ChiNext Index closes lower Thursday

BEIJING, Oct. 21 (Xinhua) -- The ChiNext Index, tracking Chinas NASDAQ-style board of growth enterprises, lost 0.17 percent to close at 3,279.49 points Thursday.The ChiNext Index, together with the Shenzhen Component Index and other indices, reflects the performance of stocks listed on the Shenzhen Stock Exchange.

Chinese shares close mixed Thursday

BEIJING, Oct. 21 (Xinhua) -- Chinese stocks closed mixed on Thursday, with the benchmark Shanghai Composite Index up 0.22 percent at 3,594.78 points.The Shenzhen Component Index closed 0.05 percent lower at 14,444.86 points.

Tokyo's Nikkei closes down more than 1.8%

Tokyos benchmark Nikkei index dropped more than 1.8 percent on Thursday, depressed by several factors including rising US bond yields and the struggles of property giant China Evergrande.The Nikkei 225 index fell 1.87 percent, or 546.97 points, to 28,708.58, while the broader Topix index lost 1.32 percent, or 26.86 points, to 2,000.81.

Top economic regulator seeks to phase out cryptocurrency mining

China has decided to add cryptocurrency mining to the phase-out category on a revised guidance catalogue for industrial structure adjustment. (Photo: IC)China has decided to add cryptocurrency mining to the phase-out category on a revised guidance catalogue for industrial structure adjustment, a document released by the countrys top economic regulator showed on Thursday.The National Development and Reform Commission issued a notice on the revision of the industrial structure adjustment guidance catalogue online to seek public opinion from Oct 21 to Nov 21.Earlier this month, the NDRC unveiled the latest draft version of the nationwide negative list for market access, saying it has added cryptocurrency mining to the draft list of industries in which investment is restricted or prohibited.

ChiNext Index lower at midday Thursday

BEIJING, Oct. 21 (Xinhua) -- The ChiNext Index, tracking Chinas NASDAQ-style board of growth enterprises, went down 0.44 percent to 3,270.68 points in the morning session Thursday.The ChiNext Index, together with the Shenzhen Component Index and other indices, reflects the performance of stocks listed on the Shenzhen Stock Exchange.

Chinese shares mixed at midday Thursday

BEIJING, Oct. 21 (Xinhua) -- Chinas major stock indices ended mixed in the morning session Thursday, with the benchmark Shanghai Composite Index up 0.46 percent to 3,603.62 points.The Shenzhen Component Index lost 0.05 percent to end at 14,444.31 points at midday.

China continues to contribute to global economic security, sustainable development

The double open park at Taikoo Li Qiantan, a retail complex in Shanghai. (Photo: China Daily)CHANGSHA -- China is showing its determination to help bring the global economy back on track and make continuous contributions to global economic security and sustainable development, according to officials, entrepreneurs and experts at a global forum held in Changsha, the capital of Central Chinas Hunan province.The Global Economic Development and Security Forum of the Boao Forum for Asia (BFA), the first of which concluded on Wednesday, is a forum on both economic and security issues around the world.The three-day event held both online and offline, and themed "Economic Security and Sustainable Development in a Changing World," attracted more than 2,600 attendees across the world. More than 30 themed activities and sub-forums were held, covering a series of hot topics, including food security, carbon neutrality, energy security, and financial risks, according to the organizers.Chinas contributionsRobust growth could be the biggest contribution that China is making to global economic stability, Huang Yiping, deputy dean and professor of the National School of Development at Peking University, told Xinhua."Our strong exports and investment in the process of recovery are also very important contributions to economic stability in other countries," Huang said.China posted stable economic growth for the first three quarters of this year, staying on track to meet its annual growth target despite multiple challenges, including a power crunch and a resurgence of COVID-19 cases.The countrys gross domestic product reached 82.31 trillion yuan (about $12.87 trillion) in the first three quarters, expanding 9.8 percent year-on-year. That is well above its annual growth target of over 6 percent, data from the National Bureau of Statistics showed on Monday.The news of Chinas latest economic performance has come at a time when the global economy has ...

China-Laos Railway kicks off dynamic testing

Photo taken on Oct. 20, 2021 from the first dynamic testing train travelling from Lao capital Vientiane to Laos-China border town of Boten shows the view of northern Laos. (Photo: Xinhua)The first dynamic testing train departed from the Vientiane Station of China-Laos Railway on Wednesday morning and headed north to the Laos-China border town of Boten to kick off the dynamic testing along the China-Laos Railway.Dynamic testing is an important step before the railway is put into operation. It conducts integrated tests on all systems of the whole railway by running a testing train at the specified test speed and with relevant testing equipment, including testing of interface relationship among systems and debugging and optimizing of various systems, etc., so as to provide a scientific basis for the railways opening-to-traffic.The testing items mainly include track geometry, electric traction power supply, communication and signaling system, passenger and freight service system, noise, vibration, electromagnetic environment, etc.According to the Laos-China Railway Co., Ltd., the dynamic testing, undertaken by the China Academy of Railway Sciences Corporation Limited, will take an estimated testing duration of 18 days.The China Academy of Railway Sciences Corporation Limited is the only enterprise with the dynamic testing qualification for railway construction projects in China. It have undertaken dynamic testing technical services in many overseas projects such as the Mombasa-Nairobi Railway and the Addis Ababa-Djibouti Railway.During the dynamic testing of the China-Laos Railway, Chinese engineers will scientifically and rigorously analyze the testing data of the railway, strictly evaluate the testing results against the requirements of testing program and standards, and finely adjust to or rectify the systems according to the testing results until all systems meet the requirements for safe and stable operation of the whole railway.The China-Laos Railway is a doc...

China's housing prices ease amid speculation curbs


ChiNext Index opens higher Thursday

BEIJING, Oct. 21 (Xinhua) -- The ChiNext Index, tracking Chinas NASDAQ-style board of growth enterprises, was up 0.04 percent to open at 3,286.27 points Thursday.The ChiNext Index, together with the Shenzhen Component Index and other indices, reflects the performance of stocks listed on the Shenzhen Stock Exchange.

Chinese shares open higher Thursday

BEIJING, Oct. 21 (Xinhua) -- Chinese stocks opened higher on Thursday, with the benchmark Shanghai Composite Index up 0.09 percent to open at 3,590.05 points.The Shenzhen Component Index opened 0.1 percent higher at 14,466.42 points.

Chinese yuan strengthens to 6.3890 against USD Thursday

BEIJING, Oct. 21 (Xinhua) -- The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 179 pips to 6.3890 against the U.S. dollar Thursday, according to the China Foreign Exchange Trade System.In Chinas spot foreign exchange market, the yuan is allowed to rise or fall by 2 percent from the central parity rate each trading day.The central parity rate of the yuan against the U.S. dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.

Evergrande reveals rescission of deal to sell majority stake in property management unit, shares to resume trading

Debt-laden property giant Evergrande revealed on Wednesday the rescission of a deal to sell a majority stake in its property management unit to a subsidiary of its rival Hopson Development, offering clues to the much-speculated deal as woes over its debt crisis ease with reassurance from senior Chinese officials against wider housing problems.Evergrande Group (Photo: CFP)In a filing with the Hong Kong stock market, Evergrande said it entered into an agreement with Hooplife Technology Group, a subsidiary of its rival Hopson Development, on October 1 on the sale of 50.1 percent of Evergrande Property Services for HK$20.04 billion ($2.58 billion). As of October 12, it was considered that the purchaser did not meet the prerequisites to make a general offer for shares in the property unit. Accordingly, Evergrande exercised its right to terminate the deal. Evergrandes shares in the Hong Kong market will resume trading on Thursday. Its shares have been halted since the start of the month with year-to-date losses nearing 80 percent. Rumors about the deal transpired during the National Day holidays and there were reports on Tuesday of the deal being suspended. In a late-night filing on Wednesday with the Hong Kong stock exchange, Hopson Development said that its subsidiary received the vendors notice declaring the deal rescission. However, "the purchaser does not accept that there is any substance whatsoever to the vendors purported rescission or termination of the agreement and has refuted the vendors notice," Hopson Development mentioned in the filing.Until now, Hooplife is prepared to complete the deal in accordance with the agreement but it found that "the other parties request following the execution of the agreement to change the agreed terms, including among others the terms of payment [were] unacceptable."Hopson Developments shares that have been halted since the beginning of the month are also scheduled for resumpti...

Tesla hits record profit despite parts shortage, ship delays

Record electric vehicle sales last summer amid a shortage of computer chips and other materials propelled Tesla Inc. to the biggest quarterly net earnings in its history.File photo: AFPThe company said Wednesday that it made $1.62 billion in the third quarter, beating the old record of $1.14 billion set in the second quarter of this year. The profit was nearly five times larger than the $331 million Tesla made in the same quarter a year ago.Revenue of $13.76 billion from July through September also set a record, but it fell short of Wall Street expectations of just over $14 billion, according to FactSet.Excluding special items such as stock-based compensation, Palo Alto, California-based Tesla made $1.86 per share, beating analyst estimates of $1.62. CEO Elon Musk has said hes moving the headquarters to Austin, Texas, the dateline of Wednesdays earnings release.Some of the quarterly profit, though, came from selling regulatory credits to other automakers. Tesla made $279 million on credits during the quarter."A variety of challenges, including semiconductor shortages, congestion at ports and rolling blackouts, have been impacting our ability to keep factories running at full speed," the company said in a statement to shareholders.Earlier this month Tesla said it delivered a record 241,300 electric vehicles in the third quarter even as it wrestled with the shortages that have hit the entire auto industry. Most automakers reported sales declines in the U.S. last quarter due to chip and other shortages, including General Motors and Ford.Previously, Musk has said Tesla kept its manufacturing lines running largely by finding chips from alternate suppliers and then scrambling to rewrite some of the software in its cars to ensure all the technology remained compatible.Third-quarter sales rose 72% over the 140,000 deliveries Tesla made for the same period a year ago.So far this year, Tesla has sold around 627,300 vehicles. That puts it on pace to soundly...

Tokyo stocks open lower

Tokyo stocks opened lower on Thursday as rising US bond yields worried investors, although overnight gains on Wall Street were providing some support.The benchmark Nikkei 225 index fell 0.50 percent, or 145.03 points, to 29,110.52, while the broader Topix index lost 0.27 percent, or 5.42 points, to 2,022.25.

More support urged for micro, small, medium-sized enterprises

A resident buys apples at a market in Lianyungang, Jiangsu province. (Photo: China Daily)China will take a multipronged and targeted approach to step up relief for micro, small and medium-sized enterprises, the State Councils executive meeting chaired by Premier Li Keqiang decided on Wednesday."The confidence and market expectations of MSMEs are falling. In this context, we need to further bolster relief policy support for MSMEs and help them grow more competitive. The relief policies must be inclusive and targeted," Li said.Efforts will be made to prevent cost-induced pressure being transmitted from commodity price hikes to downstream industries. Inclusive benefit policies including time-limited tax and fee cuts will be studied as quickly as possible, and localities encouraged to provide support to MSMEs such as reduction or exemption of rent and utility bills, to lighten their burden and help them tide over difficulties.Micro, small and medium-sized enterprises will be supported in developing themselves into ones with specialized, sophisticated techniques and unique, novel products, to enhance their competitiveness."We need to respond proactively to the acute difficulties facing MSMEs and help ease their cost-induced pressure. The central government will roll out temporary support policies to shore up their confidence," Li said."Supporting MSMEs and other market entities will ensure stability in employment, and is also conducive to increasing supply and stabilizing prices."

China seen as well positioned to lead global shipping industry

In an aerial view, shipping containers sit on a container ship at the Port of Oakland on Sept 9, 2021 in Oakland, California. (Photo: Agencies)Amid global changes unseen in a century and technological transformation brought about by the COVID-19 pandemic, China is well positioned to lead the international shipping industry in establishing a world innovation and knowledge center for sustainable transportation, officials and industry insiders said at a forum on Wednesday.The inaugural World Maritime Merchants Forum, with the theme of "leading the trend", was hosted by China Merchants Group, the Baltic and International Maritime Council, the International Chamber of Shipping and the Hong Kong Shipowners Association. The forum aims to expand cooperation in the shipping chain, promote resource-sharing and establish a new global shipping ecology amid the great changes of digitalization and decarbonization."The shipping industry plays an important role in the nations economy and global trading through supporting domestic circulation and contributing to economic globalization," Li Xiaopeng, Chinas minister of transportation, told the forum. "While significant achievements have been made over the years, the challenges remain."He proposed strengthening cooperation through infrastructure construction and policy synergy within the international shipping industry to build the 21st Century Maritime Silk Road.The role of the shipping industry in the global economy is as crucial as the blood vessels to the human body, as around 90 percent of traded goods are transported via water, said Yin Zonghua, deputy director of the Liaison Office of the Central Peoples Government in the Hong Kong Special Administrative Region.With the worlds economic center of gravity shifting to China and East Asia following the pandemic, China has the most connected shipping networks in the world, Yin said, noting that China is the largest trading partner of...

Amazon says over 100,000 brands join its US store in 2021

SAN FRANCISCO, Oct. 20 (Xinhua) -- Amazon announced on Wednesday at the Accelerate 2021 conference that more than 100,000 brands have started selling in its U.S. store so far this year.File photo: VCGThe sales by brands were up 60 percent year over year for the 12-month period ending June 30, 2021, the announcement said."Were dedicated to helping them share their story and products to customers around the globe," said Ian Simpson, Vice President of Selling Partner Tools and Services at Amazon. "We are constantly innovating for brands and excited to share some of our latest tools, services, and other benefits."New tools, services, and benefits for brands selling on Amazon include the Amazon Brand Referral Bonus, Amazon Customer Engagement tool, A+ Story Cards, and Customer Review Resolution tool, according to the company.

Boeing forecasts 20-year Middle East commercial jet, services market at over 1.4 trln USD

SAN FRANCISCO, Oct. 20 (Xinhua) -- Boeing said on Wednesday that airlines in the Middle East will require 3,000 new airplanes valued at 700 billion U.S. dollars and aftermarket services such as maintenance and repair worth 740 billion dollars.File photo: VCGThe company provided the estimate in its 2021 Commercial Market Outlook (CMO), a forecast of 20-year demand for commercial airplanes and services.Middle East passenger traffic and the regions commercial fleet are projected to more than double over the 20-year forecast period. To accommodate increased passenger and cargo traffic, airlines are predicted to grow their fleets to 3,530 jets. The current single-aisle fleet of 660 airplanes is forecast to nearly triple to 1,750 jets, according to the CMO. More than two-thirds of airplane deliveries to the Middle East will accommodate growth, while one-third of deliveries will replace older airplanes, Boeing said."The Middle East regions role as a global connecting hub continues to be important for developing markets to and from Southeast Asia, China and Africa," said Randy Heisey, Boeing managing director of Commercial Marketing for the Middle East.

Financial sector urged to shun potential risks

A cashier at a bank in Taiyuan, Shanxi province counts renminbi notes. (Photo: China News Service)Vice-premier calls on system to better serve real economy, support small firmsChinas financial sector should further strive to cement economic growth and fend off potential risks while seeking high-level opening-up and creating a level playing field for global investors, officials and analysts said on Wednesday.In a written speech distributed on Wednesday at the opening ceremony of the 2021 Annual Conference of Financial Street Forum, which runs through Friday in Beijing, Vice-Premier Liu He stressed that the countrys financial system should be more proactive in serving the real economy and effectively adjust monetary policy, especially to support the financing of the private economy and small and micro enterprises.Liu, who is also a member of the Political Bureau of the Communist Party of China Central Committee, highlighted the financial systems role in continuously supporting high-level opening-up and creating a fair market environment. The legitimate rights and interests of foreign-funded institutions in China should be protected, he said.Liu also said that the financial sector should support green and low-carbon development, strengthen regulation of financial technology and prevent risks.Although there are some problems in the real estate market, these risks are generally under control. The overall trend of the healthy development of the real estate market will not change, he said.Earlier this month, Yi Gang, governor of the Peoples Bank of China, the nations central bank, answered questions at the 2021 G30 International Banking Seminar about whether the default risk of Chinas largest private real estate developer Evergrande could result in systemic risk. Yi said the spillover of Evergrandes risks to the financial sector was under control."We are confident that we can prevent the risk from spreading and avoid systemic risk,&q...


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