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China may ask the US to remove tariffs before phase two talks: expert

China will need time to assess the just-signed phase one trade agreement and other complicating factors before launching negotiations with the US for a phase two agreement. US officials, including Vice President Mike Pence, who claim the talks are already underway may be getting ahead of themselves, a government advisor and experts said on Thursday.
Source: Global Times | 2020/1/16 15:53:40

December rise in urban home prices shows stable growth, strengthened market: analyst

More Chinese cities saw new home prices rise in December 2019 compared to the previous month, according to data released by the National Bureau of Statistics on Thursday. Analysts said the data showed stable growth and a strengthened property market. A total of 50 out of 70 Chinese cities saw new home prices rise in December, compared with 44 in the previous month. Among the 70 cities, new home prices in the four first-tier cities rose 0.2 percent month-on-month, compared with a 0.6 percent increase in November. Beijing's average new home price increased 0.4 percent and Shenzhen's was up 0.7 percent. Shanghai's price remained unchanged while prices in Guangzhou fell 0.3 percent. China's new home prices rose at an average of 0.4 percent month-on-month, the pace unchanged from November, according to calculations from the Shanghai-based E-house China R&D Institute. Compared with the same period in 2018, the 70 cities' new home prices rose 6.8 percent on average, the slowest pace since July 2018. The upward trend in new home prices in December shows a strengthened property market, said Yan Yuejin, research director at E-house China R&D Institute. He added that the market will be further stabilized as local governments release policies to contain property speculation, but that a sharp drop in prices is unlikely. New home prices in Yangzhou, East China's Jiangsu Province, jumped the highest with a 1.3 percent increase. Yan said the fast growth in Yangzhou may be due to relaxing policies and fast-developing city infrastructure. In October 2019, Yangzhou increased the cap for households applying for the housing provident fund to 500,000 yuan ($72,605), up from 350,000 yuan. A new transportation system including a railway linking Lianyungang and Zhenjiang, two cities in East China's Jiangsu Province, is expected to open in August this year, which may have pushed up local home prices, Yan said.
Source: Global Times | 2020/1/16 14:13:40

Figuratively Speaking

Visa-free entry visits from 59 countries and regions to Haikou, capital of South China's Hainan Province, in 2019, up 33 percent year-on-year, according to local media source Hainan Ribao.
Source: Global Times | 2020/1/15 20:58:40

Coffee from the clouds

Browsing on his smartphone for US coffee futures prices every day since a decade ago, Wang Chunsun, a coffee farmer living in the outskirts of Pu'er, a city famous for its synonymous tea in Southwest China's Yunnan Province, is optimistic about the prices he can sell his coffee beans for during this harvest season.
Source: Global Times | 2020/1/15 20:53:40

China market news wrap-up

A mild correction on the Chinese mainland market continued into Wednesday, with most stocks losing stream. The flagship Shanghai Composite Index lost 0.54 percent, or 16.78 points, to retreat below 3,100 points. The Shenzhen Component Index finished in negative territory while the ChiNext index closed slightly up.
Source: Global Times | 2020/1/15 20:13:41

Shanghai strives to build global yuan innovation center in 2020

Shanghai will accelerate building a global center for yuan innovation, trading, pricing and settlement in 2020, as part of the effort to make the city a world-class financial center "in keeping to China's economic strength," Shanghai Major Ying Yong said on Wednesday, media reports noted.
Source: Global Times | 2020/1/15 20:08:40

China to buy more Boeing aircraft in 2020, analyst says

China may continue the purchase of Boeing aircraft, even though the US planemaker saw orders slump worldwide in 2019 after the grounding of its 737 MAX series over safety concerns, an industry analyst said, in response to speculation over whether Boeing will receive new orders from its major buyer.
Source: Global Times | 2020/1/15 19:33:40

More Chinese to visit Myanmar during cultural tourism year: experts

The number of Chinese tourists visiting Myanmar will increase during 2020 with the opening of the China-Myanmar cultural tourism year, booming bilateral relations under the Belt and Road Initiative and the opening of more direct flights, industry insiders and business representatives said.
Source: Global Times | 2020/1/15 14:13:40

China's trade with Myanmar up 28.5 pct in 2019

China's trade with Myanmar expanded by 28.5 percent year on year in 2019 to 128.91 billion yuan (about 17.71 billion U.S. dollars), customs data showed Tuesday.
Source: Xinhua | 2020/1/15 9:00:21

Figuratively Speaking

Patent applications for blockchain technology from 15 commercial banks in China from 2016-2019. Applications surged more than 38 times from 2016, according to stcn.com.
Source: Global Times | 2020/1/14 22:08:41

Around the world

London EV Co (LEVC), a subsidiary of Chinese automaker Geely, brought the electric version of the iconic black cabs to Tokyo on Friday, aiming to help promote green public transportation in Japan, according to the Xinhua News Agency.
Source: Global Times | 2020/1/14 22:03:41

Indian hotel chain faces murky outlook in China

International hotel chains like OYO need to change their strategy or they may risk losing the Chinese market, industry analysts said on Tuesday, after Bloomberg reported that SoftBank-backed, India-based hotel company OYO is cutting staff in both China and India.
Source: Global Times | 2020/1/14 21:58:40

CNOOC-Shell joint venture sets tone for FDI inflows in 2020

China National Offshore Oil Corp (CNOOC) will team up with Netherlands-based Royal Dutch Shell Plc to build their first world-class industrial plastics facility in China, setting the tone for the increasing flow of foreign direct investment (FDI) into the Chinese market in 2020.
Source: Global Times | 2020/1/14 21:40:53

Huawei eyes cloud, AI business

Chinese technology giant Huawei is increasing its efforts to develop cloud computing and artificial intelligence (AI) to diversify its businesses amid a US clampdown, which has been continuously clouding its overseas expansion in the 5G sector.
Source: Global Times | 2020/1/14 21:38:40

China market news wrap-up

A continued rally in US stocks on Monday failed to feed through to Chinese mainland shares on Tuesday. The benchmark Shanghai Composite Index lost 0.28 percent, or 8.75 points, to 3,106.82 percent. Both the Shenzhen Component Index and the ChiNext index retreated.
Source: Global Times | 2020/1/14 19:33:40

Private firms lead China's imports, exports for first time

Private firms overtook foreign-funded enterprises as the biggest contributor of China's foreign trade for the first time in 2019, customs data showed Tuesday.
Source: Xinhua | 2020/1/14 13:21:10

China's new securities law further liberalizes capital market

China's new securities law, to be effective on March 1, marks another important step in China's efforts to further liberalize its capital markets whose appeal for Chinese companies and foreign investors is increasing overtime, experts have said.
Source: Xinhua | 2020/1/14 12:06:12

Yuan soars as the US reverses China's currency manipulator label

The onshore yuan rose above 6.88 on Tuesday morning and stood at 6.8701 by 10:54 am, up by 0.34 percent.
Source: Global Times | 2020/1/14 11:23:40