Cover: Will Europe pour more money into China?
The visit to China this month by a dozen top German business leaders provided an opportunity to take the pulse of foreign investor confidence in the country amid war in Eastern Europe, the pandemic, rising inflation and fears of recession.
As German Chancellor Olaf Scholz led a delegation including businessmen, European Union investment in China has fallen for three consecutive years, from $10.4 billion in 2018 to $6.3 billion in 2021. But in the first eight month of this year, EU investments more than doubled compared to the previous year.
Dramatic geopolitical changes this year have significantly altered the calculus of foreign investment in China. Large European companies are increasingly taking the lead. Japanese companies are shrinking in the manufacturing sector and progressing in services. And American companies are frozen.
Xi calls for China-US relations to return to ‘right track’
Chinese President Xi Jinping called US President Joe Biden to “chart the right path together” for bilateral relations as the two leaders met in Indonesia on Monday ahead of the Group of 20 Leaders’ Summit, according to the official Xinhua news agency.
“The current situation facing China-US relations does not meet the fundamental interests of the two countries and their people, nor the expectations of the international community,” Xi Jinping said.
FINANCE & ECONOMY
Fu Wanjun, chairman of China Everbright Bank Co. Ltd. Photo: CGV
Exclusive: Agricultural Bank of China to appoint Fu Wanjun as chairman
Agricultural Bank of China Ltd., one of the country’s “Big Six” state-owned commercial lenders, will name the president of China Everbright Bank Co. Ltd. as the new president, sources familiar with the matter told Caixin on Monday.
Fu Wanjun, 54, will become chairman of the country’s and the world’s third-largest bank by assets once administrative procedures are completed, the sources said.
Exclusive: Former China Guangfa Bank chairman detained
China’s Silk Road Fund signs deal to invest in two Indonesian drugmakers
supported by the Chinese state Silk Road Fund (SRF) signed an agreement to invest in two Indonesian state-owned pharmaceutical companies to strengthen health services in the Southeast Asian country.
The SRF and the Indonesian Investment Authority (INA), the country’s sovereign wealth fund, has agreed to jointly take a 40% stake in PT Kimia Farma Tbk. (KAEF) subsidiary, PT Kimia Farma Apotek, for about 1.86 trillion rupees ($120 million), according to a KAEF press release on Sunday. The proceeds will be used to fund business expansion, increase working capital and improve the subsidiary’s operational efficiency, he said.
Chinese sovereign wealth fund shows a return on investment of 14.27% abroad
Former provincial party leader becomes Beijing’s new boss
Former Fujian Province Communist Party leader Yin Li replaced Cai Qi as Beijing’s new party leader, the official Xinhua news agency reported on Sunday.
Yin was selected for the Politburo after the 20th National Party Congress in October, when Cai was promoted to one of seven members of the Politburo Standing Committee, the party’s top decision-making body.
China appoints youngest Fujian provincial party leader
Quick shots /
According to a Hong Kong crypto firm risky deposits after FTX collapse
Editorial: Gradually resume face-to-face cross-border activities
COMPANY & TECHNOLOGY
Guo Guangchang, billionaire chairman and co-founder of Fosun. Photo: CGV
Fosun chairman defends group’s solvency
Guo Guangchang, billionaire chairman of Fosun International Ltd. said the conglomerate has enough capital to hedge against market risks, noting that the group itself has total assets of 270 billion yuan ($37.4 billion) against 100 billion yuan in liabilities.
Guo’s remarks, made on an earnings conference call on Thursday, are his latest effort to allay investor concerns about the Chinese multinational’s debt risks, amid China’s sluggish growth and regulatory environment. stricter rules have put increasing pressure on the liquidity of private sector companies.
China’s 5G services need an upgrade as popularity drops, says Ericsson executive
An officer of Ericsson Inc. called Chinese telecom operators need to improve their 5G services after a business survey found that more than a third of 5G phone users in China chose lower-rated 4G service packages this year, more than in 2020.
The recent survey by the Stockholm-based company found that 35% of China-based respondents who are 5G phone users selected 4G service plans in 2022, two percentage points higher than in 2020, Wu Lidong , vice president of operations for Ericsson in Northeast Asia, Caixin said in an exclusive interview.
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Tesla cooperates with investigators after fatal car crash
Tesla Inc. said on Monday that it cooperated with investigators after an out-of-control Tesla Model Y electric car crashed in southern China’s Guangdong province, killing two people and injuring three.
The accident reportedly happened on November 5, with widely circulated video showing a white Tesla Y hurtling down a road at high speed, sweeping over several cars and motorbikes before finally crashing into a storefront.
Quick shots /
The price of lithium climbs to record on tight supply
Alibaba keeps the “Double 11” first time selling secret
Autonomous startup TuSimple ousts the CEO, independent directors
Long read /
In China, millions of women never learned to read. Can TikTok help?
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