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☆ Tourism in China surges during May Day holiday but travelers turn frugal
▼ + stars: | 2024-05-06 | by ( Laura He | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —China has reported a surge in tourism during the just concluded Labor Day holiday, but travelers cut back on their spending, in a sign that consumption in world’s second largest economy remains sluggish. That was 28% more than the number of trips taken during the Labor Day holiday period in 2019, which lasted only four days. This year’s Labor Day tourism revenue was 166.89 billion yuan ($23.6 billion), only 13.5% higher than the 2019 level. Passengers at Nanjing Railway Station in East China's Jiangsu province on May 5, the last day of the Labor Day holiday. On Monday, a private sector survey showed that the Caixin/S&P Global services PMI fell to 52.5 in April from 52.7 in the previous month.

Organizations: Hong Kong CNN, Labor, Tourists, Ministry of Culture, Tourism, Passengers, Nanjing Railway, PMI, TD Securities, P Global, National Bureau, Statistics Locations: China, Hong Kong, Nanjing, East China's Jiangsu

☆ Xiaomi shares pop 15% after the Chinese smartphone maker launches its first EV
▼ + stars: | 2024-04-02 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

A Xiaomi SU7 electric sedan is seen displayed at a regional HQ of Xiaomi in Nanjing in east China's Jiangsu province. BEIJING — Shares of Chinese smartphone maker Xiaomi surged 15% when the Hong Kong market opened Tuesday, the first trading day since the company launched its SU7 electric car ahead of the Easter holiday. Chinese EV startups Xpeng and Nio announced car purchase subsidies Monday of 20,000 yuan ($2,800) and 10,000 yuan each, respectively. The price reductions come as growth of new energy vehicles in the world's largest auto market shows signs of slowing. Penetration of battery and hybrid-powered passenger cars has surpassed more than one third of new cars sold in China, according to the China Passenger Car Association.

Persons: Xiaomi, Tesla, Nio Organizations: BEIJING —, China Passenger Car Association Locations: Xiaomi, Nanjing, China's Jiangsu, BEIJING, Hong Kong, Beijing, China

☆ Chinese regulators ask large banks to step up support for Vanke, sources say
▼ + stars: | 2024-03-11 | by ( ) www.cnbc.com time to read: +1 min

An aerial photo is showing a residential area that is currently under construction by China Vanke in Nanjing, East China's Jiangsu province, on Jan. 17, 2024. Chinese regulators recently met financial institutions to discuss state-backed property developer China Vanke where they asked large banks to enhance financing support and asked private debt holders to discuss maturity extension, two sources said. The sources with direct knowledge of the matter said the financial institutions were asked to make progress quickly, and that the State Council — China's cabinet — is coordinating effort related to supporting China Vanke . The sources, who all requested anonymity due to sensitivity of the matter, did not specify when the requests had been made by regulators to various financial institutions. The National Administration of Financial Regulation and the State Council Information Office, which handles media queries for the council, did not respond to requests for comment.

Persons: China Vanke, —, Banks, Vanke Organizations: State, National Administration of Financial, Information Office Locations: China, Nanjing, East China's Jiangsu

☆ Evergrande shares rise over 9% as court hearing to wind up property firm is postponed again
▼ + stars: | 2023-12-04 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

NANJING, CHINA - AUGUST 18, 2023 - Aerial photo shows a residential area of Evergrande in Nanjing, East China's Jiangsu province, Aug 18, 2023. The firm was originally scheduled to face a Hong Kong court hearing on Monday over a petition from a creditor seeking to wind up the company. Shares of Evergrande Group rose over 9% as the beleaguered Chinese property firm's court hearing over its possible liquidation was postponed to Jan. 29, 2024. Top Shine, an investor in Evergrande unit Fangchebao, had filed a petition in June 2022 seeking to wind up the property firm. The agency, however, reported that creditors were unlikely to accept Evergrande's new proposal, given low recovery prospects and growing concerns about its future.

Persons: Linda Chan Organizations: Getty, Hong, Bloomberg, Reuters, Hong Kong, Evergrande, New Energy Vehicle Group Locations: NANJING, CHINA, Evergrande, Nanjing, East China's Jiangsu, Hong Kong, Hong Kong's

☆ China consumption shows 'no sign' of a strong V-shaped recovery, McKinsey says
▼ + stars: | 2023-12-01 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

"But there are no signs it should be a strong, V-shaped recovery," said Zipser, who is also a senior partner at McKinsey and author of a new report called "China Consumption: Start of a New Era." China's retail sales have generally remained lackluster since the onset of the Covid-19 pandemic in early 2020. The overall economic recovery and the recovery of the property market has not been what people hoped for. "The overall economic recovery and the recovery of the property market has not been what people hoped for," he said. China's retail sales rose by 7.6% in October from a year ago, beating analysts' expectations.

Persons: Daniel Zipser, Zipser, Major Organizations: Future Publishing, Getty, BEIJING, McKinsey, Apple, Starbucks, World Bank . U.S Locations: Lianyungang City, East China's Jiangsu Province, Asia, China, South Korea, India, Indonesia

☆ China's biggest shopping festival is set for a tepid 2023, survey finds
▼ + stars: | 2023-11-07 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

Nurphoto | Nurphoto | Getty ImagesBEIJING — Most consumers in China are planning to keep a lid on spending during this year's Singles Day shopping festival, which ends Nov. 11. That's according to a survey of more than 3,000 consumers in the country by Bain and Company, released Tuesday. Originally launched by Chinese e-commerce giant Alibaba , Singles Day has expanded from a one-day shopping festival into a multi-week period of shopping promotions across different online platforms in China. Bain estimates that including other platforms, Singles Day e-commerce GMV rose by 3% to 934 billion yuan ($128.25 billion) in 2022. When factoring in another 181 billion yuan in livestreaming and content-led e-commerce, the total GMV for last year's festival topped 1 trillion yuan ($140 billion), the report said.

Persons: Bain, —, James Yang, Yang, Livestreaming Organizations: Nurphoto, Getty, Bain and Company, Bain, Adobe Analytics Locations: Lianyungang, East China's Jiangsu Province, BEIJING, China, Chinese

☆ China issues new bonds to prop up economy as global investors flee at 'unprecedented' pace
▼ + stars: | 2023-10-25 | by ( Laura He | ) edition.cnn.com time to read: +7 min

Foreign fund outflows from China’s so-called A-share market have entered “an unprecedented stage,” Morgan Stanley strategists wrote in a recent note. A-shares are yuan-denominated shares of mainland China firms that trade on the Shanghai Stock Exchange and the Shenzhen Stock Exchange. This seems highly unlikely under Xi.”Even Chinese investors seem to be plagued by a growing lack of faith in the future of the country’s economy. It will hit the economy in an all-around and indiscriminate way,” the fund said in a letter to its investors, which went viral. “Xi might wield vast control in China, but he can’t compel global investors to buy into his vision or risk their capital,” he said.

Persons: ” Morgan Stanley, ”, Alex Capri, Xu jingbai, ICHPL, Brock Silvers, Beijing’s “, Apple’s iPhones, George Magnus, Joe Biden, Goldman Sachs, Derek Scissors, Xi, Craig Singleton, Xi Jinping, “ Organizations: Hong Kong CNN — Investors, Shanghai Stock Exchange, Shenzhen Stock Exchange, Connect, CSI, Foundation, National University of Singapore Business School, Chinese Communist Party, Kaiyuan, “, China’s Taiwan Affairs Office, China Centre of Oxford University, Global, People’s Bank of China, National People’s, Central Huijin Investment, American Enterprise Institute, Dingtai, Foundation for Defense of Democracies Locations: China, Hong Kong, Beijing, China’s, Shanghai, Shenzhen, Hai'an, China's Jiangsu, Capri, United States, ”

Quarterly earnings reports for our industrial stocks begin this week amid an uncertain operating environment. HON YTD mountain Honeywell (HON) year-to-date performance Honeywell and Linde are the first two of the group to report — on Thursday before the bell. This was positive to see and it's reasonable to expect a clean quarter led by aerospace, Honeywell's largest business. Linde has beat and raised for 18 consecutive quarters, and history is likely to repeat itself when the industrial gas company reports. EMR YTD mountain Emerson Electric (EMR) year-to-date performance Emerson Electric is the last of our industrial names to report, on Nov. 7 before the opening bell.

Persons: we're, Stanley Black, Decker, —, CNBC's Jim Cramer, it's, Jim, You've, Vimal Kapur, Linde, Jack Umpleby, Emerson, Jim Cramer's, Jim Cramer, Wang Chun Organizations: Caterpillar, Honeywell International, Emerson Electric, Linde, LIN, DuPont De Nemours, Honeywell, LSEG, Aerospace, Electric, GE, Club, U.S, Management, CAT, Act, DuPont, Electronics, Emerson, National Instruments, SWK, CNBC, Future, Getty Locations: North America, China, Lianyungang, East China's Jiangsu

☆ China signals more support for struggling local governments
▼ + stars: | 2023-10-24 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +2 min

Future Publishing | Future Publishing | Getty ImagesBEIJING — China on Tuesday took steps toward easing financing conditions for local governments, which have been at the crux of recent economic difficulties. The central government said it formalized a process allowing local governments to borrow funds for the year ahead — starting in the preceding fourth quarter, according to an announcement published by state media. The measure was adopted at a meeting of the National People's Congress Standing Committee, according to state media. The move helps stabilize fiscal policy, said Xu Hongcai, deputy director of the Economics Policy Commission at the China Association of Policy Science. On Tuesday, Chinese authorities also announced the issuance of 1 trillion yuan ($137 billion) in government bonds for natural disaster relief, according to state media.

Persons: —, Xu Hongcai, Zhiwei Zhang Organizations: Workers, Future Publishing, Getty, State Council, National, China Association of Policy, CNBC, International Monetary Fund, IMF, Xinhua Locations: Suzhou, China's Jiangsu, BEIJING, China

☆ China PMI, bumper 'Golden Week' travel give glimmers of hope for economy
▼ + stars: | 2023-10-02 | by ( Laura He | ) edition.cnn.com time to read: +6 min

PMI data released by Caixin Media and S&P Global showed both manufacturing and services losing some momentum. “We see increasing evidence of a near-term growth stabilization,” Nomura analysts said in a research note on Saturday, thanks partly to the raft of policy measures unveiled since late July, they added. While domestic travel for the Golden Week holiday appears strong, Chinese consumers are leaving the mainland in fewer numbers. Preliminary statistics from ForwardKeys, a global travel data provider, last week showed that Chinese travel within Asia was down 33% on pre-pandemic levels. On the first day of the Golden Week holiday, the number of mainland Chinese tourists entering Hong Kong was still less than half of 2018’s level, the city’s government said over the weekend.

Persons: Hong Kong CNN —, Stringer, “, ” Nomura, Julie Kozack, Xu Jiayin, Xu Organizations: Hong Kong CNN, National Bureau, Statistics, PMI, Caixin Media, P Global, Getty, China State Railway Group, Ministry, Transport, Ministry of Culture, Tourism, NBS, ” Citi, International Monetary Fund, Bank, Golden, Evergrande Group Locations: Hong Kong, Nantong, China's Jiangsu, AFP, China, Hangzhou, China's, Zhejiang, Beijing, Asia

☆ Evergrande soars 70% leading Chinese property stocks higher after Country Garden avoids default
▼ + stars: | 2023-09-06 | by ( Lim Hui Jie | ) www.cnbc.com time to read: 1 min

NANJING, CHINA - AUGUST 18, 2023 - Aerial photo shows a residential area of Evergrande in Nanjing, East China's Jiangsu province, Aug 18, 2023. (Photo by Costfoto/NurPhoto via Getty Images)Shares of Chinese property developer Evergrande as much as 82% on Wednesday, leading gains on the Hang Seng Index . The stock has since pared its gains, but was still about 70% higher. The real estate sector was the top gainer on the HSI, but the overall index was still in negative territory, dragged by health-care and industrial stocks. Other stocks like Country Garden Holdings and Logan Group also surged, gaining as much as 26% and 28% respectively, while the Hang Seng Mainland Property Index was up about 4%.

Organizations: Getty, Garden Holdings, Logan Group, Mainland Locations: NANJING, CHINA, Evergrande, Nanjing, East China's Jiangsu

☆ Evergrande shares plunge as much as 87% as trading resumes after 17 months
▼ + stars: | 2023-08-28 | by ( Lim Hui Jie | ) www.cnbc.com time to read: 1 min

NANJING, CHINA - AUGUST 18, 2023 - Aerial photo shows a residential area of Evergrande in Nanjing, East China's Jiangsu province, Aug 18, 2023. (Photo by Costfoto/NurPhoto via Getty Images)Shares of the world's most indebted property developer China Evergrande Group plunged as much as 87% on its open on Monday, trading for the first time since March 21, 2022. Shares fell to as low as 22 Hong Kong cents on Monday, compared to its last close at 1.65 Hong Kong dollars per share on March 18, 2022. The resumption of trade comes as the company posted a loss of 39.25 billion yuan ($5.38 billion) for the six months ended June, a smaller loss compared to the 86.17 billion yuan loss the same period a year ago. Revenue came in at 128.81 billion yuan, rising from 89.28 billion yuan in June 2022.

Organizations: Getty, China Evergrande, Hong, Hong Kong Locations: NANJING, CHINA, Evergrande, Nanjing, East China's Jiangsu, Hong Kong

"We think the situation is probably getting a little bit worse because of this Country Garden incident," Chan told CNBC in a phone interview Thursday. The debt troubles at Country Garden and the uncertainty of government support are feeding into broader unease in the Chinese housing market. Louise Loo Oxford EconomicsThe Chinese property sector has been reeling since 2020, when Beijing cracked down on the debt levels of mainland property developers. Chan said S&P's bear case for China's property sector is for 11 trillion yuan in sales this year, and 10 trillion yuan for 2024. Land sales divergenceAs China's property sector consolidates amid the debt and credit malaise, state-owned developers are better positioned to grow than non-state ones.

Persons: Edward Chan, Chan, Evergrande, Louise Loo, Global's Chan, That's, China's, Gary Ng Organizations: Future Publishing, CNBC, JPMorgan, Louise Loo Oxford, Oxford Economics, Natixis Corporate, Investment Banking Locations: Chengdong, Hai, City, East China's Jiangsu Province, China, U.S, China's, Beijing

☆ Asia markets largely rise ahead of China trade data
▼ + stars: | 2023-08-08 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

Cargo ships stop at their berths to load and unload containers at the container terminal in Lianyungang Port, East China's Jiangsu province, June 5, 2023. Asia-Pacific markets largely rose on Tuesday as investors focus on China's trade data for July. Futures for Hong Kong's Hang Seng index stood at 19,412, pointing to a weaker open compared to the HSI's last close of 19,537.92. Japan's Nikkei 225 rose 0.33%, while the Topix was up 0.25% as the country's household spending remained in negative territory for the fourth straight month. Overall household spending fell 4.2% year on year in June, compared with 4% in May, official data showed.

Persons: Kospi Organizations: Reuters, Nikkei Locations: Lianyungang Port, East China's Jiangsu, Asia, Pacific, Australia, South

☆ It's time to lock in gains on this industrial name that has rocketed since June
▼ + stars: | 2023-08-07 | by ( Jim Cramer | ) www.cnbc.com time to read: +2 min

Following the trade, Jim Cramer's Charitable Trust will own 315 shares of CAT, decreasing its weighting in the portfolio to 3.03% from 3.26%. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

Persons: Jim Cramer's, Jim Cramer, Jim, Wang Chun Organizations: Caterpillar, CAT, Management, CNBC, Future, Getty Locations: Lianyungang, East China's Jiangsu

☆ Oil and gas will continue to power the world for decades to come, big oil firms say
▼ + stars: | 2023-06-30 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +5 min

"We think the biggest realization that should come out of this conference ... is oil and gas are needed for decades to come," said John Hess, CEO of U.S. oil company Hess Corporation. A.S. Sahney Executive Director of Indian Oil CorporationHess said oil and gas are key to the world's economic competitiveness, as well as an affordable and secure energy transition. "The world is facing a structural deficit in energy supply, in oil and gas, in clean energy," he said. "That shows our belief in [the] continuance of fuel," the executive director said, acknowledging that energy transition is here to stay. Oil demand an 'ancient story'Commodities trading firm Vitol is less bullish, predicting that demand for crude will peak in 2030 — two years later than the IEA's forecast.

Persons: John Hess, Hess, Indian Oil Corporation Hess, Haitham Al Ghais, Erin McGrath, Dan Yergin, TotalEnergies, Patrick Pouyanne, Amin Nasser, Russell Hardy, Russia's Organizations: Barcroft Media, Getty, Energy Asia, Hess Corporation, International Energy Agency, Sahney, Indian Oil Corporation, OPEC's, Hess Corp, Energy Asia Summit, Bloomberg, ExxonMobil, CNBC, U.S, Commodities, EV Locations: Lake, China's Jiangsu, Malaysia's, Kuala Lumpur, India, A.S, Malaysia, Asia, Africa, America, Europe, China, Korea, Japan, Vietnam, Saudi Arabia's, Aramco

☆ Goldman joins Wall Street banks in cutting China's growth outlook as post-Covid bounce fades
▼ + stars: | 2023-06-19 | by ( Jihye Lee | ) www.cnbc.com time to read: +3 min

(Photo by Costfoto/NurPhoto via Getty Images) Nurphoto | Nurphoto | Getty ImagesGoldman Sachs became the latest Wall Street bank to downgrade its growth forecast for China, as the world's second-largest economy stutters and loses momentum after its coronavirus reopening. "With the reopening boost quickly fading, medium-term challenges such as demographics, the multi-year property downturn, local government implicit debt problems, and geopolitical tensions may start to become more important in China's growth outlook," they said. Stock Chart Icon Stock chart iconUBS also sees continued weakness in China's economy ahead, particularly focusing on the second quarter of the year. Wang noted that uncertainty in China's property sector remains a central risk to its forecast and could bring its growth outlook even lower. "Risks to our forecast is slightly biased towards the downside, mainly from uncertainties in property market and path of property policy support ahead, as well as weaker external demand," she said.

Persons: Goldman Sachs, Chief China Economist Hui Shan, Wang Tao, Wang Organizations: Getty, Nurphoto, Chief China Economist, UBS, Bank of America, JPMorgan, U.S, People's Bank of, Federal, UBS Investment Bank's Locations: Nanjing, East China's Jiangsu Province, China, People's Bank of China, saar

☆ The world's energy system is 'no longer fit for purpose,' says energy council chief
▼ + stars: | 2023-06-08 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Wind power generation and shoal aquaculture are seen at a demonstration base of coastal shoal industry in Yancheng City, East China's Jiangsu province, May 16, 2023. (Photo credit should read Lu Hongjie / CFOTO/Future Publishing via Getty Images)The world's energy system is no longer "fit for purpose," according to World Energy Council CEO Angela Wilkinson, who alluded to lackluster momentum toward a planned green energy transition. "The most recent pulse from April shows that the world energy system is no longer fit for purpose," Wilkinson told CNBC's "Squawk Box Asia" Wednesday, in reference to the findings from her organization's Energy Pulse reports which offer snapshots of trends across the energy ecosystem. The council's most recent report forecasts that around half of the global energy system will still not be electrified by 2050, which would mark a blow to many governments' net-zero pledges. The report cited 64% of global energy leaders sharing their concerns.

Persons: Lu Hongjie, Angela Wilkinson, Wilkinson, CNBC's Organizations: Publishing, Getty, World Energy, Energy Locations: Yancheng City, East China's Jiangsu, Paris

Cargo ships stop at their berths to load and unload containers at the container terminal in Lianyungang Port, East China's Jiangsu province, June 5, 2023. In Australia, the S&P/ASX 200 rose 0.25%, ahead of Australia's first quarter GDP numbers. The country's economy is expected to expand 2.4% year-on-year, slightly slower than the 2.7% recorded in the fourth quarter of 2022. Japan stocks were higher, with the Nikkei 225 inching closer to the 33,000 level and rising 0.47%. South Korea's markets came back from a public holiday with a positive start, with the Kospi climbing 0.28% and the Kosdaq up by 0.6%.

Persons: Philip Lowe Organizations: Reserve Bank of Australia, Nikkei Locations: Lianyungang Port, East China's Jiangsu, Asia, Pacific, Australia, Australia's, Japan, South

☆ CNBC Daily Open: Troubled economies, calm markets
▼ + stars: | 2023-06-07 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Despite stumbles in some big-name stocks yesterday, U.S. markets managed to climb as the uncertainty of previous weeks dissipated. Apple shares dipped 0.2% as investors digested information on the technology giant's new mixed reality headset. The CBOE Volatility Index, a measure of investors' 30-day expectations and typically seen as Wall Street's fear gauge, dropped to 13.96 yesterday.

Persons: Goldman Sachs, Samik Chatterjee, Coinbase, weren't fazed, —, That's Organizations: CNBC, Apple, Worldwide Developers, JPMorgan, Boeing, BMO Capital Markets, Nasdaq, Dow Jones, Fed Locations: Lianyungang Port, East China's Jiangsu, U.S

☆ Oil prices jump 2% after U.S. debt deal and jobs data as focus turns to OPEC
▼ + stars: | 2023-06-02 | by ( ) www.cnbc.com time to read: +2 min

Drillers work at a shale oil well site in Jiangyan district of Taizhou, East China's Jiangsu Province, April 7, 2023. Oil prices rose more than 2% on Friday after the U.S. Congress passed a debt ceiling deal that averted a government default in the world's biggest oil consumer and jobs data fed hopes for a possible pause in interest rate hikes ahead of a meeting of OPEC and its allies this weekend. U.S. employment increased more than expected in May, but a moderation in wages could allow the U.S. Federal Reserve to skip an interest rate hike this month for the first time in more than a year. Oil traders have turned their attention to the June 4 meeting of OPEC+, the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia. On the demand side, manufacturing data out of China, the world's second biggest oil consumer, painted a mixed picture.

Persons: Brent, Craig Erlam, Erlam Organizations: Drillers, U.S, Congress, . West Texas, Senate, U.S . Federal Reserve, Organization of, Petroleum Locations: Jiangyan district, Taizhou, East China's Jiangsu Province, Russia, OPEC, Saudi, Saudi Arabia, China, Shanghai, Shenzhen

☆ The Fed hiked rates further but Wall Street is already pointing to tighter conditions on the ground
▼ + stars: | 2023-03-23 | by ( Jason Ma | ) www.businessinsider.com time to read: +6 min

Between fighting inflation or the bank crisis, the Federal Reserve leaned toward the former. Wednesday's move comes despite the bank crisis, which previously led investors to price in a series of Fed rate cuts starting this summer. Indeed, Wall Street has started pointing to the facts on the ground when it comes to financial conditions. The banks are still tightening credit conditions and … non-bank lenders are as well," he told Bloomberg TV hours before the Fed meeting. Billionaire investor Mark Mobius says he is "very, very skeptical" of investing in bank stocks.

☆ One of China’s richest women takes over for her father at real estate developer Country Garden
▼ + stars: | 2023-03-02 | by ( Laura He | ) edition.cnn.com time to read: +4 min

Yang Guoqiang, founder of Country Garden, attends a signing ceremony in November 2017 in Guangdong province. VCG/Getty ImagesThe elder Yang was a farmer and construction worker before he founded Country Garden in 1992. In little more than a decade, he grew the firm into one of the largest real estate developers in the country. Last year, Country Garden was China’s No 1 developer by sales, which reached $67 billion. An aerial view of a residential project developed by Country Garden in Zhenjiang city in eastern China's Jiangsu province in October 2021.

☆ China's reopening could boost global growth — and worsen inflation
▼ + stars: | 2023-01-27 | by ( Anna Cooban | ) edition.cnn.com time to read: +7 min

London CNN —China’s swift reopening after nearly three years of strict coronavirus controls could provide a much-needed boost to global economic growth, but may also stoke inflation just as it has shown signs of falling back. The revival of the world’s second largest economy — and its biggest consumer of commodities — threatens to push up global prices for fuel, industrial metals and food this year. The speed of the reopening, as well as indications that infections may have already peaked, has been surprising, analysts told CNN. Yet, if global food and energy prices start rising again, that could feed through into higher consumer prices. China’s reopening could bump up demand for agricultural goods, while the world is still in the grips of the worst food crisis in modern history.

☆ Production resumes at Indonesian nickel smelter after deadly clash
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +2 min

[1/4] Employees react amid the chaos as Chinese and Indonesian workers clash at a nickel smelter in Morowali, Sulawesi, Indonesia in this undated social media video released January 16, 2023. Revi Limbong via REUTERSJAKARTA, Jan 17 (Reuters) - Production at an Indonesian nickel smelter owned by China's Jiangsu Delong Nickel Industry resumed on Tuesday, police said, after operations were suspended due to a protest and rioting at the weekend in which two workers were killed. An Indonesian and a Chinese worker died, while vehicles and dormitories were torched during the clashes at the PT Gunbuster Nickel Industry (GNI) smelter, a unit of Jiangsu Delong, which involved protesters, workers and security guards. GNI launched the smelter, which has an annual output capacity of 1.8 million tonnes, in late 2021. There are about 11,000 Indonesian workers at GNI's plant and 1,300 foreign personnel, according to Indonesian police.

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