Asia

China has issued new guidelines to accelerate the development of its financial sector, focusing on five major areas: technology finance, green finance, inclusive finance, pension finance, and digital finance, reported official state news agency Xinhua News Agency. The General Office of the State Council said the guidelines aim to strengthen financial services to support the real economy, aligning financial policies with technology, industry, taxation, and fiscal measures. The guidelines call for stronger financial support for major national scientific and technological projects and tech-focused small and medium-sized enterprises (SMEs). Financial assistance will also be directed toward green development and low-carbon transition initiatives. Additionally, the government plans to ...

A sell-off in global shares eased in Europe on Tuesday following a sharp fall in US stocks that came as investors raised concerns about the negative economic impact of President Donald Trump's tariffs. It followed the president saying in a TV interview that the world's biggest economy was in a "period of transition", when asked about suggestions of a potential recession. Since those remarks were broadcast on Sunday, top Trump officials and advisers have sought to calm investor fears. The US S&P 500 share index fell nearly 3% on Monday, but in Europe most of the major markets opened little changed. In a Fox News interview broadcast at the weekend but recorded on Thursday, Trump appeared to acknowledge concerns about the economy. "I hate to predict things like that," he s...

Analysts say China’s decision to impose tariffs on farm and food products from Canada is a bid to prevent the tariff war started by US President Donald Trump from widening. Beijing announced tariffs worth over $2.6 billion on Canadian agricultural and food products on Saturday after Ottawa introduced levies in October. The move opens a new front in a trade war started by Trump. The levies, announced by the commerce ministry and scheduled to take effect on March 20, match the 100% and 25% import duties Canada slapped on China-made electric vehicles and steel and aluminium products four months ago.By excluding canola (also known as rapeseed), which was one of Canada’s top exports to the world’s No-1 agricultural importer, prior to China investigating it for anti-dumping last year, Bei...

Four different groups are seeking to take over TikTok, the social media giant owned by China’s Bytedance, according to US President Donald Trump. Trump said his administration is in contact with the different groups about the sale of the social media platform, and described all the options as good. The fate of TikTok’s American unit has been up in the air since a law requiring its owner ByteDance to either sell it on national security grounds or face a ban took effect on January 19. Trump, after taking office on January 20, signed an executive order seeking to delay by 75 days the enforcement of the law. Asked if there was going to soon be a deal on TikTok, Trump told reporters aboard the Air Force One, “it could”. “We’re dealing with four different groups, and a lot of peo...

China’s imports fell unexpectedly by over 8% during the January-February period, and exports slowed, as fears of a new trade war with the United States rose. Talk of US tariffs cast a shadow over China’s trade momentum in the first two months of the year, when workers had their Lunar New Year break then saw President Trump impose an extra 10% levy on Chinese goods after claims Beijing had not done enough to stem the flow of the deadly opioid fentanyl. Analysts say exporters had been front-loading shipments ahead of the curbs and that the collapse in imports signals Beijing has begun scaling back purchases of key commodities, as it prepares for four more years of gruelling trade tensions with the second Trump administration.“The drop in imports is seen across grains, iron ore and cru...

Business people around the world are closely watching developments in Washington as President Donald Trump launches tariffs to dramatically restructure America’s trade policies. The first round of tariffs were imposed on Tuesday against China, Canada and Mexico, while trade officials in the US make deeper assessments on trade in commodities such as steel, copper, chips and a range of other criteria, such as, in the case of South Korea, the cost of running huge US bases and providing military protection. Exports form China have been hit with 20% tariffs for Beijing’s alleged inaction to stem the flow of drugs used to make fentanyl, the opioid that has killed many thousands of Americans, while exports from Canada and Mexico now face a 25% duty. They have responded in kind, but are sti...

Yum China Holdings Inc. has appointed Adrian Ding as its chief financial officer, effective 6 March. Ding, who has been serving as acting CFO since October 2024, takes on the role following a comprehensive search process, the company announced. "He has effectively led the finance team, strengthened our engagement with stakeholders, including the capital markets, and played a pivotal role in building Yum China's growth momentum," said Joey Wat, CEO of Yum China. "With his deep understanding of our strategies and strong business acumen, I am confident that Adrian will continue to play an instrumental role in driving our RGM 2.0 strategy." Ding joined Yum China in 2019 as vice president of corporate finance before becoming chief investment officer in 2020. Over the years, he has spe...

BlackRock’s $22.8-billion deal to buy most of the ports controlled by Hong Kong conglomerate CK Hutchison was hailed in the US Congress yesterday by President Donald Trump. Trump was delighted to hear the news given he called recently for the US to reclaim ports around the Panama Canal. The deal will give the US consortium control of key Panama Canal ports amid White House calls to remove them from what it said was Chinese ownership. The high purchase price sent CK Hutchison’s stock up more than 20%. “My administration will be reclaiming the Panama Canal, and we’ve already started doing it,” Trump told the US Congress. “Just today, a large American company announced they are buying both ports around the Panama Canal and lots of other things having to do with the Panama Canal a...

Major trade wars have begun with China – and Canada – hitting back on Tuesday against US tariffs imposed by President Donald Trump. Beijing, which is set to begin its annual parliamentary congress, retaliated immediately, announcing hikes of 10% to 15% on agricultural and food products from America, plus export and investment restrictions on 25 US firms. Hours before, President Trump gave the green light to an extra 10% levy on Chinese goods that began at 0501 GMT. That meant a cumulative tariff of 20% in response to China’s alleged inaction on stopping the flow of drugs used to make fentanyl, an opioid blamed for tens of thousands of deaths in the US. Trump also imposed 25% tariffs on Canada and Mexico, the US’s two top trading partners. Canada has said it has $107 billion in ta...