American businesses in China: Tariffs are hurting us

U.S. President Donald Trump’s latest tariff increase — and Beijing’s plans to counter them — are hitting U.S. companies in China. “The negative impact of tariffs is clear and hurting the competitiveness of American companies in China,” a release from the groups said. The U.S. raised tariffs on $200 billion worth of Chinese goods to 25% from 10% on May 10. The greatest impact of the combined tariffs is decreased demand for products, followed by increased manufacturing costs, according to the join


U.S. President Donald Trump’s latest tariff increase — and Beijing’s plans to counter them — are hitting U.S. companies in China. “The negative impact of tariffs is clear and hurting the competitiveness of American companies in China,” a release from the groups said. The U.S. raised tariffs on $200 billion worth of Chinese goods to 25% from 10% on May 10. The greatest impact of the combined tariffs is decreased demand for products, followed by increased manufacturing costs, according to the join
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Company: cnbc, Activity: cnbc, Date: 2019-05-22  Authors: evelyn cheng
Keywords: news, cnbc, companies, respondents, american, hurting, tariffs, chinese, china, president, impact, businesses, apply, survey, increased


American businesses in China: Tariffs are hurting us

President Donald Trump waves during joint statements with China’s President Xi Jinping at the Great Hall of the People in Beijing, China, November 9, 2017.

U.S. President Donald Trump’s latest tariff increase — and Beijing’s plans to counter them — are hitting U.S. companies in China.

Nearly three-fourths, or 74.9%, of almost 250 respondents to a survey held from May 16 to May 20 said the increases in American and Chinese tariffs are having a negative impact on their business, according to a report released Wednesday by the American Chamber of Commerce in Shanghai and the Beijing-based American Chamber of Commerce in China.

“The negative impact of tariffs is clear and hurting the competitiveness of American companies in China,” a release from the groups said.

The Chinese authorities also appear to be making operations more difficult for some companies.

About one in five said they have experienced increased inspections and slower customs clearance. Roughly 14% of respondents said approval for licenses or other application has been slower — in addition to other complications from increased bureaucratic oversight or regulatory scrutiny.

Of the survey participants, 61.6% were manufacturing-related, 25.5% were in the services sector, 3.8% were in retail and distribution and 9.6% came from other industries.

The trade dispute between the world’s two largest economies had appeared to be nearing a deal — until those hopes were dashed earlier this month.

The U.S. raised tariffs on $200 billion worth of Chinese goods to 25% from 10% on May 10. Beijing responded a few days later with duties ranging from 5% to 25% on $60 billion worth of U.S. goods, set to take effect June 1.

The greatest impact of the combined tariffs is decreased demand for products, followed by increased manufacturing costs, according to the joint AmCham survey. About 35% of respondents are restructuring their China operations to reach the local market by increasing domestic sourcing or production, and roughly a third said they are delaying or canceling investment decisions in the country.

Just 10% said they planned to apply for an exclusion from Chinese tariffs, while 15.1% indicated they would apply for exemptions from U.S. tariffs, the report said. The majority were either unsure or said they would not apply.


Company: cnbc, Activity: cnbc, Date: 2019-05-22  Authors: evelyn cheng
Keywords: news, cnbc, companies, respondents, american, hurting, tariffs, chinese, china, president, impact, businesses, apply, survey, increased


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Tencent’s Pony Ma says he’s watching whether the trade war will turn into a tech war

Ma Huateng, the chairman and chief executive officer of Tencent Holdings who is also known as Pony Ma, attends a news conference in Hong Kong on Thursday, March 21, 2019. Pony Ma, the head of Chinese technology giant Tencent, is watching whether his country’s trade dispute with the U.S. will turn into a tech war, according to local news website 36kr. We are also constantly watching whether the trade war will turn into a tech war, ” Ma said Tuesday, according to a CNBC translation of his Chinese


Ma Huateng, the chairman and chief executive officer of Tencent Holdings who is also known as Pony Ma, attends a news conference in Hong Kong on Thursday, March 21, 2019. Pony Ma, the head of Chinese technology giant Tencent, is watching whether his country’s trade dispute with the U.S. will turn into a tech war, according to local news website 36kr. We are also constantly watching whether the trade war will turn into a tech war, ” Ma said Tuesday, according to a CNBC translation of his Chinese
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Tencent's Pony Ma says he's watching whether the trade war will turn into a tech war

Ma Huateng, the chairman and chief executive officer of Tencent Holdings who is also known as Pony Ma, attends a news conference in Hong Kong on Thursday, March 21, 2019.

Pony Ma, the head of Chinese technology giant Tencent, is watching whether his country’s trade dispute with the U.S. will turn into a tech war, according to local news website 36kr.

“Recently, the cases of ZTE and Huawei have intensified. We are also constantly watching whether the trade war will turn into a tech war, ” Ma said Tuesday, according to a CNBC translation of his Chinese remarks as published in 36kr.

“As a result, if we don’t continue to work hard on basic research and key technologies, our digital economy will just be a high-rise built on sand, difficult to sustain, not to mention the transformation to new from old drivers of growth or the promotion of high-quality development,” he said. He also noted that, since China has reached the front line of development, “there is less and less room for just taking ideas.”

Trade tensions between the U.S. and China intensified this month. U.S. President Donald Trump raised tariffs on $200 billion worth of Chinese goods to 25% from 10% on May 10, to which Beijing responded a few days later with plans to impose tariffs on $60 billion worth of U.S. goods on June 1.

Trump has made reducing the U.S. trade deficit with China the center of the dispute, but the disagreement also covers U.S. complaints about requirements of forced technology transfer and lack of intellectual property protection. Last week, the U.S. Department of Commerce added Huawei Technologies and its affiliates to the Bureau of Industry and Security Entity List that will make it more difficult for U.S. companies to conduct business with the Chinese telecom giant.

Tencent runs China’s ubiquitous messaging app WeChat and its WeChat mobile pay service, in addition to being a giant in gaming. A company representative was not immediately available for comment on the 36kr report.

Ma, who also goes by Ma Huateng, was giving unscheduled remarks at Tencent’s Global Digital Ecosystem Summit in Kunming, China. Forbes said in March that he is the richest person in China.

Read the full 36kr report here.


Company: cnbc, Activity: cnbc, Date: 2019-05-22  Authors: evelyn cheng
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China says it’s still preparing for US trade talks — but won’t give details after new Trump threats

U.S. President Donald Trump (R) and Chinese Vice Premier Liu He talk to reporters in the Oval Office at the White House April 04, 2019 in Washington, DC. China said Monday its negotiators are still preparing to travel to the U.S. for trade talks this week despite President Donald Trump threatening Beijing with increased tariffs. Trump said in a Sunday afternoon Twitter post that the current 10% tariffs on $200 billion worth of Chinese goods will rise to 25% on Friday. He also threatened to impos


U.S. President Donald Trump (R) and Chinese Vice Premier Liu He talk to reporters in the Oval Office at the White House April 04, 2019 in Washington, DC. China said Monday its negotiators are still preparing to travel to the U.S. for trade talks this week despite President Donald Trump threatening Beijing with increased tariffs. Trump said in a Sunday afternoon Twitter post that the current 10% tariffs on $200 billion worth of Chinese goods will rise to 25% on Friday. He also threatened to impos
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Company: cnbc, Activity: cnbc, Date: 2019-05-06  Authors: kayla tausche evelyn cheng eustance huang, kayla tausche, evelyn cheng, eustance huang
Keywords: news, cnbc, companies, goods, wont, threats, premier, trip, trump, billion, details, vice, deal, trade, preparing, chinese, talks, liu, china


China says it's still preparing for US trade talks — but won't give details after new Trump threats

U.S. President Donald Trump (R) and Chinese Vice Premier Liu He talk to reporters in the Oval Office at the White House April 04, 2019 in Washington, DC.

China said Monday its negotiators are still preparing to travel to the U.S. for trade talks this week despite President Donald Trump threatening Beijing with increased tariffs.

That wasn’t quite a confirmation that the talks would still go on, but it quieted some concern following multiple reports that the Chinese side was reconsidering its involvement in the negotiations.

Trump said in a Sunday afternoon Twitter post that the current 10% tariffs on $200 billion worth of Chinese goods will rise to 25% on Friday. He also threatened to impose 25% levies on an additional $325 billion of Chinese goods “shortly.”

Chinese Vice Premier Liu He had planned to bring a large delegation to Washington on Wednesday to hash out a trade deal — and there’d been talk in recent days that something resembling a deal could result. Instead, two sources briefed on the talks said the Chinese side may be weighing backing out of this week’s negotiations.

That was pegged to Trump’s new threats, they said, which abandon a six-month truce after Beijing waffled on some previously discussed commitments.

One source had said the Chinese vice premier would likely cancel the trip he’d planned for himself and a 100-person delegation for the final round of talks that U.S. officials had previously said could yield a deal by Friday. Chinese officials canceled a trip in late September 2018 in similar circumstances.

A second source said Trump’s decision to more than double the tariff rate on $200 billion of goods was meant to send a message to Liu to not come to the U.S. with more “empty offers.”

During a Monday news conference, a spokesman for China’s Ministry of Foreign Affairs said through a translator that the country’s team “is preparing to travel to the U.S. for the trade talks.” He did not confirm whether Liu would be among that group.

The spokesman, Geng Shuang would not elaborate on the number of people on the Chinese team, the length of the trip, or the date of departure. Instead, he told reporters to contact the relevant authority. The Ministry of Commerce did not respond to a CNBC faxed request for comment.

Geng also emphasized that such back-and-forth in the trade negotiations have happened before, and that the latest round of talks saw “positive” progress.

The White House, the Treasury and the U.S. Trade Representative’s office did not immediately respond to CNBC’s requests for comment.


Company: cnbc, Activity: cnbc, Date: 2019-05-06  Authors: kayla tausche evelyn cheng eustance huang, kayla tausche, evelyn cheng, eustance huang
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Trump may need more than tariff threats to rattle China on trade

President Donald Trump and China’s President Xi Jinping (not shown) make a joint statement at the Great Hall of the People on November 9, 2017 in Beijing, China. But in a surprise move, Trump tweeted Sunday local time that tariffs on $200 billion worth of Chinese goods would increase to 25% on Friday. He added that a 25% tariff would “shortly” be imposed on an additional $325 billion of imported goods from China. “The Trade Deal with China continues, but too slowly, as they attempt to renegotiat


President Donald Trump and China’s President Xi Jinping (not shown) make a joint statement at the Great Hall of the People on November 9, 2017 in Beijing, China. But in a surprise move, Trump tweeted Sunday local time that tariffs on $200 billion worth of Chinese goods would increase to 25% on Friday. He added that a 25% tariff would “shortly” be imposed on an additional $325 billion of imported goods from China. “The Trade Deal with China continues, but too slowly, as they attempt to renegotiat
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Trump may need more than tariff threats to rattle China on trade

President Donald Trump and China’s President Xi Jinping (not shown) make a joint statement at the Great Hall of the People on November 9, 2017 in Beijing, China.

U.S. President Donald Trump may have to choose between supporting the U.S. stock markets and hampering the Chinese economy enough to make Beijing bend on the ongoing trade dispute.

Reports from both sides had indicated progress in the drawn-out negotiations toward a trade deal — with an agreement even possible this week. But in a surprise move, Trump tweeted Sunday local time that tariffs on $200 billion worth of Chinese goods would increase to 25% on Friday. He added that a 25% tariff would “shortly” be imposed on an additional $325 billion of imported goods from China.

“The Trade Deal with China continues, but too slowly, as they attempt to renegotiate. No!” Trump said in a tweet.

Dow futures dropped more than 450 points after Trump’s tariff threat and reports, including one from CNBC, that the Chinese were considering canceling trade talks that had been scheduled for this week.

Chinese markets, meanwhile, tanked more than 5% on Monday, but that’s unlikely to be enough to shake Beijing’s resolve.

“Trump’s latest move increases his economic leverage but will not lead China to surrender on his terms, ” Michael Hirson, practice head, China and Northeast Asia, at consulting and research firm Eurasia Group, said in an email.

“China’s political cohesion gives Beijing an important asset in withstanding the pressure from Trump, and employing economic measures to keep up growth and support weak points in the economy,” Hirson said. “But there is no question that Beijing’s challenge just got much more difficult.”

Official Chinese channels were quiet Monday morning. Chinese state media was muted on the latest Trump tweets. The Ministry of Commerce and Ministry of Foreign Affairs referred CNBC to their regular press conferences, set for Thursday and Monday afternoon, respectively.

A tariff increase on the $200 billion figure would be a delayed implementation of a raise planned for earlier this year. They would have a moderate impact on China’s economy, of about 0.2 to 0.3 percentage points, according to Nick Marro, Hong Kong-based analyst at The Economist Intelligence Unit.

On the other hand, a 25% tariff on $325 billion would put duties on virtually all goods China exports to the U.S. Such a broad application of tariffs — and expected retaliatory duties from Beijing — could hit China’s headline gross domestic product by at least 0.3 or 0.4 percentage points, slowing growth to 6% or less, Marro said in a phone interview.

UBS Economists Tao Wang and Ning Zhang had similar forecasts.


Company: cnbc, Activity: cnbc, Date: 2019-05-06  Authors: evelyn cheng
Keywords: news, cnbc, companies, goods, threats, rattle, points, trump, billion, tariff, trade, chinese, president, beijing, china, need


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China expands global ambitions with a new phase of Xi’s signature program

Chinese President Xi Jinping’s signature Belt and Road Initiative is now about far more than just infrastructure. The program began roughly six years ago with a focus on building out rail and maritime trade routes connecting China with central Asia, Europe and Africa. That is, the second Belt and Road Forum that wrapped up this weekend in Beijing demonstrated that the China-led program now seeks to influence technology and governance around the world. “There will be a shift away from … hard in


Chinese President Xi Jinping’s signature Belt and Road Initiative is now about far more than just infrastructure. The program began roughly six years ago with a focus on building out rail and maritime trade routes connecting China with central Asia, Europe and Africa. That is, the second Belt and Road Forum that wrapped up this weekend in Beijing demonstrated that the China-led program now seeks to influence technology and governance around the world. “There will be a shift away from … hard in
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Company: cnbc, Activity: cnbc, Date: 2019-04-29  Authors: evelyn cheng
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China expands global ambitions with a new phase of Xi's signature program

Chinese President Xi Jinping’s signature Belt and Road Initiative is now about far more than just infrastructure.

The program began roughly six years ago with a focus on building out rail and maritime trade routes connecting China with central Asia, Europe and Africa. While critics have charged that the initiative is simply a branding exercise for Beijing to spread its global influence through lending — and the associated debt — for projects like ports and bridges, Xi has now made it clear he’s aiming even further.

That is, the second Belt and Road Forum that wrapped up this weekend in Beijing demonstrated that the China-led program now seeks to influence technology and governance around the world.

“There will be a shift away from … hard infrastructure projects,” Tom Rafferty, principal economist for China at The Economist Intelligence Unit, said Friday. “(The Belt and Road is) going to have a broader range.”


Company: cnbc, Activity: cnbc, Date: 2019-04-29  Authors: evelyn cheng
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Amid criticism, China’s Xi says Belt and Road project can be ‘shared by the world’

China’s President Xi Jinping stands at the Cocoli locks in the Panama Canal. China’s head of state and party Xi Jinping was the first president of the People’s Republic of Panama to visit. BEIJING — Chinese President Xi Jinping concluded the second forum for his flagship Belt and Road Initiative on Saturday by highlighting its benefits to the global community. “While the Belt and Road Initiative was launched by China, its opportunities and outcomes are shared by the world, ” he said, addressing


China’s President Xi Jinping stands at the Cocoli locks in the Panama Canal. China’s head of state and party Xi Jinping was the first president of the People’s Republic of Panama to visit. BEIJING — Chinese President Xi Jinping concluded the second forum for his flagship Belt and Road Initiative on Saturday by highlighting its benefits to the global community. “While the Belt and Road Initiative was launched by China, its opportunities and outcomes are shared by the world, ” he said, addressing
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Company: cnbc, Activity: cnbc, Date: 2019-04-27  Authors: evelyn cheng
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Amid criticism, China's Xi says Belt and Road project can be 'shared by the world'

China’s President Xi Jinping stands at the Cocoli locks in the Panama Canal. China’s head of state and party Xi Jinping was the first president of the People’s Republic of Panama to visit.

BEIJING — Chinese President Xi Jinping concluded the second forum for his flagship Belt and Road Initiative on Saturday by highlighting its benefits to the global community.

“All interested countries are welcome to join us,” Xi said in an official English translation of his Mandarin Chinese remarks.

“While the Belt and Road Initiative was launched by China, its opportunities and outcomes are shared by the world, ” he said, addressing reporters at the end of the forum.

Launched in 2013, the Belt and Road Initiative is widely seen as China’s effort to increase its global influence, primarily through the financing and construction of rail, sea and other transportation routes running from Asia to Europe and Africa.

Critics say that through the massive infrastructure project, China forces developing nations to take on high debt burdens while benefiting Chinese companies which are often state-owned.

Xi said Saturday that participants in the Belt and Road agreed to pursue high quality development. In addition to more traditional areas of economic connection, he said the program would encourage the development of digital infrastructure.


Company: cnbc, Activity: cnbc, Date: 2019-04-27  Authors: evelyn cheng
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Some international banks are finally seeing their China investments pay off

As China cracks open the door further to its massive financial market, a handful of foreign firms are pulling ahead of the pack. UBS, Invesco and J.P. Morgan topped Shanghai-based Z-Ben Advisors’ annual rankings released Monday for the 25 best foreign money managers in China. The company has been investing in China for 20 years and has also become a front-runner in building a domestic securities business. In November, UBS became the first foreign bank to receive Beijing’s approval to take a majo


As China cracks open the door further to its massive financial market, a handful of foreign firms are pulling ahead of the pack. UBS, Invesco and J.P. Morgan topped Shanghai-based Z-Ben Advisors’ annual rankings released Monday for the 25 best foreign money managers in China. The company has been investing in China for 20 years and has also become a front-runner in building a domestic securities business. In November, UBS became the first foreign bank to receive Beijing’s approval to take a majo
Some international banks are finally seeing their China investments pay off Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-23  Authors: evelyn cheng, -chantal grinderslev, partner at z-ben
Keywords: news, cnbc, companies, pay, stake, investments, switzerlandbased, international, finally, china, ubs, topped, stakes, zben, seeing, foreign, firms, venture, banks


Some international banks are finally seeing their China investments pay off

As China cracks open the door further to its massive financial market, a handful of foreign firms are pulling ahead of the pack.

UBS, Invesco and J.P. Morgan topped Shanghai-based Z-Ben Advisors’ annual rankings released Monday for the 25 best foreign money managers in China. Data was collected as of December 2018, and scored firms by three business lines: onshore, outbound and inbound.

For UBS, it was the second year the Switzerland-based asset manager ranked first. The company has been investing in China for 20 years and has also become a front-runner in building a domestic securities business.

In November, UBS became the first foreign bank to receive Beijing’s approval to take a majority stake in its joint venture with China Guodian Capital. For the last decades, previous policy limited foreign banks to minority stakes, giving local partners more control.


Company: cnbc, Activity: cnbc, Date: 2019-04-23  Authors: evelyn cheng, -chantal grinderslev, partner at z-ben
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Tesla is investigating the apparent explosion of a parked car in Shanghai

Tesla said Monday it immediately sent a team to investigate an apparent explosion of one of its cars that occurred in Shanghai on Sunday evening local time. There are no known casualties at this time, the electric car company said in a Chinese-language post on Weibo, China’s version of Twitter. It was not immediately clear which Tesla model was affected, but reports indicated the car was parked at the time of the fire. In January, Chicago law firm Corboy & Demetrio said that there have been at l


Tesla said Monday it immediately sent a team to investigate an apparent explosion of one of its cars that occurred in Shanghai on Sunday evening local time. There are no known casualties at this time, the electric car company said in a Chinese-language post on Weibo, China’s version of Twitter. It was not immediately clear which Tesla model was affected, but reports indicated the car was parked at the time of the fire. In January, Chicago law firm Corboy & Demetrio said that there have been at l
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Tesla is investigating the apparent explosion of a parked car in Shanghai

Tesla said Monday it immediately sent a team to investigate an apparent explosion of one of its cars that occurred in Shanghai on Sunday evening local time.

There are no known casualties at this time, the electric car company said in a Chinese-language post on Weibo, China’s version of Twitter. Tesla also said it is in active communication and cooperation with relevant departments about the situation.

It was not immediately clear which Tesla model was affected, but reports indicated the car was parked at the time of the fire.

In January, Chicago law firm Corboy & Demetrio said that there have been at least a dozen cases worldwide in the last five years of Model S batteries exploding in collisions and parked vehicles. The statement was part of a lawsuit filed against Tesla that alleged a 2014 Model S had a defective battery pack, causing an 18-year-old passenger to die in an accident last year, Reuters reported.

—Reuters contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-04-22  Authors: evelyn cheng
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China developer Soho wins ‘feng shui’ lawsuit against blog who claimed its property was unlucky

A Beijing district court ruled Wednesday that a blog operator must apologize and pay more than 200,000 yuan ($29,851) to real estate developer Soho China for reputational damage. That’s after a blog run by the operator, Zhuhai Shengun Network Technology, claimed that one of the developer’s properties brought bad luck to its tenants due to inauspicious “feng shui.” Soho China is one of the largest real estate developers in the country, best known for several iconic office complexes located throug


A Beijing district court ruled Wednesday that a blog operator must apologize and pay more than 200,000 yuan ($29,851) to real estate developer Soho China for reputational damage. That’s after a blog run by the operator, Zhuhai Shengun Network Technology, claimed that one of the developer’s properties brought bad luck to its tenants due to inauspicious “feng shui.” Soho China is one of the largest real estate developers in the country, best known for several iconic office complexes located throug
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Company: cnbc, Activity: cnbc, Date: 2019-04-11  Authors: evelyn cheng, visual china group, getty images
Keywords: news, cnbc, companies, claimed, shui, developer, waterloo, property, feng, beijing, post, lawsuit, wins, unlucky, official, blog, china, soho, court, operator


China developer Soho wins 'feng shui' lawsuit against blog who claimed its property was unlucky

A Beijing district court ruled Wednesday that a blog operator must apologize and pay more than 200,000 yuan ($29,851) to real estate developer Soho China for reputational damage.

That’s after a blog run by the operator, Zhuhai Shengun Network Technology, claimed that one of the developer’s properties brought bad luck to its tenants due to inauspicious “feng shui.”

Feng shui is an ancient Chinese way of determining the optimal location and layout of a dwelling, office or capital for the occupants’ success. The practice, which translates to “wind and water” in Chinese, is still followed by some in China.

“The internet is not outside the bounds of the law,” Ouyang Hua, the official on the case, said in a public verdict posted on the Beijing Chaoyang District Court website.

In the Mandarin-language post translated by CNBC, the official added that companies should focus on building up core technology and “not entrust development to feng shui theory.”

The South China Morning Post first reported the court ruling.

Soho China is one of the largest real estate developers in the country, best known for several iconic office complexes located throughout Beijing.

In November, a blog called “S Shengunju S” published an article claiming that the feng shui of Soho’s Wangjing development in northeastern Beijing was a “Waterloo” for internet companies, according to Soho’s complaint to the court published online. The term refers to the Battle of Waterloo which marked the downfall of French emperor Napoleon Bonaparte in the early 19th century.

The blog also said the development was only suitable for early-stage companies, and that they should move away if they wanted to develop further, the court website said.

According to the public verdict, the article in question was read more than 100,000 times before it was deleted from the blogger’s official account on WeChat — China’s ubiquitous messaging app run by internet giant Tencent.

Tencent and Soho China did not immediately respond to a CNBC request for comment. Zhuhai Shengun Network Technology’s website returned an error message and no other method of contact was immediately apparent.

The blog operator told the Beijing court that the post was deleted and phrases such as “Waterloo” were only a form of expression and did not constitute insults.

The complex in question was designed by the late award-winning architect Zaha Hadid.

Pan Shiyi, chairman of Soho China, said in a post on Weibo, China’s version of Twitter, that the company will continue to manage Wangjing Soho with great care.

“Criticism of architecture and malicious slander are two separate things,” he said in the Mandarin-language post translated by CNBC. “The distance between reason and ignorance are worlds apart.”


Company: cnbc, Activity: cnbc, Date: 2019-04-11  Authors: evelyn cheng, visual china group, getty images
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China economy: smaller cities offer hopes of growth amid slowdown

Beneath the gloom overhanging China’s economy, some big companies are finding growth opportunities in smaller cities outside Beijing and Shanghai. Much of the growth for companies in these markets comes from smaller cities and county districts, which analysts say account for more than 70 percent of China’s population. “In our big picture now, these so-called lower-tier cities, they will be basically the major driver of growth in China in the next 10 to 15 years,” Robin Xing, chief China economis


Beneath the gloom overhanging China’s economy, some big companies are finding growth opportunities in smaller cities outside Beijing and Shanghai. Much of the growth for companies in these markets comes from smaller cities and county districts, which analysts say account for more than 70 percent of China’s population. “In our big picture now, these so-called lower-tier cities, they will be basically the major driver of growth in China in the next 10 to 15 years,” Robin Xing, chief China economis
China economy: smaller cities offer hopes of growth amid slowdown Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-01  Authors: evelyn cheng, qing qing, xinhua news agency, getty images, visual china group, -qin gang, deputy secretary general at center for china
Keywords: news, cnbc, companies, smaller, based, cities, hopes, amid, big, beijing, economy, chinas, china, slowdown, growth, companies, offer, lowertier


China economy: smaller cities offer hopes of growth amid slowdown

Beneath the gloom overhanging China’s economy, some big companies are finding growth opportunities in smaller cities outside Beijing and Shanghai.

Earnings and analyst reports released in the last few weeks indicate there are still many areas of untapped potential in the world’s second-largest economy.

In particular, five industries present prospects for growth: Internet, autos, healthcare, education and tourism. Much of the growth for companies in these markets comes from smaller cities and county districts, which analysts say account for more than 70 percent of China’s population.

“In our big picture now, these so-called lower-tier cities, they will be basically the major driver of growth in China in the next 10 to 15 years,” Robin Xing, chief China economist at Morgan Stanley, said in a phone interview Thursday.

China’s cities are separated into tiers based loosely on population and economic size. For example, Beijing, Shanghai, Shenzhen and Guangzhou are generally considered tier-one cities, while lower-tier cities are smaller.

Xing said his expectations for growth in less developed parts of China are based on the government’s push to develop city clusters, bringing the services and productivity levels of big cities within closer reach of the roughly 600 million people living in rural China.

He also pointed out that his growth predictions are based on the assumption that the Chinese government will follow through on reforms regarding benefits from residency permits known as “hukou,” as well as grant greater access to foreign firms.


Company: cnbc, Activity: cnbc, Date: 2019-04-01  Authors: evelyn cheng, qing qing, xinhua news agency, getty images, visual china group, -qin gang, deputy secretary general at center for china
Keywords: news, cnbc, companies, smaller, based, cities, hopes, amid, big, beijing, economy, chinas, china, slowdown, growth, companies, offer, lowertier


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