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Shanghai to give foreign workers access to share options for locally-listed firms to attract more funds and talent

Shanghai plans to allow foreigners employed by regional headquarters of multinational companies to receive stock options on the A-share market, part of its bid to become a global financial powerhouse.The step comes as ongoing protests in Hong Kong pose a threat to its status as the region’s established financial centre.The stock options guideline, published Tuesday, aims at encouraging more regional headquarters to be set up in Shanghai. It represents the latest efforts by the mainland’s most… 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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Shanghai stocks post biggest weekly drop in three months as ZTE and telecom makers tumble

China and Hong Kong stocks ended the week on a softer note on Friday, with the mainland’s benchmark capping the worst five straight days of trade in three months, as ZTE and other telecom equipment makers retreated on renewed concern the ongoing trade war will disrupt business operations.The Shanghai Composite Index fell 0.7 per cent to 2,774.75. The gauge lost 3.3 per cent for the week, its biggest decline for the five-day period since May 10. Hong Kong’s Hang Seng Index dropped 0.7 per cent… Source link

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Herbert Smith Freehills forms Shanghai venture with Kewei, becoming latest global practice to offer legal service in China

Herbert Smith Freehills has formed a venture to operate in Shanghai, becoming the latest global practice to offer advice and international legal services in China.The firm, with dual headquarters in London and Sydney, will form a joint operation with Kewei Law Firm in the Shanghai Free Trade Zone, the sixth global practice to be approved by the Bureau of Justice in China’s premier commercial city.“This new licence will transform our business on the mainland, and signals our long-term commitment… Source link

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Huawei pushes ahead with self-reliance drive with US$1.4 billion R&D centre in Shanghai in spite of US trade restrictions

Huawei Technologies, the world’s largest telecommunications equipment supplier, plans to invest 10 billion yuan (US$1.4 billion) in a new research and development (R&D) centre in Shanghai as China pushes for self-reliance amid intensifying competition with the US in science and technology.The new centre, to be located in Shanghai’s Qingpu district, will focus on R&D in fields including chips for different devices, wireless networks as well as connected device networks known as the Internet of… Source link

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China 

China doubles size of Shanghai Free-Trade Zone to include Tesla town in drive to open markets

China announced new tax incentives and import duty exemptions on Tuesday, as it formally expanded the Shanghai Free-Trade Zone (FTZ) amid rising trade war tensions with the United States.The State Council, the country’s cabinet, unveiled the plan to double the size of the zone by adding Lingang, an area newly reclaimed from the sea.Lingang is roughly the size of the Hong Kong special administrative region and is home to carmaker Tesla’s first factory outside the US.The expansion comes after a… Source link

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Shanghai benchmark retreats to five-month low as US and China up the ante in trade war

China’s stocks dropped to the lowest level in five months after the US designated the Asian nation as a currency manipulator and Beijing suspended procurement of American agricultural products as the trade war flared up between the world’s two largest economies.The Shanghai Composite Index fell 1.6 per cent to 2,775.14 on Tuesday, with the benchmark capping a 5.9 per cent, five-day loss and closing at the lowest level since February 21. Hong Kong’s Hang Seng Index lost 0.7 per cent to 25,976.24… Source link

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China plans to drop all duties at Shanghai Free-Trade Zone, sources say

China is planning a pilot project to drop all duties and ease procedures at Shanghai Free-Trade Zone, three sources said, as Beijing looks to position itself as a leader in free trade amid its trade war with the United States.The plan – which may be announced as early as this year – was discussed during Premier Li Keqiang’s visit to Shanghai last month, and leaders planned to discuss it further at their annual gathering in the seaside resort town of Beidaihe in northern Hebei province this… Source link

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Hang Seng, Shanghai Composite post monthly losses in July, as ongoing trade battling between the US and China bite

July was a washout for Hong Kong investors, mercifully ending early when tropical storm Wilpha forced the stock exchange to close not long after the lunch break.The monthly loss for the Hang Seng Index – only the second this year – stood at 2.68 per cent, as investors dealt with massive demonstrations, mixed company earnings and dashed hopes for real progress toward ending the trade war between the world’s two largest economies. In May, when trade negotiations unravelled, it posted a 9.42 per… Source link

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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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