A senior Chinese banking official said Friday that the country would continue to encourage financial innovation while guarding against risks arising from it. "In the context of putting more emphasis on warding off financial risks, we should continue to vigorously promote financial innovation to enhance the competitiveness of the economy, financial sector and banking industry," Wang Zhaoxing, vice chairman of China Banking Regulatory Commission (CBRC), said at a forum. Wang said th...
The joint venture BMW Brilliance said on Friday that its sales in China are expected to rise at least 20 percent in 2017.  The full-year estimate is based on a 44 percent year-on-year rise in the first two months of 2017, Chairman Wu Xiaoan of Brilliance China Automotive Holdings , told reporters in Hong Kong. In order to manufacture cars in China, BMW had to form a local joint venture with Brilliance Automotive. In 2017, premium vehicle sales are predicted to outperform China’s overall ...
The National Hockey League is drafting big plans to expand hockey’s popularity in China. League officials are putting the finishing touches on a pair of exhibition games between the Vancouver Canucks and Los Angeles Kings for this September, just as local Chinese officials and businessmen discuss investing in an NHL franchise in hopes of leveraging a team’s branding back in China, the Globe and Mail reports. "Our understanding is, they're looking at building hundreds of rinks and are...
A fake egg found on sale in China in 2012. Photo credit: China Daily. China has a fake food problem. Counterfeit soy sauce, rice, and eggs are among the potentially deadly items found for sale. Now Alibaba, the nation’s top online shopping company, wants to fight back against fake foods by using blockchain, the tech behind Bitcoin. Jack Ma’s US$270 billion ecommerce firm today announced it’s going to begin experimenting with blockchain, a digital ledger system that’s a so...
Ella, a marketing manager at Chinese search engine Baidu, is also a member of the company's basketball team. Baidu MobileSkift Take: Most Western travel brands are still in their infancy when it comes to understanding China's digital platforms and marketing norms. — Jeremy KressmannChina. It’s a country that’s on most travel executives’ minds these days as they seek to target what will soon be the world’s largest consumer market. But wanting to compete in China and...
CHINA'S central bank announced Friday tightened housing mortgage rules to curb speculative purchases in Beijing's property market. Targeting fake divorces, Beijing housing mortgage applicants who divorced less than one year ago will be regarded as second-home buyers and have to pay more down payment, according to a statement released by the People's Bank of China. There will be stricter investigation of the sources of the down payment to ban leveraging financial products and the...
American Airlines has been using new Boeing 787s to open new routes in Asia. But it is still smaller in the region than United and American, so buying a stake in China Southern could help it expand. American AirlinesSkift Take: Both Delta Air Lines and United Airlines have partners in China. American does not, and its OneWorld alliance does not even have a mainland Chinese airline in it. American must play catch-up, and buying a small stake in China Southern is one way to do that. — Brian Su...
CHINA Coal Energy Co made a profit of 2.03 billion yuan (US$295 million) last year, reversing losses a year ago, when it sold more coal whose price rallied and disposed of inefficient plants. The company’s profit was in line with a 2.3 percent annual growth in revenue totaling 60.6 billion yuan last year, with coal sales increasing 4.2 billion yuan from 2015 as prices rebounded during the first 11 months of the year, it said in its annual report yesterday. The Shanghai-listed company ...
CHINA’S street lighting will boast new features such as Internet connection, energy efficiency and high-level security over several years as cities have drawn up blueprints to transform themselves into smart cities. Philips Lighting said yesterday that it will partner China Mobile Research Institute to explore the potential for a standard for connected lighting under a cellular Internet of Things. Philips Lighting is demonstrating the connected street light application in Beijing. Mor...
THE Chinese authorities are so angry with South Korea that they have cheered on boycotts of South Korean goods and culture, persecuted South Korean firms operating in China and discouraged Chinese tourists from visiting South Korea. China is South Korea’s biggest market for exports (it spent $137bn on South Korean goods in 2015, nearly twice as much as the next biggest taker, America), so the prospect of a prolonged dispute is alarming. It is also puzzling, given that the source of the row—t...
THE IMF “systematically impoverishes foreigners”, and the World Bank’s advice has “negative value to its best clients”. These harsh words were voiced not by lefty critics of the Washington Consensus, but by two men (David Malpass and Adam Lerrick, respectively) whom Donald Trump has picked to lead his Treasury’s dealings with the rest of the world, including the international financial institutions (IFIs), such as the World Bank and IMF, and the G20 group of leading economies.Their f...
Airbnb's new push in China, which includes a cheerful Chinese name that translates into "welcome each other with love," a travel service aimed at millennials, and a doubling of investments, was instantly compared to another unicorn's expansion in the East. Talk of Uber's failure to build a top brand in China seemed proof that the odds are steep for Airbnb in a market not known for being hospitable to Pollyannish American startups and already crawling with competitors. But the view is overly har...
CHINA is pushing Internet Plus national strategy into the industrial and agriculture sectors nationwide, through the integration between Internet and traditional industries, a research center authorized by the Ministry of Commerce said today. It’s a deeper step for China to push information technology applications in economy and society, after the integration between Internet and service industries. Such integration, covering e-commerce, mobile payment and online video, has already boo...
THE Executive Center, the second-largest serviced office provider in Asia Pacific, expects to double its portfolio in China within the next four years amid robust market demand. By 2020, the number of premium serviced offices operated by TEC will exceed 100 in the country from the current 53, Paul Salnikow, chairman and chief executive officer of The Executive Center, told Shanghai Daily today during an exclusive interview. "China, on its way to become world's No. 1 economy, is our...
Chinese automaker Chery Automobile has filed a complaint with the country’s trademark regulator over Mercedes-Benz’s use of the “EQ” name for a line of green-energy vehicles, throwing up a potential road block for the Daimler AG ddaif unit in the world’s largest electric car market. A Chery spokeswoman told Reuters on Thursday that the automaker had filed a complaint with the Trademark Office of the State Administration for In...
China Southern, an Airbus A380 operator, may be taking an investment from American Airlines. Jean-Philippe Arles / ReutersSkift Take: American Airlines has less strength in Asia than its two main competitors, Delta Air Lines and United Airlines. And American is a tiny player in China. This investment, if completed, could help American bulk up its presence in an important region. — Brian SumersAmerican Airlines Group Inc., the world’s largest carrier, is in advanced talks to acquire a stak...
AIRBNB, the home rentals website, said yesterday that it would double its investment in China, triple its workforce there and change its name to “Aibiying” in Chinese.   Airbnb CEO Brian Chesky said the name, which translates to “Welcome each other with love,” reflected the company’s commitment to succeeding in the country.   “There’s a whole new generation of Chinese travelers who want to see the world in a different way,” Chesky sa...
QUALCOMM Inc debuted its next-generation Snapdragon chip, which boasts advanced features such as support for virtual reality, for smartphones in Beijing yesterday. Qualcomm, the world’s biggest mobile phone chip designer, said the new Snapdragon 835 chip incorporates new technologies including improved energy consumption, rapid auto-focus for cameras, support for VR, and facial and sound recognition for high-level security. The chip is 35 percent smaller and 27 percent more powerful i...
CHINA has asked the World Trade Organization to create an expert panel to examine the so-called “surrogate country” approach used by the European Union to calculate anti-dumping measures applied to Chinese exports. When China joined the WTO in 2001, it was written into the terms of the deal that member states could treat it as a non-market economy for 15 years. The deadline passed late last year, but the EU has nevertheless opted to preserve tough rules that protect the bloc fro...