China’s GDP growth in 2020 a ‘truly hard-won outcome’, says Premier Li Keqiang
China posted 2.3 per cent gross domestic product growth in 2020 despite a steep slump in the first quarter due to the coronavirus shock. Premier Li Keqiang also told a webinar on Wednesday that Beijing remained committed to its relationship with Britain despite recent tensions
China’s forex reserves grew marginally in 2020, despite near-record trade surplus. Where did the money go?
China’s foreign exchange reserves rose by only US$108 billion last year, despite a large trade surplus The gap reflects money being allowed to flow out of China as Beijing tempers excessive yuan appreciation
China debt: foreign holdings of government bonds topped 10 per cent for first time in January
Total offshore holdings of Chinese government bonds stood just shy of 2 trillion yuan (US$310 billion) at the end of January Holdings of quasi-sovereign bonds issued by China’s policy banks rose 4.1 per cent from the end of December to a record 956.95 billion yuan
China debt: Guizhou among indebted western areas facing ‘greatest’ repayment pressure amid default fears
In the latest in a series of problems, Bozhou Investment is reported to have defaulted on an infrastructure trust loan worth 255 million yuan (US$40 million) last month Last year, the central government paid local authorities a reported 8.39 trillion yuan (US$1.2 trillion), an increase of 12.8 per cent, with many facing significant debts
Hong Kong’s banks are having their worst time since 2008 as profits plunge while bad loans soar amid city’s recession
The average pre-tax profit among the city’s retail banks fell for the second year in 2020, plunging by 29.4 per cent, according to the Hong Kong Monetary Authority (HKMA) The ratio of bad and doubtful loans, known as classified loans ratio in Hong Kong, jumped to a four-year high of 0.84 per cent at the end of September
Belgium has ‘a series of major concerns’ with EU-China trade deal
There are several positive elements in the agreement in principle between the EU and China on trade, but it still has “a series of major concerns,” according to Belgium’s Ministry of Foreign Affairs
The Limits of the EU-China Investment Agreement
The new EU-China Comprehensive Agreement on Investment will eventually be judged by its implementation and the concrete steps China takes to fulfill its promises. If European firms do not perceive any improvement, and China makes no progress on labor standards, the pact might come to represent an empty gesture.
German firms upbeat about outlook for China despite US decoupling fears, survey finds
Some 96 per cent of companies polled remained committed to the market amid post-coronavirus recovery and EU-China investment treaty Most respondents expected a more coherent approach from Washington this year but there was ‘no illusion for a reset of US-China relations’
What Global Luxury Brands Need To Know About The China Market In 2021
China’s economy has been well-equipped to bounce back from the pandemic. But what new opportunities and challenges will the market present in 2021?
China’s monetary tightening seen as a ‘warning to public’ to cool market expectations ahead of Lunar New Year
People’s Bank of China makes ‘moderate’ withdrawal of 80 billion yuan (US$12.38 billion) in net liquidity via its open market operations on Wednesday Central bank traditionally adds large sums to banking system before Lunar New Year so banks can meet rise in demand for cash during peak spending season
China says it now has nearly 1 billion internet users
China said the number of internet users in the country rose to 989 million by the end of last year, with more than 80 million going online in the wake of the coronavirus pandemic. Only about 30% of those nearly 1 billion users made the equivalent of $774 or more a month, the report said. Fewer Chinese used online education and health-care services by December compared with earlier in the year, the report said.
Ant Group to become financial holding company under deal with Chinese regulators
Ant Group has agreed on a restructuring plan with China’s regulators that will turn the fintech giant into a financial holding company subject to capital requirements similar to those for banks, Bloomberg News reported.
Alibaba to sell up to US$5 billion of dollar bonds as analysts say risk from antitrust investigation is limited
The bonds have multiple tranches, with maturities of up to 40 years China’s antitrust watchdog launched an investigation on December 24 into the company’s business practices, including its exclusivity agreements
Alibaba calls China crackdown a ‘challenge,’ but no news on Ant IPO
E-commerce giant vows to shoulder more social responsibility amid probe The chairman and CEO of Alibaba Group Holding expects the company to be challenged by China’s tightening rules on internet platforms, as the e-commerce conglomerate reported better-than-expected quarterly earnings on Tuesday.
How China’s coal power glut is clouding its carbon zero ambitions
By adding the equivalent of one new coal-fired plant a week, China led the world in expansion of electricity from the fossil fuel last year, researchers say But the tide could be turning as interest wanes in the sector, according to observers
China Fortune Land’s US$813 million of missed debt payments sparks fears of further defaults under Beijing’s ‘three red lines’ for property developers
The Beijing-based developer appears to have fallen foul of tough new limits on borrowing designed to curb debt in mainland China’s property sector China Fortune Land, which was downgraded by Fitch on Wednesday, said it is actively raising money and has set-up a creditors’ committee
GameStop’s wild ride and other risks just add to China’s appeal as a safe haven
A majority of Asian stock markets are relatively smaller and less liquid than those in the West, perhaps giving less scope for buying frenzies. Indeed, China is looking attractive as a haven for global investors seeking to hedge against rising risks
Covid cases in China fall to one-month low
China reported the fewest number of new Covid-19 cases for a single day in more than a month, official data showed on Wednesday, the latest indication that the current wave of the disease is subsiding ahead of the Lunar New Year holiday break.
No change to ‘one-China’ policy, Washington says
The US State Department said on Wednesday its support of a “one-China” policy over Taiwan has not changed. A statement issued by the Biden administration on January 23, its first Saturday in office, expressing strong support for Taiwan in the face of military pressure from Beijing, made no mention of the long-held US policy towards the island.
Protecting the Taiwan Strait in the 21st century
China has become increasingly strident towards Taiwan over the past few years, raising again the issue of what role the United States should play in preventing conflict in and across the Taiwan Strait. In September, Richard Haass and David Sacks argued for a change in US policy from strategic ambiguity to clarity: a clear US commitment to defend Taiwan to prevent China from miscalculating US resolve and inadvertently raising the risk of a great-power war. Others maintain that ambiguity works and gives the US maximum flexibility. This ambiguity–clarity debate misses a fundamental point: any successful US policy depends on the practical capability to credibly enforce it.
Clarity for Beijing and Taipei as Biden team says US will stay with one-China policy
Just days after new president was inaugurated, the US expressed support for Taiwan without mentioning ‘one China’ but new announcement confirms position As Taiwan establishes office in Guyana, US de facto embassy in Taipei says all countries should be free to pursue closer ties with self-ruled island
Hedging on China’s rise: Australia and New Zealand offer lessons on the benefits and pitfalls
A New Zealand minister’s advice to Australia on dealing with Beijing may be impolitic, but it lays bare the challenges of small nations caught in the US-China competition for influence in the Indo-Pacific region
US-China relations: how Joe Biden’s return to multilateralism can revive climate change cooperation
Multilateralism and international cooperation have faded as vehicles for global action in the public interest in recent years. It is time to encourage effective multilateralism as a vital tool in meeting our many global challenges
Australia’s economy faces major hit as China considers scrapping growth target
China’s plan to get out of a recession has benefited Australia by billions of dollars. But its new strategy could cost us $30 billion.
Sinovac and Sinopharm – what do we know about the Chinese vaccines?
It was the first country in the world to give a vaccine to some of its population in summer 2020. It currently has 16 different vaccines at various stages of development, but the current front-runners are from Sinovac and Sinopharm. China has agreed deals with more than 20 countries and has plans to export vaccines all over the world. BBC Health Correspondent Laura Foster takes a closer look.
UK revokes CGTN’s licence; China blasts BBC
Britain’s media regulator, Ofcom, said on Thursday that it has revoked China Global Television Network’s (CGTN) licence to broadcast in the UK
In a statement, the regulator also said it expected to shortly conclude separate sanctions proceedings against CGTN – the overseas arm of mainland state broadcaster CCTV – for “due impartiality and fairness and privacy breaches” regarding its coverage of Hong Kong’s protests in 2019.
Spring Festival Travel Is Tricky. For Many, It’s Still Worth It.
Trains and planes have fewer passengers, and people hoping to go that extra mile for the holidays will have to fulfill a laundry list of COVID-19 control requirements.
Service Asie Pacifique
Place Sainctelette 2
Tél 02 421 85 09 – Fax 02 421 87 75
Copyright © 2020 awex, All rights reserved