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☆ Chinese cities tighten curbs against widening COVID outbreaks
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: +2 min

BEIJING, Oct 27 (Reuters) - Chinese cities from Wuhan in central China to Xining in the northwest are doubling down on COVID-19 curbs, sealing up buildings, locking down districts and throwing millions into distress in a scramble to halt widening outbreaks. Wuhan, site of the world's first COVID-19 outbreak in late 2019, reported around 20 to 25 new infections a day this week. Nevertheless, local authorities ordered more than 800,000 people in one district to stay at home until Oct. 30. Other large cities across China including Zhengzhou, Datong and Xian have implemented new curbs this week to rein in local outbreaks. China has repeatedly vowed to stick to its zero-tolerance response to COVID-19 and implement what the authorities say are necessary measures to contain the virus.

☆ China says willing to communicate with US military but 'red lines' should be respected
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: 1 min

BEIJING, Oct 27 (Reuters) - China attaches great importance to Sino-U.S. military relations and is willing to see China and the U.S. have military communications but "red lines" remain, a Chinese defense ministry spokesman said on Thursday. If the U.S. wishes to strengthen military communications, it should "respect China's interests and major concerns", Tan Kefei told a news conference on Thursday, according to the ministry's official social media account. Reporting by Ryan Woo and Martin Quin Pollard; editing by John StonestreetOur Standards: The Thomson Reuters Trust Principles.

☆ China willing to deepen relationship with Russia, says senior diplomat
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: 1 min

BEIJING, Oct 27 (Reuters) - China is willing to deepen its relationship with Russia in all levels and any attempt to block the progress of the two nations will never succeed, China's senior diplomat Wang Yi said on Thursday. It is the legitimate right of China and Russia to realise their development and revitalisation, Wang Yi said in a telephone call with his Russian counterpart Sergei Lavrov, according to the statement posted on China's foreign ministry. Reporting by Twinnie Siu and Ryan Woo; Editing by Toby ChopraOur Standards: The Thomson Reuters Trust Principles.

☆ China's Jan-Sept industrial profits fall at faster pace
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: +2 min

BEIJING, Oct 27 (Reuters) - Profits at China's industrial firms fell at a faster clip in the January-September period as COVID-19 curbs and a worsening property crisis continued to weigh heavily on factory activity. After nearly contracting in spring, China's third-quarter economic growth was faster than expected, helped by a raft of government measures. read moreLast month, China's industrial output jumped 6.3% from a year earlier, outstripping expectations for 4.5% growth and a 4.2% expansion in August. Despite better-than-expected third quarter GDP growth, analysts at Goldman Sachs cut their fourth quarter growth forecast to 3.5% on a quarter-on-quarter annualised basis from 5.0% previously. Industrial profits data covers large firms with annual revenues above 20 million yuan ($2.79 million) from their main operations.

FILE PHOTO: A health worker wears a protective suit near a testing booth as outbreaks of coronavirus disease (COVID-19) continue in Beijing, China, Oct. 23, 2022. An index measuring road freight transport turnover tumbled 26.2% on Oct. 21 from a year prior versus a 23.7% drop a week earlier, according to Nomura. New local infections fell 24% to 6,096 during Oct. 18-24 from a week earlier. Zhengzhou’s metro traffic slumped 79% from Oct. 11 to Oct. 15, according to the latest available data. Metro traffic in Guangzhou dropped 8.8% during Oct. 18-24 from the previous week, Reuters calculations based on data released by local metro operators showed.

☆ China to promote foreign investment in manufacturing
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Tingshu WangBEIJING, Oct 25 (Reuters) - China said on Tuesday it will promote foreign investment with a focus on manufacturing industries, after President Xi Jinping called in China to "win the battle" in core technologies during the Communist Party Congress that ended over the weekend. China will encourage foreign enterprises to invest in high-tech equipment and components, according to a statement published on the website of National Development and Reform Commission, China's powerful planning agency. China will also strengthen financial support for foreign enterprises, including fund-raising by eligible enterprises through listings on China's stock markets, the statement said. Tuesday's statement also promised support for foreign enterprises posting personnel to China. Register now for FREE unlimited access to Reuters.com RegisterReporting by Liangping Gao and Ryan Woo; Editing by Edmund KlamannOur Standards: The Thomson Reuters Trust Principles.

☆ China seeks to promote development of private businesses with more loans
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: +1 min

BEIJING, Oct 25 (Reuters) - China's cabinet issued rules on Tuesday to promote private businesses, including incentives for financial institutions to lend to them, in its latest move to support an economy facing multiple headwinds. The rules aim to safeguard the legitimate rights and interests of private businesses and expand employment, China's cabinet said in a notice published on its website. "Private businessmen are important market players, playing an important role in booming the economy and increasing employment." The world's second-biggest economy is grappling with the economic impact of persistent COVID-19 curbs, a prolonged property slump and global recession risks with falling domestic demand and high unemployment. read moreRegister now for FREE unlimited access to Reuters.com RegisterReporting by Liangping Gao and Ryan Woo; Editing by Andrew Heavens and Philippa FletcherOur Standards: The Thomson Reuters Trust Principles.

On a quarterly basis, GDP rose 3.9% versus a revised drop of 2.7% in April-June and an expected 3.5% rise. 1/9 Workers work at a construction site, following the coronavirus disease (COVID-19) outbreak, in Shanghai, China, October 14, 2022. A Reuters poll forecast China's growth to slow to 3.2% in 2022, far below the official target of around 5.5%, marking one of the worst performances in almost half a century. Retail sales grew 2.5%, missing forecasts for a 3.3% increase and easing from August's 5.4% pace, underlining still fragile domestic demand. "On the policy front, the overall policy will remain supportive," said Hao Zhou, chief economist at Guotai Junan International.

REUTERS/Tingshu WangSummary Sept new home prices fall 0.2% m/m, down for second monthNew home prices down 1.5% y/y, fastest pace since Aug 201554 cities out of 70 report price declinesBEIJING, Oct 24 (Reuters) - China's September new home prices fell for the second straight month as mortgage boycotts, a heightened debt crisis and COVID-19 curbs weighed on homebuyers' sentiment. China's property sector has been beset by multiple headwinds after regulators clamped down on excessive borrowing since mid-2020. In monthly terms, new home prices in tier-two cities fell 0.2% and declined 0.4% in tier-three cities. Property investment fell 12.1% from a year earlier, slightly narrowing from a 13.8% fall in August. "There is little room to give more help to real estate property developers as doing so will risk the credibility of government reform (for property developers, that means the deleveraging reform)," said Iris Pang, chief economist for Greater China at ING.

Workers work at a construction site, following the coronavirus disease (COVID-19) outbreak, in Shanghai, China, October 14, 2022. On a quarterly basis, GDP rose 3.9% in the third quarter, versus a revised drop of 2.7% in April-June and an expected 3.5% rise. The data was originally scheduled for release on Oct. 18 but was delayed amid the key Communist Party Congress last week. New bank lending in China nearly doubled in September from the previous month and far exceeded expectations, helped by central bank efforts to revive the economy. "On the policy front, the overall policy will remain supportive," said Hao Zhou, chief economist at Guotai Junan International.

☆ China new home prices fall for second month in September
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Tingshu WangSummary Sept new home prices fall 0.2% m/m, down for second monthNew home prices down 1.5% y/y, fastest pace since Aug 201554 cities out of 70 report price declinesBEIJING, Oct 24 (Reuters) - China's new home prices fell for the second straight month in September, as its property sector grappled with a mortgage boycott, a heightened debt crisis and COVID-19 restrictions that dimmed the economic outlook. China's property sector has been beset by multiple headwinds after regulators clamped down on excessive borrowing since mid-2020. Property investment fell 12.1% from a year earlier, slightly narrowing from a 13.8% fall in August. China reiterated its "housing is for living, but not for speculation" in the full work report of the Communist Party Congress. Analysts from Nomura said in a note that a comprehensive solution to the property sector might not be introduced until after March 2023, when Beijing's political reshuffle is fully completed.

☆ China Q3 GDP growth rebounds at faster pace but risks loom
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: +2 min

People walk by office towers in the Lujiazui financial district of Shanghai, China October 17, 2022. Gross domestic product (GDP) in the world's second-biggest economy rose 3.9% in the July-September quarter year-on-year, official data showed on Monday, above the 3.4% pace forecast in a Reuters poll of analysts, and quickening from the 0.4% pace in the second quarter. A Reuters poll forecast China's growth to slow to 3.2% in 2022, far below the official target of around 5.5%, marking one of the worst performances in almost half a century. On a quarterly basis, GDP rose 3.9% in the third quarter, versus a forecast 3.5% gain and a 2.6% decline in the previous quarter. But retail sales remained weak, rising 2.5%, worse than expectations for 3.3% rise and 5.4% growth in August.

☆ China new home prices fall 0.2% m/m in September
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: +1 min

Residential buildings are pictured near a construction site in Beijing, China April 14, 2022. Picture taken April 14, 2022. New home prices in September fell 0.2% month-on-month from a 0.3% drop in August, according to Reuters calculations based on National Bureau of Statistics (NBS) data released on Monday. New home prices in September declined 1.5% year-on-year, compared with a 1.3% decline in August. China has rolled out a flurry of policies to revive the embattled sector, including relaxing on mortgage rates and refunding individual income tax for some home buyers.

☆ Factbox: China's new elite Communist Party leadership
▼ + stars: | 2022-10-23 | by ( ) www.reuters.com time to read: +1 min

BEIJING, Oct 23 (Reuters) - China's Xi Jinping on Sunday secured a third term as leader of the Communist Party and unveiled a new seven-member Politburo Standing Committee, which he heads, that will determine the path of the country's development in the next five years. Below are the personnel elected on Sunday by the Central Committee, the biggest of the party's top decision-making bodies, to the pinnacle of China's political power. General Secretary of the Central Committee:Register now for FREE unlimited access to Reuters.com RegisterXi JinpingStanding Committee of the Political Bureau, or Politburo, of the Central Committee (seven members):Xi Jinping, 69; Li Qiang, 63; Zhao Leji, 65; Wang Huning, 67; Cai Qi, 66; Ding Xuexiang, 60; Li Xi, 66Politburo of the Central Committee (24 members):Ding Xuexiang, Xi Jinping, Ma Xingrui, Wang Yi, Wang Huning, Yin Li, Shi Taifeng, Liu Guozhong, Li Xi, Li Qiang, Li Ganjie, Li Shulei, Li Hongzhong, He Weidong, He Lifeng, Zhang Youxia, Zhang Guoqing, Chen Wenqing, Chen Jining, Chen Miner, Zhao Leji, Yuan Jiajun, Huang Kunming, Cai QiCentral Military Commission Chairman:Xi JinpingCentral Commission for Discipline Inspection Secretary:Li XiRegister now for FREE unlimited access to Reuters.com RegisterReporting by Albee Zhang and Ryan Woo; Editing by William MallardOur Standards: The Thomson Reuters Trust Principles.

☆ Former Chinese president Hu Jintao escorted out of party congress
▼ + stars: | 2022-10-22 | by ( ) www.reuters.com time to read: +1 min

BEIJING, Oct 22 (Reuters) - Former Chinese President Hu Jintao, Xi Jinping's immediate predecessor, was unexpectedly escorted out of the closing ceremony of a congress of the ruling Communist Party on Saturday. According to videos taken by some journalists at the venue and shared on social media, Hu appeared confused as the stewards escorted him out. Register now for FREE unlimited access to Reuters.com RegisterOn his way out, Hu exchanged words with Xi and patted Premier Li Keqiang, seated to the right of Xi, on the shoulder. Hu had appeared slightly unsteady last Sunday when he was assisted onto the same stage for the opening ceremony of the congress. Register now for FREE unlimited access to Reuters.com RegisterReporting by Eduardo Baptista and Ryan Woo; Editing by Robert Birsel and Lincoln FeastOur Standards: The Thomson Reuters Trust Principles.

☆ Factbox: Who's in, who's out of China's new party Central Committee
▼ + stars: | 2022-10-22 | by ( ) www.reuters.com time to read: +2 min

BEIJING, Oct 22 (Reuters) - Over 2,000 delegates to a twice-a-decade congress of China's ruling Communist Party in Beijing elected a new 205-person Central Committee on Saturday that will set the course of Chinese policymaking for the next five years. Among the newly elected members of the Central Committee, the largest of the party's top decision-making bodies, was Xi Jinping, 69, who is widely expected to be named general secretary on Sunday, securing a precedent-breaking third term as its leader. Also on Sunday, the Central Committee will vote on its next Political Bureau, or Politburo, usually comprising 25 people, and its Politburo Standing Committee (PSC), the pinnacle of power in China, helmed by Xi. Under an unofficial "seven-up, eight-down rule," PSC members who are 68 or older retire during the party congress. However, Premier Li Keqiang, although 67, was also left out.

☆ China property stocks rise after easing of share financing rules
▼ + stars: | 2022-10-21 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Aly SongSHANGHAI, Oct 21 (Reuters) - China's property shares jumped on Friday after state media said authorities will ease share financing rules for certain real estate-related firms, fuelling hopes of more measures to aid the struggling sector. The China Securities Regulatory Commission (CSRC) will allow certain companies with small property interests to raise money by selling A-shares, but the proceeds cannot be invested in the real estate business, China Securities Journal reported. For eligible companies, real estate must not be their core business, and should not contribute more than 10% of their profit, according to the article. Register now for FREE unlimited access to Reuters.com RegisterChina has barred its property firms or property-related firms from financing via the domestic A-share market since end-2018, including both IPOs and additional or follow-up share sales. "The move aims to better support real financing for firms and stabilise the broader economy," said Liu Shui, an analyst at China Index Academy.

☆ Chinese capital steps up COVID measures as cases quadruple
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: +2 min

The city of 21 million people on Thursday reported 18 new locally transmitted cases for the previous day, bringing the tally for the past 10 days to 197. Some residential compounds with suspected cases were put under three-day lockdowns that could be extended if new infections emerge. Shanghai, like many other Chinese cities battling sporadic COVID outbreaks, revealed this week that it was planning to build a 3,250-bed quarantine facility on a small island close to the city centre. In April-May, the city of 25 million people endured a protracted lockdown after detecting hundreds of thousands of cases. Register now for FREE unlimited access to Reuters.com RegisterReporting by Ryan Woo; Editing by Robert BirselOur Standards: The Thomson Reuters Trust Principles.

☆ China delays release of key economic data amid party congress
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +3 min

The highly unusual delay comes amid the week-long congress of the ruling Communist Party, a twice-a-decade event that is an especially sensitive time in China. He said the delay was unlikely to affect market sentiment as most preliminary economic data pointed to a pick-up in recovery in the third quarter. The delays followed the unexplained delay in the release of September's trade data by the General Administration of Customs, which had been due out on Friday. The trade data was not released on Monday and calls to the customs administration seeking comment went unanswered. At the last party congress, in 2017, third quarter GDP data was released as usual.

☆ China delays release of economic indicators including Q3 GDP
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Aly SongBEIJING, Oct 17 (Reuters) - China will delay the release of economic indicators originally scheduled for publication this week, including the country's third-quarter gross domestic product due on Tuesday, according to an updated calendar on the statistics bureau's website. The data for third-quarter GDP - originally scheduled for release at 10:00 a.m. local time (0200 GMT) on Tuesday - had been highly anticipated after the world's second-largest economy grew just 0.4% in the second quarter from a year earlier. The delays announced on Monday followed an unexplained move by the General Administration of Customs on Friday to skip its previously scheduled release of September's trade data. The trade statistics had been expected to show China's export growth weakened further from August, dragged down by soft global demand, while its imports remained tepid. The trade data was still not released on Monday and calls to the customs administration seeking comment went unanswered.

☆ Big Chinese banks pledge enhanced support for economy as Xi sounds call for growth
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +2 min

BEIJING, Oct 17 (Reuters) - China's six largest state-owned banks vowed they will enhance support to the slowing economy, in response to President Xi Jinping's call for a high-quality economic growth at the opening of a critical Communist Party Congress. Their pledges of support came after Xi opened the once-in-five-year party Congress in Beijing with a speech on Sunday morning in which he said China would aim for high-quality economic growth and will unwaveringly support the private economy. The world's second-largest economy narrowly avoided contracting in the second quarter, weighed by widespread COVID-19 lockdowns and the slumping property sector. During the third quarter, banks ramped up credit support to property industry, infrastructure sector and small- and midsized businesses. China's big state-owned banks are usually the quickest to respond to the government's policy directions.

DEBT STRESSTreasury bond quotas could be increased, so that some of them could be transferred to local governments to ease their fiscal stress, said Luo Zhiheng, chief macroeconomic analyst at Yuekai Securities. Combined with some maturing debts of local government financing vehicles (LGFVs) - investment companies that build infrastructure projects - this year and the next will be most stressful for local governments, he said. According to financial media outlet Yicai, local governments' revenue from fines and confiscations jumped 10.4% in January-July year-on-year. The fiscal stress is cutting into some households' income, a red flag for consumption and broader growth. As there is no way out, they have had to ask the local government fiscal department for money."

☆ China inflation at 29-mth high but price pressure largely benign
▼ + stars: | 2022-10-14 | by ( ) www.reuters.com time to read: +4 min

Consumer prices rose an expected 2.8% from a year earlier, accelerating from 2.5% in August and climbing at the fastest pace since April 2020, data from the National Bureau of Statistics showed on Friday. The producer price index (PPI) rose 0.9% year-on-year, easing sharply from a 2.3% rise in August and hitting the weakest since January 2021. "Headline CPI inflation (on a year-over-year basis) is likely to stay moderate in the coming months on both a high base and subdued services demand," analysts at Goldman Sachs said in a note. Food was largely behind last month's inflation pickup, with prices up 8.8% on year after a 6.1% gain in August. Reuters GraphicsOn a month-on-month basis, consumer prices rose 0.3% after a 0.1% fall in August, also supported by a monthly rise in pork prices.

☆ China's Sept consumer prices rise at fastest pace since April 2020
▼ + stars: | 2022-10-14 | by ( ) www.reuters.com time to read: +3 min

The consumer price index (CPI) rose 2.8% from a year earlier, quickening from a 2.5% increase in August, National Bureau of Statistics (NBS) data showed on Friday, in line with forecast in a Reuters poll of analysts. Consumer inflation accelerated as food prices rose 8.8% on year from a 6.1% gain in August. Pork prices leapt 36.0% from 22.4% growth a month prior and vegetable prices jumped 12.1% from a 6.0% rise previously. On a month-on-month basis, the CPI grew 0.3% after a 0.1% fall in August, also supported by a rise in monthly pork price inflation. The producer price index (PPI) grew at the slowest pace since January 2021, rising 0.9% year-on-year from 2.3% growth a month earlier, and compared with a forecast of 1.0%.

BEIJING, Oct 14 (Reuters) - China's ultra-strict COVID-19 curbs are taking a toll on businesses and jobseekers as Beijing stresses again and again the need to maintain its zero-tolerance approach to the virus, to save lives, if not livelihoods. Keeping a lid on China's COVID death toll has come at a cost to its economy. Business was disrupted at first by temporary closures to comply with COVID policies. In January-March, China's economy barely grew as authorities battled with the highly transmissible Omicron variant. Since July, Zheng Mili, 30, has sent hundreds of job applications and done dozens of interviews in Beijing.

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