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CNN —Newly-discovered fossils have allowed scientists to reveal a 240-million-year-old “dragon” in its entirety for the first ever time, National Museums Scotland (NMS) said in a statement on Friday. An artist's rendition of the ancient marine creature. Marlene DonellyNow, newer fossils indicate that the creature had 32 vertebrae, creating an extremely long neck that likely helped it to catch fish, though scientists are still unsure of its precise function. “I’m still baffled by the function of the long neck,” Fraser said. They added that the Dinocephalosaurus’ long neck resembled another ancient, and equally baffling, marine reptile Tanystropheus hydroides.
Persons: Dr Nick Fraser, , Li Chun, Fraser, Chun, Marlene Donelly, “ I’m, ” Fraser, Organizations: CNN, National Museums Scotland, National Sciences, Environmental, Royal Society of Edinburgh, Vertebrate Locations: China, NMS, Scotland, Germany, USA, Palaeoanthropology, Beijing, Guizhou Province
CNN —Grab your camera and slap on something flame resistant, it’s time to witness one of China’s most incredible displays – the fire dragon dance. Dragon dances have been documented at ceremonial events since the Han Dynasty (202 BCE to 220 CE), while fire dragon dances began appearing in records during the Qing Dynasty (1644-1911) and in the Republican era (1912-1949). Some historians say fire dragon dances date back even further, to the Ming Dynasty (1368-1644). Puzhai Fire Dragon, Fengshun County, GuangdongEntertainers perform a fire dragon dance to celebrate the Lantern Festival in Puzhai town, in China's Guangdong province. Tongliang Fire Dragon, ChongqingVideo Ad Feedback See a dragon dance with molten iron fireworks 00:56 - Source: CNNThe Tongliang Fire Dragon in Chongqing province is undoubtedly one of the grandest fire dragon dance performances of them all.
Persons: , Kwok Kam Chau, Kwok, We’ve, Liu Long Organizations: CNN, Republican, Hong Kong Baptist University, China’s, Steel Locations: Fengshun County, Guangdong, Puzhai, China's Guangdong province, Imaginechina, China, Hunan, China’s, Miao Autonomous Prefecture, Hunan province, Huanglongxi, Sichuan, Chengdu, China's Sichuan province, Chongqing, Chongqing province, majestically, Qicaimeng, Guizhou, Dafang County, Guizhou province
China's factory activity extends declines in November
  + stars: | 2023-11-30 | by ( ) www.reuters.com   time to read: +1 min
Employees work on the production line of glass panels for mobile phones at a factory in Zunyi, Guizhou province, China March 6, 2023. cnsphoto via REUTERS/File Photo Acquire Licensing RightsBEIJING, Nov 30 (Reuters) - China's manufacturing activity contracted for a second straight month in November and at a quicker pace, an official factory survey showed on Thursday, suggesting more policy support measures are needed to help shore up economic growth. The official purchasing managers' index (PMI) fell to 49.4 in November from 49.5 in October, staying below the 50-point level demarcating contraction from expansion. China's economy has struggled this year to mount a strong post-pandemic recovery, held back by a deepening crisis in the property market, local government debt risks, slow global growth and geopolitical tensions. A flurry of policy support measures has had only modest effect, raising pressure on authorities to roll out more stimulus. Reporting by Joe Cash; Editing by Sam HolmesOur Standards: The Thomson Reuters Trust Principles.
Persons: Joe Cash, Sam Holmes Organizations: cnsphoto, REUTERS, Rights, Reuters, Thomson Locations: Zunyi, Guizhou province, China, Rights BEIJING
The official purchasing managers' index (PMI) fell to 49.4 in November from 49.5 in October, staying below the 50-point level demarcating contraction from expansion, data from the National Bureau of Statistics showed on Thursday. The new orders sub index contracted for a second consecutive month, while the new export orders component extended its decline for a ninth month. "Today's PMI reading will further raise expectations towards policy support," said Zhou Hao, economist at Guotai Junan International. "Fiscal policy will be under the spotlight and take centre stage over the coming year and will be closely monitored by the market." Factory PMI has contracted for seven out of the past eight months - rising above the 50-point mark only in September.
Persons: Goldman Sachs, Zhou Hao, Joe Cash, Kim Coghill, Jacqueline Wong Organizations: cnsphoto, REUTERS, National Bureau, Statistics, Standard Chartered, PMI, Guotai, Thomson Locations: Zunyi, Guizhou province, China, BEIJING
Local government debt reached 92 trillion yuan ($12.58 trillion), or 76% of the country's economic output in 2022, up from 62.2% in 2019. Reuters is reporting these measures for banks to defuse local debt risks for the first time. Banks are being encouraged to issue new loans to LGFVs to repay bonds and non-standard debt, the sources said. And, Chinese investors are rushing to buy bonds of LGFVs, including from the riskiest issuers, as Beijing's attempts to reduce local debt risks encourages them to bet on an implicit government guarantee. Over 2.1 trillion yuan LGFV bonds matured in the first half of 2023, and another 1.75 trillion yuan in the second half of this year and 1.69 trillion yuan in the first half of 2024, the highest maturity pressure in history, the note said.
Persons: Tyrone Siu, , National Financial Regulatory Administration didn't, Banks, CLIFF LGFVs, LGFVs, Simon Cameron, Moore, Kim Coghill Organizations: AIA Central, China Construction Bank, Bank of China, Cheung, Cheung Kong Centre, HSBC, Standard Chartered Bank, REUTERS, Rights, People's Bank of China, Reuters, Treasury, National Financial Regulatory Administration, Communist Party, ANZ Research, UBS, Financial, Beijing, Shanghai, Thomson Locations: Cheung Kong, Hong Kong, China, Rights BEIJING, Beijing, Tianjin, Guizhou, Guangxi
BEIJING, Sept 25 (Reuters) - Sixteen people were killed in a coal mine accident in Panzhou city in southern China's Guizhou province on Sunday, according to a filing by the mine's owner, Guizhou Panjiang Refined Coal Co, with the Shanghai Stock Exchange on Monday. All coal mines in Panzhou city have suspending production for a day, according to Shanghai-based commodities consultancy Mysteel. The area has a total production capacity of about 52.5 million metric tons per year of mostly coking coal, representing about 5% of China's coking coal production capacity, according to Mysteel. The company operates seven coal mines with a total capacity of about 17.3 million tons. The mine where the accident took place has an annual capacity of 3.1 million tons, according to Mysteel.
Persons: Andrew Hayley, Gerry Doyle Organizations: Shanghai Stock Exchange, Reuters, Authorities, Thomson Locations: BEIJING, Panzhou, China's Guizhou, Guizhou, Shanghai, Inner Mongolia, Beijing
Tesla shows interest in Sunrise New Energy's battery components
  + stars: | 2023-09-13 | by ( ) www.reuters.com   time to read: +1 min
REUTERS/Arnd Wiegmann/File Photo Acquire Licensing RightsSept 13 (Reuters) - Battery components maker Sunrise New Energy (EPOW.O) said on Wednesday that it had received interest for its products from electric vehicle maker Tesla Inc (TSLA.O). The China-based company, through its joint venture, manufactures and sells graphite anode material for lithium-ion batteries. Sunrise's joint venture is also constructing a 260,543 m2 manufacturing plant in China's Guizhou province. Sunrise said it had received request from Tesla's battery raw materials team to provide technology details, manufacture plans and available capacity for its products. Tesla has been making supply deals with lithium companies including Liontown Resources (LTR.AX) and Core Lithium (CXO.AX) to meet raw material demand for its vehicles.
Persons: Arnd, Tesla, Tanay, Maju Samuel Organizations: REUTERS, Sunrise New Energy, Tesla Inc, Liontown Resources, Thomson Locations: Bern, Switzerland, China, China's Guizhou, Bengaluru
China’s growth is buried under great wall of debt
  + stars: | 2023-09-13 | by ( Yawen Chen | ) www.reuters.com   time to read: +8 min
Most of these 3,000-plus entities were created by local governments during the 2008 crisis to skirt a central government ban on direct state borrowing. These vehicles had already accumulated 80 trillion yuan of liabilities at the end of 2022, according to analysts at Guosheng Securities. At a more optimistic 30% discount, the proceeds would jump to 55 trillion yuan, which would cover all outstanding interest-bearing debt. S&P analysts calculate that about 20 trillion yuan of LGFVs’ loans may be at risk of restructuring. If Xi won't boost property wholeheartedly and is not able to count on consumers, his efforts to revive China’s growth have to focus on smashing the great wall of local debt.
Persons: Wen Jiabao, Xi Jinping, Wen, Xi, Peter Thal Larsen, Sharon Lam, Aditya Sriwatsav Organizations: Reuters, HK, Guosheng Securities, Citi, Finance, Reuters Graphics, Financial Times, Investment, Oxford Economics, Thomson Locations: Beijing, China, Shanghai, New York, China's Southwestern Guizhou, United States
BEIJING, Sept 4 (Reuters) - Kweichow Moutai (600519.SS) and coffee brand Luckin Coffee (LC0Ay.MU) on Monday launched in China a latte advertised as containing the fiery Chinese spirit baijiu, as the Chinese luxury liquor maker aims to pull in younger consumers. The companies said the latte alcohol content was lower than 0.5% of its volume. By Monday afternoon in Beijing and Shanghai, Luckin's app showed that the drink had sold out at several stores. "Moutai and Luckin are the leading enterprises in the domestic liquor and coffee sectors, respectively," Zhu said. ($1 = 7.2640 Chinese yuan)Reporting by Sophie Yu and Brenda Goh; Editing by Gerry DoyleOur Standards: The Thomson Reuters Trust Principles.
Persons: Moutai, Kweichow Moutai, Zhu Danpeng, Zhu, Luckin, Sophie Yu, Brenda Goh, Gerry Doyle Organizations: Monday, Weibo, Luckin, Nasdaq, Thomson Locations: BEIJING, China, China's, Guizhou, Beijing, Shanghai
Hong Kong CNN —Luckin Coffee has joined forces with Kweichow Moutai, the maker of China’s fiery national liquor baijiu, for an unusual offering: alcoholic lattes. The popular Chinese coffee chain rolled out the so-called “sauce-flavored latte” with a jolt of liquor for 38 yuan ($5.20) on Monday. The “sauce” in the name is an apparent reference to the slightly savory notes of Moutai’s liquor that has been compared by some drinkers to soy sauce. The new drink quickly became a hot topic on Chinese social media, with many users wondering if it was safe to consume on the go. Luckin Coffee has made a comeback with consumers after becoming mired in a fraud scandal that caused its ejection from Wall Street three years ago.
Persons: Kweichow Moutai, , Moutai’s, Gan Organizations: Hong Kong CNN, Weibo, Luckin, Wall Street Locations: Hong Kong, Zunyi, China’s Guizhou, China
Morning Bid: China surprise lifts mood before US payrolls
  + stars: | 2023-09-01 | by ( ) www.reuters.com   time to read: +3 min
Meanwhile, a pleasant surprise emerged from China, where a private-sector survey showed factory activity in the world's second-largest economy ticked back into expansive territory. It's a little too early to celebrate a major shift in recent trends, though, with the property sector and weak household consumption still weighing heavily. China's stock market shook off its recent gloom in the Asian morning, with the blue-chip index's (.CSI300) real estate (.CSI000) and financial (.CSIFN) sub-indexes leading the charge. The parade of PMI data marches on, with surveys due from a host of countries in the euro bloc on Friday. The euro zone final PMI will be in focus after the survey last month showed manufacturing activity slowing at the fastest pace since the start of the pandemic.
Persons: Brigid Riley It's, nonfarm payrolls, haven't, Mester, Brigid Riley Organizations: cnsphoto, REUTERS, Federal, Reuters Graphics Reuters, PMI, European Central Bank, Thomson Locations: Zunyi, Guizhou province, China, U.S, It's, Europe, Spain, Switzerland, Italy, France, Germany, Sweden
Acquire Licensing Rights Read moreHONG KONG, Aug 31 (Reuters) - Chongqing, a sprawling municipality in southwest China, announced this week that insured residents no longer need to provide marriage certificates to get maternity benefits, the most recent move to encourage women to have children. China's fertility rate is estimated to have dropped to a record low of 1.09 in 2022, state media reported. China's fertility rate is already one of the world's lowest alongside South Korea, Taiwan, Hong Kong and Singapore. Young Chinese women cite factors including high childcare costs, career hindrance, gender discrimination and not wanting to get married as key reasons for not having children. Low consumer confidence and growing concerns over the health of China's economy are also key factors cited by young Chinese for not wanting to get married and have children.
Persons: Farah Master, Jacqueline Wong Organizations: South, Singapore ., Thomson Locations: Xujiashan, Haitang, Liangshan Yi Autonomous Prefecture, Sichuan province, China, HONG KONG, Chongqing, China's, Guizhou, Shaanxi, Hunan, Jiangsu, South Korea, Taiwan, Hong Kong, Singapore, Singapore . Young, Beijing
Gold loiters near 5-month low as traders hunt for more Fed cues
  + stars: | 2023-08-21 | by ( ) www.cnbc.com   time to read: +2 min
A staff member selects a gold bracelet for a customer at a gold shop in Renhuai, Southwest China's Guizhou province, May 11, 2023. Gold held around five-month lows on Monday, pressured by higher bond yields as markets geared up for the Federal Reserve's Jackson Hole symposium for clues on where interest rates might settle. Spot gold was largely flat at $1,887.70 per ounce, while U.S. gold futures added 0.1% to $1,917.70. Gold grazed its lowest since mid-March at $1,883.70 last week, as buoyant economic data raised bets for higher-for-longer U.S. interest rates, reducing demand for the non-yielding commodity. Investors now look to Fed Chair Jerome Powell's speech on Friday, as central bankers from around the world assemble in Jackson Hole for their annual conference.
Persons: Gold, Jackson, Ole Hansen, Saxo, Jerome Powell's, Kelvin Wong Organizations: Federal, Treasury, U.S . Federal Reserve, Trust Locations: Renhuai, Southwest China's Guizhou province, U.S, Jackson, Asia Pacific
Factbox: China's major germanium and gallium producers
  + stars: | 2023-07-07 | by ( ) www.reuters.com   time to read: +3 min
China produces around 60% of the world's germanium, or 180 metric tons in 2022, and over 90% of the world's gallium, about 606 tons last year, according to research firm Antaike. YUNNAN GERMANIUM, AN ESTABLISHED PRODUCERHeadquartered in southwest China's Yunnan province, Yunnan Lincang Xinyuan Germanium Industry Co. Ltd. (002428.SZ) extracts germanium from its own germanium mines and germanium-containing lignite coal mines. It has an annual capacity of 47.6 metric tons of germanium ingot, 60 tons of germanium tetrahydride - used to build 5G infrastructure - and 300,000 germanium wafers for solar cells. CHINALCO, A MAJOR GALLIUM PRODUCERState aluminium giant Chinalco has three gallium production plants, one each in central China's Henan and southwestern Guangxi and Guizhou provinces. It has annual production capacity of 200 metric tons of gallium metal and produced 146 metric tons in 2022.
Persons: Duan Xiangdong, Hope, Zhuzhou, Dominique Patton, David Evans Organizations: . Ltd, Aluminum Corporation of China, Zhuhai Fangyuan, Xing'an, Gallium, AXT Inc, Beijing, Thomson Locations: BEIJING, China, YUNNAN, China's Yunnan, Yunnan, China's Henan, Guangxi, Guizhou, Shanghai, Zhuzhou, China's Hunan, Zhuhai, Guangdong, Shanxi, Nanjing, U.S, Beijing
China may have to bail out one of its poorest provinces
  + stars: | 2023-04-27 | by ( Laura He | ) edition.cnn.com   time to read: +9 min
Hong Kong CNN —One of China’s poorest and most indebted provinces has admitted defeat in trying to sort out its finances and is appealing to Beijing for help to avert default. Guizhou, located in a mountainous region of southwest China, has hired a top state-owned distressed debt fund, China Cinda Asset Management, to resolve its “urgent” problems. China’s local governments are struggling with trillions of dollars of debt, after three years of strict pandemic controls and a real estate crash drained their coffers. The Pingtang Bridge links two cities in southwest China's Guizhou province. In China, most local government liabilities are composed of “hidden debt” issued by their financing arms.
China's four new vice premiers:Ding Xuexiang, 60, is the first-ranked vice premier who also sits in the ruling Communist Party's Politburo Standing Committee, China's top echelon of power. Wang Zhigang, 65, remains minister of science and technology. Huai Jinpeng, 60, remains minister of educationPan Yue, 62, remains head of the National Ethnic Affairs CommissionWang Xiaohong, 65, remains minister of public securityChen Yixin, 63, remains minister of state security. Considered a Xi ally, he had worked with Xi when the latter was party chief of Zhejiang province from 2002-2007. Tang Dengjie, 63, remains minister of civil affairsHe Rong, 60, remains minister of justiceWang Xiaoping, 59, remains minister of human resources and social securityWang Guanghua, 59, remains minister of natural resourcesHuang Runqiu, 59, remains minister of ecology and environmentNi Hong, 60, remains minister of housing and urban-rural developmentLi Xiaopeng, 63, remains minister of transportLi Guoying, 63, remains minister of water resourcesTang Renjian, 60, remains minister of agriculture and rural affairsHu Heping, 60, remains minister of culture and tourismMa Xiaowei, 63, remains head of the National Health CommissionPei Jinjia, 59, remains minister of veterans affairsWang Xiangxi, 60, remains minister of emergency managementHou Kai, 60, remains auditor-general of the National Audit OfficeReporting by Yew Lun Tian, Ziyi Tang, additional reporting by Albee Zhang; Editing by Raju GopalakrishnanOur Standards: The Thomson Reuters Trust Principles.
Last week, local governments across China began to convene for annual legislative sessions laying out their respective policy goals for the year. Economists estimated the entire year’s deficit could hit a record 10 trillion yuan ($1.4 trillion) in 2022. Beijing, the nation’s capital, said Sunday that it had spent nearly 30 billion yuan ($4.5 billion) last year on preventing and controlling Covid. The city didn’t reveal its 2021 Covid spending. During the past three years, the bills amounted to 30.5 billion yuan ($4.6 billion.)
A production line at the Kweichow Moutai factory in the town of Maotai in Guizhou province, China. Chinese President Xi Jinping has a vision to distribute wealth more equally across the country. Investors are sobering up to what that could mean for the companies that make the nation’s beloved fiery booze. Mr. Xi recently doubled down on his plans for “common prosperity” during China’s weeklong Communist Party congress in October. Investors are worried that this could portend an industry crackdown, or simply be bad for the future sales of luxury baijiu distillers and companies that sell expensive goods to wealthy people.
Chinese tech giant Tencent's value has dropped to the worth of a local Chinese liquor giant. Once worth nearly $1 trillion, the gaming and internet giant now hovers at less than half of its peak market value. On September 30, Tencent lost its status as China's most valuable company when its market capitalization dipped below that of Guizhou-based distiller Kweichow Moutai. Harsh restrictions on tech giants spelled the end of Tencent's glory daysMoutai liquor is placed in a liquor store in Moutai town in Guizhou province. Costfoto/Future Publishing via Getty ImagesThat Kweichou Moutai's market value could even be compared to Tencent's shows how far the tech behemoth has fallen.
BEIJING, Oct 13 (Reuters) - China's Xi Jinping is widely expected to clinch a third five-year leadership at the upcoming congress of the ruling Communist Party, a mandate that would secure his stature as the country's most powerful ruler since founding leader Mao Zedong. Hu Chunhua, 59, vice premierHu is considered a candidate for elevation to the PSC and possibly to become China's next premier. Chen Miner, 62, Chongqing party secretaryChen is also a trusted aide and considered a candidate for the PSC. The only current female member, Vice Premier Sun Chunlan, is 72 and therefore ineligible to serve another term under China's unofficial age norms. Li Xi, 65, party chief of Guangdong provinceLi, considered a trusted ally of Xi, may get a bigger job after the Congress.
Chen, party boss of the southwestern metropolis of Chongqing, is regarded as a steady technocrat and has often espoused Xi's ideologies and policies in public. A native of Zhejiang province in eastern China, Chen spent close to three decades there before being promoted to deputy party secretary in Guizhou province in 2012. In 2017, Chen was parachuted into the more politically challenging position of Chongqing party chief, a clean-up task after the sudden dismissal of Sun Zhengcai in a corruption scandal. Shanghai Party Secretary Li Qiang, another contender for promotion, was also in the group. In Zhejiang, Chen worked as chief editor of the party's main local media organ, the Zhejiang Daily, rising to become propaganda chief for the province.
Visitors are seen silhouetted against a Chinese Communist Party flag displayed at the Museum of the Communist Party of China in Beijing, China September 3, 2022. REUTERS/Florence LoBEIJING, Oct 11 (Reuters) - China's ruling Communist Party will reshuffle its leadership when it holds a once-in-five-years Congress starting Oct 16, with Xi Jinping widely expected to stay on for a third term as general secretary, China's senior-most position. Economic tsar and Vice Premier Liu He, 70, is due for retirement. The only woman in the Politburo, Vice Premier Sun Chunlan, 72, is also due to retire. Xu Qiliang and Zhang Youxia, both military chiefs in the Politburo age 72, are also due to retire.
Fatal Bus Crash Underscores Costs of China’s Covid Measures
  + stars: | 2022-09-19 | by ( Cao Li | ) www.wsj.com   time to read: 1 min
An aerial photo of a Covid community-testing center in the Wudang district of Guiyang, the capital of Guizhou province in southwest China. HONG KONG—A fatal bus crash in southwestern China that killed 27 people being transferred to a quarantine facility has reignited public anger about the toll of strict anti-Covid measures meant to protect the Chinese public. The bus overturned on a highway in the early hours Sunday in the southwestern province of Guizhou while carrying passengers to a quarantine facility, state-backed media outlets including the Beijing News reported. The accident killed 27 people and injured 20 others, according to local police. A social-media account managed by China’s Ministry of Transport said the accident occurred around 2:40 a.m. before the post was deleted.
HONG KONG — At least 27 people were killed when a bus in southwest China crashed while transporting them to a Covid-19 quarantine facility, local authorities said, drawing outrage from a public growing weary with the country’s strict “zero-Covid” policies. Three officials in Yunyan District, where the bus originated, have also been suspended pending an investigation. Epidemic prevention personnel disinfect an area in Guiyang, China, on Thursday. Future Publishing via Getty Images file“Actually, 1.4 billion people are all on this same bus, the bus of Covid prevention and control,” one comment read, referring to China’s total population. It was unclear whether those on the bus had Covid-19, or were there because cases had been detected among their close contacts or neighbors.
(CNN) Anger and criticism over China's unrelenting zero-Covid policy has erupted after a bus transporting residents to a coronavirus quarantine facility crashed on Sunday, killing 27 people. It is unclear why a quarantine bus would take people on winding mountain roads after midnight. Other photos and videos show the bus being towed by a truck, its top crushed, and a hazmat suited worker spraying disinfectant on it. While CNN cannot independently verify the photos and videos, the bus license plate in the images matches the plate number reported by authorities. Survivors of the crash are now receiving treatment in hospital, according to authorities.
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