China Economic ReviewChina’s central bank unexpectedly cut key policy rates for the second time in three months on Tuesday, in a fresh sign that the authorities are ramping up monetary easing efforts to boost a sputtering economic recovery, reports Reuters. Analysts said the move opened the door to a potential cut in China’s lending benchmark loan prime […]
BYD has walked away from a deal to equip its electric vehicles with Baidu’s autonomous driving technology, as the world’s largest EV maker eyes in-house development of intelligent car software, according to two people familiar with the matter, reports the South China Morning Post. BYD had initially agreed to use Baidu’s technology, including navigation and […]
Bank of China, China’s fourth-largest lender by assets, has launched a countrywide exercise to reduce the salary gaps among its employees and mid- and high-level managers in response to Beijing’s “common prosperity” drive, three sources with knowledge of the matter said, reports Reuters. Chinese leader Xi Jinping launched the common prosperity drive in 2021 as […]
Entities linked to Chinese conglomerate Zhongzhi have failed to make payments, multiple investors have said, sparking concern over the country’s wealth management industry and its exposure to a troubled property market, reports the Financial Times. Beijing-based Zhongzhi, which was founded in 1995, has grown into a sprawling private enterprise with stakes in everything from financial […]
Foreign investment in China continued on its downward slope in the April-June quarter, reaching the lowest level on record, reports Nikkei Asia. Direct investment by foreign companies in China in the second quarter totaled $4.9 billion, an 87% decrease on the year, the largest drop since 1998 when comparable data first became available, according to […]