Page 165 - China

China cuts reserve requirements for bank to help boost its slowing economy

China's central bank said Wednesday it will cut the ratio of reserves banks must hold to help boost the slowing economy. The announcement by the People's Bank of China prompted a surge in share prices in Chinese markets, with Hong Kong's benchmark jumping 3.6%. Central bank Gov. Pan Gongsheng said the deposit reserve requirement would be cut by 0.5% as of Feb. 5. Pan said that would inject about 1 trillion yuan ($141 billion) into the economy. He told reporters in Beijing that the central bank also soon plans to issue a policy on lending to property developers to help support the industry.

Thousands forced out of their homes after 7.1 quake hits western China

As aftershocks continued to rock western China on Wednesday, more than 12,000 people were staying in tents and other shelters, lighting bonfires to fend off the freezing weather. The previous day, a magnitude 7.1 earthquake in a remote part of China's Xinjiang region killed three people and left five injured, while damaging hundreds of buildings. The quake caused significant damage amid freezing temperatures, but the toll on lives and property was relatively light, owing to the sparse population around the epicenter in Uchturpan county, near the border with Kazakhstan. Footage shown by state broadcaster CCTV on Wednesday showed evacuees eating instant noodles in tents with bonfires providing heat. Jian Gewa, a 16-year old student in Uchturpan, said he was in the bathroom when the quake began. The entire building shook violently. I just thought I had to get myself to safety as quickly as possible, Jian said. He was evacuated to a school where he was staying in a dorm room with his

China establishes diplomatic ties with Nauru after it cuts ties with Taiwan

China's Foreign Ministry said Wednesday that Beijing has formally restored diplomatic relations with Nauru after the tiny Pacific island nation cut its ties with Taiwan earlier this month. Nauru's announcement on Jan. 15 came just two days after Taiwan elected a new president and left the self-governing island republic with just 12 remaining diplomatic allies, although it enjoys strong unofficial relations with the United States, Japan and other nations. China claims Taiwan as its territory and doesn't recognize its government or its right to diplomatic recognition, participation in global bodies such as the United Nations or any official contact with foreign political entities. This policy change is a significant first step in moving forward with Nauru's development, Nauru's government said in a news release announcing the severing of relations with Taiwan. China has been gradually poaching Taiwan's diplomatic allies, partly to punish the ruling Democratic Progressive Party that .

12.44 mn urban jobs added in 2023, more effort needed this year: China

For the full year of 2023, the average nationwide survey-based jobless rate dropped to 5.2 per cent from 5.6 per cent in 2022

Singapore's Asia Genesis closes hedge fund after losing bets on China

The fund, which hedge fund veteran Chua launched in 2020, manages about $300 million

China regulator removes draft video game rules from website, stocks jump

The link to the draft rules on the National Press and Publication Administration's (NPPA) website was inaccessible as of Tuesday morning, after having worked on Monday

Death toll in China landslide rises to 31 while 16 people still missing

The death toll from a landslide that struck southwest China's mountainous Yunnan province has climbed to 20, with 24 people still missing, local authorities said on Tuesday. The landslide occurred in Liangshui Village in the city of Zhaotong at about 6 a.m. on Monday, trapping a total of 47 people. At least 20 people have been found dead, while 24 others remain missing, state-run CGTN news channel reported. The Ministry of Emergency Management upgraded the emergency response level to the second-highest level from the Level-III emergency response for disaster relief activated by the Provincial Commission for Disaster Reduction immediately after the landslide. The ministry dispatched teams to the disaster-hit area to guide the rescue and relief work, according to the state-run Xinhua news agency. The Chinese government has allocated funds totalling 50 million yuan (about USD 7 million) to support disaster relief and emergency rescue work focusing on search and rescue, the relocation

Chinese lawmakers weigh stock market rescue package backed by $278 billion

Policymakers are seeking to mobilize about 2 trillion yuan ($278 billion), mainly from the offshore accounts of Chinese state-owned enterprises

China assures Pak of support to defend sovereignty after Iran's airstrikes

China has assured Islamabad of its support in defending its sovereignty and territorial integrity even while welcoming on Tuesday the restoration of diplomatic ties between Tehran and Islamabad after their recent air strikes against each other. As China's Foreign Minister Sun Weidong visited Pakistan on a mediation mission, a statement from Foreign Ministry on Monday said it is maintaining close contacts with Pakistan and Iran to bridge their differences. China on January 18 offered to play a constructive role to ease tension between Pakistan and Iran following their missile strikes against each other and asked the two countries to "exercise restraint and calmness and avoid escalation. Earlier on January 18, Pakistan conducted "precision military strikes" against what it called "terrorist hideouts" in Iran's Siestan-Balochistan province that killed 9 people. The attack was seen as retaliation to Iranian missile and drone attacks on January 16 which targeted two bases of the Sunni ..

Alibaba Group gains as Jack Ma, Tsai reportedly buy $200 million in stock

Ma and Alibaba Chairman Joe Tsai have both being buying up shares in recent months as the stock plunged, the newspaper reported Tuesday, citing unidentified people familiar with the matter

Chinese vessel equipped to carry research permitted to dock, says Maldives

A Chinese ship, equipped to carry research and surveys, will be docking at a Maldivian port after being permitted by the Male government to make a port call for replenishment. The permission to allow the Chinese ship comes amid strains in ties between India and Maldives after its new President Mohamed Muizzu came to power and made Beijing as his first port of call early this month after assuming office. Traditionally, New Delhi has been the first port of call for a Maldivian President. In a statement on Tuesday, the Maldivian Foreign Ministry said a diplomatic request was made by the Chinese government for the necessary clearances to make a port call, for rotation of personnel and replenishment. The statement, however, said the Chinese Research Vessel Xiang Yang Hong 3, will "not be conducting any research while in the Maldivian waters". Further, the statement said Maldives has always been a welcoming destination for "vessels of friendly countries," and continues to host both civil

China buys near-record $40 bn of chip making gear to beat US curbs

Even before those curbs came into effect, Dutch company ASML Holding NV had canceled shipments of some of its top-of-the-line machines to China at the request of the US government

Hong Kong stocks at 36% discount show true depth of China's gloomy outlook

The Hang Seng China Enterprises Index fell 2.4%, inching closer to a level last seen almost two decades ago, while the onshore benchmark CSI 300 Index finished 1.6% lower

8 killed, 39 people missing as landslide strikes southwest China region

At least eight people were killed and 39 others went missing after a landslide struck southwest China's mountainous Yunnan province on Monday. The disaster struck the Liangshui village of Zhaotong city at 5:51 am Beijing time, the state-run Xinhua news agency reported. Eight people were confirmed dead in the landslide, official media reports said. As many as 39 others are missing. All the 47 victims are from 18 different households, rescue officials said. Over 500 residents were evacuated from the landslide-hit areas as the provincial commission for disaster reduction activated a Level-III emergency response for disaster relief, state-run CCTV reported. Efforts are on to rescue the people trapped under the landslide, official media reported. A total of 795 rescue workers equipped with one drone and 120 vehicles, including excavators, loaders and transport vehicles, are carrying out search and rescue work at the site. As many as 33 firefighting vehicles and 10 loading machines are

China overtaking European Union in research related to clean-energy: Study

About 22% of the EU's imports came from China in 2022, the paper found, rising in recent years while the equivalent figure for the US declined

China, in comic strip, warns of 'overseas' threats to its rare earth

It also banned the export of technology to make rare earth magnets, in addition a ban on technology to extract and separate rare earths

Landslide traps 47 people in southwest China, more than 500 evacuated

At least 47 people were buried in a landslide that struck southwest China's Yunnan province on Monday morning, forcing the evacuation of 500 others in the region. The disaster struck the Liangshui village of Zhaotong city at 5:51 am Beijing time, the state-run Xinhua news agency reported. Efforts were ongoing to rescue the people trapped under the landslide, official media reported. Over 500 residents were evacuated from the landslide-hit areas as the provincial commission for disaster reduction activated a Level-III emergency response for disaster relief, state-run CCTV reported. More than 200 rescuers, along with 33 firefighting vehicles and 10 loading machines, were mobilised to search for the missing. The buried villagers were from 18 households, rescue officials said. There were no immediate reports of deaths or injuries. The cause of the landslide was not immediately known. Local weather forecast said there will be light snow in the town on Tuesday, with the lowest tempera

Modi shifts political agenda, failed to protect borders from China: Tharoor

Congress Working Committee member and MP Shashi Tharoor on Sunday accused Prime Minister Narendra Modi of shifting the political agenda every election year and alleged that the BJP-government at the Centre was unable to protect the nation's borders from Chinese encroachment. The hard hitting accusations from the MP from Thiruvananthapuram came on the eve of the Ram Temple consecration ceremony at Ayodhya on Monday. Tharoor said that Modi contested and won in the 2014 Lok Sabha polls in the name of development and in 2019 in the name of national security by ordering surgical strikes on Pakistan. But now he cannot talk of development, following the problems caused to the public due to demonetisation nor can he raise the issue of national security as the government was unable to take back territory occupied by China, Tharoor claimed. "So this time round, the only thing they have is their original cause -- Hindu Hriday Samrat. There is no doubt that would be their propaganda," he said.

China orders indebted local govts to halt some infrastructure projects

Beijing has been tightening curbs on debt in recent months to defuse risks to the world's second-largest economy and its financial stability

Boundary settlement process should not stall ties with India: China

'China always believes that China-India boundary question is a historic issue and should be placed and resolved appropriately in our bilateral relations,' Chinese Foreign Ministry spokesperson said