MADRID | As part of its strategy to increase its presence in China, the Spanish lender Banco Santander will buy an 8 percent stake in Bank of Shanghai for 470 million euros. The deal includes a cooperation agreement between both entities and makes Santander the second-largest shareholder in BoS.
BEIJING | By Wang Yong at Caixin | In China, the law on illegal fundraising keeps public deposits from fleeing their arranged marriage with state-owned banks, stifling fresh ideas in finance.
HONG KONG | By Reuters | The world’s most valuable jewellery retailer Chow Tai Fook, which counts Cartier and Tiffany & Co as competitors, is on a quest to conquer the hearts of China’s future big spenders. Its weapons of choice: Hello Kitty and Winnie the Pooh.
BEIJING | By Zhu Yishi at Caixin | The war between the country’s two Internet giants, Tencent Holding and Alibaba Group, in the mobile Internet arena has escalated. The Internet giants enter the mobile Internet industry with different strengths but a similar determination to come out on top.
BEIJING | By Qin Jin via Caixin | A ‘buy local’ push sparked by security concerns is hurting foreign and helping domestic makers of electronic gear.
BEIJING | By Pu Jun via Caixin | China and several Chinese firms have great interest in exploiting the natural resources of the North American country, but have run into a host of obstacles
What really makes China anxious about reforms is not a fall on exports, but it’s incapability to continue absorbing the expensive investments that for years triggered miraculous growth. Could be China making the same mistakes than in 2008? Could the country be falling into the investment trap again? Among many other issues, the Central Committee of the Communist Party agreed on markets playing a greater role in allocating resources. This and other decisions suggested a less interventionist model where the private sector should have a greater role. The new leadership doesn’t have many options left.
BEIJING | By Andy Xie at Caixin | Real reforms stripping speculators of their candy involve limiting government power in China. They are unlikely to come fast enough in this bubble economy.
BEIJING | By Pu Jun via Caixin | Party’s intention to let market set certain prices seen as creating room for progress to be made in areas like electricity reform. References in a document released after a major meeting of Communist Party leaders to letting market forces set certain prices have given experts hope that progress on electricity-industry reforms can be made.
BEIJING/ NEW YORK | By Zhang Yuanan, Chen Lixiong, and Chen Qin via Caixin | Major changes to the trade landscape are coming, meaning China must adapt or risk losing its growth momentum. Here’s why Trans-Pacific Partnership (TPP) stands out from many other trade talks.