China now has more than twice the number of billionaires than the United States, it’s Gini coefficient, the measure of how extreme the wealth-poverty gap is in a society, is not in a good place, and after four decades of following Deng Xiaoping’s policy of “letting a few people get rich first,” China is suddenly shifting […]
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After posting a record $15.9 billion loss in 2020, China Huarong Asset Management will receive a recapitalization from government-backed investors, ending months of speculation over whether Beijing would deem the embattled financial giant too big to fail, reports Bloomberg. The rescue package unveiled on Wednesday, while thin on official details, suggests President Xi Jinping’s government […]
China’s national emissions trading scheme (ETS) may play a crucial role in helping the country meet its carbon-neutrality goals by potentially lowering carbon emission by between 30 and 60% of current levels by 2060, reports the South China Morning Post. Although the ETS’s initial impact would be limited, it could bring about a more material […]
China’s leading search engine, Baidu, has raised $1 billion in a bond sale that enjoyed strong investor appetite despite the company’s shares taking a hit from Beijing’s regulatory crackdown on tech groups, reports the FT. The debt sale was hugely oversubscribed, attracting between $5 billion and $6 billion of orders, according to two bankers who […]
Tech giant Tencent Holdings announced that it has created a RMB 50 billion ($7.7 billion) fund earmarked for “common prosperity”, reports the South China Morning Post. The announcement comes less than a day after Chinese President Xi Jinping made “common prosperity” a key social and economic goal for the country. According to the SCMP, Tencent […]