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☆ China’s new EV subsidies might not be enough to bolster slowing growth
▼ + stars: | 2023-06-22 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

Cadillac advertises for its electric car in Shanghai on May 23, 2023. Hugo Hu | Getty Images News | Getty ImagesBEIJING — Subsidies for electric cars aren't enough to boost growth in China's slowing economy. One of the few detailed stimulus plans Beijing has announced this year extends tax breaks for electric car purchases, according to documents released Wednesday. He was speaking about the electric car market in general. China still leads globally in the installation of public fast charging stations – almost 90% of the global growth in such chargers last year, the IEA said.

Persons: Hugo Hu, China haven't, Craig Zeng, Zeng, Nomura Organizations: Getty, CNBC, International Energy Agency, State Council Locations: Shanghai, BEIJING, Beijing, China

☆ Business in China is getting harder for European companies despite the end of Covid controls
▼ + stars: | 2023-06-21 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

BEIJING – European businesses in China are finding it harder to operate in the country, even after it has re-opened from Covid, the EU Chamber of Commerce in China found in its latest member survey, released Wednesday. Mainland China ended its stringent Covid controls in December, and authorities pledged to support more business travel in and out of the country. "Zero-Covid has ended, but other headwinds will need to be addressed if China is to regain its attractiveness," the Chamber's report said. While the survey noted part of those were due to Covid controls, the outlook remains grim. There's "no expectation that the regulatory environment is really going to improve over the next five years," Jens Eskelund, president of the EU Chamber of Commerce in China, told reporters in a briefing.

Persons: Ole Kaällenius, Zhimin Qian, Li Qiang, Olaf Scholz, Covid, Jens Eskelund Organizations: State Power Investment Corporation, EU Chamber of Commerce Locations: People's Republic of China, BEIJING, China, Covid, Mainland China

☆ As growth stalls for the U.S. and China, Blinken talked up economic ties in high-stakes Beijing trip
▼ + stars: | 2023-06-21 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

Leah Millis | Afp | Getty ImagesBEIJING — Secretary of State Antony Blinken underscored the importance of the economic aspects of the bilateral U.S.-China relationship during his high-stakes trip to Beijing earlier this week. The German Chamber of Commerce in China said that during her Beijing trip, Baerbock visited German company Flender, a gearbox manufacturer. Chairman Colm Rafferty and Vice Chair Roberta Lipson attended the meeting with Blinken on behalf of AmCham China. Slowing growthRegulatory challenges aside, a more pressing issue for businesses is slower economic growth in China and the U.S. in the last few months. He said the growth of major economies such as China is in the U.S. interest and described the economic relationship as "vitally important."

Persons: Antony Blinken, Xi Jinping, Leah Millis, Blinken, Michael Hart, Hart, Annalena Baerbock, Baerbock, Colm Rafferty, Roberta Lipson, AmCham, Xi, Gabriel Wildau, Teneo, Central Foreign Affairs Office Wang Yi, Qin, Trump, Yellen, Joe Biden, it's, Biden Organizations: of, People, Afp, Getty, BEIJING —, State Department, American Chamber of Commerce, CNBC, German, of Commerce, The U.S . Department, State, Communist, Central Foreign Affairs Office, Qin Gang, U.S . Federal Reserve Locations: Beijing, BEIJING, U.S, China, AmCham China, The, China U.S, Taiwan

☆ Chinese EV maker Nio raises more than $700 million in capital injection from Abu Dhabi
▼ + stars: | 2023-06-21 | by ( Evelyn Cheng | ) www.cnbc.com time to read: 1 min

Nio's ET5 stands on display at the Central China International Auto Show on May 25, 2023, in Wuhan, China. BEIJING — Chinese electric car company Nio announced Tuesday it received $738.5 million in new capital from a fund owned by the Abu Dhabi government. The strategic investment ultimately gives the fund, CYVN Holdings, a 7% stake in Nio. Nio earlier this month said lackluster car deliveries was affecting cash flow, and that it was delaying capital expenditure and some research and development projects. Nio disclosed cash and cash equivalents of 14.76 billion yuan ($2.07 billion) as of March, below what it disclosed for the end of 2021 and 2022.

Persons: Nio's ET5, Nio Organizations: Central China International, CYVN Holdings Locations: Wuhan, China, BEIJING, Abu Dhabi, Nio, U.S

☆ Blinken says he failed to revive military-to-military talks with China
▼ + stars: | 2023-06-20 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +2 min

Aly Song | ReutersBEIJING — U.S. Secretary of State Antony Blinken said Monday he failed to revive military-to-military talks with China, despite earlier hopes of reopening that communication channel. China's Defense Ministry declined a call with its U.S. counterpart in early February after the discovery of an alleged Chinese spy balloon over U.S. airspace. Blinken told NBC News on Monday that the spy balloon "chapter should be closed." "I think it's absolutely vital that we have these kinds of communications, military to military," Blinken said. The U.S. shot down the alleged Chinese spy balloon in February.

Persons: Biden, —, Aly Song, Antony Blinken, Xi Jinping, Central Foreign Affairs Office Wang Yi, Qin Gang, Blinken Organizations: Reuters, Reuters BEIJING —, China's Defense, U.S, Communist, Central Foreign Affairs Office, NBC, Pacific Command Locations: Beijing, China, Reuters BEIJING, Reuters BEIJING — U.S, Singapore, U.S, Taiwan Strait, Taiwan

US Secretary of State Antony Blinken (L) walks with China's Foreign Minister Qin Gang (R) ahead of a meeting at the Diaoyutai State Guesthouse in Beijing on June 18, 2023. U.S. Secretary of State Antony Blinken on Sunday met with Chinese Foreign Minister Qin Gang and top diplomat Wang Yi in Beijing on a high-stakes diplomatic mission to cool U.S.-China tensions that have overshadowed geopolitics in recent months. The trip by Blinken makes him the highest-level American official to visit China since Joe Biden became U.S. president and the first U.S. secretary of state to make the trip in nearly five years. Blinken's original travel plans for February were disrupted by news of an alleged Chinese spy balloon flying over U.S. airspace. Beijing considers Taiwan part of its territory, with no right to conduct diplomatic relations on its own.

Persons: Antony Blinken, Qin Gang, Wang Yi, Blinken, Joe Biden, Qin, previosuly, Xi Jinping, Matthew Miller, Nancy Pelosi Organizations: China's Foreign, Sunday, Foreign, U.S, U.S ., U.S . House Locations: Diaoyutai, Beijing, China, U.S, State, Singapore, Taiwan

☆ Blinken to fly to Beijing for high-stakes diplomacy after spy balloon saga
▼ + stars: | 2023-06-16 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

U.S. Secretary of State Antony Blinken boards his plane for travel to Berlin at Joint Base Andrews, Maryland, June 22, 2021. Andrew Harnik | Pool | ReutersBEIJING — U.S. Secretary of State Antony Blinken is set to travel to Beijing this weekend in his first trip to China under the Biden administration. watch now"And so I think that the administration's goals are, at this point unrealistic because of the way Beijing has framed its interest in its strategy." Its appearance had forced Blinken to indefinitely postpone his Beijing trip at the time. The U.S. recognizes Beijing as the sole government of China but maintains unofficial relations with Taiwan, a democratically self-governed island.

Persons: Antony Blinken, Andrew Harnik, Biden, Joe Biden, Xi Jinping, Scott Kennedy, Blinken, Matthew Miller, Drew Thompson, Lee, Thompson, they're, there's, TikTok, Kennedy, Jia Qingguo, Jia Organizations: Joint Base Andrews, Reuters, Reuters BEIJING —, U.S, Center for Strategic, International Studies, CNBC, U.S . Department of State, People's, U.S ., China's Ministry of Foreign Affairs, U.S . Defense Department, Lee Kuan Yew, of Public Policy, Congress, chipmaker Micron, Washington , D.C, Pacific Command, Peking University, Asia Vision Locations: Berlin, Joint Base Andrews , Maryland, Reuters BEIJING, Reuters BEIJING — U.S, Beijing, China, People's Republic of China, U.S, Singapore, Washington ,, Taiwan, South China, Taiwan Strait, Asia, Russian, Ukraine

☆ China's VCs look to the Middle East for a U.S. dollar lifeline
▼ + stars: | 2023-06-16 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

China's ties with the Middle East have warmed since Saudi Arabia and Iran restored diplomatic relations earlier this year — through discussions brokered by Beijing. Those tensions and increased regulatory scrutiny in both countries prompted many U.S.-based investors to hold off on investments in Chinese venture capital funds. Middle East capital is looking to step in, especially as countries such as Saudi Arabia and Qatar look to diversify from dependence on fossil fuels. However, many potential investments in Chinese funds are still in discussion, the venture capital funds said. Preqin data showed the share of Middle East sovereign wealth funds' investment in alternative assets worldwide roughly doubled between 2021 and the first half of 2022.

Persons: Faisal bin Farhan al, Saud, Hu Chunhua, Fayez Nureldine, Morgan Stanley, Khalid Al, CNBC's Dan Murphy, Falih, PIF, Massimo, Aysar Tayeb, Prosperity7, Tayeb, Abu Organizations: Saudi, Political Consultative, China Business Conference, Afp, Getty, BEIJING — Venture, U.S ., CNBC, Public Investment Fund, Investment, Conference, Prosperity7 Ventures, Business, of, Local Locations: Riyadh, BEIJING, China, Saudi Arabia, Iran, Beijing, U.S, Qatar, Middle East, Asia, East, Saudi, Al, Aramco, Hyperview, Shanghai, UAE, of Dubai, Abu Dhabi

☆ China's youth unemployment hits a fresh record high in May, major data disappoint
▼ + stars: | 2023-06-15 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

BEIJING — China's youth unemployment rose to a record in May, while major data missed expectations, according to data released Thursday by the National Bureau of Statistics. The unemployment rate for young people ages 16 to 24 rose to 20.8% in May, a record and above the high set in April. Industrial production rose by 3.5% in May from a year ago, slower than the 3.6% expected by the Reuters poll. Analysts predicted a 4.4% increase in fixed asset investment for the first five months of the year from a year ago. Fixed asset investment for the first five months of the year rose by 4% from a year ago, slower than the 4.4% predicted by Reuters.

Organizations: National Bureau of Statistics, Reuters Locations: Beijing, China, BEIJING

☆ China's youth unemployment hit another record high in May
▼ + stars: | 2023-06-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina's youth unemployment hit another record high in MayOn the other hand, unemployment across all age categories in China is still quite low, suggesting that the overall situation is not as dire as what young people are facing, CNBC's Evelyn Cheng reports.

Persons: CNBC's Evelyn Cheng Locations: China

☆ Chinese Tesla rival Xpeng gets approval to roll out driver-assist tech in Beijing
▼ + stars: | 2023-06-14 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

BEIJING — Chinese electric car brand Xpeng announced Thursday it received approval to start rolling out assisted driving tech to users in the nation's capital city of Beijing. It was not immediately clear when the driver-assist tech could be used on all Beijing city streets. Thursday's announcement follows Xpeng's release of urban scenario driver-assist tech for users in Shanghai in March, after an earlier rollout in Shenzhen and Guangzhou. Xpeng is the only automaker in China to offer a similar level of driver-assist technology as Tesla . While Tesla offers assisted driving technology for use on highways, its "Full Self Driving" function for driver-assist on city streets isn't yet available in China.

Persons: Xpeng Organizations: CNBC, Tesla Locations: Beijing, Sanyuanqiao, BEIJING, Shanghai, Shenzhen, Guangzhou, Xpeng, China

☆ Nio cuts prices for its cars — and delays business expansion plans
▼ + stars: | 2023-06-12 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

Tesla and other electric car companies in China had cut prices earlier this year in a bid to attract buyers. The analysts cut their rating on Nio shares to hold, from buy. Looking ahead, Nio said that it aimed to deliver at least 20,000 cars a month in the second half of the year. watch nowNomura analysts said they expected the car company can improve its deliveries with new models, like the ES6 SUV and ET5 touring sedan. Nio's cash and cash equivalents fell below $1 billion at the end of 2019.

Persons: William Li, Hector Retamal, Nio, William Li's, Tesla, Li, Nomura, Mizuho Organizations: HK, Afp, Getty, China Merchants Bank International, Monday, Nomura, State Council, EV, Mizuho Securities Locations: Shanghai, BEIJING, China, EU

☆ What one key business indicator is saying about China's consumer recovery
▼ + stars: | 2023-06-12 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

"For 618, generally of course brands will be trying, but compared to before it's a bit more tired," said Ashley Dudarenok, founder of ChoZan, a China marketing consultancy. In the first quarter, the median disposable income of urban residents in China was officially 12,175 Chinese yuan ($1,739), up 3.9% from a year ago. A focus on affordabilitySluggish economic growth and uncertainty about future income have weighed on Chinese consumer spending since the Covid-19 pandemic. watch nowBrands are keen to spend more on ByteDance's Douyin, likely taking away from ad spending on Alibaba's Taobao and Tmall e-commerce platforms, Oliver Wyman's Xie said. And for brands spending on Douyin, he said the return on investment per ad dollar was getting lower.

Persons: Jade Gao, Ashley Dudarenok, Dudarenok, let's, Microsoft's Bing, Dave Xie, Oliver Wyman, Douyin, Oliver Wyman's Xie, ByteDance isn't, doesn't, Pinduoduo, Sun Hao, Sun, didn't, Trip.com, Kelly Shi Organizations: Afp, Getty, Baidu, Retail, Brands, Growth, Nestle, Netflix Locations: Beijing, BEIJING, China

☆ China can't rely on Southeast Asian exports to offset a U.S. slowdown
▼ + stars: | 2023-06-09 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

Exports to the Association of Southeast Asia Nations have been growing. The 10-member bloc surpassed the European Union during the pandemic to become China's largest trading partner on a regional basis. Data showed that exports to Southeast Asia fell by 16% in May compared to a year ago, dragging down China's overall exports. Exports to the U.S. — China's largest trading partner on a single-country basis — fell by 18% from a year ago in U.S. dollar terms in May. At $42.48 billion, the U.S. exports in May were more than the $41.49 billion China exported to Southeast Asia that month, according to customs data.

Persons: That's, Bruce Pang, Pang Organizations: Association of Southeast Asia Nations, Union, Exports, —, ASEAN Locations: China's, Indonesia, BEIJING, China, Southeast Asia, U.S, Asia, JLL, Brunei, Cambodia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, Vietnam, The U.S

☆ China's big banks cut deposit rates, signaling monetary easing ahead
▼ + stars: | 2023-06-08 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +2 min

Bloomberg | Bloomberg | Getty ImagesBEIJING — China's largest banks cut interest rates for savers on Thursday in a bid to boost growth in an economy where consumption has been slow to recover. The country's six state-owned commercial banks' websites all showed updated yuan-denominated demand deposit interest rates of 0.2%, down from 0.25% last year, according to CNBC checks. The banks cut rates for other deposit products, including reducing the interest rate for five-year time deposits to 2.5% from 2.65%, according to their websites. The state-run Securities Times reported the deposit rate cuts in the Thursday edition of the newspaper. However, it's not a given that lower deposit rates will translate immediately into greater spending.

Persons: Nomura, Ting Lu, Zhang, it's Organizations: of, Bloomberg, Getty, BEIJING, CNBC, Securities Times, People's Bank of China, China, Management Locations: of China, China, Shanghai

A cargo ship carrying containers is seen near the Yantian port in Shenzhen, following the novel coronavirus disease (COVID-19) outbreak, Guangdong province, China May 17, 2020. BEIJING — China's exports fell in May for the first time since February, customs data showed Wednesday. Exports fell 7.5% year-on-year to $283.5 billion, far worse than the 0.4% decline predicted by a Reuters poll. The disappointing export figures indicate that the longer-term trend is down, said Hao Hong, chief economist at Grow Investment Group. China won't be able depend on trade to boost its economy for "another six months, for sure," he said, noting a drag from lackluster U.S. demand, where inflation — and interest rates — remain high.

Persons: Hao Hong Organizations: Grow Investment Locations: Shenzhen, Guangdong province, China, BEIJING

☆ Is China heading for Japan-like stagnation? Economist says the worst is likely behind us
▼ + stars: | 2023-06-05 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

Jade Gao | Afp | Getty ImagesBEIJING — China's economic recovery from the pandemic is set to broaden, meaning the country isn't headed toward Japan-style stagnation just yet, according to Macquarie's Chief China Economist Larry Hu. The meeting, led by Premier Li Qiang, noted the foundation of China's economic recovery is not yet solid. Similar, but not the same as, Japan"While the worst is behind us, the recovery is far from being self-sustaining," Macquarie's Hu said. Stock Chart Icon Stock chart icon iShares MSCI China ETF"The absence of a self-sustained recovery in China today is mainly a cyclical, not structural, phenomenon," Hu said. The iShares MSCI China ETF is down by about 4% so far this year.

Persons: Jade Gao, Larry Hu, Hu, Macquarie, China's, Premier Li Qiang, Macquarie's Hu, Japan's Organizations: Afp, Getty, BEIJING, China, State Council, Premier, Companies Locations: Beijing, Japan, China

☆ Chinese EV startup Li Auto says car deliveries more than doubled in May
▼ + stars: | 2023-06-02 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

A Li Auto store inside a shopping mall in Yantai, Shandong province on May 6, 2023. BEIJING — Chinese electric car startup Li Auto said it delivered more than twice as many cars in May versus a year ago. Li Auto differs from the two startups in that its electric cars come with a fuel tank for charging the battery and extending driving range. That divergence comes as China's fast-growing electric car market grows more competitive. She expects China's electric car market to grow by 27% this year to 8.7 million units, with penetration of overall auto sales set to grow to 32% this year, versus 26% last year.

Persons: Li Auto, Li, Matty Zhao Organizations: Li, Bank of America Securities, Asia Locations: Yantai, Shandong province, BEIJING, Asia Pacific

☆ Very few U.S.-China flights are back despite the end of Covid
▼ + stars: | 2023-05-31 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +2 min

Previously, the only regular direct flights by Chinese carriers between mainland China and New York since the pandemic were from Shanghai and Guangzhou. Flights of Air China are parked on the tarmac of Beijing Capital International Airport in Beijing, China, March 28, 2016. watch nowIn March, Delta announced it resumed direct flights between the U.S. and China — from Shanghai to Seattle and Detroit. Overall, mainland China's international flights remains below 40% of 2019 levels, the Nomura report said. The analysts expect that level to pick up to 70% by the end of the year as international flights recover around the summer holiday season.

Persons: Nomura, Ting Lu, Kim Kyung Hoon Organizations: China, U.S, Air, U.S . Department of Transportation, Beijing Capital International Airport, Reuters, American Airlines, Delta Locations: BEIJING, U.S, China, Egypt, Saudi Arabia, Italy, Variflight, Middle East, Iran, Beijing, Ukraine, Air China, New York, Shanghai, Guangzhou, Los Angeles, Delta, United, Seattle, Detroit

☆ Flights between China and Middle East almost back to pre-Covid levels: Nomura
▼ + stars: | 2023-05-31 | by ( Evelyn Cheng | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFlights between China and Middle East almost back to pre-Covid levels: NomuraThere has been a lot of "warming up" between China and the Middle East and an increase in capital flows between the two. CNBC's Evelyn Cheng reports.

Persons: CNBC's Evelyn Cheng Organizations: Nomura Locations: China, Middle

☆ New warning signs emerge for China's property market
▼ + stars: | 2023-05-31 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

Construction on a real estate development project gets underway near the Bund in Shanghai, China, on May 25, 2023. BEIJING — New data show China's massive property sector is still struggling to turn around, despite signs of recovery earlier this year. Beijing has eased its pressure on real estate developers in the last year, following a crackdown on their debt levels in August 2020. The property sector and related industries have accounted for more than a quarter of China's economy, according to Moody's estimates. Both weeks' sales volume was lower than during the same period in 2019, prior to the pandemic, the report said.

Persons: That's, Ting Lu Organizations: Bund Locations: Shanghai, China, BEIJING, U.S, Beijing

☆ Chinese consumers won't return to pre-Covid spending soon — a problem for Starbucks, Morgan Stanley says
▼ + stars: | 2023-05-29 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

BEIJING — Chinese consumer spending won't return to pre-Covid levels anytime soon, a problem for international brands such as Starbucks, Morgan Stanley said in a report Sunday. On the spending side, three factors are weighing on China's consumer this year, the Morgan Stanley analysts said. Second, pandemic restrictions and regulatory changes have eliminated 30 million service sector jobs that would have existed prior to Covid, the analysts estimated. About 20 million of those jobs are likely to return later this year and next, the report said. Previously, as recently as during the first half of 2021, property sales had led the recovery, the Morgan Stanley analysts pointed out.

☆ Ford CEO Jim Farley says Chinese automakers such as BYD are its greatest EV rivals
▼ + stars: | 2023-05-25 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

Michael Wayland/CNBCDETROIT — Ford Motor's largest competition in electric vehicles isn't U.S. leader Tesla or crosstown rival General Motors — it's Chinese automakers, CEO Jim Farley said Thursday. Farley said Chinese companies such as Warren Buffett-backed BYD are ahead of the large U.S. automakers and startups on electric vehicles, specifically battery chemistry and other emerging technologies. And they were always committed to electric," Farley said when asked which company is doing EVs right. Farley's comments echo those of industry experts and investors regarding the growth of BYD and other Chinese automakers, which have government backing in China. Farley also noted BYD's battery advantages compared to the current U.S. industry standard of lithium-ion batteries.

☆ China's new ambassador to the U.S. arrives to 'safeguard' Beijing's interests
▼ + stars: | 2023-05-24 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

Xie Feng, China's new ambassador to the U.S., addresses the media as he arrives at JFK airport in New York City, May 23, 2023. China's new ambassador to the U.S. arrived in New York Tuesday with a call to "safeguard the interests of China," according to a release from the country's embassy in the U.S.Xie Feng assumes office after a period of about six months in which China has had no ambassador to the U.S. He was most recently a vice foreign minister. The prior ambassador, Qin Gang, was promoted in December to become China's new foreign minister. Ambassador to China Nicholas Burns in Beijing for the first time since assuming his new role.

Persons: Xie Feng, China's, Xie, Qin Gang, Qin, China Nicholas Burns Organizations: U.S . Department of State, CNBC, U.S Locations: U.S, New York City, New York, China, Beijing

☆ Goldman Sachs says jobs mismatch drove up China's youth unemployment
▼ + stars: | 2023-05-23 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

People look for jobs at a fair in Shanghai, China, on May 20, 2023. Record unemployment among China's young people stems partly from a mismatch between their majors and available jobs, Goldman Sachs analysts said in a report Monday. Regulatory changes wiped out jobs in after-school education in 2021. That "likely contributed to the weakening of labor demand" in information technology, education and property — industries that also tend to hire more young workers, the Goldman analysts said. Their research found that information technology saw one of the largest increases in graduates between 2018 to 2021.

Persons: Goldman Sachs Organizations: Goldman Locations: Shanghai, China

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