Tag: China

China needs a raft of reforms to make new economic strategy work -advisers

Adds comments from advisers

BEIJING, Sept 29 (Reuters)China will need a plethora of reforms if it is to make a new economic strategy that relies mainly on domestic consumption work, advisers to the Chinese cabinet said on Tuesday.

President Xi Jinping has proposed a “dual circulation” strategy for the next phase of economic development in which China will rely predominantly on “domestic circulation”, to be supported by “international circulation”.

“To rely mainly on domestic circulation, we indeed face a very arduous task,” Yao Jingyuan, the former chief economist for the country’s National Bureau of Statistics, told a briefing.

“Fundamentally we must rely on reforms, and we need to deepen reforms.”

Lin Yifu, a second adviser to the cabinet, said China’s new economic strategy is not a short-term measure to cope with the COVID-19 pandemic or tension with the United States.

Both Lin and Yao said China needs

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China Just Signaled Its Support For Alibaba’s Businesses (NYSE:BABA)

By ALT Perspective

The rise in coronavirus cases in the U.K., France, and Spain, among other European nations, spooked the financial markets, sending investors into a risk-off mode. Many Asian economies remain dependent on trade with Europe and the U.S., even as the importance of China increased in recent years.

Source: Google/Wikipedia

At the same time, some Asian countries have yet to keep the COVID-19 outbreak under control thus far. For instance, despite the number of daily cases reported coming off the peak, India is still seeing 80-90 thousand daily cases. In comparison, the total cases reported by Mainland China was 85,337 as of September 15, 2020.

Source: Google/Wikipedia

Even as the coronavirus continues to be menacing, we have yet to see governments around the world cooperating in a significant way to address global challenges. Instead, we see an escalation of the U.S.-China political tensions. Last Tuesday, a U.S. Air

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China to tighten supervision of country’s booming online insurance business

Surveillance cameras are seen outside the China Banking and Insurance Regulatory Commission (CBIRC) building in Beijing, China December 13, 2018. Picture taken December 13, 2018. REUTERS/Stringer

BEIJING (Reuters) – China’s banking and insurance regulator issued draft rules on Monday to rein in risks accumulated in country’s booming online insurance sector.

The rules, on which the regulator is seeking public feedback till Oct. 28, will ban unlicensed institutions and individuals from participating the online insurance businesses, including selling and offering consultancy services of insurance products, according to a statement released by the China Banking and Insurance Regulatory Commission (CBIRC).

The rules will also require Internet companies to obtain insurance licenses before involving in the business, according to the draft.”The fast development in the online insurance sector has exposed certain problems,” the CBIRC said, “The rules are to effectively defuse the risks and protect the interest of consumers.”

The CBIRC said in

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Sick of staying home: China expects a Golden Week tourism rebound

China expects a significant rebound in domestic travel over the upcoming Golden Week holiday after the sector was pummelled by the novel coronavirus for months, with some flights selling out and travel platforms reporting a surge in hotel bookings.

The pent-up demand is fuelling optimism the Chinese travel industry has reached a turning point, with hopes the eight-day holiday from October 1 will supercharge a tentative pick-up seen in recent months, even as some trepidation over the virus lingers.

While the world’s second-largest economy is now largely back to normal, though there are still pockets of lingering weakness such as tourism, Capital Economics said in a recent note.

China’s resurgent travel industry offers a striking contrast to business in some other parts of Asia as well as in the United States and Europe, where the novel coronavirus is still circulating and gatherings are restricted.

Also read: https://www.thehindubusinessline.com/news/world/chinese-hotel-giant-eyes-foreign-deals-amid-global-weakness/article32665821.ece

The holiday to

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Sick of Staying Home: China Expects a Golden Week Tourism Rebound | World News

By Sophie Yu and Brenda Goh

BEIJING/SHANGHAI (Reuters) – China expects a significant rebound in domestic travel over the upcoming Golden Week holiday after the sector was pummelled by the novel coronavirus for months, with some flights selling out and travel platforms reporting a surge in hotel bookings.

The pent-up demand is fuelling optimism the Chinese travel industry has reached a turning point, with hopes the eight-day holiday from Oct. 1 will supercharge a tentative pickup seen in recent months, even as some trepidation over the virus lingers.

China’s resurgent travel industry offers a striking contrast to business in some other parts of Asia as well as in the United States and Europe, where the novel coronavirus is still circulating and gatherings are restricted.

The holiday to mark modern China’s founding is traditionally one of its busiest times for travel, and not just at home. Last year, 782 million trips

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Union Medical Healthcare introduces real estate expert its strategic shareholder to facilitate its business development in mainland China

[FOR IMMEDIATE RELEASE]

 

 

Union Medical Healthcare introduces real estate expert its strategic shareholder to facilitate its business development in mainland China

 

(28 September 2020, Hong Kong) Union Medical Healthcare Limited (“Union Medical Healthcare” or the “Company”, which together with its subsidiaries is referred to as the “Group”, SEHK stock code: 2138), the largest nonhospital medical group in Hong Kong*, is pleased to announce that the Group has conditionally agreed to sell the 10 million existing shares to Renowned Idea Investments Limited, which is wholly-owned by a non-executive director of Agile Group (SEHK stock code: 3383) (the “Purchaser”), through Top-up Placing. Such shares will account for approximately 0.97% of the Company’s enlarged issued share capital. The sale price is HK$4.25 per share. The Group expects to receive net proceeds of approximately HK$42.3 million from the transaction and intends to use them for its general corporate purposes. 

 

The sale price of HK$4.25

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Indebted developer China Evergrande gets approval to spin off property management business, raise fresh capital in Hong Kong



a close up of a sign: An Evergrande construction site in Guangzhou, in China’s southern Guangdong province. Photo: Reuters


An Evergrande construction site in Guangzhou, in China’s southern Guangdong province. Photo: Reuters

Indebted mainland property developer China Evergrande said on Friday it had received approval from the Hong Kong exchange to spin off its property management business, which would allow it to raise fresh capital.

The Shenzhen-based company, China’s biggest property developer, made the proposal on July 31 and will soon apply to list the business in Hong Kong, according to a filing with the exchange late on Friday.

The spin off could help Evergrande raise up to HK$40 billion (US$5.2 billion), according to Raymond Cheng, property analyst at CGS-CIMB Securities, including HK$24 billion from the sale of a 28 per cent stake in the property management business a month ago to 14 investors, and a potential HK$10 billion to HK$15billion from the listing.

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China Finance Online Co. Limited (JRJC) CEO Zhiwei Zhao on Q2 2020 Results – Earnings Call Transcript

China Finance Online Co. Limited (NASDAQ:JRJC) Q2 2020 Results Earnings Call September 24, 2020 8:00 PM ET

Company Participants

Dixon Chen – IR

Zhiwei Zhao – CEO

Julie Zhu – Acting CFO

Conference Call Participants

Operator

Ladies and gentlemen, thank you for standing by, and welcome to the China Finance Online Q2 2020 Conference Call. At this time all participants are in a listen-only mode. There will be a presentation followed by a question-and-answer session. [Operator Instructions]

I would now hand the conference over to your first speaker, Mr. Dixon Chen. Sir, please go ahead.

Dixon Chen

Thank you, operator. Welcome to China Finance Online’s 2020 second quarter and first six months financial results earnings conference call. With us today are Mr. Zhiwei Zhao, Chairman and CEO; and Ms. Julie Zhu, acting CFO. Mr. Zhao will provide a summary of business dynamics in the quarter, and then Ms. Julie will

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Investor Baillie Gifford bets on China in a post-coronavirus world

People visit China Telecom’s booth during 2019 World 5G Convention at Beijing Etrong International Exhibition & Convention Center on November 21, 2019 in Beijing, China.

VCG | Getty Images

BEIJING — Global investors are stepping up their bets on Asia, particularly China, regardless of the coronavirus pandemic’s shock to growth or growing geopolitical tensions. 

Just this week, Edinburgh-based investment partnership and early Tesla backer Baillie Gifford announced it is increasing investments in China with the expansion of its first overseas office in Shanghai.   

“We believe that China’s business model, innovation, has great strength, and will attract global development, so we think the Chinese market is a great opportunity,” Amy Wang, head of China for Baillie Gifford, said in a phone interview Thursday, according to a CNBC translation of her Mandarin-language remarks.

The investment firm is recruiting locally in Shanghai, and three directors will join the office, Wang said. Looking ahead,

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China Finance Online Reports 2020 Second Quarter and First Six Months Unaudited Financial Results

BEIJING, Sept. 24, 2020 /PRNewswire/ — China Finance Online Co. Limited (“China Finance Online”, or the “Company”, “we”, “us” or “our”) (NASDAQ GS: JRJC), a leading web-based financial services company that provides Chinese retail investors with fintech-powered online access to securities trading services, wealth management products, securities investment advisory services, as well as financial database and analytics services to institutional customers, today announced its unaudited financial results for the second quarter and first six months ended June 30, 2020.

Second Quarter 2020 Financial Highlights and Recent Development

  • The bottom line losses continued to narrow.
  • Net loss attributable to China Finance Online was $1.5 million, compared with a net loss of $3.0 million in the second quarter of 2019 and a net loss of $1.9 million in the first quarter of 2020.
  • Net revenues grew 9.2% year-over-year to $9.7 million.
  • Revenues from the financial information and advisory
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