China Money and Wealth

Financial news and features about China's wealthy, and how they spend their money. 
South China Morning Post
  1. The new mobile payments service launched by tech unicorn ByteDance on its video-sharing platform Douyin, the sister app of TikTok, brings a major challenger in a market long dominated by Ant Group’s Alipay and Tencent Holdings’ WeChat Pay, industry analysts said.Douyin, which had 600 million daily active users as of August 2020, is expected to promote its Douyin Pay service in this year’s Spring Festival Gala, according to people familiar with the matter, under an exclusive advertising…
  2. China’s central bank has outlined its definitions of monopoly among third-party online payments for the first time, as it moves ahead with a plan to curb the market concentration in the world’s largest fintech market. Any nonbank service provider with half of the market for online transactions, or two entities with a combined two-thirds share, could be subject to antitrust investigations, according to draft rules released on Wednesday by the People’s Bank of China. Three providers with three…
  3. Foreign direct investment (FDI) into China rose to a record high in 2020 by posing the fastest growth rate in five years despite the disruptions caused by the coronavirus pandemic.FDI in US dollar terms – excluding financial sectors such as banking, securities and insurance sectors – grew to US$144.37 billion last year, the highest level since records began in 1983, the Ministry of Commerce said on Wednesday.This represented an increase of 4.5 per cent from 2019 – the fourth consecutive year of…
  4. China kept its benchmark lending rate for corporate and household loans the same for a ninth straight month at its January fixing on Wednesday, matching market expectations.The one-year loan prime rate (LPR) was kept unchanged at 3.85 per cent, while the five-year LPR remained at 4.65 per cent.“Commercial banks left the loan prime rate on hold. But with monetary conditions already being tightened in practice and underlying inflation set to rebound, we think it is still likely that the [People’s…
  5. Foreign holdings of US Treasuries declined for a fourth straight month in November, although China increased its load of American debt for the first time in six months, data from the US Treasury department showed on Tuesday.Foreign investors held US$7.053 trillion in US government debt in November, down from US$7.068 trillion the previous month.Chinese holdings rose to US$1.063 trillion in November from US$1.054 trillion in October. China remains the second largest non-US owner of US debt.Japan…
  6. The economic challenges caused by the coronavirus pandemic have increased the urgency for Chinese companies to adopt the use of a digital currency, Guo Weimin, chief scientist at the Bank of China, said on Tuesday.While there is no official timetable for the launch of China’s sovereign digital currency, the People’s Bank of China is reportedly aiming to release the e-yuan, also known as the Digital Currency Electronic Payment, before the start of the Winter Olympics – an event expected to take…
  7. Cheng Xue, the vice-chairwoman of Foshan Haitian Flavouring, has displaced dozens of technology executives as China’s highest-paid corporate chieftain, according to the inaugural Hurun China Richest Professional Managers 2021 report.The personal wealth of Cheng, 50, is estimated at 65 billion yuan (US$10 billion), due to her 9 per cent stake in Haitian according to Forbes, which quadrupled in value since its 2014 initial public offering in Shanghai. Cheng is also at the apex of a growing legion…
  8. China’s very first carmaker is entering the fray to assemble electric cars, as it joins the shift towards electrification in the world’s largest automotive industry, where one in every five vehicles will be powered by electricity by 2025.FAW Group, founded in 1953 to spearhead Mao Zedong’s industrialisation, will team up with its German partner Audi to build a 30 billion yuan (US$4.6 billion) plant in the Jilin provincial capital of Changchun in north-eastern China. FAW, which already makes…
  9. The recent public spat between Chinese internet giant Tencent Holdings and telecommunications equipment maker Huawei Technologies Co has highlighted a shift in the balance of power between game developers and distribution channels, as players increasingly focus their interest on a small number of popular games.The dispute spilled into public view on January 1 when Huawei announced it had removed Tencent’s mobile games from its app store, the Huawei AppGallery. The move shocked netizens as…
  10. China is expected to confirm on Monday that it was the world’s first major economy to overcome the damage caused by the coronavirus pandemic and post positive growth for 2020, although the world’s second largest economy still faces a bumpy road ahead.Last year’s gross domestic product (GDP) is expected to have grown by 2.1 per cent, according to a Bloomberg poll of economists, a sharp decline from a revised 6.0 per cent in 2019, and the lowest growth rate in 44 years.However, even weak growth…