led by the Central Committee, according to state broadcaster CCTV citing a central government meeting led by President Xi Jinping

China's Premier Li Qiang urges 'forceful' action to boost confidence

Chinese leaders are hunting for ways to jump-start the economy, which faces headwinds from a property slump, weak business confidence and persistent deflationary pressures

Federalism for development

Federalism in development planning is necessary for maintaining more vigorous growth and a higher degree of political harmony

China asks Pakistan's political parties to work together to form govt

Beijing is also bankrolling Pakistan, which is in the throes of an economic crisis, to maintain the balance of payments with periodic loans to maintain the requisite forex reserves

US rivalry with China expands to biotech, lawmakers see failure to compete

US lawmakers are raising alarms about what they see as America's failure to compete with China in biotechnology, warning of the risks to US national security and commercial interests. But as the two countries' rivalry expands into the biotech industry, some say that shutting out Chinese companies would only hurt the US. Biotechnology promises to revolutionise everyday life, with scientists and researchers using it to make rapid advances in medical treatment, genetic engineering in agriculture and novel biomaterials. Because of its potential, it has caught the attention of both the Chinese and US governments. Bills have been introduced in the House and Senate to bar foreign adversary biotech companies of concern from doing business with federally funded medical providers. The bills name four Chinese-owned companies. The Chinese Embassy said those behind the bills have an ideological bias and seek to suppress Chinese companies under false pretexts. It demanded that Chinese companies b

China's travel spending during Lunar NY holidays beats pre-Covid levels

During the holiday, known as the world's largest annual migration, tourist attractions across the country witnessed massive crowds

PBOC leaves key policy rate unchanged under shadow of Federal Reserve

Beijing is striking a delicate balancing act to support the economy at a time when signs of persistent deflationary pressure call for more stimulus measures

Report claims China spying on exiled Tibetans to collect personal info

TCHRD's spokesperson, Tenzin Dawa, remarked that the whole process of the report took about two years, and they have tried to get in touch with around one hundred Tibetan people

China's coast guard to ramp up patrols in Taiwan after two fishermen die

China is stepping up patrols in the waters off the coast of Taiwan's Kinmen archipelago, days after two of its fishermen drowned while being chased by the Taiwanese coast guard, which accused the boat of trespassing. The Chinese coast guard's Fujian division will regularly monitor the waters off the southern coast of the city of Xiamen a few kilometers from Kinmen to strengthen maritime law enforcement, said the coast guard's spokesman, Gan Yu, in a statement Sunday. Fishermen from Taiwan and China regularly sail that stretch of water which has seen a rise in tensions as the number of Chinese vessels including sand dredgers and fishing boats have notably increased in the area. Kinmen residents have complained of both the noise and sound pollution from the vessels, as well as losses to their livelihood in fishing. The fishermen's deaths are unusual despite the level of Chinese activity in the waters near Kinmen, which is closer to China than it is to Taiwan's main island. China

Chinese minister says trying to cut country out of trade would be mistake

China's foreign minister told a gathering of international security policy officials Saturday that trying to shut China out of trade in the name of avoiding dependency would be a historic mistake. Wang Yi spoke at the Munich Security Conference. Host Germany wants to avoid over-reliance on trade with an increasingly assertive China and diversify its supply of key goods in an approach it calls de-risking. That's in line with the approach of other industrial powers in the Group of Seven, which has stressed that it doesn't seek to harm China or thwart its development. Beijing has criticized the strategy. Today ... more people have come to realize that the absence of cooperation is the biggest risk, Wang said through an interpreter. Those who attempt to shut China out in the name of de-risking will make a historical mistake. The world economy is like a big ocean that cannot be cut into isolated lakes, he added. The trend toward economic globalisation cannot be reversed. We need to wor

Taiwan signs migrant worker MoU with India, seen as new source of labour

The ministry will formally notify lawmakers of the MOU and hold follow-up meetings with Indian officials, according to the statement

India is the third largest digitalised country in the world, says expert

The study is based on 'CHIPS' framework wherein it has scored countries on five pillars - connect, harness, innovate, protect and sustain

Rating agencies need to review their framework, says CEA Nageswaran

Says global financial institutions tend to accentuate spillovers for developing economies

7 held by HK customs for $1.8 bn money laundering case linked to India

At least seven persons were arrested by Hong Kong customs authorities on Friday in connection with the territory's biggest money-laundering case involving a whopping HKD 14 billion (USD 1.8 billion) some of it was linked to a mobile app scam case in India. The syndicate used stooge bank accounts and shell companies to transfer the largest amount linked to a single case recorded in the city, the Customs and Excise Department of Hong Kong said. The operation was linked to a mobile app scam in India and two jewellery companies in the country, which allegedly handled about HKD2.9 billion (USD 371 million) of the funds, Suzette Ip Tung-ching, the head of customs' financial investigation bureau told the media in Hong Kong. Ip described the amounts laundered as astonishing with one of the accounts receiving as much as HKD100 million (USD 12.8 million) a day and carrying out as many as 50 daily transactions. Some of those arrested were non-Chinese residents of Hong Kong, she said without .

Despite China's pressure, Taiwan reiterates cooperation with Palau

The Ministry said in a statement that Taiwan has long supported Palau in tourism development in a bid to strengthen the Pacific nation's "economic resilience and sustainability"

19% of global fund managers bullish on India; Japan most preferred: BofA

Among markets, investors preferred India and Taiwan apart from Japan, while avoiding Thailand and China, the survey suggested.

Russia, China accuse US, UK of attacking Yemen rebels' military sites

Russia and China on Wednesday accused the United States and Britain of illegally attacking military sites used by Yemen's Houthi rebels to launch missiles at commercial vessels in the Red Sea, disrupting global shipping. US deputy ambassador Robert Wood and UK Ambassador Barbara Woodward countered that the Houthi attacks are illegal, and their proportionate and legal action against the Yemen rebels are being taken in self-defense. Woodward said the Houthi attacks are driving up the costs of global shipping, including the costs of food supplies and humanitarian aid in the region. But Russia's deputy U.N. ambassador Dmitry Polyansky and China's U.N. envoy Zhang Jun argued that the U.N. Security Council never authorized military action against Yemen. The clashes came at a council meeting where U.N. special envoy for Yemen Hans Grundberg said promising efforts to restore peace to Yemen have been slowed by rising regional tensions linked to the war in Gaza and "in particular the militar

Explained: How China built electric vehicle company BYD, its Tesla killer

The leading Chinese EV company has posted two years of million-car growth in sales

Govt reviewing FDI flow from China in Paytm Payments Services: Report

The government is examining foreign direct investment from China in Paytm Payments Services Ltd (PPSL), the payment aggregator subsidiary of One97 Communications Ltd, sources said. In November 2020, PPSL had applied for licence with the Reserve Bank of India (RBI) to operate as a payment aggregator under the guidelines on Regulation of Payment Aggregators and Payment Gateways. However, in November 2022, RBI rejected PPSL's application and asked the company to resubmit it, so as to comply with Press Note 3 under FDI rules. One97 Communications Ltd (OCL) has investment from Chinese firm Ant Group Co. Subsequently, the company filed the required application on December 14, 2022 with Government of India for past downward investment from OCL into the company in order to comply with Press Note 3 prescribed under FDI guidelines. An inter-ministerial committee is examining investments from China in PPSL and decision would be taken on the FDI issue after due consideration and comprehensive