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☆ China economy expected to rebound in 2023 with expansion of domestic demand
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: 1 min

[1/2] A truck moves containers at the Yangshan Deep Water Port in Shanghai, China January 13, 2022. Picture taken January 13, 2022. REUTERS/Aly SongBEIJING, Feb 24 (Reuters) - China' economy is expected to generally rebound in 2023, and the country will increase macro policy regulation with a focus on supporting the expansion of domestic demand, according to the central bank's monetary policy implementation report on Friday. China will pay close attention to changes in inflation trends and keep the price level basically stable, said the report. Reporting by Liangping Gao and Ryan Woo; Editing by Alex RichardsonOur Standards: The Thomson Reuters Trust Principles.

☆ China calls for 'joint action' in debt settlements at G20
▼ + stars: | 2023-02-24 | by ( Joe Cash | ) www.reuters.com time to read: +3 min

BEIJING, Feb 24 (Reuters) - China, the world's largest bilateral creditor, urged G20 nations on Friday to conduct a fair, objective and in-depth analysis of the causes of global debt issues and to "resolve the problem in a comprehensive and effective manner." The United States has repeatedly criticised China over what it considers to be "foot-dragging" on debt relief for dozens of low-and middle-income countries. According to a statement released by his ministry, Liu said that international financial institutions and commercial creditors should follow the principle of "joint action, fair burden" in debt settlements. Officials from the IMF, the World Bank and G7 nations will meet on Saturday on the sidelines of the G20 meeting for the first in-person discussions of the new IMF Global Sovereign Debt Roundtable. China's role in the G20 Common Framework, however, is expected to feature in Saturday's talks.

☆ In China, more families on the fence on home buying, foreclosures cloud sector
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: +3 min

Stabilising the crisis-hit property sector will be a key challenge for policymakers this year as they try to kick-start an economic recovery. The number of families opting to stay on the sidelines for property in the last quarter rose to 27.2% of respondents from 20.1% in July-October, the survey showed. Respondents' willingness to allocate money to domestic stocks, funds, and overseas asset classes also increased, the survey showed. Cities with high numbers of foreclosures were mostly in central and western China, as well as the prosperous Yangtze River Delta and Pearl River Delta regions, according to the property research firm. But analysts expect a sustainable recovery in the sector will only kick in towards the second half of this year.

Analysts estimate that nearly $700 billion of mortgages – close to one-eighth China's outstanding total – have been prepaid since early last year, when banks started to lower borrowing rates. This threatens banks' profits on mortgages, which accounted for about 30% of outstanding loans at China's five biggest banks as of last June, according to their latest financial reports. The current disinterest in new home purchases contrasts sharply with the overheated property market of prior years, when authorities kept mortgage rates high to cool speculation. Towards the middle of last year, however, regulators began lowering benchmark mortgage rates to prop up property demand, after a liquidity crisis among developers sent home prices and sales into a downward spiral. "I decided to do so because I'm burdened with a mortgage rate that's too high," Wang said.

☆ China's top diplomat reiterates calls for dialogue over Ukraine crisis
▼ + stars: | 2023-02-18 | by ( ) www.reuters.com time to read: +1 min

Feb 18 (Reuters) - China has "neither stood by idly nor thrown fuel on the fire" regarding the crisis in Ukraine, and continues to call for peace and dialogue, top diplomat Wang Yi said at the Munich Security Conference on Saturday. China will set out its position on settling the Ukraine crisis in a document that will state all countries' territorial integrity must be respected, Wang said. Asked to reassure the audience that military escalation was not imminent over the Taiwan Strait, Wang said Taiwan "independence forces" are incompatible with peace. "If we want to maintain peace across the Taiwan Strait, we must resolutely oppose Taiwan independence, and we must resolutely maintain the one-China policy." Reporting by David Kirton in Shenzhen, China, Ryan Woo in Beijing and Laura Lin in Shanghai; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

The comments by Wang Yi further clouded the prospects of a meeting between Wang and U.S. Secretary of State Antony Blinken at the sidelines of the gathering. "To have dispatched an advanced fighter jet to shoot down a balloon with a missile, such behaviour is unbelievable, almost hysterical," said Wang. "There are so many balloons all over the world, and various countries have them, so is the United States going to shoot all of them down?," he said. The balloon spat had prompted Blinken to postpone a planned visit to Beijing. China is as a permanent member of the UN Security Council obligated to use its influence to secure world peace."

☆ U.S. handling of balloon incident 'hysterical', says China's top diplomat
▼ + stars: | 2023-02-18 | by ( ) www.reuters.com time to read: +2 min

Feb 18 (Reuters) - China's top diplomat Wang Yi said on Saturday that the U.S. handling of the balloon incident had been "unimaginable" and "hysterical" - an "absurd" act that had violated international norms. The incident, which had prompted U.S. Secretary of State Antony Blinken to postpone a planned visit early this month to Beijing, has further aggravated already strained relations between Washington and Beijing. "We ask the U.S. to show its sincerity and correct its mistakes, face up and resolve this incident, which has damaged Sino-U.S. relations," he said. "We hope the U.S. could pursue a pragmatic and positive policy towards China, and work with China to push Sino-U.S. relations back to the track of healthy development." Reporting by Ryan Woo in Beijing; editing by Jason Neely and Clelia OzielOur Standards: The Thomson Reuters Trust Principles.

☆ China, Iran call for Iran sanctions to be lifted; Xi to visit
▼ + stars: | 2023-02-16 | by ( ) www.reuters.com time to read: +3 min

[1/5] Iranian President Ebrahim Raisi stands next to Chinese President Xi Jinping during a welcoming ceremony in Beijing, China, February 14, 2023. Xi also accepted an invitation from Raisi to visit Iran and would do so at his convenience, the two leaders said in a joint statement on the last day of a three-day state visit to China by Raisi. In 2018, then U.S. President Donald Trump withdrew the United States from the deal and ordered the reimposition of U.S. sanctions on Iran. "All relevant sanctions should be fully lifted in a verifiable manner to promote the full and effective implementation," Xi and Raisi said. China and Iran emphasised that lifting sanctions and ensuring Iran economic benefits were important components of the agreement, they said.

☆ China's new home prices rise in Jan for first time in a year
▼ + stars: | 2023-02-16 | by ( ) www.reuters.com time to read: +2 min

More major cities among the 70 surveyed by NBS reported increases in new home prices last month, with prices rising in 36 cities, up from 15 in December. Analysts see rising home prices as a positive sign, but believe more stimulative policies are needed to lift currently dismal demand and spark a longer-term recovery. The property sector, once an engine of the world's second-largest economy, has been hobbled by fragile demand and developers' mounting debt defaults. Prices were down 1.5% year-on-year in January, with the rate of decline unchanged from December. "The roots of the crisis in China's property sector lie in the worsening long-term outlook for demand," said Mark Williams, chief Asia economist at Capital Economics.

[1/2] The suspected Chinese spy balloon drifts to the ocean after being shot down off the coast in Surfside Beach, South Carolina, U.S. February 4, 2023. REUTERS/Randall HillWASHINGTON, Feb 5 (Reuters) - The U.S. military said on Sunday it is searching for remnants of the suspected Chinese surveillance balloon it shot down the previous day, in a dramatic spy saga that has further strained American-Chinese relations. A successful recovery could potentially give the United States insight into China's spying capabilities, though U.S. officials have downplayed the balloon's impact on national security. Democrats said Biden's decision to wait to shoot down the balloon until it had passed over the United States protected civilians from debris crashing to Earth. The Pentagon will brief senators on the balloon and Chinese surveillance on Feb. 15, Schumer said.

☆ China willing to restart trade dialogue with Australia after talks
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: +2 min

The virtual meeting "represents another important step in the stabilisation of Australia's relations with China," Farrell said after the first talks between the trade ministers of the two countries since 2019. Wang said China is willing to restart the mechanism facilitating dialogue with Australia on economic and trade issues and to expand cooperation in emerging areas including climate change and the new energy sectors. China's top economic planner in May 2021 suspended all activity under a China-Australia Strategic Economic Dialogue which was an important forum for Australia and China to work through issues relevant to bilateral economic partnership. The Chinese statement said Australia was also willing to work with China to enhance mutual trust and resolve differences through candid dialogue. Wang described China and Australia as important economic and trade partners, with a highly complementary economic structure, making cooperation mutually beneficial.

☆ Republicans criticize Biden for waiting to shoot down Chinese balloon
▼ + stars: | 2023-02-05 | by ( David Lawder | ) www.reuters.com time to read: +5 min

[1/3] The suspected Chinese spy balloon drifts to the ocean after being shot down off the coast in Surfside Beach, South Carolina, U.S. February 4, 2023. Schumer said downing the balloon into the ocean likely enables U.S. intelligence officials to examine its remnants. The Pentagon will brief senators on the balloon and Chinese surveillance on Feb. 15, Schumer said. Trump on Sunday disputed Austin's statement that Chinese government surveillance balloons had transited the continental United States briefly three times during his presidency. Speaking on Fox News Channel's "Sunday Morning Futures" show, Trump's former director of national intelligence John Ratcliffe also denied such balloon incidents.

[1/4] Spectators watch after a suspected Chinese spy balloon was shot down off the coast in Holden Beach, North Carolina, U.S. February 4, 2023. Regional analysts and diplomats are closely watching China's response after a U.S. fighter jet shot down the balloon - which Beijing says was an errant weather-monitoring craft - in the Atlantic off South Carolina on Saturday. China on Sunday condemned the attack as an "over-reaction", saying it reserved the right to use the necessary means to deal with "similar situations", without elaborating. But while bilateral tension has risen in the past few days over the balloon incident, Beijing and Washington have been seeking to improve ties. Naval Postgraduate School in California, said any Chinese response would be limited.

☆ China Jan services activity expands for first time in five months - Caixin PMI
▼ + stars: | 2023-02-03 | by ( ) www.reuters.com time to read: +3 min

The Caixin/S&P Global services purchasing managers' index (PMI) rose to 52.9 in January from 48.0 in December, above the 50-point mark which indicates expansion in activity, marking an end to a four-month contraction. The reading mirrored the results of a larger official services PMI published earlier this week, adding to evidence of a rebound in activity in the world's second-largest economy as disruptions from reopening fade. "Improving expectations, restoring confidence, increasing income, expanding consumption, and stimulating domestic demand will be among the priorities," Wang said. Caixin/S&P's composite PMI, which includes both manufacturing and services activity, rose to 51.1 in January from 48.3 the previous month, marking the first expansion in five months. The Caixin PMI is compiled by S&P Global based on responses to questions sent to purchasing managers in China.

WASHINGTON/BEIJING, Feb 3 (Reuters) - U.S. Secretary of State Antony Blinken has postponed a visit to China that had been expected to start on Friday after a Chinese spy balloon was tracked flying across the United States, a U.S. official said. China earlier expressed regret that what it called a "civilian" airship had strayed into U.S. territory after being blown off course, an incident that sparked a political furor in the United States. Republican Senator Tom Cotton had called for Blinken to cancel his trip, while Republican former President Donald Trump, a declared presidential candidate for 2024, posted "SHOOT DOWN THE BALLOON!" It said it would continue to communicate with the United States to "properly handle" the unexpected situation. Senator Marco Rubio, the top Republican on the Senate intelligence committee, said the spy balloon was alarming but not surprising.

☆ Space power China to build ground stations on Antarctica to support satellites
▼ + stars: | 2023-02-02 | by ( ) www.reuters.com time to read: +2 min

China's global network of ground stations to support a growing number of satellites and outer space ambitions has drawn concern from some nations that it could be used for espionage, a suggestion China rejects. In 2020, Sweden's state-owned space company, which had provided ground stations that helped fly Chinese spacecraft and transmit data, declined to renew contracts with China or accept new Chinese business due to "changes" in geopolitics. The project was part of broader initiatives aimed at building China's marine economy and turning China into a marine power, according to China Space News. A Chinese-built ground station in Argentina's Patagonia has stirred concerns about its purpose despite China's assurance that the station's goal is peaceful space observation and spacecraft missions. China in October launched the last of three modules of its space station, which became the second permanently inhabited outpost in low-earth orbit after the NASA-led International Space Station.

"The United States government has detected and is tracking a high-altitude surveillance balloon that is over the continental United States right now," Pentagon spokesperson Brigadier General Patrick Ryder told reporters. It was not clear how the discovery of the spy balloon might affect those plans. Senator Marco Rubio, the top Republican on the Senate intelligence committee, said the spy balloon was alarming but not surprising. A separate U.S. official said the spy balloon had been tracked near the Aleutian Islands and Canada before entering the United States. Spy balloons have flown over the United States several times in recent years, but this balloon appeared to be lingering longer than in previous instances, an official said.

☆ China's Jan factory activity contracts at slower pace - Caixin PMI
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +3 min

The data contrasted with a stronger-than-expected result from an official survey that on Tuesday showed manufacturing activity swinging back to growth. The official survey largely focuses on big and state-owned firms, whereas the Caixin survey centres on small firms and coastal regions, which includes many exporters. With global economic growth sluggish and customer demand cooling, a sub-index of new export orders indicated shrinkage for a sixth straight month in January, though less quickly than in December. The International Monetary Fund on Tuesday revised China's growth outlook sharply higher for 2023, to 5.2% from 4.4% previously, because of the end of zero-COVID. The policy and its lockdowns had slashed China's 2022 growth rate to 3.0%, a pace below the global average for the first time in more than 40 years.

☆ China's Jan factory activity contracts at slower pace amid COVID infections - Caixin PMI
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +3 min

The reading marks the sixth monthly contraction in a row as the 50-point index mark separates growth from contraction on a monthly basis. The Caixin survey centres on small firms and coastal regions, which includes a number of exporters. Economists said the faster-than-forecast "exit wave" of COVID-19 infections suggests that the worst of the economic slump has passed. According to the Caixin survey, the virus outbreak and subdued market conditions continued to weigh on customer demand and factory operations, with sub-indexes of both new orders and output contracting at a slower pace. The International Monetary Fund on Tuesday revised China's growth outlook sharply higher for 2023, to 5.2% from 4.4% previously after "zero-COVID" lockdown policies in 2022 slashed China's growth rate to 3.0% - a pace below the global average for the first time in more than 40 years.

The 8.4 trillion yuan ($1.24 trillion) decrease in profits in 2022 followed a 34.3% rise in 2021. Frequent and widespread COVID disruptions hit production at industrial firms, hurting both supply and demand sides and putting huge upward pressure on costs, said Bruce Pang, chief economist at Jones Lang Lasalle. In 2022, profits at foreign firms slumped 9.5%, while those at private-sector firms shrank 7.2%, NBS data showed. Industrial profits data covers firms with annual revenue above 20 million yuan from their main operations. Liabilities at industrial firms rose 8.6% in 2022 from a year earlier, compared with 9.0% growth as of end-November.

☆ China's cities are struggling to pay their bills from three years of Covid and a real estate crash
▼ + stars: | 2023-01-31 | by ( Laura He | ) edition.cnn.com time to read: +9 min

Rolling lockdowns seriously dented household incomes, leading many to reduce spending, which in turn resulted in less tax revenue for local governments. “China’s runaway local debt poses a serious threat to the country’s overall economic health and will weigh heavily on China’s still-nascent recovery,” said Singleton. Debt that is backed by local governments but which doesn’t show up on their balance sheets could be much bigger. That’s more than 20% higher than the estimate of 53 trillion yuan made by Goldman Sachs in 2021. Their debt squeeze could pose a serious threat to China’s financial system, particularly to small regional banks.

☆ China's Dec home prices fall, more supportive policies likely
▼ + stars: | 2023-01-16 | by ( ) www.reuters.com time to read: +3 min

Analysts say the property sector is showing signs of recovery, but it remains uneven and more supportive policies are needed to revive sentiment in the battered market. From a year earlier, prices fell for the eighth month in a row, dropping 1.5% from a 1.6% slump in November. Prices in tier-one cities remained unchanged from a month earlier in December from a decline of 0.2% in November. To relax restrictions on borrowing for property developers, regulators will improve the "three red lines" rule for 30 pilot firms, state media Xinhua reported last week. The policy restricts the amount of new borrowing property developers can raise each year by placing caps on their debt ratios.

☆ China's Dec services sector extends declines as COVID cases surge - Caixin PMI
▼ + stars: | 2023-01-05 | by ( ) www.reuters.com time to read: +2 min

BEIJING, Jan 5 (Reuters) - China's services activity shrank in December as surging COVID infections hit demand, a private-sector survey showed on Thursday, although the pace of recent declines slowed while business confidence rose to a 17-month high. The Caixin/S&P Global services purchasing managers' index (PMI) rose to 48.0 in December from 46.7 in November, but remained below the 50-point mark, which indicates contraction in activity, for a fourth straight month. China abruptly removed its stringent zero-COVID strategy in early December after rare public protests over the protracted curbs, triggering a surge COVID infections across the country. Caixin/S&P's composite PMI, which includes both manufacturing and services activity, rose to 48.3 in December from 47.0 in the previous month, remaining in contractionary territory for the fourth straight month. The Caixin PMI is compiled by S&P Global based on responses to questions sent to purchasing managers in China.

☆ China's holiday home sales rise 27.1% y/y - private survey
▼ + stars: | 2023-01-03 | by ( ) www.reuters.com time to read: +2 min

Among 22 cities selected by the China Index Academy, the average daily floor area of homes sold rose 27.1% from last year's holiday season. The firm also said major cities such as Beijing and Shanghai saw a rise in sales compared with last year's New Year holiday but sentiment remained at low level in most small cities. Compared with last year's holiday season, home sales rose 80% in Beijing, 74% in Shanghai and 131.5% in Guangzhou. China's property market crisis worsened in 2022, with official data showing home prices, sales and investment all falling in recent months, putting more pressure on the faltering economy. New-home prices in the 100 Chinese cities monitored by the firm fell 0.02% year-on-year in 2022, the first decline since 2015, the real estate research firm said.

☆ China Dec factory activity extends declines on COVID infections - Caixin PMI
▼ + stars: | 2023-01-03 | by ( ) www.reuters.com time to read: +3 min

[1/2] A worker polishes a bicycle steel rim at a factory manufacturing sports equipment in Hangzhou, Zhejiang province, China September 2, 2019. The Caixin/Markit manufacturing purchasing managers' index (PMI) fell to 49.0 in December from 49.4 in November. China's larger official PMI survey on Saturday showed a much sharper decline, with the activity index falling to a near three-year low. The figures provide a snapshot of the challenges faced by Chinese manufacturers who now have to contend with surging infections after the country's abrupt COVID policy U-turn in early December. Chinese leaders have pledged to step up policy adjustments to cushion the impact on businesses and consumers of a surge in COVID infections at a time when a weakening global economy is hurting exports.

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