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China’s top banking regulator tells banks to push forward with reform

June 24, 2017 BEIJING (Reuters) – China’s top banking regulator has told banks to reform by tackling China’s “zombie firms”, control regional housing market bubbles and push forward with debt to equity swaps, according to a statement posted on the regulator’s website late Friday. Guo Shuqing, who was appointed chairman of China’s banking regulator in February, met with representatives from a number of the country’s largest commercial banks on Friday to check up on their progress implementing the central government’s reform agenda. Beijing is promoting supply-side structural reform as a…

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Beijing Business Exclusive China Unicom government state 

Exclusive: China Unicom counts Alibaba, Tencent among investors in drive to raise $10 billion – sources

June 22, 2017 By Julie Zhu and Kane Wu HONG KONG (Reuters) – Chinese tech giants Alibaba Group Holdings and Tencent Holdings will be among new investors pouring a total of around $10 billion into mobile carrier China Unicom, sources said, part of efforts by Beijing to rejuvenate state behemoths with private cash. Four sources with knowledge of the matter told Reuters that Alibaba and Tencent would invest in the Shanghai-listed unit of the telecoms group – China United Network Communications Ltd – as part of the capital-raising effort. One…

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Baidu in self-driving car tech tie-ups with Bosch, Continental

June 1, 2017 SAN FRANCISCO (Reuters) – Chinese Internet company Baidu announced two separate partnership deals on Thursday with top German auto suppliers Robert Bosch and Continental AG to co-develop autonomous driving technology and smart mobility services. The two deals underscore the wave of global partnerships being formed in the fast-moving autonomous vehicle sector, which requires both the competencies of traditional auto suppliers and those of technology companies seasoned in artificial intelligence, robotics and other highly technical software. The collaborations also point to the importance of partnerships between Western carmakers…

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Japan’s ruling party heavyweight signals readiness to join AIIB: Nikkei

May 15, 2017 TOKYO (Reuters) – Japan’s senior ruling party official has signaled Tokyo’s readiness to join the China-backed Asian Infrastructure Investment Bank (AIIB), saying it was crucial to reach a decision soon, the Nikkei newspaper reported on Tuesday. “The key would be how quickly Japan can decide to participate,” Toshihiro Nikai, secretary-general of the ruling Liberal Democratic Party, was quoted as telling reporters on Monday. Nikai, known for his close ties to China, was visiting Beijing to attend a two-day summit of China’s Belt and Road initiative that concluded…

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China’s Xi says Belt and Road summit reaches consensus, achieves positive outcomes

May 15, 2017 BEIJING (Reuters) – China’s first ever Belt and Road summit, held in Beijing over the last two days, has reached a broad consensus and achieved positive outcomes, President Xi Jinping said on Monday. Xi’s signature foreign policy, the Belt and Road initiative, will not base cooperation on ideological grounds but will be open and inclusive, the Chinese president told reporters at a closing function. The initiative would work to ensure an open world economy, rebalance globalization and work toward trade liberalization, he said, adding that it would…

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Russia, Saudi Arabia agree to extend oil output cuts until March 2018

May 15, 2017 BEIJING (Reuters) – Saudi Arabia and Russia have agreed to extend crude oil output cuts until March 2018 in their latest effort to rebalance the global crude market, energy ministers for the two major oil producers said on Monday. The next round of cuts will be on the same terms as the existing deal, Saudi energy minister Khalid al-Falih said at a joint briefing in Beijing with his Russian counterpart Alexander Novak. News of the joint deal sent crude prices up more than 1.5 percent in Asian…

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U.S., China agree to first trade steps under 100-day plan

May 12, 2017 By Ayesha Rascoe and Michael Martina WASHINGTON/BEIJING (Reuters) – The United States and China have agreed to take action by mid-July to increase access for U.S. financial firms and expand trade in beef and chicken among other steps as part of Washington’s drive to cut its trade deficit with Beijing. The deals are the first results of 100 days of trade talks that began last month, when a meeting between U.S. President Donald Trump and Chinese President Xi Jinping proved far more friendly than had been expected…

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U.S., China reach deals on access for beef, financial services

May 12, 2017 By Ayesha Rascoe WASHINGTON (Reuters) – The United States and China will expand trade in beef and chicken and increase access for financial firms, as part of a plan to reduce the massive U.S. trade deficit with Beijing, U.S. Commerce Secretary Wilbur Ross said on Thursday. The deals are the first tangible results of trade talks that began last month after U.S. President Donald Trump and Chinese President Xi Jinping met in Florida to discuss cooperation between the world’s two largest economies. The countries have agreed that…

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China’s Xi discusses nuclear issue with new South Korean president

May 11, 2017 BEIJING (Reuters) – Chinese President Xi Jinping discussed nuclear tensions on the Korean peninsula with South Korea’s new liberal President Moon Jae-in on Thursday, state television said, as Moon set about addressing a raft of problems posed by the North’s defiance. Xi told Moon that China has always upheld the denuclearization of the Korean peninsula and that the nuclear issue should be resolved through talks, which are in everyone’s interests, according to the state television report. China was willing to keep working hard with all parties, including…

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With maiden jet flight, China enters dog-fight with Boeing, Airbus

May 5, 2017 By Jackie Cai and Adam Jourdan SHANGHAI (Reuters) – China’s home-grown C919 passenger jet completed its long-delayed maiden flight on Friday, a major first step for Beijing as it looks to raise its profile in the global aviation market and boost high-tech manufacturing at home. Under overcast skies, the white, green and blue aircraft, with “C919” emblazoned on its tail, touched down at Shanghai’s international airport after an 80-minute flight to cheers from thousands of dignitaries, aviation workers and enthusiasts. The jet is a symbol of China’s…

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