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☆ China property rescue? Who are Ping An Insurance Group and Country Garden?
▼ + stars: | 2023-11-08 | by ( Julie Zhu | ) www.reuters.com time to read: +5 min

Ping An, based in the southern tech hub of Shenzhen, vies with China Life (601628.SS) for the title of the country's biggest insurance group by market value. Country Garden has said repeatedly that "home delivery" is its top priority. WHY HAS BEIJING PICKED PING AN TO RESCUE COUNTRY GARDEN? Ping An was a natural choice because it is based in Guangdong and has been a major Country Garden shareholder, said the sources. Ping An said after the Reuters report that it no longer holds Country Garden shares.

Persons: Ping, Ma Mingzhe, Morgan Stanley, Goldman Sachs, Yang Huiyan, Alex Ren, Julie Zhu, Kim Coghill Organizations: Ping An Insurance Group, HK, Reuters, WHO, China, Lufax, Ping An Healthcare, Technology, HSBC, Shenzhen Investment Holdings Co, Central Huijin Investment, Charoen Pokphand, CP, China Evergrande, Evergrande, Regulators, BEIJING, Authorities, Garden, Thomson Locations: HONG KONG, China, Shenzhen, vies, New York, Hong Kong, Shanghai, Guangdong

☆ Exclusive: China authorities ask Ping An to take controlling stake in Country Garden, sources say
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +6 min

Ping An has "not been asked by (the) Government to takeover Country Garden. Country Garden declined to comment. Country Garden shares were up 4% in afternoon trade. The insurer had as of Aug. 11 a 4.99% stake in Country Garden, according to Hong Kong stock exchange data. Country Garden had total liabilities of 1.4 trillion yuan ($190 billion) at the end of June.

Persons: Damir Sagolj, Ping, Li Qiang, Ping An, Ma Mingzhe, Ma, Peter, Yang Huiyan, Yang, Anne Marie Roantree, Antoni Slodkowski, Don Durfee, Edwina Gibbs Organizations: Ping An Insurance, Global Mobile Internet Conference, National Convention Center, REUTERS, Ping An Insurance Group, HK, Council, Ping An, Reuters, Government, China, Information, Country Garden, People's Bank of China, Financial Regulatory Administration, Shenzhen Metro, Peking University Founder, Thomson Locations: Beijing, China, China's, Guangdong province, Guangdong, Hong Kong, GUANGDONG, Shenzhen, Ping An

☆ For global banks, India could soon be worth it
▼ + stars: | 2023-11-07 | by ( Pranav Kiran | ) www.reuters.com time to read: +5 min

The hot new business class ticket within Asia is in fact, Hong Kong to Mumbai. Before the pandemic, more than half of the Asian top line of U.S. bulge bracket banks typically came from Greater China which includes the mainland, Hong Kong, Macau and Taiwan. Overall, IPO fees in India have risen from 1% of proceeds in 2017 closer to 2% in recent years, LSEG data shows. Hong Kong bankers are not going to relocate to India any time soon but while they wait out a slow and uncertain recovery in China activity, the trip to India looks increasingly worthwhile. Proceeds from initial public offerings in India amounted to $3.8 billion across 172 deals as of Oct. 24, according to LSEG data.

Persons: Goldman Sachs, Morgan Stanley, Banks, Mukesh Ambani, Bhavish, Ola, What’s, Gaurav Trehan, Blackstone, Amit Dixit, David Solomon, James Gorman, Citigroup's Jane Fraser, Noel Quinn, Bill Winters, Una Galani, Thomas Shum Organizations: Reuters, UBS, Insurance, JPMorgan, Citigroup, Reliance Industries, KKR, Bank of America, Global Financial, Investment, Hong Kong Monetary Authority, Offshore, Thomson Locations: BENGALURU, Hong Kong, China, Asia, Mumbai, Greater China, Macau, Taiwan, Beijing, Washington, India, United States, Offshore China

☆ ICBC ex-VP being probed by China’s anti-graft body
▼ + stars: | 2023-11-06 | by ( Manav Tanneeru | Michelle Toh | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Zhang Hongli, a former senior executive at Industrial and Commercial Bank of China (ICBC), is being probed by China’s top anti-corruption watchdog, in a sign of a continuing crackdown in the country’s financial sector. State-owned ICBC is one of China’s “Big Four” banks and the world’s largest lender by assets, according to S&P Global. Prior to joining ICBC, Zhang worked at Deutsche Bank and Goldman Sachs, where he held senior management roles. They include three top executives at the highest ranks of China’s financial world, who have either been probed or charged, according to the commission. In October, Li was expelled from the Communist Party and arrested for allegedly taking bribes, according to Xinhua.

Persons: Hong Kong CNN — Zhang Hongli, Zhang, Goldman Sachs, Bao Fan, Bao, Xi, Li Xiaopeng, —, Li, Liu Liange, Liu, “, Wang Bin, Wang Organizations: Hong Kong CNN, Industrial, Commercial Bank of China, Central Commission, P, Deutsche Bank, ICBC’s Communist Party, Xinhua, CNN, China, Communist Party, of China, China Life Insurance Locations: China, Hong Kong, ICBC, Xinhua

☆ Australia's Albanese to highlight trade on China visit as ties warm
▼ + stars: | 2023-11-03 | by ( Kirsty Needham | ) www.reuters.com time to read: +4 min

A quarter of Australia's export earnings come from China, more than the next three trade partners, the United States, South Korea and Japan combined, Albanese said on Tuesday. "Trade as an anchor provides stability and certainty to allow greater engagement while we navigate uncertain currents and obstacles that lie beneath," said Australia China Business Council president David Olsson. Chairman of the Business Council of Australia's global engagement committee, Warwick Smith, said Albanese would highlight the complementary nature of bilateral trade in a speech on Sunday to 500 business people. DIFFICULT TOPICSChina has lauded the visit's timing, on the 50th anniversary of the first to China by an Australian leader, then Prime Minister Gough Whitlam. Although the Albanese government has put dialogue at the centre of its approach to China, most policy remains the same, he said.

Persons: Anthony Albanese, Albanese, Xi Jinping, Richard Marles, David Olsson, Li Qiang, Fortescue, " Olsson, Warwick Smith, Gough Whitlam, Penny Wong, Xiao Qian, Richard Maude, Thomas, Maude, Kirsty Needham, Robert Birsel Organizations: SYDNEY, Australia China Business, Fortescue Metals, Rio Tinto, BHP, Business Council, Asia Society Australia, America, Thomson Locations: China, Shanghai, South, Beijing, Australia, United States, Canberra, Britain, Washington, South Korea, Japan, Rio, CIIE, Philippines, Taiwan

A woman dressed up as a starving medical student. One woman dressed up as a medical student, holding a begging bowl in her hands. A woman dressed up as a liberal arts student hungry for egg fried rice. Greg Baker/Pool/ReutersTo address these challenges, President Xi Jinping hosted a key financial policy meeting this week to reiterate the need to resolve financial risks in the economy. “Hidden economic and financial risks are still widespread,” the readout said.

Persons: Hong Kong CNN —, ”, Zhou, Xiao Pan, Yan Ziqi, “, Xi Jinping, Greg Baker, Xi Organizations: Hong Kong CNN, CNN, Global, Stock, Huaan Securities, Service, National People's, of, People, Reuters, Communist Party, Ministry of State Security Locations: China, Hong Kong, China’s, Shanghai, Weibo, Douyin, “, Beijing

☆ Here's the 'most important metric' as Wall Street gears up for Apple's upcoming earnings report
▼ + stars: | 2023-11-01 | by ( Matthew Fox | ) www.businessinsider.com time to read: +5 min

Investors are focused on Apple's iPhone sales in China and the company's outlook for the holiday quarter. Here's what Wall Street expects from Apple's upcoming earnings report. AdvertisementAdvertisementAll eyes are on Apple as it is scheduled to report its fiscal fourth-quarter earnings on Thursday after the market close. Here's what Wall Street analysts are saying about Apple's upcoming earnings report. AdvertisementAdvertisementJPMorgan: 'Higher competitive pressures in China'Analysts expect Apple's earnings to be "better than feared," but highlighted increasing risks related to China.

Persons: —, Department's, Apple, Goldman Sachs, Goldman, JPMorgan, underwhelming, Lucas Ramadan, Ramadan Organizations: Apple, Investors, Service, Google, Bloomberg, Revenue, JPMorgan, MacBook, Analysts, Apple's Services, Bloomberg Intelligence, Huawei Locations: China, Mac

But there were also walking memes, rare public expressions of queer life, wry commentary on the state of China and at least one bipedal cucumber — a colorful burst of pent-up energy and emotion in Shanghai’s first big Halloween celebration in years. In Shanghai, revelers have embraced Halloween, turning what started as a Western tradition into something distinctly Chinese. Over four days, they celebrated many of the things that Chinese censors normally suppress: elements of L.G.B.T. life, political and social criticism, or simply appearances that mainstream Chinese society might consider too flamboyant or strange. “It was a sea of joy from Huaihai Road all the way to Nanjing Road,” said Eric Ding, a 23-year-old tech worker.

Persons: ”, Eric Ding Locations: China, Shanghai, Nanjing

☆ China PMI: Factory activity unexpectedly contracts in October as demand drops
▼ + stars: | 2023-10-31 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —China’s massive manufacturing sector has contracted once again amid weak demand, fueling calls for stronger policy support to boost growth. Fewer working days in October due to the Golden Week holiday, which spanned September 29 to October 6, affected the manufacturing PMI, according to the NBS. “The unexpected decline of manufacturing PMI shows the recovery in China is a bumpy road as domestic demand is still quite weak,” said Zhiwei Zhang, president and chief economist for Pinpoint Asset Management. The NBS survey showed that new factory orders declined in October from the previous month, pointing to a drop in demand. Overall, “the weak PMI reinforces the case for stronger fiscal policy support,” Zhang said.

Persons: ”, Zhiwei Zhang, ” Zhang, Xi Jinping, “, Zhaopeng Xing Organizations: Hong Kong CNN, National Bureau of Statistics, PMI, Nomura, Authorities, ANZ Research, Bank of Locations: Hong Kong, China, Beijing, Hangzhou, Liuzhou, Bank of China

☆ Analysis: China to choose fiscal muscle over big reforms to revive economy
▼ + stars: | 2023-10-24 | by ( Kevin Yao | ) www.reuters.com time to read: +5 min

The foundation of economic recovery is not solid," said an adviser to the cabinet who spoke on condition of anonymity. The debate about economic policy in China has heated up in recent months with some government advisers advocating reforms to help unleash new growth engines beyond property and infrastructure investment. For those looking for structural reforms, the focus is on policies that spur urbanisation and household spending power, reduce the reliance on investment and level the playing field between state-owned enterprises and private firms. "Fiscal policy should still play the leading role next year," said Xu Hongcai, deputy director of the economic policy commission at the state-backed China Association of Policy Science. "We should push reforms as many problems are structural, but reforms are difficult to implement and require political will," said one policy insider.

Persons: Xu Hongcai, Xu, Guan Tao, Kevin Yao, Sam Holmes Organizations: Reuters, China Association of Policy, BOC International, State Administration of Foreign Exchange, Communist, Thomson Locations: China, BEIJING, Beijing

☆ China Jan-Sept fiscal revenue growth slows amid shaky recovery
▼ + stars: | 2023-10-24 | by ( ) www.reuters.com time to read: +2 min

Men work at the construction site of an apartment building in Beijing, China, July 29, 2023. REUTERS/Thomas Peter/File photo Acquire Licensing RightsBEIJING, Oct 24 (Reuters) - China's fiscal revenue grew 8.9% in the first nine months, decelerating from a 10% gain in January-August, official data showed, as its economic recovery remained on shaky ground. Fiscal revenue hit 16.67 trillion yuan ($2.28 trillion)during January-September, while fiscal expenditure rose 3.9% to 19.79 trillion yuan, data from the finance ministry showed on Tuesday. In September alone, fiscal revenue fell 1.3% year-on-year, compared with a 4.6% fall in August, according to Reuters calculations based on the ministry's data. According to the National Bureau of Statistics, China could achieve its full-year growth target of around 5% if fourth quarter gross domestic product (GDP) growth is above 4.4%.

Persons: Thomas Peter, JP Morgan, Nomura, Qiaoyi Li, Ellen Zhang, Ryan Woo, Bernadette Baum Organizations: REUTERS, Rights, National Bureau of Statistics, Reuters, Thomson Locations: Beijing, China, Rights BEIJING

REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsWASHINGTON, Oct 23 (Reuters) - Officials from the United States and China on Monday held a two-hour long virtual meeting to discuss domestic and global macroeconomic developments, the U.S. Treasury Department said, calling the meeting "productive and substantive". U.S. and Chinese officials also raised "areas of concern," statements from the two sides said, without elaborating. The meeting was led by senior officials from the U.S. Treasury Department and China's finance ministry. The EWG was launched last month following U.S. Treasury Secretary Janet Yellen's trip to Beijing in July. China's top diplomat will travel to the United States later this week to meet Blinken.

Persons: Dado Ruvic, Joe Biden, Xi Jinping, Janet Yellen's, Antony Blinken, Gina Raimondo, Blinken, Han Zheng, Jake Sullivan, Wang Yi, Kanishka Singh, Liz Lee, Ethan Wang, Christian Schmollinger Organizations: REUTERS, Rights, U.S . Treasury Department, Economic, Treasury Department, Treasury, U.S . National, Thomson Locations: United States, China, Taiwan, San Francisco, People's Republic of China, U.S, Beijing, Yellen, New York, Malta, China's, Washington

☆ China to choose fiscal muscle over big reforms to revive economy
▼ + stars: | 2023-10-24 | by ( Kevin Yao | ) www.reuters.com time to read: +5 min

☆ Australia PM to visit China, taking steps to resolve wine dispute
▼ + stars: | 2023-10-21 | by ( ) www.reuters.com time to read: +3 min

China announced in November 2020 it would impose anti-dumping and countervailing duties of up to 218% on most Australian wine, causing trade to collapse. The measures were part of a barrage of trade restrictions that China imposed after Australia called for an inquiry into the origins of COVID-19. Most of the trade restrictions have been lifted since a change of government in Canberra last year. Aside from wine, China maintains barriers on imports of lobsters and meat from some abattoirs. In 2019, Australia shipped wine worth around $800 million to China, its trade data show.

Persons: Anthony Albanese, Xi Jinping, Li Qiang, Albanese, Xi, Premier Li, Sam McKeith, Peter Hobson, Chizu Nomiyama, Sonali Paul Organizations: SYDNEY, Australian, Australia's, Huawei, Saturday, Trade Organization, China, Thomson Locations: China, Beijing, Shanghai, Canberra, Australia

☆ China's Singles Day sales festival wraps up with e-commerce giants reporting sales growth
▼ + stars: | 2023-10-21 | by ( Casey Hall | Thomson Reuters | Casey Has Reported On China'S Consumer Culture Her Base In Shanghai For More Than A Decade | ) www.reuters.com time to read: +3 min

SHANGHAI, Nov 12 (Reuters) - Alibaba Group (9988.HK) reported that its Chinese e-commerce platforms Tmall and Taobao recorded "positive" year-on-year growth over this year's Singles Day sales period, which wrapped up at midnight on Saturday. Meanwhile competitor JD.com (9618.HK) said its festival GMV (gross merchandising volume) hit a "record high" over the sales period. A Bain and Company report released last week found that 77% of the 3,000 consumers it surveyed had planned to spend less or the same on Singles Day compared with last year. Though several consultancies were predicting Singles Day GMV growth across platforms would reach anywhere from 14% to 18% - returning to double-digit growth for the first time since the pandemic - the final sales picture will take longer to energe. Colour cosmetics, traditionally a strong performer throughout the Singles Day sales period, were expected to struggle this year as make-up demand remains low almost a year after China lifted strict COVID-19 restrictions.

Persons: Taobao, JD.com, Alibaba, Bain, Casey Hall, Simon Cameron, Moore Organizations: Alibaba, HK, PDD Holdings, Company, Nike, Thomson Locations: SHANGHAI, China

☆ Australia PM to visit China, reaches deal to resolve WTO wine dispute
▼ + stars: | 2023-10-21 | by ( ) www.reuters.com time to read: +2 min

"Australia and China have agreed we will suspend the dispute on wine in the WTO pending the outcome of this review." The measures were part of a barrage of trade restrictions that China imposed after Australia called for an inquiry into the origins of COVID-19. Most of the trade restrictions have been lifted since a change of government in Canberra last year. Aside from wine, China maintains barriers on imports of lobsters and meat from some abattoirs. In 2019, Australia shipped wine worth around $800 million to China, its trade data show.

Persons: Anthony Albanese, Xi Jinping, Li Qiang, Albanese, Xi, Premier Li, " Albanese, Sam McKeith, Peter Hobson, Chizu Organizations: SYDNEY, Australian, Australia's, Trade Organization, China, Thomson Locations: China, Beijing, Shanghai, Australia, Canberra

Worries are growing about how much the turmoil could cost the global economy. Brent crude, the global oil benchmark, hit a three-week high this on Fridayfears that a military escalation could disrupt already tight supplies. In a speech largely focused on inflation, interest rates and economic growth, Jay Powell, the central bank’s chair, warned on Thursday that “geopolitical tensions are highly elevated and pose important risks to global economic activity.”The Middle East is becoming a wild card for the global economy. That would probably sap growth but might also slow the economy enough to negate the need for an additional interest-rate increase. The measures were announced days after the U.S. imposed tighter restrictions on sales of more advanced semiconductors to China.

Persons: Biden, —, Brent, Jay Powell, Powell, ” Powell, Kamala Harris, Jay Monahan, David Zaslav, Jim Jordan, Patrick McHenry, Jordan, there’s, Fran Drescher, George Clooney, ” Drescher, Sidney Powell, Donald Trump’s Organizations: Gaza, Israel, U.S . Navy, Intel, Siemens, European Commission, Digital Services, PGA, Warner Bros, Hollywood, SAG, Trump Locations: Mideast, Israel, Ukraine, Lebanon, U.S, Iran, Yemen, Syria, Iraq, Lisbon, Ohio, Trump . China, Beijing, China

☆ Industrial metals to remain vulnerable to more softness near-term, says Goldman
▼ + stars: | 2023-10-16 | by ( ) www.reuters.com time to read: +1 min

The logo for Goldman Sachs is seen on the trading floor at the New York Stock Exchange (NYSE) in New York City, New York, U.S., November 17, 2021. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsOct 16 (Reuters) - Goldman Sachs on Monday said it expects industrial metals markets to remain vulnerable to incremental softness in the near term due to deteriorating demand and the impact from higher interest rates. "Building and construction activity remains the weakest segment, but there were downdrafts now noted in volume appetite from most other sectors, with the exception of aerospace," analysts at Goldman Sachs said. The copper market could face near-term pressure from the likelihood that Chinese imports of the metal could be restrained, the bank said. Three-month nickel on the London Metal Exchange was trading around $18,710 per metric ton by 1425 GMT on Monday.

Persons: Goldman Sachs, Andrew Kelly, downdrafts, Goldman, Brijesh Patel, Tina Parate, Sharon Singleton Organizations: New York Stock Exchange, REUTERS, Goldman, London Metal Exchange, Thomson Locations: New York City , New York, U.S, China, Bengaluru

Wang Yi, China's top diplomat, said the country would continue to play a constructive role in handling global "hotspot issues". But after the killings of more than 900 Israelis in coordinated assaults by the Islamic group Hamas, China's response was muted. China is willing to maintain communication with all parties and make unremitting efforts for peace and stability in the Middle East," Wang Wenbin, a foreign ministry spokesperson, said on Tuesday. "The achievement of peace in the Middle East region and the just settlement of the question of Palestine are inseparable." "China is very successful in a stable environment in the Middle East when it's possible to broker reconciliation agreements between Saudi Arabia and Iran," said Jean-Loup Samaan, Senior Research Fellow at the Middle East Institute of the National University of Singapore.

Persons: Washington . Wang Yi, Xi Jinping, Bill Figueroa, Wang Wenbin, COVID lockdowns, Xi, Steve Tsang, Zhai Jun, Liu Zhongmin, Yun Sun, Tuvia Gering, Jean, Loup Samaan, Samaan, Michael Martina, Don Durfee, Gerry Doyle Organizations: Hamas, University of Groningen, Palestinian, Western, SOAS China Institute, Palestinian Authority, West Bank, Arab League, EU, Palestine, United Nations, Abraham Accords, Institute for Middle East Studies of Shanghai International Studies University, China Program, Stimson, Institute for National Security Studies, Initiative, Middle East Institute of, National University of Singapore, Thomson Locations: China, Middle East HONG KONG, BEIJING, SINGAPORE, Saudi Arabia, Iran, Israel, Gaza, Saudi, Washington, Palestine, Netherlands, United States, PALESTINE, China's, Beijing, Russia, Ukraine, London, U.S

SHANGHAI (AP) — A delegation of U.S. lawmakers led by Senate Majority Leader Chuck Schumer arrived in China on Saturday in the first congressional visit to the country since 2019. The Republicans were led by Idaho Sen. Mike Crapo, the senior member of his party on the Senate Finance Committee. A smooth visit could help pave the way for a Biden-Xi summit during the Asia-Pacific Economic Cooperation leaders meeting in San Francisco next month. A Chinese international relations expert said that Schumer's visit is a sign of improvement in China-U.S. relations. The senators will go to South Korea and Japan after their stop in China.

Persons: Chuck Schumer, Joe Biden, Xi Jinping, Idaho Sen, Mike Crapo, Schumer, Biden, Xi, ”, Wang Yiwei, Karine Jean, Pierre Organizations: SHANGHAI, —, U.S, Senate, Republicans, Idaho, Senate Finance, New, New York Democrat, U.S . Congress, Biden, Economic Cooperation, Institute of International Affairs, Renmin University of China, White House Press Locations: China, Shanghai, New York, Beijing, U.S, Asia, San Francisco, South Korea, Japan

☆ U.S. senators led by Majority Leader Schumer make first congressional visit to China since 2019
▼ + stars: | 2023-10-07 | by ( ) www.cnbc.com time to read: +3 min

Senator Mike Crapo (R-ID) and other members of the delegation arrive at Shanghai Pudong International Airport in Shanghai, China, on Oct. 7, 2023. A delegation of U.S. lawmakers led by Senate Majority Leader Chuck Schumer arrived in China on Saturday in the first congressional visit to the country since 2019. Asked about his expectations for the visit, Schumer, a New York Democrat, said he hoped it would be productive. The U.S. Commerce Department added the Chinese companies and seven others to its entity list on Friday. A Chinese international relations expert said that Schumer's visit is a sign of improvement in China-U.S. relations.

Persons: Chuck Schumer, Mike Crapo, Joe Biden, Xi Jinping, Idaho Sen, Schumer, Biden, Xi, Wang Yiwei, Karine Jean, Pierre Organizations: International, U.S, Senate, Republicans, Idaho, Senate Finance, New, New York Democrat, U.S . Congress, U.S . Commerce Department, Ukraine, Biden, Economic Cooperation, Institute of International Affairs, Renmin University of China, White House Press Locations: U.S, Shanghai, China, New York, Beijing, Russia, Asia, San Francisco, South Korea, Japan

☆ Biden plans November meeting with China's Xi -Washington Post
▼ + stars: | 2023-10-05 | by ( ) www.reuters.com time to read: +2 min

[1/2] U.S. President Joe Biden meets with Chinese President Xi Jinping on the sidelines of the G20 leaders' summit in Bali, Indonesia, November 14, 2022. REUTERS/Kevin Lamarque/File Photo Acquire Licensing RightsWASHINGTON, Oct 5 (Reuters) - The White House is making plans for a face-to-face meeting between U.S. President Joe Biden and Chinese leader Xi Jinping in San Francisco next month as the two countries seek to stabilize troubled relations, the Washington Post reported on Thursday. Biden and Xi's last meeting was on the sidelines of the G20 summit in Indonesia in November 2022, which was their first in person meeting since Biden became president. China's top security agency hinted last month any meeting between Xi and Biden will depend on the United States "showing sufficient sincerity." Xi recently skipped the G20 summit in New Delhi that Biden attended.

Persons: Joe Biden, Xi Jinping, Kevin Lamarque, Antony Blinken, Janet Yellen, Gina Raimondo, Blinken, Han Zheng, Jake Sullivan, Wang Yi, Biden, Xi's, Xi, Raimondo, Yellen, Jasper Ward, Kanishka Singh, Chris Sanders, Chris Reese, Kim Coghill Organizations: REUTERS, Rights, Washington Post, Economic Cooperation, Thomson Locations: Bali , Indonesia, San Francisco, Taiwan, Washington, U.S, China, New York, Malta, Indonesia, United States, Beijing, Asia, New Delhi

☆ China rebukes EU after formal launch of EV subsidy probe
▼ + stars: | 2023-10-04 | by ( ) www.reuters.com time to read: +2 min

Car miniature, "Electric vechicles (EVs)" words, EU and Chinese flags are seen in this illustration taken, September 26, 2023. China also urged the European Union to safeguard the stability of the global supply chain and a strategic partnership between the two, while "prudently" applying trade remedies. The formal launch of the EU investigation came with an announcement in the bloc's official journal, which said China had been invited for consultations, although it did not give a timeframe. Information gathered by the Commission tended to show that producers in China benefited from subsidies to the detriment of EU industry, it added. The European Commission has said China's share of EVs sold in Europe has risen to 8% and could reach 15% in 2025.

Persons: Dado Ruvic, EVs, Chen Aizhu, Philip Blenkinsop, Christian Schmollinger, Clarence Fernandez Organizations: REUTERS, Rights, European Union, European Commission, World Trade Organization, Commission, European, Thomson Locations: Rights SINGAPORE, BRUSSELS, China, Europe

BEIJING (AP) — China's factory activity in September recorded its first expansion in six months, an official survey said Saturday, providing another sign that the world's second-largest economy is gradually improving following its post-pandemic malaise. The composite index rose to 52 from 51.3. Zhao said the improvement indicated by the latest indexes suggest the level of economic activity is rebounding. However, China's economic rebound remained uneven. China's economy grew at a 6.3% annual pace in the second quarter of this year, much slower than the 7%-plus growth that analysts had forecast based on the anemic pace of activity the year before.

Persons: —, Zhao Qinghe, Zhao, Hui Ka Yan Organizations: BEIJING, National Bureau of Statistics, China Federation of Logistics, Purchasing, China Evergrande, Investment Locations: China, Hong Kong

☆ Senior US, China diplomats meet in Washington in latest effort to maintain dialogue
▼ + stars: | 2023-09-29 | by ( Kanishka Singh | Thomson Reuters | Kanishka Singh Is A Breaking News Reporter For Reuters In Washington Dc | ) www.reuters.com time to read: +2 min

U.S. Assistant Secretary of State for East Asian and Pacific Affairs Daniel Kritenbrink met with Chinese Vice Foreign Minister for Asia Sun Weidong, the State Department said in a statement on Thursday. More recently, Blinken met Chinese Vice President Han Zheng in New York and U.S. national security adviser Jake Sullivan met Chinese Foreign Minister Wang Yi in Malta. KEY QUOTES"The two sides held a candid, in-depth, and constructive consultation on regional issues as part of ongoing efforts to maintain open lines of communication," the State Department said. High-level talks between the two sides could help set the stage for a meeting between U.S. President Joe Biden and Chinese President Xi Jinping later this year. Reporting by Kanishka Singh and Eric Beech in Washington; Editing by Sonali Paul and Michael PerryOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Pacific Affairs Daniel Kritenbrink, Antony Blinken, Janet Yellen, Gina Raimondo, Blinken, Han Zheng, Jake Sullivan, Wang Yi, Kritenbrink, Joe Biden, Xi Jinping, Kanishka Singh, Eric Beech, Sonali Paul, Michael Perry Organizations: REUTERS, Rights, U.S, State, East Asian, Pacific Affairs, Foreign, Asia Sun Weidong, State Department, Thomson Locations: Washington, China, New York, U.S, Malta, Taiwan Strait, Myanmar, North Korea, Taiwan

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