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☆ Chinese Vessel in Maldives Being Used for Scientific Research -Foreign Ministry
▼ + stars: | 2024-02-06 | by ( Feb. | At A.M. | ) www.usnews.com time to read: 1 min

BEIJING (Reuters) - Research being carried out by a Chinese vessel calling at a port in the Maldives is exclusively for peaceful purposes and enhancing scientific understanding, the Chinese foreign ministry said on Tuesday as the research vessel is set to arrive in the island nation. The Xiang Yang Hong 3 will "make a port call, for rotation of personnel and replenishment", the Maldivian foreign ministry had said in a statement in January. The presence of the vessel is likely to raise the concern of India, which has previously viewed such vessels close to its shores as problematic. (Reporting by Joe Cash; Writing by Bernard Orr; Editing by Tom Hogue)

Persons: Xiang Yang Hong, Joe Cash, Bernard Orr, Tom Hogue Locations: BEIJING, Maldives, Maldivian, India

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

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

☆ 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

Robotic arms assemble cars in the production line for Leapmotor's electric vehicles at a factory in Jinhua, Zhejiang province, China, April 26, 2023. China Daily via REUTERS/File Photo Acquire Licensing RightsBEIJING, Nov 29 (Reuters) - China's manufacturing activity likely contracted for a second consecutive month in November, a Reuters poll showed on Wednesday, keeping alive calls for further stimulus measures as factory owners struggle for orders both at home and abroad. A flurry of policy support measures has had only a modest effect, raising pressure on authorities to roll out more stimulus. The private Caixin factory survey will be issued on Friday, and analysts expect its reading to edge up to 49.8 from 49.5 in October. Reporting by Joe Cash; Polling by Susobhan Sarkar and Devayani Sathyan in Bangalore; Editing by Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

Persons: Joe Cash, Susobhan Sarkar, Devayani, Kim Coghill Organizations: REUTERS, Rights, PMI, Thomson Locations: Jinhua, Zhejiang province, China, Rights BEIJING, Japan, Bangalore

☆ China's Nov Factory Activity Likely Contracted for Second Month
▼ + stars: | 2023-11-28 | by ( Nov. | At P.M. | ) www.usnews.com time to read: +2 min

By Joe CashBEIJING (Reuters) - China's manufacturing activity likely contracted for a second consecutive month in November, a Reuters poll showed on Wednesday, keeping alive calls for further stimulus measures as factory owners struggle for orders both at home and abroad. A flurry of policy support measures has had only a modest effect, raising pressure on authorities to roll out more stimulus. Profit growth at China's industrial firms shrank back to the low single digits last month, following an 11.9% increase in September and a 17.2% gain in August, which analysts attributed to volatile input costs. Both new export and import orders shrank in October. (Reporting by Joe Cash; Polling by Susobhan Sarkar and Devayani Sathyan in Bangalore; Editing by Kim Coghill)

Persons: Joe Cash, Susobhan Sarkar, Devayani, Kim Coghill Organizations: Joe Cash BEIJING Locations: China, Japan, Bangalore

[1/6] Chinese Premier Li Qiang speaks at the opening ceremony of the first China International Supply Chain Expo (CISCE) in Beijing, China November 28, 2023. "We are willing to build closer production and industrial supply chain partnerships with all countries," Li told the first China International Supply Chain Expo (CISCE), adding that the international community needs to be "more wary of the challenges and risks brought about by protectionism and uncontrolled globalisation." The expo, organised by the state-run China Council for the Promotion of International Trade (CCPIT), is Beijing's latest bid to increase foreign investment in China, which has dropped to historic lows. Despite this decrease, China remains an attractive option: a survey conducted by HSBC bank at the China International Import Expo (CIIE) earlier this month showed 45% of firms expect to expand their supply chain in China over the next year. Zhang Shaogang, a CCPIT official who was part of the Chinese delegation at the APEC summit, said last week that 20% of the foreign firms exhibiting at the supply chain expo were U.S.-based, and included Amazon (AMZN.O), Apple (AAPL.O), Tesla (TSLA.O), and Intel (INTC.O).

Persons: Li Qiang, Florence Lo, Premier Li Qiang, Li, Dan Marks, Xi Jinping, Joe Biden, Zhang Shaogang, Zhang, Eduardo Baptista, Joe Cash, Jamie Freed, Miral Organizations: China International, Chain, REUTERS, Premier, European Union, China Council, Promotion of International Trade, HSBC, China, Royal United Services, Economic Cooperation, APEC, Apple, Intel, Thomson Locations: Beijing, China, EU, BEIJING, United States, Ukraine, Taiwan, India, Mexico, Vietnam, U.S, Asia

☆ China says against supply chain decoupling, wants closer ties with all
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: +2 min

[1/6] Chinese Premier Li Qiang speaks at the opening ceremony of the first China International Supply Chain Expo (CISCE) in Beijing, China November 28, 2023. REUTERS/Florence Lo Acquire Licensing RightsBEIJING, Nov 28 (Reuters) - China opposes the cutting of supply chains and is willing to build closer ties with all, Premier Li Qiang said on Tuesday, as a growing number of countries voice concerns at the dependence of their supply chains on China. Speaking at China's first ever China International Supply Chain Expo (CISCE), Li said that China will continue to create an international and rule of law-based business environment. The expo, organised by the state-run China Council for the Promotion of International Trade, is Beijing's latest bid to increase foreign investment in China, which has dropped to historic lows. Reporting by Eduardo Baptista and Joe Cash; Editing by Jamie Freed and Miral FahmyOur Standards: The Thomson Reuters Trust Principles.

Persons: Li Qiang, Florence Lo, Li, Eduardo Baptista, Joe Cash, Jamie Freed, Miral Organizations: China International, Chain, REUTERS, Rights, China, China Council, Promotion of International Trade, European Union, Thomson Locations: Beijing, China, Rights BEIJING, United States, Ukraine, Taiwan, India, Mexico, Vietnam

Now "it's like 'plus-10' and then China," he added, with the latter down to providing half of Industry West's products and being trimmed more. China recorded its first-ever quarterly deficit in foreign direct investment in July-September, suggesting capital outflow pressure. But for the first time in the four decades since China opened up to foreign investments, executives are now also concerned about long-term growth prospects. Primavera Capital founder Fred Hu cites mounting macroeconomic uncertainty, a "murky capital market outlook," and lingering concerns over past regulatory crackdowns on high-growth industries such as technology and education. Despite the challenges, foreign investment flows are not unidirectional.

Persons: Jordan England, Nicholas Lardy, England, I'm, Li Qiang's, Li, Michael Hart, Noah Fraser, Fred Hu, Hu, Joe Cash, Ellen Zhang, Kane Wu, Eduardo Baptista, Don Durfee, Kripa Jayaram, Marius Zaharia, Jamie Freed Organizations: China, Reuters, Peterson Institute for International Economics, LONG, Conference Board, China International, Canada China Business Council, Reuters Graphics, Primavera Capital, Tech, Thomson Locations: China, BEIJING, HONG KONG, Southeast Asia, Eastern Europe, Mexico, England, Florida, Washington, Beijing, consultancies, U.S, Asia, Australia, Europe, Hong Kong

☆ China's industrial profits extend gains as outlook improves
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Siyi Liu/File Photo Acquire Licensing RightsBEIJING, Nov 27 (Reuters) - Profits at China's industrial firms extended gains for a third month in October, adding to signs of a stabilising economy following a run of mostly upbeat data suggesting Beijing's support measures have helped bolster a tentative comeback. For the first 10 months of 2023, profits slid 7.8% from a year earlier, narrowing from a 9% decline in the first nine months, data from the National Bureau of Statistics (NBS) showed on Monday. "However, the volatility of profits is a sign enterprises remain highly sensitive to input costs," he added. "The sharp slowdown of year-on-year profit growth was partly driven by a rebound in energy prices." Industrial profits data covers firms with annual revenues of at least 20 million yuan ($2.74 million) from their main operations.

Persons: Siyi Liu, Xu Tianchen, Joe Cash, Liz Lee, Qiaoyi Li, Sam Holmes Organizations: REUTERS, Rights, National Bureau of Statistics, Economist Intelligence Unit, Green Energy Technology Co, Thomson Locations: Dezhou, Shandong province, China, Rights BEIJING

☆ China Says Against Supply Chain Decoupling, Wants Closer Ties With All
▼ + stars: | 2023-11-27 | by ( Nov. | At P.M. | ) www.usnews.com time to read: +1 min

BEIJING (Reuters) - China opposes the cutting of supply chains and is willing to build closer ties with all, Premier Li Qiang said on Tuesday, as a growing number of countries voice concerns at the dependence of their supply chains on China. Speaking at China's first ever China International Supply Chain Expo (CISCE), Li said that China will continue to create an international and rule of law-based business environment. The expo, organised by the state-run China Council for the Promotion of International Trade, is Beijing's latest bid to increase foreign investment in China, which has dropped to historic lows. Li's speech comes amid calls over the past year from the United States and the European Union to "de-risk" their supply chains and reduce overdependence on China in certain sectors, as well as efforts to cut off Chinese enterprises from some advanced semiconductors. (Reporting by Eduardo Baptista and Joe Cash; Editing by Jamie Freed and Miral Fahmy)

Persons: Li Qiang, Li, Eduardo Baptista, Joe Cash, Jamie Freed, Miral Organizations: China, Chain, China Council, Promotion of International Trade, European Union Locations: BEIJING, China, United States, Ukraine, Taiwan, India, Mexico, Vietnam

Travellers walk with their suitcases at Beijing Daxing International Airport in Beijing, China April 24, 2023. A recent Pew Research Center survey in 24 countries revealed that views of China were broadly negative, with 67% of adults expressing unfavourable views. Visa-free travel to Germany for Chinese nationals would only be possible if all members of the European Schengen Agreement approved, she said. This month, China expanded its visa-free transit policy to 54 countries to include citizens of Norway. It resumed 15-day visa-free entry for citizens of Singapore and Brunei in July.

Persons: Tingshu Wang, Patricia Flor, Catherine Colonna, Wang Yi, Joe Cash, Ethan Wang, Ryan Woo, Christopher Cushing, Kim Coghill, Miral Organizations: Beijing Daxing International, REUTERS, Rights, Pew Research Center, Visa, French, Chamber of Commerce, Thomson Locations: Beijing, China, Rights BEIJING, France, Germany, Italy, Netherlands, Spain, Malaysia, Taiwan, Norway, Singapore, Brunei

China, the world's second-largest economy, is already a major investor in South America and has offered tariff-free access to its huge consumer market to four countries. But Uruguay faces opposition from other members of the Mercosur bloc who want to settle an FTA with Europe instead. By comparison, other major beef exporters Australia and New Zealand, which have FTAs with China, pay tariffs at 3.3% and 0%. The elevation of ties with Uruguay to the level of Brazil and Argentina also pushes the remaining Mercosur member Paraguay further outside China's global trade and investment network. Agriculture-dependent Paraguay, whose main exports include beef and soybeans, is the last South American nation that has ties with democratically governed Taiwan, which China claims as part of its territory, and not with Beijing.

Persons: Xi Jinping, Luis Lacalle Pou, Florence Lo, Lacalle Pou, Xi, Joe Cash, Ryan Woo, Ella Cao, Toby Chopra, Raju Gopalakrishnan, Chizu Nomiyama, Alexander Smith Organizations: Uruguayan, of, People, REUTERS, New Development Bank BEIJING, Mercosur, South, Nations, New Development Bank, China, United, Mercosur CET, National Meat Institute of, China's National Bureau of Statistics, Thomson Locations: Beijing, China, Uruguay, Argentina, Brazil Mercosur, American, Brazil, South America, Chile, Costa Rica, Ecuador, Peru, Europe, Australia, New Zealand, Shanghai, United States, MERCOSUR Uruguay, Brussels, Montevideo, Mercosur, National Meat Institute of Uruguay, Paraguay, Taiwan

Companies People's Bank of China FollowBEIJING, Nov 20 (Reuters) - The People's Bank of China and the Saudi Central Bank recently signed a local currency swap agreement worth 50 billion yuan ($6.93 billion) or 26 billion Saudi riyals, both banks said on Monday, as bilateral relations continued to gather momentum. Saudi Arabia, the world's top oil exporter, and China, the world's biggest energy consumer, have worked to take relations beyond hydrocarbon ties in recent years, expanding collaboration into areas such as security and technology. The swap agreement, which will be valid for three years and can be extended by mutual agreement, "will help strengthen financial cooperation... expand the use of local currencies... and promote trade and investment," between Riyadh and Beijing, the statement from China's central bank said. Chinese President Xi Jinping told Gulf Arab leaders last December that China would work to buy oil and gas in yuan, but it has not yet used the currency for Saudi oil purchases, traders have said. Beijing is thought to have the world's largest network of currency swap arrangements in place, with at least 40 countries, but seldom reveals the broader terms of its arrangements.

Persons: Xi Jinping, Weitseng Chen, Muyu Xu, Jacqueline Wong, Kirsten Donovan Organizations: People's Bank of, People's Bank of China, Saudi Central Bank, Saudi, National University of Singapore, Thomson Locations: People's Bank of China, BEIJING, Saudi Arabia, China, Riyadh, Beijing, Saudi, Russia, U.S, Argentina, Singapore

BEIJING, Nov 17 (Reuters) - China's commerce minister expressed concern over U.S. curbs on semiconductor exports to China, as well as sanctions on Chinese firms and tariffs on Chinese imports, when he met U.S. Commerce Secretary Gina Raimondo on Thursday, his ministry said Friday. "Wang Wentao expressed concern about the final rules of the U.S. semiconductor export controls against China, sanctions against Chinese companies, two-way investment restrictions, and Section 301 tariffs," according to China's commerce ministry. Two-way trade hit a record $690 billion last year, as U.S. demand for Chinese consumer goods rose and Beijing's demand for U.S. farm products and energy grew. This year is off to a significantly slower pace, however, with two-way trade flows through September down $104 billion, or 19%, from the first nine months of 2022, according to U.S. Census Bureau data. Wang and Raimondo also agreed to hold the first meeting of a commerce working group at the vice minister level in the first quarter of 2024, China's commerce ministry said.

Persons: Gina Raimondo, Wang Wentao, Raimondo, Joe Biden, Trump, Wang, Joe Cash, Christopher Cushing, Mark Potter Organizations: U.S, Commerce, Southeast, China, Census, Thomson Locations: BEIJING, China, San Francisco, Southeast Asia, U.S, Canada, Mexico

REUTERS/Jason Lee/File Photo Acquire Licensing RightsBEIJING, Nov 15 (Reuters) - European firms "urgently" need China to give clearer definitions of key terms in its cross-border data transfer rules, a European business lobby group said on Wednesday, warning that firms also stood to waste millions of euros storing non-sensitive data in China. The world's second-largest economy has in recent years tightened its data laws amid President Xi Jinping's increased focus on national security, and foreign firms fear their lack of clarity could trip them up. The chamber's report echoes recent comments from a European Commission official, who said in September that European businesses were especially concerned about a lack of clarity in China's data laws. The most common type of data European firms transfer abroad is employee's personal information followed by suppliers' and customers' personal information, the survey showed, 96% of which is sent to companies' headquarters and other regional offices. A third of companies indicated it would cost them "several million euros" to store their data in China if they failed the cross-border transfer security assessment now required by CAC.

Persons: Jason Lee, Xi Jinping's, Brenda Goh, Kim Coghill Organizations: REUTERS, Rights, Chamber of Commerce, European Commission, Government, CAC, Thomson Locations: China, EU, Beijing, Rights BEIJING

China's foreign ministry said on Friday the lender is striving to minimise risk impact and losses after the attack. "We don't often see a bank this large get hit with this disruptive of a ransomware attack," said Allan Liska, a ransomware expert at the cybersecurity firm Recorded Future. TRADES CLEAREDICBC said it had successfully cleared Treasury trades executed on Wednesday and repurchase agreements (repo) financing trades done on Thursday. Some market participants said trades going through ICBC were not settled due to the attack and affected market liquidity. The Treasury market appeared to be functioning normally on Thursday, according to LSEG data.

Persons: Kim Kyung, ICBC, Wang Wenbin, Wang, Lockbit, Allan Liska, Scott Skrym, Michael Gladchun, Loomis Sayles, SIFMA, Urvi, Pete Schroder, Gertrude Chavez, Davide Barbuscia, Carolina Mandl, Paritosh Bansal, Joe Cash, Stephen Coates, Tomasz Janowski Organizations: Commercial Bank of China Ltd, REUTERS, Industrial, Commercial Bank of China, Commercial Bank of China's, U.S . Treasury, ICBC Financial Services, Cybersecurity, Infrastructure Security Agency, Boeing, U.S . Treasury Department, Treasury, Securities, Financial Times, U.S . Securities Industry, Financial Markets Association, Thomson Locations: Beijing, China, U.S, Bengaluru, Washington, Carolina

☆ IMF upgrades China's 2023, 2024 GDP growth forecasts
▼ + stars: | 2023-11-07 | by ( ) www.reuters.com time to read: +3 min

People wait to board trains at the Shanghai Hongqiao railway station ahead of the National Day holiday, in Shanghai, China September 28, 2023. GDP growth could slow to 4.6% in 2024 because of continued weakness in China's property sector and subdued external demand, the IMF said in a press release, albeit better than its October expectation of 4.2% in the IMF's World Economic Outlook (WEO). The combination of the downturn in the property sector and local government debt crunch could wipe out much of China's long-term growth potential, economists say. Local debt has reached 92 trillion yuan ($12.6 trillion), or 76% of China's economic output in 2022, up from 62.2% in 2019. China should also develop a comprehensive restructuring strategy to reduce the debt level of local government financing vehicles (LGFVs), she said.

Persons: Aly, IMF's, Gita Gopinath, Gopinath, LGFVs, Joe Cash, Ryan Woo, Edmund Klamann, Christopher Cushing Organizations: REUTERS, Rights, Monetary Fund, China's, Communist Party, Thomson Locations: Shanghai Hongqiao, Shanghai, China, Rights BEIJING, Gopinath

☆ China's imports unexpectedly grow in Oct, exports extend declines
▼ + stars: | 2023-11-07 | by ( ) www.reuters.com time to read: +2 min

Exports shrank 6.4% from a year earlier in October, customs data showed on Tuesday, faster than a 6.2% decline in September and worse than a 3.3% fall expected in a Reuters poll. The bad exports data may hit market confidence as we had expected the supply chain of exports to recover," said Zhou Hao, economist at Guotai Junan International. "The significant improvement in imports may come from rising domestic demand, in particular a demand to replenish stocks." However, in a sign trade is finding some footing, South Korean exports to China fell at their slowest pace in 13 months in October. China's manufacturing activity unexpectedly contracted in October, data showed last week, complicating policymakers' efforts to revive growth.

Persons: Zhou Hao, Joe Cash, Ellen Zhang, Sam Holmes Organizations: REUTERS, Rights, Imports, Guotai, Analysts, Thomson Locations: Qingdao, Shandong province, China, Rights BEIJING, North American, Korean

Chinese Vice Premier He Lifeng attends a joint press conference following the 10th China-EU High-Level Economic and Trade Dialogue at the Diaoyutai State Guesthouse in Beijing, China September 25, 2023. He, 68, replaced internationally respected Liu He as one of China's four vice premiers during its annual parliament session in March. The full scope of his portfolio had been largely unclear until Sunday when state media referred to him as the director of a powerful Communist Party economic body. "He Lifeng mainly implements policies from the top leader," said a policy adviser who spoke on condition of anonymity, referring to Xi. "Now under the leadership of the Party ... there will be closer cooperation among the top economic planner, central bank and the finance ministry."

Persons: Lifeng, Florence, Xi Jinping's, Liu, Xi, Liu He, Li Keqiang, Peng Liyuan, Kevin Yao, Laurie Chen, Joe Cash, Ellen Zhang, Marius Zaharia Organizations: REUTERS, Rights, Communist Party, Central Financial Commission, Harvard, Investors, State Council, Party, Xiamen University, National Development, Reform Commission, Thomson Locations: China, EU, Diaoyutai, Beijing, Rights BEIJING, China's, Washington, Europe, Quanzhou, Fujian, Xiamen, Tianjin, Lincoln

☆ China factory activity unexpectedly shrinks in Oct, dents recovery momentum
▼ + stars: | 2023-10-31 | by ( ) www.reuters.com time to read: +3 min

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

Chinese Vice Premier He Lifeng attends a joint press conference following the 10th China-EU High-Level Economic and Trade Dialogue at the Diaoyutai State Guesthouse in Beijing, China September 25, 2023. REUTERS/Florence Lo/File Photo Acquire Licensing RightsBEIJING, Oct 30 (Reuters) - China's economy tsar He Lifeng has been appointed director of a key ruling Communist Party economic body, matching his high-profile predecessor Liu He with a particularly powerful portfolio covering economic policy, the financial sector and trade ties with Washington. He, who had previously headed the state planning agency, became one of China's four vice premiers in March when he replaced Liu He, who retired. He has now also replaced Liu as director of the office of the Central Finance and Economic Affairs Commission, a party body headed by President Xi Jinping. He could emerge as head of the resurrected Central Financial Work Commission, when state leaders, regulators and top bankers gather for a quinquennial, closed-door national financial work conference.

Persons: Lifeng, Florence, Liu, Liu He, Xi Jinping, Xi, Li Qiang, Janet Yellen, Valdis Dombrovskis, Joe Cash, Simon Cameron, Moore Organizations: REUTERS, Rights, Communist Party, Washington, Central Finance, Economic Affairs Commission, U.S, Treasury, EU Trade, Harvard, Financial Work Commission, Bloomberg News, Thomson Locations: China, EU, Diaoyutai, Beijing, Rights BEIJING, Shanghai, China's, U.S

☆ China's Xi offers to help Sri Lanka; buy more of its exports
▼ + stars: | 2023-10-20 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Edgar Su/File Photo Acquire Licensing RightsBEIJING, Oct 20 (Reuters) - China is willing to offer assistance to Sri Lanka without political conditions and buy more of its exports, President Xi Jinping told his Sri Lankan counterpart on Friday in Beijing, state media said. Wickremesinghe was in the Chinese capital for the Belt and Road Forum that ended on Wednesday as well as talks on restructuring debt. "China is willing to continue to provide assistance to Sri Lanka without attaching political conditions, to help it cope with the difficulties it faces," Xi added. Last May Sri Lanka defaulted on its foreign debt as dollar reserves fell to a point where it was unable to pay for essential imports such as fuel and medicine. "China is willing to expand the import of Sri Lanka's ... products and will encourage Chinese enterprises to invest," Xi said.

Persons: Xi Jinping, Edgar Su, Xi, Ranil Wickremesinghe, Wickremesinghe, Lanka, Joe Cash, Clarence Fernandez Organizations: Initiative, of, People, REUTERS, Rights, Sri, Export, Import Bank of China, Forum, Thomson Locations: Beijing, Rights BEIJING, China, Sri Lanka, Colombo, Hambantota, Sri Lanka's

☆ China says US Pentagon report on nuclear warheads distorts facts
▼ + stars: | 2023-10-20 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Carlos Barria/File Photo Acquire Licensing RightsBEIJING, Oct 20 (Reuters) - A U.S. Pentagon report saying China will probably have more than 1,000 nuclear warheads by 2030 was filled with prejudice and distorts facts, and China had no intention of engaging in a nuclear arms race, its foreign ministry said on Friday. The Pentagon said in an annual report released on Thursday that China had more than 500 operational nuclear warheads in its arsenal, as of May. The report added that China's Navy had more than 370 ships and submarines, up from the 340 ships last year. "As long as any country does not use or threaten to use nuclear weapons against China, it will not be threatened by China's nuclear weapons," Mao said. In a report last November, it said China would likely have a stockpile of 1,500 nuclear warheads by 2035.

Persons: Carlos Barria, Mao Ning, Mao, Joe Cash, Bernard Orr, Kim Coghill Organizations: Pentagon, REUTERS, Rights, U.S . Pentagon, Navy, Thomson Locations: Arlington , Virginia, U.S, Rights BEIJING, China, United States

"We requested China to allow us to be a part of the China-Pakistan Economic Corridor and Belt and Road Initiative... (and) are discussing technical issues today," acting Commerce Minister Haji Nooruddin Azizi told Reuters in an interview a day after the Belt and Road Forum ended in Beijing. The Pakistan "economic corridor" refers to the huge flagship section of the Belt and Road Initiative (BRI) in Afghanistan's neighbour. Asked about the MCC talks, Azizi said discussions had been delayed because the mine was near a historical site, but they were still ongoing. Afghanistan and 34 other countries agreed to work together on the digital economy and green development on the sidelines of the Belt and Road Forum on Wednesday. Additional reporting by Ahmad Masih Noori and Charlotte Greenfield in Kabul; editing by Miral FahmyOur Standards: The Thomson Reuters Trust Principles.

Persons: Haji Nooruddin Azizi, Tingshu Wang, Xi Jinping's, Azizi, Ahmad Masih Noori, Charlotte, Miral Organizations: Reuters, Embassy, REUTERS, Metallurgical Corp, Pakistan Economic, Initiative, China Ltd, MCC, Islamic State, Taliban, Thomson Locations: Afghanistan, Beijing, China, Taliban, BEIJING, Kabul, Pakistan, Afghanistan's, Charlotte Greenfield

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