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China Business News Tuesday (2021-02-23)



News

1.Operators in China to invest $210 billion to build 5G networks.

A research report shows that China's domestic mobile operators will invest nearly US$210 billion in network deployment from 2020 to 2025, of which 90% will be for 5G. Chinese consumers are more eager to upgrade to 5G and are therefore moving to 5G plans faster than consumers in other global markets. This is also due to the increasing share of 5G device sales in China. To date, China has built nearly 720,000 5G base stations.


Source: https://www.yicai.com/news/100956006.html


2. Schroders Group enters into a joint venture with Bank of Communication.

Schroeder Bank of Communications financial management is the third foreign joint venture financial management company in China. The other two are Huihua Financial Management and BlackRock Jianxin Financial Management. The joint venture is expected to help enrich the bank's financial product offering and meet investors' diversified service needs.


Source: https://new.qq.com/omn/20210223/20210223A038Y400.html


3. Huawei foldable phones face incredible demand.

Huawei's new generation foldable-screen phone mate X2 has entered the pre-sale stage, with nearly 2.84 million people who have pre-ordered it. After some initial quality and production problems, some organizations now say that the foldable screen will become the main trend of smartphone market development in the future. The foldable screen products of many manufacturers will come out in 2021, one after another.


Source: https://data.stcn.com/djsj/202102/t20210223_2848539.html


4. China's GDP growth in 2021 is expected to be around 8%.

Looking ahead to 2021, China's continued economic recovery is expected. This will be a structural recovery, driven by the supply side and moving towards a comprehensive recovery of the supply-demand nexus. The annual GDP growth rate will remain at around 8%. Source: Economic Information Daily.


Source: https://finance.sina.com.cn/roll/2021-02-23/doc-ikftssap8182340.shtml


5. China regulator adopts guidelines for banks' Internet lending operations.

China's banking regulator has tightened requirements for commercial banks' Internet lending business in the midst of heightened examination of online lending by Internet giants such as Ant Group Co. Commercial banks must jointly provide funds with a partner to issue Internet loans, and the partner's share of capital in a loan should not be less than 30%. The balance of Internet loans issued by a bank with a partner, including its related parties, must not exceed25% of the bank's net Tier 1 capital.


Source: https://www.reuters.com/article/us-internet-loans-china-banks-idUSKBN2AK0F2

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