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☆ Huawei’s comeback gathers pace as quarterly profit surges
▼ + stars: | 2024-05-01 | by ( ) edition.cnn.com time to read: +2 min

Beijing Reuters —Huawei Technologies’s net profit leapt 564% to 19.65 billion yuan ($2.71 billion) in the first quarter, a regulatory filing by its parent company showed on Tuesday, as it continues to recover from US sanctions. Huawei’s revenue for the quarter to the end of March rose 37% to 178.5 billion yuan, the filing to China’s National Interbank Funding Center showed. It did not break down how business units, such as consumer and smart car components, performed. Apple’s share in the world’s biggest smartphone market fell to 15.7% in the first quarter from 19.7% a year earlier. It has become a force in smart car technology too, with its driver assistance system touted by at least seven Chinese automakers at the Beijing auto show.

Persons: “ digitalization, decarbonization ”, Counterpoint Organizations: Beijing Reuters, Huawei, Apple Locations: Beijing

☆ China’s narrowing trade slump boosts recovery prospects, but challenges persist
▼ + stars: | 2023-10-13 | by ( ) edition.cnn.com time to read: +4 min

“There’s increasing evidence that the cyclical upturn in the global electronics sector is driving a bottoming-out of global trade and China’s trade data is the latest sign,” said Xu Tianchen, senior economist at the Economist Intelligence Unit. South Korean exports to China, a leading indicator of China’s imports, fell at their slowest pace in 11 months in September. However, Lv Daliang, spokesperson of the General Administration of Customs, said at a press conference earlier on Friday that China’s trade still faces a complex and severe external environment. Yet, authorities can take some comfort from recent data including upbeat factory activity and retail sales while the past Golden Week holiday travel edged up 4.1% from pre-pandemic 2019 levels. Most analysts have been reiterating in recent months that policymakers will need to go further than introducing piecemeal measures in order to bolster the economic recovery.

Persons: ”, Xu Tianchen, Headwinds, it’s, Robert Carnell, “ Organizations: Beijing Reuters —, Economist Intelligence Unit, Semiconductors, Global, Administration of Customs, Bloomberg, ING Locations: Beijing, China, Asia, Pacific

☆ China Eastern Airlines just made the biggest Comac C919 order ever, for 100 planes
▼ + stars: | 2023-09-28 | by ( ) edition.cnn.com time to read: +2 min

Beijing Reuters —China Eastern Airlines said on Thursday it will buy another 100 C919 airplanes in a deal worth $10 billion at list prices, in what would be the largest ever order for the jet made by the Commercial Aircraft Corporation of China (COMAC). The list price for the C919 is $99 million but aircraft can be sold at discounts of up to 50%, especially for new models. The deal comes five months after the Chinese passenger plane, developed by state-owned COMAC to rival Airbus’ A320neo and Boeing’s (BA) 737 MAX single-aisle jet families, took its first flight in May with China Eastern. China Eastern will get delivery of five aircraft in 2024, while ten are to be delivered each year from 2025 to 2027. The deal includes 15 orders of COMAC’s ARJ21 aircraft and 15 of the C919.

Persons: Li Hanming, ” Li, “ COMAC, COMAC’s Organizations: Beijing Reuters, China Eastern Airlines, Commercial Aircraft Corporation of China, Airbus ’, China Eastern, Boeing Locations: Beijing, Shanghai, Washington, China, Brunei

☆ China's exports tumble much more than expected in May
▼ + stars: | 2023-06-07 | by ( ) edition.cnn.com time to read: +2 min

Beijing Reuters —China’s exports shrank much faster than expected in May and imports fell, albeit at a slower pace, as manufacturers struggled to find demand abroad and domestic consumption remained sluggish. Exports from the world’s second-largest economy fell 7.5% year-on-year in May, the biggest decline since January and swinging from 8.5% growth in April. Chinese stocks trimmed gains and the Australian dollar, a commodity currency that is highly sensitive to swings in Chinese demand, fell after the trade data. “The weak exports confirm that China needs to rely on domestic demand as global economy slows,” said Zhiwei Zhang, chief economist at Pinpoint Asset Management. The PMI subindexes showed factory output swung to contraction from expansion while new orders, including new exports, fell for a second month.

Persons: ”, Zhiwei Zhang Organizations: Beijing Reuters —, Imports, Reuters, Australian, PMI Locations: Beijing, China

☆ China PMI factory activity unexpectedly cools in April
▼ + stars: | 2023-04-30 | by ( ) edition.cnn.com time to read: +3 min

The official manufacturing purchasing managers’ index (PMI) declined to 49.2 last month from 51.9 in March, according to data from the National Bureau of Statistics, below the 50-point mark that separates expansion and contraction in activity. That missed expectations of 51.4 tipped by economists in a Reuters poll and marked the first contraction since December, when the official manufacturing PMI was at 47.0. The world’s second-biggest economy grew faster than expected in the first quarter thanks to robust services consumption, but factory output has lagged amid weak global growth. China's manufacturing activity unexpectedly shrank in April, according to official data. The composite PMI, which includes manufacturing and non-manufacturing activity, dropped to 54.4 from 57.0.

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