Australia’s move to block Chinese firms bidding for power asset sparks fierce debateAustralia’s decision to block a A$10 billion (S$10.3 billion) lease of an electricity grid to Chinese and Hong Kong bidders due to security concerns has prompted fierce debate over whether critical infrastructure should be controlled by foreigners, especially if the deal involves China.The decision, announced last Thursday by the federal government, prevented China’s state-owned State Grid Corp and Cheung Kong Infrastructure Holdings, owned by Hong Kong billionaire Li Ka Shing, from bidding for a 50.4 per cent ...
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Officials in China say Beijing will propose a joint initiative to boost global growth at next month’s meeting of Group of 20 major economies amid rising protectionist sentiment in the United States and Europe.Finance and foreign affairs officials said the initiative will call for spreading the benefits of economic development, which might shore up political support for free trade.The September 4-5 meeting in eastern Hangzhou comes amid an unusually weak global economic recovery and growing popularity of U.S. and European politicians who advocate protection for local industries.At a news confer...
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2016
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Both industrial output and retail sales fell short of expectations for the month of July.The figures underline China’s difficulty of transforming the economy away from factories and exports.The data come just as economic growth had ever so slightly improved in the second quarter.Earlier this week though, China’s latest trade data had also pointed to a further slowdown.A spokesman for the National Statistics Bureau said on Friday that the country’s economy was still in a period of adjustment and facing downward pressure.The International Monetary Fund (IMF) expects China’s GDP to grow by 6.6% t...
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Snapchat and Kik, the messaging services, use bar codes that look like drunken checkerboards to connect people and share information with a snap of their smartphone cameras. Facebook is working on adding the ability to hail rides and make payments within its Messenger app. Facebook and Twitter have begun live-streaming video.All of these developments have something in common: The technology was first popularized in China.WeChat and Alipay, two Chinese apps, have long used the bar-codelike symbols — called QR codes — to let people pay for purchases and transfer money. Both let users hail a taxi...
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China created the country’s largest chip maker last week, taking a giant step forward towards Beijing’s plan of becoming less reliant on foreign technology.Under Beijing’s direction, Tsinghua Unigroup, China’s largest chip designer, acquired a majority stake in XMC, one of the China’s leading chip maker and backed by the national semiconductor fund, the Wall Street Journal reported. A new holding company was created for XMC called Yangtze River Storage Technology, which has a registered capital of 18.9 billion yuan ($2.8 billion).Yangtze combines Tsinghua Unigroup’s investment power and XMC’s ...
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