According to sources Tuesday, five domestic banks ― KEB Hana, Shinhan, Standard Chartered Korea, the Industrial Bank of Korea (IBK) and Woori ― have payment guarantees extended to Lotte’s affiliates in China. The amount reportedly…
FINANCE
No defense spending number in China budget? No problem: finmin
BEIJING Chinese Finance Minister Xiao Jie on Tuesday downplayed the lack of defense spending numbers in this year’s budget as there had been in previous years, saying there was no problem with transparency in state…
Midas touch: China's tech, financial firms eye virtual gold rush
BEIJING/SHANGHAI (Reuters) – China’s virtual gifting market, typically the domain of plugged-in young consumers celebrating special occasions or flirting, is luring major financial institutions keen to boost trade of another auspicious commodity: gold. ( read…
China confirms seven percent increase in 2017 defence budget
BEIJING (Reuters) – A Finance Ministry official confirmed China’s defence budget will rise 7 percent in 2017, to 1.044 trillion yuan ($151.43 billion), state media said on Monday. The official Xinhua news agency gave the…
China's New Finance Minister Jie to Outline Tax Reforms
Mar.06 — Bloomberg’s Tom Mackenzie reports on what to expect from China’s new finance minster Xioa Jie who took office in November. Mackenzie speaks on “Bloomberg Daybreak: Asia.” ( read original story …)
China finance ministry releases $151 billion defense budget
BEIJING (AP) — China’s finance ministry said Sunday that the country’s defense budget this year will top 1 trillion yuan ($145 billion) for the first time, after the exact figure was initially kept out of…
China cuts growth target as it pushes through reforms, builds 'firewall' against risks
BEIJING China has cut its growth target this year as the world’s second-largest economy pushes through painful reforms to address a rapid build-up in debt, and constructs a “firewall” against financial risks. China aims to…
Premier Li says China will resolutely oppose Taiwan independence
BEIJING (Reuters) – China will resolutely oppose and contain Taiwan independence, Premier Li Keqiang said in remarks prepared for delivery at the opening of the annual meeting of parliament on Sunday, amid heightened tension between…
China cuts GDP growth target as it pushes through reforms, de-leveraging
BEIJING China has cut its growth target this year as the world’s second-largest economy pushes through painful reforms to address a build-up in debt and strives to keep a lid on risks in its financial…
China would ‘never’ launch currency war, says central bank vice-governor
China would “never” launch a currency war to devalue the yuan to boost exports, a senior Chinese central bank official said on Saturday, cementing Beijing’s vow to keep a stable yuan. Yi Gang, vice-governor of…
China says defence budget to rise by about 7 per cent in 2017
BEIJING — China will raise its defence budget by about 7 per cent this year, a government spokeswoman said Saturday, continuing a trend of lowered growth amid a slowing economy. Total defence spending would account…
JD.com, Chinese Internet Retailer, Spins Off Finance Unit
Along with its core payment platform for consumers and companies, JD Finance is venturing into credit scoring and loans. It has teamed up with China UnionPay, the state-backed financial company, to work on online payments,…
China says defense budget to rise by about 7 percent in 2017
BEIJING (AP) — China will raise its defense budget by about 7 percent this year, a government spokeswoman said Saturday, continuing a trend of lowered growth amid a slowing economy. Total defense spending would account…
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