China 

Apple boss Tim Cook urges China to keep opening up its economy

Apple chief executive Tim Cook has encouraged China to keep opening up its economy, as his company grapples with weaker demand from the nation and uncertainty over its trade war with the United States.“We urge China to continue to open up,” he said during a speech at the annual China Development Forum in Beijing on Saturday. “We see that as essential. Not only for China to reach its full potential, but for the global economy to thrive.”Apple is desperately trying to revive sales in China, which… Source link

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China 

Chinese Premier Li Keqiang says foreign investment law shows Beijing is serious about opening economy further

The passage of the new foreign investment law shows China is serious about addressing foreign investors’ concerns, as it continues to open up its domestic market, Chinese Premier Li Keqiang said on Friday.But while foreign observers agreed the law is a step in the right direction, concerns remain that it does not go far enough. There is also widespread doubt among the foreign business community that it will be effectively implemented.In total, 2,929 lawmakers at the National People’s Congress … Source link

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The People’s Bank of China is quietly reforming, opening up and taking its hands off the yuan

Fifteen years ago, Alan Blinder, a former vice chair of the US Federal Reserve and a professor of economics at Princeton, wrote a book titled The Quiet Revolution, about changes in central banking. Chief among these was a move by some central banks towards open communication and transparency, and away from their long-held tradition of secrecy and surprise. A central bank “goes modern”, to borrow from the subtitle of Blinder’s book, when it starts talking. The Fed was slowly heading in this… Source link

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US-led backlash against China’s Huawei, Hikvision seen giving higher-cost rivals an opening to win contracts

Increasing resistance by the US and other governments to Chinese hi-tech companies such as Huawei Technologies and Hikvision is providing opportunities for suppliers from other countries to win business from their lower-cost competitors. In Australia, Chinese security camera makers Hikvision and Dahua have faced increased scrutiny after a report by Australian Broadcasting Corporation cited concerns raised by experts about the potential for these networks to be used for espionage. The two companies supply most of the surveillance cameras installed in Australia, according to the report. A Hikvision spokesman was quoted…

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China 

China steps up opening of capital markets as securities watchdog broadens scope of inbound investments

China further deregulated its capital markets on Thursday, saying it would ease foreign institutions’ access by combining two inbound investment schemes, while broadening their investment scope to include derivatives, bond repurchases and private funds. The China Securities Regulatory Commission (CSRC) published draft rules that would combine the Qualified Foreign Institutional Investor (QFII) scheme and its yuan-denominated sibling, RQFII. Regulators will also lower the threshold for overseas applicants and simplify the vetting process. What do China’s reassignments of Liu Shiyu and Yi Huiman say about Xi Jinping’s policy priorities for the…

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Singapore 

Banks run out of new notes less than an hour after opening, Singapore News

She queued at the POSB pop-up ATMs at Toa Payoh Community Centre for more than two hours on Monday to get new notes for Chinese New Year (CNY). Ms Fiona Sim started at 8.30am, and by 10.30am, the line had more than 30 customers waiting for the ATMs to be replenished. Ms Sim, 38, managed to get the notes. She was one of the lucky ones as some others went away disappointed. She told The New Paper: “I didn’t expect it to take so long… It was a waste of…

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Singapore 

RTS Link project ‘not progressing well’, opening likely to be delayed beyond 2024: Khaw Boon Wan, Singapore News

SINGAPORE – The planned Rapid Transit System (RTS) Link between Johor Baru and Singapore is “behind schedule and not progressing well”, said Transport Minister Khaw Boon Wan. This means that the start of cross-border MRT services – which were intended to ease congestion at land checkpoints – will likely be delayed beyond the original target date of Dec 31, 2024. He was responding in a written parliamentary reply to Mr Ang Wei Neng (Jurong GRC), who had asked for a progress update on the RTS. Mr Khaw, who is also…

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Chinese customers flock to Canada Goose’s first China flagship store opening despite calls for boycott

The first China flagship store of luxury parka-maker Canada Goose opened in Beijing to long queues despite tensions between Beijing and Ottawa over the arrest of Huawei CFO Meng Wanzhou. The 600-square metre flagship store, which opened its doors on Friday, was originally scheduled to kick off on December 15. Canada Goose delayed the opening, citing ongoing construction. The delay came amid a furore in China over the arrest of Meng, which set off calls for boycotts of the high-end brand on Chinese social media platforms. China is the world’s…

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China 

Chinese researchers call for more reform and opening up to avoid escalation of trade war

Beijing should refine its strategy for its upcoming trade talks with Washington by making substantial domestic reforms and further opening up its economy, to prevent tensions from spilling over into non-trade sectors and plunging the world’s two largest economies into a long-term rivalry, a group of state researchers said on Thursday. The suggestions, made at a conference at Renmin University, came ahead of expected formal trade talks in January and amid a 90-day truce in the tariff dispute negotiated by Chinese President Xi Jinping and US President Donald Trump. China…

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Canada Goose delays opening of its first flagship store in China amid fallout from Huawei executive’s arrest

High-end down jacket maker Canada Goose is postponing the opening of its first flagship store in China – the world’s largest luxury market – amid growing tensions between Beijing and Ottawa following the arrest of Huawei chief financial officer Sabrina Meng Wanzhou. The fashionable parka brand cited “ongoing construction” to the South China Morning Post as the reason why its first physical store – in trendy Taikoo Li Sanlitun in Beijing – will not open on Saturday, as originally scheduled. It emphasised it will continue with its plans for a…

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