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Summary China's Oct exports contract 0.3% y/y, misses forecastImports also shrink, highlights impact of China's COVID curbsTrade balance widens slightly from SeptBEIJING, Nov 7 (Reuters) - China's exports and imports unexpectedly contracted in October, the first simultaneous slump since May 2020, as surging inflation and rising interest rates hammered global demand while new COVID-19 curbs at home disrupted output and consumption. It heaps more pressure on the country's manufacturing sector and threatens any meaningful economic revival in the face of persistent COVID-19 curbs, protracted property weakness and global recession risks. Tepid domestic demand, weighed down by fresh COVID curbs and lockdowns in October as well as the cooling property market, hurt imports too. The data reflected a recent official factory activity survey which showed a sub-index for imports extended declines last month. The overall trade figures resulted in a slightly wider trade surplus of $85.15 billion, compared with $84.74 billion in September, missing a forecast of $95.95 billion.

☆ China to implement policies to boost private investment
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: +1 min

BEIJING, Nov 7 (Reuters) - China's state planner on Monday issued a notice saying it would further improve the policy environment to encourage the development of private investment, the latest move to prop up the faltering economy facing multiple headwinds. China will increase policy support to stimulate the vitality of private investment, stabilise market expectations and increase job opportunities, as "private investment accounts for more than half of the total social investments," said the notice. Beijing also said it woud support the development of the platform economy with a focus on investment of key projects such as artificial intelligence, cloud computing and blockchain. Central-owned enterprises will be encouraged to step up the use of new products and technologies from private enterprises. Reporting by Liangping Gao and Ryan Woo; Editing by Tom Hogue and Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

☆ China vows to continue with 'dynamic-clearing' COVID strategy
▼ + stars: | 2022-11-05 | by ( ) www.reuters.com time to read: +2 min

The country's strict COVID containment approach is still able to control the virus, despite the high transmissibility of COVID variants and asymptomatic carriers, an official from the China National Health Commission told a news conference. Asked if there would be a change of policy in the near term, disease control official Hu Xiang said China's measures are "completely correct, as well as the most economical and effective." The briefing followed a week in which markets surged on hope China would relax restrictions, buoyed further on Friday when a former disease control official told a banking conference that China would make "substantial" changes to COVID policy in the coming months. "We attach great importance to these problems and are rectifying them," said Tuo Jia, another disease control official. China reported 3,837 new COVID-19 infections for Friday, of which 657 were symptomatic and 3,180 were asymptomatic, a slight decrease from the six-month-high of 4,045 new COVID-19 infections reported a day earlier.

☆ China's Oct exports seen cooling further as global demand weakens: Reuters poll
▼ + stars: | 2022-11-04 | by ( ) www.reuters.com time to read: +3 min

"The tepid outlook for global supply chains does not bode well for China's exports," said Raymond Yeung, chief China economist at ANZ. "In addition to slowing global demand amid a likely global recession, we note export orders normally sent to China are being diverted to other emerging market economies." Combined with a high base of comparison from last year, Barclays forecast China's exports could fall 2-5% in 2023. read moreImports were forecast to have risen just 0.1% from a year earlier, the poll showed, compared with a 0.3% gain in September. The weak trade forecasts implied that China's trade surplus would widen to $95.95 billion from 84.74 billion in September.

☆ China COVID cases surge to 6-month high as tensions in affected cities build
▼ + stars: | 2022-11-04 | by ( ) www.reuters.com time to read: +4 min

Almost three years into the pandemic, China has stuck to a strict COVID-19 containment policy that has caused mounting economic damage and widespread frustration. Curbs and lockdowns became more frequent with the spread of the highly transmissible Omicron strain. China has yet to describe when or how it will begin to exit from its current approach. Earlier this week, Chinese shares jumped after rumours that China was planning a reopening from strict COVID curbs in March. Domestic tensions have steadily built this year as the endless curbs, restrictions and lockdowns fuelled unhappiness.

☆ Beijing marathoners prep for historic race while keeping COVID at bay
▼ + stars: | 2022-11-04 | by ( Josh Arslan | ) www.reuters.com time to read: +2 min

[1/5] Oscar Wu (R), founder of Oscar Running Club (ORC) and Beijing Marathon participant, leads members of his club run beside road during a training session for the Beijing Marathon 2022, in Beijing, China October 29, 2022. Over 26,000 runners have registered to run the 42.195-km (26.2-mile) route on Nov. 6, in what would be the first Beijing marathon in two years after being cancelled in 2020 and 2021 because of COVID-19. The Beijing Marathon is celebrating its 40th year this month since its inception in 1981, a year late because of last year's cancellation. Fitness training was not the only preparation club members undertook. "Secondly, even if this race is cancelled, we can't just stop our running because we are still doing it for ourselves.

☆ Germany's Scholz: It is clear China, Germany are no friends of 'decoupling'
▼ + stars: | 2022-11-04 | by ( ) www.reuters.com time to read: 1 min

BEIJING, Nov 4 (Reuters) - German Chancellor Olaf Scholz told Chinese Premier Li Keqiang on Friday that it was clear China and Germany were no friends of "decoupling". But both need reciprocity and the same access for investments on both sides, and also prevent dependencies, Scholz said during his visit to Beijing. Reporting by Andreas Rinke; Writing Ryan Woo; Editing by Alex RichardsonOur Standards: The Thomson Reuters Trust Principles.

☆ China, Germany should respect each other - Xi tells Scholz
▼ + stars: | 2022-11-04 | by ( ) www.reuters.com time to read: 1 min

BEIJING, Nov 4 (Reuters) - Chinese President Xi Jinping told German Chancellor Olaf Scholz on Friday that China and Germany should respect each other and take care of each other's core interests, according to state-run Xinhua news agency. It is very easy to destroy mutual trust politically, but it is hard to rebuild it, Xi said during his meeting with Scholz in Beijing. Reporting by Ryan Woo; Editing by Himani SarkarOur Standards: The Thomson Reuters Trust Principles.

☆ Spain briefly closes part of airspace as Chinese rocket debris flies over
▼ + stars: | 2022-11-04 | by ( ) www.reuters.com time to read: +2 min

MADRID, Nov 4 (Reuters) - Spain briefly closed the airspace over the northeastern region of Catalonia and three other regions on Friday as remnants of a Chinese rocket were expected to pass by, emergency authorities in Catalonia said on Friday. The Long March 5B (CZ-5B), China's most powerful rocket, blasted off on Oct. 31 from southern China to deliver the last module of the Chinese space station currently under construction. As gravity pulls the rocket back to Earth, most of it is expected to burn up on re-entry, though there are concerns sizable chunks might survive. "These predictions however come with uncertainties, and a better estimation will only be possible close to the re-entry." Debris from the second flight landed harmlessly in the Indian Ocean, while remnants from the third fell into the Sulu Sea in the Philippines.

BEIJING, Nov 4 (Reuters) - German Chancellor Olaf Scholz and a delegation of business leaders landed in Beijing on Friday morning, kicking off the first visit by a leader of a G7 nation to China in three years. China's strict zero-COVID policy and growing tensions with the West have made it unfeasible for leaders of major western powers to visit China, while Chinese President Xi Jinping has only just resumed foreign trips. Amid historic inflation and looming recession in Germany, Scholz will be looking to emphasise the need for continued cooperation with China, analysts say. In the run-up to the visit, there had been criticism of the visit within the EU and the German government coalition, mainly from the Green Party and the Liberals. Scholz has changed his tune even faster, but he does not have as solid of a domestic political standing as Merkel," said Wang.

☆ China's services activity skids in October on COVID restrictions - Caixin PMI
▼ + stars: | 2022-11-03 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Thomas PeterBEIJING, Nov 3 (Reuters) - China's services activity contracted again in October as COVID-19 containment measures hit businesses and consumption, overshadowing the economic rebound in the last quarter, a private-sector business survey showed on Thursday. An official survey on Monday also showed services activity, which relies more on face-to-face interactions, fell into contraction territory in October from expansion in the month prior. Surprisingly, the survey showed that efforts to expand staffing capacity and enhance sales capabilities led to a rise in employment across the service sector. read moreCaixin's composite PMI, which includes both manufacturing and services activity, dropped to 48.3 in October from 48.5 the previous month, marking the lowest since May. The Caixin PMI is compiled by S&P Global from responses to questions sent to purchasing managers in China.

☆ China vows commitment to growth as investors bet on easier COVID policy
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +6 min

Even though case numbers are rising and disruptive lockdowns continue with no clear exit strategy in sight, investors latched on to hope that China may ease its strict COVID policy in the coming months. Renewed COVID lockdowns are weighing heavily on China's business activity and consumer confidence. read moreOPEN-DOOR POLICYYi Gang, governor of the People's Bank of China (PBOC), said China will continue to deregulate its markets. While other countries have been tightening policy to battle rising prices, China has implemented an accommodative monetary policy to shore up sputtering growth, raising concerns about capital flight. With China's zero-COVID policy expected to remain in place through at least the winter, or longer, its near-term growth outlook is bleak.

☆ China vows commitment to growth as pressure on economy mounts
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +5 min

Renewed COVID lockdowns are weighing heavily on China's business activity, consumer confidence and financial markets, adding to a sharp downdraft on the global economy from surging inflation and rising interest rates. OPEN-DOOR POLICYYi Gang, governor of the People's Bank of China (PBOC), said China will continue to deregulate its markets. With China's zero-COVID policy expected to remain in place through at least the winter, or longer, its near-term growth outlook is bleak. After surprisingly high gross domestic product growth of 3.9% in the third quarter, Nomura expects growth to drop again, with zero or even negative sequential growth from the previous quarter. "We maintain our GDP growth forecast of 2.8% year-on-year for the fourth quarter with a corresponding sequential growth forecast at 0.0%."

☆ China will support Pakistan in stabilising its financial situation - Xi
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +2 min

BEIJING, Nov 2 (Reuters) - China will continue to support Pakistan as it tries to stabilise its financial situation, state media quoted President Xi Jinping as saying on Wednesday, during a visit by Pakistan's prime minister to Beijing. Pakistan was expected to seek debt relief from China, particularly the rolling over of bilateral debt of around $23 billion. China has been involved in major mining and infrastructure projects in Pakistan, including the deep-water Gwadar port, all part of the $65 billion China-Pakistan Economic Corridor (CPEC). China will also export technology for a 160 km/h high-speed railway train to Pakistan, state broadcaster CCTV said on Wednesday. China welcomes Pakistan to expand high-quality agricultural exports to the country, and is willing to deepen cooperation in areas including the digital economy, e-commerce, photovoltaic and other new energy sources, Xi said.

☆ China's Oct factory activity shrinks as COVID curbs hit output, demand - Caixin PMI
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: +3 min

The Caixin/S&P Global manufacturing purchasing managers' index (PMI) stood at 49.2 in October, up from 48.1 in September and slightly above analysts' expectations for 49.0. In line with China's official PMI, which unexpectedly fell into contraction last month, waning factory activity weighed on the fragile recovery of the world's second-biggest economy amid a deepening property crisis and weakening demand. The softer activity continued to pressure the labour market as the manufacturing employment fell for the seventh month in a row. "In particular, the spread of the coronavirus in many regions significantly restricts both supply and demand," Wang said. The Caixin manufacturing PMI centres on small firms and coastal regions where sit a great number of exporters.

☆ Shanghai Disney visitors told to stay home after COVID case, Foxconn ups bonuses
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: +5 min

SHANGHAI, Nov 1 (Reuters) - Several Shanghai residents received fresh stay-at-home orders and mandatory testing notices on Tuesday as authorities raced to trace contacts linked to a COVID-positive woman whose visit to the city's Disney Resort prompted its temporary lockdown. The Shanghai Disney Resort on Monday abruptly shut its gates, locking in all visitors at the time and only allowing them to leave, hours later, after they had tested negative for the virus. Marvis He was among Disney visitors caught up in the resort's lockdown, having flown in from Shenzhen in hopes of enjoying the park's Halloween themed fireworks. Foxconn has been one of the biggest corporate names affected by a quasi-lockdown of Zhengzhou, a major logistics hub in central China. In recent days, videos appearing to show departing Foxconn workers laden with luggage and walking along village roads towards their home towns have gone viral on Chinese social media.

☆ Fearing COVID, workers flee from Foxconn's vast Chinese iPhone plant
▼ + stars: | 2022-10-31 | by ( Ryan Woo | ) www.reuters.com time to read: +4 min

He walked through the night, keeping to a northerly route, towards his hometown of Hebi, every step taking him farther away from iPhone maker Foxconn's (2317.TW) Zhengzhou plant, the Taiwan-based group's largest in mainland China. "There were so many people on the road," Yuan told Reuters on Monday, declining to give his full name because of the matter's sensitivity. "People would be called away in the middle of work, and if they don't show up the next day, that would mean they had been taken away," Yuan said. On Sunday afternoon, the company told Reuters in an emailed statement that workers were allowed to leave if they chose to. "I'll never go back to Foxconn," said Yuan, who has since been transported to Hebi and put under quarantine.

☆ China's factory, services activity skids on relentless COVID curbs
▼ + stars: | 2022-10-31 | by ( ) www.reuters.com time to read: +4 min

The official manufacturing purchasing managers' index (PMI) fell to 49.2 from 50.1 in September, the National Bureau of Statistics (NBS) said on Monday. The poll showed China's growth could pick up to 5.0% in 2023. DEMAND WEAKENSThe manufacturing PMI survey pointed to weakening demand with the new orders subindex showing contraction for the fourth straight month. The official manufacturing PMI largely focuses on big and state-owned firms. The private sector Caixin manufacturing PMI, which centres more on small firms and coastal regions, will be published on Tuesday.

☆ China's factory, services activity skids on persistent COVID curbs
▼ + stars: | 2022-10-31 | by ( ) www.reuters.com time to read: +4 min

☆ China's Oct factory activity unexpectedly skids amid slowing demand
▼ + stars: | 2022-10-31 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Thomas PeterSummary Official manufacturing PMI unexpected fall in OctOfficial services PMI contracts in OctBEIJING, Oct 31 (Reuters) - China's factory activity unexpectedly fell in October, an official survey showed on Monday, weighed by softening global demand and strict COVID-19 restrictions, which hit production. The official manufacturing purchasing managers' index (PMI) stood at 49.2 from a 50.1 reading in September, the National Bureau of Statistics (NBS) said. The poll showed China's growth could pick up to 5.0% in 2023. The official manufacturing PMI largely focused on big and state-owned firms. The private sector Caixin manufacturing PMI, which centres more on small firms and coastal regions, will be published on Tuesday.

☆ China's services sector activity falls - official PMI
▼ + stars: | 2022-10-31 | by ( ) www.reuters.com time to read: +1 min

[1/2] A waiter cleans the floor of a restaurant after closing hours in Beijing, China October 28, 2019. Picture taken October 28, 2019. REUTERS/Thomas PeterBEIJING, Oct 31 (Reuters) - China's October services activity fell for the first time since May, as strict COVID restrictions halted travel and gatherings over the Golden Week holiday period, striking a big blow to consumption. The official non-manufacturing purchasing managers' index (PMI) stood at 48.7 from 50.6 in September, the National Bureau of Statistics said on Monday. China's official composite PMI, which includes both manufacturing and services activity, stood at 49.0 from 50.9 in September.

BEIJING, Oct 31 (Reuters) - China on Monday launched the last of the three modules that will comprise its space station, set to be the second permanently inhabited outpost in low-earth orbit after the NASA-led International Space Station. In April 2021, China began construction of its space station with the launch of the Tianhe module, the main living quarters for astronauts. The space station also caps President Xi Jinping's 10 years as leader of China's ruling Communist Party. Russia's space agency in August unveiled a physical model of a planned Russian-built space station, the final form of which would be years away. Two more missions this year are needed before China's station is ready for operation.

☆ Chinese cities brace for wave of Foxconn workers from COVID-hit Zhengzhou
▼ + stars: | 2022-10-30 | by ( ) www.reuters.com time to read: +3 min

Taiwan-based Foxconn, which has about 300,000 workers in Zhengzhou, has not disclosed the number of infected workers. On Oct. 19, Foxconn banned all dining-in at canteens and required workers to take their meals in their dormitories, but assured that production was normal. Photographs and videos circulating widely on Chinese social media since Saturday showed Foxconn workers trekking across fields in the day and along roads at night. "They were Foxconn employees who escaped from the factory and were walking home," wrote a user of WeChat in a post about the social media images. Returning workers are to travel "point-to-point" in pre-arranged vehicles en route, and are to be quarantined on arrival, they said in separate letters on their respective social media accounts addressed to Zhengzhou Foxconn workers.

☆ China's Yin Yong named acting Beijing mayor - state media
▼ + stars: | 2022-10-28 | by ( ) www.reuters.com time to read: 1 min

BEIJING, Oct 28 (Reuters) - Beijing's Communist Party deputy chief, Yin Yong, has been named both deputy mayor and acting mayor of the Chinese capital, state media reported on Friday. Reporting by Ryan Woo; editing by John StonestreetOur Standards: The Thomson Reuters Trust Principles.

☆ China's factory activity set to stall in October
▼ + stars: | 2022-10-28 | by ( Nelson Bocanegra | ) www.reuters.com time to read: +3 min

BEIJING, Oct 28 (Reuters) - China's factory activity likely showed no growth in October, with production hit by COVID-19 restrictions and as exports moderate on slowing global demand, a Reuters poll showed on Friday. read more"China's struggling growth trajectory is not just about COVID-related restrictions," said analysts at Oxford Economics in a research note. We forecast China's growth will average about 4%-4.5% over the next five years or so." The official manufacturing PMI, which largely focuses on big and state-owned firms, and its survey for the services sector, will be released on Monday. The private sector Caixin manufacturing PMI, which centres more on small firms and coastal regions, will be published on Tuesday.

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