China News

‘Self-Driving’ Doesn’t Mean ‘Hands-Free’ – Lessons of Tesla Autopilot Crash in China

Tesla said last week that one of its cars had crashed in Beijing while in ‘autopilot’ mode, with the driver contending sales staff sold the function as ‘self-driving’, overplaying its actual capabilities. Tesla said it had reviewed data to confirm …

Global Business Groups Urge China’s Premier to Revise Draft Cyber Rules

In a letter addressed to Chinese Premier Li Keqiang, 46 global business groups spanning finance, information technology, insurance and manufacturing urged Beijing to revise its draft cyber rules which they said would hamper trade. The signatories include industry associations from …

China Regulator Asks Insurers to Assess Risks & Strengthen Controls: Report

The China Insurance Regulatory Commission (CIRC) has asked insurers to thoroughly assess business risks and strengthen their risk controls, the online financial magazine Caixin reported Wednesday, citing anonymous industry sources. China’s insurers have rapidly moved into risky investments in recent years, analysts …

AXA, Alibaba and Ant Financial Services Form Global Strategic Partnership

AXA, Alibaba and Ant Financial Services have formed a global strategic partnership to explore opportunities to distribute AXA’s insurance products and services through Alibaba’s global e-commerce platforms. The companies plan to work together to develop products and services, while developing …

Growth of China’s Shadow Banking Hikes Financial Risks for Banks, Insurers: Moody’s

Shadow banking activity in China has expanded further and now accounts for nearly a third of the total banking sector assets, raising financial risks in the world’s second-largest economy, rating agency Moody’s Investor Service said on Wednesday. Shadow banking assets …

Nerves on Edge After South China Sea Ruling; Insurance Rates Still Stable

Global oil and shipping markets reacted nervously on Tuesday after an international arbitration court ruled against Beijing’s claims across large swathes of the South China Sea, fueling geopolitical tensions in the vital waterway. A tribunal in The Hague, Netherlands, found …

China Floods Kill 173, Cut Transportation Links; Hit to Economy Expected

Weeks of torrential rain across central and southern China have caused the country’s worst flooding since 1998, killing 173 people, ruining farms and cutting major transportation arteries — and creating potential headwinds to economy growth. A swollen Yangtze and other …

Swiss Re Corporate Solutions Appoints Jia as CEO of China Operations

Swiss Re Corporate Solutions has appointed Jingwei Jia as chief executive officer, China, effective immediately. Jia will be based in Shanghai and drive Swiss Re Corporate Solutions’ strategy of building its China operations into a leading commercial insurer. Since joining Swiss Re in 2003, Jia has …

Chinese Forced into Massive Debt to Pay for Vital Healthcare

As China’s medical bills rise steeply, outpacing government insurance provision, patients and their families are increasingly turning to loans to pay for healthcare, adding to the country’s growing burden of consumer debt. While public health insurance reaches nearly all of China’s 1.4 …

China Close to Adopting Controversial Cyber Security Rules

China moved closer on Monday to adopting a controversial cyber security law, after parliament held a second reading of the draft rules, which carry significant consequences for domestic and foreign business and threaten greater censorship. China enforces widespread controls over …