Caixin Global

发布时间：2024-12-10 15:36

Monetary stance shift: China’s Politburo announced plans for a more proactive fiscal policy and a “moderately loose” monetary policy for 2025, departing from its previously “prudent” monetary stance. The statement was made during a Monday meeting to set the country’s economic priorities for next year. To sustain the country's economic recovery, the top decision-making body also called for efforts to stabilize the property and stock markets and to mitigate external shocks.

Nvidia probe: China has launched an anti-monopoly probe into the U.S. chip giant Nvidia Corp., suspecting violations linked to a 2020 deal. The State Administration for Market Regulation said Monday that it had opened an investigation into the company’s acquisition of Mellanox Technologies Ltd., an Israeli maker of computer networking equipment. China approved the $6.9 billion deal in 2020 on condition Nvidia did not discriminate against Chinese companies. The move followed a fresh set of export controls announced by the Biden administration designed to limit China’s access to U.S.-made semiconductors.

Pension partnership: Germany’s Allianz Global Investors GmbH has won regulatory approval to become the first foreign shareholder in China’s state-owned pension insurance behemoth, Guomin Pension and Insurance Co. Ltd. The investment arm of Frankfurt-listed insurance giant Allianz SE invested around 284 million yuan for a 2% stake in the company. Guomin Pension is linked to China’s initiative to develop an individual pension system to help take some of the financial pressure off the state system. However, contributions to personal retirement accounts have so far remained low. With the deal, Guomin Pension aims to take advantage of Allianz’s rich experience in the personal pension industry.

Brought back from Indonesia: Lin Qiang, the actual controller of Shanghai Hehe Capital Investment Management Co. Ltd. and its affiliates, has been extradited from Indonesia, Shanghai police said Monday. Lin was wanted in connection with an illegal fundraising investigation. In May, Interpol issued a notice for his arrest, sparking a months-long international manhunt that culminated with his arrest in Bali in October. Shanghai police brought him back to China on Nov. 30. Hehe Capital has connections with a web of companies that have raised over 100 billion yuan from tens of thousands of investors.

Back into bullion: China’s central bank started buying gold again after taking six months off from purchasing the precious metal. The People’s Bank of China (PBOC) increased its gold reserves by 0.2% to 72.96 million troy ounces last month, when gold prices retreated after peaking in October. The PBOC last added to its gold reserves in April, concluding an 18-month streak of purchases. Central banks have become heavyweights in the global gold market over the last decade.

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