China Money and Wealth

Financial news and features about China's wealthy, and how they spend their money. 
South China Morning Post
  1. China’s political elite will face a number of challenges when they gather in Beijing next week for the year’s biggest legislative set piece – the meetings of the National People’s Congress and the Chinese People’s Political Consultative Conference, informally known as the “two sessions”. In this latest part of a series looking at the key items on the agenda, we examine two of the major problems facing China – a declining population and a rising level of debt.Just over five years ago, when China…
  2. India is ready to offer incentives to ensure Tesla’s cost of production would be less than in China if the carmaker commits to making its electric vehicles in the south Asian country, transport minister Nitin Gadkari said.Gadkari’s pitch came weeks after billionaire Elon Musk’s Tesla registered a company in India in a step towards entering the country, possibly as soon as mid-2021. Sources familiar with the matter have said Tesla plans to start by importing and selling its Model 3 electric…
  3. China’s top energy consuming province plans to suspend all new and existing bitcoin mining projects before the end of April, as Inner Mongolia faces mounting pressure to meet its energy-saving targets.Bitcoin mining requires huge amounts of computing power and uses large amounts of energy, with operations attracted to areas like Inner Mongolia, Sichuan and Xinjiang due to low electricity prices.China has pledged to halt the rise in its carbon emissions before 2030, and it has committed to…
  4. China’s fundraising boom for electric cars looks set to continue through the Year of the Ox as the capital-intensive industry ploughs billions of dollars into new models, marketing and infrastructure across the world’s largest car market.The single largest investment by the auto industry in a century is well under way, as electric vehicle - known as new-energy vehicles (NEV) in China - start-ups ramp up production, while traditional carmakers such as Geely and Great Wall Motors switch to making…
  5. The world’s super-rich have weathered the Covid-19 pandemic, their numbers increasing last year, particularly in China which saw the fastest gain, according to the latest Wealth Report by property consultancy Knight Frank.The elite club of people whose net worth exceeds US$30 million excluding their primary residence swelled by 16 per cent in China in 2020. Sweden, in second place, saw the number of ultra-wealthy residents grow by 11 per cent, just ahead of Singapore on 10 per cent, said the…
  6. Given its origin as a niche streaming site for fans of anime comics and games (ACG), Bilibili’s success has been a surprise for many. But behind the company’s rapid rise is a group of dedicated users known as “uploaders” who create content for the platform, helping turn it into China’s YouTube.A unique combination of original features and an avid fan base has helped make Bilibili the go-to platform for many content creators. This has made the company a big success, both with its users and with…
  7. Tech entrepreneurs at China’s biggest annual political gala next week will be under pressure on two fronts as Beijing pushes its national strategy of technology independence while ratcheting up regulatory scrutiny of their business operations.This year’s meetings, informally known as the “two sessions”, carry even greater importance because they not only kick off the nation’s latest five-year plan, but commemorate the centenary of the Chinese Communist Party too. The event will also be the…
  8. China has devised a big plan to encourage the country’s tech talent to move to the countryside and help transform this vastly underdeveloped market, as it tries to narrow the digital divide between rural and urban areas.While the latest blueprint, issued by the Central Committee of the Communist Party and the State Council, bears a superficial resemblance to a party initiative in the 1960s and 1970s that drove an estimated 16 million urban youths to the countryside for work and “re-education”,…
  9. Beijing has joined Hong Kong, Thailand and the United Arab Emirates (UAE), along with the Bank of International Settlements (BIS), to explore cross-border payments for digital currencies, a move that could potentially create a new path for China to promote the use of yuan in global payments and weaken the US dollar’s position as the world’s dominant reserve currency.The People’s Bank of China’s (PBOC) Digital Currency Institute, the arm of the Chinese central bank in charge of minting the…
  10. China claimed last year it had met a long-trumpeted target of lifting all its people out of extreme poverty.President Xi Jinping heralded the feat as a “major victory” that the Chinese Communist Party had wanted to achieve before the centenary of its founding in 2021.But what do the numbers say?What counts as poverty?China’s poverty line is around US$2.30 a day – slightly above the World Bank’s lowest threshold of US$1.90 but below what is recommended for measuring higher income countries.Local…