Fashion
China channels $70.56 bn through new policy-based financial instrument
The China Development Bank, the Export-Import Bank of China and the Agricultural Development Bank of China allocated 250 billion yuan, 100 billion yuan and 150 billion yuan respectively to support construction of projects in key areas and weak links.
China has allocated $70.56 billion through a new policy-based financial instrument.
The China Development Bank, the Export-Import Bank of China and the Agricultural Development Bank of China were the three allocators.
The aim is to back construction of projects and weak links.
A fund was also set up for China’s centrally-administered state-owned enterprises to develop strategic emerging industries.
The move is expected to stimulate over 7 trillion yuan in investment, according to statistics from the policy banks.
The financial instrument prioritises projects in technological innovation, consumption expansion and foreign trade stabilisation, while also supporting initiatives in major economic provinces and private investment projects, according to a state-controlled news agency.
The country also established a fund for its centrally-administered state-owned enterprises (SOEs) to develop strategic emerging industries, raising 51 billion yuan (~$7.2 billion) in its first phase.
The fund was initiated by the State-owned Assets Supervision and Administration Commission (SASAC) of the State Council and is managed by China Reform Holdings Corporation Ltd.
Over 10 centrally-administered SOEs have contributed to the fund, including China Mobile, Sinopec and the China National Offshore Oil Corporation.
The fund will invest in fields like new-generation information technology, artificial intelligence, new energy, new materials, high-end equipment, biomedicine and quantum technology.
Fibre2Fashion News Desk (DS)
By
Bloomberg
Published
November 3, 2025
Gold held around $4,000 an ounce after a weak start on Monday, as China ended a long-standing tax rebate for some retailers in a change that could weigh on demand in one of the world’s largest precious-metals markets.
Bullion for immediate delivery traded little changed towards midday in London, after falling as much as 1% in early trade. Beijing announced Saturday that it would no longer allow some retailers to offset a value-added tax fully when selling gold they bought from the Shanghai Gold Exchange and Shanghai Futures Exchange. The news sent Chinese gold jewelry stocks tumbling.
Under the new policy, companies producing so-called non-investment gold, such as for jewelry or industrial applications like electronics, can offset only 6% of the VAT, down from 13% previously. Firms that are not members of the exchanges will be subject to the same change when they sell investment products including gold bars.
Gold surged to a record in October, pushed higher by a retail buying frenzy, but it has since dropped sharply. Prices are still up by more than 50% year-to-date, even after the pullback. Many of the fundamentals that fueled the rally, including central bank and haven demand, are expected to remain in place.
“The tax changes in gold’s heaviest consumer nation will dent global sentiment,” said Adrian Ash, director of research at BullionVault. But the rebound in London markets on Monday, following weakness during Asian hours, shows that bullish mood remains strong, he
“China’s new policy complicates gold’s new found holding pattern, potentially hurting its ability to stay above $4,000. It remains to be seen if official-sector demand can offer a solid-enough backstop to offset any drag from Chinese consumers.”
Among jewelry stocks, Chow Tai Fook Jewellery Group Ltd. fell as much as 12% in Hong Kong, Chow Sang Sang Holdings International Ltd. shed more than 8%, and Laopu Gold Co. dropped more than 9%. The tax change is “likely to see the entire industry raise prices to pass through the cost pressure,” Citigroup Inc. analysts including Tiffany Feng wrote in a note.
Spot gold was trading at around $4,004.86 an ounce as of 11:32 a.m. in London. Silver was also little changed, while platinum and palladium rose.
Translated by
Nazia BIBI KEENOO
Published
November 3, 2025
The track record of Intersport France and Belgium’s new managing director, Philippe Giovanni, a specialist in consolidating distribution networks, suggested potential external growth moves. The cooperative is now significantly expanding its network, marking not the absorption of a brand in France but a geographical expansion.
In a press release on November 3, the French cooperative announced that it had been “entrusted by ICC with the responsibility of overseeing Spain and Portugal, by structuring a Southern European hub which will bring together France, Belgium, Spain and Portugal.”
For several months, questions surrounded the future of Intersport’s Iberian operations. The group had applied earlier this year for court protection after facing challenges repaying its debt. This entity comprised 130 companies operating Intersport-branded stores and employed more than 130 people. It had been seeking buyers for several months, with Spanish media estimating a potential purchase price of around €300 million ($323 million).
“This new step marks the recognition of the know-how of our French cooperative and of our ability to build a strong collective dynamic,” said Gérard Leclerc, now president of Intersport France, Spain, Portugal & Belgium. “By structuring a Southern European hub, we are affirming our ambition to make Intersport a benchmark player in a strategic area of the European sports market.”
Intersport France and Belgium did not disclose the transaction amount. For the entity based in Longjumeau, in the Paris region, the move “is in line with the transformations we have carried out together in recent years: the acquisition of Go Sport, the modernization of our store network and the launch of our new brand platform.”
The company plans to “build on the know-how, performance and robustness of the French model” and is creating an Iberian subsidiary, while Intersport France takes over the Spanish central office and its staff.
Intersport France and Belgium report revenue of €3.88 billion ($4.18 billion) and hold a market share of more than 14%.
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Copyright © 2025 FashionNetwork.com All rights reserved.
Published
November 3, 2025
Those who are drawn to traditional Christmas themes will love the 2025 Fenwick Christmas Window collection. Described as a “celebration of family, community and the joy of storytelling”, the department store group has embraced the festive classic ‘A Christmas Carol’ by Charles Dickens.
Following last year’s “widely-loved” Christmas Window, which showcased author and illustrator, Chris Riddell’s modern reinterpretation of ‘The Twelve Days of Christmas’, Fenwick has again partnered with the former Children’s Laureate to bring this years’ theme to life “through the magic of creative storytelling”.
Set in Victorian England, the window series features the traditional scenes from Dickens’ novel, following the tale of Ebenezer Scrooge, who after years of rejecting Christmas cheer, is visited by various ghosts who lead him on a journey of self-reflection.
As in previous years, Fenwick has also partnered with The Glasshouse International Centre for Music, to compose a bespoke score for the display.
Mia Fenwick, executive deputy chair, said: “Our 2025 Christmas Window has been brought to life by the extraordinary talent of Chris Riddell. This year’s reimagining of Dickens’ A Christmas Carol combines Chris’s distinctive artistry with our team’s craftsmanship to create a celebration of storytelling, creativity and festive spirit.”
Copyright © 2025 FashionNetwork.com All rights reserved.
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