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Search resuls for: "Evelyn Chen"


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☆ China may have 'passed the point of no return' as Covid infections soar
  + stars: | 2022-11-23 | by ( Evelyn Cheng | ) www.cnbc.com   time to read: +2 min
BEIJING — Surging Covid infections across mainland China make it harder for the government to achieve zero-Covid without reverting to a harsh lockdown, Macquarie's Chief China Economist Larry Hu said. Larry Hu Chief China economist, Macquarie“China might have already passed the point of no return, as it's unlikely to achieve zero Covid again without another Shanghai-style hard lockdown," Hu said in a report Tuesday. flatten the curve, by tightening the Covid controls for the time being." He said Vietnam's unwinding of its Covid restrictions since fall last year could shed light on the path forward for China. Covid controls tighten in Beijing
☆ China property stocks surged amid warnings of weak reality, high expectations
  + stars: | 2022-11-21 | by ( Evelyn Cheng | ) www.cnbc.com   time to read: +5 min
China's housing prices fell in October due primarily to falling prices in less developed, so-called Tier-3 cities, according to Goldman Sachs analysis of official data. Future Publishing | Future Publishing | Getty ImagesBEIJING — China's real estate sector isn't yet poised for a quick recovery, despite a rally this month in stocks of major property developers. Last week, property developer stocks surged after news the central bank and banking regulator issued measures that encouraged banks to help the real estate industry. A drawn-out recoveryAnalysts differ on when China's property market can recover. "I think the real estate sector will become lesser of a drag to the economy in 2023," Tommy Wu, senior China economist at Commerzbank AG, said Wednesday.
☆ Mainland China reports first Covid-related deaths since the Shanghai lockdown
  + stars: | 2022-11-21 | by ( Evelyn Cheng | ) www.cnbc.com   time to read: +1 min
This restaurant, along with many others in Beijing's business district of Chaoyang, had to suspend dine-in services over the weekend as Covid infections soared. BEIJING — Three people died over the weekend after contracting Covid, the first deaths from the virus that mainland China has recorded since May, when the city of Shanghai was still locked down. All three individuals, who were between the ages of 87 and 91, had pre-existing health conditions and lived in Beijing, according to state media. Beijing city tightened Covid controls heading into the weekend as the local case count rose to several hundred a day, including infections with and without symptoms. Restaurants, primarily in Beijing's business district of Chaoyang, could only offer take-out or delivery.
☆ Ray Dalio says none of China's new leadership team appear to be 'extremists'
  + stars: | 2022-11-18 | by ( Evelyn Cheng | ) www.cnbc.com   time to read: +3 min
Ray Dalio, founder of Bridgewater Associates, received an award from the China General Chamber of Commerce-USA in February 2022. China News Service | China News Service | Getty ImagesBEIJING — American billionaire Ray Dalio said while he's far less familiar with China's new leadership team than prior officials, he expects worries about their future policies are overdone. Here are the highlights:China's leadership reshuffle"I want to emphasize that none of the new people appear to be extremists," Dalio said. Dalio said the leadership changes mean most of the people he knew who were "reformist-globalists" are being replaced. This week, Xi and U.S. President Joe Biden met in person for the first time since Biden took office.
☆ Alibaba says 15% of China delivery areas were disrupted during Singles Day shopping festival
  + stars: | 2022-11-18 | by ( Evelyn Cheng | ) www.cnbc.com   time to read: +1 min
Alibaba broke tradition by not releasing total sales for its Singles' Day shopping festival this year. BEIJING — China's Covid controls disrupted Alibaba 's ability to deliver packages, the company said, dragging down the e-commerce giant's sales in a competitive market. Disruptions affected nearly 15% of delivery areas in China starting in October and through the 11.11 shopping festival campaign period, he said. This year, Alibaba declined for the first time to share total gross merchandise value — an industry measure of sales over time — for its flagship Singles Day shopping festival that ended Nov. 11. Rival JD.com did not share GMV for its Singles Day promotional period this year, which ran from the evening of Oct. 31 to the end of day on Nov. 11.
☆ China's October retail and industrial data miss expectations
  + stars: | 2022-11-15 | by ( Evelyn Cheng | ) www.cnbc.com   time to read: +1 min
Covid cases have soared in China's capital city of Beijing, where many communities have been recently locked down or under tighter health monitoring as the country maintains its zero-Covid policy. BEIJING — Three indicators on China's economy in October missed expectations and marked a slowdown from September, according to data released by China's National Bureau of Statistics on Tuesday. Retail sales fell by 0.5% in October from a year ago — the first decline since May — and industrial production grew by 5%, the data showed. Analysts polled by Reuters expected retail sales would slow to 1% year-on-year growth in October, and that industrial production would also slow to 5.2% growth. Investment in real estate declined further in October on a year-to-date basis, while that in manufacturing slowed slightly from September.
☆ Biden meets Xi amid heightened China-U.S. tensions
  + stars: | 2022-11-14 | by ( Evelyn Cheng | ) www.cnbc.com   time to read: 1 min
U.S. President Joe Biden and Chinese President Xi Jinping held a virtual meeting in November 2021. Pictured here is a state news broadcast of the meeting outside a shopping mall in Beijing. BEIJING — U.S. President Joe Biden and Chinese President Xi Jinping met Monday for the first time in person since Biden took office in Jan. 2021. The meeting took place in Bali, a day before the G-20 Summit is due to kick off. The two leaders held a videoconference in Nov. 2021 and, among other communication, had a call in late July.
☆ Alibaba's Cainiao opens LatAm headquarters in Brazil
  + stars: | 2022-11-14 | by ( Evelyn Cheng | ) www.cnbc.com   time to read: +2 min
Alibaba's logistics arm Cainiao has installed lockers in Brazil for local customers to retrieve packages. CainiaoBEIJING — Alibaba' s logistics arm Cainiao announced Monday the opening of its Latin American headquarters in Sao Paulo, Brazil. Cainiao ships most AliExpress orders from China to Brazil, the company said, claiming it operates eight charter flights a week between the countries. Low-cost drones and bluetooth headphones are among the most popular products for local customers, the company said. Alibaba's logistics arm Cainiao has installed lockers in Brazil for local customers to retrieve packages.
☆ China trims Covid quarantine time by two days
  + stars: | 2022-11-11 | by ( Evelyn Cheng | ) www.cnbc.com   time to read: +1 min
BEIJING — China reduced the quarantine time for international travelers by two days, state media said Friday. The new timeframe also applied to close contacts of Covid infections within China, the report said. In contact tracing, China said it will no longer track people beyond close contacts of Covid infections. Previously, people who were connected to those close contacts might face additional Covid restrictions. The new measures reduced the number of regional risk designations to two from three — just low and high, the report said.
☆ China cuts quarantine time for international travelers by two days
  + stars: | 2022-11-11 | 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 cuts quarantine time for international travelers by two daysTravelers to China no longer have to stay at a centralized quarantine facility for seven days upon arrival. The new rules stipulate a five day quarantine, followed by three days of home observation. CNBC's Evelyn Cheng reports.
☆ Covid outbreak worsens in southern Chinese city of Guangzhou
  + stars: | 2022-11-10 | by ( Evelyn Cheng | ) www.cnbc.com   time to read: +1 min
Guangzhou city in the southern province of Guangdong is the hardest hit in the latest Covid outbreak. BEIJING — Covid infections are surging in the capital of China's export-heavy Guangdong province, raising concerns of another drag on the national economy. Schools in eight of 11 districts in the city of Guangzhou moved classes online for most students as of Thursday. "If Guangzhou repeats what Shanghai did in spring, it will lead to a new round of pessimism on China." State-owned automaker GAC Group said its manufacturers in Guangzhou were operating normally as of Thursday morning.
☆ One of China's inflation gauges drops for the first time since 2020
  + stars: | 2022-11-09 | by ( Evelyn Cheng | ) www.cnbc.com   time to read: +1 min
China's producer price index fell year-on-year in October 2022 for the first time since December 2020. BEIJING — China's producer price index fell in October for the first time since December 2020, dragged down by drops in iron and steel prices, according to official data released Wednesday. The producer price index, which tracks the price of raw materials and other input costs, fell by 1.3% in October from a year ago. Changes in China's producer price index tend to precede similar changes in that of the U.S. by about one or two months, Francoise Huang, senior economist at Allianz Trade, said in October. While inflation has surged in the U.S. and Europe, China's consumer price index has remained subdued due to lackluster domestic demand.
☆ China's Covid controls are hurting more of the economy
  + stars: | 2022-11-08 | by ( Evelyn Cheng | ) www.cnbc.com   time to read: +1 min
BEIJING — China's Covid situation is only getting worse, preventing the country from stamping out the virus and relaxing controls. As of Monday, China's Covid controls negatively affected 12.2% of national GDP — up from 9.5% a week ago, according to Nomura's model. Recent Covid infections have been reported in more than 20 of China's 31 province-level regions. It was not immediately clear whether there was any impact on factory production in the South China region. China's Ministry of Commerce did not immediately respond to a CNBC request for comment.
☆ Alibaba's international arm is spending millions to expand into South Korea
  + stars: | 2022-11-08 | by ( Evelyn Cheng Jihye Lee | Evelyn Cheng | Jihye Lee | ) www.cnbc.com   time to read: +1 min
Alibaba's international e-commerce platform AliExpress has expanded in South Korea and Brazil, in addition to Europe. BEIJING — Alibaba 's international e-commerce business AliExpress is spending the equivalent of $7 million to reach consumers in South Korea, the unit told CNBC in an exclusive interview. AliExpress said it launched three-to-five-day shipping to South Korea last year, allowing South Korean residents to buy some products, especially in fashion, from Taobao. In all, the business unit said it spent 10 billion won this year in South Korea to lower product prices. "Although in 2020, the United States was ranked number one, other countries such as China are expanding their presence in the Korean e-commerce market," the report said, noting South Korean consumers are now buying from more than 30 countries.
☆ China's exports unexpectedly shrink in October, badly missing expectations for growth
  + stars: | 2022-11-07 | by ( Evelyn Cheng | ) www.cnbc.com   time to read: 1 min
BEIJING — China's exports fell by 0.3% in October from a year ago, missing Reuters expectations for a 4.3% increase. The decline in U.S.-dollar terms last month marked the first year-on-year drop since May 2020, according to Refinitiv Eikon data. Imports fell in October by 0.7% in U.S.-dollar terms, also missing expectations for slight growth of 0.1%. The yuan weakened by nearly 3% against the U.S. dollar in October, according to Refinitiv Eikon. In yuan terms, exports rose by 7% and imports by 6.8%, customs data released Monday showed.
☆ Here's what we know about the rebound in Chinese stocks this week
  + stars: | 2022-11-04 | by ( Evelyn Cheng | ) www.cnbc.com   time to read: +1 min
BEIJING — Chinese stocks rallied this week as investors hoped Beijing would soon relax its stringent Covid policy. The Chinese government has yet to announce any official policy change. However, the stock rally that accelerated Friday followed multiple unconfirmed rumors of a coming Covid policy change. Zhang pointed to a closed-door speech Friday morning by a chief scientist at the Chinese Center for Disease Control and Prevention that suggested a transition away from zero-Covid policy could happen soon. The disease control center and National Health Commission did not immediately respond to a request for comment.
☆ Barclays cuts China GDP outlook after forecasting U.S., Europe recession
  + stars: | 2022-11-04 | by ( Evelyn Cheng | ) www.cnbc.com   time to read: +1 min
China's export growth has slowed in recent months after surging during the height of the pandemic globally. BEIJING — Barclays cut its forecast for China's economic growth next year to 3.8%, based partly on expectations of a drop in global demand for Chinese goods. As a result, they now expect China's exports to drop by 2% to 5% in 2023, versus previous expectations for 1% growth, the report said. "China's share of global exports has been shrinking this year," the analysts said. China's exports surged by 29.8% last year in U.S. dollar terms, following a 3.6% increase in 2020, according to the customs agency.
☆ China's Covid controls are pushing companies to diversify away from a 'start-stop economy'
  + stars: | 2022-11-03 | by ( Evelyn Cheng | ) www.cnbc.com   time to read: +4 min
After a Covid outbreak at a Foxconn factory in Zhengzhou, China, some workers chose to go home. Vcg | Visual China Group | Getty ImagesBEIJING — China's decision to maintain Covid controls is pushing companies to look to factories outside the country, according to The Economist Intelligence Unit. Beijing's stringent Covid controls helped the country resume work while the rest of the world still struggled with the pandemic in 2020. watch nowOver the weekend, some Foxconn workers reportedly forced their way out of Covid controls at the factory. JPMorgan analysts predicted that just 5% of Apple's global iPhone 14 production would move to India this year.
☆ Xpeng electric car deliveries drop in October to half of Nio's
  + stars: | 2022-11-02 | by ( Evelyn Cheng | ) www.cnbc.com   time to read: +1 min
Xpeng said deliveries of its newly launched G9 SUV surged in October from September, despite a drop in the brand's overall monthly deliveries. BEIJING — Chinese electric car startup Xpeng delivered about half the number of cars that rivals Nio and Li Auto did in October, according to company statements Tuesday. While the two other startups reported monthly deliveries of more than 10,000 each, Xpeng said it delivered just 5,101 cars — a third-straight month of decline. Deliveries of Xpeng's best-selling model, the P7 sedan, halved from September to October, with just over 2,100 units delivered last month. The company's newly launched G9 SUV saw deliveries surge from 184 units in September to 623 units in October.
☆ China's factory activity drops, bogged down by more Covid controls
  + stars: | 2022-10-31 | by ( Evelyn Cheng | ) www.cnbc.com   time to read: 1 min
China's factory activity declined in October, official data showed Monday. BEIJING — China's factory activity fell in October due to frequent Covid outbreaks, the National Bureau of Statistics said Monday. The official purchasing managers' index for manufacturing fell to 49.2 this month, down from 50.1 in September, the data showed. Readings below 50 indicate a contraction in business activity, while figures 50 above reflect expansion. Sub-indicators on factory employment, production, new orders and supplier delivery time all showed contraction in October compared to September.
☆ Covid cases, controls spread in China
  + stars: | 2022-10-28 | by ( Evelyn Cheng | ) www.cnbc.com   time to read: +2 min
Covid cases and controls have increased in China this month. Future Publishing | Future Publishing | Getty ImagesBEIJING — Covid controls in China have tightened in the last two weeks after more cities reported virus outbreaks. watch nowFor Thursday, mainland China reported 214 Covid cases with symptoms and 1,123 without. watch nowHowever, many of the recent case clusters and ensuing Covid controls have occurred in less economically prominent parts of the country, such as areas within Qinghai and Xinjiang in the northwest. The Nomura analysts said they expect China's stringent Covid controls will remain at least until March, "when the political reshuffle will be fully completed and the new leaders fully take over the cabinet."
☆ American companies increasingly look outside of China after Covid
  + stars: | 2022-10-28 | by ( Evelyn Cheng | ) www.cnbc.com   time to read: +3 min
For 2022, 19% of respondents said they were cutting investment in China, up from 10% in 2021, the report said. The top reasons for doing so were Covid-related shutdowns, travel restrictions and supply chain disruptions, survey respondents said. A bounce of 3.9% in the third quarter brought year-to-date GDP growth to 3% — well below the official target of around 5.5%. Looking to Southeast AsiaOne-third of respondents redirected planned China investments to other destinations in the past year, the survey found. The vast majority of companies in the chemicals, pharmaceutical, medical devices and life sciences industries planned to keep operations in China, the report said.
☆ Venture capitalists are betting on a part of China’s chip industry safe from U.S. bans
  + stars: | 2022-10-28 | by ( Evelyn Cheng | ) www.cnbc.com   time to read: +5 min
The U.S. this month imposed new restrictions to maintain a lead over China in advanced chip technology. That gap leaves a large market opportunity far more insulated from U.S. restrictions — and one that Chinese startups can tap, some venture capitalists said. He claimed WestSummit-backed GigaDevice Semiconductor is one of the Chinese companies well-positioned to capture the mature market. "However, chip-making is a mature technology that has been developed many years. Looming risksDespite the large market opportunity, early-stage investment in Chinese chip startups still face risks from potential lawsuits and the complexity of the technology itself, Vertex's Tay said.
☆ Investor fears about Xi's new leadership team 'may be misguided'
  + stars: | 2022-10-25 | by ( Evelyn Cheng | ) www.cnbc.com   time to read: +4 min
Li Qiang, likely to become the next premier, is pictured here speaking at a major annual financial conference in Shanghai in 2020. Bloomberg | Bloomberg | Getty ImagesBEIJING — Chinese stocks' plunge on Monday over fears about China's new leadership team "may be misguided," consulting firm Teneo said. Xi's leadership teamThe Politburo standing committee is the highest circle of power in China. Li Xi has led the export-heavy province of Guangdong as party secretary, while Cai Qi held the role for the capital city of Beijing. Mr Li [Qiang] has been widely regarded as a capable pro-market and pro-growth politician.
☆ Why China won't bail out its real estate sector
  + stars: | 2022-10-25 | by ( Evelyn Cheng | ) www.cnbc.com   time to read: +6 min
A year after Chinese developer Evergrande 's debt problems began rattling investors, the country's real estate troubles have only gotten worse. Some homebuyers refused to pay their mortgages due to construction delays, while property sales plunged. He expects Beijing will want to gradually resolve the problems in real estate and reduce the industry's role in the economy. Explosive growth in China's real estate industry over the last two decades minted tycoons who were not afraid of flaunting their wealth. It contrasts with an average four to five quarters for previous real estate slumps in China, the report said.
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