DIRS.INFO The most relevant business & tech news

☆ China's Sept exports likely cooled further on weakening global demand: Reuters poll
▼ + stars: | 2022-10-13 | by ( Tetsushi Kajimoto | ) www.reuters.com time to read: +2 min

BEIJING, Oct 13 (Reuters) - China's export growth is expected to have slowed further in September as overseas demand weakens, adding to strains on the shaky economy amid COVID curbs and a property crisis, a Reuters poll showed on Thursday. Outbound shipments likely rose 4.1% from a year earlier after growing 7.1% in August, according to the median forecast of 30 economists in the poll. Surging inflation, higher interest rates and the months-long Ukraine war are increasingly weighing on the global economy, with China's protracted slowdown adding to the pressure. South Korea's export growth, a leading indicator for China's imports, hit the slowest pace in nearly two years in September. With the weakening yuan, China's trade surplus is likely to have widened to $81.0 billion from $79.39 billion in August, the poll showed.

☆ China can't win COVID battle by 'lying flat' - People's Daily
▼ + stars: | 2022-10-12 | by ( ) www.reuters.com time to read: +2 min

"Lying flat is not to be advised, and to win (the COVID battle) while lying flat is not possible," People's Daily wrote on Wednesday. "Only by insisting on dynamically clearing (cases as they arise) could huge losses arising from losing control of the epidemic be avoided by the full extent," People's Daily wrote. China's health authority reported on Wednesday 1,760 new local cases for Oct. 11, down from 2,089 a day earlier. The impact of China's tough COVID policies has been felt across the world. "Some countries choose to 'lie down' and adopt the policy of 'coexisting with the virus', not because they do not want to prevent and control the epidemic, but because they are unable to prevent and control the epidemic," People's Daily said.

Women with dogs chat through gaps in a barrier at a sealed area, following the coronavirus disease (COVID-19) outbreak, in Shanghai, China October 11, 2022. Shanghai, a city of 25 million people, reported 28 new local cases for Oct. 10, authorities said on Tuesday, the fourth day of double-digit increases. Register now for FREE unlimited access to Reuters.com RegisterNationwide, 2,089 new local infections were reported, the highest since Aug. 20. That's a step up from once a week presently, a regime imposed after the earlier lockdown was lifted. Checks on people travelling to Shanghai and places such as hotels, should also be strengthened, municipal authorities said.

☆ China urges 'patience' as COVID cases rebound ahead of key congress
▼ + stars: | 2022-10-10 | by ( Ryan Woo | ) www.reuters.com time to read: +5 min

People line up to get tested for the coronavirus disease (COVID-19) at a nucleic acid testing site, following the coronavirus disease (COVID-19) outbreak, in Shanghai, China, October 10, 2022. REUTERS/Aly SongSummary Local COVID cases in China rise to highest since Aug. 20Covid epicentre in northern region of Inner MongoliaParts of Shanghai close leisure, entertainment venuesBEIJING, Oct 10 (Reuters) - China called for "patience" with its tough COVID policies and warned against any "war-weariness" as local cases soared to their highest since August, days ahead of a pivotal Communist Party congress. A few days into the Golden Week, the western region of Xinjiang also barred people from leaving as cases ticked higher. Tourists stranded in Xinjiang could seek temporary work as electricians, cooks and wood craftsmen, advised authorities in its capital Urumqi. Shanghai, which locked down its entire population of 25 million in April and May, reported 34 local cases on Oct. 9, the most in almost three months.

☆ China's Sept factory activity set for third straight monthly contraction - Reuters poll
▼ + stars: | 2022-09-29 | by ( ) www.reuters.com time to read: +3 min

read moreOn Tuesday, data showed profits at China's industrial firms shrank at a faster pace in January-August. "Container throughput data for the first 10 days of September declined 15% year-on-year partially on port disruptions due to typhoons, which might drag on manufacturing activity growth," they said. Goldman Sachs revised down its 2023 China GDP growth forecast to 4.5% from a previous projection of 5.3%, and predicted that Beijing is unlikely to begin reopening before the second quarter next year. The official manufacturing PMI, which largely focuses on big and state-owned firms, and its survey for the services sector, will be released on Friday. The private sector Caixin manufacturing PMI, which centres more on small firms and coastal regions, will also be published on Friday.

☆ China's smaller banks cut deposit rates to ease margin pressure
▼ + stars: | 2022-09-29 | by ( ) www.reuters.com time to read: +4 min

Several Chinese city commercial banks and rural commercial lenders have cut their rates on a range of deposits this week, according to statements released on the banks' websites. The smaller lenders followed in the footsteps of some of China's biggest state-owned banks, which implemented rate cuts earlier this month. Peiqian Liu, China economist at Natwest Markets, noted the commercial banks' deposit rate cuts are part of the monetary policy transmission mechanism after the central bank cut key policy rates in August. "This rate cut by commercial banks will help improve the profit margin slightly and is technically opening up more space for further (benchmark lending) rate cuts." Four of the five of China’s largest banks, except for Bank of China, reported falling net interest margins (NIMs) in the second quarter.

☆ China repeats call for stability in Korean peninsula
▼ + stars: | 2022-09-28 | by ( ) www.reuters.com time to read: +1 min

A general view shows the truce village of Panmunjom inside the demilitarized zone (DMZ) separating the two Koreas, South Korea, July 19, 2022. REUTERS/Kim Hong-Ji/PoolBEIJING, Sept 28 (Reuters) - China's consistent position is to maintain stability in the Korean peninsula, its foreign ministry said on Wednesday, after South Korean media reported that North Korea may conduct a nuclear test in coming months. The relevant parties should take concrete actions to respond to the legitimate concerns of the DPRK, said Wang Wenbin, spokesman at the Chinese foreign ministry at a regular media briefing, referring to North Korea's formal name - the Democratic People's Republic of Korea (DPRK). North Korea's first nuclear test since 2017, if it takes place, is likely to happen between Oct. 16 and Nov. 7, South Korea's Yonhap news agency reported on Wednesday, citing lawmakers briefed by the national intelligence agency. read moreRegister now for FREE unlimited access to Reuters.com RegisterReporting by Eduardo Baptista; Writing by Ryan Woo; Editing by Andrew HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ China's Xi makes first public appearance in Beijing since trip to Central Asia
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: 1 min

Register now for FREE unlimited access to Reuters.com RegisterChinese President Xi Jinping attends an extended-format meeting of heads of the Shanghai Cooperation Organization (SCO) member states at a summit in Samarkand, Uzbekistan September 16, 2022. Sputnik/Sergey Bobylev/Pool via REUTERSBEIJING, Sept 27 (Reuters) - Chinese President Xi Jinping visited an exhibition in Beijing on Tuesday, according to state television, in his first public appearance since returning to China from an official trip to Central Asia in mid-September. Xi is widely expected to secure a precedent-breaking third term as leader at the Communist Party's once-in-five-years congress next month. Register now for FREE unlimited access to Reuters.com RegisterReporting by Ryan Woo and Beijing newsroom; Editing by Jon BoyleOur Standards: The Thomson Reuters Trust Principles.

☆ China's industrial profit declines accelerate in Jan-Aug
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: +2 min

Register now for FREE unlimited access to Reuters.com RegisterPedestrians cast their shadows on a wall at a construction site in Beijing December 12, 2014. REUTERS/Kim Kyung-Hoon/BEIJING, Sept 27 (Reuters) - Profits at China's industrial firms shrank at a faster pace in January-August, as strict COVID restrictions and a deepening property slump weighed on domestic demand and heatwaves curbed factory activity. read moreChina's industrial output rose 4.2% from a year earlier in August, quickening from a 3.8% rise in July. Liabilities at industrial firms jumped 10.0% from a year earlier in August, slightly slower than the 10.5% growth in July. ($1 = 7.1584 Chinese yuan)Register now for FREE unlimited access to Reuters.com RegisterReporting by Liangping Gao, Ella Cao and Ryan Woo; Editing by Sam HolmesOur Standards: The Thomson Reuters Trust Principles.

☆ Here to stay? China's cityscapes transformed by thousands of COVID test booths
▼ + stars: | 2022-09-26 | by ( ) www.reuters.com time to read: +2 min

Not so China itself - in cities big or small, routine PCR testing is the new normal. read moreRegister now for FREE unlimited access to Reuters.com RegisterTens of thousands of kerbside sampling booths where people can be tested day and night have become a permanent feature of Chinese cityscapes. Testing booths, typically container-like structures erected in the middle of a pavement, are staffed by a few health workers in hazmat suits ready to take quick throat swabs. "Doing a PCR test every two days, I really feel it's a pure waste of resources," posted one user of Weibo, a popular Twitter-like microblog in China. Register now for FREE unlimited access to Reuters.com RegisterReporting by Ryan Woo; Editing by Kenneth MaxwellOur Standards: The Thomson Reuters Trust Principles.

☆ Prominent Chinese commentator urges COVID experts to 'speak out'
▼ + stars: | 2022-09-25 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Aly SongBEIJING, Sept 26 (Reuters) - Prominent Chinese commentator Hu Xijin said on Sunday that as China ponders its COVID-19 policies, epidemic experts need to speak out and China ought to conduct comprehensive research and make any studies transparent to the public. "Oppose excessive epidemic prevention," one Weibo user wrote in response to Hu's post. read more"I don't mind being infected, but I fear you can't help but stop me from moving freely," another Weibo user said. read more"The people must trust the state, but the state must also trust the understanding of the people," Hu said. Register now for FREE unlimited access to Reuters.com RegisterReporting by Ryan Woo; Editing by Toby ChopraOur Standards: The Thomson Reuters Trust Principles.

☆ China says protracted Ukraine crisis not in the interests of all parties
▼ + stars: | 2022-09-22 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterChina's Foreign Minister Wang Yi attends a high level meeting of the United Nations Security Council on the situation amid Russia's invasion of Ukraine, at the 77th Session of the United Nations General Assembly at U.N. Headquarters in New York City, U.S., September 22, 2022. REUTERS/Brendan McDermidBEIJING, Sept 22 (Reuters) - An expanded and protracted Ukraine crisis is not in the interests of all parties, China's Foreign Minister Wang Yi told his Polish counterpart Zbigniew Rau on the sidelines of a United Nations General Assembly meeting in New York on Wednesday. China hopes that the "flame of war" will go out as soon as possible, a Chinese foreign ministry statement on Thursday cited Wang as saying. Register now for FREE unlimited access to Reuters.com RegisterReporting by Ryan Woo; Writing by Meg Shen; Editing by Hugh LawsonOur Standards: The Thomson Reuters Trust Principles.

☆ China's ex-justice minister faces life in jail amid purge of security officials
▼ + stars: | 2022-09-22 | by ( ) www.reuters.com time to read: +2 min

Fu, 67, was handed a suspended death sentence that will be commuted to life imprisonment after two years, with no possibility of parole, according to state media. Register now for FREE unlimited access to Reuters.com RegisterIn July, Fu admitted accepting bribes exceeding 117 million yuan ($16.50 million). On Wednesday, three former police chiefs of Shanghai, Chongqing and Shanxi province were sentenced to years in jail - including one for life - for corruption. The purges came three weeks ahead of a once-in-five-years congress of the ruling Communist Party where Xi is widely expected to secure a precedent-breaking third term as China's leader. ($1=7.0896 Chinese yuan)Register now for FREE unlimited access to Reuters.com RegisterReporting by Ryan Woo; Editing by Raju GopalakrishnanOur Standards: The Thomson Reuters Trust Principles.

☆ China urges dialogue, consultation after Putin's warning to West
▼ + stars: | 2022-09-21 | by ( ) www.reuters.com time to read: 1 min

Register now for FREE unlimited access to Reuters.com RegisterChinese Foreign Ministry spokesperson Wang Wenbin speaks during a news conference in Beijing, China March 3, 2022. REUTERS/Carlos Garcia Rawlins/File PhotoBEIJING, Sept 21 (Reuters) - China's foreign ministry urged all parties to engage in dialogue and consultation and find a way to address the security concerns of all parties after Russian President Vladimir Putin warned the West over what he described as "nuclear blackmail". China's position on Ukraine is consistent and clear, Chinese foreign ministry spokesman Wang Wenbin said at a regular media briefing on Wednesday. read moreRegister now for FREE unlimited access to Reuters.com RegisterReporting by Eduardo Baptista; writing by Ryan Woo; Editing by Andrew HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ COVID-hit Shanghai unveils $257 billion in projects in infrastructure push
▼ + stars: | 2022-09-20 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Aly SongBEIJING, Sept 20 (Reuters) - China's commercial hub of Shanghai on Tuesday announced eight infrastructure projects with total investment of 1.8 trillion yuan ($257 billion), after the city was hit hard by COVID-19 lockdowns in April and May. In the first eight months of the year, Shanghai's infrastructure investment fell 27.4% versus an 8.3% gain nationwide, data from local statistics bureaus showed on Monday. The cabinet told local governments to complete selling more than 500 billion yuan in special bonds by the end of October under carryover quotas from 2019. Such bonds, on top of the annual quota of 3.65 trillion yuan, will help to fund infrastructure projects. "China's infrastructure investment will in the coming years bolster its slowing economy," Moody's analysts wrote in a recent note.

☆ Chinese buyers snap up luxury homes as 'hard currency' in soft property market
▼ + stars: | 2022-09-19 | by ( ) www.reuters.com time to read: +2 min

Register now for FREE unlimited access to Reuters.com RegisterUnder-construction apartments are pictured from a building during sunset in the Shekou area of Shenzhen, Guangdong province, China November 7, 2021. REUTERS/David KirtonBEIJING, Sept 19 (Reuters) - In the southern Chinese city of Shenzhen, where the real estate sector has slowed, luxury property is bucking the downtrend, the official Securities Times reported on Monday, as wealthy buyers seek a safe haven amid a weak market. With the units ranging in size to up to 425 square meters, that suggests some could have reached values of $9.8 million. But new luxury homes are still popular with buyers, who see them as "hard currency" in a feeble property market, the newspaper cited industry insiders as saying. ($1 = 7.0176 Chinese yuan renminbi)Register now for FREE unlimited access to Reuters.com RegisterReporting by Liangping Gao and Ryan Woo; Editing by Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

☆ China lodges complaint after Biden says U.S. would defend Taiwan in a Chinese invasion
▼ + stars: | 2022-09-19 | by ( ) www.reuters.com time to read: +1 min

BEIJING, Sept 19 (Reuters) - The Chinese foreign ministry said on Monday that China has lodged "stern representations" with the United States, after U.S. President Joe Biden said U.S. forces would defend Taiwan in the event of a Chinese invasion. China reserves the right to take all necessary measures in response to activities that split the nation apart, said Mao Ning, spokesperson at the foreign ministry, at a regular media briefing. read moreChinese Foreign Ministry new spokesperson Mao Ning speaks at a news conference in Beijing, China September 5, 2022. She also urged the U.S. to handle Taiwan-related issues "carefully and properly", and not send "wrong signals" to Taiwan independence separatist forces, warning the United States not to seriously damage Sino-U.S. relations and the peace in the Taiwan Strait. "There is only one China in the world, Taiwan is part of China, and the government of the People's Republic of China is the only legitimate government of China," said Mao.

☆ China plans easier border entry rules for some foreign tourists
▼ + stars: | 2022-09-19 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterBEIJING, Sept 19 (Reuters) - China's government on Monday issued draft rules aimed at making it easier for some foreigners to enter China for visits to tourism sites along the Chinese border. China has shut its borders to foreign tourists since the outbreak of the new coronavirus in 2020, with only specific groups of foreign nationals allowed to enter the country, such as those holding certain work visas. Register now for FREE unlimited access to Reuters.com RegisterIn recent months, rules have gradually been relaxed, from resuming more direct flights between China and some countries to allowing foreign students with valid residence permits to enter China. read moreChina shares a border with more than 10 countries including Russia, Mongolia, Myanmar, Laos and Vietnam. read moreRegister now for FREE unlimited access to Reuters.com RegisterReporting by Ryan Woo; Editing by Toby Chopra and Christian SchmollingerOur Standards: The Thomson Reuters Trust Principles.

☆ China to accelerate projects, boost consumption to spur recovery
▼ + stars: | 2022-09-19 | by ( ) www.reuters.com time to read: +2 min

Register now for FREE unlimited access to Reuters.com RegisterA worker welds at the top of skyscraper Xiamen International Centre under construction in Xiamen, Fujian province, China December 23, 2017. REUTERS/StringerBEIJING, Sept 19 (Reuters) - China will speed up fund injections to expedite project construction and boost domestic consumption, China's state planner said on Monday, even after the economy showed signs of renewed momentum last month. Shanghai, which lifted a two-month Covid lockdown in June, said it would hand out "consumption vouchers" worth around 100 million yuan ($14.3 million) to residents starting Tuesday, for use in a major shopping district. The southern island province of Hainan on Monday also said it would issue vouchers, again totalling 100 million yuan, to make consumption the main driver of the recovery. "We estimate the current level of restrictions is suppressing the level of GDP in China by 4-5%."

☆ China, Nepal agree on building a trans-Himalayan network
▼ + stars: | 2022-08-11 | by ( ) www.reuters.com time to read: +1 min

BEIJING, Aug 11 (Reuters) - China and Nepal have agreed to build the so-called Trans-Himalayan Multi-Dimensional Connectivity Network, the Chinese foreign ministry said, following a meeting between the foreign ministers of the two countries. As part of the agreement, Foreign Minister Wang Yi said China would finance the feasibility study of a China-Nepal cross-border railway and send experts to Nepal to conduct surveys this year, Wang Wenbin, spokesperson at the foreign ministry, told a regular media briefing in Beijing on Thursday. The network, under China's Belt and Road initiative, will involve the building of railways and communication networks. During a landmark visit by President Xi Jinping to Nepal in 2019, China and Nepal elevated their relationship to a "strategic partnership". Reporting by Martin Quin Pollard; writing by Ryan Woo; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

Search resuls for: "Ryan Woo"

20 mentions found