Business
Foxconn Apologizes After Protest Erupted at China Factory
BEIJING—The company that assembles Apple Inc.’s iPhones apologized Thursday for a pay dispute that triggered employee protests at a factory where anti-virus controls have slowed production.
Employees complained Foxconn Technology Group changed the terms of wages offered to attract them to the factory in the central city of Zhengzhou. Foxconn is trying to rebuild the workforce after employees walked out last month over complaints about unsafe conditions.
Related CoverageLargest Apple iPhone Factory in China Rocked by Protests Over COVID Curbs
Videos on social media showed police in white protective suits kicking and clubbing workers during the protest that erupted Tuesday and lasted into the next day….
Business
China Stimulates Economic Growth Through New Policies – London Business News | Londonlovesbusiness.com
Chinese officials will report on policies aimed at boosting economic growth, focusing on structural optimization and sustainability post-National Day festivities, addressing challenges like the pandemic and trade tensions.
Key Economic Growth Policies
Senior officials from China’s National Development and Reform Commission (NDRC), led by Zheng Shanjie, will report on key economic growth policies this Tuesday. The conference will focus on implementing progressive measures aimed at revitalizing the economy and ensuring sustainable long-term development. Following a festive season, including National Day, authorities emphasize the importance of leveraging this period to invigorate economic activities.
Addressing Economic Challenges
China is currently facing significant challenges that threaten its status as the world’s second-largest economy. Factors such as the pandemic and international trade tensions have contributed to a recent economic slowdown. In response, the government has enacted measures like interest rate cuts and relaxed real estate market restrictions, aiming to boost essential sectors such as construction and consumption.
The Role of the NDRC
The NDRC plays a pivotal role in these policy implementations. By coordinating various measures, the agency seeks to balance short-term growth with structural optimization for future stability. As China navigates this critical juncture, the decisions made at the upcoming conference will be vital for ensuring economic resilience and positioning the nation as a global leader.
Source : China boosts economic growth with new policies – London Business News | Londonlovesbusiness.com
Business
CPEC Phase-II Launches with Fresh Agreements Between Pakistan and China
The second phase of the China-Pakistan Economic Corridor has begun with new agreements enhancing agriculture and industry, granting Pakistani products duty-free global market access.
New Agreements Mark CPEC Phase-II
ISLAMABAD (Web Desk) – The second phase of the China-Pakistan Economic Corridor (CPEC) has been launched with the signing of several significant agreements between the two nations. This new phase focuses on enhancing collaboration in agriculture and industry, aiming to elevate the productivity and quality of these sectors.
Enhanced Trade Opportunities
Among the major developments is a $400 million agreement between Pakistan’s International Innovation Park Limited and China National Cereals, Oils, and Foodstuffs. This partnership will enable numerous Pakistani products to gain duty-free access to global markets, providing a boost to national exports and economic growth.
Future Focus on Digital Transformation
Additionally, a Memorandum of Understanding has been established to promote digital transformation and optimize supply chains in 200 textile factories. This initiative aims to strengthen cooperation in the textile industry, ensuring sustainable growth and improved efficiency in production processes.
Source : CPEC Phase-II begins with new agreements between Pakistan, China
Business
China ETFs Celebrate Beijing’s Stimulus Initiative
Chinese stocks experienced their largest single-day gains since 2008 due to aggressive stimulus measures from Beijing, significantly boosting related ETFs and highlighting a potential bull market.
Chinese Stock Market Surge
Chinese stocks experienced their most significant single-day gains since 2008 on Monday, fueled by a flurry of new stimulus measures from Beijing aimed at revitalizing the economy. The domestic A-shares saw unprecedented turnover as investors rushed to join the rally. These developments have also positively impacted exchange-traded funds associated with China, with the KraneShares CSI China Internet ETF achieving its best three-day performance since March 2022.
Significant ETF Growth
The Invesco Golden Dragon China ETF also recorded significant rises, mirroring the three-day strong performance of the KraneShares ETF. The market rally follows aggressive measures from the Chinese government, which included interest rate cuts and support for the struggling real estate sector. This proactive approach reflects a significant monetary policy shift aimed at stabilizing China’s economy.
Record Gains Before Holiday
With a week-long holiday approaching, traders hurried to invest, leading to an 8.5% increase in the CSI300 index, and a five-day gain surpassing 25%. The Shanghai Composite Index reached a total turnover of 1.17 trillion yuan ($166.84 billion), marking an impressive 8.1% rise. The rapid gains suggest the CSI300 is nearing bull market territory following a low in February, with key stocks like JD.com and Alibaba also benefiting from the surge.
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