6 Chinese banks ordered to offer $84 billion to fight real estate crisis; report

Economy 10/02/22, 12:18

Chinese authorities have asked their top banks to provide substantial financial support to the embattled property sector, aiming to push back against a worsening liquidity crisis. Bloomberg, citing sources, reported that the People’s Bank of China and the China Banking and Insurance Regulatory Commission instructed six state-owned banks, or its largest ...

‘Stabilize the stock market’: CCP directs no large-scale trading

Trending 10/01/22, 16:38

The 20th National Congress of the CCP is approaching, and Chinese authorities have stepped up social controls in an effort to ensure "stability" before the congress. According to foreign media, regulators have privately told brokers and fund managers that they are not allowed to buy and sell stocks in large ...

China’s currency crisis: regime urges banks to sell dollars, buy yuan

Trending 10/01/22, 12:55

In view of the deep fall of the yuan, the People's Bank of China has reportedly told the country's main state-owned banks to prepare to get rid of their dollar holdings and exchange them for offshore yuan. Official sources informed Reuters that the communist regime's banking authorities have taken the decision ...

China manufacturing activity struggles in September amid strict Covid lockdowns

Economy 10/01/22, 10:51

According to a Reuters poll released on Thursday, September 29, China's factory activity has decreased for the third consecutive month as Beijing's harsh Covid-controlled measures hit many areas of the economy.  A forecast from 26 economists polled by Reuters showed that China's official manufacturing Purchasing Manager's Index (PMI) was projected at ...

China’s local governments see fiscal revenue down rapidly

Economy 10/01/22, 10:49

Local authorities in China have been facing considerable financial gaps for various reasons, such as the COVID pandemic, tax refunds, and poor land sales. A recent article on Caixin Weekly stated that the downward pressure on China’s economy has increased since this year. It analyzed the situation and reasons for the ...

China EV maker Leapmotor plunged 41.6% in Hong Kong debut

Economy 10/01/22, 10:29

Chinese electric vehicle (EV) manufacturer Zhejiang Leapmotor Technology has successfully listed on the Hong Kong exchange on September 29 and aimed to raise $800 million, but suffered a severe sell-off in its debut. It tumbled more than 40% during the trading session, making the worst first-day performance for a Hong ...

A troubled China cuts 15 projects in Belt and Road Initiative

Economy 10/01/22, 10:28

China is retreating from its Belt and Road Initiative, cutting more than a dozen projects in the infrastructure construction program as the country faces its debt woes. China is carrying out economic colonization through the Belt and Road Initiative. It has spent trillions of dollars to expand its influence in Asia, ...

Second-hand luxury goods boom due to China’s economic downturn

Economy 09/30/22, 12:46

According to a Reuters report, the market for used luxury products is flourishing, thanks to the country’s unwelcoming economic weakness. Such is the story of the Chinese second-hand luxury goods marketplace ZZER, which started as an online platform in 2016. It opened brick-and-mortar locations in Shanghai and Chengdu last year and ...

Cash flow crisis, 3 billion yuan in losses, Gome Group delays wages

Economy 09/29/22, 12:16

GOME Retail Holdings Ltd. is one of the largest privately owned appliance retailers in mainland China and Hong Kong. The company caught public attention when its founder was sentenced to 10 years for illegal business operations, insider trading, and bribery to weak business results and most recently, laying off employees ...

Chinese senior official warns slowing global demand hurts China’s trade

Economy 09/29/22, 10:41

According to Bloomberg, a senior Chinese official warns that weakening foreign demand for goods from China hurts the country's trade.  Vice Commerce Minister Wang Shouwen said at a press conference Tuesday, September 27, in Beijing, "The slowdown in external demand is the biggest uncertainty faced by China's trade." He added, "Our companies ...

Glencore faces copper sales disruption in China

Economy 09/29/22, 10:37

According to Financial Times on September 27, Glencore, the world’s leading commodity trader, had to suspend a shipment of high purity copper to China due to Maike Metals International facing liquidity problems. The outlet, citing people familiar with the matter, reported that Maike, one of China’s biggest copper traders, struggled with ...