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Latest Business and Financial News on China, U.S. Trade War and Negotiations, Breaking News, Headlines and Developments

花匠小妙招
2025-04-24 16:44

E-commerce refund U-turn: China’s major e-commerce platforms have announced they’ll be revising their policies that allow customers to get refunds without returning their purchases, after widespread abuse. On Tuesday, Taobao, JD.com, Pinduoduo, Douyin and Kuaishou all announced they wanted public feedback on changes to their after-sales policies. The platforms all said they support merchants and buyers resolving issues through negotiations and that they wouldn’t unnecessarily intervene. Merchants using the platforms have previously complained that the platforms would essentially force them to give such refunds if a customer asked for one. The platforms’ “refund-only” policies were introduced amid fierce competition in the industry — after budget-goods specialist Pinduoduo rolled out the policy, other platforms followed suit.

Gold plunge: Gold prices tumbled from record highs this week, prompting China’s Shanghai Gold Exchange to tighten trading rules for the fourth time this year — a reflection of market volatility amid shifting U.S. policy signals. On April 23, the benchmark “Au99.99” gold contract fell below 800 yuan ($110) per gram in Shanghai, down nearly 5% from its peak of 834.6 yuan the previous day. The same day, London spot gold, which had surged past $3,500 an ounce earlier in the week, dropped to $3,312.63 during Asian trading, marking a two-day swing of nearly $200. The abrupt sell-off followed a historic rally fueled by fears over U.S. monetary policy shift and trade tensions.

Cross-border easing: China’s central bank, financial regulators and the Shanghai government on April 21 jointly unveiled an 18-point action plan aimed at resolving bottlenecks in cross-border financial services. The plan includes measures to improve settlement efficiency, enhance currency-hedging tools, expand financing channels, strengthen insurance safeguards and upgrade comprehensive financial services. It underscores Shanghai’s role as a testing ground for financial liberalization and boosts the city’s appeal as a global financial hub. Analysts said the plan aligns with China’s broader push to internationalize the yuan and counter geopolitical headwinds by diversifying corporate operations.

SAIC’s tariff dilemma: State-owned auto giant SAIC Motor Corp. Ltd. and General Motors Co. are discussing how they’ll handle the impact of tariffs on their China joint venture, the firm’s general manager said. Lu Xiao said that SAIC-GM has been affected in two ways — the import of parts from the U.S. and the export of vehicles to the U.S. Analysts believe that exports are likely to be the thorniest problem. While joint ventures with foreign giants have long dominated China’s car market, these firms have failed to keep up with the shift towards electric vehicles and have seen their domestic sales slide in recent years.

Morgan Stanley appointment: Morgan Stanley has appointed James Hu as its China vice chairman. The investment banking veteran has more than 15 years of experience in senior roles in the Asian divisions of Citigroup and Merrill Lynch. Hu’s appointment comes as China’s investment banking sector is heating up, as several other markets are cooling. Investment banking fees on the Chinese mainland grew 8% year-on-year in the first quarter, compared to declines in Europe, the Americas and Japan.