China
India-France Business Summit in Paris on April 11
Union Minister of Commerce and Industry Piyush Goyal along with Olivier Becht, Minister delegate of Foreign Trade, Government of France, will co-chair the summit. Officials said that the summit will focus on themes including building a green future, emerging technologies, defence cooperation and cooperation in the Indo-Pacific regions.
China wages price war on Musk's SpaceX reusable rockets
A new aerospace launching system is under development in China that requires cutting the cargo cost per kilogram to 5 per cent to that of the existing Long March rockets, reports South China Morning Post. The Long-Range Aerospace Transportation System, being built at the China Aerospace Science and Technology.
China cracks down on big banks
The Communist Party's top anti-graft agency, the Central Commission for Discipline Inspection (CCDI), has investigated more than a dozen senior executives at the country's most important financial institutions so far this year, CNN reported. Three big names at the very top of China's financial system have been probed or charged, according to the CCDI, including Li Xiaopeng, the former chairman of China Everbright Group -- one of the country's oldest and largest state-owned financial conglomerates.
China probes US chip maker in apparent retaliation
The Cyberspace Administration of China (CAC) will review products sold by Micron in the country, CNN quoted a statement issued by the watchdog as saying. The move is aimed at "ensuring the security of key information infrastructure supply chains, , preventing cybersecurity risks caused by hidden product problems.
Alibaba shares jump after breakup plan announced
The firm says five of the six units created by the move will explore raising fresh funding and initial public offering (IPO) options, the BBC reported. Alibaba shares gained more than 14 per cent in New York on Tuesday and were more than 13 per cent higher in Hong Kong on Wednesday.
China spent $240 bn on 20 countries in rescue lending
In total, more than 20 debtor countries have received $240 billion in Chinese rescue lending since 2000. The scale of China's global bailout lending programme is also growing fast. More than $185 billion was extended in the past five years alone (2016-2021), as per a report by researchers from the World Bank, Harvard Kennedy School, AidData, and the Kiel Institute for the World Economy.
Indian goods and services exports set to cross $760 bn in 2022-23: Piyush Goyal
Addressing the industry body Assocham's annual session, Goyal said that in 2021-22, the country's goods and services exports touched an all-time high of $422 billion and $254 billion respectively, taking the total shipments to $676 billion. "There's obviously much faster growth in services, but growth in both (merchandise and services exports) is good. Probably we will end the year with about $760 billion (in exports), if not more," Goyal said.
Alibaba founder Jack Ma seen in China after long absence
The 58-year-old has kept a low profile since criticising China's financial regulators in 2020. Ma was the most high-profile Chinese billionaire to have disappeared amid a crackdown on tech entrepreneurs, the BBC reported. He recently returned to China after more than a year overseas, according to the South China Morning Post.
China makes surprise rate cut to boost liquidity in banking system
The People's Bank of China (PBOC) said it would cut the reserve requirement ratio (RRR) for almost all banks by 0.25 percentage points, effective March 27, CNN reported. "(We must) make a good combination of macro policies, better serve the real economy, and maintain reasonable and sufficient liquidity in the banking system," the PBOC said in a statement.
Need to create quality consciousness in country: Piyush Goyal
In his address on the occasion of World Consumer Rights Day, he said: "We should work towards creating quality consciousness in the country and win the confidence of our customers." Goyal also said that "people want high quality in services and products and that it is their right. Today is a day of celebration of this right and it is a day to commit ourself to work towards ensuring that quality and service".
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