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☆ China is probing hedge funds that profit from its economic misery, report says
▼ + stars: | 2023-09-21 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

China is scrutinizing hedge funds betting against its struggling economy, according to Reuters. Beijing has put the squeeze on brokerages that use quantitative strategies to short-sell the market, the outlet reported. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. That's dragged down Chinese stocks this year, with the flagship CSI 300 index down 5% and Hong Kong's Hang Seng index slumping 11% so far in 2023. As well as pushing back against these trading strategies, policymakers halved the stamp duty that investors are required to pay when trading stocks last month in a bid to revive China's stagnant markets.

Persons: That's Organizations: Reuters, CSI, Service, country's Securities, Commission, Financial Times Locations: China, Beijing, Wall, Silicon

HANGZHOU, China, Sept 21 (Reuters) - China hopes to make a splash with the Asian Games, opening on Saturday, but nationwide excitement has been muted as the economy sputters and some locals question the cost of the sporting extravaganza. Organisers this week expressed confidence in holding a "magnificent" games, thanks to President Xi Jinping’s "important instructions" and great, broad-based efforts. "People care more about their own lives, and the Asian Games are not on the top of their list of concerns," Yan said. [1/4]A woman poses for pictures in front of statues of the three mascots of the 19th Asian Games Hangzhou 2022, near the Hangzhou Asian Games Village, in Zhejiang province, China September 20, 2023. "There's a saying online: 'The Hangzhou city government, when encountering even a dog, wishes they could catch it and give it a fresh coat of paint'."

Persons: Xi Jinping’s, Xi, Bashar al, Assad, John Yan, Yan, Jiang, It's, Mark Dreyer, Tingshu Wang, Wu Lili, Zhang, Jules Boycoff, it's, Dylan Martinez, Martin Quin Pollard, Xihao Jiang, William Mallard Organizations: Asian Games, COVID, Games, Sports, Beijing Olympics, Asian, Hangzhou, REUTERS, Pacific University, Thomson Locations: HANGZHOU, China, Hangzhou, Beijing, Zhejiang province, Zhejiang, Shanghai, U.S ., Oregon, West

☆ China's Nio calls for 'open attitude' amid EU subsidy probe
▼ + stars: | 2023-09-21 | by ( ) www.reuters.com time to read: +2 min

Chinese Nio electric car is seen at Nio's first European plant and power swap station in Biatorbagy, Hungary, September 16, 2022. "We hope that the market environment can be simpler, let the market be the market. The European Commission said China's share of EVs sold in Europe has risen to 8% and could reach 15% by 2025. Its gross margin was 1% in the second quarter, versus 13% in the same quarter last year. Reporting by Zhang Yan and Brenda Goh Editing by Bernadette Baum and Philippa FletcherOur Standards: The Thomson Reuters Trust Principles.

Persons: Bernadett Szabo, William Li, Qin Lihong, EVs, Ursula von der Leyen, Li, Tesla, Nio, Zhang Yan, Brenda Goh, Bernadette Baum, Philippa Fletcher Organizations: REUTERS, Rights, HK, European Commission, Chamber of Commerce, Thomson Locations: Biatorbagy, Hungary, Europe, China

☆ China's attempts to boost markets and investor confidence have flopped
▼ + stars: | 2023-09-21 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

Key gauges of Chinese stocks have hit their lowest levels in about 10 months. Global funds have withdrawn $3.8 billion this month, despite Beijing's effort to boost markets. Trading activity has also slowed in September, falling 32% from the first week of the month. AdvertisementAdvertisementAdded to that are the Federal Reserve's high interest rates, which have made Treasury markets an attractive investing alternative. Meanwhile, global funds have shed $3.8 billion from onshore Chinese stocks, following a $12 billion selloff in August.

Organizations: Service, CSI, Federal, Fed Locations: Wall, Silicon, China, Beijing, Shanghai, Shenzhen, Hong Kong, outflows

☆ Philippines Weighs Legal Options Against China Over Coral Reef 'Destruction'
▼ + stars: | 2023-09-21 | by ( Sept. | At P.M. | ) www.usnews.com time to read: +3 min

By Neil Jerome MoralesMANILA (Reuters) -The Philippines is exploring legal options against China accusing it of destruction of coral reefs within its exclusive economic zone (EEZ) in the South China Sea, an allegation rejected by Beijing as an attempt to "create political drama". The Philippines is studying the possibility of filing a second legal case before the Permanent Court of Arbitration (PCA) in the Hague, Guevarra said on Friday. Manila refers to the part of the South China Sea that it claims as the West Philippine Sea. China, which has refused to recognise the 2016 ruling and has chafed at repeated mention of the case by Western powers, denied the latest claims of destruction of coral reefs. Coral in the South China Sea has been used for limestone and construction materials, traditional medicines and even souvenirs and jewellery.

Persons: Neil Jerome Morales MANILA, General Menardo Guevarra, Guevarra, China's, Ferdinand Marcos Jr, Mao Ning, Neil Jerome Morales, Martin Petty, Christopher Cushing Organizations: China, Reuters, South China, West, Department of Foreign Affairs, Reed Bank Locations: Philippines, South China, Beijing, Spratly, Hague, West Philippine, Manila, South, China, Vietnam, Malaysia

☆ China pledges to accelerate introduction of more economic policies
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +2 min

People stand at a shopping mall near the CCTV headquarters and China Zun skyscraper, in Beijing's central business district (CBD), China September 7, 2023. China will stick to deepening reforms and further opening up and will fully mobilize the enthusiasm of businesses, CCTV said. "China will accelerate the introduction of relevant policies and work implementation, as well as further consolidate the economy's upward trend," CCTV said. Feedback from an inspection and survey of the country's economic recovery was presented at the meeting, according to state media. Responding to the advice gathered during the survey, relevant government departments should make plans and carry out in-depth research considering 2024's economic work, the state media said.

Persons: Tingshu Wang, Premier Li Qiang, Yi Gang, Ellen Zhang, Liz Lee, Christina Fincher, William Maclean Organizations: REUTERS, Rights, Premier, People's Bank of China, Asian Development Bank, Thomson Locations: China, Beijing's, Rights BEIJING

☆ China should step up policy support for economy- ex-PBOC head
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +2 min

Vehicles drive among the buildings during the evening rush hour in Beijing's central business area, China November 21, 2018. REUTERS/Jason Lee/File Photo Acquire Licensing RightsBEIJING, Sept 20 (Reuters) - China should step up policy support for the economy while promoting reforms to help achieve the annual growth target of around 5%, Yi Gang, former governor of the People's Bank of China (PBOC), said in remarks published on Wednesday. That will help China achieve the 2023 growth target of around 5%, Yi said. The government should move to boost the weak confidence of private firms and tackle local government debt risks that have hampered local authorities' ability to support growth, Yi said. The central bank should use its structural policy tools to support "rigid and improved housing demand", he said.

Persons: Jason Lee, Yi Gang, Yi, Kevin Yao, Chizu Organizations: REUTERS, Rights, People's Bank of China, Political Consultative, Thomson Locations: China, Rights BEIJING

☆ US Republicans push for security review of China-linked battery company
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Amanda Andrade Rhoades/File Photo Acquire Licensing RightsWASHINGTON, Sept 20 (Reuters) - Republican lawmakers on Wednesday urged the U.S. Treasury Department to conduct a security review over China-linked ownership of Gotion Inc, which plans to build electric vehicle battery plants in Michigan and Illinois, arguing its management is under Beijing's sway. The move is the latest push by Republicans to question Chinese-linked EV battery producers looking to set up shop in the U.S., possibly with access to taxpayer funding. The governors of Michigan and Illinois have announced plans for Gotion to open EV plants in their states, facilities expected to create thousands of jobs. Those include the company's founder Li Zhen and his son whom, they said, were members of CCP organizations. The Treasury Department, Gotion and Gotion High-Tech did not respond immediately to requests for comment.

Persons: Marco Rubio, Amanda Andrade Rhoades, Janet Yellen, Li Zhen, Joe Biden, Tesla, Ford, Michael Martina, Timothy Gardner Organizations: Capitol, REUTERS, Rights, Republican, Wednesday, U.S . Treasury Department, Gotion Inc, Foreign Investment, China's Communist Party, Germany's Volkswagen AG, Gotion, Tech, CCP, Treasury Department, Republicans, CATL, Thomson Locations: Ukraine, Washington , U.S, China, Michigan, Illinois, U.S, United States

"Indonesia is not an easy market to do business on your own," said Kim, adding that, beyond government sales, VKTR was in talks with large domestic businesses to sell BYD EV buses. TAKING ON TESLAThai EV buyers contributed 24% of BYD's overseas sales in the second quarter, making it the Chinese automaker's largest foreign market, according to Counterpoint, whereas fewer than 1% of Tesla's sales are in Southeast Asia. BYD's Southeast Asia playbook and its embrace of dealerships contrasts with Tesla, whose direct-to-consumer approach is hard to replicate, since no other new EV brand has its buzz or the outsized media presence of its CEO Elon Musk. BYD and its partner Sime Darby Motors are experimenting with a new approach to draw young, tech-savvy consumers towards the Chinese brand in Singapore. The partnership has launched five "BYD by 1826" showrooms that double as white-tablecloth restaurants where dishes are named after BYD EV models.

Persons: Edgar Su, EVs, Tesla's, Soumen, BYD, Sime Darby, Indonesia's, Chee, Kiang Lim, Ayala, Antonio Zara, Rever, Alex Kim, Kim, VKTR, Tesla, Elon Musk, Darby, Jeffrey Gan, Devjyot Ghoshal, Stefanno Sulaiman, Jamie Freed Organizations: REUTERS, Rights, Counterpoint Research, Reuters, Commission, Ayala Corp, Thailand's, Urban Science, Brothers, Ayala Corp's, Motors, Thai EV, Asia playbook, Darby Motors, Sime, Sime Darby Motors, Thomson Locations: Singapore, Rights BANGKOK, JAKARTA, Southeast Asia, Thailand, Malaysia, Philippines, China, Shenzhen, Bangkok, Indonesia, Jakarta, Asia, Hong Kong, Macau

☆ China's capital city is letting the public take fully driverless robotaxis — and has bigger rollout plans, startup Pony.ai says
▼ + stars: | 2023-09-19 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

Vcg | Visual China Group | Getty ImagesBEIJING — China's capital city is taking swift steps to allow robotaxi businesses to grow. As of Tuesday, the suburban Beijing city district of Yizhuang is officially letting local robotaxi operators — primarily Baidu and startup Pony.ai — charge fares for fully autonomous taxis, with no human staff inside. "We have very high confidence ... maybe only in three years, our full driverless vehicles are going to be running over the whole Beijing city," he said in an interview with CNBC on Monday. Out of more than 200 robotaxis that Pony.ai operates in the region, only about ten are currently fully driverless, Zhang said. Beijing city did not immediately respond to a CNBC request for comment.

Persons: Ning Zhang, Beijing's, Zhang, Yin Yong, Pony.ai, Baidu, Alphabet's Waymo, Pony.ai's Zhang, —, Leswing, Lora Kolodny Organizations: Visual China, Getty, BEIJING, Baidu, CNBC, Daxing International, robotaxis, General Motors, California Department of Motor Vehicles, Beijing Daxing, Google Locations: Beijing, Yizhuang, Pony.ai, Yizhuang district, Daxing, U.S, San Francisco, California, China, Shenzhen, Wuhan, Chongqing, Guangzhou, Shanghai

☆ Kremlin says Russia and China must edge closer to counter Western efforts to contain them
▼ + stars: | 2023-09-19 | by ( ) www.cnbc.com time to read: +3 min

Russian President Vladimir Putin meets with China's President Xi Jinping at the Kremlin in Moscow on March 21, 2023. A senior Kremlin official on Tuesday called for closer policy coordination between Moscow and Beijing to counter what he described as Western efforts to contain them as he hosted China's top diplomat for security talks. The Kremlin has continuously expressed support for Beijing as Russia and China have grown increasingly close while their relations with the West deteriorate. Last month, China helped engineer an expansion of the BRICS partnership, which invited six more countries to join what has been a five-nation bloc that includes China, Russia, Brazil, India and South Africa. China has denounced Western sanctions against Moscow, and accused NATO and the United States of provoking Putin's military action.

Persons: Vladimir Putin, Xi Jinping, Nikolai Patrushev, Wang Yi, Patrushev, Putin, Wang, Joe Biden's, Sergey Lavrov, Lavrov Organizations: Kremlin, Security, Moscow, NATO, U.S, Russian Locations: Moscow, Beijing, Russian, Russia, China, Taiwan, Xinjiang, Hong Kong, Tibet, Brazil, India, South Africa, Ukraine, United States, Malta

☆ China and Russia 'close' in views on US and Ukraine as Wang Yi visits Moscow
▼ + stars: | 2023-09-18 | by ( ) www.reuters.com time to read: +3 min

Russia's Foreign Minister Sergei Lavrov and China's Director of the Office of the Central Foreign Affairs Commission Wang Yi attend a meeting in Moscow, Russia September 18, 2023. Wang Yi, Chinese leader Xi Jinping's point man for international dealings, is in Moscow for several days of security and foreign policy talks with Russian officials. Russia's foreign ministry said in a Telegram statement after the Moscow talks that "the closeness of the positions of the parties regarding U.S. actions in the international arena, including those of an anti-Russian and anti-Chinese nature, was noted." The ministry added that Wang briefed Foreign Minister Sergei Lavrov about "the content of negotiations" with Sullivan. Wang will hold "strategic security" talks later on Tuesday with Nikolai Patrushev, the secretary of Russia's Security Council, Russia's Interfax reported, before holding trilateral talks with Mongolian officials.

Persons: Sergei Lavrov, Central Foreign Affairs Commission Wang Yi, Wang Yi, Xi, Jake Sullivan, Wang, Sullivan, Vladimir Putin, Wang's, Lavrov, Putin, Nikolai Patrushev, Ron Popeski, Lidia Kelly, Rosalba O'Brien Organizations: Russia's, Central Foreign Affairs Commission, Russian Foreign Ministry, REUTERS Acquire, Russian, White House, White, Forum, Security, Thomson Locations: Moscow, Russia, Ukraine, Malta, U.S, China, Washington, Kyiv, Beijing, Russian

☆ Explainer-China's Military Hierarchy Under Spotlight After Defence Minister Disappears
▼ + stars: | 2023-09-18 | by ( Sept. | At A.M. | ) www.usnews.com time to read: +5 min

By Greg Torode and Yew Lun TianHONG KONG (Reuters) - The disappearance of Chinese Defence Minister Li Shangfu highlights the opaque and complex nature of the People's Liberation Army (PLA), diplomats and analysts say. In the Chinese system, the Minister of National Defence is seen as significantly less powerful than the U.S. defence secretary and many international equivalents. HOW DOES THE CHINESE MILITARY SYSTEM OPERATE? When the forum was last held in-person in 2019, more than 530 defence and military officials and scholars attended, including defence ministers from 23 countries. The Chinese defence minister would typically give the keynote speech at the forum and meet with delegations.

Persons: Greg Torode, Li Shangfu, Li, Xi Jinping, technocrat, Xi, Lloyd Austin, Jake Sullivan, Wang Yi, Zhang Youxia, Tian, Gerry Doyle Organizations: Reuters, Defence, People's Liberation Army, PLA, of National Defence, Central Military Commission, Communist Party, Strategic, Force, . Defence, White House, Foreign, Austin, CMC, Diplomats, China Locations: HONG KONG, U.S, ., Singapore, Malta, China

☆ China and Russia 'Close' in Views on US and Ukraine as Wang Yi Visits Moscow
▼ + stars: | 2023-09-18 | by ( Sept. | At P.M. | ) www.usnews.com time to read: +2 min

(Reuters) - Moscow's and Beijing's top diplomats noted "closeness" in their positions on Washington's "anti-Russian and anti-Chinese" stance and agreed any bid to resolve the Ukraine crisis must include Moscow, Russia's foreign ministry said early on Tuesday. Wang Yi, Chinese leader Xi Jinping's point man for international dealings, is in Moscow for several days of security and foreign policy talks with Russian officials. Russia's foreign ministry said in a Telegram statement after the Moscow talks that "the closeness of the positions of the parties regarding U.S. actions in the international arena, including those of an anti-Russian and anti-Chinese nature, was noted." The ministry added that Wang briefed Foreign Minister Sergei Lavrov about "the content of negotiations" with Sullivan. Wang will hold "strategic security" talks later on Tuesday with Nikolai Patrushev, the secretary of Russia's Security Council, Russia's Interfax reported, before holding trilateral talks with Mongolian officials.

Persons: Wang Yi, Xi, Jake Sullivan, Wang, Sergei Lavrov, Sullivan, Vladimir Putin, Wang's, Lavrov, Putin, Nikolai Patrushev, Ron Popeski, Lidia Kelly, Rosalba O'Brien Organizations: Reuters, Russian, White House, White, Forum, Security, Russia's Locations: Ukraine, Moscow, Malta, U.S, China, Russia, Washington, Kyiv, Beijing, Russian

☆ 'A real big deal': Biden backs economic corridor as shifting geopolitical alliances fragment the global economy
▼ + stars: | 2023-09-18 | by ( Clement Tan | ) www.cnbc.com time to read: +8 min

This would in turn secure regional supply chains, boost trade connectivity and economic activity — all similar to objectives underpinning China's Belt and Road Initiative, a global infrastructure investment strategy that Beijing launched in 2013. - | Afp | Getty ImagesThis Biden-led initiative will comprise of two separate corridors, the east corridor connecting India to the Middle East and the northern corridor connecting the Middle East to Europe. Middle East influenceChina's BRI offers a glimpse into Biden's ambition and perhaps what his infrastructure pact will come up against. Debt risksEven then, China's 10-year head start offers some cautionary lessons for Biden's global infrastructure pact. "25% of debt of emerging markets is treading in distressed territory," IMF's Managing Director Kristalina Georgieva told CNBC on the sidelines of the Delhi G20 leaders' summit.

Persons: Crown Prince, Mohammed bin Salman, Narendra Modi, Joe Biden, Ludovic Marin, Recep Tayyip Erdoğan, Evan Feigenbaum, Emmanuel Macron, Joko Widodo, Luiz Inacio Lula da Silva, Gandhi, Biden, China's BRI, Beijing's BRI, Chong Ja Ian, Kristalina Georgieva, Janet Yellen, Chong, Modi Organizations: Saudi, Crown, India's, Bharat, Afp, Getty, Biden, Initiative, Carnegie Endowment, International, Brazil's, European Union, Democratic, Fudan University, for Economics, Business Research, Arab, United Arab, Bloomberg, IMF, National University of Singapore, Monetary Fund, World Bank, CNBC, Treasury, NUS, India, Shanghai Cooperation Organization Locations: New Delhi, Turkey, Delhi —, Beijing, U.S, Raj, India, East, Europe, UAE, Saudi Arabia, Jordan, Israel, Delhi, Democratic Republic of, Congo, Zambia, Lobito, Angola, Middle, Shanghai, London, China, United Arab Emirates, Washington, Saudi, Iran, People's Republic of China, New York, United States

HONG KONG, Sept 18 (Reuters) - The disappearance of Chinese Defence Minister Li Shangfu highlights the opaque and complex nature of the People's Liberation Army (PLA), diplomats and analysts say. In the Chinese system, the Minister of National Defence is seen as significantly less powerful than the U.S. defence secretary and many international equivalents. HOW DOES THE CHINESE MILITARY SYSTEM OPERATE? When the forum was last held in-person in 2019, more than 530 defence and military officials and scholars attended, including defence ministers from 23 countries. The Chinese defence minister would typically give the keynote speech at the forum and meet with delegations.

Persons: Li Shangfu, Li, Xi Jinping, technocrat, Xi, Lloyd Austin, Jake Sullivan, Wang Yi, Zhang Youxia, Greg Torode, Tian, Gerry Doyle Organizations: Defence, People's Liberation Army, PLA, Reuters, of National Defence, Central Military Commission, Communist Party, Strategic, Force, . Defence, White House, Foreign, Austin, CMC, Diplomats, China, Thomson Locations: HONG KONG, U.S, ., Singapore, Malta, China

☆ China's AI applications are coming — where it matters for monetization
▼ + stars: | 2023-09-17 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

Around the same time, Tencent announced it is integrating its AI model into advertising content creation, and its own Zoom-like video conferencing app. It's also not clear how powerful China's AI applications currently are, beyond demos and select business partnerships. "Overall we see generally Chinese language model[s] still lag behind the most advanced ChatGPT version 4," CLSA's Tony Zhang said in a phone interview in the last week. Now with Beijing's green light, public-facing AI applications such as Baidu's Ernie bot can be widely used in China. Generative AI and large language model-related revenue contributed to 20% of SenseTime' s revenue in the first half of 2023, Nomura analysts said, citing company management.

Persons: Nomura, Tencent, Coffee, Luckin, Joey Wat, It's, Tony Zhang, –, Ernie, Oliver Wyman's David Xie Organizations: Baidu, KFC Locations: Beijing, China, Taobao, TikTok

☆ Some foreign finance execs in China spending nearly a third of their working time studying 'Xi Thought,' report says
▼ + stars: | 2023-09-17 | by ( Polly Thompson | ) www.businessinsider.com time to read: +3 min

The study of 'Xi Jinpeng Thought' in state-owned Chinese companies has been mandated. But now employees of foreign firms are being pulled into the 'study sessions' as well. First published in 2017, Xi Jinping thought lays out 14 principles by which China will prosper. China's President Xi Jinping Lintao ZhangIn addition to the pressure to study of Xi's doctrine, new laws have limited international banks' abilities to operate as normal in China. "Foreigners and foreign organisations in mainland China shall comply with Chinese law and must not endanger China's national security, harm the societal public interest, or undermine societal public order,'" the law states, per The FT.

Persons: Franklin Templeton, Xi, Xi Jinping, Mao Zedong, Deng Xiaoping, Jiang Zemin, Xi Jinping Lintao Zhang Organizations: CCP, Service, Blackrock, Bloomberg, BlackRock, Marxist, Deloitte Locations: Wall, Silicon, China

☆ J.P.Morgan, ANZ raise 2023 China GDP forecast
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: +2 min

People stand at a shopping mall near the CCTV headquarters and China Zun skyscraper, in Beijing's central business district (CBD), China September 7, 2023. REUTERS/Tingshu Wang/File Photo Acquire Licensing RightsBEIJING, Sept 15 (Reuters) - J.P.Morgan and ANZ on Friday raised their 2023 economic growth forecast for China, after August economic numbers offered some signs of stabilization in the world's second-largest economy. Both raised their GDP forecast by 20 basis points each to 5% and 5.1% respectively, with JPM saying notable recovery in retail sales and rise in service activity were the biggest surprises. Zhu said additional fiscal and housing policy relaxation like subsidy for product-specific consumption support, relaxation of home buying restrictions, sales restrictions and price controls in tier-1 and 2 cities may follow in the near term. Goldman Sachs kept its third-quarter GDP growth forecast unchanged at 4.9% but said China's economy is still in a tug of war between persistent growth headwinds and increasing policy support.

Persons: Tingshu Wang, Zhu, JPM, Goldman Sachs, Aniruddha Ghosh, Liz Lee, Gao Liangping, Kim Coghill, Varun Organizations: REUTERS, Rights, ANZ, Thomson Locations: China, Beijing's, Rights BEIJING, Bengaluru, Beijing

The iPhone 15 Pro is presented during the 'Wonderlust' event at the company's headquarters in Cupertino, California, U.S. September 12, 2023. REUTERS/Loren Elliott Acquire Licensing RightsSept 15 (Reuters) - Buyers of Apple's new iPhone 15 Pro Max in China will need to wait for four to five weeks before receiving the smartphone, the company's website showed on Friday as it started taking pre-orders in an early sign of strong demand. The wait is slightly shorter for iPhone 15 Pro at two to three weeks, while the company said it could deliver iPhone 15 by Sept. 22, the day the phone goes on sale in stores. For the iPhone 15 Plus, the wait in China is eight working days. "The new iPhone 15 series, especially the Pro series, will be a good choice for the installed base who are using iPhone 11/12 and looking for an update replacement," Lam said, while adding that Huawei's Mate 60 series will be a challenge to the iPhone.

Persons: Loren Elliott, Ivan Lam, Lam, Brenda Goh, Yuvraj Malik, Arun Koyyur Organizations: REUTERS, Max, Apple, Huawei Technologies, Huawei, Thomson Locations: Cupertino , California, U.S, China, Shanghai, Bengaluru

Still, it could hurt perceptions of Chinese EV makers as they expand abroad, Bernstein analysts said in a client note. Nio and Geely declined to comment on the EU probe, while BYD, Xpeng and SAIC did not respond to requests for comment. Shares in European carmakers were also among the biggest fallers on the euro zone stock index (.STOXXE50) in early trading. STRAINED RELATIONSThe anti-subsidy probe, initiated unusually by the European Commission and not from any industry complaint, comes amid broader diplomatic strains between the EU and China. It accounted for 40.25% of EV exports from China between January and April 2023.

Persons: Annegret, Ursula von der Leyen, Bernstein, BYD, CATL, Cui Dongshu, EVs, Donny Kwok, Brenda Goh, Ryan Woo, Anne Marie Roantree, Tom Hogue, Jamie Freed, Mark Potter Organizations: REUTERS, China, EV, EU, European, Ministry of Commerce, Eurasian Group, Reuters Graphics, Reuters Graphics Hong Kong, HK, Geely, SAIC, BMW, Volkswagen, Mercedes, European Commission, China Passenger Car Association, EVs, for Strategic, Internal Studies, Reuters, Thomson Locations: Berlin, Germany, Europe, China, SHANGHAI, BEIJING, Beijing, EU, Brussels, Southeast Asia, Reuters Graphics Hong, Shanghai, Xpeng, Shenzhen, SZ, Moscow, Russian, Ukraine, U.S, Hong Kong

Analysts said the probe could slow capacity expansion and the capital spending cycle of China's battery suppliers, although the move should not pose a big downside risk for Chinese EVs. Hong Kong shares of market leader BYD fell more than 3%. Nio and Geely declined to comment on the EU probe, while BYD, Xpeng and SAIC did not respond to requests for comment. GROWING MARKET SHAREEU officials believe Chinese EVs are undercutting the prices of local models by about 20% in the European market, piling pressure on European automakers to produce lower-cost electric vehicles. It accounted for 40.25% of EV exports from China between January and April 2023, up from 36.5% in 2022.

Persons: Angelika Warmuth, Ursula von der Leyen, BYD, CATL, der Leyen, Li Qiang, Cui Dongshu, EVs, Donny Kwok, Brenda Goh, Ryan Woo, Anne Marie Roantree, Tom Hogue, Jamie Freed Organizations: BYD Company, REUTERS, China, EV, European Commission, EU . European, Analysts, HK, Geely, SAIC, EU, Chamber of Commerce, China Passenger Car Association, Center, Strategic, Internal Studies, Volvo, Thomson Locations: Munich, Germany, Europe, HONG KONG, SHANGHAI, Hong Kong, Beijing, Shanghai, Xpeng, Shenzhen, SZ, China, Moscow, Russian, Ukraine, New Delhi, Brussels, U.S

☆ Elon Musk was rebuked by Taiwan after appearing to defend the one-China policy: 'Listen up, Taiwan is not for sale'
▼ + stars: | 2023-09-14 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

Elon Musk compared Taiwan to Hawaii, suggesting it was "an integral part of China." The Tesla CEO met with China's foreign minister during a trip to the country in May. During a virtual appearance at the All-In Summit while onboard his private jet, Musk explained how Beijing's "policy has been to reunite Taiwan with China." AdvertisementAdvertisementElon Musk met with Chinese Foreign Minister Qin Gang in May. "If one is to take China's policy recently, and probably one should, then force will be used to incorporate Taiwan into China," he added.

Persons: Elon Musk, Elon, Musk, Joseph Wu, Hope @elonmusk Organizations: Service, US Pacific Fleet, CCP, 外交部 Ministry of Foreign Affairs, ROC Locations: Taiwan, Hawaii, China, Wall, Silicon, Russia

☆ Taiwan blasts Elon Musk over latest China comments
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: +2 min

"Their (Beijing's) policy has been to reunite Taiwan with China. Taiwan Foreign Minister Joseph Wu, in a post on X late Wednesday, responded that he hoped Musk could ask China to "open @X to its people". China blocks X, along with other major Western social media like Facebook. This is not the first time Musk, whose Tesla had a large factory in Shanghai, has riled Taiwan. Last October, he suggested that tensions between China and Taiwan could be resolved by handing over some control of Taiwan to Beijing, drawing a similarly strong reprimand from Taiwan.

Persons: Elon Musk, waded, Joseph Wu, Ukraine's, Wu, Taiwan's, Tesla, Ben Blanchard, Stephen Coates Organizations: YouTube, U.S . Pacific Fleet, Taiwan, Facebook, Russia, Thomson Locations: TAIPEI, Taiwan, China, Beijing, Taipei, Los Angeles, Hawaii, Sevastopol, People's Republic of China, Shanghai

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