BEIJING (Reuters) – China’s Politburo, the Communist Party’s top decision-making body, said Beijing will implement a “proactive” fiscal policy and “prudent” monetary policy in the second half of the year, the official Xinhua news agency…
Tagged By finance
Deregulation creates China consumer loans boom
Since regulators opened up the consumer finance market three years ago, lenders have deployed hundreds of thousands of salespeople to cash registers and even car parks across China to hand out on-the-spot loans for phones,…
In China, Herd of ‘Gray Rhinos’ Threatens Economy
SHANGHAI — Let the West worry about so-called black swans, rare and unexpected events that can upset financial markets. China is more concerned about “gray rhinos” — large and visible problems in the economy that…
Lenders battle for China’s $500bn consumer finance market Deregulation creates China consumer loans boom
At a Samsung smartphone shop in a mall in Shanghai, 31-year-old Lin Wenjie is considering which phone to buy when a saleswoman approaches him with a suggestion. The saleswoman, who works for consumer lending company…
Beijing watches out for ‘grey rhino’ and ‘black swan’ in the jungle of financial risks
Beijing is on guard against threats from a veritable jungle of financial risks – from the unpredictable “black swan” to the predictable “grey rhino”, the People’s Daily said in an editorial. The terms slipped into…
China Construction Bank gets nod for debt-for-equity swap subsidiary
BEIJING (Reuters) – China Construction Bank Corp (CCB), the country’s second-largest commercial lender, said on Friday it has received regulatory approval to set up a subsidiary to conduct market-driven debt-for-equity swaps. CCB was the first…
China announces goal of AI leadership by 2030
BEIJING — China’s government has announced a goal of making the … Baidu Inc. and Alibaba Group are spending heavily to develop artificial intelligence for finance, self-driving cars and other applications. Manufacturers also are installing…
U.S. bank card companies to seek licenses to operate in China in months
U.S.-based payment card companies, including American Express, MasterCard and Visa, are preparing to submit licence requests to operate in China within months, according to three people with direct knowledge of the matter. The long wait…
Exclusive: U.S. bank card companies to seek licenses to operate in China in months
HONG KONG (Reuters) – U.S.-based payment card companies, including American Express (AXP.N), MasterCard (MA.N) and Visa (V.N), are preparing to submit license requests to operate in China within months, according to three people with direct…
China stocks rise as investors pile into banking and consumer shares
Even badly bruised small caps shrugged off early weakness to end the morning higher, though traders were not sure if their recent sharp correction has ended. The blue-chip CSI300 index rose 1.1 percent to 3,707.23…
China’s Central Bank Sheds Light on How Much State Spending Matters
Start your day with what’s moving markets in Asia. Sign up here to receive our newsletter. China’s central bank is offering investors an unprecedented running commentary on how it deals with one of the most…
Xi’s Risk-Off Push Ripples Through China as Transition Nears
Some Chinese lenders received an order from the China Banking Regulatory Commission earlier this month to lower their rates on WMPs, according to people familiar with the matter. The requirement applies to on-balance sheet WMPs,…
Bank of America halts HNA transactions amid debt concerns, people say
Representatives for Bank of America, Citigroup and Morgan Stanley declined to comment. Support from Western banks has helped fuel a debt-backed buying spree by HNA, as it expanded from its home base on China’s sunny…
