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☆ China may have to brace for a new wave of bond defaults, S&P says
▼ + stars: | 2024-04-24 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

BEIJING — China's state-directed economy may be creating the conditions for a new wave of bond defaults that could come as soon as next year, according to an S&P Global Ratings report released Tuesday. It comes against a backdrop of extremely few defaults in China amid concerns about overall growth in the world's second-largest economy. China's corporate bond default rate fell to 0.2% in 2023, the lowest in at least 8 years and far below the global rate of about 2.6%, S&P data showed. "We've seen directives or guidance from the government in the past year to discourage defaults in the bond market." "The question is: When the guidance to avoid the defaults in the bond market [ends], what happens to the bond market?"

Persons: Charles Chang, that's, Chang, We've Organizations: Country Garden Holdings Co Locations: Phoenix, Heyuan, Guangdong province, China, BEIJING

☆ China's 'Netflix' iQiyi pivots toward an aging population in an AI era
▼ + stars: | 2024-04-23 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

BEIJING — Chinese video streaming platform iQiyi is turning its attention to the country's aging population, while using artificial intelligence tools to bolster content production. One of iQiyi's near-term goals is to improve the product offering for older users, CEO and founder Gong Yu said Tuesday at the company's annual conference. Gong also pointed to estimates that predict about one-fourth of China's population will be considered elderly in 2033, rising to one-third in 2053. Fewer children, Gong said, means each child becomes more important. He said iQiyi would improve the quality of its content for children.

Persons: Gong Yu, Gong Organizations: Netflix, CNBC Locations: China, U.S, BEIJING, iQiyi's

☆ China's fiscal stimulus is losing its effectiveness, S&P says
▼ + stars: | 2024-04-19 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

BEIJING — China's fiscal stimulus is losing its effectiveness and is more of a strategy to buy time for industrial and consumption policies, S&P Global Ratings senior analyst Yunbang Xu said in a report Thursday. The analysis used growth in government spending to measure fiscal stimulus. "In our view, fiscal stimulus is a buy-time strategy that could have some longer-term benefits, if projects are focused on reviving consumption or industrial upgrades that increase value-add," Xu said. The head of the top economic planning agency said in March that China would "strengthen macroeconomic policies" and increase coordination among fiscal, monetary, employment, industrial and regional policies. High debt levels limit how much fiscal stimulus a local government can undertake, regardless of whether a city is considered a high or low-income region, the S&P report said.

Persons: Yunbang Xu, Xu Organizations: Global Locations: Nanning, Guangxi Zhuang, China, BEIJING, Shenzhen, Bazhong, Sichuan

☆ China's policy to boost demand by $700 billion will have a 'bigger and bigger' impact, official says
▼ + stars: | 2024-04-12 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

Vcg | Visual China Group | Getty ImagesBEIJING — China's latest policy to boost demand will soon have a greater effect on growth, a top official at the economic planning agency told reporters Thursday. "We believe this work will achieve bigger and bigger results," he said in Mandarin, translated by CNBC. He noted that equipment upgrades account for 9% to 10% of total GDP. 'Strong' central government fiscal supportIn terms of fiscal funding for those upgrades, Zhao said the central government would provide "strong support." Part of the equipment upgrade and consumer trade-in policy also focuses on improving standards for the kinds of products that can be used.

Persons: That's, Zhao Chenxin, Goldman Sachs, Morgan Stanley, Zhao, Bruce Pang, Fu Jinling, Fu, Francoise Huang, We're, JLL's Pang, Shan Zhongde Organizations: Visual China, Getty, BEIJING, National Development, Reform Commission, CNBC, Analysts, People's Bank of, Allianz Trade, Ministry of Industry, Information Technology, Ministry of Housing, Ministry of Commerce, State Administration, Market, China's Ministry of Commerce, Industry, Global Locations: Qingzhou, Weifang City, Shandong Province, China, oversupply, Beijing, JLL, People's Bank of China

☆ China's commercial property segment is seeing some bright spots amid a slump in the wider realty sector
▼ + stars: | 2024-04-11 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

Vcg | Visual China Group | Getty ImagesBEIJING — China's commercial property sector is seeing pockets of demand amid an overall real estate slump. Commercial real estate, which includes office buildings and shopping malls, makes up just a fraction of China's overall property market. Sales for both commercial and residential properties had fallen for much of last year, according to Wind. Covid-19 restrictions on movement had also cut demand for China's commercial property, in line with global trends. China's economy, however, took longer than expected to rebound from the pandemic, amid a broader slump in the property market.

Persons: JLL Organizations: Visual China, Getty, BEIJING Locations: Beijing, China

☆ China needs a narrative that house prices are going to rise, Nomura's Koo says
▼ + stars: | 2024-04-10 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

Pictured here is a real estate project under construction in Huai 'an city, Jiangsu province, China, on April 8, 2024. BEIJING — China needs to convince people that home prices are on their way up in order for economic activity to pick up, Richard Koo, chief economist at Nomura Research Institute, told CNBC's Steve Sedgwick last week. In other words, as Koo warned last year, China may be entering a "balance sheet recession," similar to what Japan experienced during its economic slump. "For them to come back and borrow money, we need a narrative that says, okay, this is the bottom of the prices, the prices will start going up from this point onwards," Koo said. Koo and other analysts have pointed out that in China's policy-driven economy, house prices have not fallen as much as expected given declines in other aspects of the property market.

Persons: Huai, Richard Koo, CNBC's Steve Sedgwick, Goldman Sachs, Koo, " Koo Organizations: Nomura Research Institute, Japan Locations: Jiangsu province, China, BEIJING

☆ Yellen says U.S. plans to ‘underscore’ need for China to shift policy
▼ + stars: | 2024-04-08 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

U.S. Treasury Secretary Janet Yellen said Monday that future discussions between the U.S. and China will focus on Beijing's need to shift its policy on industry and the economy, as she wrapped up the fourth and final full day of her trip to China on April 8. Pedro Pardo | Afp | Getty ImagesBEIJING — U.S. Treasury Secretary Janet Yellen said Monday that future discussions between the U.S. and China will focus on Beijing's need to change its policy on industry and the economy. Yellen said her conversations with Chinese officials during the trip discussed plans Beijing had for its economy, but she did not elaborate. Yellen also declined to share what tools the U.S. might use to prevent China's industrial policy from resulting in the loss of American jobs. During her trip, Yellen met with top Chinese officials including Premier Li Qiang in Beijing and Vice Premier He Lifeng in Guangzhou.

Persons: Janet Yellen, Pedro Pardo, Yellen, Yue Su, Su, Premier Li Qiang Organizations: Treasury, U.S, Afp, Getty, International Monetary Fund, World Bank Group, EV, The Economist Intelligence Unit, ASEAN, Consumer, Premier, Lifeng Locations: China, BEIJING, U.S, Guangzhou, Beijing, Washington ,, Europe, Hong Kong, Washington

☆ China's Nio to expand battery swap services to gain an edge on EV infrastructure
▼ + stars: | 2024-04-05 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

Pictured here is a Nio battery swapping station in Haikou, Hainan province, China, on May 9, 2023. Bloomberg | Bloomberg | Getty ImagesBEIJING — Chinese electric car company Nio has been expanding its battery swap partnerships in a bid to gain an edge on the infrastructure side of the EV ecosystem. Nio also announced agreements earlier this year to work with two local battery companies on battery swap services. While having a large network of battery charging stations helps address those concerns, battery swapping is a faster method as it takes only a few minutes. CLSA's Luo said businesses also prefer to invest in normal charging stations than swap stations because they make a higher return.

Persons: Nio, —, JAC —, Ding Luo, Shen Fei, Shen, it's, Le, William Li, Shay Natarajan, Luo, Ford Organizations: Bloomberg, Getty, Chery, CNBC, Battery, Nissan, Sino Auto, Mobility Impact Partners, General Motors Locations: Haikou, Hainan province, China, BEIJING, U.S, San Francisco, Kyoto, Japan, Madrid, Spain, Europe, North America

☆ Yellen kicks off China meetings with overcapacity concerns, encouraging market-oriented reforms
▼ + stars: | 2024-04-05 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

Ambassador to China Nicholas Burns (R) receive U.S. Treasury Secretary Janet Yellen (R) upon her arrival in Guangzhou on April 4, 2024. Pedro Pardo | Afp | Getty ImagesBEIJING — U.S. Treasury Secretary Janet Yellen kicked off her first full day of official meetings in China with discussion about overcapacity concerns and encouragement to pursue market-oriented reforms. It is her second trip to China as Treasury secretary. China's growth potentialGuangdong is one of the largest contributors to China's economic growth and home to the city of Shenzhen, a major hub for tech companies and startups. "In recent decades, [Guangzhou] was at the forefront of market-oriented reforms that advanced China's economic development and openness," Yellen said in prepared remarks for her meeting with Wang.

Persons: Liao Min, China Nicholas Burns, Janet Yellen, Pedro Pardo, Yellen, Wang Weizhong, Wang, I've, Nicholas R, Lardy Organizations: Finance, U.S, Treasury, Afp, Getty, Peterson Institute for International Economics, Foreign Affairs Locations: China, Guangzhou, BEIJING, U.S, Beijing, Guangdong province, United States, Guangdong, Shenzhen, Asia

☆ Here's who Treasury Secretary Janet Yellen is going to meet in China
▼ + stars: | 2024-04-04 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

U.S. Treasury Secretary Janet Yellen, center, waits with others to receive Chinese President Xi Jinping at the San Francisco International Airport on Nov. 14, 2023, ahead of Xi's meeting with U.S. President Joe Biden. BEIJING — U.S. Treasury Secretary Janet Yellen was scheduled to arrive in China on Thursday ahead of four full days of meetings with Chinese officials. It's her second trip to the country since the summer, as the U.S. and China seek to increase high-level communication in an otherwise tense relationship. U.S. Secretary of State Antony Blinken is also due to visit China again later this year. We went for too long with too little communication, and misunderstandings developed," Yellen told reporters ahead of her arrival in China.

Persons: Janet Yellen, Xi Jinping, Joe Biden, It's, Antony Blinken, Yellen, Here's Organizations: Treasury, San Francisco International Airport, U.S Locations: BEIJING — U.S, China, Guangzhou, China's, Guangdong —, Beijing

☆ KKR says China's real estate correction may only be halfway done
▼ + stars: | 2024-04-03 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

"A fundamentally overbuilt real estate industry needs to be addressed — and quickly," he said in the report, which counts Changchun Hua, KKR's chief economist for Greater China, among the co-authors. Real estate and related sectors once accounted for about one fifth or more of China's economy, depending on the breadth of analysts' calculations. Based on comparisons to housing corrections in the U.S., Japan and Spain, China's "housing market correction may be just halfway complete" in terms of its depth, the KKR report said. watch nowWhile KKR's report didn't provide much detail on expectations for specific real estate policy, the authors said more action by Beijing to improve China's real estate sector "could materially shift investor perception." Chinese officials have said the real estate sector remains in a period of adjustment, while Beijing shifts its emphasis toward manufacturing and what it considers "high-quality development."

Persons: Henry H, McVey, " McVey, Hong, Nomura Organizations: West Coast New, Nurphoto, Getty, BEIJING, KKR, Authorities, Housing Locations: West, Qingdao, East China's Shandong, China, Changchun Hua, Greater China, U.S, Japan, Spain, Beijing, China's

☆ Xiaomi shares pop 15% after the Chinese smartphone maker launches its first EV
▼ + stars: | 2024-04-02 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

A Xiaomi SU7 electric sedan is seen displayed at a regional HQ of Xiaomi in Nanjing in east China's Jiangsu province. BEIJING — Shares of Chinese smartphone maker Xiaomi surged 15% when the Hong Kong market opened Tuesday, the first trading day since the company launched its SU7 electric car ahead of the Easter holiday. Chinese EV startups Xpeng and Nio announced car purchase subsidies Monday of 20,000 yuan ($2,800) and 10,000 yuan each, respectively. The price reductions come as growth of new energy vehicles in the world's largest auto market shows signs of slowing. Penetration of battery and hybrid-powered passenger cars has surpassed more than one third of new cars sold in China, according to the China Passenger Car Association.

Persons: Xiaomi, Tesla, Nio Organizations: BEIJING —, China Passenger Car Association Locations: Xiaomi, Nanjing, China's Jiangsu, BEIJING, Hong Kong, Beijing, China

☆ Huawei's profit doubled in 2023 as smartphone, autos business picked up
▼ + stars: | 2024-03-29 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +2 min

BEIJING — Chinese telecommunications company Huawei said Friday its net profit for 2023 more than doubled thanks to better product offerings. The company also attributed the profit gains to revenue growth of 9.6% year-on-year to 704.2 billion yuan ($99.18 billion). Net profit grew by 144.5% year-on-year to 87 billion yuan. Net profit in 2022 fell by 69%, the largest drop on record. ICT remained by far Huawei's biggest revenue driver with 362 billion yuan in revenue in 2023, up 2.3% from a year ago.

Persons: Apple, — CNBC's Arjun Kharpal Organizations: Huawei, Mobile World, 5G, ICT Locations: Barcelona, BEIJING, China, Xiaomi

☆ China's Xi tells U.S. CEOs that bilateral relations can have a 'brighter future'
▼ + stars: | 2024-03-28 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

China's President Xi Jinping speaks at an event held by the National Committee on US-China Relations and the US-China Business Council on the sidelines of the Asia-Pacific Economic Cooperation (APEC) Leaders' Week in San Francisco, California, on November 15, 2023. Carlos Barria | Afp | Getty ImagesBEIJING — Chinese President Xi Jinping told U.S. executives on Wednesday that bilateral relations can improve, and pledged that Beijing would keep working to improve the business environment. In the Chinese side's readout, Xi described China's economy as "sound and sustainable," and pushed back on some forecasts that the country would soon "peak." The National Committee on U.S.-China Relations did not provide a statement. "I commend [Xi's] personal engagement in the U.S.-China relationship, including a meeting like this.

Persons: Xi Jinping, Carlos Barria, Stephen Schwarzman, Cristiano Amon, Evan G, Greenberg, Harvard's John F, Dean Graham Allison, Craig Allen, Xi, Wang Yi, Zheng Shanjie, Commerce Wang Wentao, Rajesh Subramaniam, Chubb Organizations: National Committee, China Relations, China Business Council, Economic Cooperation, APEC, Afp, Getty, U.S, China -, Blackstone, Qualcomm, Kennedy School of Government, U.S ., China Business, Authorities, National Development, Commerce, FedEx, CNBC, Committee Locations: Asia, San Francisco , California, BEIJING, Beijing, China, United States, U.S

☆ Xiaomi releases electric car $4K cheaper than Tesla's Model 3 as price wars heat up
▼ + stars: | 2024-03-28 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +2 min

BEIJING — Chinese smartphone company Xiaomi said Thursday it will sell its first car for far less than Tesla's Model 3, as price wars heat up in China's fiercely competitive electric car market. Xiaomi CEO Lei Jun said the standard version of the SU7 will sell for 215,900 yuan ($30,408) in the country — a price he acknowledged would mean the company was selling each car at a loss. He also said the SU7 had a minimum driving range of 700 kilometers (nearly 435 miles) versus the Model 3's 606 kilometers. Lei also claimed that Xiaomi's car factory, for which all "key" steps are fully automated, can produce an SU7 every 76 seconds. Earlier this week, the Xiaomi CEO said on social media the SU7 would be the best sedan "under 500,000 yuan" ($69,328).

Persons: Xiaomi, Lei Jun, Lei, Tesla Organizations: Tesla's, Tesla, Huawei Locations: BEIJING, China, Beijing

☆ China's Xi meets U.S. executives as businesses navigate bilateral tensions
▼ + stars: | 2024-03-27 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +8 min

The forum this year coincided with other efforts to attract foreign business. However, a combination of geopolitical tensions, regulatory uncertainty and slower economic growth have made it more challenging for foreign businesses in China. ... foreign companies share the same lack of confidence and worries about an uncertain future that is felt amongst much of China's domestic industry. Looking for economic clarityFor businesses considering China investment plans, the country's near-term growth outlook is another factor. He emphasized China's large market, industrial supply chain, and pointed out how China has worked on issues such as data exports and equal market treatment for foreign businesses.

Persons: Tim Cook, Management Dean Bai Chong, Xi Jinping, Stephen Schwarzman, Cristiano Amon, Mark Carney, Rajesh Subramaniam, Joe Biden, Carlos Gutierrez, Sean Stein, Gutierrez, Biden, Scott Kennedy, Peter Bachmann, Bachmann, Kennedy, Stephen S, Roach, Yale Law School's Paul Tsai, he's, China's, Han Zheng, Amin H, Nasser Organizations: Apple, China Development Forum, Tsinghua University School of Economics, Management, China News Service, Getty, U.S . Blackstone, Qualcomm, Bloomberg, FedEx, China, Cyberspace Administration, U.S, American Chamber of Commerce, of Commerce, Scott, Scott Kennedy Center for Strategic, Studies, China Centre, University of Applied Sciences, Arts Northwestern Switzerland, Center for Strategic, International Studies, Yale Law, Yale Law School's Paul Tsai China, Communist Party, Invest, CNBC, Aramco Locations: China, BEIJING, U.S, San Francisco, Beijing, Shanghai, Washington ,, Saudi

☆ China's economy is on track for 'strong' March performance, survey says
▼ + stars: | 2024-03-27 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

Employees work on a battery production line at Jiangsu Yongda Power Supply Co. on March 26, 2024 in Suqian, Jiangsu province of China. BEIJING — China's economy is ending the first quarter on a "strong" note, according to a business survey published by the China Beige Book on Thursday. China's official data on retail sales, industrial production and fixed asset investment for January and February beat expectations across the board. The China Beige Book said it surveyed 1,436 businesses between March 1 and 23, split roughly between state-owned and non-state-owned firms. "China Beige Book's March data show the economy poised for a strong end to Q1," the report said.

Persons: H, Qazi Organizations: Jiangsu Yongda Power Supply Locations: Jiangsu, Suqian, China, BEIJING, U.S

☆ Lululemon shares plunge 16% on weak guidance, slowing North America growth
▼ + stars: | 2024-03-21 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +4 min

The retailer reported holiday earnings on Thursday evening that topped expectations, but showed that its growth in North America is stagnating. During the quarter, sales rose 9% in the Americas, compared to 29% growth in the year-ago period. For the current quarter, Lululemon expects net revenue to be between $2.18 billion and $2.20 billion, representing growth of 9% to 10%. For the full year, it expects sales to be between $10.7 billion and $10.8 billion, compared with estimates of $10.9 billion, according to LSEG. During the quarter, it opened its first men's store in Beijing — a key growth market for the company.

Persons: Lululemon, you've, Calvin McDonald, McDonald, Alo Yoga, it's, Meghan Frank Organizations: LSEG, U.S Locations: U.S, North America, Americas, China, Vancouver, Beijing

☆ TikTok aside, Congress has its eye on the U.S. money going into China
▼ + stars: | 2024-03-21 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

The House Select Committee on the CCP, established in January last year, led the legislative act to essentially ban TikTok in the U.S. if its Chinese parent ByteDance doesn't sell the popular social media app. watch nowThe House select committee in February also published a report alleging U.S. venture capital firms invested billions "into PRC companies fueling the CCP's military, surveillance state and Uyghur genocide." Similar research detailing the links between U.S. capital, venture firms in China and Chinese tech startups has started making its rounds in major media outlets since late 2023. The Senate in July overwhelmingly passed a bill that would have required U.S. investors in advanced Chinese technology to notify the Treasury Department. The Biden administration in August issued an executive order aimed at restricting U.S. investments into semiconductor, quantum computing and artificial intelligence companies citing national security concerns.

Persons: Ken Cedeno, that's, Mike Gallagher, Gallagher, Andrew King, King, Biden, Michael McCaul, Gregory W, Meeks Organizations: U.S, Capitol, Reuters, The U.S, Congress, Chinese Communist Party, CNBC, House Armed, Technologies, Innovation, Intelligence, CCP, Future, Ventures, Treasury Department, Treasury, Foreign, China's Ministry of Commerce, Financial Regulatory Administration Locations: Washington , U.S, Reuters BEIJING, The, China, United States, U.S, Beijing, San Francisco

☆ EU-China trade relations are in a 'slow-motion train accident,' business group says
▼ + stars: | 2024-03-19 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

"What we see right now is the unfolding of a slow-motion train accident," he told reporters at a briefing last week. "That's when trade becomes a security question and I think that is perhaps not fully appreciated in China just yet." There needs to be an honest conversation between Europe and China about what this is going to mean. The EU was China's largest regional trading partner until Southeast Asia recently surpassed it. The U.S. is China's largest trading partner on a single-country basis.

Persons: Jens Eskelund, Eskelund, I've, Markus Herrmann Chen Organizations: Future Publishing, Getty, European Union Chamber of Commerce, EU, of Commerce, Investment, China Macro Locations: Hefei, Anhui province, BEIJING, Europe, Beijing, China, Southeast Asia, U.S

☆ China kicks off the year on strong note as retail, industrial data tops expectations
▼ + stars: | 2024-03-18 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

Retail sales rose 5.5%, better than the 5.2% increase forecast in a Reuters poll, while industrial production climbed 7%, compared with estimates of 5% growth. Investment into real estate fell by 9% in the first two months of the year from a year ago. National Bureau of Statistics Spokesperson Liu Aihua said that real estate remains in a period of "adjustment," according to a CNBC translation of his statement in Mandarin. New loans in February missed expectations and fell from the prior month, "even after adjusting for seasonality," Goldman Sachs analysts said in a report Friday. Chinese authorities did not reveal significant new support for the massive real estate sector during an annual parliamentary meeting that ended last week.

Persons: Liu Aihua, Liu, Ting Lu, Goldman Sachs, Pan Gongsheng, Goldman Organizations: Pudong New, Investment, National Bureau of, CNBC, China, People's Bank of China, Reuters Locations: Dongyu, Qiantan, Pudong, Pudong New Area, Shanghai, China, BEIJING, Real, Beijing

☆ Nio plans to launch its mass market EV brand in May
▼ + stars: | 2024-03-15 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

BEIJING — Chinese premium electric car company Nio said Thursday it plans to reveal its mass market brand in May. Executives confirmed the new brand will be named "Le Dao" in Chinese, and said the name is meant to reflect families — the target consumer segment — having a happy time together. Earlier this month Nio said its mass market brand would debut in the second quarter, with the first product launch in the third quarter and large-scale deliveries the following quarter. Another Chinese electric car startup called Xpeng said last summer it plans to develop a new mass market brand that will target the 150,000 yuan ($20,580) price range. The company said it would develop the brand through a strategic partnership with Didi.

Persons: Nio, Xpeng, Didi Organizations: Executives Locations: BEIJING

☆ Xiaomi is set to launch its electric car on March 28
▼ + stars: | 2024-03-12 | by ( Evelyn Cheng | ) www.cnbc.com time to read: 1 min

Chinese consumer electronics company Xiaomi revealed Thurs., Dec. 28, 2023, its long-awaited electric car, but declined to share its price or specific release date. BEIJING — Chinese smartphone company Xiaomi announced Tuesday it would formally launch its long-awaited electric car on March 28. The company claimed in a social media post its SU7 electric car "would be delivered as soon as it is launched," according to CNBC's translation of the post written in Chinese. The post said the company was opening the waitlist for 59 stores in 29 cities in China. Xiaomi revealed the vehicle's exterior and tech features in late December, but did not share a price or specific delivery date.

Persons: Xiaomi Organizations: Xiaomi Locations: BEIJING, China

☆ China's housing minister says real estate developers must go bankrupt if necessary
▼ + stars: | 2024-03-11 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

BEIJING — China's struggling real estate developers won't be getting a major bailout, Chinese authorities have indicated, warning that those who "harm the interests of the masses" will be punished. "For real estate companies that are seriously insolvent and have lost the ability to operate, those that must go bankrupt should go bankrupt, or be restructured, in accordance with the law and market principles," Ni Hong, Minister of Housing and Urban-Rural Development, said at a press conference Saturday. "Those who commit acts that harm the interests of the masses will be resolutely investigated and punished in accordance with the law," he said. That's according to a CNBC translation of his Mandarin-language remarks published in an official transcript of the press conference, held alongside China's annual parliamentary meetings. Ni's comments come as major real estate developers from Evergrande to Country Garden have defaulted on their debt, while plunging new home sales have put future business into question.

Persons: China's Organizations: BEIJING, Hong, Housing, CNBC Locations: Evergrande

☆ China's annual parliamentary meeting has ended. Here are the key takeaways
▼ + stars: | 2024-03-11 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

BEIJING — China's weeklong annual parliamentary meetings ended on Monday and for the first time in decades, the Chinese premier did not host a press conference. Such press conferences were a rare instance of press interaction with the highest levels of China's government. To be clear, the annual gathering of the top leadership is typically ceremonial in nature. The real power lies with the ruling Communist Party, which is headed by Xi, who is general secretary of the party and president of China. Here are some highlights of what was announced at this year's week-long parliamentary meeting, which started Tuesday last week and ended Monday.

Persons: Xi Jinping, Xi Organizations: of, Initiative, People's Congress, National People's, Communist Party Locations: Beijing, China, BEIJING

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