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Search resuls for: "Evelyn Chen"


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☆ Beijing roars to life a month after zero-Covid lockdowns fade, but China is not out of the woods yet
  + stars: | 2022-12-26 | by ( Evelyn Cheng | ) www.cnbc.com   time to read: +1 min
Crowds gather to watch a band perform at the Solana mall in Beijing on Christmas Eve 2022, as the city recovers from a Covid wave. BEIJING — People are returning to the streets in China's capital city as it emerges from a wave of Covid infections. Anecdotally, foot traffic at malls and Universal Beijing Resort's CityWalk over the weekend was up significantly to modestly crowded levels. In contrast to the surge in Beijing city traffic, Shanghai and Shenzhen still saw very low levels of congestion Monday morning, the Baidu data showed. The two cities started to see a wave of Covid infections after Beijing did.
☆ China is reopening after zero-Covid. But there's a long road ahead
  + stars: | 2022-12-23 | by ( Evelyn Cheng | ) www.cnbc.com   time to read: +4 min
In major cities Shanghai and Shenzhen, Friday morning rush hour traffic was extremely light, according to Baidu data. Subway ridership in major cities as of Thursday remained well below the normal range, according to Wind Information. "It will be the first time in nearly three years that mass migration will resume in China as families congregate." As for foreign direct investment into China, Hart said he expected it would take about a year after travel fully reopens for such investment to start recovering. Hainan hotel bookings last week rose by 20% from the prior week, Trip.com said.
☆ China's economy looks different than it was going into the pandemic
  + stars: | 2022-12-22 | by ( Evelyn Cheng | ) www.cnbc.com   time to read: +4 min
China's exports started to fall year-on-year in October — for the first time since May 2020, according to Wind Information. Net exports had supported China's GDP growth over the last several years, contributing as much as 1.7 percentage points in 2021, the analysts said. But China's exports to the Association of Southeast Asian Nations have picked up, surpassing those to the U.S. and EU on a monthly basis in November, according to customs data. They expect ASEAN's GDP growth to rebound in 2023, while the U.S. and EU spend part of next year in recession. Jin pointed out that China's car exports, especially of electric cars and related parts, helped support overall exports this year.
☆ China’s sudden ‘reopening’ reveals new challenges as infections soar
  + stars: | 2022-12-16 | by ( Evelyn Cheng | ) www.cnbc.com   time to read: +4 min
Yuxuan Zhang | Afp | Getty ImagesBEIJING — Mainland China's swift rollback of many Covid-related restrictions has been unexpectedly sudden, revealing a new set of economic challenges. “Surging Covid infections may offset the positive impact of the easing in the near term." "The rapid surge of infections in big cities might be only the beginning of a massive wave of Covid infections," the analysts said. Get through winter firstSocial activity remains subdued amid the surge of infections and below-freezing weather in northern cities. Management at Chinese travel booking site Trip.com were also reserved in how soon domestic travel would rebound.
☆ China's retail sales shrink far more than expected, while industrial production disappoints
  + stars: | 2022-12-15 | by ( Evelyn Cheng | ) www.cnbc.com   time to read: +1 min
BEIJING — China reported economic data Thursday that missed expectations across the board during a month in which widespread Covid controls weighed on growth. Retail sales fell by 5.9% in November from a year ago, the National Bureau of Statistics said. Industrial production grew by 2.2% in November from a year ago, missing Reuters' forecast for a 3.6% increase. The reported pace was also slower than the 5% increase in October. Fixed asset investment for the year through November slowed to 5.3% year-on-year growth, missing Reuters' expectations for a 5.6% increase.
☆ China's reopening from Covid won't be a straight path forward
  + stars: | 2022-12-09 | by ( Evelyn Cheng | ) www.cnbc.com   time to read: +5 min
Hector Retamal | Afp | Getty ImagesBEIJING — As mainland China relaxes many of its stringent Covid controls, analysts point out the country is far from a quick return to a pre-pandemic situation. Mainland China's daily Covid infections, mostly asymptomatic, surged to a record high above 40,000 in late November. Looking ahead, it's pretty clear that China's Covid policy is about to cross a turning point, said Bruce Pang, chief economist and head of research for Greater China at JLL. That means there may be a surge in Covid infections, and China's policy will never go back, Pang said. Goldman Sachs analysts expect China's reopening — defined as a shift away from lockdowns — to come in the second quarter of 2023, according to a separate report on Wednesday.
☆ China eases Covid restrictions on travel within the country
  + stars: | 2022-12-08 | by ( Evelyn Cheng | ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina eases Covid restrictions on travel within the countryPeople in China no longer need to show negative virus tests or health codes to travel to different parts of the country. CNBC's Evelyn Cheng reports.
☆ Wealthy Chinese keep on spending while others cut back, survey finds
  + stars: | 2022-12-07 | by ( Evelyn Cheng | ) www.cnbc.com   time to read: +3 min
Future Publishing | Future Publishing | Getty ImagesBEIJING — Wealthier Chinese were more inclined to spend this year, while poorer people cut back on spending even more, McKinsey and Company found in a survey released Thursday. The divergence contrasts with 2019, before the pandemic, when "there was little differentiation in spending between the two groups," the McKinsey analysts said. Only 14% of that income group said they significantly cut their spending. "So, the more affluent group continues to spend, while lower-income groups are more hesitant and hold spending decisions." The share of urban households wanting to save "for a rainy day" rose to 58% — its highest since 2014, the McKinsey survey found.
☆ China eases Covid restrictions on travel and production
  + stars: | 2022-12-07 | by ( Evelyn Cheng | ) www.cnbc.com   time to read: +1 min
BEIJING — In a significant easing of Covid controls, the Chinese government said Wednesday that people will no longer need to show negative virus tests or health codes in order to travel between different parts of the country. Chinese authorities also said that unless an area is designated as high-risk, work and local production cannot be stopped. The announcement on the National Health Commission's website formalized other recent changes to Covid controls, such as allowing more people to quarantine at home. The measures also said that other than facilities such as retirement homes, elementary and middle schools and health clinics, venues should not require negative virus tests or health code checks. The health code then had to show a negative virus test result from within the last two or three days.
☆ China's reopening will be a slow unwinding over the next several months
  + stars: | 2022-12-07 | by ( Evelyn Cheng | ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina's reopening will be a slow unwinding over the next several monthsCNBC.com's Evelyn Cheng joins Worldwide Exchange to discuss the latest in China's COVID crisis.
☆ His power secure at home, China’s Xi Jinping goes on a charm offensive abroad
  + stars: | 2022-12-06 | by ( Evelyn Cheng | Evelyn Cheng Is A News Associate With Cnbc. | ) www.nbcnews.com   time to read: +5 min
BEIJING — Now that he has consolidated power at home, Chinese President Xi Jinping is stepping out onto the world stage to strengthen relations with the U.S. and other countries. Most recently, Xi hosted European Council President Charles Michel in Beijing on Thursday. In a speech at the party congress, Xi said the party has “safeguarded China’s dignity” in the face of international changes and warned of “dangerous storms” ahead. The following week, the countries’ military leaders met for the first time since Pelosi’s controversial Taiwan visit in August. Heads of Japan, South Korea, Australia, Indonesia and Italy met with both Xi and Biden in the last several weeks, based on government announcements.
☆ China's Xi has met with more than 25 world leaders since consolidating power at home
  + stars: | 2022-12-06 | by ( Evelyn Cheng | ) www.cnbc.com   time to read: +2 min
China's President Xi Jinping attends a session during the G20 Summit on the Indonesian resort island of Bali on November 16, 2022. BEIJING — A month after consolidating power at home, Chinese President Xi Jinping has stepped out onto the world stage to strengthen relations with the U.S. and other countries. Most recently, Xi hosted President of the European Council Charles Michel in Beijing on Thursday. "He met with leaders of advanced industrial democracies for the first time since the pandemic began and amid fraught relations between China and the West. Most of Xi's meetings fueled a positive outlook for stabilizing relations."
☆ China's Covid lockdowns are having a lessening impact on its economy
  + stars: | 2022-12-06 | by ( Evelyn Cheng | ) www.cnbc.com   time to read: +1 min
BEIJING — China's Covid lockdowns are having a lessening impact on the economy for the first time since early October, according to Nomura. Evelyn's lead: The negative impact of China's Covid controls on GDP has dropped for the first time since early October, according to a Nomura model. As of Monday, the negative impact of China's Covid controls on its economy fell to 19.3% of China's total GDP — down from 25.1% a week ago, Nomura's Chief China Economist Ting Lu and a team said in a report. Last week's 25.1% figure was higher than that seen during the two-month Shanghai lockdown in the spring, according to Nomura's model. In the last several days, local governments have relaxed some virus testing requirements, allowing people in cities such as Beijing and Zhengzhou to take public transportation without having to show proof of a negative test result.
☆ Wrong Covid test results in China raise concerns 'the pandemic may never end'
  + stars: | 2022-12-02 | by ( Evelyn Cheng | ) www.cnbc.com   time to read: +5 min
Bloomberg | Bloomberg | Getty ImagesBEIJING — Local frustration with Covid controls in China has increasingly targeted virus testing requirements and the big business they've fueled. The article listed several instances of allegedly forged virus test results this year across the country, including in Shanghai and Beijing. Last week, Lanzhou city health authorities blamed one of those companies for reporting some positive virus test results as negative. In the U.S., a surge of pop-up virus testing stations raised concerns of fraud as well as identity theft. In May, the central government promoted the idea that in large cities, a Covid testing station should be within 15 minutes' walking distance.
☆ China signals slight Covid policy easing — but don't expect sweeping changes yet
  + stars: | 2022-12-01 | by ( Evelyn Cheng | ) www.cnbc.com   time to read: +1 min
Customers dine in at a McDonald's in Guangzhou on Dec. 1, 2022, a day after the city eased Covid restrictions on restaurant operations. BEIJING — A trickle of changes around China's Covid controls in the last 24 hours has raised hopes that broader relaxation is on its way. Local state media reports and anecdotes indicated Thursday that some people who tested positive for Covid-19 in Beijing might now be allowed to quarantine at home instead of being sent to a centralized facility. That's according to a CNBC translation of the Chinese state media report late last night. Also on Wednesday, the Guangzhou city district hardest hit by Covid said it would allow most restaurants to resume in-store dining, and entertainment venues can gradually reopen.
☆ China touts vaccination progress as it seeks reopening path; encourages booster shots for seniors
  + stars: | 2022-11-29 | by ( Evelyn Cheng | ) www.cnbc.com   time to read: +1 min
BEIJING — Mainland China announced significant progress Tuesday in getting Covid-19 booster shots for people "over age 80." As of Monday, 65.8% of that age category had received booster shots, an official told reporters. China also announced a new push to get its elderly population further vaccinated for Covid-19. Analysts have said that getting a greater share of the population vaccinated would help put China on the path to reopening. The Covid vaccination rate for older people in China is generally below that of the U.S. and Singapore.
☆ China's Covid infections drop for the first time in more than a week
  + stars: | 2022-11-29 | by ( Evelyn Cheng | ) www.cnbc.com   time to read: +1 min
Covid control workers disinfect an area in Beijing on Monday, Nov. 28, 2022, where a day earlier locals had gathered to protest stringent Covid measures. BEIJING — Mainland China reported the first decline in daily Covid infections in more than a week on Monday. Local infections fell in Guangdong and Chongqing, two of the hardest-hit regions in the latest Covid wave. But the capital city of Beijing saw infections rise Monday from a day earlier, as did Shanghai, albeit at a far smaller scale. Over the weekend, students and groups of people across China held public demonstrations to protest the country's stringent zero-Covid policy.
☆ China says progress has been made in vaccinating elderly population
  + stars: | 2022-11-29 | by ( Evelyn Cheng | ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina says progress has been made in vaccinating elderly populationWhile China did not announce any big changes to its zero-Covid policy, officials said more people over 80-years-old are receiving their booster shot. CNBC's Evelyn Cheng reports.
☆ China might not make major changes to its Covid policy any time soon, despite weekend protests
  + stars: | 2022-11-28 | by ( Evelyn Cheng | ) www.cnbc.com   time to read: +3 min
A couple pass necessities over a Covid lockdown barrier in Guangzhou city on Nov. 17, 2022. Future Publishing | Future Publishing | Getty ImagesBEIJING — China won't likely make major changes to its Covid policy in the near future despite this weekend's protests, analysts said. Groups of people in China took to the streets over the weekend to vent their frustration, built up over nearly three years of stringent Covid controls. Separately, the People's Daily ran a front page op-ed Monday on the need to make Covid controls more targeted and effective, while removing those that should be removed. He noted how it was no longer sustainable for China's economy and society to accept continued Covid controls.
☆ Protests against Covid controls erupt across China
  + stars: | 2022-11-28 | by ( Evelyn Cheng | ) www.cnbc.com   time to read: +1 min
Demonstrators against Covid restrictions hold blank sheets of paper during a protest in Beijing in the early hours of Monday, Nov. 28. BEIJING — Rare protests broke out across China over the weekend as groups of people vented their frustration over the zero-Covid policy. The unrest came as infections surged, prompting more local Covid controls, while a central government policy change earlier this month had raised hopes of a gradual easing. People's Daily, the Communist Party's official newspaper, ran a front page op-ed Monday on the need to make Covid controls more targeted and effective, while removing those that should be removed. On Sunday, municipal authorities said temporary controls on movement should not last more than 24 hours.
☆ European markets head for lower open as Covid protests in China continue
  + stars: | 2022-11-28 | by ( Holly Ellyatt | ) www.cnbc.com   time to read: 1 min
European markets are heading for a lower open on Monday as investors keep a close eye on unrest in China as protests against strict Covid measures and lockdowns erupted over the weekend. The unrest came as infections surged, prompting more local Covid controls, while a central government policy change earlier this month had raised hopes of a gradual easing. Youth unemployment has neared 20%. Hong Kong stocks led losses in a negative Asia-Pacific session on Monday amid the unrest in China over its continued zero-Covid policy. Oil futures hovered around new 2022 lows as demand concerns over the world's second-largest consumer of oil weighed on prices.
☆ People in China are losing patience with Covid controls as protests break out
  + stars: | 2022-11-28 | by ( Evelyn Cheng | ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPeople in China are losing patience with Covid controls as protests break outChina has had stringent Covid controls in place for nearly three years and it will be a process for it to get out of its current situation and reopen. CNBC's Evelyn Cheng reports.
☆ Beijing grinds to a near halt as China's capital city battles Covid with more lockdowns
  + stars: | 2022-11-25 | by ( Evelyn Cheng | ) www.cnbc.com   time to read: +4 min
Covid restrictions have tightened in Beijing while infections keep soaring, prompting lockdowns of communities. Jade Gao | Afp | Getty ImagesBEIJING — China's capital city is grinding to a near standstill as Covid controls spread. Beijing city government did not immediately respond to a request for comment. watch nowLocal infections have surged despite gradual tightening of Covid measures over the last two weeks. Beijing city reported more than 1,800 Covid infections for Thursday, bringing the total for the month to well over 10,000.
☆ Mainland China's total daily Covid cases soar above Shanghai lockdown highs
  + stars: | 2022-11-24 | by ( Evelyn Cheng | ) www.cnbc.com   time to read: +3 min
Kevin Frayer | Getty Images News | Getty ImagesBEIJING — Mainland China reported more than 31,000 Covid infections for Wednesday, including cases without symptoms. However, daily Covid infections with symptoms remain well below the high seen in April. Nearly 90% or more of total Covid cases reported in recent days have been asymptomatic, the data showed. But nearly all of China's 31 province-level regions have reported new Covid infections, with and without symptoms, each day. watch nowChina this month trimmed quarantine times and has announced other measures to try to make Covid controls more targeted.
☆ Baidu claims its robotaxis rival traditional ride-hailing in parts of China
  + stars: | 2022-11-23 | by ( Evelyn Cheng | ) www.cnbc.com   time to read: +1 min
Baidu got approval to charge fares for its robotaxi rides in the Beijing suburb of Yizhuang in November 2021. BEIJING — Chinese tech company Baidu said its robotaxi business in large cities is close to gaining the same traction with locals as traditional ride-hailing services. "According to our knowledge, this number is quite close to the average daily rides for traditional ride-hailing services," Li said. In Beijing, Shanghai and Guangzhou, Baidu's robotaxis — branded Apollo Go — can only operate in certain suburban areas. The company did not say whether it could charge fares for its robotaxi rides in Guangzhou or Shanghai.
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