Tag Archives: markets-scmp

Chinese business leaders urge country to keep thinking global 

China should resist anti-globalisation sentiment and promote international cooperation, Chinese business leaders have said. Beijing has announced a master plan to shift the focus of its economic growth engines towards “domestic circulation”, to become more self-reliant, especially in key technologies. But Xu Weiping, chairman of Advanced Business Park, which […]

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China’s state-owned giants given new order: create global industrial champions 

In the midst of its escalating economic conflict with the US, China’s largest state-owned enterprises have been given a new directive: work with small and medium-sized firms to build new global champions.In an interview with the state-run Xinhua news agency published on Monday, Hao Peng, chairman and Communist Party secretary of the State-owned Assets Superv […]

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China no longer top clothes exporter to US as Vietnam gains market share 

Seven months ago, China was still the largest supplier of products for fashion companies in the United States, but its significant advantage over Vietnam has since evaporated because of the coronavirus and the decoupling tensions between the world’s two biggest economies.US apparel imports from China, by value, dropped from almost 30 per cent in 2019 to 20 p […]

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Logistics and delivery companies see profits soar as coronavirus boosts e-commerce, demand for medical goods 

Logistics and delivery companies have been boosted by a surge in demand for medical goods and online shopping amid the coronavirus crisis, with some recording triple digit surges in profit.But they will have to readapt in the post-pandemic era, as many of the businesses they rely on shrink or close down altogether in what promises to be a prolonged global re […]

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China import expo to go ahead despite trade tensions, lingering coronavirus uncertainty 

Beijing is ramping up publicity for its third annual China International Import Expo (CIIE), as the country seeks to promote itself as a defender of free trade and linchpin for global economic recovery from the coronavirus pandemic.Despite growing tensions with major trading partners and ongoing economic uncertainty triggered by the pandemic, China is pushin […]

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India-China tensions will not influence AIIB as newly re-elected president vows to keep lender an ‘apolitical institution’ 

The China-backed Asian Infrastructure Investment Bank will remain an “apolitical institution” and will continue to back projects in India despite recent tensions in the disputed Himalayan border region, according to newly re-elected president Jin Liqun.Frictions between the two nations have cooled somewhat since the deadly clash last month, with both sides h […]

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National security law: China won’t be ‘threatened’ but is braced for US financial sanctions, Beijing official says 

China is braced for possible financial sanctions from the United States over the Hong Kong national security law, but still hopes to ease tensions with Washington, according to a source close to China’s financial authority.“The Chinese mainland and Hong Kong financial authorities certainly have prearranged plans. We won’t allow others to threaten or make tro […]

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As Hong Kong autonomy bill moves to Donald Trump’s desk, analysts focus on his previous reluctance to use sanctions 

As US President Donald Trump faces pressure from rare bipartisan US congressional support for a bill authorising sanctions against officials deemed to have eroded Hong Kong’s autonomy, legal analysts are attempting to predict what exactly the American leader – who has shown a reluctance to dole out hard-hitting sanctions on China and Russia – will do next.On […]

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Australia sees ‘partial economic decoupling’ from China as Canberra weighs risks of over reliance after coronavirus disruptions 

Australia is edging towards a “partial economic decoupling” with China as a result of the coronavirus pandemic, a new Australian parliamentary inquiry has heard.In a new inquiry set up in May to examine the vulnerability of Australia’s supply chains, defence and foreign affairs, experts argued there was a critical need for Australia to plan its own network o […]

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China to buck global economic downturn in 2020 as coronavirus continues to drive down activity, says IMF 

China is expected to post positive growth this year even as the global economy contracts 4.9 per cent in a coronavirus-driven plunge in output, the International Monetary Fund (IMF) said on Wednesday.The IMF’s World Economic Outlook Update estimated China’s economy will grow 1 per cent in 2020, a downgrade of its April forecast, but better than other major e […]

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Coronavirus only a blip for China’s belt and road plan, says former central bank chief 

Global monetary easing and low interest rates could benefit the Belt and Road Initiative, China’s former central bank governor said on Monday, brushing aside concerns about the future of Beijing’s top geopolitical project as the global economy is hammered by the coronavirus outbreak.Zhou Xiaochuan, who was governor of the People’s Bank of China for more than […]

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Donald Trump’s comments on Xinjiang sanctions combed for clues on US response to Hong Kong security law 

Analysts are combing through US President Donald Trump’s latest statements on Xinjiang for clues as to how he may punish China for its planned imposition of the national security law on Hong Kong.In an interview with news outlet Axios published on Monday, Trump said he has not sanctioned China over the persecution of Uygurs and other Muslim minorities in Xin […]

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China to step up US agriculture purchases under phase one trade war deal after Hawaii talks, sources say 

China plans to accelerate purchases of American farm goods to comply with the phase one trade deal with the United States following talks in Hawaii this week.The world’s top soybean importer intends to step up buying of everything from soybeans to corn and ethanol after purchases fell behind due to coronavirus disruptions, said two people familiar with the m […]

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