China

According to the IEA, the shift to clean energy is irreversible.
26Oct mmBy Walter ParezNo Comments
Asia, China

According to the IEA, the shift to clean energy is irreversible.

“If China’s near-term growth were to slow by another percentage point, this would reduce 2030 coal demand by an amount almost equal to the volume currently consumed by the whole of Europe.” The world is on track to see use of all fossil fuels peak before 2030, according to a new report published by the International Energy Agency (IEA). In its World Energy Outlook on Thursday, the IEA said the world will change significantly over the next six years. “There are set to be almost 10 times as many electric cars on the road [in 2030], with renewables nearing half of the global power mix, but much stronger policies are needed for 1.5C,” it said, in a press release on the report. “The transition to clean energy is happening worldwide and it’s unstoppable,” IEA executive dir...
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$1 billion China Property and Banking Hit, According to Standard Chartered
26Oct mmBy Mike TrudellNo Comments
Asia, China

$1 billion China Property and Banking Hit, According to Standard Chartered

The UK-based bank, which earns most of its revenue in Asia, lost $700m alone from its stake in China Bohai Bank Standard Chartered shares took a battering on Thursday after the bank saw its profit dive by a third as a result of a $1 billion hit from China’s real estate and banking sectors. The UK-based bank’s stock fell 12% before trading was briefly halted following news that its pre-tax profit dropped 33% in the third quarter, far worse than analyst estimates. StanChart pointed the finger of blame at a $700 million knock from its stake in China Bohai Bank, and a $186 million charge from Chinese commercial real estate. The UK-headquartered bank, which earns most of its revenue in Asia, booked July-September statutory pretax profit of $633 million. That compared with $996 mill...
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China Beats Western Tech, Winning with Huawei and US-Sanctioned Companies
26Oct mmBy Joe RodriguezNo Comments
Asia, China

China Beats Western Tech, Winning with Huawei and US-Sanctioned Companies

A push since last year to replace all Western equipment in critical sectors with domestic alternatives ‘has re-drawn entire sub-sectors’ of China’s software industry China is spending billions on homegrown technology in a push to replace all Western-made equipment from critical sectors, and the move has proved to be a boon for Huawei and other US-sanctioned firms. The push, having gained pace since last year, has seen Beijing spend heavily on replacing computer equipment, and sources say the telecom and financial sectors are set to be next in line. The replacement drive has re-drawn entire sub-sectors of the software industry, data shows. The combined China market share held by five major foreign makers of database management systems – the majority of which are American – drop...
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China invests billions on disinformation: report, China denies
6Oct mmBy Michael SmithNo Comments
China

China invests billions on disinformation: report, China denies

In a special report, US Department of State has accused People’s Republic of China of investing billions of dollars in disinformation, surveillance tactics to to influence the international community. The global engagement centre in its latest report highlighted that propaganda, disinformation and censorship are three main tactics being used by the XI government to manipulate and influence the information at the global level. The report came at a time when US and West have been at loggerheads with China over Taiwan, Xinjiang, semiconductors and other critical issues. China’s foreign ministry has outrightly rejected the report stating that report is in itself disinformation as it misrepresents facts and truth According to the report, China has been pouring billions of US dollars i...
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US and Japan Issue Warning About New China Hacker Following “60,000 Emails Stolen”
29Sep mmBy Joe RodriguezNo Comments
Asia, China, USA, World

US and Japan Issue Warning About New China Hacker Following “60,000 Emails Stolen”

The warning came on the heels of a Washington briefing which said Chinese state-linked hackers had stolen 60,000 emails from 10 State Department accounts American and Japanese authorities have warned multinational companies about the sophisticated hacking practices of China-linked group BlackTech, in an advisory issued late on Wednesday. Authorities urged firms to review the internet routers at their subsidiaries, saying BlackTech was capable of “modifying router firmware without detection”. The warning came on the heels of a US State Department briefing in which officials told lawmakers that Chinese state-linked hackers had stolen 60,000 emails from 10 State Department accounts. The hack they were referring to was revealed in July when US officials and Microsoft said that Chi...
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Highlights of Zoo’s Food Plea Local debt crisis in China
21Sep mmBy Mike TrudellNo Comments
China, World

Highlights of Zoo’s Food Plea Local debt crisis in China

China’s provincial governments were forced to spend billions on Xi Jinping’s zero-Covid policy and have been hit hard by the country’s property woes China’s regional government debt crisis has seen one city forced to appeal for food to feed hungry animals at its municipal zoo, A Chinese wildlife conservation group made the plea for animals kept at a zoo inside the local government-run Dongshan Park in the northern province of Liaoning, the report went on.  Provincial authorities have been hit hard after spending billions of dollars on mass testing and lockdowns to enforce President Xi Jinping’s zero-Covid campaign, as well the crisis in the property market which has seen a sharp drop in land sales, depriving them of a major revenue source.
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Unemployment leads to activities abhorred by Chinese government
21Sep mmBy Joe RodriguezNo Comments
China

Unemployment leads to activities abhorred by Chinese government

The rising unemployment in China has sparked changes in the youth behaviour in the country such as growing inclination toward religion, preferences to staying with parents and indulging in betting and gambling, which do not appear in conformity with the values and ideology of the ruling China Communist Party (CCP). The Chinese youth has started flocking to temples to pray for luck amidst diminishing employment opportunities in China, which has been stuck by dual problems of sluggish post-Covid-pandemic economic recovery and real estate fuelled slowdown. According to research conducted by the Chinese travel company Qunar, the visits by young worshippers to Yonghe Temple, which is popular for seeking blessings for career and financial success, have seen a sharp increase. It recorded 5...
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Property crisis hurts average Chinese population
17Sep mmBy Joe RodriguezNo Comments
China

Property crisis hurts average Chinese population

The ongoing real estate crisis in China is set to affect economic growth and it has already started hurting the average Chinese population. They are incurring huge losses due to loan repayments and non-payment to workers and small businessmen by property giants. China, where protests are a rare sight, is seeing distressed homebuyers and investors agitating at government offices.12 The middle-class population in China has refused to pay loans on unfinished homes that are a result of a decade-long real estate bubble. Homeowners in Hunan Province said their lives have become "extremely difficult" and they could not afford the monthly mortgage. “We have to take risks out of desperation and follow the path of a mortgage strike,” they wrote to the local officials.3 Zhongrong International...
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China is experiencing a common economic downturn. But the Ukraine War makes its crisis worse.
15Sep By Online DeskNo Comments
China

China is experiencing a common economic downturn. But the Ukraine War makes its crisis worse.

Throughout the 1980s, Japan’s economy was the envy of the world. But by 1989 a real estate and stock market bubble spooked policymakers, who hiked interest rates to tame inflation. Japan’s bourse tanked, the value of assets plummeted, and several big banks either failed or required government bailouts. As businesses folded and joblessness rose, Japan became mired in a decade-long recession. There are distinct parallels for China’s economic downturn today, which in many ways is typical of any credit-driven boom and bust cycle. China’s housing market—which contributes some 30% of GDP—is the chief villain. Despite a shrinking population, Chinese developers gorged on debt to build more new homes every year than the U.S. and Europe combined. Today, China has more than 23 million unsold apar...
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Asia is affected by the recession in China’s economy.
4Sep mmBy Michael SmithNo Comments
Asia, China, World

Asia is affected by the recession in China’s economy.

China’s slowing growth is sparking warnings of contagion in Asia, as waning consumer demand and slower manufacturing hit neighbouring countries with close ties to the world’s second-largest economy. A manufacturing slump in South Korea has extended to its longest in nearly half a century while other big exporters in east Asia area also being hit by slow demand. South Korea, Asia’s fourth-biggest economy, is viewed as a bellwether for the region’s technology supply chain, which has helped underpin global growth for decades. The country’s exports fell in July at the steepest pace in more than three years, led by smaller shipments of computer chips to China, while purchasing managers’ indices on Friday showed that factory activity fell in August for the 14th consecutive month, the l...
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