Category: China Market News

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TikTok Owner Launches Digital Payment Service in Challenge Against Alibaba, Tencent

TikTok-owner ByteDance Ltd. has launched its own digital payment platform, setting the stage for the short video powerhouse to square off against China’s tech titans like Alibaba and Tencent in the massive e-commerce market. Douyin, the sister app of TikTok for internet users in China, debuted its eponymous e-wallet Douyin Pay on Tuesday, putting itself in direct competition with Alipay and WeChat Pay by allowing users to purchase...

China jobs market still seen as weak, unstable even as unemployment rate returns to pre-coronavirus …

While China’s unemployment picture, like the overall economy, on paper has all but recovered from the impact of the coronavirus, the reality on the ground suggests the job market still remains weak and unstable.As China reported its economy grew by 2.3 per last year and by 6.5 per cent in the fourth quarter from a year earlier, the often criticised official surveyed unemployment rate came in at 5.2 per cent in December. This was the same as at the end of 2019 and a far cry from February’s…

Update: Alibaba’s Jack Ma Resurfaces After Three Months, Sparking Stock Rally

China’s most famous businessman, billionaire Jack Ma, surfaced at an online conference Wednesday, months after his disappearance from the public eye fueled speculation that he may have run afoul of the law. The outspoken founder of Alibaba Group Holding Ltd. spoke at an annual online event promoting the achievements of rural teachers Wednesday, according to video of the event seen by Caixin. Ma himself started out as an...

Energy-Saving Company Shares Rocket After Shenzhen Listing

What’s new: Share price of China Southern Power Grid Energy Efficiency and Clean Energy Co. Ltd., rose by its daily limit for a second day of trading on the Shenzhen Stock Exchange to 2.22 yuan ($0.34). The company, specializing in providing energy-saving services to help clients cut emissions, issued 1.47 billion new shares in the initial public offering, which represents one-fifth of the company’s total shares, and raised...

China revamps trade negotiation team ahead of possible fresh talks with Biden administration

Beijing reshuffled its trade negotiation team ahead of Joe Biden’s presidential inauguration, in the latest sign China is preparing for a possible resumption of bilateral trade talks with the United States.Despite the damage done to bilateral relations in the past four years – including the trade war, finger-pointing over the origin of coronavirus pandemic, US efforts at technological containment, and confrontations over issues such as Hong Kong’s national security law and alleged genocide in…

China’s factories will keep running during the Spring Festival holidays, supplying medical gear, s …

A villager steams red Ciba in Baiguo Village of Yuping Dong Autonomous County in Tongren City, southwest China's Guizhou Province, Jan. 15, 2021. It's a tradition for people here to make red Ciba, a traditional glutinous rice cake dyed with red food coloring, to prepare for the upcoming Chinese Spring Festival which falls on Feb. 12 this year. Photo:Xinhua China's weeklong Spring Festival holidays are less than one...

China’s Hubei sees foreign trade surge in 2020

Central China's Hubei Province, once hit hard by COVID-19, saw an 8.8-percent growth in foreign trade in 2020, according to customs figures. The total import and export value of the province reached 429.41 billion yuan (about 66.3 billion U.S. dollars) last year, according to customs in the provincial capital Wuhan. The total value of Wuhan's foreign trade reached 270.43 billion yuan, accounting for 63 percent of the province....

“ADS-B data captured on Jan. 13 shows a U.S. Air Force KC-135 aerial refueling tanker (PEARL50 …

"ADS-B data captured on Jan. 13 shows a U.S. Air Force KC-135 aerial refueling tanker (PEARL50) coming less than 250ft vertically with #Taiwan EVA Air flight BR225 as both airplanes cross path south of Taiwan that morning." http://avioblog.it/close-call-between-usaf-kc-135-and-eva-airliner/ @steffanwatkins

1.7b passenger trips expected during Spring Festival travel rush

Passengers wait for trains at Shanghai Hongqiao Railway Station in Shanghai on Jan 3, 2021. YIN LIQIN/CHINA NEWS SERVICE 1.7 billion passenger trips are expected during the Spring Festival travel rush in 2021, according to the Ministry of Transport. People need to obtain a negative nucleic acid test result from within 7 days before arriving at their hometown, said Wang Bin, an official of the National Health Commission,...

China stocks end higher on abundant liquidity; EV, healthcare shares shine

Article contentBEIJING/SHANGHAI — China stocks closed higher on Wednesday, with electric vehicle and healthcare shares leading the gains, as the central bank kept liquidity abundant to support economic recovery from the COVID-19.** The Shanghai Composite index ended 0.47% higher at 3,583.09 while the blue-chip CSI300 index added 0.72%.** The new-energy vehicle sector sub-index rose 4.6%, while the healthcare sub-index was up 3.57%. ** The Shenzhen index ended up...

Jack Ma Surfaces After Months of Speculation Over His Whereabouts

What’s new: China’s most famous businessman, Jack Ma, has reemerged after months of speculation about his whereabouts after he disappeared from the public eye around November — the same time Chinese regulators launched a crackdown on his tech empire. The billionaire founder of Alibaba Group Holding Ltd. and Ant Group Co. Ltd. spoke at an annual online event promoting the achievements of rural teachers Wednesday, according to video...

McConnell says Capitol riot “provoked” by Trump

U.S. Senate Majority Leader Mitch McConnell (C) speaks at a press conference on Capitol Hill in Washington, D.C., the United States, on Dec. 15, 2020. (Tom Brenner/Pool via Xinhua) "The mob was fed lies. They were provoked by the president and other powerful people," U.S. Senate Majority Leader Mitch McConnell said, a sign that he tried to further distance himself from President Donald Trump. WASHINGTON, Jan. 19 (Xinhua)...
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