‘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 ...

China faces deflation risks as real estate crisis deepens

Economy 09/29/22, 10:31

According to Bloomberg, China is facing deflation risks as demand shrinks due to the combined impact of Beijing’s ongoing strict Covid-control measures and the real estate crisis. The deflation risks in China are in contrast with global surging inflation risks that many countries are seeing record high consumer price indexes. According to ...

World Bank cuts Asia growth forecast due to China’s slowdown

Economy 09/29/22, 06:32

According to the World Bank report, the economic growth in East Asia and the Pacific region has been hit due to China's slowdown. The World Bank on Tuesday, September 27, lowered the growth forecast of the region to 3.2%, down from 5% in April. The bank cut China's growth forecast for this ...

Economic downturn bites China’s online lenders

Economy 09/29/22, 06:25

A slowing economy has affected online lending platforms in China, and their bad debts are rising. According to The Wall Street Journal (WSJ), Lufax Holding Ltd., 360 DigiTech Inc., and LexinFintech Holdings Ltd are three Chinese internet lenders listed on the U.S. stock exchange. These companies all involve channeling loans from banks ...

Philippines to deport 40,000 Chinese after cracking down on offshore gambling firms

Economy 09/29/22, 06:21

The Philippines is putting an end to 174 offshore gambling operators (POGOS) amid growing concerns over the crimes they generate. As Reuters reports, justice ministry spokesperson Jose Dominic Clavano said, “The crackdown was triggered by reports of murder, kidnapping, and other crimes committed by Chinese nationals against fellow Chinese nationals.” According to ...

White collar Chinese leave the office to become street vendors

Economy 09/29/22, 06:19

Recently, young Chinese are increasingly choosing street vending in cities like Shanghai, particularly since the city ended its COVID lockdown in June. They are selling coffee, accessories, and paintings along tree-lined streets. Or they can also be seen in mobile bars installed in the trunks of cars along the high-end neighborhoods. This shift ...