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Hukou move aids travel

People without local permanent residency permits can apply for passports and other travel documents in six major cities since Saturday.The cities are Beijing, Tianjin, Shanghai, Chongqing, Guangzhou and Shenzhen.Previously, applicants had to go to the place where their hukou, or permanent residency permits, were issued.Up to the early morning of Monday, Beijing’s Exit and Entry Administration, under the capital’s Public Security Bureau, had received 3,000 online applications, including more than 1,300 applications for passports, according to the latest data.Residents in Beijing must make an appointment via the Internet. Successful applicants can then go to their local exit and entry administration to process the registration, the municipal authority said after the regulation was published.All applications in 18 working halls covering Beijing have gone smoothly and there have been no crowds in any location, Yang Liu, a publicity officer at the administration, said on Monday.”Most eligible applicants followed our online registration rules, and many students are busy with the new term, so we didn’t see long waiting lines during the weekend,” Yang said.Su Jialing, deputy director of Chongqing’s Exit and Entry Administration, said that they have received many inquiries and online appointments since Saturday, and that people coming to the administration to process their registrations are sticking to the rules.Li Feng, a publicity official at the Shanghai Public Security Bureau’s Exit and Entry Administration, said that they didn’t have a huge number of people processing applications so far.By 2:40 pm on Monday, a total of 285 people without the Shanghai hukou had gone to the administration to apply for travel documents, and 76 of them took the online reservation.Five out of 30 service windows in the administration were dedicated to those applicants.Registering for the appointment online is mandatory only in Beijing.Fan Yougan, 27, whose hukou belongs to Jiangsu province, but who now lives in Shanghai, got a Hong Kong and Macao pass on Monday afternoon.”It was quite convenient and fast,” she said.Under the regulation, applicants in the pilot areas should show their hukou, ID cards and temporary residence permits when they apply.Those employed need a statement from the city’s social security bureau to confirm that they have paid social insurance in the previous year, while students need a statement from their schools confirming their enrollment.Contact the writers at caoyin@chinadaily.com.cn and shiyingying@chinadaily.com.cnMa Yiyun in Shanghai and Xu Wei in Chongqing contributed to this story.Read full article here.

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People without local permanent residency permits can apply for passports and other travel documents in six major cities since Saturday.The cities are Beijing, Tianjin, Shanghai, Chongqing, Guangzhou and Shenzhen.Previously, applicants had to go to the place where their hukou, or permanent residency permits, were issued.Up to the early morning of Monday, Beijing’s Exit and Entry Administration, under the capital’s Public Security Bureau, had received 3,000 online applications, including more than 1,300 applications for passports, according to the latest data.Residents in Beijing must make an appointment via the Internet. Successful applicants can then go to their local exit and entry administration to process the registration, the municipal authority said after the regulation was published.All applications in 18 working halls covering Beijing have gone smoothly and there have been no crowds in any location, Yang Liu, a publicity officer at the administration, said on Monday.”Most eligible applicants followed our online registration rules, and many students are busy with the new term, so we didn’t see long waiting lines during the weekend,” Yang said.Su Jialing, deputy director of Chongqing’s Exit and Entry Administration, said that they have received many inquiries and online appointments since Saturday, and that people coming to the administration to process their registrations are sticking to the rules.Li Feng, a publicity official at the Shanghai Public Security Bureau’s Exit and Entry Administration, said that they didn’t have a huge number of people processing applications so far.By 2:40 pm on Monday, a total of 285 people without the Shanghai hukou had gone to the administration to apply for travel documents, and 76 of them took the online reservation.Five out of 30 service windows in the administration were dedicated to those applicants.Registering for the appointment online is mandatory only in Beijing.Fan Yougan, 27, whose hukou belongs to Jiangsu province, but who now lives in Shanghai, got a Hong Kong and Macao pass on Monday afternoon.”It was quite convenient and fast,” she said.Under the regulation, applicants in the pilot areas should show their hukou, ID cards and temporary residence permits when they apply.Those employed need a statement from the city’s social security bureau to confirm that they have paid social insurance in the previous year, while students need a statement from their schools confirming their enrollment.Contact the writers at caoyin@chinadaily.com.cn and shiyingying@chinadaily.com.cnMa Yiyun in Shanghai and Xu Wei in Chongqing contributed to this story.Read full article here.

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Hukou move aids travel

Banking

HSBC to Scale Back China Credit Card Operations Amid Expansion Challenges – Reuters

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HSBC is withdrawing from its China credit card business due to difficulties in expanding, marking a strategic retreat in a challenging market environment.


HSBC’s Strategy Shift in China

HSBC is scaling back its credit card operations in China, highlighting challenges the bank has faced in expanding its customer base. The competitive landscape, combined with changing consumer preferences, has made it increasingly difficult for the bank to maintain its position in this lucrative market.

Market Challenges Ahead

Recent reports indicate that HSBC is reassessing its strategy, focusing resources on other areas where it sees stronger growth potential. The decision to pull back reflects the broader difficulties foreign banks encounter when trying to penetrate China’s financial services sector.

Future Focus

As HSBC pivots away from its credit card business in China, it aims to concentrate on digital banking and wealth management services. This strategic shift underscores the bank’s commitment to adapting to the evolving landscape of financial services while ensuring long-term sustainability in the region.

Source : Exclusive: HSBC pulling back from China credit card business after struggling to expand – Reuters

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Banking

Bow to Beijing a low move by HSBC

HSBC has put money before morality to back China’s new security law: one that’s an assault on the freedoms of Hong Kong’s people.

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Luckily for HSBC, it’s headquartered in Britain: a country where you can say what you like about Boris Johnson and his shambolic handling of the pandemic.

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Banking

How China’s role in global finance has changed radically

Within the space of just 15 years, China has gone from being the largest net lender to the world to now being a net borrower. The implications for the global economy, and China’s role within that economy, could be significant.

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‘If you owe the bank $1 million, you have a problem. But if you owe the bank $1 trillion, then the bank has a problem’. It’s an old gag, but it underscores an important point: the size of your borrowing or lending can have profound implications for your role in the world.

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