Archive for ‘China alert’

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01/02/2019

China, Qatar agree to deepen strategic partnership

CHINA-BEIJING-XI JINPING-QATARI EMIR-TALKS (CN)

Chinese President Xi Jinping holds talks with Sheikh Tamim Bin Hamad al-Thani, emir of Qatar, at the Great Hall of the People in Beijing, capital of China, Jan. 31, 2019. Prior to the talks, Xi held a welcome ceremony for Tamim at the Great Hall of the People. (Xinhua/Li Tao)

BEIJING, Jan. 31 (Xinhua) — Chinese President Xi Jinping met with Qatari Emir Sheikh Tamim Bin Hamad Al-Thani Thursday in Beijing, and they agreed to deepen the bilateral strategic partnership featuring mutual respect, equality and mutual benefit, and common development.

Xi recalled the establishment of the strategic partnership between the two countries in Beijing in 2014, saying that many consensuses reached at that time on developing bilateral relations were being implemented in joint efforts, which had brought tangible benefits to the two peoples.

China is willing to enhance communication with Qatar to deepen political mutual trust, Xi said, adding that China supports Qatar in exploring its development path suitable to its own conditions.

He said China appreciated Qatar’s firm adherence to the one-China policy, and thanked Qatar for its firm support on issues concerning China’s core interests.

Xi called on the two sides to further synergize their development strategies and jointly build the Belt and Road Initiative.

The two countries have initially formed a new pattern of cooperation with oil and gas cooperation as the backbone, infrastructure construction as the focus, and finance and investment as the new growth point, Xi said, calling for the progress in cooperation in energy, infrastructure construction, high and new technology, and investment.

The two sides should strengthen exchanges, share experiences and increase cooperation in international anti-terrorism and anti-extremism campaigns, Xi said.

Regarding people-to-people exchange, Xi called on the two sides to advance cooperation in such areas as tourism, culture, sports and media, especially by supporting each other in hosting the 2022 Beijing Winter Olympic Games and the 2022 World Cup in Qatar.

Noting the significance of regional cooperation and stability in the Gulf for the prosperity of the region, Xi voiced China’s support for appropriately addressing differences and contradictions through political and diplomatic means, and within the Cooperation Council for the Arab States of the Gulf (GCC) and the Arab frameworks, in order to resume unity and harmony among the Gulf states.

The Chinese side stands ready to continue playing a constructive role in accordance with the wish of the GCC countries, Xi told the emir of Qatar.

Hailing the rapid development of the bilateral ties, Tamim said the Qatari side was confident of the Chinese economy.

As one of the earliest countries that had responded to the Belt and Road Initiative, Qatar looks forward to cooperating extensively with China in energy, investment, technology, infrastructure construction and other sectors, Tamim said.

Tamim spoke highly of the performance of Chinese enterprises in Qatar, and welcomed Chinese companies’ investment in the Gulf country. The Qatari side is committed to enhancing cultural, tourism and media exchanges with China.

Lauding China’s constructive stance in multilateral affairs as well as in the Middle East and Gulf issues, Tamim said the Qatari side was willing to strengthen communication and coordination with China, and deepen cooperation with the Chinese side to fight terrorism and extremism.

After the talks, the two heads of state attended a ceremony of the signing of cooperation documents between the two countries.

Prior to the talks, Xi held a ceremony to welcome Tamim at the Great Hall of the People.

Source: Xinhua

Posted in China alert, Emir Sheikh Tamim Bin Hamad Al-Thani, President Xi, Qatar, strategic partnership, Uncategorized | Leave a Comment »

31/01/2019

China’s factory activity shrinks as slowdown worries rise

Worker with a circuit board in a Yamaha musical instrument factory in TianjinImage copyrightGETTY IMAGES

Chinese factory activity contracted for a second straight month in January, the official Purchasing Managers Index (PMI) showed.

The index ticked up to 49.5, but remained below the 50-point level that separates growth from contraction.

China reported its weakest economic expansion in 28 years in 2018, and growth is expected to slow further.

Already, a number of multinationals have said sluggish growth in China has affected their bottom line.

The manufacturing data was up slightly from the 49.4 level recorded in December.

Marcel Thieliant, economist at Capital Economics, said while the PMI didn’t weaken any further in January, “it still suggests that the economy lost momentum at the start of the year”.

Other data, such as consumer sentiment and retail sales figures, also point to weakening demand in the world’s second largest economy.

Several international companies have warned on China’s slowdown, including Apple.

The tech giant blamed a 5% fall in revenues partly on China.

Shares of industrial equipment giant Caterpillar took a beating earlier this week, after the company reported its sales slipped 4%, largely due to slow sales in China.

Chipmaker Nvidia also reported softer sales due to a sluggish Chinese market.

3M, which makes products from adhesive tapes to air filters, also said weak customer demand in China affected its bottom line.

China has been attempting to reform its economy to rely more on domestic consumption instead of exports and investment to fuel growth.

The US-China trade war is also creating economic uncertainty.

The latest figures come as officials from both sides meet in Washington to try ease trade tensions.

If the two sides cannot reach an agreement by 1 March, the US has said it will increase the tariff rate from 10% to 25% on Chinese goods worth an estimated $200bn (£154.4bn).

Source: The BBC

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31/01/2019

China scales back Iran nuclear cooperation ‘due to fears of US sanctions’

  • Islamic Republic’s nuclear agency says China is dragging its feet on work to redesign reactor agreed as part of international nuclear deal that Donald Trump has since tried to end
  • Iran’s claim that China fears its companies will be hit with sanctions comes amid ongoing efforts to resolve stand-off with Washington
PUBLISHED : Thursday, 31 January, 2019, 8:04pm
UPDATED : Thursday, 31 January, 2019, 8:04pm

COMMENTS:  

Ali Akbar Salehi, the head of Atomic Energy Organisation of Iran (AEOI), said on Wednesday that the Chinese were “reducing the speed of cooperation despite their commitment” to redesign the Arak heavy water reactor.

Salehi told the state-run Islamic Republic News Agency that China fears possible US sanctions on its nuclear-related firms if it continues its cooperation with his country.

He also urged China to re-engage with the project, but insisted that Iran had “alternative choices” if it continued to drag its feet.

The project was agreed as part of a 2015 nuclear deal between Iran and the five UN permanent Security Council members – Britain, China, France, Russia and the US – plus Germany and the EU under which the Islamic republic would scale back its nuclear activities in exchange for reduced sanctions.

But the agreement has been in jeopardy since the election of Donald Trump, who pulled out of the agreement in 2017, claiming it was a “terrible deal” that did nothing to curb the nuclear threat from Iran.

The US has since imposed new sanctions on Iran, targeting its atomic energy organisation along with its banks, national airline and shipping companies.

The reactor at Arak, however, remained exempt from sanctions.

But the increased rivalry between the US and China has also raised the pressure on Beijing regarding its engagement with Iran.

Last month the Huawei executive Sabrina Meng Wenzhou was arrested in Canada for possible extradition to the US on fraud charges relating to alleged breaches of Washington’s sanctions on Iran – a move that has further damaged relations.

Earlier this month Behrooz Kamalvandi, a spokesman for the AEOI, also accused China of delaying work on the project.

“Redesigning the Arak reactor with China is supposed to [be proceeding] faster,” Kamalvandi told the state news agency.

“Iran and China [were supposed to] cooperate in installing the equipment in the redesigning process,” Kamalvandi said, adding that his county was willing to start the next phase of work on its own if necessary.

James Floyd Downes, a lecturer in comparative politics at the Chinese University of Hong Kong, said Beijing may be “concerned about the possible sanctions on Chinese nuclear-related firms if it continues to cooperate with Iran”.

Downes continued: “At the same time, it is also likely that a closer relationship with Iran may negatively affect the continued trade war negotiations with the Trump Administration in Washington. This is likely to exacerbate tensions and the overall situation with Washington.”

Zhao Tong, a fellow at Carnegie-Tsinghua Centre for Global Policy, said it was difficult to determine why China had slowed down its work on the reactor.

“Even though Washington has withdrawn from the [nuclear deal] the US should still have a strong interest in seeing this reactor being converted as soon as possible, because the conversion could help reduce Iran’s potential capacity to pursue nuclear weapons,” Zhao said.

“I don’t see any reason why the United States would want to undercut China’s efforts in this regard. This is not a case of China-Iran cooperation to enhance Iran’s nuclear weapon capabilities. In fact, it is the opposite,” Zhao added.

Meanwhile, a two-day meeting of the five major nuclear powers ended on Thursday with the parties reaching a consensus on “a clear understanding of the direction of cooperation” and said they would “continue to work to promote the establishment of a zone free of nuclear and other weapons of mass destruction in the Middle East”.

“The current international security situation is complicated and has evolved,” the statement continued, vowing to use the platform to maintain dialogue and a coordinated response to international challenges.

Both Downes and Zhao said the talks were likely to have included discussions on expanding their common ground on nuclear issues in the Middle East, including Iran’s atomic programme.

Source: SCMP

Posted in China alert, iran, nuclear cooperation, Uncategorized, US sanctions | Leave a Comment »

31/01/2019

Chinese premier, Cambodian PM welcome launch of China-Cambodia culture, tourism year

BEIJING, Jan. 30 (Xinhua) — Chinese Premier Li Keqiang and Cambodian Prime Minister Samdech Techo Hun Sen sent congratulatory messages on the launch of the China-Cambodia culture and tourism year 2019 in Phnom Penh on Wednesday, expressing hope for strengthening the bilateral friendship and ties.

In his message, Li said that China and Cambodia, both boasting a long history, rich culture and beautiful scenery, are good neighbors, friends, partners and brothers and enjoy a long-standing friendship. There are wall paintings in Cambodia’s famed Angkor Archeological Park depicting friendly exchanges between the two peoples more than 1,000 years ago.

Li said the China-Cambodia culture and tourism year is an opportunity for the two sides to promote cultural and people-to-people exchanges, so as to foster a solid ground for building a community with a shared future together.

For his part, Hun Sen said the long-standing friendship between Cambodia and China remains unshakable with closer and fruitful cooperation.

He added that the launch of the culture and tourism year benefits the bilateral friendly cooperation under the framework of the Belt and Road Initiative toward a win-win end, as well as the development of tourism in the two countries.

Source: Xinhua

Posted in Cambodia, China alert, Culture, Li Keqiang, PM, Tourism, Uncategorized | Leave a Comment »

31/01/2019

Fresh round of China-U.S. trade talks start in Washington

WASHINGTON, Jan. 30 (Xinhua) — China and the United States kicked off here on Wednesday morning a new round of high-level talks to address their differences on outstanding economic and trade issues.

The talks, scheduled for two days, mark a significant step in the implementation of the important consensus reached by Chinese President Xi Jinping and U.S. President Donald Trump during a working dinner in Buenos Aires, Argentina, on Dec. 1.

The two heads of state agreed back then that the two sides should try to reach a mutually beneficial and win-win agreement within 90 days to bring an early end to their months-long trade friction featuring massive tariffs on imports from each other.

The latest talks began shortly after 9 a.m. local time (1400 GMT) at the Eisenhower Executive Office Building, part of the White House complex, following a brief session open to the media.

All the discussions and negotiations, which are expected to last until Thursday afternoon, will be held behind closed doors.

The Chinese delegation, headed by Vice Premier Liu He, includes senior officials from major economic sectors of the Chinese government, while the U.S. team is led by Trade Representative Robert Lighthizer and includes Treasury Secretary Steven Mnuchin, among others.

The White House has said that the U.S. side welcomes the Chinese delegation, which arrived in Washington on Monday, and that Trump is scheduled to meet with Liu on Thursday.

The world is watching these talks closely, with many hoping for some substantial, positive progress to be made.

Analysts have warned that the lasting trade tension between the world’s two largest economies would not only impact their own businesses, workers and consumers, but also stoke global market fears of uncertainty and disruption, and erode confidence in the long-term global economic growth.

While acknowledging that the talks will not be easy given the complexity and difficulty of certain issues in dispute, China maintains that there will be no insoluble problems between the two countries as long as they both keep the great benefits of cooperation in mind and show sincerity and mutual respect at the negotiating table.

Source: Xinhua

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30/01/2019

Investors brace for China tech funding ‘down rounds’

HONG KONG (Reuters) – Investors are bracing for a series of “down rounds” in China’s much-hyped tech sector as weak stock markets worldwide and the country’s economic slowdown weigh on once-buoyant private markets.

Falling valuations risk denting investor enthusiasm for future funding rounds – potentially limiting the amounts startups are able to raise. One senior tech-focused dealmaker estimated that targeted valuations have fallen between 20 and 40 percent in China’s tech space over the last three months alone.

This week Maoyan Entertainment, China’s top movie ticketing app, became the latest example of the trend as the Hong Kong initial public offering of the group backed by Tencent Holdings Ltd valued the company at $2.16 billion – more than a quarter below the valuation reached in its last 2017 funding round.

Valuations of some sizeable unicorns – startups with at least a billion-dollar valuation – have also been dropping in the more opaque market of private secondary trading, where investors trade their holdings in unlisted companies.

Stakes in China’s ride-hailing champion Didi Chuxing have traded at prices implying a valuation of $40-44 billion, according to Moncef Heddad, managing partner and head of Asia at securities brokerage firm Rainmaker Asia Holdings.

Didi’s valuation exceeded $65 billion after its 2018 funding round, according to two sources familiar with the company. The privately held firm had been valued at $56 billion in a 2017 fundraising. Didi declined to comment.

“Most people pay for forward-looking valuations assuming that growth will only go in one direction, but when the economy is having a downturn, these forward-looking valuations are not going to sustain and need to adjust and correct too,” said Hong Kong-based Heddad.

Companies expected to seek funding in public or private markets this year include Beijing Bytedance Technology Co, owner of leading news aggregator Jinri Toutiao; artificial intelligence firms Megvii and SenseTime; and coffee startup Luckin, sources have told Reuters.

Bytedance, SenseTime and Luckin declined to comment. Megvii didn’t respond to a request for comment.

Other companies have had to lower their target valuations in funding rounds, including Ping An-backed financial technology company Lufax, which closed its latest funding effort in December at a valuation of $38 billion versus a target of $40 billion.

IPO MOMENT OF TRUTH

Tech investors in China have for the last few years enjoyed soaring valuations and a far-faster pace of unicorn creation compared with other markets, including the United States

But Hong Kong’s IPO markets in 2018 began to dampen the dizzying optimism as a string of hotly anticipated floats, including smartphone maker Xiaomi, priced towards the bottom end of their indicated ranges – and then fell further on trading.

Xiaomi’s July IPO valued the firm at about $54 billion, or just over half the $100 billion that industry insiders had touted early in the year. Its current market cap, at around $33 billion, is also below the $46 billion valuation it reached in its last pre-IPO fundraising in 2014.

“I think it’s healthy,” said Joe Tsai, co-founder of Alibaba Group when asked about the effect of such down rounds at a Reuters BreakingViews event in Hong Kong last week.

“The public markets have already reflected the down round… and I expect to see that happen in the next 6-9 months in the private markets.”

“I think the entrepreneurs had it too easy being able to raise gigantic billion dollar levels of capital at multi billion dollars of valuation. It’s just distorted,” he said.

Alibaba affiliate Ant Financial was one beneficiary of the funding boom. Last year it raised $14 billion in the world’s largest single fundraising by a private company – a deal that also made the payments operator the world’s largest unicorn with a valuation of $150 billion.

Apple posts revenue drop but optimistic on China

But even IPOs backed by Alibaba have since felt the chill: Babytree Group, a parenting website operator backed by the e-commerce giant, was valued at $1.5 billion in its $217 million November IPO in Hong Kong – down from a $2 billion valuation when Alibaba invested last May.

LESSER OF TWO EVILS

Investors concerned by the outlook have increasingly begun to demand downround protection clauses in fundraising agreements, industry sources said.

These can take different forms, but typical conditions involve a company agreeing to buy back shares, or otherwise compensate investors, if it fails to go public within a certain period or above a specified valuation.

Beijing Bytedance is one example, according to sources. The company, which also owns popular short video streaming app TikTok, raised $3 billion at a $78 billion valuation late last year.

But two sources say that at least some investment agreements for the deal included a pledge it would reach a value of at least $90 billion when it launches an IPO.

Industry participants have cautioned however that the deals may not be enforced when it comes down to it since for many late-stage investors, a down round via IPO is often a better option, despite the price, than being trapped in a still-private company.

“A down-rounded IPO isn’t good news but is more acceptable for investors because that at least offers an exit and creates market liquidity,” said a senior private equity investor who focuses on tech investments. “Of the two evils, we choose the lesser.”

Source: Reuters

Posted in China alert, investors, tech funding, Uncategorized | Leave a Comment »

30/01/2019

Cover up! Chinese female live-stream performers banned from wearing skimpy clothes

  • Hubei province lays down rules for internet phenomenon as sexy costumes, see-through dresses and other revealing attire take it over the top
PUBLISHED : Wednesday, 30 January, 2019, 6:45pm
UPDATED : Wednesday, 30 January, 2019, 6:50pm

COMMENTS:  

Hubei province has banned female hosts from wearing revealing clothes as part of new guidelines for live-streaming broadcasts, making it the first authority in China to do so.

The provincial government in central China banned live stream broadcasters from wearing sexy costumes, lingerie, see-through dresses, skin-colour body tights or any clothes that are too revealing, state news agency Xinhua reported.

“The law may be too vague, but our standards are more detailed in terms of what to wear from bottom to top,” Xie Qiuqi, head of Gaoxin branch of the Hubei Standardisation and Quality Institution, told Hubei TV.

“Clothes showing the national flag and emblem and other unlawful content are also banned,” he said.

Under the new rules, minors are required to provide live stream platforms with an identity card, the household registration of their guardians and a signed application form before going live online by themselves.

Live-streaming platforms should install an around-the-clock system for reporting abuses and a means of shutting down accounts or online posts in 90 seconds, the latest rules said.

The new standards in Hubei followed live-streaming platform operator Wuhan Douyu Network Technology’s announcement that it had drafted broadcast rules in conjunction with research institutes and media associations including the Wuhan Software Industry Association, Wuhan University, and Wuhan New Media Industry Association.

Live streaming is hugely popular in China, helping companies to popularise their products, while individuals can earn an income with unique online offerings. These range from something as simple and innocuous as glimpses of the life of a farmer to scantily-clad women performing dance routines.

The industry has been under intense scrutiny after a string of scandals and mishaps, including minors who stripped online and the death of Wu Yongning, a “rooftopping” star who was killed in a fall from a tall building in Changsa, Hunan province, in November 2017.

In October, Yang Kaili, a 21-year-old, self-made online celebrity, was detained for five days after singing part of the national anthem in a “disrespectful” manner.

Also last year, China conducted checks on more than 5,000 live-streaming apps and shut 370 streams for illegal programming such as pornography or “content that instigates crime”, state media reported.

Chinese live-streaming star locked up for ‘disrespecting’ anthem

“Everyone had seen unhealthy, dangerous and inappropriate content in the past that may cause others to feel uneasy. We hope that through our official announcement of the policies, we can minimise or get rid of such phenomenon,” Yuan Gang, vice-president of Douyu TV, told Hubei TV.

“Where the industry is heading is what we are worried about. We want to launch these standards before 5G is rolled out,” he said.

Female live-streamers have become very high profile. By broadcasting themselves singing, dancing, applying make-up or everyday, mundane activities like eating, some hosts can make more than 100,000 yuan (US$14,300) a month from members of a mostly male Chinese audience from an estimated 456 million viewers nationwide.

With 42 million more men than women in China, according to World Bank figures from 2017, live-streaming platforms have become a major source of entertainment for single men, helping to make it a thriving business for many enterprising women who are not averse to using sex appeal to cash in on their fan following.

Teen bankrupts parents by spending US$37,000 on live-stream ‘girlfriend’

In November, a 19-year-old man surnamed Lee, from eastern China, was reported to have spent more than US$37,000 on a live-stream host he claimed was his girlfriend. The money included 260,000 yuan (US$3,871) drawn from his parents’ savings for a new home. Lee was diagnosed with depression.

The Hubei government’s latest policy sparked debate on Weibo, China’s microblogging service.

“This rule is controlling too much. What is considered revealing? You can set swimsuits as the standard or black robes as the standard,” one user wrote.

“All men should wear monotone Chinese tunic suits, and all women should wear qipao,” another user said.

Source: SCMP

Posted in China alert, female live-stream performers, Hubei, satellites, skimpy clothes, Uncategorized, wearing | Leave a Comment »

30/01/2019

China firmly supports Philippines in fighting terrorism: ambassador

MANILA, Jan. 29 (Xinhua) — Chinese Ambassador to the Philippines Zhao Jianhua said Tuesday that China will give its “firm support” to the Filipinos and the Philippine government in the fight against violent extremism after twin blasts hit a cathedral in the southern Philippines.

In a speech at the Chinese New Year reception, Zhao said the Chinese government expressed its deepest condolences and sympathies to the families of those who were killed and injured in Sunday’s blasts in Jolo city of Sulu province.

“Chinese government once again will give its firm support to the Philippine people and Philippine government for fighting against all barbaric violence including terrorism,” he said.

Bombings hit a cathedral in Sulu province of the southern Philippines last Sunday, killing 21 people and wounding more than 100 others.

Source: Xinhua

Posted in ambassadors, China alert, Philippines, terrorism, Uncategorized | Leave a Comment »

30/01/2019

“One country, two systems” will further benefit Hong Kong in new era: liaison office director

HONG KONG, Jan. 29 (Xinhua) — With “one country, two systems” as its greatest advantage, Hong Kong will acquire more of a sense of contentment and happiness by staying committed to the basis of “one country” and well leveraging the benefits of “two systems,” an official said here Tuesday.

Wang Zhimin, director of the Liaison Office of the Central People’s Government of China in the Hong Kong Special Administrative Region (HKSAR), made the remarks while addressing more than 4,000 attendees at the liaison office’s Chinese New Year reception held at the Hong Kong Convention and Exhibition Center.

In 2018, China celebrated the 40th anniversary of its reform and opening-up, and solemnly declared a firm resolve to carry on this cause without pause in the new era, Wang said.

He added that Hong Kong has actively participated in the development of the Belt and Road Initiative and the Guangdong-Hong Kong-Macao Greater Bay Area, with a positive trend of integrating itself into the country’s overall development.

“By participating in the Greater Bay Area construction, the HKSAR, for the first time, is deeply engaged in drafting and implementing an outline of a national strategic plan,” he said.

“All of these achievements again explain that ‘one country, two systems’ is Hong Kong’s greatest advantage and the Chinese mainland with reform and opening-up is Hong Kong’s biggest stage,” he said.

This year marks the 70th anniversary of the founding of the People’s Republic of China. Pointing out that during the past 70 years, Hong Kong has always been developing and thriving together with the mainland, Wang expressed hope that all circles of Hong Kong society will contribute to the country’s comprehensive opening-up in a more proactive manner.

“Hong Kong compatriots will acquire more of a sense of contentment, security and happiness by staying committed to the basis of ‘one country’ and well leveraging the benefits of ‘two systems’,” he said.

Wang also pledged that the liaison office will open its doors wider in the new year, and will invite the HKSAR government officials and friends from various social walks, including all members of the HKSAR Legislature Council, for a gathering to further enhance mutual understanding.

Source: Xinhua

Posted in China alert, Hong Kong, One country, two systems, Uncategorized | Leave a Comment »

30/01/2019

China’s rural areas surpass cities in growth of digital consumption

HANGZHOU, Jan. 29 (Xinhua) — Alibaba’s Tuesday report shows that China’s rural areas are growing faster than some first-tier cities in digital consumption.

Statistics indicate that the growth rate of digital spending on Alibaba’s e-commerce platforms in rural areas reached 23.8 percent last year, 4.5 percent higher than that in first-tier cities of Beijing, Shanghai, Guangzhou and Shenzhen.

The huge consumption potential in rural areas would be turned into a major engine of growth as a result of the digital economy, more internet access and faster logistics, said the report.

Moreover, the internet will narrow the gap between the country’s developed eastern regions and the less-developed remote areas.

The report suggests that digital consumption further drives the sales of agricultural products in rural areas as more farmers turn to live-streaming and other popular internet marketing tools to attract customers.

In 2018, state-level impoverished counties sold goods worth over 63 billion yuan (about 9.4 billion U.S. dollars) on Alibaba’s online shopping platforms, with the most popular hits being agricultural products.

Source: Xinhua

Posted in central cities, China alert, digital consumption, growth, rural areas, Uncategorized | Leave a Comment »

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