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☆ Anhui Jianghuai Automobile says Nio unit, state-owned firm win bid for assets
▼ + stars: | 2023-12-05 | by ( ) www.reuters.com time to read: +2 min

Super chargers of Chinese electric vehicle (EV) maker Nio are placed at a delivery center of the company, in Nanxiang, Shanghai, China March 23, 2023. REUTERS/Aly Song/File Photo Acquire Licensing RightsSHANGHAI/BEIJING, Dec 5 (Reuters) - Anhui Jianghuai Automobile (600418.SS) (JAC) said on Tuesday that electric vehicle maker Nio's (9866.HK) Anhui unit and a state-owned company of China's Hefei government won a bid for its assets worth a combined 4.58 billion yuan ($641.2 million). In October, JAC put up for sale the assets at the two plants, known as F1 plant and F2 plant where Nio has been producing its EVs. Regulators allowed Nio to produce and sell EVs in China via the collaboration with JAC in 2018 through which Nio paid JAC commission fees on each car it produced. Nio ranked ninth in terms of sales of EVs and plug-in hybrids in the first 10 months in China with 126,067 units, according to data from China Passenger Car Association.

Persons: Nio, Aly, JAC, Hengchuang, Zhang Yan, Brenda Goh, Jacqueline Wong Organizations: REUTERS, Rights, Anhui Jianghuai Automobile, Technology, Regulators, China Passenger Car Association, Thomson Locations: Nanxiang, Shanghai, China, Rights SHANGHAI, BEIJING, Anhui, HK, Hefei, Beijing

HONG KONG, Dec 5 (Reuters Breakingviews) - Why would the world’s largest battery maker want to sell shares when it’s already flush with liquidity? It ended June with 102 billion yuan ($14 billion) in net cash, Moody’s calculates. CATL has just started production at a new facility in Germany and is building a plant in Hungary, its first forays West. The company’s long-term loans have increased more than tenfold to more than 70 billion yuan and its long-term bonds by around a third to nearly 20 billion yuan since 2020, per Visible Alpha. But as Zeng’s electric dreams accelerate, he’ll want to be sure CATL’s own batteries are fully charged.

Persons: it’s, CATL, Robin Zeng, Breakingviews, Tesla, Antony Currie, Thomas Shum Organizations: Reuters, Hong, Thailand’s, Ford Motor, Technology, Thomson Locations: HONG KONG, Switzerland, CATL, Hong Kong, Shenzhen, China, Europe, Germany, Hungary, Fitch, Indonesia, Swiss

☆ Popular Taiwanese rock band Mayday investigated for lip-synching in China
▼ + stars: | 2023-12-05 | by ( Nectar Gan | ) edition.cnn.com time to read: +5 min

Hong Kong CNN —Popular Taiwanese rock band Mayday is being investigated by Chinese authorities over allegations of lip-synching during recent concerts, an accusation the band’s label has denied in a controversy that has dominated Chinese social media since the weekend. Live shows routinely use pre-recorded background vocals and music to bolster artists’ live singing performances, especially acts that involve vigorous choreography. Chinese government regulations explicitly ban performers from “deceiving audiences with lip-synching,” and organizers from arranging for performers to lip synch. The band is well known for hosting energetic marathons of music, with each show typically lasting two to three hours. They were among the first Taiwanese musicians to hold large-scale concerts in China after the country lifted its stringent zero-Covid policy and travel restrictions.

Persons: ”, ’, vlogger Organizations: Hong Kong CNN —, Tourism Bureau, Xinhua, B’in Music, Weibo, CNN, B’in, “ Locations: China, Hong Kong, Shanghai, Shanghai Culture, Weibo, Taiwan, Beijing

☆ Shanghai wants Microsoft to promote AI tech in city - govt
▼ + stars: | 2023-12-05 | by ( ) www.reuters.com time to read: 1 min

A Microsoft sign at the U.S. tech giant's offices in Issy-les-Moulineaux, near Paris, France, January 25, 2023. REUTERS/Gonzalo Fuentes/File Photo Acquire Licensing RightsBEIJING, Dec 5 (Reuters) - Shanghai authorities told Microsoft's (MSFT.O) visiting president on Tuesday they want his company to promote artificial intelligence technology to boost businesses there, the Chinese financial hub's government said. Chen Jining, Shanghai's Communist party Secretary, made the remarks while meeting Microsoft President and Vice Chair Brad Smith, the government said. Shanghai was also open to Microsoft collaborating on studying technology-related governance frameworks and standards, Chen said. Reporting by Beijing Newsroom;Our Standards: The Thomson Reuters Trust Principles.

Persons: Gonzalo Fuentes, Microsoft's, Chen Jining, Brad Smith, Chen Organizations: Microsoft, REUTERS, Rights, Communist, Beijing Newsroom, Thomson Locations: Issy, Paris, France, Rights BEIJING, Shanghai

☆ New supplier and Wall Street numbers show why Apple stock is back near a record
▼ + stars: | 2023-12-05 | by ( Morgan Chittum | ) www.cnbc.com time to read: +4 min

New data from a major Apple supplier and Wall Street analysts pushed back against bearish calls around softening demand for the tech giant's devices and services. Bank of America analysts, meanwhile, said Tuesday that Apple's App Store revenue continued to increase last month. App Store sales in China rose 8% year-over-year in November, according to BofA, after experiencing 10% year-over-year growth in October. Overall, BofA said App Store revenue surged 11.3% year-over-year in Apple's fiscal 2024 first quarter to date, or about 61 days in. A man check his phone near an Apple logo outside its store in Shanghai, China September 13, 2023.

Persons: bearish, Foxconn, Apple's, Jim Cramer, Jim, That's, BofA, we've, Jim Cramer's, Aly Song Organizations: Wall Street, Apple . Bank of America, Apple, Wall, Bank of America, U.S, CNBC Locations: China, BofA, Beijing, Apple's, India, Shanghai

☆ Moody’s warns it may downgrade China
▼ + stars: | 2023-12-05 | by ( Laura He | Diksha Madhok | ) edition.cnn.com time to read: +4 min

The lowering of its outlook does not automatically mean the ratings agency will downgrade China’s creditworthiness, but it increases the chances. Analysts say the property downturn is likely to drag on, hobbling China’s growth prospects for years. Slower growth, weaker demographicsMoody’s expects China’s annual economic growth rate to slow to 4% in both 2024 and 2025, and average 3.8% a year from 2026 to 2030. “The affirmation of the A1 rating reflects China’s financial and institutional resources to manage the transition in an orderly fashion,” the agency said. “Its economy’s vast size and robust, albeit slowing, potential growth rate, support its high shock-absorption capacity.”China’s Finance Ministry said Tuesday it was “disappointed” with Moody’s decision to downgrade the country’s credit outlook.

Persons: Hong Kong / New Delhi CNN — Moody’s, China’s, Moody’s, “, Hong, Seng, Anna Cooban Organizations: Hong Kong / New Delhi CNN, China’s Finance, CSI Locations: China, Hong Kong / New Delhi, China’s, “, Shanghai, Shenzhen

☆ China's state banks seen swapping and selling dollars for yuan - sources
▼ + stars: | 2023-12-05 | by ( ) www.reuters.com time to read: +1 min

U.S. Dollar and Chinese Yuan banknotes are seen in this illustration taken January 30, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsSHANGHAI, Dec 5 (Reuters) - China's major state-owned banks were seen swapping yuan for U.S. dollars in the onshore swap market and selling those dollars in the spot market to support the yuan on Tuesday, two sources with knowledge of the matter said. The state bank actions come at a time the Chinese yuan strengthened 2.55% to the dollar in November for the best month this year. Chinese state banks often act on behalf of the country's central bank in the foreign exchange market, but they would also trade on their own behalf. Big banks were spotted doing a similar trade late last month, helping the yuan's recovery against a broadly weaker U.S. dollar, Reuters reported.

Persons: Dado Ruvic, Tom Westbrook, Jacqueline Wong Organizations: REUTERS, Rights, Reuters, Shanghai, Thomson

☆ Tesla's China-made EV sales fall 17.8% in Nov, biggest drop since Dec 2022
▼ + stars: | 2023-12-04 | by ( ) www.reuters.com time to read: +2 min

BEIJING/SHANGHAI, Dec 4 (Reuters) - Sales of U.S. automaker Tesla's (TSLA.O) China-made electric vehicles (EVs) skidded 17.8% in November from the same month a year earlier, to 82,432 cars, China Passenger Car Association (CPCA) data showed on Monday. That marked the biggest fall since December 2022 when Tesla's sales of China-made EVs fell 21% on the year as the U.S. automaker reduced output and cut prices to deal with rising inventories and weakening demand. Xi expressed his support for Tesla's development in China, the automaker said in a Weibo post. Li Auto (2015.HK) last month said mass production and delivery of its first full EV are scheduled for February. Smartphone maker Xiaomi (1810.HK) has also moved closer to EV production, with a unit of automaker BAIC Group (1958.HK) applying for regulatory approval to build two Xiaomi-branded cars.

Persons: Tesla's, EVs, BYD, Tesla, Elon Musk's, Musk, Xi Jinping, Xi, Li Auto, Qiaoyi Li, Zhang Yan, Brenda Goh, Bernadette Baum, Kirsten Donovan Organizations: U.S, China Passenger Car Association, APEC, Reuters, Li, HK, BAIC Group, Thomson Locations: BEIJING, SHANGHAI, China, San Francisco, Weibo

☆ McDonald's raises China bet, bucking Western firms' derisking trend
▼ + stars: | 2023-12-04 | 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: +4 min

[1/5] A woman sits on a swing attached to a giant sign of McDonald's, outside its themed exhibition in Beijing, China December 4, 2023. One advantage for McDonald’s: its majority partner in the China business, CITIC, provides top-level political cover, said Jason Yu, greater China managing director of market research firm Kantar Worldpanel. McDonald's China, Carlyle Group and CITIC declined to comment. Other consumer-facing U.S. firms, including Starbucks (SBUX.O), Apple (AAPL.O), Coach owner Tapestry (TPR.N) and sportswear giant Nike (NKE.N), have remained similarly dedicated to the China market. Although the McDonald's China menu would be familiar to U.S. consumers, there are nods to local tastes, including taro pie, rather than apple.

Persons: Tingshu Wang, McDonald's, Jason Yu, Kantar, Yu, Carlyle, Wallace, Greg, Euromonitor, Ben Cavender, Casey, Kane Wu, Deborah Sophia, Gerry Doyle Organizations: REUTERS, Rights, Group, Carlyle Group, Starbucks, Apple, Nike, Research, Investment, China Market Research, Casey Hall, Thomson Locations: Beijing, China, U.S, Hong Kong, Macau, Yum China, Russia, Shanghai, Bengaluru

☆ China adds Nio to list of approved vehicle manufactures - website
▼ + stars: | 2023-12-04 | 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. REUTERS/Bernadett Szabo/File Photo Acquire Licensing RightsSHANGHAI, Dec 4 (Reuters) - Electric vehicle maker Nio (9866.HK) has been added to a Chinese industry ministry database permitting companies to produce vehicles in the country, according to the ministry's website. The website gave no details on whether or when a manufacturing licence was granted to Nio, which has since 2018 partnered with Anhui Jianghuai Automobile Group (JAC) to produce electric vehicles on a contract basis. U.S. luxury EV maker Lucid Group (LCID.O) has also been advised of the low likelihood for approval, sources have told Reuters. The last EV maker to receive both permits was Shandong-headquartered EV maker Sinogold in May 2019.

Persons: Bernadett Szabo, Nio, Cui Zhuzhu, Zhang Yan, Brenda Goh, Emelia Sithole Organizations: REUTERS, Rights, HK, Anhui Jianghuai Automobile, China Securities Journal, Tesla Inc, Reuters, Lucid, Sinogold, China Passenger Car Association, Thomson Locations: Biatorbagy, Hungary, Anhui, JAC's, Shanghai, China, Shandong

☆ China's BYD says will keep reward system for smear campaign tipsters
▼ + stars: | 2023-12-04 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Issei Kato/File Photo Acquire Licensing RightsSHANGHAI, Dec 4 (Reuters) - China's electric vehicle giant BYD (002594.SZ) said on Sunday it would make permanent its system offering tipsters who report smear campaigns against the company up to 5 million yuan ($700,918). The company in June 2022 increased the maximum amount providers of such information could receive from 1 million yuan to 5 million yuan, saying that policy was valid for a year. "Such information should be legally effective and BYD will give the provider a generous reward once it verifies it to be true." In September, the company hit back against online discussions that said BYD had leaked commercial secrets, saying those posts were pure rumours. Warren Buffett-backed BYD is China's largest seller of electric and plug-in hybrid vehicles, and Tesla's (TSLA.O) closest rival in the global electric vehicle sales race.

Persons: Issei Kato, BYD, Warren Buffett, Brenda Goh, Gerry Doyle Organizations: Japan, REUTERS, Rights, Thomson Locations: Tokyo, Japan, Weibo

☆ China willing to continue strengthening cooperation with Belarus -state media
▼ + stars: | 2023-12-04 | by ( ) www.reuters.com time to read: +1 min

Chinese President Xi Jinping and Belarusian President Alexander Lukashenko review the honour guard during a welcome ceremony at the Great Hall of the People in Beijing, China March 1, 2023. cnsphoto via REUTERS/File photo Acquire Licensing RightsBEIJING, Dec 4 (Reuters) - China is willing to continue strengthening its strategic cooperation with Belarus, President Xi Jinping was cited as saying after meeting with Belarusian President Alexander Lukashenko on Monday. Xi also said China is willing to enhance coordination and cooperation with Belarus in multilateral mechanisms such as the United Nations and the Shanghai Cooperation Organisation, the official news agency Xinhua said. Xi told Lukashenko that both countries should improve cross-border transport facilitation and promote economic and trade ties as well as people-to-people exchanges, according to Xinhua. The Chinese leader also said Beijing and the Eastern European country should implement projects such as the China-Belarus industrial park and promote industrial cooperation. Reporting by Ella Cao and Liz Lee; Editing by Kim Coghill and Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

Persons: Xi Jinping, Alexander Lukashenko, Xi, Lukashenko, Ella Cao, Liz Lee, Kim Coghill, Jamie Freed Organizations: of, People, cnsphoto, REUTERS, Rights, United Nations, Shanghai Cooperation Organisation, Xinhua, Thomson Locations: Beijing, China, Rights BEIJING, Belarus, Xinhua

☆ Trefor Moss — Reporter at The Wall Street Journal
▼ + stars: | 2023-12-03 | by ( Trefor Moss | ) www.wsj.com time to read: 1 min

Trefor MossTrefor Moss is a reporter in The Wall Street Journal’s corporate bureau in London, where he covers Europe’s big retailers, including Adidas, H&M, IKEA and Inditex. Prior to joining the U.K. team, Trefor spent most of his career as a foreign correspondent in Asia. He joined the Journal in Hong Kong, where he previously ran his own media company, before moving to Manila to cover regional politics and security. He subsequently worked in the Journal’s Shanghai bureau, where he covered business in China. Trefor began his career as a business reporter in London and is a graduate of the University of Oxford.

Persons: Trefor Moss Trefor Moss, Trefor Organizations: Adidas, IKEA, Inditex, U.K, University of Oxford Locations: London, Asia, Hong Kong, Manila, Shanghai, China

☆ I'm a 40-year-old former teacher retraining to get into AI. It might be crazy but I wish more people my age were doing it.
▼ + stars: | 2023-12-03 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +4 min

She says it's difficult to pivot mid career but wishes more people her age were studying AI. AdvertisementThis as-told-to essay is based on a transcribed conversation with Evrim Kanbur, a 40-year-old former university teacher who is learning to code to work in AI. To pay bills, I get passive income from online classes I pre-record for the e-learning platform Udemy, which I've been doing since 2017. Kabur's home studio where she recorded online classes Evrim KanburRetraining has been quite hardRetraining is not something that's easy to do. But I want to do this now and I'm happy I'm sticking with it.

Persons: Evrim Kanbur, —, I've, I'm, it's Organizations: Service, Deloitte, Riot Games, Harvard University, MIT Locations: Shanghai, China

☆ China regulator to speed reform of smaller financial institutions
▼ + stars: | 2023-12-03 | by ( ) www.reuters.com time to read: +2 min

Li Yunze, director of China's National Financial Regulatory Administration (NFRA), speaks at the Lujiazui Forum in Shanghai, China June 8, 2023. REUTERS/Jason Xue/File Photo Acquire Licensing RightsBEIJING, Dec 3 (Reuters) - A key Chinese financial regulator said on Sunday it would accelerate reform of small and midsize financial institutions as it steps up its oversight of the sector. The National Financial Regulatory Administration (NFRA) will collaborate with the General Administration of Financial Supervision to tighten supervision of the financial industry other than the securities market, director Li Yunze said in an interview with state media Xinhua. It will promote small and midsize banking institutions to optimise their structure, improve quality and increase efficiency, Li said. “At present, the operation of China's financial sector is generally stable and the overall risk resistance is strong,” he said.

Persons: Li Yunze, Jason Xue, Li, ”, Mei Mei Chu, Christopher Cushing, William Mallard Organizations: China's, Financial Regulatory Administration, REUTERS, Rights, Administration, Financial, Xinhua, NFRA, Thomson Locations: Shanghai, China, Rights BEIJING

☆ China has more space to cut reserve ratio instead of interest rates, says ex-official
▼ + stars: | 2023-12-03 | by ( ) www.reuters.com time to read: +2 min

Paramilitary police officers stand guard in front of the headquarters of the People's Bank of China, the central bank (PBOC), in Beijing, China September 30, 2022. With interest rates and loan prime rates at low levels, there is more space to cut banks' reserve requirement ratio (RRR) than to cut interest rates, Sheng said. The central bank lowered the RRR in September for the second time this year to boost liquidity and support economic recovery. The weighted average RRR for financial institutions was around 7.4% after the cut. China is prudent in cutting interest rates as its monetary policy needs to consider internal and external balance, Sheng said.

Persons: Tingshu Wang, Sheng Songcheng, Sheng, Mei Mei Chu, Christopher Cushing Organizations: People's Bank of China, REUTERS, Rights, People's Bank of, Shanghai Securities, Thomson Locations: Beijing, China, Rights BEIJING, People's Bank of China, U.S

TOKYO (AP) — Asian shares were mixed Monday as investors awaited a slew of U.S. economic data set for release later in the week. Hong Kong's Hang Seng lost 0.5% to 16,749.07, while the Shanghai Composite edged 0.2% lower to 3,026.43. Among the economic updates due this week are data on the job market, including the U.S. government’s closely watched monthly employment report for November. “Traders prepare for a slew of actionable U.S. economic data scheduled for release this week, poised to be crucial in refining traders’ expectations regarding Federal Reserve policy. Political Cartoons View All 1277 ImagesInflation data are also expected this week for several nations in Asia, including Japan, Thailand and the Philippines.

Persons: Australia's, Hang Seng, government’s, ”, Stephen Innes, Russell, Brent Organizations: TOKYO, Nikkei, China Evergrande's Hong Kong, U.S, “ Traders, Federal Reserve, Wall, Dow Jones, Nasdaq, New York Stock Exchange, U.S . Federal, Treasury, Investors, New York Mercantile Exchange, U.S . Locations: Hong, Shanghai, China Evergrande's Hong, Hong Kong, Asia, Japan, Thailand, Philippines, U.S

☆ China's military: US combat ship 'illegally' entered territorial waters
▼ + stars: | 2023-12-03 | by ( ) www.reuters.com time to read: +1 min

[1/2] An aerial view shows the BRP Sierra Madre on the contested Second Thomas Shoal, locally known as Ayungin, in the South China Sea, March 9, 2023/File Photo Acquire Licensing RightsBEIJING, Dec 4 (Reuters) - China's military on Monday said a U.S. combat ship illegally entered waters adjacent to the Second Thomas Shoal, a disputed South China Sea atoll. "The U.S. seriously undermined regional peace and stability," said a spokesperson for China's Southern Theater of Operations in a statement. The spokesperson also said the U.S. deliberately disrupted the South China Sea and seriously violated China's sovereignty. China is in dispute with several of its neighbours over its extensive claims of territorial waters in the South China Sea. ship., and that "its troops in the theater are on high alert at all times to resolutely defend national sovereignty."

Persons: Thomas, Bernard Orr, Chizu Nomiyama, Diane Craft Organizations: BRP, BRP Sierra Madre, Rights, China's Southern Theater of Operations, People's Liberation Army, Philippine Coast Guard, Thomson Locations: BRP Sierra, South China, Rights BEIJING, U.S, China, South, Shanghai

☆ Toyota says it halts some Tianjin operations after report of weak sales
▼ + stars: | 2023-12-02 | by ( ) www.reuters.com time to read: +1 min

[1/2] A sign is seen outside a Tianjin Faw Toyota Motor Co. Ltd showroom, a joint venture between China's Tianjin FAW Xiali Automobile Co Ltd and Japan's automaker Toyota Motor Corp, in central Beijing October 9, 2012. The production halt at the Tianjin venture with China's FAW was a planned move, and Toyota is adjusting production based on "changes in the composition of vehicle models", a spokesperson said by email. Japan's Jiji news service said on Friday the world's largest automaker by sales was suspending some production as part of a major production adjustment in response to weak sales of gasoline-engine cars. Reuters reported last month that Toyota had told dealers it would extend a plan to reduce output at the FAW venture. Slowing sales pose a growing challenge to Toyota in China which accounted for nearly a fifth of Toyota's worldwide sales of about 8.5 million vehicles over the first 10 months of the year, including sales of its luxury Lexus brand.

Persons: David Gray, David Kirton, Brenda Goh Organizations: Tianjin Faw Toyota Motor Co, China's Tianjin FAW Xiali Automobile Co Ltd, Japan's, Toyota Motor Corp, REUTERS, Rights, Toyota, China's FAW, FAW, Reuters, Lexus, Thomson Locations: Beijing, Rights SHENZHEN, China, Tianjin, Shenzhen, Shanghai

☆ What do we know about China’s respiratory illness surge?
▼ + stars: | 2023-12-01 | by ( Andrew Silver | ) www.reuters.com time to read: +4 min

SHANGHAI, Dec 1 (Reuters) - A request by the World Health Organization for more information on a surge in respiratory illnesses and clusters of pneumonia in children in China has attracted global attention. The following is what we know about the surge in illness in the world's second most populous country so far, and why experts think there is no need to panic. The National Health Commission told a news conference on Nov. 13 that there was an increase in incidence of respiratory disease without providing further details. IS MYCOPLASMA PNEUMONIAE A BIG WORRY? One concern about the surge in respiratory illness is mycoplasma pneumoniae, which has also spiked in other countries.

Persons: Maria Van Kerkhove, Rajib Dasgupta, mycoplasma pneumoniae, it's, Cecille Brion, Van Kerkhove, We're, Andrew Silver, Miyoung Kim Organizations: World Health Organization, WHO, Program, National Health Commission, Reuters, Pacific, Jawaharlal Nehru University, Doctors, Raffles Medical Group Beijing, Thomson Locations: SHANGHAI, China, Taiwan, WHO China, COVID, South East Asia, New Delhi

☆ Toyota partially halts output at Tianjin plant in China - Jiji
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Johanna Geron/File Photo Acquire Licensing RightsTOKYO, Dec 1 (Reuters) - Japan's Toyota Motor (7203.T) is partially suspending production at its plant in Tianjin, China, the Jiji news service reported on Friday, as global automakers face strong sales competition in the world's top auto market. A spokesperson for Toyota China did not immediately comment on the report. A representative for FAW (SASACJ.UL), Toyota's joint venture (JV) in the Tianjin plant, said he was not immediately able to comment. Reuters reported last month that Toyota has told dealers it will extend a plan to reduce output at its JV with FAW in China. Its sales and production in China over that period slipped compared to 2022 amid the rising competition.

Persons: Johanna Geron, Jiji, Daniel Leussink, Rocky Swift, Brenda Goh, Edmund Klamann, Christina Fincher Organizations: Toyota, REUTERS, Rights, Toyota China, FAW, Reuters, JV, Lexus, China Association of Automobile Manufacturers, Thomson Locations: Zaventem, Belgium, Tianjin, China, Europe, North America, Tokyo, Shanghai

☆ Exclusive: China lures hundreds of Taiwan politicians with cheap trips before election
▼ + stars: | 2023-12-01 | by ( Yimou Lee | Thomson Reuters | Yimou Lee Is A Senior Correspondent For Reuters Covering Everything Taiwan | ) www.reuters.com time to read: +5 min

Across Taiwan security agencies are looking into more than 400 visits to China in the past month, most led by local opinion leaders such as borough chiefs and village heads, a Taiwan security official looking into China's activities told Reuters. He said it was "self-evident" Beijing was trying to sway Taiwan elections through means including free trips for politicians. More than 300 borough chiefs or village heads from populous central Taiwan alone have participated in such trips to China in the past few months, this person said. "Certain borough chiefs have become the window of contacts in Taiwan for some Chinese units." Chinese officials allegedly asked participants to support certain political parties and "oppose Taiwan independence", the prosecutors said in a statement.

Persons: Tsai Ing, Chiu Tai, Hsing Tai, chao, Yimou Lee, Ben Blanchard, William Mallard Organizations: Beijing, Reuters, China's Taiwan Affairs Office, Mainland Affairs Council, Chinese Communist Party, Thomson Locations: TAIPEI, Beijing, China, Taiwan, Taipei, Shanghai, New Taipei City, Kaohsiung

HONG KONG (AP) — Asian shares declined on Friday even after Wall Street closed out its best month of the year with big gains in November. Thursday on Wall Street, the S&P 500 rose 0.4% to 4,567.80. Cloud-computing company Snowflake rose 7% after also giving Wall Street an encouraging financial forecast. Compared with a year ago, consumer prices rose 3% in October, below the 3.4% annual rate in September. That was the lowest year-over-year inflation rate in more than 2 1/2 years.

Persons: Brent, Hang Seng, Caixin, Korea’s Kospi, Australia’s, India’s Sensex, Dow Organizations: New York Mercantile Exchange, Nikkei, Nasdaq, Dow, Federal Reserve, Commerce Department, Labor Department, Fed, Treasury Locations: HONG KONG, Shanghai

An electronic board shows Shanghai and Shenzhen stock indexes, at the Lujiazui financial district in Shanghai, China October 25, 2022. But the extent of the political and economic jitters merely mirrors other signs of a long-term China exit well beyond portfolio flows. Earlier this month, China recorded its first-ever quarterly deficit in "bricks and mortar" foreign direct investment (FDI). What's more, a multi-year aversion to China investments then risks colliding with deteriorating long-term economic growth dynamics - heightened by rising youth unemployment and dire demographics. Despite some recent upgrades of China growth forecasts, yet another business survey this week raised red flags.

Persons: Aly, Gina Raimondo, Nicholas Lardy, Xi, Lardy, What's, Morgan Stanley, Morgan Stanley's, Mike Dolan, Paul Simao Organizations: REUTERS, Official Monetary, Financial, Reuters, . Commerce, Peterson Institute for International Economics, Thomson Locations: Shanghai, Shenzhen, China, OMFIF, Europe, North America, India, Brazil, Beijing, U.S, Washington, San Francisco

BEIJING, Dec 1 (Reuters) - Mixed factory activity data for China in November suggests more stimulus will be needed to shore up economic growth, analysts said on Friday, as two surveys came to contrasting conclusions on the sector's health. That was the fastest expansion in three months, but stands in contrast to the official PMI which fell to 49.4 on Thursday. "At face value, the average of the two is consistent with factory activity remaining largely unchanged last month," said Sheana Yue, China economist at Capital Economics. The official and Caixin surveys have different samples, with the Caixin PMI focusing on export-oriented enterprises and small- and medium-sized enterprises in the country's coastal region. Payroll cuts in the sector persisted for the third month in the Caixin survey and a ninth month in the official PMI.

Persons: Sheana Yue, Dan Wang, Xi Jinping, Liangping Gao, Joe Cash, Jacqueline Wong, Lincoln Organizations: P Global, PMI, Capital Economics, HSBC, Hang Seng Bank, Thomson Locations: BEIJING, China, Hang Seng Bank China, Shanghai

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