Home 

China’s Greater Bay Area still has hurdles to clear if it wants to be a tech challenger to Silicon Valley

The “Greater Bay Area”, touted as China’s answer to Silicon Valley, may serve as a symbol of China’s determination to match US technological might, but a shortage of top-notch talent and schools, along with the simmering trade war between the US and China, have clouded its prospects in the short term, according to analysts.Beijing wants this proposed integrated area, which links nine cities in Guangdong province – including Shenzhen and Guangzhou – with the Hong Kong and Macau special… Source link

Read More
Home 

Can China’s ‘Greater Bay Area’ really rival the likes of Tokyo, New York and San Francisco?

About fours years after China’s top economic planners coined the term “Greater Bay Area”, details about the initiative were finally be unveiled on Monday. First mentioned in a 2015 blueprint of Beijing’s Belt and Road Initiative, the term has become a buzzword among business communities in southern China and beyond.The initiative aims to connect the former European colonies of Hong Kong and Macau with nine cities in China’s southern Guangdong province. Officials from the three jurisdictions… Source link

Read More
China 

China’s social credit system shows its teeth, banning millions from taking flights, trains

Millions of Chinese individuals and businesses have been labelled as untrustworthy on an official blacklist banning them from any number of activities, including accessing financial markets or travelling by air or train, as the use of the government’s social credit system accelerates.The annual blacklist is part of a broader effort to boost “trustworthiness” in Chinese society and is an extension of China’s social credit system, which is expected to give each of its 1.4 billion citizens a… Source link

Read More
China 

China’s top economists call for more action to fend off growing risks

Top Chinese economists have called for more action to keep the economy, investment and job market steady as the country faces growing risks, including from the trade war with Washington. The call came from members of the Chinese Economist 50 Forum – which includes government officials and advisers – who gathered in Beijing for their annual meeting on Saturday. On the agenda was how to stabilise the economy, foreign direct investment, employment and expectations – all issues that have become top priorities for Beijing’s ruling Communist Party this year. Held…

Read More
Home 

China’s job market has worsened amid trade war, sharper slowdown ahead, Nomura report suggests

A recent surge in online searches for keywords such as “lay-offs” and “job seeking” suggests the job market in mainland China has deteriorated amid its ongoing trade war with the United States. According to a report released on Friday by Japanese investment bank Nomura, searches by Chinese internet users for the word lay-off have surged since October last year, reaching a record high in December. Similarly, searches for the words job seeking have risen since November and hit a record high in January. China takes steps to support jobs as…

Read More
China 

China’s loans hit all-time high as banks open floodgates in January to help slowing economy

New loans in China surged to an all-time high in January, highlighting Beijing’s scramble to bolster economic activities at home amid the trade war with the United States. The People’s Bank of China (PBOC), China’s central bank, said on Friday that new yuan loans surged to 3.23 trillion yuan (US$476.97 billion) last month. The figure almost tripled the 1.08 billion yuan (US$159.48 million) of loans in December, while also beating the 1.6 trillion yuan (US$236.27 billion) of loans issued in January 2009 when Beijing looking to put growth on track…

Read More
China 

China’s government tells banks to ‘increase financial support’ for private firms to aid slowing economy

China’s top leadership has increased the pressure on lenders and financial regulators by urging them to do more to provide financial support to small and private businesses in a move aimed at keeping the slowing economy on track and maintaining social stability amid the trade war with the United States. Banks, local governments and regulators have been urged to change the behaviour of commercial banks, who have only been offering lukewarm financial support to private borrowers. “Financial regulators must enhance supervision, while fiscal authorities also must make full use of…

Read More
Home 

Why Nansha is the most livable place in the Greater Bay Area, China’s biggest economic and innovative powerhouse

[Sponsored Article] The tech and innovation-driven Greater Bay Area, combining population of over 69 million people and annual GDP of around US$1.5 trillion, is attracting worldwide attention for the area’s direct investment opportunities. Growing investors from across the world are fascinated by the oncoming golden days of cross-border innovation and entrepreneurship boom in the GBA But only a livable urban environment would make it attractive to people to settle down for sustainable investment and career. Nansha, the geographical center of the GBA and where Guangdong’s biggest pilot free trade zones locates, with no…

Read More
Home 

Chongqing battling rising unemployment as China’s traditional industrial base follows nationwide slump

With the Chinese economy slowing, concern has increased among Chinese policymakers about the outlook for employment, since ensuring sufficient employment is seen as a necessary ingredient in maintaining social stability in the country. Employment was the top priority the Politburo set last July when it shifted its economic policy focus to stabilising growth, leading the government to enact a series of policies to counter rising joblessness. This series will explore the employment challenges faced by different segments of the Chinese economy. This final instalment looks at the situation in China’s…

Read More
Property 

China’s credit crunch pressures CIMG into discounted sale of key land plot in Shanghai

Troubled investment conglomerate China Minsheng Investment Group (CIMG) sold its remaining stake in a prime plot of land in Shanghai at a discount on Wednesday, after a bond default drew attention to the company’s liquidity shortfall. The firm made full payment to its creditors after the deal, sources said. CIMG sold its 50 per cent stake in the central Shanghai site known as Dongjiadu, on the west bank of the Huangpu River, to Greenland Holdings for 12 billion yuan (US$1.8 billion). The deal was completed at a 20 per cent…

Read More