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☆ China reports third-quarter GDP grew by 3.9%, beating expectations
▼ + stars: | 2022-10-24 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

BEIJING — China reported Monday that third-quarter gross domestic product grew by 3.9% from a year ago, beating expectations. The data was originally set for release on Oct. 18, but was delayed late on Oct. 17 with no explanation. Analysts polled by Reuters prior to Oct. 18 had expected China to report GDP growth of 3.4% for the third quarter. The officially released 3.9% year-on-year growth for the third quarter marked a pickup from 0.4% in the second quarter, bringing year-to-date growth to 3%. Covid controls on business activity, especially in the second quarter of the year, have weighed on growth and prompted many investment banks to slash their full-year forecasts to around 3%.

☆ China's leadership reshuffle puts greater weight on relations with the U.S.
▼ + stars: | 2022-10-23 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

BEIJING — China's latest leadership appointments point to greater emphasis on relations with the U.S.Foreign Minister Wang Yi joined the new Politburo, the second-highest level of power, state media announced Sunday. The changes showed that Yang Jiechi, a long-time diplomat closely involved with U.S.-China relations, did not stay on in the Politburo. Yang has headed the party's central committee foreign affairs office and was widely expected to retire. Qin Gang, China's ambassador to the U.S., also made the list of new central committee members released Saturday. "I think there may be a chance to certainly ease the tensions, hopefully, given the challenges China faces in keeping the Chinese economy growing," Yang said.

☆ China names Xi Jinping loyalists for core leadership group
▼ + stars: | 2022-10-23 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

China's President Xi Jinping (L) walks with members of the Chinese Communist Party's new Politburo Standing Committee, the nation's top decision-making body, as they meet the media in the Great Hall of the People in Beijing on Oct. 23, 2022. BEIJING — Chinese President Xi Jinping broke precedent Sunday by paving the way for his third term as president, and the likely appointment of a premier with no prior experience as vice premier. Li Qiang, party secretary of Shanghai, walked out second behind Xi at a meeting with press on Sunday. Li is a known Xi loyalist and oversaw stringent Covid controls in Shanghai earlier this year. However, Li Qiang has not previously held a vice premier role, according to a state media biography.

☆ China shuffles leadership committee and retains many Xi allies
▼ + stars: | 2022-10-22 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +2 min

BEIJING — China announced Saturday its new central committee would include many known allies of Chinese President Xi Jinping, while several officials with more market-leaning tendencies were not on the list. That central committee then goes on to determine the core leadership — the Politburo and its standing committee. Four of the current seven members of the Politburo standing committee were not on the list. Li Qiang, Shanghai's party secretary, and his Beijing counterpart Cai Qi remained on the central committee list. Other Xi loyalists the Asia Society had identified were included in the list of new central committee members.

☆ What China's big party congress this week means for the economy
▼ + stars: | 2022-10-20 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

Chinese President Xi Jinping gave a speech Sunday that outlined the Communist Party of China's priorities for the next five years. BEIJING — The twice-a-decade Chinese leadership meeting this week has significant implications for which parts of the economy will receive support or continued pressure, Natixis analysts said Thursday. Chinese President Xi Jinping gave a speech Sunday that outlined the Communist Party of China's priorities for the next five years. An official version of that report is set to be published after the party's 20th National Congress ends on Saturday. The congress' implications for different sectors "are a big boost for industrial policy," analysts from the French investment bank said.

☆ China is shifting from high-speed to high-quality growth
▼ + stars: | 2022-10-19 | 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 is shifting from high-speed to high-quality growthChina's National Development and Reform Commission names specific areas in which it encourages foreign investment in the country, against the backdrop of Beijing's new economic priorities. CNBC's Evelyn Cheng reports.

☆ China's new growth goals require a change for attracting foreign investors, official says
▼ + stars: | 2022-10-17 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +2 min

BEIJING — A Chinese official confirmed Monday a shift in the country's growth goals and indicated things will change for foreign investment. "We also face a new situation for attracting foreign investment," he said. China relied heavily on foreign investment for its initial surge of growth in the 1990s to early 2000s when new government policies allowed greater foreign access to the market after decades of closure. Looking ahead, Zhao said Monday that China would encourage foreign investment in advanced manufacturing, higher-quality services, high-tech, energy conservation and environmental protection. He also noted specific support for such investment in the central, western and northeastern parts of China.

☆ China's Xi downplays need for rapid growth, proclaims Covid achievements
▼ + stars: | 2022-10-16 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

Xi was speaking at the opening ceremony of the ruling Communist Party of China's 20th National Congress, held once every five years. In contrast, Xi on Sunday began his remarks with greater emphasis on China's "national rejuvenation" and opposition to Taiwan independence. watch now"Without solid material and technological foundations we cannot hope to build a great modern socialist country," Xi said in Chinese, according to an official English translation. China's Xi previously announced plans to reach peak carbon emissions by 2030, and carbon neutrality in 2060. Those measures, on top of China's Covid controls, have made foreign investors increasingly cautious about the potential growth opportunities in the country.

☆ Xi warns against foreign interference in Taiwan, says China will 'never promise to renounce' force
▼ + stars: | 2022-10-16 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

In a wide-ranging speech during the opening session of the 20th Chinese Communist Party's Congress, Xi spoke firmly about China's resolve for reunification with the self-governed island, which Beijing considers part of its territory. BEIJING — Chinese President Xi Jinping said China reserves the option of "taking all measures necessary" against "interference by outside forces" on the issue of Taiwan. In a wide-ranging speech Sunday, Xi spoke firmly about China's resolve for reunification with the self-governed island, which Beijing considers part of its territory. "We will continue to strive for peaceful reunification with the greatest sincerity and the utmost effort," Xi said in Chinese, according to an official translation. "This is directed solely at interference by outside forces and a few separatists seeking Taiwan independence," he said, emphasizing that resolving the Taiwan question is a matter for the Chinese to resolve.

☆ China's consumer prices jump by the most in more than two years
▼ + stars: | 2022-10-14 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

China's consumer price index increased by 2.8% in September from a year ago as prices of food, especially pork, rose. BEIJING — China's consumer prices rose in September at their fastest pace in more than two years as pork prices climbed, the National Bureau of Statistics said Friday. The consumer price index increased by 2.8% last month from a year ago, matching expectations from a Reuters poll. Much of the gains came from a continued pickup in pork prices, which rose by 36% year-on-year for their biggest rise since August 2020, Wind data showed. Pork, a food staple in China, has a significant weighting in the country's official consumer price index.

☆ China is no longer just any emerging market — it has become its own beast
▼ + stars: | 2022-10-14 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

Analysts note longer-term trends of China's reduced dependency on foreign investment and intellectual property. Kevin Frayer | Getty Images News | Getty ImagesBEIJING — China is no longer just another emerging market play. Analysts note longer-term trends of China's reduced dependency on foreign investment and intellectual property. So far, she said, the number of clients excluding China isn't "overwhelming," and by metrics such as per capita GDP the country remains an emerging market. An internal party committee, or office, gathers together a company's employees who are members of the Communist Party of China.

☆ China rushes to control new Covid cases across the country
▼ + stars: | 2022-10-11 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

Workers in Shanghai's Changning district put up fencing on Oct. 7, 2022, around a neighborhood lockdown after reports of new Covid cases. BEIJING — New Covid cases are spiking across mainland China, prompting many local authorities to tighten controls on movement. About 4.8% of China's gross domestic product was negatively affected by Covid controls as of Monday, according to a model from Nomura. On Tuesday, many schools in the central Chinese city of Xi'an cancelled in-person classes for most students, according to a local news outlet. A hashtag about the sudden closures was one of the top-trending items on Weibo, China's Twitter-like social media platform.

☆ Musk says Beijing doesn't want him to sell Starlink in China
▼ + stars: | 2022-10-10 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

Elon Musk told the FT that Beijing doesn't want him to sell his Starlink satellite internet service in China. In this picture, Musk speaks about Starlink at Mobile World Congress in June 2021. BEIJING — Elon Musk told the Financial Times the Chinese government doesn't want him to sell his Starlink satellite internet service in China. "He says Beijing sought assurances that he would not sell Starlink in China," the article said. China has in recent years put greater emphasis on building up its own technology, including in aerospace.

☆ Chinese chip stocks tumble after U.S. calls for new curbs on high-end tech
▼ + stars: | 2022-10-10 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

Future Publishing | Future Publishing | Getty ImagesBEIJING — Chinese chip stocks fell Monday after the U.S. announced new export controls aimed at limiting Beijing's ability to produce advanced military systems. The rules, effective this month, expand on prior U.S. attempts to crimp Chinese companies' access to key tech. Chinese chips stocks tumbleChina's largest chipmaker, Semiconductor Manufacturing International Corporation, traded 3% lower Monday afternoon in Hong Kong, amid a broader market sell-off. "It will not only harm Chinese companies' legitimate rights and interests, but also hurt the interests of U.S. The U.S. government previously put Chinese companies Huawei and SMIC on a blacklist that requires suppliers to obtain a license before selling to them.

☆ China's top leaders are set for a reshuffle. Here are the names to watch
▼ + stars: | 2022-10-10 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +8 min

China's top leadership team around President Xi Jinping is set to change this month at a twice-a-decade congress. One of the most closely watched changes in the political reshuffle is the future of Premier Li Keqiang, who turned 67 this year. However, he could remain a standing committee member, JPMorgan analysts said, pointing to a precedent at the 15th party congress. Huang Kunming — Politburo member and head of China's propaganda department, who worked closely with Xi in the provinces of Fujian and Zhejiang, the report said. Yang Jiechi, a 72-year-old Politburo member and director of the party's central committee foreign affairs office, is widely expected to retire.

☆ China's climate push could spawn new global players, even if Beijing falls short on its pledge
▼ + stars: | 2022-10-04 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +7 min

China aims to reach peak carbon emissions in 2030. Two years ago, Chinese President Xi Jinping formally announced the world's second largest economy would strive for peak carbon emissions in 2030, and carbon neutrality in 2060. Emerging leader in offshore wind? The U.K. and the rest of Europe are each expected to add about 10 gigawatts of offshore wind power in the next three years, according to IEEFA Research. Overenthusiastic measures to force local areas to cut carbon emissions last year resulted in a power shortage that disrupted factory production.

☆ 'Do not bet': China's central bank warns against yuan speculation
▼ + stars: | 2022-09-29 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

The Chinese yuan weakened past the closely-watched 7.2 level against the greenback this week. BEIJING — The People's Bank of China has warned against betting on the yuan, after its rapid decline against the U.S. dollar this week. "Do not bet on a one-sided appreciation or deprecation of the renminbi exchange rate," the central bank said in a Chinese statement on its website late Wednesday, according to a CNBC translation. That's based on a readout of a speech by vice governor Liu Guoqiang at a video conference meeting on foreign exchange that day. The renminbi, or the yuan, crossed the 7.2 level against the greenback Wednesday, falling to its weakest since 2008.

☆ A game about sheep is going viral in China even as gaming regulation remains tight
▼ + stars: | 2022-09-28 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

A young Beijing company's game called "Sheep a Sheep" went viral in China in September 2022. That's because the new game, called Sheep a Sheep, sits inside ByteDance's Douyin and Tencent's messaging app WeChat as a mini-program. Sheep a Sheep just went viral these past few days. Weeks later in early September, Jianyou had launched the sheep game, according to posts on its official Weibo, a Twitter-like social media platform in China. In contrast, NetEase's first game approval in more than a year came 10 months after the company registered the software, according to Tianyancha data.

☆ China's flood of new electric cars cost 20% more to insure than fuel-powered cars
▼ + stars: | 2022-09-27 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

Vcg | Visual China Group | Getty ImagesBEIJING — While Chinese companies churn out new electric cars, local insurance firms think they're more expensive to cover. But repair costs are another reason for higher insurance prices, since "fewer places have the capability to service electric cars in the U.S.," Gardner said. watch nowIn the U.S., Insurify's analysis of the U.S. market found there was no difference in accident rates among electric cars, hybrids and combustion engine cars. But by official Chinese statistics, new energy vehicles in the country are more prone to fires than traditional fuel-powered ones. Electric cars are based on a platform system, and certifying safety can be faster, he said, noting potential use of virtual testing scenarios, or the ability to test individual parts.

☆ Singapore's Temasek leads a $40 million funding round in a Chinese startup
▼ + stars: | 2022-09-26 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +2 min

Ina Fassbender | Afp | Getty ImagesBEIJING — Singapore state investment firm Temasek is leading a $40 million funding round in a Chinese startup despite a dry spell of deals in the country. The startup, Well-Link Technologies, counts Chinese tech company Xiaomi and Chinese gaming star miHoYo as investors, according to business database Tianyancha. The $40 million deal announced Monday is an early-stage, or B2 round, led by Temasek and includes existing shareholders Future Capital and VGC. Cloud rendering uses multiple servers on the cloud, rather than a single computer, to make the computations necessary for creating images such as animations and movies. The company is also exploring how its real-time cloud rendering tech can help with the development of virtual reality and other technologies of the future.

☆ Trip.com says China hotel bookings are surpassing pre-pandemic levels
▼ + stars: | 2022-09-22 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

BEIJING — Hotel reservations in China have surpassed pre-pandemic levels since late June, booking site Trip.com said Thursday. Trip.com shares briefly fell by more than 7% Thursday in Hong Kong trading, before recovering slightly to close 4.5% lower. "Overall our domestic China hotel reservation on our platform quickly rebounded and [have] surpassed pre-Covid levels from late June," Cindy Xiaofan Wang, chief financial officer at Trip.com, said during an earnings call Thursday morning. "Total domestic hotel bookings was around 20% higher than 2019 level in July, and we continued to grow over the 2019 level in August and achieved hyper growth versus 2021," she said. That growth came despite continued sporadic lockdowns and travel restrictions across China to control Covid outbreaks.

☆ Xpeng breaks out of a lower price range with its most expensive car to date
▼ + stars: | 2022-09-22 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +2 min

Qilai Shen | Bloomberg | Getty ImagesBEIJING — Chinese electric car start-up Xpeng has released its most expensive car to date, marking the company's foray into a higher price range. On Wednesday night, Xpeng announced its newest car, the G9 SUV, will be priced from 309,900 yuan ($44,270) to 469,000 yuan. The price range makes Xpeng's latest car generally cheaper than new SUV offerings this fall from Nio and Li Auto. Nio's ES7 sells for 468,000 yuan to 548,000 yuan, while Li Auto's Li 9 lists a price of 459,800 yuan. BYD, the dominant local leader in China's electric car market, sells in an even lower price range.

Xpeng showed off its forthcoming G9 SUV at the Chengdu auto show in August 2022. BEIJING — Chinese electric car start-up Xpeng's newest model will likely sell better than its most popular car to date, according to Brian Gu, the company's president and honorary vice chairman. The company formally launched its G9 SUV on Wednesday. The P7 was Xpeng's first sedan, launched in May 2020, which quickly outsold the company's existing G3 SUV that launched in December 2018. Last year, Xpeng began deliveries of another sedan, the P5, which has notched cumulative deliveries of more than 37,000 cars as of the end of August, the data analysis showed.

☆ European businesses are rethinking their plans for a 'closed' China
▼ + stars: | 2022-09-20 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

Vcg | Visual China Group | Getty ImagesBEIJING — European businesses in China are revaluating their market plans after this year's Covid controls further isolated the country from the rest of the world, said Joerg Wuttke, president of the European Union Chamber of Commerce in China. For European businesses, "we talk about a complete readjustment of our view on China over the last six months," Wuttke told reporters at a briefing for the chamber's annual China position paper, released Wednesday. He said the lockdowns and uncertainty for businesses have turned China into a "closed" and "distinctively different" country that might prompt companies to leave. Foreign businesses can still find specific areas of opportunity. China is improving local market access, albeit in areas where locals already dominate or are "desperate" for foreign investment, Wuttke said.

☆ Baidu's robotaxis don't need any human staff in these parts of China
▼ + stars: | 2022-08-08 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

Chinese tech company Baidu announced Monday it can sell some robotaxi rides without any human staff in the vehicles. BEIJING — Chinese tech company Baidu said Monday it has become the first robotaxi operator in China to obtain permits for selling rides with no human driver or staff member inside the vehicles. The local government approvals allow Baidu's Apollo Go robotaxi business to eliminate the cost of human personnel in some instances. But the Chinese capital still requires human staff to sit in the robotaxi with passengers. In the U.S., Alphabet's Waymo and General Motors ' subsidiary Cruise can already run public robotaxis with no human staff in the vehicles.

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