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☆ These maps show how far China's freight railways are stretching across Asia
▼ + stars: | 2023-05-10 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

BEIJING — In the last two years, China has announced the opening of new freight train lines, while cross-border railways have become a feature in President Xi Jinping's meetings with regional leaders. Here's a look at where the rail lines are being built across the Asian continent. In the last six months, China also opened freight train lines to Laos, Thailand and Vietnam, according to state media. Those freight lines are in addition to China's relatively older rail network through central Asia — connecting Yiwu in eastern China to London. While it's difficult to verify how operational all the rail lines are, official reports offer a glimpse at how China's Belt and Road ambitions are panning out.

☆ Consumers in China are dining at nicer restaurants — even if it costs $500 a person
▼ + stars: | 2023-05-05 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

Despite the Covid-19 pandemic, a brand called Lu Style opened four new restaurants in the last three years in Beijing and Shanghai. Since Lu Style launched in 2016, more people no longer focus on just being able to eat, said Tian Junfeng, director of operations. Tian said Lu Style will be focused on improving customer service in the coming months. The 2023 rankings selected 304 restaurants — most of which were in China, including Lu Style. Two Lu Style locations have one Michelin star each, and the France-based guide includes more than 400 restaurants in mainland China.

☆ China's A.I. chatbots haven't yet reached the public like ChatGPT did
▼ + stars: | 2023-04-28 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

Baidu CTO Wang Haifeng speaks at the unveiling of Baidus AI chatbot Ernie Bot at an event in Beijing on March 16, 2023. Those restrictions haven't stopped the Chinese press and social media in general from talking frequently about ChatGPT and AI tech. So far, publicly available figures indicate similar AI products in China are not as widely available. Kunlun claims Tiangong is the only chatbot in China with training metrics at the level of ChatGPT. Some in the industry also expect such AI tools will be easier to commercialize for business products than for public tools such as search.

☆ China's EV players are starting to compete on driver assist tech
▼ + stars: | 2023-04-26 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

Huawei's co-developed Aito electric car brand is now selling an updated version of the M5 model that comes with new driver-assist tech. Around the Shanghai auto show that kicked off last week, electric car startups and Chinese tech companies alike made several announcements about their driver-assist tech. But McKinsey estimates assisted and fully autonomous driving systems in passenger cars could generate $300 billion to $400 billion in global revenue by 2035. Those maps, used by autonomous driving companies such as Alphabet 's Waymo, give a car a detailed picture of city streets. Xpeng, considered one of the most advanced technologically, saw deliveries plunge in the first quarter ahead of a more widespread rollout of its assisted driving tech.

☆ Volkswagen takes on China's EV market with a higher-end car and $1 billion investment
▼ + stars: | 2023-04-21 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +2 min

Volkswagen's ID.7 is set for release in Europe and China in the fall of 2023, and in North America in 2024. CNBC | Evelyn ChengBEIJING — German automaker Volkswagen is investing about $1 billion in China for electric car development, and releasing a vehicle targeted at a higher end of the market. German investment in China grew by nearly 61% in the first quarter from a year ago, China's Ministry of Commerce said Thursday. Overall, foreign investment in China grew by 4.9% year-on-year in the first three months of the year to 408.45 billion yuan ($59.33 billion). Vehicles for China will be produced locally, while those for Europe and North America will be produced in Germany, Volkswagen said.

☆ Toyota reveals two more electric cars for China
▼ + stars: | 2023-04-20 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +2 min

Toyota displays a new concept electric car — developed jointly with BYD and FAW — at the Shanghai auto show in April 2023. CNBC | Evelyn ChengBEIJING — Toyota this week began taking orders for its first electric sedan in China, and announced two more models are set to come to the local market next year. The three cars are part of the Japanese car giant's bZ, or "beyond zero" lineup of battery-electric cars. Toyota, the world's largest automaker by vehicles sold, has been relatively cautious about investing in fully electric cars. The bZ sports car concept sedan is jointly developed by Toyota, BYD and Chinese state-owned FAW.

☆ China’s central bank expects ‘U-shaped’ recovery in consumer prices
▼ + stars: | 2023-04-20 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

Workers at a factory making lithium battery products for domestic and international markets in Nantong, Jiangsu province, China. BEIJING — The People's Bank of China said Thursday it expects consumer prices to pick up this year, and that the central bank is not expecting inflation or deflation to become a significant problem for China. China's consumer price index hit an 18-month low in March, and rose 0.7% year-on-year. Zou added that in the medium to long term, China's economy has no basis for an inflationary or deflationary trend. He claimed that's because demand and supply in China's economy are even, and monetary policy is "reasonable."

☆ Chinese EV giant BYD says self-driving tech is more valuable for factories than cars
▼ + stars: | 2023-04-19 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

BYD's new luxury brand Yangwang is selling its first model, the U8, for more than 1 million yuan ($160,000). SHANGHAI — Fully autonomous driving is "basically impossible" and the technology would be better applied to manufacturing, according to Chinese battery and electric car company BYD . Many electric car and tech companies are working on self-driving technology. But BYD, by far the largest domestic seller of electric cars in China, has taken a different view. "We think self-driving tech that's fully separated from humans is very, very far away, and basically impossible," Li Yunfei, a spokesperson for BYD, said in Mandarin, translated by CNBC.

☆ Nio says it won't join the 'price war' and slash prices like Tesla
▼ + stars: | 2023-04-18 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

watch nowSHANGHAI — Chinese electric car company Nio will keep its prices high rather than cut them, CEO William Li told CNBC in an interview. "For us, we will certainly not join the price war," Li said, claiming Nio's products and services are worth the price. Tesla , Elon Musk's car company, this year slashed prices in the U.S. and China. New energy vehicles — which includes hybrid and pure electric — saw penetration of passenger car sales reach 34% in March, according to the China Passenger Car Association. Within that market, Nio said it delivered 31,041 vehicles in the first quarter, up by 20.5% year-on-year.

☆ Fed Chair Powell meets Chinese counterpart Yi Gang
▼ + stars: | 2023-04-14 | by ( Evelyn Cheng | ) www.cnbc.com time to read: 1 min

BEIJING — The heads of the U.S. and Chinese central banks met in Washington, D.C., on Tuesday, the People's Bank of China said in a statement Friday. PBoC Governor Yi Gang and U.S. Federal Reserve Chair Jerome Powell "exchanged views" on China-U.S. economic and financial trends, the statement said, according to a CNBC translation. The meeting of the Fed and PBoC heads comes as political tensions between the world's two largest economies have escalated and limited high-level interactions. Yi was attending the spring meetings of the International Monetary Fund and World Bank in D.C., the PBoC statement said. The U.S. Federal Reserve and IMF did not immediately respond to a CNBC request for comment outside of local business hours.

☆ Most Americans are not confident in how China's Xi will handle world affairs, Pew survey finds
▼ + stars: | 2023-04-12 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

Meanwhile, Xi has consolidated his power in China and is seeking to to bolster China's global influence. It is unclear how aware Pew survey respondents were of such world events and developments. Economic cooperationU.S.-China cooperation on economic matters was one of two areas in which Pew survey respondents remained more optimistic. General pessimismPew survey respondents mostly did not see areas of potential cooperation between the U.S. and China. Certainly not the climate," the Pew report said, citing a 25-year-old unnamed woman who participated in a focus group.

☆ Warren Buffett-backed BYD announces new shock absorption tech for premium EVs
▼ + stars: | 2023-04-10 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

BYD's Han electric car, pictured here at the 2021 Shanghai auto show, is one of the most popular new energy vehicles in China. SHENZHEN, China — Electric vehicle giant BYD is banking on new driver-assist technology to smooth out car rides and get the edge on its EV competition. BYD, backed by Warren Buffett's Berkshire Hathaway , announced Monday a new technological system for stabilizing car rides through rugged terrain, sharp turns and even shallow water. The shock absorption tech is set to be a feature of the company's recently launched premium brand Yangwang. Part of the tech system uses the same "lidar" sensors used in assisted driving, according to BYD.

☆ China's recovery is taking longer than expected, so Citi is pushing back its stock rebound forecasts
▼ + stars: | 2023-04-07 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

BEIJING — China's economic recovery is taking longer than expected, prompting Citi analysts to push back their forecasts for a stock market rebound by three months. Instead of June, Citi now expects it will now take until the end of September for the Hang Seng Index to reach 24,000, analysts said in a report Thursday. The Hang Seng Index closed at 20,331.20 on Thursday, up about 2.8% for the year so far. "We expect [first-quarter 2023 corporate] results to be on the weaker side as post COVID recovery seems slower than expected," the Citi report said. China has reported a modest recovery in economic growth for the first two months of the year.

☆ China’s homebuyers are starting to come back
▼ + stars: | 2023-04-04 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

BEIJING — More people in China want to buy houses again, according to a first quarter survey released Monday by the People's Bank of China. The share of respondents planning to buy a home in the next three months rose to 17.5% in the first quarter. That's up from 16% in the fourth quarter survey and the highest since the first quarter of 2022, survey data showed. The increase follows the end of China's Covid controls. In the summer of 2022, a number of homebuyers decided not to pay their mortgages after Covid and financial difficulties kept developers from delivering apartments on time.

☆ Chinese EV brand Li Auto sees first-quarter deliveries surge by 66%
▼ + stars: | 2023-04-03 | by ( Evelyn Cheng | ) www.cnbc.com time to read: 1 min

Chinese electric car startup Li Auto saw deliveries surge by nearly 66% in the first quarter from a year ago. BEIJING — Chinese electric car brand Li Auto delivered more cars in March than Xpeng did in the first quarter, according to company releases. Li Auto delivered 20,823 vehicles in March — for a total of 52,584 deliveries in the first three months of the year. Xpeng delivered 7,002 vehicles in March, above the monthly average for the first quarter. The company delivered 10,378 vehicles in March.

☆ Xpeng expands assisted driving tech coverage to Shanghai, something Tesla doesn’t offer in China
▼ + stars: | 2023-03-31 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

SHANGHAI — Chinese electric car company Xpeng announced Friday it will be rolling out its latest assisted driving software to users in the metropolis of Shanghai, something its U.S. rival Tesla does not offer in China. Previously the technology was only available for Xpeng drivers in Shenzhen and Guangzhou. The company already offers assisted driving on highways in China. But the company has tried to make its assisted driving technology a selling point for consumers. "Tesla doesn't really pump Autopilot in China and they don't offer Full Self Driving (FSD) in China, whereas Xpeng really leaned into its NGP as a difference maker for the China market," said Tu Le, founder of Beijing-based advisory firm Sino Auto Insights.

☆ China’s banking troubles are not the same as Silicon Valley Bank, economist says
▼ + stars: | 2023-03-31 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +2 min

A Silicon Valley Bank office is seen in Tempe, Arizona, on March 14, 2023. - With hindsight, there were warning signs ahead of last week's spectacular collapse of Silicon Valley Bank, missed not only by investors, but by bank regulators. Issues at a handful of smaller Chinese banks have emerged in the last few years. On the other hand, SVB reflects a macro risk, Zhu said, noting the U.S. mid-sized lender had adequate capital and liquidity before it collapsed. The banking crisis in the U.S. involved a structural risk from savers moving funds to take advantage of higher interest rates, Zhu pointed out.

☆ China's strong demand for commodities to overtake post-2008 crisis, mining giant says
▼ + stars: | 2023-03-30 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

The Australian iron ore giant began business in China with a 180,000-metric ton shipment of iron ore in 2008, according to the company's website. At that time, China managed to avoid a prolonged recession with a massive stimulus program that supported infrastructure development — which drove up demand for commodities. What we're seeing now is uniform demand across China. "What we're seeing now is uniform demand across China," Forrest said, "and uniform demand but increasing, thankfully, in the supply chain, the ecosystem which will create [for the] renewable energy industry." In the six months ended Dec. 31, Fortescue said it shipped a record 96.9 million metric tons of iron ore — up 4% from a year ago.

☆ China's renewable energy ecosystem is 'the most exciting investment sector' right now: Fortescue
▼ + stars: | 2023-03-30 | 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 EmailChina's renewable energy ecosystem is 'the most exciting investment sector' right now: FortescueAndrew Forrest of the Australian iron ore company says "the demand is absolutely enormous" for China's renewable energy ecosystem, which includes manufacturing, automation and robotics.

☆ China's Premier Li Qiang seeks to rally Asia behind Beijing
▼ + stars: | 2023-03-30 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

China's Premier Li Qiang addressed an international audience at Boao Asia forum in Boao, Hainan on March 30, 2023. BO'AO, China — Chinese Premier Li Qiang sought to rally Asian countries behind China in his first public address to an international audience as premier. His speech of about 25 minutes at the Boao Forum for Asia did not delve into China's heightened tensions with the U.S. Asia and the world are at the "crossroads" of history, Li said, while portraying China as a center of stability. Li, who was confirmed as premier in March, said China's development going forward would bring "strong momentum to the economic growth of Asia."

☆ Asia is an area of certainty amid global volatility, says China's Boao Forum outlook
▼ + stars: | 2023-03-28 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

Asia, especially China, is an area of certainty amid global uncertainty, according to an annual economic outlook report released Tuesday at the high-profile Boao Forum in Hainan province. HAINAN — Asia, especially China, is an area of certainty amid global uncertainty, according to an annual economic outlook report released Tuesday at the high-profile Boao Forum in Hainan province. The Boao Forum outlook did not go into detail about recent banking turmoil in the U.S. and Switzerland, but said the banking sector is expected to remain stable. It was not clear whether it was referring to the global financial sector or the banking sector in Asia or China. Instead, the report spent more time discussing the negative impact of aggressive U.S. Federal Reserve interest rate hikes on Asian economies.

☆ China's debt-heavy local governments look for new ways to raise cash
▼ + stars: | 2023-03-27 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

Future Publishing | Future Publishing | Getty ImagesBEIJING — Debt-heavy local governments in China need new ways to raise money under a central regime that's made clear its priority is to reduce financial risks. "We should ... prevent a build-up of new debts while working to reduce existing ones," the report said regarding local governments' situation. S&P and other analysts estimate land sales account for about a quarter of local governments' total revenue. But local governments still have bills and public services to pay for. Historically, local governments were responsible for more than 85% of expenditure but only received about 60% of tax revenue, Rhodium Group said in 2021.

Pfizer CEO Albert Bourla speaks during the China Development Forum in Beijing on March 25, 2023. BEIJING — U.S. pharma giant Pfizer has signed an agreement with China to cooperate on improving the country's health coverage, according to the company. China in 2016 announced a "Healthy China 2030" plan for improving the country's public health services, medical industry and food and drug safety. The Covid-19 pandemic also highlighted shortfalls in China's still-developing public health system. Pfizer's memorandum of understanding with the Health China Research Center is set to support public health research and improve the health of rural populations, according to details released by Chinese state media.

Aerial view of shipping containers sitting stacked at Yangshan Deepwater Port, the world's biggest automated container terminal, on May 21, 2021 in Shanghai, China. Policy support"China could at least be a relative 'safe haven' given its growth premium, financial soundness, policy discipline and the new political economy cycle," Citi economists said. The RRR is a measure of how much cash banks in China need to have on hand. Since the pandemic started, mainland China has kept relatively easy monetary policy while not announcing major stimulus packages — such as large cash handouts to consumers. "With the unintended and undesirable from aggressive interest rate hikes surfacing abroad, capital inflows into China could resume after the reopen trade if the recovery thesis plays out and political rerating is steadily ongoing," Citi economists wrote.

China and U.S. flags are seen near a TikTok logo in this illustration picture taken July 16, 2020. Florence Lo | ReutersBEIJING — China says it would "strongly oppose" a forced sale of TikTok, making clear the government's involvement with the social media giant that's trying hard to distance itself from Beijing authorities. ByteDance did not immediately respond to a request for comment on the Chinese Commerce Ministry's remarks. But the commerce ministry's claim of control over a TikTok sale or spinoff indicates Beijing wants to be involved. When asked about the commerce ministry's remarks Thursday, TikTok's CEO said the app isn't available in mainland China and is based in Los Angeles.

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