China 

China plans to allow foreign investment in VPN services as part of Beijing trial in latest opening up move

China’s effort to further up open up and attract foreign investment continued with the city of Beijing unveiling plans to allow overseas firms to invest in virtual private network services within a trial zone by the end of the year.Foreign investors will be allowed to invest in virtual private network (VPN) services, which allow users to bypass China’s Great Firewall to access services such as Google and Facebook which are currently blocked, although foreign ownership in such providers will be… Source link

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US-China trade war takes a breather as Beijing sees ‘positive signal’ in Donald Trump’s tariff delay

Escalating trade tensions between China and the United States eased slightly on Wednesday as Beijing hailed the decision by US President Donald Trump to delay or remove some planned tariffs against Chinese products as a “positive signal”.The small ceasefire, announced by Trump on Tuesday, came after Vice-Premier Liu He, China’s lead trade negotiator, talked with US trade representative Robert Lighthizer and US Treasury Secretary Mnuchin by phone on Tuesday.Liu, though, did lodge “solemn… Source link

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Lingang’s inclusion in Shanghai Free-Trade Zone a chance for Beijing to conduct bold reforms

Shanghai’s move to replicate a mini-Hong Kong style free marketplace after it included a 119.5 sq km untapped area at Lingang into its free-trade zone is a step in the right direction analysts say, but they caution more needs to be done to create a flourishing zone that can pose a real threat to the region’s established financial centre.The renewed effort to turn the six-year-old Shanghai FTZ into a boomtown to showcase China’s economic might reflects Beijing’s resolution in opening up the… Source link

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Guangzhou-based Yuexiu Property warns of tougher times ahead after Beijing tightens screws on housing sector, slowing economy

Mainland developer Yuexiu Property posted a 63.2 per cent jump in first half core net profit, but warned that the outlook remains tough against the backdrop of a slowing Chinese economy and property cooling measures.“The government has been very clear that they want to steady the property sector and the price of land. Rising US-China trade tensions has also made the property market nervous,” Lin Zhaoyuan, chairman of the Guangzhou-based company, said at a news conference to announce the interim… Source link

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China 

Shanghai-based Zendai closes two P2P units worth US$1.4 billion as Beijing intensifies crackdown

Zendai Group, a closely held private investment company in Shanghai, abruptly shut down two peer-to-peer lending units valued at 10 billion yuan (US$1.4 billion), as Chinese financial regulators ratchet up measures to clean an industry fraught with frauds and defaults.One platform run by Zendai’s wealth management arm suspended lending and laid off its staff on Monday, citing the government crackdown, according to an internal company email that was leaked online.Another internal email said that… Source link

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Cathay Pacific threatens staff with sack as shares plummet after Beijing stance on Hong Kong protests

Cathay Pacific has warned that it would sack staff taking part in illegal protests in Hong Kong, saying it would take a “zero tolerance” approach, as its shares slumped to their lowest level in 10 years in morning trading on Monday.The note from chief executive Rupert Hogg said staff who “support or participate in illegal protests” would face disciplinary action that “could be serious and may include termination of employment”, in a note to staff on Monday lunchtime.His warning indicated an… Source link

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China 

China and US offer contrasting views on trade war talks, as Beijing confirms agricultural purchases underway

China and the United States issued differing public statements on this week’s trade talks in Shanghai, suggesting that a deal to end the bitter tariff war is not within sight.The official Chinese statement said that the two sides discussed China increasing its purchases of US agricultural products “according to its own domestic needs and favourable conditions to be offered by the US side for the purchases”.These “favourable conditions” were not defined, but at a press conference in Beijing on… Source link

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Global 

China, US trade talks resume in Shanghai in shadow of Donald Trump’s angry tweets aimed at Beijing

China and the United States resumed talks on Wednesday morning in Shanghai in the shadow of tweets from US President Donald Trump complaining that Beijing had not started buying American farm products and could not be counted on to agree to a trade deal.US trade representative Robert Lighthizer and US Treasury Secretary Steven Mnuchin did not comment on the progress of the talks during a media photo session with Vice-Premier Liu He.“It’s a beautiful day, it’s really nice,” said Lighthizer,… Source link

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Beijing thunderstorms return China Eastern’s flight MU5331 twice to Shanghai, taking 17 hours to get back to its origin

A Beijing-bound flight from Shanghai landed at its origin more than 17 hours after the journey began, as severe thunderstorms at its destination forced the aircraft to turn back twice.Flight MU5331 on an Airbus A330-300 aircraft flown by China Eastern Airlines took off from Shanghai’s Hongqiao airport at 2:11am on Monday after a five-hour delay, bound for the Chinese capital. The commuter service, carrying 250 passengers, was delayed due to inclement weather in Beijing, which reduced the… Source link

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China's Beijing Kunlun to revisit Grindr IPO plan after US national security panel drops opposition

Chinese gaming company Beijing Kunlun Tech Co said on Monday it would revive plans for an initial public offering (IPO) of popular gay dating app Grindr, after a US national security panel dropped its opposition to the plan.Kunlun said in May it had agreed to a request by the Committee on Foreign Investment in the United States (CFIUS) to sell Grindr, setting a June 2020 deadline to do so and putting preparations for an IPO of Grindr on hold.A source familiar with the matter said on Monday that… Source link

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