China will set up a financial watchdog run by the Communist Party, state media reported on Thursday, as part of a broad reorganisation of governing bodies set to give the ruling party direct control and supervision over financial affairs. The creation of the Central Financial Commission will see the dissolution of the state-run Financial Stability […]
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Chinese search engine giant Baidu on Thursday unveiled its much-anticipated artificial intelligence-powered chatbot known as Ernie Bot, giving the world a glimpse of what could be China’s strongest rival to U.S. research lab OpenAI’s ChatGPT. The popularity of ChatGPT, backed by Microsoft, has triggered a frenzied rush among Chinese tech giants and startups alike to […]
The world order is rapidly changing, and it seems that China is making a bid for global dominance through its ambitious infrastructure development program, the Belt and Road Initiative (BRI). As China invests billions of dollars in infrastructure projects in more than 100 countries, including some of the world’s poorest and least developed nations, the […]
Apple Inc supplier Foxconn on Wednesday said it plans to ramp up investment outside of China and efforts to attract automakers to its contract manufacturing business, as the company reported weaker demand for consumer electronics. Foxconn, which assembles around 70% of iPhones, has been diversifying production away from China, whose strict COVID restrictions disrupted its […]
South Korea’s willingness to resolve historical disputes in the name of improving relations with Japan is largely driven by concerns over North Korea’s growing capabilities, and managing any rivalry with China, officials and analysts say. South Korean President Yoon Suk Yeol will visit Tokyo on Thursday for a summit with Prime Minister Fumio Kishida, the […]
Chinese battery giant CATL’s plan to raise at least $5 billion in Swiss global depository receipts (GDR) has been delayed as Beijing regulators raise concerns over the large scale of the offering, three people with direct knowledge of the matter said. The world’s largest battery maker, formally known as Contemporary Amperex Technology Co (CATL), had […]
The United States, Australia and Britain unveiled details of a plan to provide Australia with nuclear-powered attack submarines from the early 2030s to counter China’s ambitions in the Indo-Pacific. Addressing a ceremony at the U.S. naval base on Monday in San Diego, accompanied by Australian Prime Minister Anthony Albanese and British Prime Minister Rishi Sunak, […]
The world’s largest battery maker CATL and its rivals in China were put on notice this week with a message from the top. When Chinese President Xi Jinping said he was “both pleased and concerned” about CATL’s electric vehicle (EV) battery dominance, industry executives and regulators heard a caution to be ready to throttle back […]
The Biden administration is working to further tighten restrictions on exporting semiconductor manufacturing gear to China, Bloomberg News reported on Friday citing people familiar with the situation. The government has briefed U.S. companies about the plan and told them it expects to announce the restrictions as early as next month, the report said. The Biden […]
Li Qiang, the former Communist Party chief of Shanghai, took office on Saturday as China’s premier, the country’s No.2 post, putting the close ally of President Xi Jinping in charge of reviving an economy battered by three years of COVID-19 curbs. Widely perceived to be pragmatic and business-friendly, the 63-year-old Li faces the daunting task […]