This week, China’s central bank finally bit the bullet and cut the required reserve ratio by 50 basis points; and the manufacturing purchasing managers’ index hit a new low
This week, Shanghai brought the annual practice of fixing GDP growth targets into sharp focus by simply abandoning it; Alibaba and SAIC washed their dirty linen in public; and Apple posted record profits bolstered by Chinese fans of the iPhone 6.
This week, all eyes were on the 2014 China GDP figure, which at 7.4% was lower than the target of 7.5%; Tencent created a mini ad frenzy on WeChat; and LeTV’s electric car plans inched a step closer to fruition.
This week, Lei Jun triggered memories of Steve Jobs at the launch of the new Xiaomi Note where he also discussed the company’s future; taxi-hailing app Kuaidi Dache got a fresh cash infusion; and the eternal question made a comeback: does China need more stimulus?
Tencent launched China’s first private bank, local governments vowed to crack down on ride-hailing apps, and with China set to miss its growth targets, it is being speculated that the much needed economic rebalancing has finally kicked in.
This week, CEO Wang Jianlin missed the opportunity to become the richest man in China when the much awaited Dalian Wanda IPO turned out to be a damp squib and Xiaomi was valued at $45 billion, way higher than Uber.
This week, the BYD stock price fell sharply, as did Geely’s; Baidu invested in ride-sharing company Uber; and China’s factory activity slowed further.
This week, taxi app Didi Dache secured funding of more than $700 million, easily the biggest private investment in China’s mobile internet sector; LeTV announced an audacious plan to get into Tesla’s territory; and China’s import and export numbers slowed.
This week, smartphone manufacturer Xiaomi made new moves in the wearable technology space; Tencent signed a deal to boost its K-pop quotient; and NDRC placed its bets on a new plan to clean China’s smoggy skies.
This week, the Shanghai Composite Index reached a 40-month peak; experts speculated on future PBOC rate cuts, following last week’s interest rate cut which was the first since 2012; and Tencent and Alibaba locked horns.