In Depth: Trump’s Trade Wars Put America at the Heart of the Coming Economic Storm

Banks replenish capital: Four of China’s “Big Six” state-owned commercial banks have announced plans to issue shares through private placements, primarily to the Ministry of Finance. China Construction Bank Corp., Bank of China Ltd., Bank of Communications Co. Ltd., and Postal Savings Bank of China Co. Ltd. intend to raise a total of up to 520 billion yuan ($71.5 billion), which will supplement their core capital. All four are issuing shares above market prices but below book value, which may push stock prices down, but adding capital can enable them to expand lending and generate more profits, investment bankers said. External financing has become an effective way to ease pressure on banks amid slower profit growth. The move also reflects the country’s expansionary fiscal policy, rather than being purely market-driven.

Overseas listings: The China Securities Regulatory Commission (CSRC) has pledged to strengthen inter-agency coordination and streamline oversight to create a more transparent, efficient, and predictable regulatory environment for domestic companies seeking to list abroad. Since the launch of China’s overseas listing registration on March 31, 2023, the CSRC has received 441 filings from domestic companies for overseas listings, with 281 already approved. Most of these are seeking listings in Hong Kong. With domestic IPO approvals tightening —some taking more than two years — many firms are looking abroad for faster alternatives.

AIIB succession: The Asian Infrastructure Investment Bank (AIIB) announced the start of its presidential nomination process Monday, with China putting forward Zou Jiayi, a veteran international finance official, as its official candidate to succeed President Jin Liqun when his term ends in January 2026. The election will take place at the AIIB’s 10th annual meeting in June 2025. Zou, 61, currently serves as a vice secretary-general of China’s top political advisory body and is one of the few female members of the Chinese Communist Party’s 20th Central Committee. She previously held senior roles at the Ministry of Finance and has represented China at international financial institutions including the World Bank and AIIB.

State carmakers restructuring: China’s state-owned assets regulator is pushing for a restructuring of three state-owned automakers — China FAW Group Co. Ltd., Dongfeng Motor Group Co. Ltd. and Chongqing Changan Automobile Co. Ltd. — to boost their competitiveness in the electric-vehicle (EV) market. While state-owned carmakers’ EV sales have been growing fast, they still lag behind their private rivals like BYD Co. Ltd. and Zhejiang Geely Holding Group Co Ltd. While the exact details of the restructuring are yet to be released, sources indicated that Dongfeng and Changan may launch a new joint EV brand.

CK Hutchison telecom: Following reports it is planning to spin off its telecom assets for a London listing, CK Hutchison Holdings Ltd. said it has not made any decision on the business yet. Reuters, citing unnamed sources, said the Hong Kong conglomerate had begun preparation to list its Europe, Hong Kong and Southeast Asia telecom businesses, valued at around 10 billion pounds to 15 billion pounds ($13 billion to 19.4 billion). The company has recently courted controversy with its decision to sell its global ports businesses, including assets near the Panama Canal, to a consortium led by U.S. titan BlackRock Inc.