SOURCE >> Economy

China to construct first domestic aircraft tire facility to break foreign monopoly

South China's Guangzhou will be home to China's first large-scale scientific facility for aircraft tire kinetics experiments, marking an important step away from a high dependence on imports and toward domestic production, which is expected in the next decade.
Source: Global Times | 2020/8/4 15:20:46

Chinese currency gains value while the US dollar tumbles

As the US Dollar Index (DXY) lost ground with a decade-low single month decline, analysts warned that the weak dollar cycle has started amid increasing uncertainties of the COVID-19 pandemic and the US presidential election.
Source: Global Times | 2020/8/4 15:05:05

US government's handling of TikTok cannot be compared to Google's departure from China: Kai-Fu Lee

Kai-Fu Lee, a prominent figure in the Chinese internet sector and former president of Google China, said that no Google reference can be taken from the Trump administration's handling of TikTok, after some public opinion leaders floated the idea of bringing Google Inc back to the Chinese market.
Source: Global Times | 2020/8/4 14:53:40

Huawei ramps up 'genius' hunt amid US chip ban

Huawei's has accelerated its recruitment of "geniuses" from around the world as it faces intensified external pressure and a US chip ban, with one new Chinese graduate receiving a top salary of 2.01 million yuan ($287,949).
Source: Global Times | 2020/8/4 12:39:01

Ant Group, ByteDance become world's highest-valued unicorns: Hurun report

By the end of March China had the world's second-highest number of unicorns, private companies whose valuations exceed $1 billion, according to the Hurun Global Unicorn Index 2020 list released by the Hurun Research Institute on Tuesday.
Source: Global Times | 2020/8/4 11:03:40

Brazil's VP lauds Huawei's 5G-building capacity

Brazilian Vice President Hamilton Mourao on Monday defended Chinese technology company Huawei's participation in the bidding process to build Brazil's 5G internet network, arguing that Huawei is well positioned for the task.
Source: Xinhua | 2020/8/4 10:51:49

Central bank to underpin jobs, watch major risks in 2H

China will ensure moderate liquidity and reasonable loan growth that can contribute to employment and prevent major financial risks in the second half of the year to support the economy amid the COVID-19 pandemic, the country's central bank said on Monday.
Source: Global Times | 2020/8/3 23:26:26

China aids construction of Pakistan's 'Three Gorges Dam' despite pandemic

Despite the novel coronavirus pandemic, China and Pakistan are stepping up efforts on committed projects focusing on cooperation in industrial development, agriculture and the improvement of people's livelihoods.
Source: Global Times | 2020/8/3 20:37:06

HSBC profits plunges 69% in H1 2020

London-headquartered HSBC, which generates most of its revenues from China market, saw its after-tax profits plunge 69 percent to $3.1 billion in the first half of 2020, amid its ongoing spat with Huawei and a series of reported misdeeds that have largely damaged its reputation among Chinese clients.
Source: Global Times | 2020/8/3 18:13:41

US' action against Chinese companies exposes 'hypocrisy' and 'double standards': Chinese govt official

The US threats of taking action against Chinese tech companies like TikTok have exposed the US' hypocrisy in maintaining so-called freedom and violate the WTO's nondiscrimination principal, a Chinese government official said Monday.
Source: Global Times | 2020/8/3 17:53:40

China's central bank skips reverse repos

The People's Bank of China (PBOC), the country's central bank, skipped open market operations via reverse repos Monday.
Source: Xinhua | 2020/8/3 15:28:05

HSBC business will continue shrinking after 69% H1 profit plunge: Chinese observer

London-headquartered bank HSBC, which generates most of its profits from the Chinese market, saw its after-tax profits plunge 69 percent to $3.1 billion in the first half of 2020, amid its ongoing spat with Huawei and a series of reported misdeeds in the Chinese market that have ruined its reputation.
Source: Global Times | 2020/8/3 13:42:18

China and South Korea expect further upgrades in economy and trade: Ministry of Commerce

China and South Korea have agreed to further boost the Belt and Road Initiative with the New South and New North policies, and upgrade the quality of bilateral economic and trade cooperation, with free trade agreement negotiations and the timely signature of the Regional Comprehensive Economic Partnership (RCEP) to be pushed forward.
Source: Global Times | 2020/8/3 12:28:07

China's Caixin manufacturing PMI at 52.8 in July, highest since February 2011

China's Caixin manufacturing purchasing managers index (PMI) was at 52.8 in July, higher than expectations of 51.3 and up 1.6 percentage points from June, according to data released on Monday. Manufacturing output has been in the expansion territory for five consecutive months, with the July index seeing its highest reading since February 2011.
Source: Global Times | 2020/8/3 12:13:40

First underwater tunnel in Bangladesh excavated using China-developed machine

The first underwater tunnel in Bangladesh, the left line of the Karnaphuli River bottom tunnel project, was excavated on Sunday using a made-in-China super-diameter slurry-pressure-balance tunnel boring machine (TBM), according to media reports.
Source: Global Times | 2020/8/3 10:28:39

China-US trade relations should continue to be 'stabilizer' for bilateral ties: vice commerce minister

Chinese Vice Minister of Commerce Wang Shouwen held an online meeting with American business groups and representatives on Thursday in an open discussion on trade and investment against the backdrop of worsening China-US relations aggravated by the Trump administration.
Source: Global Times | 2020/8/2 22:56:55

Former Chinese banker urges that digital currency substitutes all currencies

Digital currency should substitute all currencies as much as possible to support profound monetary operation reforms, an influencer in China's financial sector said over the weekend.
Source: Global Times | 2020/8/2 21:58:40

Pompeo's so-called 'clean' 5G vendor list stinks of McCarthyism

A so-called list of "clean" 5G vendors issued by US Secretary of State Mike Pompeo stinks of McCarthyism, said Chinese analysts on Sunday.
Source: Global Times | 2020/8/2 21:33:40