Australian Economy Is Too Dependent on China and Needs Diversification, Says Senate Opposition Leader
Under Australia's new foreign relations law, which allows the federal government to veto pacts between states and overseas governments or institutions, it is expected that agreements on the āBelt and Roadā (āB&Rā) initiative and Confucian Institutes between local governments and China will be voided. Penny Wong, leader of the opposition Labor Party in the Senate, said on 7 December that she hopes the federal and Victorian governments will have āsensible discussionsā regarding the latterās āB&Rā agreement. While stressing the need for a new economic strategy where Australia will work with other countries, Wong fell short of signalling a revocation of Victoriaās āB&Rā agreement.
As Victoriaās āB&Rā agreement with China faces the prospect of being suspended, Wong said in an interview with the ABC that she thinks the federal government āshould try to resolve this in a way that respects engagement with the state government and that recognises that China will observe how this is handled carefullyā.
Adding that the Labor Party supports the Liberal government in opposing Victoriaās āB&Rā initiative, Wong did not indicate specifically that the agreement will be unilaterally cancelled. Wong suggested that instead of considering how Australia can fix its relationship with China, it needs a strategy to diversify its economy and cooperate with other countries in the region given that it is now too reliant on China.
Source: Stand News #Dec07
#Australia #Victoria #China #OneBeltOneRoad #BeltAndRoad #PennyWong #Labor #Diplomacy #Economy #Trade
https://bit.ly/38ES1Sa
Under Australia's new foreign relations law, which allows the federal government to veto pacts between states and overseas governments or institutions, it is expected that agreements on the āBelt and Roadā (āB&Rā) initiative and Confucian Institutes between local governments and China will be voided. Penny Wong, leader of the opposition Labor Party in the Senate, said on 7 December that she hopes the federal and Victorian governments will have āsensible discussionsā regarding the latterās āB&Rā agreement. While stressing the need for a new economic strategy where Australia will work with other countries, Wong fell short of signalling a revocation of Victoriaās āB&Rā agreement.
As Victoriaās āB&Rā agreement with China faces the prospect of being suspended, Wong said in an interview with the ABC that she thinks the federal government āshould try to resolve this in a way that respects engagement with the state government and that recognises that China will observe how this is handled carefullyā.
Adding that the Labor Party supports the Liberal government in opposing Victoriaās āB&Rā initiative, Wong did not indicate specifically that the agreement will be unilaterally cancelled. Wong suggested that instead of considering how Australia can fix its relationship with China, it needs a strategy to diversify its economy and cooperate with other countries in the region given that it is now too reliant on China.
Source: Stand News #Dec07
#Australia #Victoria #China #OneBeltOneRoad #BeltAndRoad #PennyWong #Labor #Diplomacy #Economy #Trade
https://bit.ly/38ES1Sa
Chinese Authorities Attribute Power Shortage to āRapid Industrial Production Growthā, No Mention of Australian Coal Boycott
As many provinces in China face power shortage, the National Development and Reform Commission (NDRC) has said in a statement that it was the result of economic recovery and a cold spell without mentioning the authoritiesā boycott of Australian coal since last month, which commentators believe has exacerbated the crisis.
The Xinhua News Agency reported that power supply in Hunan and Jiangxi have been under pressure while rationing is in place in Zhejiang. The NDRC responded on 17 December that a rapid growth in industrial production and a cold spell had led to a more-than-expected increase in electricity demand. It further claimed that power supply had remained stable and residential consumption had not been affected, adding that it had been working with relevant departments and enterprises to ensure a steady electricity supply. The statement made no mention of the authoritiesā earlier move to limit the import of Australian coal by such means as restricting high-priced coal purchases by power companies.
Source: Stand News #Dec19
#Australia #China #NDRC #PowerShortage #Coal #Boycott #Economy #Diplomacy
https://bit.ly/2WJZsSy
As many provinces in China face power shortage, the National Development and Reform Commission (NDRC) has said in a statement that it was the result of economic recovery and a cold spell without mentioning the authoritiesā boycott of Australian coal since last month, which commentators believe has exacerbated the crisis.
The Xinhua News Agency reported that power supply in Hunan and Jiangxi have been under pressure while rationing is in place in Zhejiang. The NDRC responded on 17 December that a rapid growth in industrial production and a cold spell had led to a more-than-expected increase in electricity demand. It further claimed that power supply had remained stable and residential consumption had not been affected, adding that it had been working with relevant departments and enterprises to ensure a steady electricity supply. The statement made no mention of the authoritiesā earlier move to limit the import of Australian coal by such means as restricting high-priced coal purchases by power companies.
Source: Stand News #Dec19
#Australia #China #NDRC #PowerShortage #Coal #Boycott #Economy #Diplomacy
https://bit.ly/2WJZsSy
#Newspaper
Fears of unemployment causing social unrest, Beijing re-ignites street vendor economy, official media denies "disorder"
(17 Oct) The boom of the street vendor economy first advocated by Chinese Premier Li Keqiang in June 2020 quickly waned, with government officials immediately reproaching the method as impractical.
//Li had never encouraged ādisorderly vendingā. Government officials were deliberately tarnishing his name, rather.
//ever since Liās advocacy for the āstreet vendor economyā, he had come under fire by state media. However, similar policies for the street vendor economy were maintained at the local level and included night markets and small storefronts.
//Economist Law Ka-chung indicated that the phenomenon of street-vending was proof of Chinaās struggling economy.
//He believed that āstreet-vendingā would do little to help the Chinese economy because it was not part of its formal economy; there is no taxation or official records [of the businesses].
Full Translation Here: Hong Kong Echo
Source: Apple Daily
#Chinese #Economy #Struggle #StreetVendor #LiKeqiang #Premier
Fears of unemployment causing social unrest, Beijing re-ignites street vendor economy, official media denies "disorder"
(17 Oct) The boom of the street vendor economy first advocated by Chinese Premier Li Keqiang in June 2020 quickly waned, with government officials immediately reproaching the method as impractical.
//Li had never encouraged ādisorderly vendingā. Government officials were deliberately tarnishing his name, rather.
//ever since Liās advocacy for the āstreet vendor economyā, he had come under fire by state media. However, similar policies for the street vendor economy were maintained at the local level and included night markets and small storefronts.
//Economist Law Ka-chung indicated that the phenomenon of street-vending was proof of Chinaās struggling economy.
//He believed that āstreet-vendingā would do little to help the Chinese economy because it was not part of its formal economy; there is no taxation or official records [of the businesses].
Full Translation Here: Hong Kong Echo
Source: Apple Daily
#Chinese #Economy #Struggle #StreetVendor #LiKeqiang #Premier
#FirstHand #Feb28
0% Positive Rate: Citizens and Local Busines Severely Affected by HK Government's #AmbushLockdown
The Hong Kong government ambushed citizens in the third compulsory lockdown in one week.
Following Jordan on Jan 23 and Yau Ma Tei on Jan 26, four buildings in North Point were under lockdown for the authorities to impose #COVID19 test on all civilians in the area on Jan 28, 2021.
Medical personnel wearing protective garments filled the street, disrupting local businesses. Other stores in nearby area post signs, explaining their abrupt closure due to the government's operation.
Meanwhile, among the supplies provided by the government, one can find boxes of bottled water, which is likely from a mainland Chinese brand, with simplified characters written on it.
At 7am on Jan 29, the government found no positive case among the 475 people tested.
#FailedState #Economy
===
HK Gov't Imposes Sudden #Lockdown in Yau Ma Tei: 1 Positive Case Found
https://t.me/guardiansofhongkong/28193
0% Positive Rate: Citizens and Local Busines Severely Affected by HK Government's #AmbushLockdown
The Hong Kong government ambushed citizens in the third compulsory lockdown in one week.
Following Jordan on Jan 23 and Yau Ma Tei on Jan 26, four buildings in North Point were under lockdown for the authorities to impose #COVID19 test on all civilians in the area on Jan 28, 2021.
Medical personnel wearing protective garments filled the street, disrupting local businesses. Other stores in nearby area post signs, explaining their abrupt closure due to the government's operation.
Meanwhile, among the supplies provided by the government, one can find boxes of bottled water, which is likely from a mainland Chinese brand, with simplified characters written on it.
At 7am on Jan 29, the government found no positive case among the 475 people tested.
#FailedState #Economy
===
HK Gov't Imposes Sudden #Lockdown in Yau Ma Tei: 1 Positive Case Found
https://t.me/guardiansofhongkong/28193
British Think Tank: China Will Replace the United States as the World's Largest Economy in 2028, claimed to Have Rapid Recovery after Covid-19
A British think tank expects China to overtake the U.S. as the world's largest economy by 2028, five years earlier than last year's forecast. It also predicts that China, which per capita income exceeded US$10,000, is expected to become a "high-income economy" in the next five years.
The Guardian reported on 26 Dec, 20 that the British tank Centre for Economics and Business Research (CEBR) has made the above forecast. The report also said that a year ago, CEBR predicted that China would not overtake the U.S. until 2033, but now the prediction has been brought forward.
CEBR studies the economic growth rates of 193 countries around the world. In its review of China, the consultancy group said China would narrow the gap with its biggest rival as it rapidly recovers from the effects of Covid-19 while the U.S. gets dragged by the pandemic. CEBR expects China's economy to grow at an average annual rate of 5.7% from 2021 to 2025 and 4.5% from 2026 to 2030. The Center also expects a strong rebound from the U.S. in 2021, but growth is likely to slow to 1.9% per year from 2022 to 2024 and further to 1.6% thereafter.
#thinktank #Covid19 #China #US #economy #rivalry #TheGuardian #CEBR
Source: Stand News #Dec26
https://bit.ly/3ai2ULX
A British think tank expects China to overtake the U.S. as the world's largest economy by 2028, five years earlier than last year's forecast. It also predicts that China, which per capita income exceeded US$10,000, is expected to become a "high-income economy" in the next five years.
The Guardian reported on 26 Dec, 20 that the British tank Centre for Economics and Business Research (CEBR) has made the above forecast. The report also said that a year ago, CEBR predicted that China would not overtake the U.S. until 2033, but now the prediction has been brought forward.
CEBR studies the economic growth rates of 193 countries around the world. In its review of China, the consultancy group said China would narrow the gap with its biggest rival as it rapidly recovers from the effects of Covid-19 while the U.S. gets dragged by the pandemic. CEBR expects China's economy to grow at an average annual rate of 5.7% from 2021 to 2025 and 4.5% from 2026 to 2030. The Center also expects a strong rebound from the U.S. in 2021, but growth is likely to slow to 1.9% per year from 2022 to 2024 and further to 1.6% thereafter.
#thinktank #Covid19 #China #US #economy #rivalry #TheGuardian #CEBR
Source: Stand News #Dec26
https://bit.ly/3ai2ULX
American Fashion Group VF to Relocate from Hong Kong to Shanghai and Singapore
American fashion group VF announced on January 11 that it will be moving its brand operations centre and Asia product supply hub from Hong Kong to Shanghai and Singapore respectively. The parent company of brands including North Face, Timberland, and Supreme stated that its relocation to Shanghai can help establish a closer relationship with Chinese consumers.
In its press release, VF said the transformation will take place over the next 12 to 18 months with the first stage of the plan commencing this April. Steve Rendle, VFās chairman and CEO, said the company has built on the many opportunities in Asia since it began its expansion in the region 25 years ago. āNow,ā he continued, āweāre further transforming our Asia operations so we can better serve this fast-moving, technology-driven market with increased speed and capabilities.ā
VF added that it is seeking to establish closer relations with its Chinese consumers by moving its brand operations centre from Hong Kong to Shanghai. The relocation of its Asian product supply hub, on the other hand, is an effort to consolidate its global supply chain network, of which European and American hubs are key parts. Workforces and other resources will also be allocated to primary sourcing countries in the region to strengthen cooperation with suppliers and boost efficiency.
Source: Stand News #Jan12
#HK #Shanghai #Singapore #VFGroup #Supreme #NorthFace #Timberland #Economy
https://bit.ly/2Px6pGB
American fashion group VF announced on January 11 that it will be moving its brand operations centre and Asia product supply hub from Hong Kong to Shanghai and Singapore respectively. The parent company of brands including North Face, Timberland, and Supreme stated that its relocation to Shanghai can help establish a closer relationship with Chinese consumers.
In its press release, VF said the transformation will take place over the next 12 to 18 months with the first stage of the plan commencing this April. Steve Rendle, VFās chairman and CEO, said the company has built on the many opportunities in Asia since it began its expansion in the region 25 years ago. āNow,ā he continued, āweāre further transforming our Asia operations so we can better serve this fast-moving, technology-driven market with increased speed and capabilities.ā
VF added that it is seeking to establish closer relations with its Chinese consumers by moving its brand operations centre from Hong Kong to Shanghai. The relocation of its Asian product supply hub, on the other hand, is an effort to consolidate its global supply chain network, of which European and American hubs are key parts. Workforces and other resources will also be allocated to primary sourcing countries in the region to strengthen cooperation with suppliers and boost efficiency.
Source: Stand News #Jan12
#HK #Shanghai #Singapore #VFGroup #Supreme #NorthFace #Timberland #Economy
https://bit.ly/2Px6pGB
#Mainlandization #Economy
The Times: "How #Beijing bought up #Britain"
//Chinese investors have amassed a portfolio of #UK businesses, infrastructure, property and other assets worth nearly Ā£135 billion, almost twice as much as was previously suspected.
The swift and largely unnoticed buying spree includes at least Ā£44 billion of purchases by Chinese state-owned entities.
More than 80 of the 200 investments uncovered by The Sunday Times have taken place since 2019. These include:
- Stakes in critical infrastructure providers including Thames Water, UK Power Networks and Heathrow airport
- Nearly Ā£57 billion worth of shares in FTSE 100 companies according to exclusive research by the data provider Argus Vickers
- About Ā£10 billion worth of property and at least 17 private schools.//
Read full article:
https://www.thetimes.co.uk/article/revealed-how-china-is-buying-up-britain
Source: Times #May3
The Times: "How #Beijing bought up #Britain"
//Chinese investors have amassed a portfolio of #UK businesses, infrastructure, property and other assets worth nearly Ā£135 billion, almost twice as much as was previously suspected.
The swift and largely unnoticed buying spree includes at least Ā£44 billion of purchases by Chinese state-owned entities.
More than 80 of the 200 investments uncovered by The Sunday Times have taken place since 2019. These include:
- Stakes in critical infrastructure providers including Thames Water, UK Power Networks and Heathrow airport
- Nearly Ā£57 billion worth of shares in FTSE 100 companies according to exclusive research by the data provider Argus Vickers
- About Ā£10 billion worth of property and at least 17 private schools.//
Read full article:
https://www.thetimes.co.uk/article/revealed-how-china-is-buying-up-britain
Source: Times #May3
#Regime #Court #PoliticalSuppression
HK Authorities Freeze #JimmyLai's assets under #NationalSecurityLaw
On the evening of May 14, 2021, the Hong Kong government has frozen Apple Daily founder Jimmy Lai's personal assets under the national security law. This is the first time the authorities exercise this power, since the national security law was directly imposed by Beijing on Hong Kong without passing through the city's legislature in June 2020.
Lai is currently serving a 14-month sentence after being convicted of taking part in "unauthorised assemblies" during the pro-democracy movement in August 2019.
In a press release, the Security Bureau said Lai's shares of Next Digital Limited (282) and assets of three companies in local banks were all frozen. The value of the property frozen was not disclosed.
Apple Daily said Lai holds a 71 percent stake in #NextDigital, but the incident does not involve the account of Next Digital and the finances of #AppleDaily.
Whereas Article 6 of Hong Kong Basic Law indicates that the Hong Kong SAR government "protect the right of private ownership of property in accordance with law", the Security Bureau cited Article 43 of the national security law, claiming that ārelevant persons and organisations must not, directly or indirectly, deal with certain property which is reasonably suspected to be related to offences endangering national securityā.
Moreover, the Secretary for Security has the power to order police officers to seize property if he suspects it may be removed from Hong Kong.
Source: InMedia #May14
https://bit.ly/3uOXvnh
#PoliticalPrisoner #FrozenAsset #Confiscation #Economy #FailedState
HK Authorities Freeze #JimmyLai's assets under #NationalSecurityLaw
On the evening of May 14, 2021, the Hong Kong government has frozen Apple Daily founder Jimmy Lai's personal assets under the national security law. This is the first time the authorities exercise this power, since the national security law was directly imposed by Beijing on Hong Kong without passing through the city's legislature in June 2020.
Lai is currently serving a 14-month sentence after being convicted of taking part in "unauthorised assemblies" during the pro-democracy movement in August 2019.
In a press release, the Security Bureau said Lai's shares of Next Digital Limited (282) and assets of three companies in local banks were all frozen. The value of the property frozen was not disclosed.
Apple Daily said Lai holds a 71 percent stake in #NextDigital, but the incident does not involve the account of Next Digital and the finances of #AppleDaily.
Whereas Article 6 of Hong Kong Basic Law indicates that the Hong Kong SAR government "protect the right of private ownership of property in accordance with law", the Security Bureau cited Article 43 of the national security law, claiming that ārelevant persons and organisations must not, directly or indirectly, deal with certain property which is reasonably suspected to be related to offences endangering national securityā.
Moreover, the Secretary for Security has the power to order police officers to seize property if he suspects it may be removed from Hong Kong.
Source: InMedia #May14
https://bit.ly/3uOXvnh
#PoliticalPrisoner #FrozenAsset #Confiscation #Economy #FailedState
City economists say China covering up mass unemployment despite rebound from Covid
Chinaās economy is facing a āhidden unemployment problemā as the inefficiencies of Beijingās brand of state capitalism begin to mount, City analysts have warned.
The number of unemployed or underemployed workers in China has soared to 17pc, up from around 5pc in 2013, according to economists at Fathom Consulting.
The calculations are far above Beijingās official jobless figures, which are distrusted by many economists, suggesting China has more unemployed and unproductive workers weighing on its economy.
Source: The Telegraph #Apr24
https://t.co/89hlOhqtip
#China #Economy #Beijing #Covid
Chinaās economy is facing a āhidden unemployment problemā as the inefficiencies of Beijingās brand of state capitalism begin to mount, City analysts have warned.
The number of unemployed or underemployed workers in China has soared to 17pc, up from around 5pc in 2013, according to economists at Fathom Consulting.
The calculations are far above Beijingās official jobless figures, which are distrusted by many economists, suggesting China has more unemployed and unproductive workers weighing on its economy.
Source: The Telegraph #Apr24
https://t.co/89hlOhqtip
#China #Economy #Beijing #Covid
#InternationalRelations
Switching from China's āOne Belt One Roadā to the United States' "B3W", Italian Foreign Minister: US is more important than China
United States stated in mid-June that it had established a global infrastructure plan called Build Back Better World (B3W), which compete with āOne Belt One Roadā from China. Italy, one of members from āOne Belt One Roadā, after joining B3W this year the Foreign Minister Luigi Di Maio publicly indicated yesterday, although Italy and China have the trading and historical relationship, however this is absolutely not comparable.
Italy joined the āOne Belt One Roadā in 2019, is the first G& countries participate the project. According to Politico, Italy joined the project during the reign of former Prime Minister Silvio Berlusconi, the former government hoped to use this to attract Chinese investment to revitalize its economy that has stagnated for decades. According to Reuters, the United States has previously expressed concern about Italy joining the China-led āOne Belt One Roadā initiative.
Source: Stand News #Jun29
https://bit.ly/3k5BGgW
#Italy #UnitedStates #B3W #OneBeltOneRoad #G7 #China #Economy
Switching from China's āOne Belt One Roadā to the United States' "B3W", Italian Foreign Minister: US is more important than China
United States stated in mid-June that it had established a global infrastructure plan called Build Back Better World (B3W), which compete with āOne Belt One Roadā from China. Italy, one of members from āOne Belt One Roadā, after joining B3W this year the Foreign Minister Luigi Di Maio publicly indicated yesterday, although Italy and China have the trading and historical relationship, however this is absolutely not comparable.
Italy joined the āOne Belt One Roadā in 2019, is the first G& countries participate the project. According to Politico, Italy joined the project during the reign of former Prime Minister Silvio Berlusconi, the former government hoped to use this to attract Chinese investment to revitalize its economy that has stagnated for decades. According to Reuters, the United States has previously expressed concern about Italy joining the China-led āOne Belt One Roadā initiative.
Source: Stand News #Jun29
https://bit.ly/3k5BGgW
#Italy #UnitedStates #B3W #OneBeltOneRoad #G7 #China #Economy
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#Economy #CCP
#GeorgeSoros: Xiās crackdown on private enterprise shows he does not understand the market economy
Source: Financial Times #Aug30
Read more
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#GeorgeSoros: Xiās crackdown on private enterprise shows he does not understand the market economy
Source: Financial Times #Aug30
Read more
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#Economy #CCP
#GeorgeSoros: Xiās crackdown on private enterprise shows he does not understand the market economy
The following is an article written by George Soros, the chair and founder of #SorosFundManagement and the #OpenSocietyFoundations and was published in Financial Times.
//Xi Jinping, Chinaās leader, has collided with economic reality. His crackdown on private enterprise has been a significant drag on the economy.
The most vulnerable sector is real estate, particularly housing. China has enjoyed an extended property boom over the past two decades, but that is now coming to an end.
Evergrande, the largest real estate company, is over-indebted and in danger of default. This could cause a crash.
The crackdown by the Chinese government is real. Unnoticed by the financial markets, the Chinese government quietly took a stake and a board seat in TikTok owner ByteDance in April. The move gives Beijing one seat on a three-person board of directors and first-hand access to the inner workings of a company that has one of the worldās largest troves of personal data. The market is more aware that the Chinese government is taking influential stakes in Alibaba and its subsidiaries.
Xi does not understand how markets operate. As a consequence, the sell-off was allowed to go too far. It began to hurt Chinaās objectives in the world. Recognising this, Chinese financial authorities have gone out of their way to reassure foreign investors and markets have responded with a powerful rally. But that is a deception.
Xi regards all Chinese companies as instruments of a one-party state. Investors buying into the rally are facing a rude awakening. That includes not only those investors who are conscious of what they are doing, but also a much larger number of people who have exposure via pension funds and other retirement savings...//
Read the full article:
https://www.ft.com/content/ecf7de34-e595-4814-9cbd-4a5119187330
Source: Financial Times #Aug30
#Crackdown #PropertyMarket #CommunistChina #Birthrate #Tiktok #Alibaba #Evergrande
#GeorgeSoros: Xiās crackdown on private enterprise shows he does not understand the market economy
The following is an article written by George Soros, the chair and founder of #SorosFundManagement and the #OpenSocietyFoundations and was published in Financial Times.
//Xi Jinping, Chinaās leader, has collided with economic reality. His crackdown on private enterprise has been a significant drag on the economy.
The most vulnerable sector is real estate, particularly housing. China has enjoyed an extended property boom over the past two decades, but that is now coming to an end.
Evergrande, the largest real estate company, is over-indebted and in danger of default. This could cause a crash.
The crackdown by the Chinese government is real. Unnoticed by the financial markets, the Chinese government quietly took a stake and a board seat in TikTok owner ByteDance in April. The move gives Beijing one seat on a three-person board of directors and first-hand access to the inner workings of a company that has one of the worldās largest troves of personal data. The market is more aware that the Chinese government is taking influential stakes in Alibaba and its subsidiaries.
Xi does not understand how markets operate. As a consequence, the sell-off was allowed to go too far. It began to hurt Chinaās objectives in the world. Recognising this, Chinese financial authorities have gone out of their way to reassure foreign investors and markets have responded with a powerful rally. But that is a deception.
Xi regards all Chinese companies as instruments of a one-party state. Investors buying into the rally are facing a rude awakening. That includes not only those investors who are conscious of what they are doing, but also a much larger number of people who have exposure via pension funds and other retirement savings...//
Read the full article:
https://www.ft.com/content/ecf7de34-e595-4814-9cbd-4a5119187330
Source: Financial Times #Aug30
#Crackdown #PropertyMarket #CommunistChina #Birthrate #Tiktok #Alibaba #Evergrande
Ft
George Soros: Investors in Xiās China face a rude awakening
The leaderās crackdown on private enterprise shows he does not understand the market economy
Hong Kong Stock Market Plummets as #Beijing Issues New Mandates to "Regularize" Real Estate Firms
On Monday, September 20, 2021, the Hong Kong stock market plummeted following the order released by the Chinese Communist Part Government before the weekend, to have more control over the real estate firms.
The potential collapse of property developer China Evergrande in China has triggered concern.
The Hang Seng Index in Hong Kong has plunged 3.3 percent (821 points) within a day.
The real estates firms owned by Hong Kong tycoons #LeeKaShing, #LeeSiuKi, #WongChiCheung and the Kwok's brothers among others have suffered a 8-10% liquidization within just one day.
Source: Stand News; RTHK #Sept20
https://www.thestandnews.com/finance/%E5%82%B3%E5%8C%97%E4%BA%AC%E5%90%91%E5%9C%B0%E7%94%A2%E5%95%86%E4%B8%8B%E6%97%A8%E8%A7%A3%E6%88%BF%E5%B1%8B%E5%95%8F%E9%A1%8C-%E6%81%92%E5%9F%BA%E6%96%B0%E4%B8%96%E7%95%8C%E7%80%89%E9%80%BE%E4%B8%80%E6%88%90-%E6%81%92%E6%8C%87%E8%B7%8C%E9%80%BE-800-%E9%BB%9E
#StockMarket #HSIndex #Evergrande #CCPRules #Finances #Economy
On Monday, September 20, 2021, the Hong Kong stock market plummeted following the order released by the Chinese Communist Part Government before the weekend, to have more control over the real estate firms.
The potential collapse of property developer China Evergrande in China has triggered concern.
The Hang Seng Index in Hong Kong has plunged 3.3 percent (821 points) within a day.
The real estates firms owned by Hong Kong tycoons #LeeKaShing, #LeeSiuKi, #WongChiCheung and the Kwok's brothers among others have suffered a 8-10% liquidization within just one day.
Source: Stand News; RTHK #Sept20
https://www.thestandnews.com/finance/%E5%82%B3%E5%8C%97%E4%BA%AC%E5%90%91%E5%9C%B0%E7%94%A2%E5%95%86%E4%B8%8B%E6%97%A8%E8%A7%A3%E6%88%BF%E5%B1%8B%E5%95%8F%E9%A1%8C-%E6%81%92%E5%9F%BA%E6%96%B0%E4%B8%96%E7%95%8C%E7%80%89%E9%80%BE%E4%B8%80%E6%88%90-%E6%81%92%E6%8C%87%E8%B7%8C%E9%80%BE-800-%E9%BB%9E
#StockMarket #HSIndex #Evergrande #CCPRules #Finances #Economy
#FailedState #1C1S
#CarrieLam is unable to confirm whether Beijing has issued a new mandate to āRegularizeā Real Estate in Hong Kong
Hong Kong's #ChiefExecutive Carrie Lam met the media before attending the Executive Council meeting on the morning of September 21, 2021 and was asked about a Reuters report published the previous Friday, Septrmber 17, 2021, regarding Beijingās pressure on Hong Kong property developers.
At first, she said that āI cannot confirm nor comment on this since they are all rumors.ā She followed by saying that Beijing is very concerned about the livelihood of Hong Kong people. After they have āimprovedā the election system, they hope to enhance the effectiveness of the SARās governance. āAfter improving its effectiveness, of course they would want to help solve problems for the public.ā
She added that the housing issue has been substantially adjusted by the current government, and now the remaining issue is the land issue.
āThe current issue is a land problem. It is true that the developers have some privately own land, but when it is necessary, public powers can be exercised to recover some of these lands to develop public housing. Thus, solving a problem that has been bothering the city for a long time.ā
#Beijing #RealEstateMandate
#Economy #Finance #PropertyMarket #HongKongMarket #CCPRules
Source: Stand News #Sept21
https://bit.ly/3m0SV2n
#CarrieLam is unable to confirm whether Beijing has issued a new mandate to āRegularizeā Real Estate in Hong Kong
Hong Kong's #ChiefExecutive Carrie Lam met the media before attending the Executive Council meeting on the morning of September 21, 2021 and was asked about a Reuters report published the previous Friday, Septrmber 17, 2021, regarding Beijingās pressure on Hong Kong property developers.
At first, she said that āI cannot confirm nor comment on this since they are all rumors.ā She followed by saying that Beijing is very concerned about the livelihood of Hong Kong people. After they have āimprovedā the election system, they hope to enhance the effectiveness of the SARās governance. āAfter improving its effectiveness, of course they would want to help solve problems for the public.ā
She added that the housing issue has been substantially adjusted by the current government, and now the remaining issue is the land issue.
āThe current issue is a land problem. It is true that the developers have some privately own land, but when it is necessary, public powers can be exercised to recover some of these lands to develop public housing. Thus, solving a problem that has been bothering the city for a long time.ā
#Beijing #RealEstateMandate
#Economy #Finance #PropertyMarket #HongKongMarket #CCPRules
Source: Stand News #Sept21
https://bit.ly/3m0SV2n
#Economy
No Chinese Stock Left Among Global Top 10 as #Tencent Slides
//Tencent Holdings Ltd. has lost its place among the worldās 10 largest companies by market value, leaving no Chinese company in the list as Bejingās regulatory crackdown continues to wreak havoc on the stock market.
Hong Kong-listed shares of the gaming and social media company fell 0.5% Thursday, valuing it at $556 billion. Thatās just below U.S. chipmaker Nvidia Corp., data compiled by Bloomberg shows.
This is the first time that a Chinese company isnāt among the worldās ten largest since 2017, the data show. Tencentās unseating follows that of #Alibaba Group Holding Ltd. earlier this year, as Chinaās tech behemoths face tougher rules on everything from monopolistic practices to data security and kidsā gaming hours.//
Source: Bloomberg #Sept16
https://www.bloomberg.com/news/articles/2021-09-16/tencent-s-slide-leaves-china-with-no-stocks-in-global-top-10
#CCP #HengSengIndex #ChinaMarket #StockMarket
No Chinese Stock Left Among Global Top 10 as #Tencent Slides
//Tencent Holdings Ltd. has lost its place among the worldās 10 largest companies by market value, leaving no Chinese company in the list as Bejingās regulatory crackdown continues to wreak havoc on the stock market.
Hong Kong-listed shares of the gaming and social media company fell 0.5% Thursday, valuing it at $556 billion. Thatās just below U.S. chipmaker Nvidia Corp., data compiled by Bloomberg shows.
This is the first time that a Chinese company isnāt among the worldās ten largest since 2017, the data show. Tencentās unseating follows that of #Alibaba Group Holding Ltd. earlier this year, as Chinaās tech behemoths face tougher rules on everything from monopolistic practices to data security and kidsā gaming hours.//
Source: Bloomberg #Sept16
https://www.bloomberg.com/news/articles/2021-09-16/tencent-s-slide-leaves-china-with-no-stocks-in-global-top-10
#CCP #HengSengIndex #ChinaMarket #StockMarket
#Evergrande and other Chinese property giants have sizeable off-balance sheet debt: #JPMorgan
//Investment bank JPMorgan has estimated that troubled Chinese property giant Evergrande and many of its major rivals have billions of dollars worth of off-balance sheet debt that, once added on, ramp up their leverage ratios.
"Instead of true deleveraging, we think Evergrande has shifted some of the interest-bearing debt to off-balance sheet debt," JPMorgan's analysts said. "Commercial papers, wealth management products and perpetual capital securities, etc, which are not officially counted as debt."
They estimated Evergrande's "net gearing," as debt as a ratio of a firm's equity is known, was at least 177% at the end of the first half of the year, instead of the 100% its accounts reported.
"It is possible that the real gearing could be even higher, as data on some off-balance sheet debt is not publicly available," JPMorgan added, saying the "disguised" debt as it called it added up to 55% of Evergrande's overall debt.
Other major firms whose gearing levels were likely to be higher than formally reported included R&F Properties (2777.HK) at 139% versus the 123%, #SunacChina Holdings (1918.HK) at 138% versus 87% reported and #CountryGarden (2007.HK) at 76% versus 50% reported.//
Source: Reuters #Oct7
https://www.reuters.com/business/finance/evergrande-other-chinese-property-giants-have-sizeable-off-balance-sheet-debt-2021-10-07/
#PropertyAnalysis #Economy #Finance #CCPRules #Debt #ChinaMarket #Bubble
//Investment bank JPMorgan has estimated that troubled Chinese property giant Evergrande and many of its major rivals have billions of dollars worth of off-balance sheet debt that, once added on, ramp up their leverage ratios.
"Instead of true deleveraging, we think Evergrande has shifted some of the interest-bearing debt to off-balance sheet debt," JPMorgan's analysts said. "Commercial papers, wealth management products and perpetual capital securities, etc, which are not officially counted as debt."
They estimated Evergrande's "net gearing," as debt as a ratio of a firm's equity is known, was at least 177% at the end of the first half of the year, instead of the 100% its accounts reported.
"It is possible that the real gearing could be even higher, as data on some off-balance sheet debt is not publicly available," JPMorgan added, saying the "disguised" debt as it called it added up to 55% of Evergrande's overall debt.
Other major firms whose gearing levels were likely to be higher than formally reported included R&F Properties (2777.HK) at 139% versus the 123%, #SunacChina Holdings (1918.HK) at 138% versus 87% reported and #CountryGarden (2007.HK) at 76% versus 50% reported.//
Source: Reuters #Oct7
https://www.reuters.com/business/finance/evergrande-other-chinese-property-giants-have-sizeable-off-balance-sheet-debt-2021-10-07/
#PropertyAnalysis #Economy #Finance #CCPRules #Debt #ChinaMarket #Bubble
Reuters
Evergrande and other Chinese property giants have sizeable off-balance sheet debt - JPMorgan
Investment bank JPMorgan has estimated that troubled Chinese property giant Evergrande and many of its major rivals have billions of dollars worth of off-balance sheet debt that, once added on, ramp up their leverage ratios.
#Economy #FailedState
Recruiters say 'no amount of money' can lure #bankers to #HongKong
//Hong Kong's status as a magnet for international financiers is cratering as firms struggle to coax traders and bankers to move to the once vibrant trading hub.
... The crunch comes as the former British colony is dealing with a growing outflow of expatriates who are frustrated with the city's strict #zeroCovid19 policies. They're abandoning a city where low taxes, ease of travel, top class schools and a vibrant night-life once proved a potent lure.
For some candidates, "no amount of money is going to convince a candidate to go to Hong Kong," said Jason Kennedy, founder of London-based recruiting firm Kennedy Group, which hires traders for hedge funds with offices across Asia.//
Read the full article:
https://www.straitstimes.com/business/banking/recruiters-say-no-amount-of-money-can-lure-bankers-to-hong-kong
Source: Bloomberg #Jan21
Recruiters say 'no amount of money' can lure #bankers to #HongKong
//Hong Kong's status as a magnet for international financiers is cratering as firms struggle to coax traders and bankers to move to the once vibrant trading hub.
... The crunch comes as the former British colony is dealing with a growing outflow of expatriates who are frustrated with the city's strict #zeroCovid19 policies. They're abandoning a city where low taxes, ease of travel, top class schools and a vibrant night-life once proved a potent lure.
For some candidates, "no amount of money is going to convince a candidate to go to Hong Kong," said Jason Kennedy, founder of London-based recruiting firm Kennedy Group, which hires traders for hedge funds with offices across Asia.//
Read the full article:
https://www.straitstimes.com/business/banking/recruiters-say-no-amount-of-money-can-lure-bankers-to-hong-kong
Source: Bloomberg #Jan21
#Pandemic #Covid19
Key Indicator Shows #Chinaās #Economy Set For Further Slump
//Just when you thought China might be back on track, a key economic indicators suggests the opposite is coming down the pike.
Recently the price of iron-ore slumped, indicating that demand for this key ingredient in steel making is slipping as well. Recently one metric ton of the or would fetch $116, down more than 25% from almost $160 in early March, according to data from TradingEconomics. Thatās quite a tumble.
That matters because steel has long been the lifeblood of that countryās economy....
Whatās shocking here is that while China is in midst of undoing some of its recent COVID-19-related lockdowns that brought vast swathes of the communist country to an economic standstill. If those locked-down cities were now getting back to work, then why arenāt we seeing signs of an industrial resurgence?
So far, thatās not clear. If things were getting back to any form of normal then we should see demand for iron-ore creep up and along with it the prices of the mineral should rally.
Investors in Chinese stocks or even those listed in Hong Kong should remain cautious until we see evidence of a real recovery.//
Source: Forbes #Jun27
https://t.co/XrJ4mhyoD1
#Iron #IronOre #Lockdown #FinancialDownturn
Key Indicator Shows #Chinaās #Economy Set For Further Slump
//Just when you thought China might be back on track, a key economic indicators suggests the opposite is coming down the pike.
Recently the price of iron-ore slumped, indicating that demand for this key ingredient in steel making is slipping as well. Recently one metric ton of the or would fetch $116, down more than 25% from almost $160 in early March, according to data from TradingEconomics. Thatās quite a tumble.
That matters because steel has long been the lifeblood of that countryās economy....
Whatās shocking here is that while China is in midst of undoing some of its recent COVID-19-related lockdowns that brought vast swathes of the communist country to an economic standstill. If those locked-down cities were now getting back to work, then why arenāt we seeing signs of an industrial resurgence?
So far, thatās not clear. If things were getting back to any form of normal then we should see demand for iron-ore creep up and along with it the prices of the mineral should rally.
Investors in Chinese stocks or even those listed in Hong Kong should remain cautious until we see evidence of a real recovery.//
Source: Forbes #Jun27
https://t.co/XrJ4mhyoD1
#Iron #IronOre #Lockdown #FinancialDownturn
Forbes
Key Indicator Shows Chinaās Economy Set For Further Slump
Just when you thought China might be back on track, a key economic indicators suggests the opposite is coming down the pike.
#IMF cuts global growth outlook amid US, #China slowdowns
//Surging inflation and severe slowdowns in the United States and China prompted the IMF Tuesday [July 26, 2022] to downgrade its outlook for the global economy this year and next, while warning that the situation could get much worse...
"The outlook has darkened significantly since April," said IMF chief economist Pierre-Olivier Gourinchas. "The world may soon be teetering on the edge of a global recession, only two years after the last one."
"The world's three largest economies, the United States, China and the euro area are stalling with important consequences for the global outlook," he said at a briefing.
...China's economy is expected to slow dramatically in 2022, expanding just 3.3 percent -- the lowest in more than four decades other than the 2020 pandemic crisis -- due to Covid concerns and the "worsening crisis" in the property sector, the report said.
"The slowdown in China has global consequences: lockdowns added to global supply chain disruptions and the decline in domestic spending are reducing demand for goods and services from China's trade partners," the report said.//
Read more:
https://www.france24.com/en/live-news/20220726-imf-cuts-global-growth-outlook-amid-us-china-slowdowns
Source: France 24 #Jul26
#Economy #Pandemic #Covid19
//Surging inflation and severe slowdowns in the United States and China prompted the IMF Tuesday [July 26, 2022] to downgrade its outlook for the global economy this year and next, while warning that the situation could get much worse...
"The outlook has darkened significantly since April," said IMF chief economist Pierre-Olivier Gourinchas. "The world may soon be teetering on the edge of a global recession, only two years after the last one."
"The world's three largest economies, the United States, China and the euro area are stalling with important consequences for the global outlook," he said at a briefing.
...China's economy is expected to slow dramatically in 2022, expanding just 3.3 percent -- the lowest in more than four decades other than the 2020 pandemic crisis -- due to Covid concerns and the "worsening crisis" in the property sector, the report said.
"The slowdown in China has global consequences: lockdowns added to global supply chain disruptions and the decline in domestic spending are reducing demand for goods and services from China's trade partners," the report said.//
Read more:
https://www.france24.com/en/live-news/20220726-imf-cuts-global-growth-outlook-amid-us-china-slowdowns
Source: France 24 #Jul26
#Economy #Pandemic #Covid19
France 24
IMF cuts global growth outlook amid US, China slowdowns
Surging inflation and severe slowdowns in the United States and China prompted the IMF Tuesday to downgrade its outlook for the global economy this year and next, while warning that the situation couldā¦