SOURCE >> Economy

It's Australia, not China that's violating free trade deal, analysts say, urging China to resort to international courts

Economists laughed at Australia's attempts to crack down on China by taking legal action against the country under the China-Australia Free Trade Agreement (ChAFTA), saying that it is Australia instead of China that is violating the terms of the agreement, and that China should resort to international courts more often to safeguard its interests.
Source: Global Times | 2020/12/17 22:38:40

Surging heating demand, output shortfalls lead to tight power supplies in China

Several provinces in China announced that electricity loads have increased rapidly and issued proposals to save electricity and start its orderly use.
Source: Global Times | 2020/12/17 21:23:40

Luckin Coffee reaches settlement with US regulator, to pay $180m in fines

Luckin Coffee, a potential rival to Starbucks, stated on Thursday that it has reached a settlement with US securities regulators on alleged financial fraud by some of its former employees.
Source: Global Times | 2020/12/17 21:03:40

Industry insiders urge fair reporting as iron ore prices soar

Blatantly misleading overseas media reports about Australia's iron ore trade with China have destabilized the market and possibly contributed to soaring prices, said industry insiders, who spoke of the need to avoid market panic that will cause disruption for the supply chains on both sides.
Source: Global Times | 2020/12/17 20:58:39

Huawei gets conditional approval from Germany, may 'have more opportunities' in other European countries: analyst

Huawei on Wednesday gained conditional approval in Germany to participate in the country's 5G construction, the move, though still needs parliamentary review, is considered by many as a phased victory for the Chinese tech giant in Europe amid US crackdown, and also offered hopes that more countries in the continent may loose restriction on it in the future.
Source: Global Times | 2020/12/17 19:38:39

Aon's proposed $30b bid for Willis faces EU probe on antitrust concerns

The EU's antitrust regulators will open a full-scale investigation into Aon's $30 billion bid for Willis Towers Watson to create the world's largest insurance broker, two people familiar with the matter said.
Source: Reuters | 2020/12/17 19:28:39

5G technology now part of China's refining and chemical industry

5G technology has been integrated into the petrochemical industry in South China's Hainan Province. 22 5G base stations are expected to be complete in 2021, according to Chinanews.
Source: Global Times | 2020/12/17 17:28:41

Cargill staff members in Anhui Province tested negative for COVID-19

All staff members at Anhui provincial branch of agribusiness company Cargill and the collected environment samples there, were tested negative after one of the company's locally-produced chicken legs tested positive on Tuesday, the company told the Global Times on Thursday.
Source: Global Times | 2020/12/17 13:25:29

China asks the Netherlands to treat Huawei, supply of EUV lithography, fairly

China's Ministry of Commerce suggested the Netherlands to take a fair, transparent and open stance towards Huawei's 5G and supply of its EUV lithography machines, and try to promote liberalization of global trade and investment.
Source: Global Times | 2020/12/17 10:53:40

Fear of job losses rise in Australian agribusiness amid souring ties: AustCham China survey

As Australian exports to China fall amid fraught bilateral ties, Australian agribusinesses have a growing fear of job losses and the wine sector, being hit hardest, is the most concerned about anti-dumping investigations, an industry survey finds.
Source: Global Times | 2020/12/16 21:32:08

Data shows Australian barley exports to China were dumped; experts say Australia to lose WTO case

Statistics showed that Australian barley exported to China has shown obvious dumping signs in recent years, which will lead to Canberra's loss in its appeal against Beijing at the World Trade Organization, experts said, after Australia announced plans to challenge China over tariffs on its barley.
Source: Global Times | 2020/12/16 21:16:50

SMIC shares sink after leadership shift, likely to hurt client confidence

Shares in Chinese mainland-based chipmaking giant Semiconductor Manufacturing International Corp (SMIC) went through a turbulent day, first halting trading and then sinking on Wednesday, after what is seen as an abrupt senior management change.
Source: Global Times | 2020/12/16 20:58:40

MSCI omits 10 Chinese firms in index, but impact is limited in long run

MSCI, a US-based compiler of investment indices, said in a statement on Tuesday that it would delete 10 securities of Chinese companies blacklisted by the US from its Global Investable Market Indexes (GIMI), after similar recent moves by London-based FTSE Russell, S&P Dow Jones indices and NASDAQ.
Source: Global Times | 2020/12/16 19:43:40

China opens up more sectors for domestic, foreign investment with a smaller negative list

China is expected to open up new sectors and industries, including forestry resource, mining rights and carbon emissions trading, to both domestic and foreign businesses, as it started to remove restrictions and approval requirements in what's known as a negative list of areas off-limit for companies.
Source: Global Times | 2020/12/16 18:33:40

China's launches fund program to allow foreign investors subscribe WFOE PFM through QFII/RQFII in Shanghai

A new fund program that allows foreign investors to subscribe for wholly foreign owned enterprise private fund manager (WFOE PFM) through QFII/RQFII has been launched in Shanghai on Tuesday, as China further opens up its financial sector.
Source: Global Times | 2020/12/16 18:08:43

China-Pakistan Economic Corridor to become a model for BRI: Foreign Ministry

Chinese Foreign Ministry consented with Pakistani President Arif Alvi who affirmed that China-Pakistan Economic Corridor (CPEC) cooperation has advanced well despite the coronavirus pandemic.
Source: Global Times | 2020/12/16 16:58:40

China's top economic planner vows to adjust coal supply for winter heating

Responding to surging coal prices, China's top economic planning body, the National Development and Reform Commission (NDRC), said the current coal supply and demand is balanced, and the department will boost coal supplies to meet market demand.
Source: Global Times | 2020/12/16 16:33:40

China-Europe freight train has completed more than 10,000 trips as of November

China-Europe freight trains have collectively run 11,270 cargo trips from between January to November 2020, an increase of 51 percent year on year. The rate of return journeys reached 76 percent with a 98 percent heavy container rate, according to the data of China Railway Container Transport CO. on Wednesday.
Source: Global Times | 2020/12/16 15:48:40