China
Chinese digital loan sharks spreading wings in India
Recently, a case of so called 'Chinese loan app' racket came to light in Delhi's Dwarka area. The racket was being run by some Chinese handlers in the garb of a local consulting BPO firm, Fly High Global Services and Technology. The modus operandi started with the simple advertisement for 'On Stream' online loan app in social media to attract customers who wished to avail hassle-free loans in minutes.
Restrictions on withdrawals could fuel a banking crisis in China
"The financial system has poor capital turnover and can't cope with demand for liquidity," Jin told RFA. "In the background is the bigger picture of the long-term economic downturn, caused by (the zero-COVID policy)." "This fatal blow to the economy results in a loss of (liquidity), as well as making bank deposits fall at the same time."
China slaps $1.18 bn fine on ride-hailing major Didi Global over national security
Senior executives Will Cheng Wei and Jean Liu Qing were each fined 1 million yuan, the regulator said, reports South China Morning Post. The CAC said in its statement that Didi committed 16 offences involving the illegal collection of data from drivers and passengers. "They include the illegal processing of 64.7 billion personal information entries over the span of seven years since June 2015," the report said.
China's supply chain 'irreplaceable' despite India, Vietnam appearing on global map
DBG Technology Co is a contract manufacturer for major Chinese smartphone brands including Xiaomi, Honor and Huawei Technologies Co, reports South China Morning Post. Xu Yusheng, board secretary of DBG, said that the key incentive for setting up manufacturing capabilities in countries such as India and Vietnam is a reduction in tariffs. "'Made in Vietnam' is never a replacement for 'Made in China', but an extension of that," Xu was quoted as saying in the report.
China's economic growth plunges to mere 0.4% in Q2, lowest in 2 yrs
The dismal Q2 (April-June period) growth figures came after the country registered 4.8 per cent growth in the first quarter (January-March period). China has set its gross domestic product (GDP) growth target for 2022 at "around 5.5 per cent". China's GDP expanded 2.5 per cent (year on year) in the first half of 2022, data from the NBS showed.
China's economy contracts sharply as coronavirus lockdowns hit businesses and consumers
Gross domestic product (GDP) fell by 2.6 per cent in the three months to the end of June from the previous quarter, BBC reported. Major cities across China, including the major financial and manufacturing centre Shanghai, were put into full or partial lockdowns during this period. This comes as the country continues to pursue its "zero-Covid" policy, BBC reported.
Officials to release money to customers after China bank protest
The four banks that were the focus of the protests are believed to have frozen a total of 39bn yuan ($5.8bn) of deposits. The Henan Banking and Insurance Regulatory Bureau and the Henan Provincial Local Financial Supervision Bureau said "advance payments" would be made to customers through a local association supervised by China's central bank.
New tech crackdown hits Chinese stocks
Casinos in the gambling hub of Macao were ordered to close for the first time since February 2020 because of a Covid outbreak, sending shares of their operating companies plunging, while fears of new lockdowns in Shanghai undermined the broader China market, CNN reported. Adding to the downbeat mood, China's tech stocks plunged after the country's antitrust regulator imposed fresh fines on a batch of A-list companies, rekindling fears that Beijing is still not lifting the pressure on the country's embattled internet giants, CNN reported.
China crushes mass protest by bank depositors
Since April, four rural banks in China's central Henan province have frozen millions of dollars worth of deposits, threatening the livelihoods of hundreds of thousands of customers in an economy already battered by draconian Covid lockdowns, CNN reported. Anguished depositors have staged several demonstrations in the city of Zhengzhou, the provincial capital of Henan, over the past two months, but their demands have invariably fallen on deaf ears.
Chinese directors of firm associated with Vivo flee as ED continues raids
According to sources, two of the Chinese directors of Solan, Himachal Pradesh-based company, that was associated with Vivo, have likely fled India, as ED registered a prevention of money laundering case. The Chinese nationals were made directors in the Indian entities with fake documents. The enforcement agency has so far received information about money laundering worth Rs 10,000 crore during the raids, according to ED sources.
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