Official inflation data released on Thursday showed a slight jump in consumer prices in China last month driven by rising food and energy costs, with producer prices edging down slightly. The consumer price index rose to a four-month high of 2.1% year-on-year in July, up from 1.9% the previous month. This exceeded the average market […]
Category: Brief
Short-term interbank interest rates have dropped to a three-year low as the government aims to bolster economic growth through facilitating loans to households and small businesses. The Shanghai Interbank Offered Rate, or Shibor, fell to 1.42% on Wednesday, its lowest reading since 2015, according to the Wall Street Journal, although it rose slightly to 1.62% […]
China’s State Council is giving a new face to a key national technology development committee, Reuters reports, as part of a wider move to galvanize the country’s lofty tech ambitions. The formerly-named National Technology and Education Leadership Group is removing the aspect of education in its title to focus solely on technology, according to the […]
Financial regulators have launched an investigative campaign to find managers of online peer-to-peer (P2P) lending platforms that have deliberately defaulted on debt payments to force their company’s closure, Caixin reports. A notice published by the Office of the Leading Group for the Special Campaign Against Internet Financial Risks on Wednesday called on local authorities to […]
Chinese app maker Bytedance aims to raise $3 billion in its next funding round, giving the six-year-old company a staggering valuation of $75 billion, Reuters reports. The Beijing-based tech firm, which owns the massively popular news app Jinri Toutiao, short video platform Douyin and the lip-synching app Musical.ly, is also considering a multibillion-dollar initial public offering in […]