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☆ China’s growing love of luxury watches remains strong, despite economic headwinds
▼ + stars: | 2024-04-19 | by ( Leona Liu | ) edition.cnn.com time to read: +9 min

Despite economic challenges looming large — including prolonged downturns in both the housing and stock market — China’s fascination with luxury watches remains undiminished. Cyril Zingaro/WWGF/KeystoneCertainly at this year’s fair, well-dressed, well-accessorized Chinese customers appeared unfazed by economic uncertainties. After more than 20 years working in the region, he believes China’s economic slowdown is just a temporary phase. “The situation may be slightly (more) challenging for mid-level luxury brands (whose clients’ disposable incomes are potentially more at the whim of market forces). Collectors appreciate the craftsmanship, rarity, and heritage associated with luxury timepieces, which can hold or increase in value over time.

Persons: Matthieu Humair, Cyril Zingaro, Jackson Yee, Jaeger, Zhu Yilong, Wang Yang, Xiao Zhan, David Sadigh, Patek Philippe, Van Cleef, ” Sadigh, Valentin Flauraud, ”, Ricardo Guadalupe, “ We’ve, Pierre Albouy, Keystone Carson Chan, Richard Mille Asia, Bonhams, ” Chan, Raphael Young, Lange, Söhne, Wilhelm Schmid, Lumen, Chan, Vacheron, Young, Roger Dubuis, Dior, Louis Vuitton, Gucci — Chanel, Hermes, Hermès, Attelé, Chanel, Mademoiselle Chanel, “ Organizations: Geneva CNN —, Federation of, Swiss Watch Industry, IWC, Digital Luxury, CNN, Keystone, Fondation, “, Berkley, Couture Locations: Geneva, China, Hong Kong, Asia, Switzerland, Chopard, Europe, “, Asia — China, Guadalupe, Swiss, watchmaking

☆ China’s new factory data shows a bright start to the year
▼ + stars: | 2024-04-01 | by ( ) edition.cnn.com time to read: +2 min

The Caixin/S&P Global manufacturing PMI rose to 51.1 in March from 50.9 the previous month, above analysts’ forecasts of 51.0 and marking an expansion for the fifth consecutive month. The upbeat results followed recent better-than-expected export and retail sales data, suggesting a bright start to the year for the world’s second-biggest economy. Official factory data published on Sunday also entered positive territory, offering relief to policymakers even as a crisis in the property sector remains a drag on the economy and confidence. The official purchasing managers’ index (PMI) rose to 50.8 in March from 49.1 in February, expanding for the first time in six months. But analysts say policymakers will need to roll out more stimulus to hit that target as they will not be able to count on the weak statistical base of 2022 which flattered 2023 growth data.

Persons: Li Qiang, ”, Wang Zhe, Wang Organizations: P Global, PMI, Sunday, Citi, Caixin Insight Locations: Beijing

China’s economy has struggled to recover from severe self-imposed restrictions during the COVID-19 pandemic that it lifted only at the end of 2022. But Xi said that China was again contributing to world economic growth in the double digits percentage-wise. China's economy has been bogged down by a crisis in its property market in which builders are struggling under mountains of debt, and buyers are paying off loans on apartments that may never be completed. Other issues, such as an aging population and high youth unemployment, are prompting China's leaders to lean more heavily on boosting export manufacturing to make up for weak demand at home. “The respective successes of China and the United States create opportunities for each other," Xi was quoted as saying by Xinhua.

Persons: —, Xi Jinping, Xi, ” Xi, Stephen A, Biden, Donald Trump, “, Craig Allen, China's, Antony Blinken, Janet Yellen Organizations: BEIJING, U.S, Communist Party, China's, Xinhua News Agency, Blackstone . Trade, U.S ., China Business Council, Apple, Xinhua Locations: Beijing, China, U.S, United, Washington, San Francisco, Taiwan, Hong Kong, Tibet, Xinjiang, People's Republic, United States

BEIJING (AP) — China’s national congress is wrapping up its annual session Monday with the usual show of near-unanimous support for plans designed to carry out ruling Communist Party leader Xi Jinping's vision for the nation. This year's weeklong event, replete with meetings carefully scripted to allow no surprises, has highlighted how China’s politics have become ever more calibrated to elevate Xi. A key item due to be put for a ritual vote on Monday are revisions of the “Organic Law of the State Council,” China's version of a cabinet, that direct it to follow Xi's vision. The Organic Law of the State Council is being revised for the first time since it was adopted in 1982. The revision calls for the State Council, above all, to “uphold the leadership of the Communist Party of China."

Persons: Xi, —, Li Qiang, ” Neil Thomas, ” Thomas, Wang Yi, Qin Gang, Mao Zedong, ” Organizations: BEIJING, —, Communist Party, State Council, Asia Society Policy Institute, Communist Party of China Locations: China, China's, U.S

HONG KONG (AP) — China’s exports and imports for the first two months of the year beat estimates, an indication that demand may be improving as Beijing attempts to boost economic recovery. Exports for the January-February period grew 7.1% from a year earlier, customs data released Thursday showed, higher than the 2.3% rise in December. Imports rose 3.5% from the same time last year, up from a 0.2% growth in December. Demand for Chinese exports has also been weak since the Federal Reserve and central banks in Europe and Asia began raising interest rates last year to cool inflation that was at multi-decade highs. China has set a target of around 5% for economic growth this year, Chinese Premier Li Qiang revealed this week at the annual meeting of the National People’s Congress.

Persons: Li Qiang Organizations: —, Beijing, Federal Reserve, PMI, National People’s Congress Locations: HONG KONG, China, Europe, Asia

The work report presented Tuesday by Premier Li Qiang to the National People’s Congress outlined plans for modest increases in overall spending and a hefty 7.2% jump in funding for the military. Li's work report is designed to showcase for the nation achievements in the past year and convey the top leadership's priorities for this year. Photos You Should See View All 60 ImagesApart from the ambitious growth target, “There is no reform, no liberalization, no action plan and no messaging of reassurance,” he said. — Another 10.4 billion yuan ($1.4 billion) will go to upgrading industries and modernizing manufacturing. “We will work to build China's self-reliance and strength in science and technology,” the report said.

Persons: it’s, Premier Li Qiang, Li, Xi Jinping's, James Zimmerman, ”, Tianchen Xu, What's, —, Xu, ” Lynn Song Organizations: BEIJING, Premier, National People’s, Communist, American Chamber of Commerce, Economist Intelligence Unit, Baidu, Greater China, ING Economics, — Locations: China, Beijing, Washington, Hong Kong, Greater

BANGKOK (AP) — China’s leaders launched a barrage of new policies this week to prop up languishing financial markets and rekindle growth in the world’s second-largest economy. The moves to support lending and spending with billions of dollars of fresh cash gathered pace when the central bank cut bank reserve requirements and issued new rules to encourage banks to lend more to property companies. HOW IS THE CHINESE ECONOMY DOING? The Chinese economy grew at a 5.2% annual pace in 2023, exceeding the government's target, and many indicators including factory output and retail sales show signs of improvement. The moves to put more money into the economy and encourage bank lending might not go far enough, many analysts said.

Persons: —, Premier Li Qiang, ”, It's, Pan Gongsheng, ” Stephen Innes Organizations: State Council, Economic, People's Bank of China Gov, Management Locations: BANGKOK, United States, China, Premier, Davos, Switzerland, Hong Kong, Beijing

HONG KONG (AP) — China’s economy for the October-December quarter grew at a quicker rate, allowing the Chinese government to hit its target of about 5% annual growth for 2023 even though trade data and the economic recovery remain uneven. Official data released Wednesday showed that the Chinese economy grew 5.2% for 2023, surpassing the target of ‘about 5%’ that the government had set. The growth for 2023 is likely helped by 2022’s GDP of just 3% as China’s economy slowed due to COVID-19 and nationwide lockdowns during the pandemic. For the fourth quarter, China’s gross domestic product also grew at 5.2% compared to the same time last year. Fixed-asset investment — spending on factory equipment, construction and other infrastructure projects to drive growth — grew 3% year on year in 2023.

Persons: ”, Li Qiang Organizations: China’s National Bureau of Statistics, Communist Party Locations: HONG KONG, China

BEIJING (AP) — China’s population dropped by 2 million people in 2023 in the second straight annual drop as births fell and deaths jumped after the lifting of COVID-19 restrictions, the government's statistics bureau said Wednesday. The number of deaths more than doubled to 690,000. The total population stood at 1.4 billion, the statistics bureau said. China, which once sought to control population growth with its one-child policy, is now facing the opposite problem. The government has sought to encourage births since officially ending its one-child policy in 2016 but with little success.

Persons: Demographers Organizations: BEIJING Locations: China

An agreement has been reached to extend the Israel-Hamas truce for another two days, the spokesman for Qatar’s Foreign Ministry said Monday. In turn, Israel released 39 Palestinian prisoners. Political Cartoons View All 1265 ImagesIsrael has said it would extend the cease-fire by one day for every 10 additional hostages released. Here’s what's happening in the war:QATAR SAYS ISRAEL AND HAMAS AGREE TO EXTEND TRUCE FOR TWO MORE DAYSQatar’s Foreign Ministry said Monday that an agreement has been reached to extend the Israel-Hamas truce for another two days. Hamas has released some hostages during a truce that began Friday in return for Israeli releases of Palestinian prisoners.

Persons: —, Benjamin Netanyahu, — Elon, Majid Al Ansary, Elma Avraham, wasn’t, Tzachi Slotsky, Beer Sheba, Avraham’s, Tali Amano, Avraham, Amano, “, ”, Cross, Jason Straziuso, ELON, Elon Musk, who’s, Isaac Herzog, Musk, ” Musk, Eylon Levy, Shlomo Karhi, ” Karhi, Riad, Malki, JERUSALEM, ” Yelena Magid, Roni Krivoi, ” Magid, UNRWA's, Morris Tidball, Alice Jill Edwards, Wang Yi, Wang Wenbin, ” Wang Wenbin, Frank, Walter Steinmeier, ” Steinmeier, “ Beeri, Hassan Fadlallah, Fadlallah, Islam, France’s, Samuel Paty, Charlie Hebdo, Jason J, Eaton Organizations: Qatar’s Foreign, Hamas, Sunday, Israel, Health Ministry, —, Navy, Qatari Foreign, Soroka Medical, International Committee, ICRC Media, The Associated Press, Twitter, Israeli Ministry of Communications, Palestinian Foreign Affairs, European Union, Union for, Associated Press, United Nations, ISRAEL, BEIJING, Security, Chinese Foreign Ministry, ISRAEL BERLIN —, Beeri, Hezbollah, GO, PARIS —, MEN, UNIVERSITY OF VERMONT Police, University of Vermont, Burlington Police Department, Burlington Locations: Israel, Qatar, Egypt, Gaza, Tel Aviv, Barcelona, — U.S, israel, QATAR, ISRAEL, Beer, BARCELONA, Spain, Africa, HANOUN, Beit Hanoun, Geneva, New York, China, GERMANY, ISRAEL BERLIN — Germany, Beeri, BEIRUT, Iran, Lebanon, Aita, Paris, UNIVERSITY, Burlington

The National Financial Work Conference, usually held twice a decade, is expected to further fortify leader Xi Jinping’s control of the country’s $61 trillion financial sector. “Overall, the financial sector in China has made progress but at this moment they face challenges,” said Nakao. Last week, Xi reportedly visited the central bank, or People’s Bank of China, a rare step that underscores the party’s consolidation of controls over markets and financial institutions. Country Garden, another major developer, failed last week to meet a deadline to pay interest on a dollar bond. It has adopted measures to support private industries, which provide the lion's share of jobs in China.

Persons: —, Xi Jinping’s, Takehiko Nakao, China’s, ”, Li Keqiang, Li, shakeup, Xi, Lan Fo’an, Evergrande, Hui Ka Yan, Zen Soo Organizations: Financial Work Conference, Asian Development Bank, Central Financial Commission, China Securities Regulatory Commission, People’s Bank of, International Monetary Fund, AP Locations: BANGKOK, Beijing, China's Guangzhou, “, China, People’s Bank of China, Hong Kong, Foshan

HONG KONG (AP) — China’s economy slowed in the third quarter, amid muted global demand, deflationary pressures and an ailing property sector. The world’s second-largest economy grew 4.9% year-over-year in the July-September quarter, beating the 4.5% forecast by analysts but slowing from the 6.3% growth in the previous quarter, according to official data released Wednesday. On a quarterly basis, the economy grew by 1.3% in the third quarter, compared to 0.8% growth in the April-to-June quarter. For the first nine months of the year, China's economy grew 5.2% compared to the same period last year, suggesting it is on track with Beijing's target of about 5% growth for 2023. Political Cartoons View All 1211 ImagesStephen Innes, managing partner at SPI Asset Management, said that although the numbers beat expectations China's economy is “not out of the woods by any means.”“This growth suggests a modest improvement in the Chinese economy.

Persons: Stephen Innes, ” Innes Organizations: National Bureau, Statistics, Management, Analysts Locations: HONG KONG, Beijing, China

☆ An Exiled Publisher Creates a ‘Brotherhood Across Tibetans’
▼ + stars: | 2023-07-12 | by ( Tenzin D. Tsagong | ) www.nytimes.com time to read: +1 min

Only around 11 years old then, he knew little about what they were fleeing — China’s decades-long colonization of his homeland — and why. He also didn’t realize that he would never again see his homeland, his mother or his six siblings. Without offering much explanation, the father then returned to Tibet, leaving Sonam under the care of a family friend. During the short call, she promised, “We will meet one more time.” But by then, Sonam knew that the political situation in Tibet made that nearly impossible. “It’s a process of negotiating this really harsh and endless barrage of obstacles and challenges that exile throws at you.”

Persons: Bhuchung Sonam, —, Sonam, Dalai Lama, “, ” Locations: Central Tibet, Nepali, Nepal, India, Tibet

☆ Pirelli: Italy ties China's hands over fears about chip technology
▼ + stars: | 2023-06-19 | by ( Hanna Ziady | ) edition.cnn.com time to read: +4 min

London CNN —Italy has imposed several curbs on Pirelli’s biggest shareholder, Sinochem, in a move aimed at blocking the Chinese government’s access to sensitive chip technology. The government order risks inflaming tensions between Europe and Beijing, and follows similar intervention by Germany and the United Kingdom to protect their semiconductor technology. The order sets a host of limitations on Sinochem’s involvement in Pirelli, including a bar on it devising the company’s strategy and financial plans, or appointing a CEO. It requires that Pirelli refuse any requests from Sinochem’s owner — China’s State-owned Assets Supervision and Administration Commission of the State Council — for information sharing, including any information connected to the “know-how” of proprietary technologies. Separately, Rome is also assessing whether to renew its partnership with Beijing on the Belt and Road Initiative — China’s global infrastructure and investment megaproject.

Persons: Pirelli, Antony Blinken, Sinochem, Pirelli’s, —, — Laura Organizations: London CNN —, ASML, CNN, Pirelli, Union, Supervision, Administration Commission, State, AstraZeneca, Financial Times, Sequoia Capital, European Commission, Reuters Locations: London CNN — Italy, Europe, Beijing, Germany, United Kingdom, Netherlands, China, Ukraine, — China’s, Rome, Italy, Hong Kong

☆ Japan Is America’s Most Essential Ally - The New York Times
▼ + stars: | 2023-05-18 | by ( Jennifer Lind | ) www.nytimes.com time to read: +1 min

Ever since World War II ended, Japan has been passing the buck. Sheltered by the postwar U.S. security alliance, Japan provided bases for American forces but kept its own military spending remarkably low for a country of its size and wealth, resisting American urging to share more of the burden. But Japan is the linchpin of today’s paramount geopolitical competition — China’s push for regional dominance of East Asia — and it is America’s most essential ally. for decades), and a Japanese public still traumatized by defeat in World War II. It also reassured Asian nations that Japan would not again embark on overseas aggression.

☆ In China, It’s Time to Splurge Again, and the Luxury Industry Is Relieved
▼ + stars: | 2023-05-02 | by ( Elizabeth Paton | Keith Bradsher | ) www.nytimes.com time to read: +1 min

This time last year, Shanghai — China’s capital of fashion and luxury — was in the throes of a ruthlessly enforced Covid lockdown. The city’s glittering high-end malls and avenues lined with flagship stores stood practically empty. Ms. Zhang, who works for a consulting firm, used to buy six handbags a year. “I change my handbag every day,” Ms Zhang added. “I felt that everything was meaningless during the Shanghai lockdown, so we should enjoy the present moment in time.”

☆ China sends 71 warplanes and 7 ships toward Taiwan in 24 hours
▼ + stars: | 2022-12-26 | by ( The Associated Press | ) www.nbcnews.com time to read: +2 min

TAIPEI, Taiwan — China’s military sent 71 planes and seven ships toward Taiwan in a 24-hour display of force directed at the island, Taiwan’s defense ministry said Monday, after China expressed anger at Taiwan-related provisions in a U.S. annual defense spending bill passed on Saturday. Among the planes China sent toward Taiwan were 18 J-16 fighter jets, 11 J-1 fighters, 6 Su-30 fighters and drones. Shi was referring to the U.S. defense spending bill, which calls China a strategic challenge. China’s military has often used large military exercises as a demonstration of force in response to U.S. government actions in support of Taiwan. It conducted large live-fire military exercises in August in response to U.S. House Speaker Nancy Pelosi’s visit to Taiwan.

☆ Xi Jinping just became unassailable. Here’s why investors are running scared
▼ + stars: | 2022-10-26 | by ( Laura He | ) edition.cnn.com time to read: +8 min

Xi’s preference for personal loyalty over technocratic competence bodes ill for China’s already bleak economic outlook, analysts said. “In effect, Xi Jinping establishes an echo chamber around his own ideas,” she said. People watch the opening session of the 20th Chinese Communist Party Congress in Huaibei, in China's eastern Anhui province. Li Qiang, the party boss of Shanghai who presided over the city’s chaotic two-month lockdown, is now the second-highest ranking party official after Xi. The NDRC is China’s top economic planner, responsible for drafting the country’s economic plans and overseeing major state investment projects.

☆ China’s growth accelerates but remains weak amid Covid curbs
▼ + stars: | 2022-10-24 | by ( ) www.nbcnews.com time to read: +1 min

BEIJING — China’s economy rebounded at a faster-than-expected pace in the third quarter, but strict Covid curbs, a deepening property crisis and global recession risks are challenging Beijing’s efforts to foster a robust revival over the next year. Despite the rebound, the economy is facing challenges on multiple fronts at home and abroad. China’s zero-Covid strategy and strife in its key property sector have exacerbated the external pressure from the Ukraine crisis and a global slowdown due to interest rate increases to curb red-hot inflation. A Reuters poll forecast China’s growth to slow to 3.2 percent in 2022, far below the official target of around 5.5 percent, marking one of the worst performances in almost half a century. On a quarterly basis, GDP rose 3.9 percent in the third quarter, versus a forecast 3.5 percent gain and a 2.6 percent decline in the previous quarter.

☆ China claims right to protect consulate as Britain decries assault
▼ + stars: | 2022-10-19 | by ( The Associated Press | ) www.nbcnews.com time to read: +3 min

Britain’s foreign secretary summoned China’s second-most senior diplomat in the U.K. on Tuesday to express the U.K.’s “deep concern” about the assault allegations and to demand an explanation for the actions of the Chinese consulate staff. The protesters had gathered at the consulate as the Chinese Communist Party opened its weeklong congress in Beijing on Sunday. Chinese Foreign Ministry spokesman Wang Wenbin rejected the accounts of the protester and Manchester police. Video on the BBC website showed a scuffle breaking out in front of the consulate after masked men tore down the protesters’ placards. The Chinese Consulate in Manchester did not respond to a request for comment.

But the theme of the event is continuity — of President Xi Jinping as leader, and with that the likelihood of friction with the U.S.-led West. Xi, China’s most powerful leader in decades, is poised to secure an unprecedented third term at this week’s twice-a-decade National Congress of the Chinese Communist Party in Beijing. “Those achievements have certainly strengthened the president’s leadership.”Under Xi, China’s gross domestic product has more than doubled to $17.7 trillion. Born in Beijing in 1953, Xi enjoyed a privileged youth as the second son of Xi Zhongxun, a Chinese communist revolutionary. “The long-term goals of President Xi, as well as general attitudes in the West, will make it very difficult for us to have more cooperation during his third term,” she said.

☆ Europe has enough energy to survive the winter. Next year might be different
▼ + stars: | 2022-10-13 | by ( Anna Cooban | ) edition.cnn.com time to read: +8 min

Cornelius Poppe/NTB/AFP/Getty ImagesBut success has come at a heavy cost to the economy: the scramble for alternative sources has sent energy prices soaring. Alexei Miller, CEO of Russian state energy giant Gazprom, said on Wednesday that there was “no guarantee” that Europe would survive the winter with its current reserves. “Adopting policies that prevent the pass-through of high energy prices to consumers is an expensive gamble that is doomed to fail if wholesale energy prices will stay high in the future,” he added. Carlos Torres Diaz, head of power analysis at Rystad Energy, told CNN business that Europe’s energy transition “has been put on hold” as it prioritizes energy security. “These sources of energy also help reduce the dependency on energy imports,” Torres Diaz added.

☆ China-Russia meeting as Ukraine war rages should remind the U.S. that Putin hasn't lost
▼ + stars: | 2022-09-16 | by ( David A. Andelman | ) www.nbcnews.com time to read: +8 min

Russian President Vladimir Putin might be losing on the battlefield, at least for the moment, but it’s a mistake to count out the master of the Kremlin. It’s not even enough to diminish the Russian leader’s influence in Europe. It’s not even enough to diminish the Russian leader’s influence in Europe, with Sweden and Italy on the precipice of forming new governments that could tilt toward him as well. From left; Russian President Vladimir Putin, Iranian President Ebrahim Raisi and Turkish President in Tehran on July 19, 2022. Will they want their political futures hitched to Putin as the Ukraine war drags further on his image and capabilities?

☆ This fascinating map shows the new religious breakdown in China
▼ + stars: | 2015-08-18 | by ( Alana Yzola | ) www.businessinsider.com time to read: +3 min

China has historically followed ancient religions like Buddhism and Taoism for about 2,000 years, according to China's State Council. But a recent map published by Reuters shows that the country’s belief systems have become increasingly diverse. AdvertisementThis map shows the new religious make up of China. “Protestant Christianity has been the fastest growing religion in China,” Yang writes in his essay, When Will China Become The World’s Largest Christian Country? According to the map, Chinese authorities in Huzhou removed a cross from a church despite the month long protesting efforts to protect their religious symbol.

Persons: Fenggang Yang, Fanggang Yang, ” Yang, Will China, Yang, “, Eleanor Albert, Julia Ro Organizations: State, Reuters, Religion, Society, Purdue University, Foreign Relations, Foreign, Chinese Communist Party, Guardian, Global, BBC Locations: China, Xinjiang, Gansu, Huzhou

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