Hong Kong’s port has fallen behind rivals. Industry experts say it needs to be more competitive

Hong Kong’s once world-beating port needs to raise its game or risk falling further behind competitors in Shanghai, Singapore and elsewhere, industry experts said. Since 2004, Hong Kong has gone from being the biggest port in the world in shipping containers processed to a ranking, according to Lloyd’s List, of fifth in 2017. According to Lloyd’s List, Shanghai handled just over 40 million containers in 2017, which was nearly double Hong Kong’s total of less than 21 million. Peter Levesque, grou


Hong Kong’s once world-beating port needs to raise its game or risk falling further behind competitors in Shanghai, Singapore and elsewhere, industry experts said. Since 2004, Hong Kong has gone from being the biggest port in the world in shipping containers processed to a ranking, according to Lloyd’s List, of fifth in 2017. According to Lloyd’s List, Shanghai handled just over 40 million containers in 2017, which was nearly double Hong Kong’s total of less than 21 million. Peter Levesque, grou
Hong Kong’s port has fallen behind rivals. Industry experts say it needs to be more competitive Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-21  Authors: kelly olsen, paul yeung, bloomberg, getty images
Keywords: news, cnbc, companies, lloyds, fallen, trend, rivals, region, stop, port, say, shipping, competitive, experts, kongs, industry, list, needs, shanghai, hong


Hong Kong's port has fallen behind rivals. Industry experts say it needs to be more competitive

Hong Kong’s once world-beating port needs to raise its game or risk falling further behind competitors in Shanghai, Singapore and elsewhere, industry experts said.

The city’s massive container facility has seen rivals, especially in mainland China, expand and improve at a faster pace, air and rail options for shipping goods increase and, more recently, uncertainty resulting from the ongoing Washington-Beijing trade war.

Since 2004, Hong Kong has gone from being the biggest port in the world in shipping containers processed to a ranking, according to Lloyd’s List, of fifth in 2017. Industry expectations are for further declines.

According to Lloyd’s List, Shanghai handled just over 40 million containers in 2017, which was nearly double Hong Kong’s total of less than 21 million.

Peter Levesque, group managing director at Modern Terminals, a container terminal operator, told CNBC’s Emily Tan on Monday that Chinese and other ports in the region have become more competitive and that has put pressure on Hong Kong.

“So we need to do something to stop that trend, to stop the downward trend, and to maintain Hong Kong’s competitiveness in the region,” Levesque said.


Company: cnbc, Activity: cnbc, Date: 2019-01-21  Authors: kelly olsen, paul yeung, bloomberg, getty images
Keywords: news, cnbc, companies, lloyds, fallen, trend, rivals, region, stop, port, say, shipping, competitive, experts, kongs, industry, list, needs, shanghai, hong


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Chinese markets’ 2018 performance was their worst in a decade

‘We need to see some stabilization in Chinese demand’ 4 Hours Ago | 02:46This year has not been a great one for Chinese stocks. In fact, it’s been the worst in a decade. All 10 sectors of the index were down significantly in the year, with information technology being the worst performer as it fell 34 percent, according to Chinese financial services firm Wind Information. That puts the Shanghai composite’s performance at its worst since 2008, the year of the global financial crisis, when it plun


‘We need to see some stabilization in Chinese demand’ 4 Hours Ago | 02:46This year has not been a great one for Chinese stocks. In fact, it’s been the worst in a decade. All 10 sectors of the index were down significantly in the year, with information technology being the worst performer as it fell 34 percent, according to Chinese financial services firm Wind Information. That puts the Shanghai composite’s performance at its worst since 2008, the year of the global financial crisis, when it plun
Chinese markets’ 2018 performance was their worst in a decade Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-31  Authors: eustance huang, afp, getty images
Keywords: news, cnbc, companies, 2018, markets, financial, performance, wind, chinese, index, information, worst, shenzhen, stocks, shanghai, decade


Chinese markets' 2018 performance was their worst in a decade

‘We need to see some stabilization in Chinese demand’ 4 Hours Ago | 02:46

This year has not been a great one for Chinese stocks. In fact, it’s been the worst in a decade.

The Shanghai composite, the mainland’s major share average, ended the trading year at 2,493.90 — that was approximately 24.6 percent lower than its final close of 2017.

All 10 sectors of the index were down significantly in the year, with information technology being the worst performer as it fell 34 percent, according to Chinese financial services firm Wind Information. Even the best performing sector, utilities, dropped 11 percent.

That puts the Shanghai composite’s performance at its worst since 2008, the year of the global financial crisis, when it plunged more than 65 percent.

Those dramatic losses were also seen elsewhere in China, with the Shenzhen composite plummeting about 33.25 percent and the Shenzhen component plunging around 34.44 percent in 2018 as compared to their last close of 2017. The Shenzhen component’s performance was also its worst since 2008, when it dove 63 percent, according to Wind Information.

As shares on the mainland were pummeled, Hong Kong stocks performed a bit better. The Hang Seng index notched a decline of only 13.61 percent for 2018.


Company: cnbc, Activity: cnbc, Date: 2018-12-31  Authors: eustance huang, afp, getty images
Keywords: news, cnbc, companies, 2018, markets, financial, performance, wind, chinese, index, information, worst, shenzhen, stocks, shanghai, decade


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Tesla sets up Shanghai financial leasing unit as China plans accelerate

Tesla has registered a financial leasing company in China, a local business registration filing shows, in the latest sign the U.S. electric car maker is attempting to speed up its push into China. The California-based carmaker, led by billionaire Chief Executive Elon Musk, has opened a wholly owned financial leasing unit in Shanghai’s free trade zone with registered capital of $30 million, according to China’s National Enterprise Information Publicity System. Its scope includes leasing and consu


Tesla has registered a financial leasing company in China, a local business registration filing shows, in the latest sign the U.S. electric car maker is attempting to speed up its push into China. The California-based carmaker, led by billionaire Chief Executive Elon Musk, has opened a wholly owned financial leasing unit in Shanghai’s free trade zone with registered capital of $30 million, according to China’s National Enterprise Information Publicity System. Its scope includes leasing and consu
Tesla sets up Shanghai financial leasing unit as China plans accelerate Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-28  Authors: mark brake, getty images
Keywords: news, cnbc, companies, teslas, sets, financial, unit, tesla, accelerate, maker, electric, company, shanghai, plans, china, opened, ev, registered, leasing


Tesla sets up Shanghai financial leasing unit as China plans accelerate

Tesla has registered a financial leasing company in China, a local business registration filing shows, in the latest sign the U.S. electric car maker is attempting to speed up its push into China.

The California-based carmaker, led by billionaire Chief Executive Elon Musk, has opened a wholly owned financial leasing unit in Shanghai’s free trade zone with registered capital of $30 million, according to China’s National Enterprise Information Publicity System.

Its scope includes leasing and consultancy, the document said, which listed the firm’s legal representative as Zhu Xiaotong, Tesla’s boss in China.

Tesla declined to comment.

The company has opened a tender process to build its Shanghai Gigafactory and at least one contractor has started buying materials, Reuters reported earlier this month.

The $2 billion factory, Tesla’s first in China, marks a major bet by the U.S. electric vehicle (EV) maker as it looks to bolster its presence in the world’s biggest auto market where it faces rising competition from a swathe of domestic EV makers and its earnings have been hit by increased tariffs on U.S. imports.


Company: cnbc, Activity: cnbc, Date: 2018-12-28  Authors: mark brake, getty images
Keywords: news, cnbc, companies, teslas, sets, financial, unit, tesla, accelerate, maker, electric, company, shanghai, plans, china, opened, ev, registered, leasing


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Chinese banks drag Shanghai lower; Japan slips more than 2.5 percent

Stocks in Asia were broadly lower on Thursday after the U.S. Federal Reserve raised interest rates for the fourth time in 2018. China’s central bank decided to keep short-term borrowing rates steady on Thursday,a day after announcing measures to encourage lending to small firms. Meanwhile, South Korea’s Kospi shed 0.9 percent, as shares of LG Electronics declined by 4.13 percent. And in Australia, the ASX 200 fell 1.34 percent to close at 5,505.8, with shares of the country’s so-called Big Four


Stocks in Asia were broadly lower on Thursday after the U.S. Federal Reserve raised interest rates for the fourth time in 2018. China’s central bank decided to keep short-term borrowing rates steady on Thursday,a day after announcing measures to encourage lending to small firms. Meanwhile, South Korea’s Kospi shed 0.9 percent, as shares of LG Electronics declined by 4.13 percent. And in Australia, the ASX 200 fell 1.34 percent to close at 5,505.8, with shares of the country’s so-called Big Four
Chinese banks drag Shanghai lower; Japan slips more than 2.5 percent Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-20  Authors: eustance huang
Keywords: news, cnbc, companies, close, banks, japan, shed, fell, 25, day, bank, australia, lower, shares, drag, declined, china, shanghai, slips, slipped, chinese


Chinese banks drag Shanghai lower; Japan slips more than 2.5 percent

Stocks in Asia were broadly lower on Thursday after the U.S. Federal Reserve raised interest rates for the fourth time in 2018.

The mainland Chinese markets were mixed on the day, with the Shanghai composite slipping 0.52 percent to close at about 2,536.27 and the Shenzhen composite recovering from earlier losses to end the trading day up by 0.202 percent at around 1,297.10.

China’s central bank decided to keep short-term borrowing rates steady on Thursday,a day after announcing measures to encourage lending to small firms.

Following the People’s Bank of China’s move to spur lending to small businesses, Shanghai-listed shares of major banks declined as Industrial and Commercial Bank of China fell 1.88 percent, Agricultural Bank of China shed 0.57 percent and China Construction Bank dropped 2.14 percent. Financial stocks make up nearly 40 percent of the Shanghai composite.

Hong Kong’s Hang Seng index fell 1.05 percent, as of its final hour of trade, with Hong Kong-listed shares of HSBC declining by around 1 percent.

Meanwhile, Japan’s Nikkei 225 slipped 2.84 percent to close at 20,392.58 while the Topix index declined by 2.51 percent to finish the trading day at 1,517.16. Shares of conglomerate Softbank Group continued to remain under pressure on Thursday as they slipped 4.72 percent, a day after the lackluster public debut of its mobile unit on Wednesday.

Shares of the newly listed Softbank Corp fell as much as 8 percent earlier on Thursday, according to Reuters, before recovering to see gains of 1.09 percent on the day.

Meanwhile, South Korea’s Kospi shed 0.9 percent, as shares of LG Electronics declined by 4.13 percent. John Ko, an analyst at NH Investment and Securities, estimated a 15 percent year-on-year decline in fourth quarter operating profit for LG Electronics, citing weakness in sectors such as its television and smartphone divisions.

And in Australia, the ASX 200 fell 1.34 percent to close at 5,505.8, with shares of the country’s so-called Big Four banks seeing declines. Australia and New Zealand Banking Group fell 1.63 percent, National Australia Bank slipped 0.99 percent, Commonwealth Bank of Australia shed 0.69 percent and Westpac lost 1.07 percent.


Company: cnbc, Activity: cnbc, Date: 2018-12-20  Authors: eustance huang
Keywords: news, cnbc, companies, close, banks, japan, shed, fell, 25, day, bank, australia, lower, shares, drag, declined, china, shanghai, slips, slipped, chinese


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China’s stocks are set for a rocky start to 2019

Chinese stocks took a beating this year, but a recovery may not come until the second half of 2019, experts say. The Shanghai composite and main Shenzhen index are down more than 20 and 30 percent, respectively, this year. That puts Chinese stocks among the worst performers globally, where the S&P 500 is off by more than 6 percent, Japan’s Nikkei 225 is down more than 9 percent and the German DAX has lost some 16.6 percent so far this year. I wouldn’t be too optimistic about the market next year


Chinese stocks took a beating this year, but a recovery may not come until the second half of 2019, experts say. The Shanghai composite and main Shenzhen index are down more than 20 and 30 percent, respectively, this year. That puts Chinese stocks among the worst performers globally, where the S&P 500 is off by more than 6 percent, Japan’s Nikkei 225 is down more than 9 percent and the German DAX has lost some 16.6 percent so far this year. I wouldn’t be too optimistic about the market next year
China’s stocks are set for a rocky start to 2019 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-20  Authors: evelyn cheng, jason lee, -duo yuan, founder, chairman of blue stone asset management, -jennifer chen lai, dalton investments
Keywords: news, cnbc, companies, chinese, chinas, rocky, 2019, zhu, shanghai, stocks, wouldnt, worst, yeartheres, set, university, market, start, yearchina


China's stocks are set for a rocky start to 2019

Chinese stocks took a beating this year, but a recovery may not come until the second half of 2019, experts say.

The Shanghai composite and main Shenzhen index are down more than 20 and 30 percent, respectively, this year. That puts Chinese stocks among the worst performers globally, where the S&P 500 is off by more than 6 percent, Japan’s Nikkei 225 is down more than 9 percent and the German DAX has lost some 16.6 percent so far this year.

“There’s really not much impetus for the market to rebound,” said Zhu Ning, professor of finance at Tsinghua University and deputy director of the National Institute of Financial Research. “The sentiment is not recovering, and there is not new capacity. I wouldn’t be too optimistic about the market next year.”

China is planning to launch a new board in Shanghai for listing technology stocks next year, and Zhu said he expects that to dilute the market — with investment funds spreading instead of increasing.


Company: cnbc, Activity: cnbc, Date: 2018-12-20  Authors: evelyn cheng, jason lee, -duo yuan, founder, chairman of blue stone asset management, -jennifer chen lai, dalton investments
Keywords: news, cnbc, companies, chinese, chinas, rocky, 2019, zhu, shanghai, stocks, wouldnt, worst, yeartheres, set, university, market, start, yearchina


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Tesla’s China factory is set to begin production late next year, Shanghai government says

Tesla is on pace to begin production at its factory in China in the second half of next year, the Shanghai government said Wednesday. Land leveling is basically complete and construction is about to begin, with the factory expected to be put partially into operation in the second half of 2019, according to an official WeChat post from the government. The article described a visit by Shanghai Mayor Ying Yong and Vice Mayor Wu Qing. In mid-October, Tesla officially acquired an 864,885-square meter


Tesla is on pace to begin production at its factory in China in the second half of next year, the Shanghai government said Wednesday. Land leveling is basically complete and construction is about to begin, with the factory expected to be put partially into operation in the second half of 2019, according to an official WeChat post from the government. The article described a visit by Shanghai Mayor Ying Yong and Vice Mayor Wu Qing. In mid-October, Tesla officially acquired an 864,885-square meter
Tesla’s China factory is set to begin production late next year, Shanghai government says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-06  Authors: evelyn cheng, qilai shen, bloomberg, getty images
Keywords: news, cnbc, companies, electric, costs, second, china, begin, wechat, mayor, late, half, production, official, shanghai, teslas, tesla, factory, set


Tesla's China factory is set to begin production late next year, Shanghai government says

Tesla is on pace to begin production at its factory in China in the second half of next year, the Shanghai government said Wednesday.

Land leveling is basically complete and construction is about to begin, with the factory expected to be put partially into operation in the second half of 2019, according to an official WeChat post from the government. The article described a visit by Shanghai Mayor Ying Yong and Vice Mayor Wu Qing.

Tesla did not immediately respond to an emailed request for comment.

In mid-October, Tesla officially acquired an 864,885-square meter plot in Shanghai’s Lingang area for the electric car maker’s first factory outside the U.S.

Elon Musk’s company has also launched an official WeChat account for hiring locals.

Producing in China, the world’s largest market for electric vehicles, would allow Tesla to reduce costs significantly. The company has said it is operating at a 55 percent to 60 percent cost disadvantage with a domestic peer due to ocean transport costs and tariffs.


Company: cnbc, Activity: cnbc, Date: 2018-12-06  Authors: evelyn cheng, qilai shen, bloomberg, getty images
Keywords: news, cnbc, companies, electric, costs, second, china, begin, wechat, mayor, late, half, production, official, shanghai, teslas, tesla, factory, set


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Malaysia bets on durian as China goes bananas over the world’s smelliest fruit

Even property tycoons and companies in palm oil, Malaysia’s biggest agricultural export, are making forays into the durian business. The Malaysian government is encouraging large-scale farming of durian, counting on a 50 percent jump in exports by 2030. “The durian industry is transforming from local to global, large-scale farming due to the great demand from China,” said Lim Chin Khee, a durian industry consultant. Durian may be banned in some airports, public transport and hotels in Southeast


Even property tycoons and companies in palm oil, Malaysia’s biggest agricultural export, are making forays into the durian business. The Malaysian government is encouraging large-scale farming of durian, counting on a 50 percent jump in exports by 2030. “The durian industry is transforming from local to global, large-scale farming due to the great demand from China,” said Lim Chin Khee, a durian industry consultant. Durian may be banned in some airports, public transport and hotels in Southeast
Malaysia bets on durian as China goes bananas over the world’s smelliest fruit Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-26  Authors: mohd rasfan afp, getty images
Keywords: news, cnbc, companies, bets, yang, southeast, smell, fruit, shanghai, think, durian, smelliest, goes, worlds, bananas, malaysias, yuan, taste, pizza, malaysia, china


Malaysia bets on durian as China goes bananas over the world's smelliest fruit

The stinky, spiky durian is set to become Malaysia’s next major export as the Southeast Asian nation rushes to develop thousands of acres to cash in on unprecedented demand for the fruit from China.

Once planted in family orchards and small-scale farms, the durian — described by some as smelling like an open sewer or turpentine when ripe — is attracting investments like never before. Even property tycoons and companies in palm oil, Malaysia’s biggest agricultural export, are making forays into the durian business.

The Malaysian government is encouraging large-scale farming of durian, counting on a 50 percent jump in exports by 2030.

“The durian industry is transforming from local to global, large-scale farming due to the great demand from China,” said Lim Chin Khee, a durian industry consultant. “Before the boom, a durian farm in Malaysia would be a leisure farm … Now they are hundreds of acres and bigger, and many more will come.”

Durian may be banned in some airports, public transport and hotels in Southeast Asia for its pungent smell, but the Chinese are huge fans. Durian-flavored foods sold in China include pizza, butter, salad dressing and milk.

“At first, I also hated durians because I thought they have a weird smell,” said Helen Li, 26, eating at a shop specializing in durian pizza in Shanghai, where nearly every customer ordered the 60 yuan ($8.50) dish during a recent lunch hour rush. “But when you taste it, it’s really quite delicious. I think those who hate durian are scared by its smell. But once you try it, I think their opinion will change.”

At another Shanghai restaurant selling durian chicken hotpot — a type of sizzling broth — for around 148 yuan ($21), owner Chen Weihao said the store could sell around 20 to 25 kg of imported Thai durian every month.

“When you taste it, it has a kind of fresh and sweet flavor, as if you have arrived in the tropics,” said 27-year-old customer Yang Yang.


Company: cnbc, Activity: cnbc, Date: 2018-11-26  Authors: mohd rasfan afp, getty images
Keywords: news, cnbc, companies, bets, yang, southeast, smell, fruit, shanghai, think, durian, smelliest, goes, worlds, bananas, malaysias, yuan, taste, pizza, malaysia, china


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China puts on a big show, but not everyone is buying its trade message

SHANGHAI, China — China’s largest city rolled out the red carpet this week to help President Xi Jinping try to show other nations how serious his country is about becoming their best customer. By official figures, more than 400,000 buyers — including representatives from nearly all of China’s state-owned enterprises — had the chance to meet with more than 3,600 businesses from 172 countries at the China International Import Expo. To welcome the businesses, a handful of international state leader


SHANGHAI, China — China’s largest city rolled out the red carpet this week to help President Xi Jinping try to show other nations how serious his country is about becoming their best customer. By official figures, more than 400,000 buyers — including representatives from nearly all of China’s state-owned enterprises — had the chance to meet with more than 3,600 businesses from 172 countries at the China International Import Expo. To welcome the businesses, a handful of international state leader
China puts on a big show, but not everyone is buying its trade message Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-07  Authors: evelyn cheng
Keywords: news, cnbc, companies, big, puts, expo, shanghai, country, message, trade, xi, import, buying, international, president, china, chinas, town


China puts on a big show, but not everyone is buying its trade message

SHANGHAI, China — China’s largest city rolled out the red carpet this week to help President Xi Jinping try to show other nations how serious his country is about becoming their best customer.

By official figures, more than 400,000 buyers — including representatives from nearly all of China’s state-owned enterprises — had the chance to meet with more than 3,600 businesses from 172 countries at the China International Import Expo. Johnson and Johnson, Honeywell, General Motors and Google were among the nearly 180 American companies reportedly attending.

To welcome the businesses, a handful of international state leaders and the Chinese president, Shanghai lit up its buildings across town on Sunday night. Roads shut down, local schools and government offices closed for two days and tech giant Didi partially suspended its ride-hailing service. Roughly 300 students from the local prestigious colleges volunteered to direct visitors around a four-leaf clover exhibition space the size of at least 55 football fields near Shanghai’s Hongqiao Airport on the western edge of town. An army of security officers hovered the grounds, and sometimes made guests walk through gated entrances with roughly 30 turns.

Of the Communist government’s many goals for the import expo — billed as the first of many — “one is to increase China’s prestige as a market, as a global leader in international commerce,” said Craig Allen, president of the U.S.-China Business Council.

“I think it probably has been pretty successful at that,” he said.

But as for Xi’s stated aim of turning China into a global market importer, “a trade show is probably not particularly relevant,” Allen said. Rather, he said, “the real test is whether or not the policy measures articulated by President Xi will be implemented in the near term.”

Xi kicked off the expo on Monday with a speech that mostly reiterated past promises to further open up the world’s second-largest economy to foreign players.

As his country faces rising tensions with its largest trading partner, Xi pledged greater punishments for intellectual property theft — a point of contention with the Trump administration. The Chinese leader who this year abolished presidential term limits also said his country will further lower import tariffs and speed up the opening of sectors such as education and culture.

Those are moves in the direction the West would like to see, but not enough.

“What matters to us is that concrete actions are forthcoming and that reforms are clearly timetabled,” Carlo D’Andrea, vice president of the European Union Chamber of Commerce in China and chairman of the Shanghai Chapter, said in a statement. “If China really will continue to open up, we would have expected additional and specific commitments to have been announced by President Xi (on Monday).”


Company: cnbc, Activity: cnbc, Date: 2018-11-07  Authors: evelyn cheng
Keywords: news, cnbc, companies, big, puts, expo, shanghai, country, message, trade, xi, import, buying, international, president, china, chinas, town


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$22,000 per night will get you this Shanghai luxury hotel suite

Shanghai is one of the world’s wealthiest cities and is considered as one of China’s most international cities. It’s massive population of 24 million — about the size of Australia’s entire population. According to Forbes, the city is also home to 40 billionaires. How far can the dollar stretch in Shanghai? CNBC recently explored the luxurious side of the city — from swanky hotels, to yachts and unique dining experiences.


Shanghai is one of the world’s wealthiest cities and is considered as one of China’s most international cities. It’s massive population of 24 million — about the size of Australia’s entire population. According to Forbes, the city is also home to 40 billionaires. How far can the dollar stretch in Shanghai? CNBC recently explored the luxurious side of the city — from swanky hotels, to yachts and unique dining experiences.
$22,000 per night will get you this Shanghai luxury hotel suite Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-05  Authors: uptin saiidi
Keywords: news, cnbc, companies, unique, population, wealthiest, city, 22000, stretch, hotel, swanky, yachts, shanghai, luxury, worlds, suite, night, cities


$22,000 per night will get you this Shanghai luxury hotel suite

Shanghai is one of the world’s wealthiest cities and is considered as one of China’s most international cities. It’s massive population of 24 million — about the size of Australia’s entire population. According to Forbes, the city is also home to 40 billionaires.

How far can the dollar stretch in Shanghai? CNBC recently explored the luxurious side of the city — from swanky hotels, to yachts and unique dining experiences.


Company: cnbc, Activity: cnbc, Date: 2018-11-05  Authors: uptin saiidi
Keywords: news, cnbc, companies, unique, population, wealthiest, city, 22000, stretch, hotel, swanky, yachts, shanghai, luxury, worlds, suite, night, cities


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China’s Xi will deliver a major speech next week as Beijing promotes itself as an importer

Chinese President Xi Jinping is set to kick off a week-long expo next Monday that promotes his country’s status as a major consumer of the world’s goods. The opening speech comes a day before Americans head to the polls for midterm elections, and amid growing bipartisan criticism of China, particularly over its treatment of foreign companies and intellectual property. The major Chinese event, however, will seek to position the country as an importer of goods, drawing in top executives in the pro


Chinese President Xi Jinping is set to kick off a week-long expo next Monday that promotes his country’s status as a major consumer of the world’s goods. The opening speech comes a day before Americans head to the polls for midterm elections, and amid growing bipartisan criticism of China, particularly over its treatment of foreign companies and intellectual property. The major Chinese event, however, will seek to position the country as an importer of goods, drawing in top executives in the pro
China’s Xi will deliver a major speech next week as Beijing promotes itself as an importer Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-02  Authors: evelyn cheng, andrey rudakov, bloomberg, getty images
Keywords: news, cnbc, companies, chinese, xi, trade, chinas, expo, major, promotes, tariffs, week, china, speech, trump, goods, shanghai, beijing, deliver, set, importer


China's Xi will deliver a major speech next week as Beijing promotes itself as an importer

Chinese President Xi Jinping is set to kick off a week-long expo next Monday that promotes his country’s status as a major consumer of the world’s goods.

The opening speech comes a day before Americans head to the polls for midterm elections, and amid growing bipartisan criticism of China, particularly over its treatment of foreign companies and intellectual property. The major Chinese event, however, will seek to position the country as an importer of goods, drawing in top executives in the process.

Although plans for the China International Import Expo were announced more than a year ago, the event will stand in contrast to Beijing’s ongoing trade fight with the United States: President Donald Trump has targeted his country’s $375 billion goods trade deficit with China by levying tariffs on an extensive list of products. China, for its part, unsuccessfully tried to negotiate on tariffs by offering to buy more U.S. goods, but ultimately responded with duties on products from the U.S.

“It’s about the Chinese being able to take ownership over the approach to these discussions,” said Peter Alexander, head of consulting firm Z-Ben in Shanghai. He noted that if Trump and Xi come to an agreement behind closed doors at the G-20 meeting in Argentina later this year, it will appear the Chinese conceded to the U.S.

Such a G-20 outcome is anticipated by some, but China can use next week’s expo — and the 40th anniversary of reducing state control on the economy — to tell the world it is still moving forward with plans to buy more, Alexander said. Then, he noted, the Trump administration will need to respond.

The expo is set to draw more than 2,800 companies from more than 130 countries to Shanghai from Nov. 5 to Nov. 10, according to official figures.


Company: cnbc, Activity: cnbc, Date: 2018-11-02  Authors: evelyn cheng, andrey rudakov, bloomberg, getty images
Keywords: news, cnbc, companies, chinese, xi, trade, chinas, expo, major, promotes, tariffs, week, china, speech, trump, goods, shanghai, beijing, deliver, set, importer


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