Mainland china

Video PlayerClose JOHANNESBURG, Dec. 12 (Xinhua) -- The Standard Bank of South Africa launched the UnionPay card, both virtual and physical form on the bank's Shyft app, to local account holders on Thursday. The Shyft app allows for pre-loaded South African rands to be exchanged into multiple currencies and then loaded onto either a physical UnionPay card. Transactions can be made virtually or physically either at South African merchants or in China. Zhang Luping, general manager of the UnionPay International Africa branch, said the payments company is excited to work with Standard Bank, which is the first African bank to receive the license to issue UnionPay card in the country. "With the UnionPay card, transacting in China becomes both easier and safer for South African tourists and visitors on business," said Ethel Nyembe, head of card issuing at Standard Bank. "They can go about their activities and purchase goods from suppliers, for example, in a cashless manner, reducing some … [Read more...] about Standard Bank launches UnionPay card to provide convenience for travelers to China

JPMorgan Chase & Co is looking to substantially increase investment in the business of securities, asset management, and futures and options in China and hopes to gain full ownership of its joint ventures "when the timing is right" to take advantage of the further opening of the Chinese financial sector, the US bank's China CEO said. Mark Leung, chief executive officer of JPMorgan China, said he welcomes the opportunity presented by the country's new regulation, which allows for 100 percent foreign ownership and the bank will fully leverage its strength in its global network and resources to operate its onshore and offshore China business. "We think this is the best time for JPMorgan to involve much deeper and invest much broader across our product and service platforms (in China)," Leung said during an interview with China Daily. The bank has finished all the preparatory work for its securities JV in China in which it owns a majority stake of 51 percent. It is now waiting for … [Read more...] about JPMorgan to increase China investment

Video PlayerClose BEIJING, Dec. 13 (Xinhua) -- China will keep opening up its financial sector while controlling risks, the country's banking and insurance regulator said. The country has introduced 34 opening-up policies in banking and insurance sectors in the past two years, including expanding foreign-invested firms' business scope and easing market access, the China Banking and Insurance Regulatory Commission said Friday in a statement. By the end of October, foreign-funded banks had established 41 legal-person banks, 114 branches and 976 operating institutions on the Chinese mainland, with their aggregate assets at 3.37 trillion yuan (about 480 billion U.S. dollars). Foreign insurers' total assets stood at 1.28 trillion yuan at the end of October. Efforts will be made to improve the supporting legal framework to ensure policy implementation, cut negative lists that outline fields off-limits to foreign players, help address their concerns and enhance cross-border regulatory … [Read more...] about China to keep opening up financial sector: regulator

Video PlayerClose BEIJING, Dec. 13 (Xinhua) -- Since its return to China in December 1999, Macao has charted a long journey of growth that has drawn the gaze of observers from around the world. The two decades saw Macao evolve from a small town with a sluggish economy and a lack of social security to a world-renowned metropolis with political stability, social harmony, economic prosperity and cultural diversity. Macao's GDP and GDP per capita had grown by almost eight times and five times from 1999 to 2018, respectively, and its fiscal reserves and foreign reserves had grown 193 fold and 6.2 fold, with the unemployment rate also dropping from 6.3 percent to 1.8 percent. While the figures may appear abstract, the sense of fulfillment of the people of Macao has been concrete. Seventy-five-year-old Chen Yulian is a volunteer worker at an elderly service center in Macao, who regularly visits and calls elderly people living alone and has gone through significant changes in her life over … [Read more...] about China Focus: 20 years of Macao’s growth as told by the people

Hong Kong's Grade-A office market looks set to plunge by between 15 and 20 percent in 2020 on the back of the city's protracted social unrest, a slowing global economy and the lingering Sino-US trade tensions, predicts real-estate service provider Jones Lang LaSalle. Alex Barnes, head of markets at JLL in Hong Kong, said he expects the vacancy rate for top-tier offices in key urban areas to climb as leasing demand continues to weaken. "Decentralization for more cost-effective options will remain a major trend next year as tenants control real-estate costs in uncertain times," he said. "Central will experience the greatest downward pressure as there's a significant rental gap between Central and other office submarkets." Barnes and two other JLL executives made their predictions in Hong Kong on Thursday with regard to the company's year-end property market review and forecasts. JLL believes the longest bull run in Hong Kong's property market history had ended in the second half of this … [Read more...] about Top-tier office market tipped to dive next year