Banking
Book fair symposium focuses on Xi’s book
From left: Huang Youyi, former vice-president of CIPG; Zhang Qiyue, Chinese consul general in New York; BEA President Steven Rosato; Chinese Ambassador to the US Cui Tiankai; Wu Shangzhi, vice-minister of the SAPPRFT; Fang Zhenghui, vice-president of the CIPG; attend the symposium on the Foreign Language Press’ latest book, Xi Jinping: The Governance of China at the 2015 BEA on Thursday in New York. Xiao Lixin / China Daily Book by President Xi Jinping explores governance philosophy of a new leadership A symposium on a book by Chinese President Xi Jinping that has been distributed worldwide was held at BookExpo America on Thursday in New York. Xi Jinping: The Governance of China was compiled by the State Council Information Office, the CCCPC Party Literature Research Office and China International Publishing Group. It has been translated and published in Chinese, English, French, Russian, Arabic, Spanish, Portuguese, German and Japanese by the Foreign Languages Press. The multilingual edition of the book was successfully launched in Frankfurt, Germany, on October 8, 2014, and also attracted considerable attention during APEC China 2014, the 26th annual gathering of leaders of Asia-Pacific Economic Cooperation held in Beijing. Dr Robert Kuhn, China expert, international corporate strategist and political commentator, told the symposium that the book stresses improving people’s lives, reform, rule of law, and building the CPC. These have been codified as Xi’s “Four Comprehensives”, he said. “The unprecedented book presents Xi’s political philosophy, symbolizes his rapid emergence as a strong leader, and communicates his way of thinking,” Kuhn said
From left: Huang Youyi, former vice-president of CIPG; Zhang Qiyue, Chinese consul general in New York; BEA President Steven Rosato; Chinese Ambassador to the US Cui Tiankai; Wu Shangzhi, vice-minister of the SAPPRFT; Fang Zhenghui, vice-president of the CIPG; attend the symposium on the Foreign Language Press’ latest book, Xi Jinping: The Governance of China at the 2015 BEA on Thursday in New York. Xiao Lixin / China Daily Book by President Xi Jinping explores governance philosophy of a new leadership A symposium on a book by Chinese President Xi Jinping that has been distributed worldwide was held at BookExpo America on Thursday in New York. Xi Jinping: The Governance of China was compiled by the State Council Information Office, the CCCPC Party Literature Research Office and China International Publishing Group. It has been translated and published in Chinese, English, French, Russian, Arabic, Spanish, Portuguese, German and Japanese by the Foreign Languages Press. The multilingual edition of the book was successfully launched in Frankfurt, Germany, on October 8, 2014, and also attracted considerable attention during APEC China 2014, the 26th annual gathering of leaders of Asia-Pacific Economic Cooperation held in Beijing. Dr Robert Kuhn, China expert, international corporate strategist and political commentator, told the symposium that the book stresses improving people’s lives, reform, rule of law, and building the CPC. These have been codified as Xi’s “Four Comprehensives”, he said. “The unprecedented book presents Xi’s political philosophy, symbolizes his rapid emergence as a strong leader, and communicates his way of thinking,” Kuhn said
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Book fair symposium focuses on Xi’s book
Banking
HSBC to Scale Back China Credit Card Operations Amid Expansion Challenges – Reuters
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
Banking
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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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