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China welcomes back street carts

China is loosening grip on street vendors after years of restricting the sector as it seeks to boost employment in the wake of Covid-19 epidemic. Experts hail the move, deemed a game-changer for low-income and unemployed people, with as many as 100 million jobs to be created.
Source: Global Times | 2020/5/31 20:18:40

US 'unlikely' to leapfrog in 6G race

A US leapfrog from 5G to 6G, the futuristic telecommunication technologies, to deny China's lead in 5G is probably just wishful thinking, Chinese industry experts said on Sunday, after a top executive from Huawei Technologies confirmed the company's early-stage investment in 6G by pointing to the use of millimeter waves.
Source: Global Times | 2020/5/31 19:43:40

China may scale back LatAm lending: experts

As Latin America's economic woes deepen, China may scale back direct lending to the region to minimize credit risks, Chinese experts said, but the long-term infrastructure projects will likely boost local economies after the Covid-19 outbreak is contained.
Source: Global Times | 2020/5/31 18:43:40

No capital controls, dollar convertibility unchanged: HK Monetary Authority

Hong Kong will not impose capital controls, the Hong Kong Monetary Authority (HKMA) said on Saturday, as experts predicted that the stability of the Hong Kong dollar exchange rate will be maintained.
Source: Global Times | 2020/5/31 18:33:40

China's manufacturing sector improves for third month, NBS says

China's manufacturing purchasing managers' index (PMI) for May stood at 50.6, below analysts' expectation of 51, but the reading reflects an economic recovery on course amid continuous efforts to prevent a second wave of imported COVID-19 infections.
Source: Global Times | 2020/5/31 17:23:40

Yuan/dollar exchange rate 'could hit 7.2' due to higher China-US tensions

The yuan, which has weakened in recent months, could depreciate further to more than 7.2 per US dollar amid the escalating tensions between China and the US, but long-term volatility will be controllable, Chinese economists said on Sunday.
Source: Global Times | 2020/5/31 17:03:42

There will be no forex control: Hong Kong Monetary Authority

Free flow of capital and free convertibility of the Hong Kong dollar will continue to be safeguarded by Article 112 of the Basic Law, the Hong Kong Monetary Authority (HKMA) noted on its official Facebook page on Saturday in response to rumors that Hong Kong may impose foreign exchange control.
Source: Global Times | 2020/5/31 12:33:40

China's PMI stands at 50.6 in May, expanding for three straight months

China's manufacturing purchasing managers' index (PMI) for May stood at 50.6, lower than analysts' expectation of 51, but reflects the economic recovery amid continuous efforts to prevent a second wave of imported COVID-19 infections.
Source: Global Times | 2020/5/31 12:09:22

China's manufacturing PMI down slightly in May

The purchasing managers' index (PMI) for China's manufacturing sector eased to 50.6 in May from 50.8 in April, the National Bureau of Statistics said Sunday.
Source: Xinhua | 2020/5/31 9:16:30

Hubei to invest $28m in 5G base stations to power digital consumption

In order to boost consumption and revive the economic growth of virus-hit Hubei Province, the provincial government introduced 30 measures, including allocating 200 million yuan ($28.02 million) to subsidize 5G base stations building to push forward digital consumption.
Source: Global Times | 2020/5/30 19:47:11

China to keep closer eye on financial risks amid pandemic challenges: PBOC

China's financial risks are generally under control, while challenges remain as the COVID-19 pandemic has dealt a severe blow to global economic growth, said the central bank.
Source: Xinhua | 2020/5/30 19:13:13

US' repeated crackdown on listed Chinese firms is short-sighted and self-destructive: experts

US President Donald Trump's pledge to make the US great again might prove to be in vain, owing to Washington's repeated biased measures against China, such as a clampdown on Chinese firms listed on the Wall Street, experts said, noting that such moves dent US' image of an open and fair global market.
Source: Global Times | 2020/5/30 14:40:15

Shanghai's foreign capital inflows up 4.1 pct in first four months

Shanghai's foreign capital inflows rose 4.1 percent year on year to about 6.46 billion U.S. dollars in the first four months of 2020, officials said Friday at the Singapore-Shanghai Economic Cooperation Roundtable.
Source: Xinhua | 2020/5/30 11:18:02

600m with $140 monthly income worries top

A group of figures stood out from Chinese Premier Li Keqiang's remarks at an annual press conference on Thursday as offering a sobering reminder of challenges to prop up the economy amid the raging pandemic.
Source: Global Times | 2020/5/29 21:58:40

Delivery services play key employment role

Employment is the most important issue for the Chinese government this year, as it is the first of the tasks for stability and security in six key areas. And analysts said the takeout industry has a huge role to play in keeping employment stable.
Source: Global Times | 2020/5/29 21:13:40

Government Work Report drafting group explains China's scrapping of GDP target

This year China did not set a specific GDP growth goal in the Government Work Report released during last week's two sessions due to economic uncertainty in view of the COVID-19 pandemic, said an official from the report drafting group during a press briefing on Friday.
Source: Global Times | 2020/5/29 14:42:23

China's central bank injects 300 bln yuan into market Friday

China's central bank on Friday continued to pump cash into the financial system via reverse repos to maintain liquidity in the market.
Source: Xinhua | 2020/5/29 13:09:58

Tesla to build 4,000 superchargers in China in 2020 despite coronavirus impact

Tesla is looking to set up more than 4,000 superchargers in China in2020, doubling the total number of superchargers it has built in the past five years, as the US electric maker looks to break one of the biggest bottlenecks in the development of new-energy vehicles (NEV) that has led to many consumers hesitating about purchasing NEVs.
Source: Global Times | 2020/5/28 22:28:40