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Economic improvement in China’s northeast rust belt is just skin deep as state firms continue to bleed

When China’s central government chose Shenyang Machine Tool, a state-owned manufacturing behemoth in the northeastern province of Liaoning, to undergo a programme of reform two years ago, it probably imagined it would provide a yardstick for the broader regeneration of the region as a whole.It could not have been more wrong.While the provincial authorities reported growth of 6.1 per cent in the first quarter, which was on a par with the national figure, little of that upturn came courtesy of… Source link

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China will continue attracting investors, but start-ups need to prove their profitability, Rise Conference hears

Companies looking to attract investors must prove they can be profitable soon, a panel of top venture capital players heard at the Rise Conference in Hong Kong on Tuesday.Last year, a number of companies with huge valuations listed in Hong Kong and the United States, but failed to live up to the hype, with share prices slipping once public. Now, amid global macroeconomic uncertainties and downbeat sentiment, investors are evaluating more carefully how much money they will devote and are more… Source link

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Vietnam 

Cement sector looks set to continue growth – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  This year, the cement industry has targeted exporting about 25 million tonnes of cement and selling 69 to 70 million tonnes in the domestic market. Photo tinnhanhchungkhoan.vn HÀ NỘI The prospects of cement enterprises in the second half of the year will continue to improve, especially during the construction season at the end of the year, according to Chairman of the Vietnam Cement Association (VNCA) Nguyễn Quang Cung. According to analysis by financial data and business information provider FiinGroup, the production capacity of Việt Nam’s cement industry is expected to increase sharply thanks to the strong expansion of local…

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China 

China’s industrial giants continue to struggle despite minor profit increase in May

Profits at China’s major industrial firms fell 2.3 per cent year-on-year in the first five months of the year, the National Bureau of Statistics said on Thursday, indicating further stress on the economy.Month-on-month, May’s data showed a 1.1 per cent rise to 565.56 billion yuan (US$82 billion) from a year earlier, compared with a 3.7 per cent fall in April, which was the biggest drop in nearly three and a half years.But after a 3.4 per cent drop in the first four months of the year, China is… Source link

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Money 

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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Vietnam 

State Bank to continue administrative reform – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  SBV headquarters in Hà Nội. — Photo SBV HÀ NỘI — Deputy Governor of the State Bank of Việt Nam (SBV) Đào Minh Tú said that SBV would continue to enhance administrative reform in the near future, with a focus on improving the business environment in monetary and banking fields, and corporate support.  The SBV over past years has achieved positive reform results in six fields under a comprehensive programme on State administrative reform, including reducing 31 per cent of business requirements and 20 per cent of periodic reporting, as well as ensuring openness…

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Google confirms that its app store will continue to function for existing Huawei device users

Google has affirmed that its Google Play app store will continue to function for existing Huawei device users, following reports that the US company will suspend business with the Chinese telecoms giant, which last week was added to a US trade blacklist.Huawei Technologies and over 70 affiliates were added to the US Commerce Department’s Entity List last week on national security grounds, restricting the company from buying parts and components from US companies without government approval.“We… Source link

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Ecommerce 

Tencent Music profit beats estimates as paid subscribers continue to sign up for service

China’s Tencent Music Entertainment Group beat Wall Street estimates for quarterly profit on Monday, as more users paid for its music streaming services.The company, controlled by Chinese tech giant Tencent Holdings, said paid users of its online music service jumped 27.4 per cent to 28.4 million in the first quarter ended March 31.“As our users increasingly consume music content through streaming services, we are riding on this trend to gradually transition into a pay-for-streaming model over… Source link

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Global 

As US-China trade talks continue, US slaps duties of up to 460 per cent on Chinese yarn for unfair subsidies

Chinese yarn producers are likely to suffer even if US and Chinese negotiators are able to reach a deal in coming weeks to end the trade war between the world’s two largest economies.The US Department of Commerce (DoC) found on Monday that certain polyester textured yarn (PTY) from China and India was being unfairly subsidised. To offset the subsidies, the DoC slapped duties of between 32 and 460 per cent on Chinese producers, while Indian producers will face duties of between 7.1 and 20.5 per… Source link

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Vietnam 

Việt Nam, China trade ties continue to develop – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  Officers of Cốc Nam Customs Department in Lạng Sơn Province, which shares a border with China, perform a check on imported products. — VNA/VNS Photo Hoàng Hùng HÀ NỘI — Economic and trade relations between Việt Nam and China have been developing in a positive direction, as shown by the continuous increase of bilateral trade turnover between the two countries. Việt Nam is fast becoming an attractive investment destination for Chinese enterprises. According to the Foreign Investment Agency under the Ministry of Planning and Investment, China invested about US$1.6 billion…

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