China 

China struggling with slow progress on high-speed rail network expansion due to local financing problems

Zong Zifa, a 67-year-old Chinese peasant who has worked the land his entire life, likes to stand at the eastern end of his village to check the progress of a new high-speed railway train station under construction. He and many of his fellow villagers hope that the station, on a plot of land where he used to tend to peach and walnut trees, will be the gateway for the otherwise sleepy village to connect with the country’s rapid development.But “construction is slow … probably because of the… Source link

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China 

China issues new rules on infrastructure financing due to implicit debt concerns

China has taken actions to regulate a major tool for local governments to leverage support for their infrastructure construction after the latest nationwide financial audit indicated continued local violations of rules that threaten to further increase an already mountainous level of implicit debt.The government has worked hard to curb hidden liabilities, including off-budget sheet borrowing and financial guarantees, amid its deleveraging campaign to reduce excess debt and risky lending over… Source link

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China-backed infrastructure bank AIIB to start local currency financing amid trade war, forex concerns

The Beijing-headquartered Asian Infrastructure Investment Bank (AIIB) will soon conduct financing activity in local currencies, in response to significant demand from member countries amid an escalating trade war between China and the United States and related uncertainties, it said on Monday.“From the second half of this year, we are going to start piloting local currency financing, in currencies such as the Indian rupee and the Indonesia rupiah, for example,” Danny Alexander, the bank’s vice… Source link

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Vietnam 

New financing to enhance support for women-led SMEs – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  Women-led businesses comprise about 60 per cent of all micro, small, and medium-sized enterprises in Asia and the Pacific. — Photo vietnamplus.vn MANILA — The Asian Development Bank (ADB) has received US$20.2 million from the Women Entrepreneurs Finance Initiative (We-Fi) to support women-led small and medium-sized enterprises (WSMEs) to access critical financing and training in Việt Nam and the Pacific. The grant – the second that ADB has received from We-Fi – will finance the Women Accelerating Vibrant Enterprises in Southeast Asia and the Pacific…

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Vietnam 

New We-Fi financing to enhance support for women-led SMEs in Việt Nam and Pacific – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  Women-led businesses comprise about 60 per cent of all micro, small, and medium-sized enterprises in Asia and the Pacific. — Photo vietnamplus.vn MANILA — The Asian Development Bank (ADB) has received US$20.2 million from the Women Entrepreneurs Finance Initiative (We-Fi) to support women-led small and medium-sized enterprises (WSMEs) to access critical financing and training in Việt Nam and the Pacific. The grant – the second that ADB has received from We-Fi – will finance the Women Accelerating Vibrant Enterprises in Southeast Asia and the Pacific (WAVES) programme, which aims…

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China puts margin financing under scrutiny as stock market froth evokes memories of 2015 rout

China’s stock market regulator is increasing scrutiny of leveraged buying funded by non-brokerage platforms, as it takes pre-emptive measures to ward off risks that could result in a repeat of the 2015 crash.Branches of the China Securities Regulatory Commission in Zhejiang and Guangdong provinces held meetings recently with securities firms, asking them not to offer any service that will enable outside institutions to lend money to investors for stock trading.Brokerages have been banned from… Source link

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Apple teams with Ant Financial, banks for interest-free iPhone financing in China

Apple has teamed up with Chinese payments giant Ant Financial Services Group and several local banks to offer interest-free financing, its first such move in the country as it looks to boost waning smartphone sales.The US tech behemoth issued a rare revenue warning last month citing weaker iPhone sales in China, one of its most important markets, where consumer spending has taken a hit due to a slowdown in economic growth.On its China website, Apple is promoting the new scheme, under which… Source link

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As China gets used to buying on credit, it remains important for GM financing arm even as new car sales soften

As concerns are increasing about rising delinquency rates among car buyers in the United States, GM Financial, the car loans arm of US carmaker General Motors, is increasingly looking to mainland China for potential growth. Not only is China the world’s biggest market for car purchases, but Chinese buyers make larger down payments and pay off their loans quicker than their US counterparts when they borrow money for new or used cars. Beijing, pushing its electric vehicle market, is making it harder for start-ups to enter as it fights overcapacity…

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Veggie ‘meat’ start-up backed by Nasa wins financing from tech moguls and Silicon Valley climate fund

A Chicago-based biotechnology company working with Nasa to develop a new form of plant-based protein fit for supporting space exploration has received US$33 million from venture capital firms, including an energy tech fund backed by Bill Gates, Jack Ma and Jeff Bezos. The funding will support the development and commercialisation of the animal protein alternative, according to Sustainable Bioproducts co-founder and chief executive Thomas Jonas. The climate-friendly protein is a product of research into extremophile organisms that live in Yellowstone National Park’s volcanic springs. “That work led to the development…

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China 

China’s central bank adds local government bonds into calculation for social financing

China’s central bank has changed the way it calculates how much money flows into the real economy to reflect recent changes in the availability of local government funding. Total social financing – a figure calculated monthly that previously comprised bank loans, corporate bonds and initial public offerings – is one of the most watched indicators as it provides a reading of how much money is flowing from the financial system into factories, infrastructure projects, farms and shops. If the number is growing, it is largely seen as the central bank…

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