News by tag: China

20.01.2017

China-Switzerland is a win-win strategy

China and Switzerland have enjoyed a longstanding win-win partnership and China has an optmisstic economic outlook, the Swiss minister of Economic Affairs, Education and Research, Johann Schneider-Ammann said in an interview with Xinhua, chinese media on the sidelines of the World Economic Forum. "I am very proud that Chinese President Xi Jinping could come to my country and stay four days," Schneider-Ammann said  "In April last year we established such good personal relationships, and I'm proud of this success." 

 
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19.01.2017

Alibaba boss Ma: world should give Trump some time

Chinese e-commerce giant Alibaba’s executive chairman Jack Ma said the company’s ambitions to link up with Hollywood remain strong and also urged people to give President-Elect Donald Trump “some time” because “he’s listening.” Speaking at the World Economic Forum in Davos, Switzerland on Wednesday, the Chinese billionaire said Alibaba had a debate five years ago about what Chinese people want. “Happiness and health,” he said. “We believe the movie industry brings happiness. Today, no one is happy. Rich people aren’t happy. Poor people aren’t happy. At least when I watch a movie I’m happy.”

 
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18.01.2017

Hong Kong regulator sues StanChart, UBS over Chinese company's IPO

Hong Kong's stock market regulator has filed a lawsuit against major banks Standard Chartered and UBS along with consultancy firm KPMG over a 2009 initial public offering on the city's bourse.  On Monday, the Securities and Futures Commission sued UBS, Standard Chartered and others over their role in the 2009 IPO of China Forestry, now under liquidation. The case, involving two global finance brands, serves both as an easy win for prosecutors and a way to send a message to listing sponsors – including Chinese banks that now dominate the city’s IPO market.

 
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17.01.2017

China President Xi Jinping defends globalisation, the engine of the economy

China's President, Xi Jinping, says that economic globalization has powered worldwide growth and should not be blamed for the world's problems. In an attack on the anti-globalization rhetoric, Xi told a packed audience at the World Economic Forum at Davos on Tuesday: "It is true that economic globalization created new problems but this is no justification to write off economic globalization altogether", and he added that “Pursing protectionism is just like locking oneself in a dark room". He stressed the challenges as well of the benefits of economic globalisation and that the process needed to be made more “invigorated, inclusive and sustainable”.

 
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16.01.2017

Davos 2017: China's Xi Jinping on the Global stage

Xi Jinping is set to become the first Chinese president to attend the World Economic Forum's annual gathering high in Davos. It's a visit rich in symbolism: Beijing is positioning itself as a global leader at a time when Western powers, and especially the United States, are retreating from the world stage. Globalisation and free trade are being attacked in the US and Europe. And with a new president about to enter the White House, President Xi's speech will be watched very carefully.

 
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12.01.2017

Chinese tourists like Swiss Alps for winter sports

Switzerland has been an attractive destination for Chinese tourists in recent years, especially due to their growing interest in winter sports according to a report by the Swiss Chinese Chamber of Commerce. With China's ski industry expected to grow rapidly over the next five to 10 years, there will be greater demand for trips to ski destinations such as Switzerland.  Statistics from the Swiss government show that 2015 saw a 33% increase in the number of hotel bookings by Chinese tourists. It is part of a trend that has been taking place over the past decade.

 
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11.01.2017

China's President to attend Davos World Economic Forum

Chinese President Xi Jinping will deliver a speech at the opening ceremony of the World Economic Forum (WEF) session in Davos, Switzerland on January 17, Chinese Vice Foreign Minister Li Baodong said Wednesday. China's President will be the first Chinese head of state to do so at the annual gathering of business leaders, politicians and cultural icons. "We are all aware that we are now in the transition in the world to a multilateral, to a multipolar, geopolitical and geo-economic structure," World Economic Forum founder Klaus Schwab told reporters in Geneva on Tuesday.

 
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10.01.2017

McDonald’s sells Its China Business For $2.1 Billion

Fast food chain McDonald’s is selling a majority stake in its China business, valuing the enterprise at up to $2.1 billion. Chinese state-backed conglomerate Citic Ltd., Citic Capital Holdings and U.S. private-equity firm Carlyle Group LP will acquire an 80 percent holding in a deal valuing the business at as much as $2.08 billion, according to a statement Monday. Citic will own 52% of McDonald’s China operations, while Carlyle will own 28%. The new partnership plans to add more than 1,500 locations in China over the next five years. McDonald’s currently has 2,400 locations in China and 240 locations in Hong Kong. Franchising allows it to take a slice of sales while cutting operating costs.

 
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09.01.2017

UBS, Morgan Stanley to raise stakes in China securities JV

Morgan Stanley and UBS Group are planning to raise their stakes in their securities operations in the country to the maximum 49% allowed, people with direct knowledge of the moves said, Reuters reported on Monday. China allowed foreign banks to boost share holdings in securities joint ventures to a maximum 49% in 2012 from the previous cap of a third to help modernise the country's capital markets. Foreign investments banks with securities joint ventures in China, however, have not as yet raised their stakes as most of the ventures were small or struggling to break even due to sluggish onshore deals.

 
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22.12.2016

Alibaba comes back on US counterfeits blacklist

Chinese e-commerce giant Alibaba Group is back on the U.S. government's annual list of "notorious markets" that sell pirated goods. The listing carries no penalties but will likely be an embarrassment for Alibaba, which has been trying to burnish its image in international markets. On Wednesday, the Office of the United States Trade Representative dumped Alibaba back on its Notorious Markets List, which “highlights prominent online and physical marketplaces that reportedly engage in and facilitate substantial copyright piracy and trademark counterfeiting.” This comes four years after the USTR had removed the Chinese e-commerce company from the list after it made some progress in combating fakes.

 
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