China’s services activity expanded in October even though growth was the weakest in three months, a private survey showed, as holiday spending and travel by households insulated the industry from a deepening economic slowdown, reports Bloomberg. The RatingDog China services purchasing managers’ index slipped to 52.6 from 52.9 in September, according to a statement published […]
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Starbucks has agreed to sell a majority stake in its China business to private equity group Boyu Capital to form a joint venture valued at $4 billion, as it aims to more than double its number of cafés in the country, reports the Financial Times. The coffee shop chain on Monday said Hong Kong-based Boyu […]
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China to scrap tariffs on US farm goods
The US said China has agreed to suspend retaliatory tariffs on a swath of American agricultural products and commit to massive purchases of US soybeans, in a deal that marks a major de-escalation of a trade conflict that flared up earlier this year, reports Caixin. In a fact sheet released on Nov. 1 local time, […]
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China offers tech giants cheap power
China has increased subsidies that cut energy bills by up to half for some of the country’s largest data centres, as Beijing steps up efforts to boost its domestic chips industry and compete with the US, reports the Financial Times. Local governments have beefed up incentives to help Chinese tech giants such as ByteDance, Alibaba […]
China will extend its visa-free entry policy for 45 countries including France, Germany and Spain to December 31, 2026 and expand the scheme to cover Sweden, effective November 10, the foreign ministry said on Monday, reports Reuters. The extension covers 32 European countries as well as Australia, New Zealand, Japan, South Korea and several nations […]