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☆ China says foreign trade faces 'extremely severe' situation, blames geopolitics for slump
▼ + stars: | 2023-07-19 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

BEIJING — China's Commerce Ministry on Wednesday said non-economic factors were growing and interfering with the country's foreign trade which was facing an "extremely severe" situation in the second half of this year. "Some countries' forceful push for 'decoupling,' 'severing [supply] chains' and so-called 'de-risking' are human-made obstacles blocking normal commerce," Li Xingqian, the head of the ministry's external trade department, said in Mandarin, according to a CNBC translation. He was speaking to reporters at a press conference about the ministry's work in the first half of the year. China's exports, a significant contributor to domestic growth, have plunged in recent months as global growth has slowed. He also said that since trade had risen during the three years of the Covid-19 pandemic, that had set a high base for this year's figures.

Persons: Li Xingqian, Li Organizations: BEIJING, China's Commerce Ministry, CNBC

☆ Henry Kissinger meets with China's defense minister in Beijing
▼ + stars: | 2023-07-18 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

Former U.S. diplomat Henry Kissinger appears on a screen as he delivers a video address to the participants of the World Economic Forum (WEF) 2023, in the Alpine resort of Davos, Switzerland, January 17, 2023. BEIJING — Henry Kissinger, a former U.S. secretary of State, met with China's defense minister, Li Shangfu, in Beijing on Tuesday, the ministry said in a statement. Kissinger's meeting with Li comes as John Kerry, special presidential envoy for climate, is also in Beijing for climate talks. Li and his U.S. defense counterpart have not spoken officially despite increased tensions around the Taiwan Strait. Blinken said he failed to restore military-to-military talks with China during his visit last month.

Persons: Henry Kissinger, BEIJING — Henry Kissinger, Li Shangfu, Li, John Kerry, Janet Yellen, Antony Blinken, Blinken Organizations: U.S, Economic, State, Embassy, CNBC, Treasury, China Locations: Davos, Switzerland, BEIJING, U.S, Beijing, China, Taiwan Strait

☆ Kerry upholds U.S.-China ‘stability’ in symbolic Beijing visit
▼ + stars: | 2023-07-18 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

Climate Envoy John Kerry and China's Premier Li Qiang attend a meeting at the Great Hall of the People in Beijing on July 18, 2023. Florence Lo | Afp | Getty ImagesBEIJING — In the third high-level U.S. official visit to China in about a month, U.S. special envoy for climate John Kerry emphasized efforts to stabilize the bilateral relationship. John Kerry Chinese premierThe world faces great "challenges" in responding to climate change, Li said. Earlier on Tuesday, Kerry also emphasized stability in his meeting with China's top diplomat, Wang Yi. "Biden is very committed to stability within this relationship and also to achieve efforts together, that can make a significant difference in the world," Kerry said.

Persons: John Kerry, Li Qiang, Florence Lo, Biden, Xi, Kerry, Premier Li Qiang, Li, Janet Yellen, Antony Blinken, Xi Jinping, Blinken's, Wang Yi, Nancy Pelosi, Wang Organizations: Climate, of, People, Afp, Getty, Premier, U.S, Treasury, CNBC Locations: Beijing, BEIJING, China, UAE, U.S, United States, Taiwan

☆ Can ChatGPT find ‘hidden gems’ in Europe? Yes, if you use these prompts
▼ + stars: | 2023-07-18 | by ( Lisa Lucas | Evelyn Chen | ) www.cnbc.com time to read: +3 min

The advantage of using ChatGPT is that it can take you down any track you want. It's even possible to uncover hidden gems – if you ask the right questions. To uncover a genuine Tuscan experience, use prompts such as: "Can you recommend authentic restaurants locals love that are known for quality and flavor near Val d'Orcia, with websites and reviews?" ChatGPT understands queries about where locals like to eat, and being specific gets better results. To find "hidden gem" restaurants in Val d'Orcia, the more specific the question, the better, says travel writer Lisa Lucas.

Persons: I've, Lisa Lucas, Lisa Lucas ChatGPT, Val d'Orcia, Lanzellotto Organizations: Agf, Getty Locations: Italian, London, Tuscany, Here's, Florence, Siena, American, Elba, Pienza, d'Orcia, Val

☆ China reports second-quarter GDP miss, another record high in youth unemployment
▼ + stars: | 2023-07-17 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +2 min

BEIJING — China said Monday that second-quarter gross domestic product grew by 6.3% from a year ago, missing expectations. The unemployment rate among young people ages 16 to 24 was 21.3% in June, a new record. The 6.3% GDP print for the second quarter marked a 0.8% pace of growth from the first quarter, slower than the 2.2% quarter-on-quarter pace recorded in the first three months of the year. Analysts polled by Reuters had predicted a 7.3% increase in the second quarter GDP. When asked about the outlook for the second half, spokesperson Fu said he expected real estate investment would remain low for the near future.

Persons: Fu Linghui, Fu Organizations: Railway, Reuters, National Bureau of Statistics, CNBC, Information, Investment Locations: Guangzhou, BEIJING — China, China, Beijing

☆ What China's resilient big spenders are buying and the stocks that benefit
▼ + stars: | 2023-07-16 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

That's approximately how large China's "premium" consumer population is – and it's a "huge" opportunity for higher-end sportswear by foreign companies, according to Bernstein. By U.S. standards, it doesn't take much to be considered premium in China. Adidas and Nike are like Benz, BMW, the highest end, he said, while the other brands are like Audi or Toyota. For Nike and Adidas, even their lowest price is two times that of local competitors, the Bernstein analysts said. However, focusing only on the premium growth segment can overlook the fact that many of China's consumers still live in smaller cities.

Persons: Bernstein, Aneesha Sherman, Li Ning, Irving, Miao Kun, –, Hoka, — CNBC's Michael Bloom Organizations: . Census, Anta Sports, Wednesday, basketball, Adidas, Nike, Benz, BMW, Audi, Toyota, Management, P Locations: China, That's, U.S, Hong Kong, Beijing, Thursday's, Germany, eyeing, Shanghai, Chengdu

☆ China's central bank says consumer prices will likely drop in July
▼ + stars: | 2023-07-14 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

Jason Lee | ReutersBEIJING – China's consumer prices will likely decline in July before recovering, Liu Guoqiang, deputy governor of the People's Bank of China, told reporters Friday. Official measures of consumer prices have barely changed in the last several months amid tepid demand, in contrast to high inflation in the U.S. and Europe. watch nowThe central bank said in April consumer prices would likely see a "U-shaped" recovery this year. He described the real estate market as "stable" overall, but said that "some real estate companies' long-accumulated risks require a period of time to gradually absorb." He said that was out of "consideration of deep changes in the relationship between supply and demand in [China's] real estate market."

Persons: Jason Lee, Liu Guoqiang, Liu, Bruce Pang, Zou Lan, Zou Organizations: People's Bank of China, Reuters, People's Bank of Locations: Beijing, China, Reuters BEIJING, People's Bank of China, U.S, Europe, JLL

The dollar value of China exports are expected to decline 9.5% in June from a year earlier, according to a Reuters poll, deepening a 7.5% annual decline in May. China's exports contracted more than expected in June, hit by shrinking global demand and adding to concerns about the world's second-largest economy. The dollar value of China's exports plunged 12.4% in June from a year ago, customs data showed Thursday. This is a far bigger drop than expectations for a 9.5% decline in a Reuters poll and the 7.5% annual decline in May. Imports declined 6.8%, in June from a year ago, also worse than expectations for a 4% decline and the 4.5% annual decline in May.

Persons: Lu Daliang Locations: China

☆ U.S. climate envoy John Kerry to visit China as talks pick up again
▼ + stars: | 2023-07-12 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

US climate envoy John Kerry (L) gestures as he speaks next to China's special climate envoy Xie Zhenhua (R) during a session at the World Economic Forum annual meeting in Davos on May 24, 2022. BEIJING — John Kerry, special presidential envoy for climate, is set to visit Beijing from July 16 to 19, according to announcements from the U.S. and China. Kerry's trip will mark the third time in a month that a high-level U.S. official has traveled to China for talks. Treasury Secretary Janet Yellen ended a four-day trip to Beijing on Sunday. Secretary of State Antony Blinken visited Beijing in late June, months after he was originally scheduled to travel there in February.

Persons: John Kerry, Xie Zhenhua, BEIJING — John Kerry, Kerry, Janet Yellen, Antony Blinken, Blinken Organizations: U.S . State Department, Sunday Locations: Davos, BEIJING, Beijing, U.S, China, People's Republic of China

☆ One of Asia’s most luxurious trains is returning to the rails with a new route
▼ + stars: | 2023-07-11 | by ( Monica Pitrelli | Evelyn Chen | ) www.cnbc.com time to read: 1 min

The Eastern & Oriental Express is heading back to the tracks. Services for the train service are restarting in February 2024, according to an announcement today by the train's owner, the luxury travel company Belmond. The passenger train, long considered one of the most luxurious rail rides in Asia, started operating in 1993, connecting Bangkok to Singapore. The Eastern & Oriental is returning with 15 carriages, including two restaurant cars, one piano bar car and an open-air observation car. Bookings for 2024 opened today with rates from $3,410 per person for a three-day journey, which includes all meals, beverages and scheduled activities.

Organizations: Oriental, Services, State Locations: Asia, Bangkok, Singapore, Pullman

☆ China has a new foreign relations law. Here's what it means for business
▼ + stars: | 2023-07-11 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

Vcg | Visual China Group | Getty ImagesBEIJING — For foreign businesses in China, geopolitics hold more sway than new Chinese laws, according to analysts. Two new laws, one on espionage and the other on foreign relations, took effect July 1. In strictly legal terms, however, the legislative changes themselves don't increase the risk for foreign businesses in China, said Jeremy Daum, senior fellow at Yale Law School's Paul Tsai China Center. The website's translation of the Foreign Relations Law notes that foreign organizations in China "must not endanger China's national security, harm the societal public interest, or undermine societal public order." A House committee delegation discussed China business in their meeting with executives of high-profile U.S. tech and media companies in California in April.

Persons: Jeremy Daum, Yale Law School's Paul Tsai, Antony Blinken's, Michael House, Perkins, Daum, Mintz, It's, Alex Liang Anjie, Michael Hart, he's, Hart, Janet Yellen, Jens Eskelund, Alex Liang Organizations: Visual China, Getty, Yale Law, Yale Law School's Paul Tsai China Center, U.S, China, Foreign Relations, Mintz Group, Bain, Capvision Partners, Reuters, American Chamber of Commerce, Treasury, Companies, EU Chamber of Commerce Locations: BEIJING, China, Beijing, Washington, U.S, Shanghai, California, Broad

☆ Yellen's latest trip helps set a new normal for the U.S.-China relationship
▼ + stars: | 2023-07-10 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

Cabinet member to visit China in a month, setting the stage for more high-level communication between the two countries. In coming days, John Kerry, special presidential envoy for climate, also plans to visit China, he told the The New York Times. She said she told her Chinese counterparts that any curbs on U.S. outbound investments would be "very narrowly targeted." Yellen's visit this past Thursday to Sunday came about three weeks after Blinken met with Chinese President Xi Jinping in Beijing. He also leads China-U.S. economic and trade cooperation efforts, according to a state media report that described his meeting with Yellen as "constructive."

Persons: Li Qiang, Janet Yellen, Mark Schiefelbein, John Kerry, Antony Blinken, Yifan Hu, Yellen, Blinken, Xi Jinping, Scott Kennedy Organizations: U.S, Treasury, of, People, Afp, Getty, U.S . Cabinet, New York Times, CNBC, Asia Pacific, UBS Global Wealth Management, Ministry of Finance, Commerce Ministry, CBS, Scott Kennedy Center for Strategic, International Locations: Beijing, BEIJING, U.S, China, Asia

☆ From Taylor Swift to the World Cup, travelers are paying big bucks to catch overseas games and shows
▼ + stars: | 2023-07-10 | by ( Monica Pitrelli | Evelyn Chen | ) www.cnbc.com time to read: +6 min

When Taylor Swift's Eras tour rolls into Singapore next year, Rjay Ignacio said he'll be there — whether he has a ticket or not. "If I'm not able to get a ticket, I'm still going to Singapore," he said. He said he would only travel "for Taylor … I'm a big fan." Swifties, or Taylor Swift fans, spend an average of $1,330 on tickets, food and travel, according to the research company QuestionPro. To avoid facing an "astronomical price surge," Jakarta resident Wid said one of his friends booked a hotel in Singapore before Swift's tour tickets even went on sale.

Persons: Taylor, Rjay Ignacio, he'll, Taylor Swift, I'm, Ignacio, Taylor …, Farhan Abrol, Kanyarat Teawprasong, Swift, Armando L, Sanchez, Lionel Richie, Harvey Cohen, Wid, Nan Palmero, I'd Organizations: Deloitte, Wimbledon, CNBC Travel, Austin City Limits Music, Chicago Tribune, Tribune, Service, Swift's, Qatar Airways, FIFA, Accor Locations: Singapore, Asia, Pasig City, Philippines, YOLO, Francisco, Bangkok, Korea, Japan, Taiwan, Hong Kong, Thailand, Southeast Asia, Las Vegas, Chicago's Grant, Bahamas, United States, Navan, Cincinnati, Pittsburgh, Jakarta, Doha

☆ The chip wars are heating up. This Chinese stock rose 30% in five days
▼ + stars: | 2023-07-09 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

China is starting to show what sway it has in the semiconductor supply chain, and stocks are only starting to react. About a week ago on July 3 , China's Commerce Ministry announced export restrictions on germanium and gallium would take effect on Aug. 1. WestSummit claims about 20 billion yuan ($2.77 billion) in assets under management. China's latest export curbs follow sweeping U.S. export restrictions in October to limit Chinese businesses' access to advanced semiconductor technology. One of Delta's investments, Shanghai New Vision Microelectronics, raised just over 1 billion yuan in an initial public offering on Shanghai's Star board on June 1.

Persons: Bo Du, Du, WestSummit, Greg Ye, Ye, Wei Jianguo, Wei didn't, Brian Tycangco, Tycangco Organizations: China's Commerce Ministry, . Geological Survey, WestSummit Capital Management, CNBC, Delta Capital, Shanghai New Vision Microelectronics, Shanghai's Star, Stansberry Research, Materials, Earth Holdings Locations: China, Yunnan, U.S, Shenzhen, Shanghai, Washington, Beijing

☆ U.S. Treasury Secretary Janet Yellen meets Chinese Premier Li Qiang
▼ + stars: | 2023-07-07 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

Chinese Premier Li Qiang (R) shakes hands with US Treasury Secretary Janet Yellen during a meeting at the Great Hall of the People in Beijing on July 7, 2023. BEIJING — U.S. Treasury Secretary Janet Yellen defended American actions to protect its national security in prepared remarks for a meeting with Chinese Premier Li Qiang. "The United States will, in certain circumstances, need to pursue targeted actions to protect its national security," Yellen said Friday in prepared remarks. Among several measures, the U.S. in October announced sweeping export controls that restrict the ability of Chinese businesses to develop advanced semiconductors. The ministry said Thursday the measures were not targeted at a specific country, and that it had notified the U.S. and Europe ahead of the public announcement.

Persons: Li Qiang, Janet Yellen, Premier Li Qiang, Yellen Organizations: of, People, Treasury, Premier, China's Ministry of Commerce Locations: Beijing, BEIJING — U.S, United States, U.S, China, Europe

☆ Yellen says she's 'concerned' about China's new export controls in her first public remarks in Beijing
▼ + stars: | 2023-07-07 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

U.S. Treasury Secretary Janet Yellen (R) shakes hands with U.S. BEIJING — U.S. Treasury Secretary Janet Yellen said Friday she is "concerned" about the export controls China announced this week. "I am also concerned about new export controls recently announced by China on two critical minerals used in technologies like semiconductors," Yellen said in prepared remarks for a meeting with U.S. businesses in Beijing. The Biden administration has announced measures aimed at bolstering American tech capabilities and limiting China's access to advanced tech. Those include sweeping export controls that took effect in October and restrict the ability of U.S. businesses to sell certain advanced computing semiconductors or related manufacturing equipment to China.

Persons: Janet Yellen, China Nicholas Burns, Yang Yingming, Yellen, Biden Organizations: Treasury, U.S, Department of International Economic Relations, China's Ministry of Finance, China, China's Ministry of Commerce Locations: China, Beijing, BEIJING — U.S

☆ The best places to eat in Andalusia — from a chef with three Michelin stars
▼ + stars: | 2023-07-06 | by ( Evelyn Chen | ) www.cnbc.com time to read: +4 min

The restaurant, located in the heart of the Bahia de Cadiz Natural Park, is helmed by Chef Angel Leon. Jerez: Bar MatyAccording to Leon, Bar Maty is arguably the "best bar in the world" to eat fried fish washed down with beer or wine. The stall serves churros finos (thin churros) and churros gordos (fat churros), which can be eaten with coffee or chocolate in one of the nearby bars. La Taberna del Chef del MarLocated at the original site where Leon founded Aponiente, La Taberna del Chef del Mar is an informal tavern in El Puerto de Santa Maria with convivial service by Leon himself. La Taberna del Chef del Mar serves "easy-going food with marine soul," according to its website.

Persons: Chef Angel Leon, Leon's, Alvaro Fernandez Prieto, Leon, Benito Gomez, Bardal's Benito Gomez, Bardal Gomez, Pedro Sanchez, Chateau, Martin Berasategui, quisquilla de, Jose Sanchez, Carlos, Paco Ruiz Salguero, Bar, Antonio Gonzalez, Churros, Salguero Venegas, churros, Mar, Aponiente, del Mar Organizations: Michelin, Baga, Casa Antonio, Chateau de, Marinos Jose Los Marinos Jose, Arcos, Frontera, Santa Maria, Santa Locations: Andalusia, Aponiente, Bahia, Cadiz, Spain, Ronda, Bardal, Catalan, Barcelona, Jaen, Casa, Chateau de Bagnols, Baga, Motril, Fuengirola, Costa del Sol, Rejas, Cardiz, Arcos de, White, Malaga, Buen, Jerez, Leon, El Puerto, Santa Maria, del

☆ China says it told the U.S. and Europe about the export controls in advance
▼ + stars: | 2023-07-06 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

BEIJING — China's Ministry of Commerce said Thursday the country told the U.S. and Europe about this week's export controls in advance. China did so through "export control dialogue channels," commerce ministry spokesperson Shu Jueting said in Mandarin, translated by CNBC. The commerce ministry announced Monday that starting Aug. 1 China would restrict exports of gallium and germanium — two metals used in semiconductor manufacturing. That means companies in China need to apply for licenses in order to export the metals. Spokesperson Shu said the ministry had yet to receive any applications for export licenses, and noted the rules don't take effect until Aug. 1.

Persons: Shu Jueting, Shu Organizations: BEIJING — China's Ministry of Commerce, CNBC Locations: China, BEIJING, U.S, Europe

☆ China’s Xi says countries share responsibility to promote growth, opposes decoupling
▼ + stars: | 2023-07-04 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

BEIJING — Chinese President Xi Jinping said Tuesday that Beijing opposes "decoupling and breaking links," according to a CNBC translation of a Chinese-language state media readout. Promoting economic growth is the shared responsibility of countries in the region, Xi said, per the report of his remarks at a virtual summit of the Shanghai Cooperation Organization. The SCO is a political, security and trade alliance whose members are China, India, Russia, Kazakhstan, Kyrgyzstan, Pakistan, Iran, Tajikistan and Uzbekistan. China is willing to work with all parties to implement the Global Development Initiative, and make the "cake" bigger so that people in different countries can benefit, the state media report of Xi's remarks said. The country opposes protectionism, unilateral sanctions and generalizing the concept of national security, the report also said Tuesday.

Persons: Xi Jinping, Xi, Xi's Organizations: National Congress, Communist Party of China, of, People, CNBC, Shanghai Cooperation Organization, SCO, Global Development Initiative, Global, Initiative, United Nations Locations: Beijing, China, BEIJING, India, Russia, Kazakhstan, Kyrgyzstan, Pakistan, Iran, Tajikistan, Uzbekistan, Saudi Arabia

☆ BYD launches its most direct Tesla competitor yet
▼ + stars: | 2023-07-04 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

The Denza N7 is set to begin deliveries in about two weeks, according to the company. In another page from Nio's playbook, the Denza N7 launch in Beijing was followed by a live music performance. Its prior electric model, the D9 multi-purpose vehicle, claims more than 10,000 sales a month since since March. At the time Zeng said he expected competition in China's new energy vehicle market would move into the 400,000 yuan to 500,000 yuan price range and above. The 100,000 yuan to 200,000 yuan price range has been the primary price range for cars in China, Zeng said.

Persons: Yang Dongsheng, Tesla, Tu Le, Denza, playbook, Denza's, Zhao Changjiang, BYD, Nvidia Orin, Orin isn't, Yang, Craig Zeng, Zeng Organizations: Bloomberg, Getty, Tesla's, Tesla, Benz Group, Tech, Benz, BMW, Audi, Qualcomm, Nvidia, CNBC Locations: Beijing, BEIJING, China, Weibo, Thailand, Hong Kong, Macao, Europe

☆ Before Apple's Vision Pro hits the shelves, lower-priced rival Xreal claims it's near 200k shipments
▼ + stars: | 2023-07-04 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

Worldwide shipments of VR headsets and augmented reality devices dropped by more than 12% to 9.6 million in 2022, according to CCS Insight. For Vision Pro to be successful, it needs to replace personal computers, said Nicole Peng, senior vice president, mobility, at Canalys. She said that's the value proposition Vision Pro has set up, which is different from what Xreal or Meta offer. "Nreal, Xreal glasses still need to connect with a PC or a phone," Peng said. Apple has not released such figures for Vision Pro.

Persons: Peng Jin, Xreal, Jin, Canalys, Nicole Peng, Peng, Steve Kovach Organizations: Mobile World Congress, MWC, Shanghai, Visual China, Getty, CNBC, Shanghai MWC, Apple, Vision, VR, CCS Insight, Meta, Xreal, Xreal Air, Amazon.com, U.S ., Pro Locations: BEIJING, Canalys, Nreal, U.S, Japan, South Korea, China, Europe

☆ China's central bank gets a new party secretary
▼ + stars: | 2023-07-03 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

Pan Gongsheng was named party secretary of the People's Bank of China on July 1, 2023. BEIJING — The People's Bank of China announced Saturday that Pan Gongsheng, head of the country's foreign exchange regulator, would become the central bank's party secretary. In a country ruled by the Communist Party of China, the party secretary of an institution typically holds the most sway. That institution was absorbed into the National Financial Regulatory Administration in a financial regulatory overhaul announced in March and is set to take effect this year. The administration's party secretary and director is Li Yunze, a rare minister-level appointee of the younger 1970s generation.

Persons: Pan Gongsheng, Gongsheng, Xi Jinping, Guo Shuqing, Li Yunze Organizations: People's Bank of China, Communist Party of China, China Banking, Insurance, Commission, National Financial Regulatory Administration Locations: BEIJING, Beijing, China

☆ China’s Catch-22 situation for the economy – and how to invest around it
▼ + stars: | 2023-07-02 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

A look through China's economy today reveals a few dilemmas, especially for investors trying to gauge future growth. The nature of China's economic recovery over the last few months from Covid have unique characteristics that aren't easily captured in broad strokes, Goldman Sachs' Andrew Tilton and a team pointed out back in late May. That means the stock winners of China's recovery are likely hidden under broader market performance. One month since Goldman's assessment, China's economic trajectory remains the same. "If weak confidence becomes so entrenched, it could be self-fulling and derail the economic recovery."

Persons: outflows, Michael Pettis, Chang Li, There's, — it's, Goldman Sachs, Andrew Tilton, Covid, — CNBC's Michael Bloom Organizations: Peking University, CNBC, Citi, AIA, Hong Locations: U.S, China, Hong Kong, Shenzhen

☆ Huawei says applying 5G technology to business was more difficult than expected
▼ + stars: | 2023-06-29 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

Huawei Technologies Chief Financial Officer Meng Wanzhou reacts as she leaves her home to attend a court hearing in Vancouver, Canada, August 10, 2021. SHANGHAI — Huawei's Chief Financial Officer Meng Wanzhou said Wednesday that applying 5G technology to business was more difficult than she had expected. One of the expectations for 5G connectivity is that beyond faster mobile phone connections for individual consumers, the technology can better enable self-driving vehicles and factory automation. Meng said the challenges of bringing 5G to business was underestimated and that it's completely different than previous 2G, 3G or 4G generations. Meng was speaking at a keynote session at the Shanghai Mobile World Congress on Wednesday, where she spoke broadly about the benefits of 5G to consumption and the economy.

Persons: Meng Wanzhou, SHANGHAI —, Meng Organizations: Huawei Technologies, Shanghai Mobile Locations: Vancouver, Canada, SHANGHAI

☆ China's economy is set to grow faster in the second quarter, Premier Li Qiang says
▼ + stars: | 2023-06-27 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +2 min

Chinese Premier Li Qiang attends a meeting on June 26, 2023, with the Director-General of the World Trade Organization ahead of the World Economic Forum New Champions meeting in Tianjin, China. Pool | Getty Images News | Getty ImagesBEIJING — Chinese Premier Li Qiang said Tuesday his country was still on track to reach its annual growth target of around 5%. Li was speaking at the opening plenary of the World Economic Forum's Annual Meeting of the New Champions. On Tuesday, the Chinese premier repeated the line about forecast upgrades, again without mentioning specific institutions or dates. In June, the World Bank raised its forecast for China's growth this year to 5.6%, up from 4.3% previously.

Persons: Li Qiang, Li, Xi Jinping, Goldman Sachs Organizations: World Trade Organization, Getty, New, JPMorgan, UBS, Bank of America, Bank, Monetary Fund Locations: Tianjin, China, BEIJING

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