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As is common in China, the apartment complex in Tianjin sold the units before they were completed. Their concerns are just one example of the wider challenges that persist in pockets of China's property sector. Following early efforts to recoup their money or to garner information about their property purchases, a few buyers said police visited their homes, sometimes in the middle of the night. "I feel like I've been tricked this whole time," one buyer said in Mandarin, translated by CNBC. In all, Nomura estimated late last year that there are around 20 million unconstructed and delayed pre-sold homes in China.
Persons: Wu Qing, Fred Dufour, I've, Dan Wang, Evergrande, Nomura Organizations: Afp, Getty, BEIJING, CNBC, Hang Seng Bank Locations: Tianjin, Beijing, China
He spoke with DealBook about how China views the latest U.S. crackdown on TikTok. How does China see the latest TikTok fight? Chinese state media and government spokespeople have made it clear that this is very unwelcome. State media is keeping its powder dry because there are still several steps before ByteDance might have to sell TikTok in the U.S. Before this looks really imminent, state media is not rallying citizens to object too much.
Persons: Dan Wang, Wang, Yale Law School’s Paul Tsai, DealBook, spokespeople, ByteDance Organizations: Yale Law, Yale Law School’s Paul Tsai China Center, U.S Locations: China, United States, America, Beijing, U.S
China's 5% GDP target is 'really ambitious,' economist says
  + stars: | 2024-03-05 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina's 5% GDP target is 'really ambitious,' economist saysDan Wang, chief economist at Hang Seng Bank (China), says unless there are "ginormous infrastructure projects," the country will find it "very difficult" to reach it.
Persons: Dan Wang Organizations: Hang Seng Bank Locations: China
Opinion | Only America Can Save the Future
  + stars: | 2024-02-03 | by ( Ross Douthat | ) www.nytimes.com   time to read: +1 min
Every new year Dan Wang, a technology analyst with an East Asia-based economics research firm and a gifted observer of contemporary China, writes a long, reflective letter about the year just past, mixing analysis with personal experience. But after years of Zero Covid policy, with China’s economy disappointing and its political culture constricting, Wang writes that it’s increasingly “evolved to mean emigrating from China altogether.”The lucky escapees are the ones who can move legally to Europe or America. The boldest are the ones traveling to Latin America and braving the Darien Gap to reach Mexico and then the United States; the migrant surge at our southern border, Wang notes, now includes thousands of Chinese nationals each month. He came away from the experience feeling a bit more optimistic about China’s uncertain future. “The China of the future will not look like the China ruled by old men today,” he writes, and some of the creative Chinese kids hanging out in Thailand may “do good things for the China they’ll one day inherit.”
Persons: Dan Wang, Zero, Wang, it’s, Locations: East Asia, China, Europe, America, Darien, Mexico, United States, Singapore, Japan, Thailand
China youth unemployment figures surprising, economist says
  + stars: | 2024-01-17 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina youth unemployment figures surprising, economist saysDan Wang, chief economist at Hang Seng Bank (China), says it's the result of "improved government effort, not really improved economic fundamentals."
Persons: Dan Wang Organizations: China, Hang Seng Bank Locations: China
BEIJING, Dec 1 (Reuters) - Mixed factory activity data for China in November suggests more stimulus will be needed to shore up economic growth, analysts said on Friday, as two surveys came to contrasting conclusions on the sector's health. That was the fastest expansion in three months, but stands in contrast to the official PMI which fell to 49.4 on Thursday. "At face value, the average of the two is consistent with factory activity remaining largely unchanged last month," said Sheana Yue, China economist at Capital Economics. The official and Caixin surveys have different samples, with the Caixin PMI focusing on export-oriented enterprises and small- and medium-sized enterprises in the country's coastal region. Payroll cuts in the sector persisted for the third month in the Caixin survey and a ninth month in the official PMI.
Persons: Sheana Yue, Dan Wang, Xi Jinping, Liangping Gao, Joe Cash, Jacqueline Wong, Lincoln Organizations: P Global, PMI, Capital Economics, HSBC, Hang Seng Bank, Thomson Locations: BEIJING, China, Hang Seng Bank China, Shanghai
An employee works on a production line manufacturing steel structures at a factory in Huzhou, Zhejiang province, China May 17, 2020. The data shows that factories are producing less and hiring fewer people," Dan Wang, chief economist at Hang Seng Bank China, said of China's PMI readings, which have different samples. Export-reliant Japan, South Korea and Taiwan bore the brunt of sluggish global demand with their manufacturing activity remaining stagnant in November, surveys showed. Japan's final au Jibun Bank manufacturing PMI fell to 48.3 in November from 48.7 in October, shrinking at the fastest pace in nine months. Manufacturing activity also shrank in Taiwan, Vietnam and Malaysia, but expanded in Indonesia and the Philippines, the surveys showed.
Persons: Dan Wang, Toru Nishihama, Leika Kihara, Jamie Freed Organizations: REUTERS, PMI, Korea Soft, P Global, Hang Seng Bank, Dai, Research, Jibun Bank, Research Institute, Thomson Locations: Huzhou, Zhejiang province, China, Japan, S, TOKYO, Europe, United States, Hang Seng Bank China, South Korea, Taiwan, Asia, Vietnam, Malaysia, Indonesia, Philippines
The Fifth, a social-creative agency originating in the UK, is shutting down its talent-management arm in the country, the company confirmed to Business Insider. The company is part of News UK, a media conglomerate that operates news outlets like The Times, The Sunday Times, and The Sun. The Fifth was founded in 2019 by Oliver Lewis, formerly News UK's director of digital strategy and partnerships, and The Fifth's talent division was launched a year later. Citing changes in the UK market, the company said it had decided to focus its efforts on the social-creative and influencer-marketing side of the business. Do you work at The Fifth or other talent management firms in the UK or have insight to share?
Persons: Oliver Lewis, It's, Dan Wang Organizations: Business, News UK, Times, Sunday Times, Sun . News, Rupert Murdoch's News Corp, Eurostar, BareMinerals, Columbia Business School
China Daily via REUTERS/File Photo Acquire Licensing RightsBEIJING, Oct 31 (Reuters) - China's manufacturing activity unexpectedly contracted in October, an official factory survey showed on Tuesday, underlining the challenge facing policymakers trying to engineer a durable economic recovery. Recent indicators pointed to encouraging signs of stabilising in the world's second-largest economy, supported by a flurry of policy support measures, although a protracted property crisis and soft global demand remain major headwinds. "Although there are signs of exports bottoming out, a strong recovery in external demand is probably elusive," he added. But analysts say more policy support may be needed to ensure the economy reaches Beijing's annual growth target of about 5%. "The additional 1 trillion yuan will help in November and December," Economist Intelligence Unit's Xu said.
Persons: Xu Tianchen, Dan Wang, Nomura, Unit's Xu, Joe Cash, Sam Holmes Organizations: REUTERS, Rights, National Bureau, Statistics, PMI, Economist Intelligence Unit, Hang Seng Bank China, JPMorgan, Moody's, Thomson Locations: Hangzhou, Zhejiang province, China, Rights BEIJING
In 2020, Beijing tried to rein in real estate developers' high reliance on debt with new restrictions on financing. "The decline in the real estate sector was the result of the government's intentional measures to correct the bubbles in the market," Yao said. But he and other economists mostly don't expect real estate to return to significant growth in the future. Morgan StanleyThis week, worries about China's real estate sector persisted with highly indebted Evergrande running into more liquidity problems — along with reports Wednesday its chairman has been put under surveillance. This month, weekly data from Nomura indicate the real estate sales slump has moderated.
Persons: Stringer, Yao Yang, Yao, Dan Wang, Morgan Stanley, Clifford Lau, William Blair, China's, Robin Xing, there's, Bruce Pang, Pang doesn't Organizations: Afp, Getty, National School of Development, Peking University, Hang, China Center for Economic Research, Communist Party, Financial Work, Communist Party of, Nomura, CNBC Locations: Chongqing, China, BEIJING, Covid, Beijing, Shanghai, Hang Seng China, Communist Party of China, JLL
The headquarters of the People's Bank of China, the central bank, is pictured in Beijing, China, February 3, 2020. The People's Bank of China (PBOC) said it would cut the reserve requirement ratio (RRR) for all banks, except those that have implemented a 5% reserve ratio, by 25 basis points from Sept. 15. The central bank said the weighted average reserve requirement ratio (RRR) for financial institutions stood at around 7.4% after the cut. Dan Wang, chief economist at Hang Seng Bank China, cautioned to watch for a cut in Medium-term Lending Facility (MLF) on Friday off the back of the RRR cut. "That would be more significant than the RRR cut and suggest central bank is up to something," said Wang.
Persons: Jason Lee, Wen Bin, Xu Tianchen, Dan Wang, Wang, Liangping Gao, Joe Cash, Ellen Zhang, Kevin Yao, Kevin Liffey, Alison Williams, Christina Fincher Organizations: People's Bank of China, REUTERS, Rights, Minsheng Bank, Xinhua, Economist Intelligence Unit, Hang Seng Bank China, Thomson Locations: Beijing, China, Rights BEIJING
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIt may take decades for China's high tech sector to catch up with the U.S., says economistDan Wang of Hang Seng Bank (China) discusses the impact of geopolitical tensions on China's economy and technological progress.
Persons: Dan Wang Organizations: U.S, Hang Seng Bank Locations: China
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina data suggests there's 'not much incentive' for Beijing to extend stimulus, economist saysDan Wang, chief economist at Hang Seng Bank (China), says the "overall picture is still kind of rosy."
Persons: there's, Dan Wang Organizations: China, Hang Seng Bank Locations: Beijing, China
Property investment in China slid nearly 8% in the first half of the year, official data showed Monday, marking a deepening decline for a sector that accounts for up to a quarter of the world's second-largest economy. The country's property sector is struggling to emerge from a credit crisis after the government cracked down on its debt levels in August 2020. Years of exuberant growth has led to the construction of ghost towns where supply outstrip demand, as developers look to capitalize on the desire for home ownership and property investment. The 7.9% drop in investment for January to June was steeper than the 7.2% drop reported for January to May. China second-quarter growth came in at 6.3% from a year before and 0.8% from the quarter before, underwhelming market expectations yet again.
Persons: China's, China Vanke, Dan Wang, CNBC's Organizations: National Bureau of Statistics, CNBC, Hang Seng Bank Locations: China
And while there’s no denying the potential significance of large language models, it remains far from obvious that America’s mastery of A.I. While China has suffered serious setbacks in chip production, its companies are vaulting ahead in other sectors. Industry estimates put Chinese companies at owning around 80 percent of the supply chain for solar manufacturing. The passage of the Inflation Reduction Act will help build up domestic production capacity in solar and in car batteries. China produces much of the supply of active pharmaceutical ingredients, and American manufacturers had trouble making masks and cotton swabs early in the pandemic.
Persons: Jake Sullivan, it’s Organizations: Communist Party, Industry Locations: U.S, China, Beijing, United States, Japan
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina is still 'pretty far behind' its global peers in chipmaking, says tech analystDan Wang of Gavekal Dragonomics says China will have a "hard road to walk" as Chinese semiconductor production and lithography technologies fall behind.
Persons: Dan Wang, Gavekal Dragonomics Organizations: China Locations: chipmaking, China
Some 212,294 workers in the tech industry have been laid off in 2023 alone, according to data tracked by Layoffs.fyi, already surpassing the 164,709 recorded in 2022. But in the shadow of those mass layoffs, the tech industry has also been gripped by an AI fervor and invested heavily in AI talent and tech. Roger Lee, a startup founder who has been tracking tech industry layoffs via his website Layoffs.fyi, also runs Comprehensive.io, which examines job listings and compensation data across some 3,000 tech companies. Those looking to thrive in the tech industry and beyond may need to brush up on their AI skills. It’s not that everyone needs to become AI specialists, Wang added, but rather that workers should know how to use AI tools to become more efficient at whatever they’re doing.
Persons: Arvind Krishna, Barrons, Krishna, Dropbox, , Drew Houston, , Dan Wang, ” Wang, Mark Zuckerberg, Roger Lee, Lee, Wang, It’s, That’s Organizations: CNN, Bloomberg, Columbia Business School, Layoffs.fyi, Microsoft, Machine Locations: OpenAI, Silicon Valley
BEIJING, June 9 (Reuters) - China's factory gate prices fell at the fastest pace in seven years in May and quicker than forecasts, as faltering demand weighed on a slowing manufacturing sector and cast a cloud over the fragile economic recovery. "The risk of deflation is still weighing on the economy," said Zhiwei Zhang, chief economist at Pinpoint Asset Management, in a note. China's economy grew faster than expected in the first quarter, but recent indicators show demand is rapidly weakening with exports, imports and factory activity falling in May. Food price inflation, a key driver of CPI, slowed to 1.0% year-on-year from 2.4% in the previous month. On a month-on-month basis, food prices fell 0.7%.
Persons: Zhiwei Zhang, Julian Evans, Pritchard, Dan Wang, Joe Cash, Sam Holmes Organizations: National Bureau of Statistics, Australia, Reuters, Capital Economics, Hang Seng Bank China, Bank of China, China's, Thomson Locations: BEIJING, United States, Europe, China
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChinese exports have been on a declining trend since February, economist saysDan Wang of Hang Seng Bank (China) says China's export performance can't deviate too much from that of its neighboring countries.
SHANGHAI/SINGAPORE, April 24 (Reuters) - Chinese digital currency-related stocks jumped on Monday in a weak broader market, amid the latest measures that China is taking to promote the use of its own central bank digital currency (CBDC), the digital yuan. "The development marks the latest trial China is doing to promote its e-CNY," said Dan Wang, chief economist at Hang Seng Bank China, referring to the digital yuan. Shares in Global Infotech Co (300465.SZ) soared 13% by midday, Chutian Dragon Co (003040.SZ) surged 8%, while Newland Digital Technology Co (000997.SZ) and Northking Information Technology Co (002987.SZ) also rose. However, the three people all said they don't find adequate scenarios to spend the digital yuan in their daily life. "I don't know how to use it, to be honest, no merchant around me receives digital yuan," Yang told Reuters, only giving her surname as she is not authorised to speak to the media.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailU.S. trend of 'diversifying away' from China in investment can't be reversed soon: EconomistDan Wang of Hang Seng Bank (China) says with the U.S. elections coming up, there is "very little room" for improved China-U.S. relations.
Even though some school districts banned ChatGPT, educators encourage students to play with AI. But some in the education sector see the intrinsic value of ChatGPT, believing that a familiarity with AI will be an essential skill in the future. The students began to ask ChatGPT more complicated questions that showed they were using AI not to do the work for them, but rather to generate and explore different ideas. The potential for ChatGPT in education is thereNew York City and Los Angeles were two of the largest public school systems that banned ChatGPT. Ultimately, ChatGPT and AI will not go away, so you might as well learn how to use it to get a head start on others.
Li's predicament underscores challenges for China's economically crucial services sector as it bets on a post-COVID revival. With the virus spreading unchecked across the country now, representatives from the services sector say frequent lockdowns have left them without money to expand. "There is still a shortage of labour in the services sector in the big cities, and the loss of productivity is quite obvious," said Dan Wang, chief economist at Hang Seng Bank China. CONSUMPTION REVIVALRetail sales, a key gauge of consumption, dropped 5.9% in November from a year earlier, and catering fell by 8.4% amid broad-based weakness in the services sector. Some in the service sector say there remains some hope.
[1/3] Travellers stand by their luggage at Beijing Capital International Airport, amid the coronavirus disease (COVID-19) outbreak in Beijing, China December 27, 2022. International health experts estimate millions of daily infections and predict at least one million COVID deaths in China next year. Data from travel platform Ctrip showed that within half an hour of the news, searches for popular cross-border destinations on had increased 10-fold. "International travel ... will likely to surge, yet it may take many more months before volumes return to the pre-pandemic level," said Dan Wang, Chief Economist, Hang Seng Bank China. "COVID is still spreading in most parts of China, greatly disrupting the normal work schedule.
BEIJING, Dec 19 (Reuters) - China's business confidence fell to its lowest since January 2013, a survey by World Economics showed on Monday, reflecting the impact of surging COVID-19 cases on economic activity with the abrupt lifting of many pandemic control measures. The index fell to 48.1 in December from 51.8 in November, showed the World Economics' survey of sales managers at over 2,300 companies conducted Dec. 1-16. "The survey suggests strongly that the growth rate of the Chinese economy has slowed quite dramatically, and may be heading for recession in 2023," World Economics said. The survey showed business activity fell sharply in December with the sales managers indexes in Manufacturing and Service Sectors both below the 50 level. Reporting by Liangping Gao, Ryan Woo and Joe Cash; Editing by Stephen Coates and Christian SchmollingerOur Standards: The Thomson Reuters Trust Principles.
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