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Chinese investors increasingly wary of Thailand amid political upheaval and trade war

When Kulthirath Pakawachkrilers had to convince yet another Chinese investor that business was still a good bet in Thailand despite the political upheaval, she knew it was going to be a tough sell.Companies once considering investing in Southeast Asia’s second-largest economy were now looking at other options – and the uncertainty surrounding the aftermath of the elections was driving much of the concern, said Kulthirath, chief executive officer of the Thailand e-Business Center, which advises… Source link

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China relaxes infrastructure project finance rules, but analysts warn it will have limited economic impact

China’s latest stimulus move to bolster economic growth by relaxing restrictions on how the proceeds of local government bonds are used, paving the way for a new wave of infrastructure investment, will only have limited impact on the overall economy, analysts warned.Local governments can now use the funds raised as equity capital for major infrastructure projects having previously needed to fund the minimum equity ratio requirement, usually 20 to 30 per cent of total investment in the project,… Source link

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Financier Xiao Jianhua has shed his stakes in more than 10 banks, Chinese regulator says in a rare peek at a state-ordered break-up

Tomorrow Group, the conglomerate founded by Chinese financier Xiao Jianhua, has transferred its holdings in more than 10 financial institutions to new shareholders, part of a slimming exercise ordered by the government to pare debt, according to the bank regulator.The company, based in Inner Mongolia’s Baotou city, has shed its stakes in more than 10 entities including Bank of Weifang and Taian in Shandong province, and Zhongjiang Trust in Jiangxi province, the China Banking and Regulatory… Source link

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Chinese, US finance chiefs find common ground on need to reform global tax rules

While China and the US are at loggerheads over trade and technology, their finance chiefs on Saturday found some common ground on the need to reform global tax rules to cope with digitalisation and the rise of e-commerce.Speaking at a symposium on taxation during the Group of 20 finance leaders’ meeting in Fukuoka, Japan, Chinese Finance Minister Liu Kun said the international community needed to work together to tackle the challenges brought by the digital economy, rapid growth of information… Source link

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Oil is just the start of China’s Belt and Road interest in the Gulf

The Gulf might not appear on the official map of China’s Belt and Road Initiative, but Beijing’s international infrastructure investment plan is being actively realised in the region. Since Chinese President Xi Jinping launched it in June 2014, various actors from China – including companies, banks, and financial institutions – have established a presence in the Gulf.Securing oil and energy resources is an important component of the belt and road plan’s regional aims, as is the construction of… Source link

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Chinese artists Chu Teh-chun and Zao Wou-ki set records at Paris auction as two paintings sold for more than US$11 million

Paintings by two of the “Three Musketeers” of Chinese art, Chu Teh-chun and Zao Wou-ki, have set new records, going for nearly €10 million (US$11.2 million) at a Paris auction.The abstract work Synthese hivernale C by Chu went for more than €5.17 million – five times its estimate in an Artcurial sale late Wednesday.The Chinese-born painter, who like his fellow modernist master Zao spent most of his life in France, was the first ethnic Chinese member of the French academy of fine arts.He died in… Source link

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Next phase of trade war could hit clothing prices as manufacturers leave China to dodge tariffs, warns owner of Vans, North Face

Consumers could face higher prices for clothing and footwear if manufacturers move out of China to avoid trade war tariffs imposed by the US, the regional director of American apparel company VF Corporation warned.If Washington were to carry out its threat of placing additional duties on a wide range of Chinese-made consumer goods including footwear and apparel, inflation across the industry would be likely as manufacturing costs in the region increased, said Asia-Pacific managing director… Source link

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China, Russia urged to continue efforts to defang US-dollar sanctions weapon

China and Russia should avoid using US dollars in financial translations to minimise Washington’s ability to bully other countries into following its rules with the threat of sanctions, according to a top adviser to Russian President Vladimir Putin.The two nations have been keen to cut their dependence on the US dollar for some time, and continue to talk about establishing a new system for direct yuan-rouble settlements despite multiple delays.“The US is the most powerful economy in the world… Source link

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Tesla announces prices of Made-in-China Model 3. At 328,000 yuan it’s 13 per cent cheaper than US imports

Customers can pre-order the Model 3 car assembled in China after Tesla announced on Friday that it would be priced 13 per cent lower than the US imports, taking the electric carmaker a step closer in tapping the world’s largest EV market.The standard range plus Model 3 car that Tesla plans to assemble at the Gigafactory 3 in Lingang, Shanghai, will be priced at 328,000 yuan (US$47,529), 49,000 yuan cheaper than the same model currently imported from the US.Tesla’s US-built cars are now subject… Source link

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Alleged Canada real estate tax cheat for Chinese buyers described in Vancouver legal action

An alleged scheme to allow Vancouver’s mostly Chinese foreign buyers to avoid tax on real estate purchases has been revealed by the disintegration of a business partnership involving some of the Canadian city’s top property agents.Under the supposed scheme, described in British Columbia Supreme Court legal action, buyers and sellers who were both based overseas would understate the amount being paid for a property and exchange only that portion in BC – thus reducing the buyer’s property… Source link

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