The term “unicorn” – referring to start-ups worth at least US$1 billion – is becoming the hottest buzzword in China’s business sector after Beijing used the term in context of young companies with superior technology.…
Tagged By finance
China’s leaders sign off on new rules to crack down on ‘shadow banking’
A massive clean-up is likely to take place in China’s 100 trillion yuan (US$15 trillion) asset management industry after new regulations targeting “shadow banking” were approved. The official endorsement by Xi Jinping is the first…
Zhongguancun Bank, MOLBASE join hands on financing services
Beijing Zhongguancun Bank Co Ltd and MOLBASE (Shanghai) Biotech Company reached strategic cooperation agreement in Beijing on March 28 to provide financial services to small and medium-sized companies. The cooperation will provide micro, small and…
China outlines key targets of 2018 financial work
China’s newly merged banking and insurance regulator has outlined major tasks for financial work in 2018, making preventing and dissolving risks a top priority as the country’s new economic team promised better coordination in this…
Bank of China back in black, CCB profit also picks up
Bank of China swung back into the black last year while China Construction Bank also joined the country’s state-owned lenders in posting a profit pick-up on the back of an accelerating domestic economy. Bank of…
Is a UK model ‘with Chinese characteristics’ the answer for financial regulation?
China could adopt a UK-style financial regulatory system “with Chinese characteristics” to fix its loopholes, a group of researchers advised Beijing. The idea, raised by academics from Tsinghua University and the London School of Economics…
China singer denied bank account because he’s blind
A Chinese folk singer has received an apology from a bank after he was denied an account because of his disability. Zhou Yunpeng is blind, and was told he was not allowed a bank account…
New China financial regulator says to deepen reform, fend off risk
BEIJING (Reuters) – China’s new banking and insurance regulator said on Thursday it will deepen the reform and opening up of the banking and insurance systems and will crack down on financial risk. In a…
China central bank will launch crackdown on virtual currencies
BEIJING (Reuters) – China’s central bank will launch a crackdown on all types of virtual currencies this year, a vice governor of the central bank said on Thursday. The central bank will also push forward…
Bank of China to provide banking services
The Reserve Bank of New Zealand has registered Bank of China to provide banking services in New Zealand, bringing the total number of registered banks to 26. Bank of China Ltd is incorporated in the…
Train believed to be carrying high-level North Korean delegation leaves Beijing
South Korea’s left-leaning press Hankyoreh also reported Kim had traveled to Beijing for meetings with Chinese President Xi Jinping on Monday afternoon before leaving for a “third location” on Tuesday. It did not cite specific…
Retail banking boosts China CITIC
Retail banking contributed about 34.17 billion yuan ($5.46 billion) to the net non-interest income of China CITIC Bank, the Beijing-based national joint-stock commercial lender announced on Tuesday. On the contrary, the volume of its interbank…
China’s premier pledges market opening in bid to avert U.S. trade war
The United States asked China in a letter last week to cut a tariff on U.S. autos, buy more U.S.-made semiconductors and give U.S. firms greater access to the Chinese financial sector, the Wall Street…
