China Money and Wealth

Financial news and features about China's wealthy, and how they spend their money. 
Money & Wealth - South China Morning Post
  1. The International Monetary Fund (IMF) on Tuesday cut its economic growth forecast for China this year because of the patchy recovery from new coronavirus variants, as Beijing focuses on reducing debt and public investment.The Washington-based organisation trimmed China’s gross domestic product (GDP) growth estimate to 8.1 per cent, down from April’s projection of 8.4 per cent. But the country’s growth forecast for next year edged up 0.1 percentage points from April to 5.7 per cent.The IMF also…
  2. WeChat, the multipurpose super app operated by Chinese internet giant Tencent Holdings, has suspended new user registrations until August so it can conduct a “security upgrade” to comply with “relevant laws and regulations”, following Beijing’s intensified scrutiny of the country’s internet industry.“We are conducting a security technical upgrade in accordance with relevant laws and regulations, and we will temporarily suspend the registration of new personal accounts and official accounts,”…
  3. The operators of cryptocurrency exchanges Huobi and OKCoin are closing their respective subsidiaries in Beijing, dealing another blow to investors in bitcoin and other digital tokens in mainland China amid the latest crackdown on this sector.Beijing Huobi Tianxia Network Technology Co applied last Thursday to cancel the company’s registration after its “resolution of dissolution”. Creditors must declare their claims to the liquidation group within 45 days of that announcement, according to…
  4. China’s state media are on a mission to talk up the battered stock market and reassure rattled investors after a rout on Monday that erased more than US$570 billion from Chinese stocks listed at home and abroad.The panic sell-off provides an opportunity to “buy on dips” – meaning to invest in stocks that have plummeted in price – as there are no fundamental changes in the onshore market, according to an article published by the Securities Times, which is run by Communist Party mouthpiece the…
  5. Offshore investors, stunned by the extent of China’s punitive regulatory onslaught, are fleeing the mainland markets at their fastest clip in a year. There was also no song and dance for a technology gauge on its first anniversary in Hong Kong.They were net sellers of 12.8 billion yuan (US$2 billion) worth of A shares on Monday, according to Stock Connect data in Hong Kong compiled by Bloomberg. Their disposal is the largest since a 16.4 billion yuan retreat via the trading link’s northbound…
  6. Chinese merchants locked out of selling on Amazon are weighing their legal options and looking to Beijing for help after the world’s largest e-commerce platform shut down more than 50,000 stores from the country over banned practices such as commissioning fake reviews.A group of more than 20 mid-sized and large companies operating in the “made in China, sold on Amazon” market explored the possibility of teaming up in a jointly filed lawsuit against the Seattle-based online retailer, but the…
  7. Small operators of music-streaming apps in China will soon be able to offer some of the most popular tracks that were controlled for a long time by Tencent Holdings, but analysts said these firms still face an uphill battle to challenge the internet giant in this market.On Saturday, China’s antitrust watchdog the State Administration for Market Regulation (SAMR) slapped Tencent with a 500,000 yuan (US$77,117) fine and ordered the company to end its exclusive music licensing deals with global…
  8. A trade weighted index looking at the value of China’s yuan climbed to a five-year high last week, and analysts expect the currency to remain at elevated levels in the foreseeable future as the government allows greater flexibility and tries to remove distortions in the economy.A simulated CFETS RMB basket index, which measures the yuan’s value against a number of foreign currencies, climbed to 98.70 on Friday, marking its highest level since March 2016, according to the China Foreign Exchange…
  9. Chinese regulators have ordered online platforms to ensure food delivery riders earn above the country’s minimum wage, that riders be freed from unreasonable demands placed upon them by algorithms, and that these workers have access to social security and a place in a union, in a likely financial blow to big delivery services companies such as Meituan.The guidelines, published on Monday afternoon by the State Administration for Market Regulation (SAMR) along with six other government agencies…
  10. Four of China’s biggest technology titans have each kicked off massive recruitment drives on thousands of college campuses across China, despite Beijing authorities’ historic crackdown on the sector that continues to disrupt business.In the past two months, TikTok owner ByteDance, on-demand delivery service Meituan and e-commerce giants JD.com and Alibaba Group Holding, owner of the South China Morning Post, have all launched recruitment campaigns for 2022. Alibaba called its recruitment drive…