China’s central bank is making another push to slash barriers facing foreign visitors using the country’s mobile payment services, in the latest effort to revive the tourism market, reports Caixin. The People’s Bank of China has guided major payment platforms including Ant Group’s Alipay and Tencent Holdings’s Tenpay—the operator of WeChat Pay—to increase the single […]
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IM Motors raises $1.1bn
IM Motors, a premium electric vehicle brand of state-owned Chinese automaker SAIC, said on Friday it has raised more than RMB 8 billion ($1.1 billion) to work on new smart car models and technologies, reports Reuters. IM Motors’ Series B round of equity financing was among the biggest investments into Chinese EV brands in the […]
Foreign chambers of commerce in China have repeated their now-familiar call for action from Beijing to back its pro-business rhetoric—part of a larger effort to rekindle investment—even after the August unveiling of a 24-point plan to support overseas firms, reports the South China Morning Post. Chambers that took part in a round table discussion hosted […]
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Developer Gemdale avoids default again
Chinese real estate developer Gemdale has managed to avoid defaulting on a major onshore bond, Caixin learned, but remains deep in debt as it ramps up efforts to offload assets and secure new sources of credit, reports Caixin. Gemdale has transferred funds to an escrow account to cover repayments on a RMB 2 billion ($278 […]
China would be barred from buying oil from the US’s emergency stockpiles under a provision included in must-pass government funding legislation unveiled Sunday, reports Bloomberg. Republican critics have sought to bar the sale of oil from the Strategic Petroleum Reserve to China, after nearly 1 million barrels released from the oil reserve in 2022 were […]