BUSINESS >> Economy

Push for yuan-ruble exchange aims to reduce reliance on US dollar: experts

China and Russia signed a memorandum of understanding (MOU) in Shanghai on Tuesday to deepen financial cooperation and push for direct trading between the yuan and the ruble, a move in line with both countries' demand for diversifying reserve assets and reducing dollar reliance amid rising global uncertainties, experts said on Tuesday.
Source: Global Times | 2019/11/19 21:33:41

Big gaps remain in China-US trade talks

China and the US may still have a long way to go to end the trade war, with major differences remaining over the nature of the bilateral relationship, despite ongoing talks on a possible phase-one deal to defuse tensions, officials, business leaders and top experts said on Tuesday.
Source: Global Times | 2019/11/19 21:13:41

China establishes government-led, SOE-backed fund worth $21b to push industrial upgrading

Beijing's decision to establish a new fund designated to support manufacturing upgrading shows the country's unswerving determination to foster high-end manufacturing despite external obstruction and internal economic pressure, experts said on Tuesday.
Source: Global Times | 2019/11/19 20:38:40

Hainan FTZ takes more steps to open financial sector

The China (Hainan) Pilot Free Trade Zone (FTZ) will take more steps to expand the opening-up of its financial sector, helping promote the country's development amid global protectionism and downward pressure on the world economy.
Source: Global Times | 2019/11/19 20:33:40

Youth in China's lower-tier cities 'set to power spending'

A fresh force is rising in the Chinese economy that is likely to sustain strong domestic consumption growth - 120 million small-town youth, a report showed on Tuesday.
Source: Global Times | 2019/11/19 20:18:40

Shenzhen keeps pulling in foreign investment

Shenzhen, South China's Guangdong Province, remains attractive to multinational companies, thanks to its key position in the Guangdong-Hong Kong-Macao Greater Bay Area, business-friendly environment and favorable government policies.
Source: Global Times | 2019/11/19 20:03:40

Lure of opening-up

German insurer Allianz has been granted approval by Chinese regulators to conduct commercial operations, making it the first fully foreign-owned insurance holding company in China.
Source: Xinhua-Global Times | 2019/11/19 19:03:40

Chinese technology talent in the US facing choice to stay or leave

Chinese technology talent in the US tends to return to China for better opportunities, as the rapid development of the Asian country's high-tech sector proves magnetic.
Source: Global Times | 2019/11/19 17:48:40

China needs to open financial sector wider to foreign investors: professor

Opening China's financial services to foreign investors has been listed at Beijing's high agenda, in its attempt to integrate the world's second largest economy closer with the global financial system, a top Chinese finance professor said.
Source: Global Times | 2019/11/19 14:20:32

US Department of Commerce extends Huawei 90-day reprieve for third time

The US Department of Commerce announced Monday that it will extend a temporary license loosening restrictions on business deals with Chinese tech giant Huawei for another 90 days.
Source: Xinhua | 2019/11/19 7:47:04

Alibaba's Jack Ma drives digital economy enthusiasm in Africa

Alibaba's billionaire co-founder Jack Ma Yun had a busy day over the weekend in Africa – attending a digital economy summit in Nigeria, participating in an entrepreneurs' dialogue in Togo and being a judge for an African business heroes show in Ghana.
Source: Global Times | 2019/11/18 22:53:40

Xiongan to set up blockchain lab for urban planning, provide framework for smart

The Xiongan New Area in North China's Hebei Province will set up a blockchain lab to incorporate the technology into the city's fabric, which an expert said would offer an alternative framework to build a smart city.
Source: Global Times | 2019/11/18 21:03:39

Foreign investors optimistic about China; no large-scale withdrawal: MOFCOM

Foreign investors remain optimistic about China, and there's been no large-scale withdrawal from the Chinese market, a senior official from the Ministry of Commerce (MOFCOM) said on Monday.
Source: Global Times | 2019/11/18 20:58:40

HSBC's move to close accounts severs funding source of terror acts: Chinese netizens

Chinese netizens have said that HSBC's move to close accounts that fund the ongoing Hong Kong riots is a means of cutting off funding channels for terror acts.
Source: Global Times | 2019/11/18 20:53:40

Restoring pig production a political task for China to rein in inflation

China's southern provinces should make an all-out effort to accelerate the recovery of pig production and consider it a "political task", the Ministry of Agriculture and Rural Affairs (MARA) said.
Source: Global Times | 2019/11/18 20:23:40

High-speed railway makes travel more convenient, brings tourism boom to Xinjiang

The Lanzhou-Xinjiang high-speed railway, which has been in operation for five years, has brought travel convenience for local people and brought a tourism boom to the Xinjiang Uygur Autonomous Region.
Source: Global Times | 2019/11/18 20:08:40

Old industrial base Northeast China seeks new life as the country's supply-structure reform pursues quality growth

A 5 yuan banknote featuring a steelworker carrying a poker in front of a furnace has evoked feelings of nostalgia in many Chinese people at a popular exhibition in the Shenyang Finance Museum.
Source: Xinhua-Global Times | 2019/11/18 19:53:40

We want our Chinese market back: US farmers

As the southern US state of Georgia enters the pecan harvest season, local growers are anxious instead of cheerful, faced with dim business prospects following the loss of their largest overseas market in China due to massive tariffs.
Source: Xinhua-Global Times | 2019/11/18 19:23:39