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Culture the best basis for ties

“The strongest bond linking two nations is culture,” said Cai Wu, China’s Minister of Culture, in a speech on Wednesday at the Los Angeles World Affairs Council in Santa Monica, California.After visiting Washington DC on June 28 for the Smithsonian Folklife Festival on the National Mall, Cai was in California to discuss the vibrant cultural exchanges and business cooperation in the culture industry between the US and China.He emphasized that the best relations were built on a solid foundation of cultural exchange.Cai reviewed the fruits of cultural communication between the US and China, including the China-US Cultural Forum organized three times by China’s Ministry of Culture and the US National Endowment for the Humanities, as well as other projects sponsored by governments, corporations and nonprofit organizations in the US and China.In his speech, Cai also explained the popular concept of “the China Dream”, as defined by President Xi Jinping and well acknowledged by the people of China. To make such a dream for the Chinese people come true, Cai said, a prosperous development of culture is necessary.As American companies like DreamWorks and Disney began their deeper engagement in China, the Chinese cultural industry advanced in its cooperation with the US too, he said.As an example he cited China Arts and Entertainment Group and American industry leading company IMG Artists, cofounded with Sino American Global Entertainment last November.On Tuesday Cai visited the Chinese Garden at the Huntington Library in San Marino with Che Zhaohe, cultural consul of the Consulate General of China in Los Angeles, where he saluted the contributions the library had made to the US-China cultural bridge.

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“The strongest bond linking two nations is culture,” said Cai Wu, China’s Minister of Culture, in a speech on Wednesday at the Los Angeles World Affairs Council in Santa Monica, California.After visiting Washington DC on June 28 for the Smithsonian Folklife Festival on the National Mall, Cai was in California to discuss the vibrant cultural exchanges and business cooperation in the culture industry between the US and China.He emphasized that the best relations were built on a solid foundation of cultural exchange.Cai reviewed the fruits of cultural communication between the US and China, including the China-US Cultural Forum organized three times by China’s Ministry of Culture and the US National Endowment for the Humanities, as well as other projects sponsored by governments, corporations and nonprofit organizations in the US and China.In his speech, Cai also explained the popular concept of “the China Dream”, as defined by President Xi Jinping and well acknowledged by the people of China. To make such a dream for the Chinese people come true, Cai said, a prosperous development of culture is necessary.As American companies like DreamWorks and Disney began their deeper engagement in China, the Chinese cultural industry advanced in its cooperation with the US too, he said.As an example he cited China Arts and Entertainment Group and American industry leading company IMG Artists, cofounded with Sino American Global Entertainment last November.On Tuesday Cai visited the Chinese Garden at the Huntington Library in San Marino with Che Zhaohe, cultural consul of the Consulate General of China in Los Angeles, where he saluted the contributions the library had made to the US-China cultural bridge.

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Culture the best basis for ties

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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