China overtakes the U.S. in race for supercomputer dominance

China has reached a supercomputing milestone. The country now has more machines on a list of the world’s 500 fastest supercomputers than the U.S. China has 202 systems on the Top500’s supercomputer list, with the U.S. comparatively having only 143. The U.S. ranking is its lowest since the Top500 rankings began 25 years ago, though […]

China pledges to open finance sector for more foreign ownership

Guangyao Zhu, vice-minister of finance

China has announced plans to ease limits on foreign ownership of financial services groups, following years of complaints that such restrictions block foreign groups’ development in the country, according to a Financial Times report. “The government will relax or eliminate ownership limits in commercial banking, securities, futures, asset management and insurance,”Guangyao Zhu, vice-minister of finance […]

China’s new passenger jet finishes first long-haul flight

China’s homegrown large passenger jet has touched down safely after its first long-haul test flight, bringing the nation one step closer to competing directly with aircraft giants in Europe and America. China hopes to develop its C919 jet to compete with popular single-aisle jets such as the Airbus A320 and Boeing 737. State media said […]

Indian economy in period of dense fog, says Credit Suisse

Describing Indian economy to be in a period of “dense fog”, Credit Suisse Wednesday said structural reforms including GST has introduced significant uncertainties related to growth, fiscal health, inflation, currency and the banking system in the country, for the near term. Credit Suisse’ India Equity Strategist Neelkanth Mishra told reporters here that the “Indian economy […]

China set to ban North Korean iron, seafood imports

China will halt iron, iron ore and seafood imports from North Korea starting Tuesday, following through on new UN sanctions after US pressure for Beijing to strong arm Pyongyang over its ally’s nuclear programme. The decision was announced on Monday after days of increasingly bellicose rhetoric between US President Donald Trump and Kim Jong-Un’s regime, […]

Where Chinese millionaires want to move

Chinese millionaires are warming up to Canada and cooling on Britain. But they’re still red-hot for the United States. That’s according to a survey by research firm Hurun Report and Visas Consulting Group that tracks immigration trends among Chinese individuals worth between 10 million and 200 million yuan ($1.5 million – $30 million). The U.S. […]

Global automakers call on China to ease “impossible” electric car rules

Global automakers have urged China to delay and soften planned quotas for sales of electric and hybrid cars, saying its proposals will be impossible to meet and would severely disrupt their businesses, according to a letter seen by Reuters. The June 18 letter addressed to the head of China’s Ministry of Industry and Information Technology, […]

Alibaba spending $1 billion to raise stake in Southeast Asia’s Lazada

Chinese e-commerce giant Alibaba Group Holding Ltd will invest an additional $1 billion in Southeast Asian online retailer Lazada Group, boosting its stake by nearly a third to 83 per cent, the two companies said in a joint statement, Reuters reports. According to Techcrunch’s report, the Chinese firm made an initial $1 billion investment in […]

Taiwan says China “impertinently” wants it to soften representation in 5 countries

China has been pressuring the United Arab Emirates and four other countries to ask Taiwan to rename its representative offices in another sign of diplomatic pressure on the self-ruled island, Taiwan’s foreign ministry said on Thursday. China regards Taiwan as a renegade province to be brought back under its sovereignty by force, if necessary. The […]