Business

Shanghai to boost efforts to transform, expand financial sector, says mayor

SHANGHAI / WAM Shanghai is set to double efforts to open up and accelerate the growth of its financial sector through various measures. In a statement, Gong Zheng, Mayor of Shanghai, affirmed that Shanghai will play a better role as a pioneer for the steady expansion of institutional opening-up in the financial sector in the New Year. Relying on key ...

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China prepares to launch Tianzhou-7 cargo spacecraft

BEIJING / WAM The combination of Tianzhou-7 cargo spacecraft and Long March-7 Y8 carrier rocket was rolled out to the launchpad in Wenchang Space Launch Site in South China’s Hainan Province. All facilities in the Wenchang spaceport are in good conditions and testing work is underway for the first China Space Station mission in 2024, the Global Times learned from ...

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China’s auto production, sales report growth

BEIJING / WAM China’s auto production and sales surpassed 30 million units for the first time in 2023, retaining the country’s leadership as the world’s largest car market for the 15th consecutive year, People’s Daily reported. According to recent data released by the China Association of Automobile Manufacturers (CAAM), automobile sales in China reached a total of 30.094 million units, ...

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China aims to foster new drivers of foreign trade in 2024

BEIJING / WAM As China’s 2023 Central Economic Work Conference emphasised boosting foreign trade, the country plans to promote new growth engines in 2024 amid global headwinds. “The unstable momentum and insufficient driving force of the global economic recovery have led to sustained weakness in external demand, which is the main factor affecting the trend of foreign trade,” People’s Daily ...

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Meituan becomes No 2 Hong Kong food service months after debut

BLOOMBERG Meituan has become Hong Kong’s second-largest food delivery platform since debuting in the city last May, a sign that splashy subsidies are boosting the company’s first major foray outside mainland China. The internet firm’s sister app “KeeTa” accounted for 37% of the local food delivery market in December, according to data from Measurable AI, a Hong Kong-based firm that ...

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China’s GDP growth rate estimated at 5.3% in 2024

BEIJING / WAM The Chinese Academy of Sciences’ Centre for Forecasting Science released a report, projecting that China’s economy will sustain steady growth in 2024, with an estimated GDP growth rate of approximately 5.3 percent. According to China Daily, the report indicated that in 2024, the year-on-year growth rates for the primary, secondary and tertiary industries’ output are expected to ...

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S Korea logs current account surplus for 7th month in Nov

SEOUL / WAM The Republic of Korea logged a current account surplus for the seventh straight month in November on the back of an increased trade surplus, Yonhap News Agency quoted the Bank of Korea (BOK) as saying. The country’s current account surplus reached $4.06 billion in November, narrowing from the surplus of $6.8 billion the previous month, according to ...

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China wants its EV fleet to plug in, charge power grid

BLOOMBERG In the industrial hub of Wuxi near Shanghai, car owners recently took part in China’s largest experiment to rewire the grid and take advantage of its world-leading fleet of electric vehicles. Instead of charging up after plugging in, 50 EVs did it the other way around. For 30 minutes, the cars combined to feed around 2 megawatts of electricity ...

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Distressed builder puts Korea on edge again

BLOOMBERG South Korea is again in damage control mode, seeking to contain fallout from a construction firm’s debt woes that risk replicating replicating a recent credit crunch. In the cross-hairs this time is Taeyoung Engineering & Construction, which shocked markets late last month with a request to reschedule payment terms for project financing loans. These securities were also the source ...

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UAE, China explore prospects for cooperation on labour and human resources development

DUBAI / WAM Dr Abdulrahman Al Awar, Minister of Human Resources and Emiratisation, welcomed Li Zhong, Vice Minister of Human Resources and Social Security of the People’s Republic of China, and his accompanying delegation at the ministry’s headquarters in Dubai. The meeting explored opportunities for the two countries to cooperate and exchange experiences in areas related to labour, human resources ...

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