Business American Express Co on Friday won approval to clear card payments in China, making it the first U.S. card network to gain direct access to what is set to be the biggest bank card market by 2020. 09 Nov 2018 10:46PM Bookmark BEIJING: American Express Co on Friday won approval to clear card payments in China, making it the first U.S. card network to gain direct access to what is set to be the biggest bank card market by 2020.The move comes months after Beijing started allowing foreign companies to apply for licenses and ahead of a G20 meeting in Argentina where the United States and China will try to resolve their trade disputes.The preliminary approval allows the company to process and settle payments in yuan domestically by setting up its own network with its Chinese joint venture partner LianLian Group.Rivals Visa and Mastercard have also submitted requests for licenses but are yet to get approval.AmEx's JV, named Express (Hangzhou) Technology Services Co, is … [Read more...] about AmEx wins China approval to clear card payments
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South KoreaChina With North Korea apparently coming in from the cold, relations are also warming between South Korea and China. This is good news for Seoul By William Pesek July 4, 2018 4:10 PM (UTC+8) Share Tweet Linkedin Print Email Share 0 Comment 0 For South Korea’s Moon Jae-in, the last six months have been full of diplomatic wins amid thawing relations with North Korea’s Kim Jong-un. On the economic front, though, the losses are piling up. At the end of 2017, Korea suffered its first quarterly contraction in nine years. Not a great look for a president elected in May 2017 – one of his mandates was to hasten economic growth. And earlier this week, data showed export growth came to a halt in June, falling 0.1% from a year earlier. The dailyReport Must-reads from across Asia - directly to your inbox That stunning reversal from a 13.2% gain in May makes South Korea the most obvious example of collateral damage from Donald Trump’s trade war. … [Read more...] about How sustainable is the China-South Korean thaw?
SHANGHAI/BEIJING: China on Wednesday lashed out at Washington's unexpected statement that it will press ahead with tariffs and restrictions on investments by Chinese companies, saying Beijing was ready to fight back if Washington was looking to ignite a trade war.The United States said on Tuesday that it still held the threat of imposing tariffs on US$50 billion of imports from China and would use it unless Beijing addressed the issue of theft of American intellectual property.The declaration came after the two sides had agreed earlier this month to look at steps to narrow China's US$375 billion trade surplus with America, and days ahead of a visit to Beijing by U.S. Commerce Secretary Wilbur Ross for further negotiations.William Zarit, chairman of the American Chamber of Commerce in China, said Washington's threat of tariffs appeared to have been "somewhat effective" thus far."I don't think it is only a tactic, personally," he told reporters on Wednesday, adding that the group does … [Read more...] about China slams surprise US trade announcement, says ready to fight
SHANGHAI/BEIJING: China's state media on Wednesday lashed into a U.S. announcement that it would press ahead with restrictions on investment by Chinese companies, saying Beijing was ready to fight back if Washington was looking to ignite a trade war.The United States said on Tuesday that it still held the threat of imposing tariffs on US$50 billion of imports from China and would use it unless Beijing addressed the issue of theft of American intellectual property.The declaration by the White House came after the two sides had agreed earlier this month to look at steps to narrow China's US$375 billion trade surplus with America, and days ahead of a visit to the Chinese capital by U.S. Commerce Secretary Wilbur Ross for further talks.China commerce's ministry reacted swiftly overnight with a short statement, saying it was surprised and saw it as contrary to the consensus both sides had reached recently.Chinese tabloid the Global Times said the United States was suffering from a … [Read more...] about China’s state media slam US trade announcement, say Beijing ready to fight
A major protest against the Chinese government is being plotted by Pakistani men who say that their wives have been detained in China’s Xinjiang province, Asia Times has learnt. If not addressed in time, the fallout could adversely affect the ambitious China Pakistan Economic Corridor (CPEC), as well as the Belt Road Initiative (BRI). The men, mostly businessmen from the Gilgit-Baltistan region, say that their wives, of Uyghur ethnicity, are being kept in camps by Chinese authorities. The dailyReport Must-reads from across Asia - directly to your inbox Beijing has initiated a crackdown against Uyghur Muslims in Xinjiang, which borders Gilgit-Baltistan, saying some had ties with Islamist extremists in the region. But Pakistani government officials say that the Uyghurs have been detained as a part of China’s plan to “re-educate” them and better integrate the ethnic group with the rest of the country. “The Chinese government feels that the only way to … [Read more...] about Protests loom in Pakistan over China’s jailing of men’s Uyghur wives