WeChat Pay Witnesses Transaction Surge During ‘Golden Week’ Following China’s Economic Stimulus Measures
Tencent's WeChat Pay reports a surge in transactions during 'golden week' following China's major stimulus package. It seems that Chinese consumers are spending more freely following Beijing's announcement of several significant strategies to bolster the economy.
Referred to as Weixin Pay in mainland China, the digital payment platform reported a 20% annual increase in transaction volumes during the week-long holiday that concluded on Monday, as per the company's statement.
WeChat Pay reported that tourism-based payments almost increased twofold compared to the week prior to the holiday, with international payment volume seeing a rise of over 70 per cent. In particular, cities like Hong Kong and Macau experienced a doubling in international transactions from the preceding week, indicating their high popularity among tourists from the mainland.
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Hong Kong’s Crypto Enthusiasts Embrace Regulation Amid Trump’s Unpredictability: Insights from the Belt and Road Forum
Cryptocurrency enthusiasts in Hong Kong view regulations as a positive factor, but are uncertain about Trump's erratic behavior. The head of the Silk Road Economic Development Research Centre believes that the city retains the potential to become a leader in Web3 over the coming ten years.
Authorities in Hong Kong along with industry experts highlighted the city's experiments with cryptocurrency and its consistent regulatory environment as market advantages during the Belt and Road Forum on Thursday. This comes as the excitement around Donald Trump's re-election as the US president has driven the value of Bitcoin over US$100,000 this week.
"Trump's actions are hard to forecast. He might alter his decision by tomorrow; it's always uncertain," stated Joseph Chan, the head of the Silk Road Economic Development Research Centre. The Centre is one of the entities responsible for organizing the event. Chan also led a discussion on Web3 and the digital economy at the forum.
"I believe that the more stable regulatory system of Hong Kong is the correct method."
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Hong Kong’s Urgent Race to Green Fuels: Catching Up with Shanghai, Shenzhen, and Singapore in the Aviation and Maritime Sectors
Hong Kong needs to quickly step up its efforts to become a leading center for green fuel in the aviation and maritime industries. Analysts suggest that Singapore and China are currently leading in this area.
"Given the worldwide aviation industry's definitive objectives for carbon reduction, which is also shared by numerous investors and financiers, Hong Kong's sector needs to take action to facilitate the use of Sustainable Aviation Fuels (SAF) to lessen the danger of climate change. Otherwise, they may face a decline in competitiveness," stated Merlin Lao, the leader of policy and research at the Business Environment Council (BEC), a non-governmental entity.
Starting from the first day of January, the majority of vessels heading towards the European Union are required to demonstrate that they've implemented strategies to cut down the carbon footprint of their fuels by 2%. This figure is set to increase to 80% by the year 2050.
"Vessels traveling between East Asia and Europe will increasingly need to use clean fuel," stated Hing Chao, who is the head of the Hong Kong Chamber of Shipping as well as the executive chairman of Wah Kwong Maritime Transport.
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Trump’s Possible Economic Disruption: A New Narrative for US and Chinese Markets Amidst China’s Recovery
Perspective | Trump's policies have the potential to disrupt US economy while China rebounds
Trump's economic tactics might shift perceptions regarding not only the US markets but also those of China.
Through my investigation, I've discovered that market stories often trigger recurrent, cyclical, and seasonal patterns in asset values at specific periods, like the phenomena observed in January and October.
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China’s Tech Giants ByteDance, Alibaba, Tencent Scout for Top AI Talent at ‘AI Olympics’: Addressing the Rising Demand in AI Professionals by 2030
ByteDance, Alibaba, and Tencent from China are hunting for new talent at the 'AI Olympics'. It is anticipated that this year's Neural Information Processing Systems Annual Conference will be attended by some of the most brilliant AI intellects worldwide.
The need for AI product development specialists in China is projected to hit six million by 2030, as per a report by McKinsey released the previous year. A 2023 research conducted by the job-focused social networking platform Maimai revealed a significant talent gap, with only two suitable professionals for every five emerging AI positions in the country.
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Investor Anticipation Builds for China’s Economic Conference: A Glimpse into Potential Stimulus Measures and Market Impacts
Investors are on the lookout for new indications of economic stimulus from China prior to Xi Jinping's financial summit. Any expansion of the government's budget or reinforcement actions for consumer spending and the real estate sector would be positively received by investors.
The meeting's date is still undecided, however, according to various news outlets, it's expected to take place on December 11th and 12th. Stock market participants are uncertain about the outcomes of this business conference. Nonetheless, any talk of enhancing the state's budget, or introducing initiatives to boost consumer spending and the real estate market, would be seen as positive triggers.
"Many are unsure about the eventual stabilization of the economy," stated Yuan Fang, a financial analyst at SDIC Securities. "Thus, the financial market is closely monitoring the central economic conference. The course of the equity market will be dictated by how the conference outlines the scale and speed of policies intended to stabilize growth."
Citic Securities, the biggest publically traded brokerage in China, indicated that the conference is expected to sustain an optimistic outlook for macroeconomic policies in 2025. It's anticipated that the leaders will emphasize the importance of local government debt, the real estate market, consumer spending, and technological advancement as key priorities for the country.
In particular, China plans to boost residential property acquisitions next year to establish a stockpile of reasonably priced homes, as per Citic Securities' statement last month. They are also urging local authorities to repurchase unused land to support the real estate market. Additionally, Citic Securities anticipates that Beijing will implement further reductions in mortgage rates to stimulate demand and encourage the technology sector to decrease its dependency on foreign resources.
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Opinion: The Silver Thread – Hong Kong’s Opportunity to Reclaim Its Gateway Status Amidst China’s Latin American Expansion
Perspective | Is it possible for Hong Kong to reestablish its position as Asia's main link to the Americas?
With China broadening its commerce and financial ventures in Latin America, Hong Kong ought to take initiative and leverage the chance to bridge all entities involved.
The commerce was driven by silver originating from the territories that were, at the time, Spanish colonies of Peru and New Spain. The latter included regions of Mexico, Central America, and portions of the United States. This silver was fundamental to the Chinese monetary system and by the start of the 18th century, it had become China's initial normalized form of currency.
The Hong Kong dollar, Chinese yuan (with yuan translating to "round", indicative of coins as opposed to taels), the Japanese yen, and certainly the US dollar, all trace their roots back to this monetary predecessor. Hong Kong, on the other hand, supplanted Manila as the principal trading hub in East Asia.
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Hong Kong Stocks Soar in Anticipation of Key China Conference: A Glimpse at Market Movements and Economic Forecasts
Hong Kong's stock market records its most significant weekly increase in two months, just before a crucial Chinese gathering. According to Citic Securities, the central economic work conference is set to uphold an optimistic outlook for macroeconomic strategies in the coming year.
The Hang Seng Index increased by 1.6 per cent, ending at 19,865.85, which resulted in a weekly rise of 2.3 per cent. This signifies the index's highest achievement within a week since October 4. The Hang Seng Tech Index also saw a rise of 2.2 per cent.
The CSI 300 Index in China saw a rise of 1.3 per cent, while the Shanghai Composite Index increased by 1.1 per cent.
Wuxi AppTec and Wuxi Biologics saw a rise in their stocks after Citigroup announced that US legislators are considering a possible concession on a bill designed to stop Chinese biotech companies from securing US government contracts. Property development companies like Longfor Group also saw an increase, driven by predictions of increased policy backing for the sector.
According to Citic Securities, China's biggest publicly traded brokerage, the private meeting is expected to keep an upbeat outlook on macroeconomic strategies for 2025. The conference's leaders are projected to emphasize the importance of local government debt, real estate market, consumer spending, and technological advancement as key focus areas.
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NBA Strikes Landmark Deal with Sands China: Brooklyn Nets and Phoenix Suns to Flag-off Preseason Games at Macau’s Venetian Arena
The NBA has inked a contract with Sands China to host pre-season matches at the Venetian Arena in Macau. The Brooklyn Nets and Phoenix Suns are slated to inaugurate this collaboration with a pair of games on the 10th and 12th of October in the upcoming year, as announced by the NBA's deputy commissioner, Mark Tatum.
"Today is a thrilling day as we introduce the NBA to Macau," announced Mark Tatum, the NBA's deputy commissioner. "It's astounding to witness the changes in Macau since my previous visit in 2008."
Macau boasts an enthusiastic following for the NBA and with Sands China pouring resources into sports, it's the reason we're reintroducing the games, he stated.
"During the Covid era, we initiated conversations with the NBA as part of our effort to enhance the tourism offerings of the resort," Sands China's CEO, Grant Chum, revealed in a Post interview. "We're pooling our resources with the NBA for a long-term strategic partnership that includes a number of significant events. This not only provides new experiences for our guests, but it also boosts Macau's image and standing as a global tourist spot that seamlessly blends top-quality entertainment, hospitality, and sports."
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Chip War Deescalation: U.S. Excludes Major Chinese Firms from Latest Export Restrictions, Yielding to Japanese Opposition
Semiconductor battle: US gives certain Chinese companies a reprieve from limitations as a compromise to Japan, insiders report
The U.S. government has exempted a few of China's top semiconductor firms from its most recent export sanctions.
According to insiders, the leading Chinese manufacturer of dynamic random-access memory (DRAM) chips was exempted from the most recent set of US chip export limitations, due to resistance from Japan.
CXMT did not promptly reply to a comment request on Thursday.
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Strengthening Financial Ties: Hong Kong and Saudi Arabia Enhance Roles as Asia and Middle East Gateways
Hong Kong and Saudi Arabia enhance economic relationships, acting as entry points for Asia and the Middle East
The governor of the Saudi central bank, Al-Sayari, and his team were in Hong Kong this week for the Financial Stability Board’s main conference.
Hong Kong and Saudi Arabia are intensifying their mutual collaboration in the financial services industry following a gathering in the city this week. Their central banks are investigating methods to improve their positions as the links between the two regions.
The Chief Executive Officer of the Hong Kong Monetary Authority (HKMA), Eddie Yue Wai-man, had a meeting with the head of the Saudi Central Bank, SAMA, Ayman Al-Sayari, on Thursday. This meeting was a continuation of their initial interaction in Riyadh in July 2023. Topics such as the progression of financial infrastructure, the incorporation of regulatory technology, and investment perspectives were among the subjects discussed, according to a statement from the HKMA on Friday.
The pair of financial regulators also investigated possible avenues of collaboration in areas such as financial stability, data interpretation, financial ingenuity and payment infrastructures, according to a distinct statement from the SAMA.
"Recent years have seen an increase in the connection between Hong Kong and Saudi Arabia," expressed Yue. "We are eager to reinforce our affiliation with the SAMA and persist in our shared areas of interest to further our positions as the key links between the Middle East and Asia."
Five minutes past three
Paul Chan encourages businesses from the Middle East to consider visiting Hong Kong in 2023 with the aim of investigating potential listing options.
Al-Sayari and his team were present in Hong Kong for the Financial Stability Board's main gathering on December 4th and 5th, alongside various international central bank and finance department representatives. This board, headquartered in Basel, oversees potential risks to the system and proposes solutions to address weak points in the worldwide financial structure.
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China Favors Locally Made Products in Government Contracts: A 20% Price Advantage Boosts Domestic Manufacturers
China is set to promote local goods by prioritizing them in government contract bids. This shift in Chinese policy, referred to as 'new thinking', will provide a 20% price benefit to all domestically produced products in government purchases.
Items produced within the country, regardless of the ownership status of the manufacturer, will be given priority in the Chinese government's procurement process, which includes a 20 percent decrease in the bidding price, according to China's Finance Ministry.
The department publicized the policy and solicited public feedback through a preliminary document issued on Thursday.
The announcement stated, "[We are committed to] providing equal treatment to all kinds of business organizations." It further clarified, "Whether it's a state-owned company, a private firm, a foreign-owned business, or any other type of entity, they will all receive the same level of government assistance for their domestically manufactured goods."
The document outlined the guidelines the department would follow to ascertain if a certain product is domestically produced. It also detailed the method of the bidding procedure. It stated, "When both local and foreign products are in competition, the cost after discount will be utilized for assessment."
Since cost is a significant factor in deciding who wins a contract, this would provide a relative benefit to local manufacturers.
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HSBC Survey Predicts Housing Demand Surge in Hong Kong: 1 in 6 Eyeing Home Purchase Amidst Shortage Concerns
One out of every six residents in Hong Kong is planning to buy a property within the next five years, according to a survey by HSBC. An estimated 300,000 households are set to enter the housing market, a number that surpasses the projected supply, as per the bank's evaluation.
Approximately one out of every six residents in Hong Kong is contemplating buying a property within the next half decade, with a third of those potential purchasers being first-time homebuyers, according to a study conducted by HSBC.
Considering the population of the city, HSBC projects that there could potentially be 300,000 households looking to purchase homes. This indicates that the supply of housing will not meet the anticipated demand, as the government plans to introduce 132,000 private homes and an additional 123,000 public homes to the market in the coming ten years, based on information from HSBC.
The survey of 3,170 residents of Hong Kong, aged 18 to 65, revealed that two-thirds of those expressing a willingness to buy a house were already homeowners. In the group considering the purchase of an additional property, 72% were doing so with the intention of investing and generating passive income. Similarly, nearly one-third of those buying a house for the first time were also inspired by investment objectives.
"Latest patterns indicate a boost in market sentiment, which corresponds with the results of our study. The survey was conducted post the initial interest rate reduction in September, but prior to the government's relaxation of property market controls," stated Sidney Massunaga, the chief of retail products, wealth and personal banking at HSBC Hong Kong. "The year's second decrease in interest rates, declared in early November, is predicted to heighten interest in property acquisitions."
Interest rate reductions have led to the lowest borrowing costs in Hong Kong's commercial banks in two years. This has decreased the monthly mortgage payments by approximately HK$709 (US$91) to HK$22,803, says local mortgage advisor mReferral. This estimate is based on a standard 30-year loan of HK$5 million.
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