China’s President Xi Jinping praised the tech-hub city of Shenzhen in a landmark speech on Wednesday, leaving some puzzling over the future of nearby Hong Kong, as China’s traditional global foothold.

Xi said Shenzhen, often dubbed China’s Silicon Valley and home to tech giants Huawei and Tencent, was making “historic leaps” and “achieving miracles.”

He also announced that the area would be given more leeway to pursue opening-up reforms and become a “model city for a strong socialist country.”

Once a small fishing village adjacent to Hong Kong, Shenzhen is now home to about 13 million and was transformed in 1980 by veteran Chinese leader Deng Xiaoping, after he designated it a “Special Economic Zone,” carving out capitalist privileges in the staunchly communist country.

Retracing Deng’s footprints 40 years later during his own southern tour this week, Xi announced Shenzhen would again become a testing ground for foreign investment and

Read More

The ‘Shark Tank’ investor and Dallas Mavericks owner’s remarks on Megyn Kelly’s podcast have got people talking. Mission accomplished.

Grow Your Business, Not Your Inbox

Stay informed and join our daily newsletter now!

2 min read

Like many public figures who identify as libertarian-leaning or ostensibly politically independent, Shark Tank investor and Dallas Mavericks owner Mark Cuban often walks a fine line between nuance and contrarianism. Take his recent New York Times Magazine interview with David Marchese, in which he reconciles his social-justice awakening with a mercenary eye on the bottom line.

That same duality was on display during his appearance this week on The Megyn Kelly Show podcast. Kelly dug deep into Cuban’s position on China, which enacted a yearlong ban on broadcasting NBA games that lifted just in time for the concluding two games of this year’s finals between the L.A. Lakers and Miami Heat. 

Read More

BEIJING (Reuters) – China’s imports grew at their fastest pace this year in September, while exports extended their strong gains as more trading partners lifted coronavirus restrictions in a further boost to the world’s second-biggest economy.

FILE PHOTO: Cranes and containers are seen at the Yantian port in Shenzhen, following the novel coronavirus disease (COVID-19) outbreak, Guangdong province, China May 17, 2020. REUTERS/Martin Pollard

Exports in August rose 9.9% from a year earlier, customs data showed on Tuesday, broadly in line with analysts’ expectations for 10% growth and up from a solid 9.5% increase in August.

The strong trade performance suggests Chinese exporters are making a brisk recovery from the coronavirus pandemic’s hit to overseas orders. As the global economy restarts, Chinese firms are rushing to grab market share as their rivals grapple with reduced manufacturing capacity.

China’s factory activity has also picked up as

Read More

BEIJING (Reuters) – China’s exports likely posted a fourth straight month of gains in September as more trading partners reopened their economies, a Reuters poll showed, while imports are also expected to have edged back into growth.

Exports have not been as severely affected by the global slowdown as some analysts had feared, due in part to record shipments of medical supplies and robust demand for electronic products, adding to hopes for a sustained economic recovery.

In September, exports are expected to have risen 10% from a year earlier, according to a median estimate of a Reuters poll of 24 economists. Imports likely rose 0.3% on year, improving after back-to-back decline in July and August.

Exports in August rose a solid 9.5% year-on-year, the strongest gain since March 2019.

Stronger exports could signal a faster and more balanced recovery for the Chinese economy, which is rebounding from a record first-quarter

Read More

Hundreds of millions of domestic tourists have boosted China’s economic recovery over its Golden Week national holiday, even as concerns linger over consumer spending.

There were 637m trips in China over the eight-day holiday this year, which drew to an end on Thursday, generating revenue of Rmb466.6bn ($69.5bn), data from the Ministry of Culture and Tourism showed.

The holiday is seen as an important barometer for consumer spending in the world’s second-largest economy. China’s third-quarter gross domestic product data, which will be released this month, will also be closely examined for signs of how other economies might recover from the pandemic.

While the figures reflected notably high volumes of internal travel at a time when other countries are struggling to tackle coronavirus, they remain well below last year’s total of 782m trips over a seven-day period.

Tourism revenue was also 30 per cent lower than over the same period last

Read More

(Bloomberg) — Chinese financial markets will trade for the first time this month on Friday and for once, investors can look forward to a relaxed start.

The yuan is up 0.7% in offshore trading since its onshore counterpart last traded on Sept. 30, signaling more gains are ahead after the currency’s best quarter since 2008 versus the dollar. Eyes will be on how the People’s Bank of China responds with its 9:15 a.m. yuan fixing. It has recently allowed for a stronger currency, while at times acting to limit volatility.

FTSE China A50 Index futures have risen 2.2% since the $9.4 trillion mainland stock market last traded. The Hang Seng China Enterprises Index, a gauge of mainland companies listed in Hong Kong, has gained 2.4% in that time.

chart: Offshore yuan has gained 0.7% since the onshore market closed for holidays

© Bloomberg
Offshore yuan has gained 0.7% since the onshore market closed for holidays

Also, a large maturity scheduled for Friday shouldn’t

Read More

(The opinions expressed here are those of the author, a columnist for Reuters)

FILE PHOTO: Aluminium bar stock is seen inside a factory in Dongguan, China, April 10, 2018. REUTERS/Bobby Yip/File Photo

LONDON (Reuters) – China’s imports of unwrought aluminium rose again in August, extending a rare inversion of normal trade patterns.

Combined imports of primary metal and unwrought alloy totalled 393,000 tonnes, just shy of the previous record of 394,000 tonnes in April 2009.

For the second consecutive month the world’s largest producer was a net importer of aluminium in all forms.

It’s no coincidence that the only reference point for such high imports is the global financial crisis. That was the last time aluminium demand experienced the sort of hit now being generated by the COVID-19 pandemic.

Now, as then, China’s recovery is proving faster and more powerful than anywhere else. China’s smelters are responding by lifting production,

Read More

The writer, a professor of government at Harvard University, is author of ‘Destined For War: Can America and China Escape Thucydides’s Trap’

When China’s top leaders met in August to review the year and assess the challenges ahead, they took satisfaction in their nation’s success compared to the floundering performance of the US and Europe in dealing with coronavirus. In President Xi Jinping’s bottom line: China had “fully demonstrated the clear superiority of Communist party leadership and our socialist system”.

After the 2008 financial crisis, China emerged as a major geopolitical force, advancing its values and interests. Today, as we see a second great economic divergence, we should expect more profound geopolitical consequences.

Official numbers for the first half of 2020 are already in. The world economy is shrinking. Every major nation is on track to have a smaller economy by the end of the year — with one exception,

Read More

China’s fast recovery from the coronavirus pandemic helped power a large stock-market rally this past summer. More gains are likely as the country’s economic rebound gathers steam.

In early July, the Shanghai Composite index jumped nearly 17% in less than two weeks. The benchmark has given up some of those gains and is up 5.5% in the year to date.

Chinese stocks have fared better than their U.S. counterparts for much of this year. The new coronavirus first emerged in the city of Wuhan in late 2019, and Chinese authorities later imposed lockdowns, travel restrictions and quarantine measures across the country to prevent the respiratory disease known as Covid-19 from spreading widely within its borders.

After a historic decline in the first quarter, China’s economy grew 3.2% in the second, and companies including industrial manufacturers and retailers have experienced a resurgence in global and domestic demand. The International Monetary Fund

Read More

  • Belgian startup Naki Power wants to recreate the booming market of phone charging hubs from China in Europe. 
  • The global power bank market size was valued at $17.41 billion in 2019, and is projected to reach $22.34 billion by 2027, registering a CAGR of 3.4% from 2020 to 2027, according to Allied Market Research.
  • “The market in China has been growing like crazy in the past 10 years and I think Europe can be the same,” Tim Rucquoi-Berger, Naki Power cofounder and CEO, told Business Insider in an interview. 
  • Visit Business Insider’s homepage for more stories.

Maintaining phone charge has become a major economy in China, where citizens rely on phone apps to buy food, pay bills, and to get around.

It’s estimated that in 2019, the power bank industry had 150 million users in China as bars, restaurants and more host spots for people to charge their phones, per

Read More