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☆ China probes companies for allegedly giving pregnancy tests to job seekers
▼ + stars: | 2024-07-17 | by ( Kathleen Magramo | Joyce Jiang | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —More than a dozen Chinese companies face legal action for allegedly asking job applicants to take pregnancy tests, state media has reported. Chinese law bans employers from administering pregnancy tests or discriminating against pregnant workers. In Nantong, authorities were tipped off by an online public litigation group, which said some employers in the city had given pregnancy tests to job seekers. Demographic crisisChina’s population has shrunk for two years in a row and its birth rate in 2023 was the lowest since the founding of the People’s Republic in 1949. Alarmed by the falling birth rate in recent years, the government scrapped the “one child” policy that was in place for 35 years.

Organizations: Hong Kong CNN, Prosecutors, Employers, CNN, Population Research Locations: China, Hong Kong, Nantong, Jiangsu, People’s Republic, India

☆ China’s internet dominated by talk of Trump’s ‘luck’ and American ‘violence’ after attack
▼ + stars: | 2024-07-15 | by ( Simone Mccarthy | ) edition.cnn.com time to read: +5 min

Discussion of the assassination attempt, in which a gunman opened fire at a Trump campaign rally in Pennsylvania on Saturday evening, dominated Chinese social media in the hours after the attack. Trump, who said he was shot in the ear, was declared safe following the incident. As shots rang out during his speech at the rally, the former president ducked to the ground and was covered by Secret Service agents. I bet (US President Joe) Biden would take ages to crouch down,” read one social media comment that got thousands of likes and appeared to allude to concerns about Biden’s age. There were also repeated links made between the attack and recurring instances of gun violence in the United States, which are often highlighted by Chinese state media as an example of the country’s failings.

Persons: Donald Trump, Trump, Trump’s, “, Joe, Biden, crouch, ”, Shinzo Abe, Xi Jinping “, ” Biden, …, what’s, “ Chuan, “ Trump Organizations: Hong Kong CNN, Trump, Weibo, Republican, Secret Service, China’s Ministry of Foreign Affairs, Trump . State, Beijing, Sunday, Global Times, Washington Locations: China, Hong Kong, Pennsylvania, United States, Weibo, Trump, ”, Beijing, Russia

☆ China third plenum: Communist Party meets to set direction for troubled economy
▼ + stars: | 2024-07-14 | by ( Simone Mccarthy | ) edition.cnn.com time to read: +8 min

Stakes are high for the meeting, which takes place every five years and is known as China’s third plenum. It has historically been a platform for the party’s leadership to announce key economic reforms and policy directives. China’s gross domestic product expanded by 4.7% in the April to June months, compared to the previous year. But observers of China’s opaque political machine don’t believe there will be fundamental economic reforms this time around. Uncompleted residential buildings at a real estate project on the outskirts of Shenyang in China's Liaoning province earlier this year.

Persons: Hong Kong CNN —, Xi Jinping, Xi, , Xi’s, Andrea Verdelli, They’ll, ”, Neil Thomas, Jing Qian, Li Shangfu, Qin Gang, Li Yuchao, Xu Zhongbo Organizations: Hong Kong CNN, Communist Party, West, Reuters, party’s Central, US, Congress, Bloomberg, Getty, Observers, ” Asia Society Center, China, Tech, EU, Central Committee, Foreign, People’s Liberation Army Rocket Force Locations: China, Hong Kong, Beijing, United States, Europe, party’s, Shenyang, China's Liaoning, China's Shandong

☆ NATO allies call China a ‘decisive enabler’ of Russia in Ukraine war as bloc eyes Asia security threats
▼ + stars: | 2024-07-11 | by ( Simone Mccarthy | ) edition.cnn.com time to read: +8 min

Hong Kong CNN —China is a “decisive enabler” of Russia’s war against Ukraine, NATO leaders said Wednesday, as the defense alliance hardens its stance on Beijing and the “systemic challenges” they say it poses to their countries’ security. For the third consecutive year, leaders of New Zealand, Japan and South Korea attended the NATO leaders’ summit in another sign of closer ties between the bloc and those countries, as well as Australia. NATO’s increasing focus on AsiaThe NATO leaders’ declaration is the latest step in what has been the bloc’s gradual hardening of tone on China in recent years. NATO leaders first mentioned the need to jointly address “opportunities and challenges” posed by China in a 2019 declaration, before moving to refer to “systemic challenges” the country poses in 2021. “The Indo-Pacific is important for NATO, given that developments in that region directly affect Euro-Atlantic security,” the leaders said in their declaration.

Persons: ”, Joe Biden, China’s, “, Xi Jinping, Vladimir Putin, Sergei Bobylov, –, Putin, Kim Jong Un Organizations: Hong Kong CNN, NATO, US, ’, Getty Images China, Union, European Union, EU, Wednesday, North Locations: China, Hong Kong, Ukraine, Beijing, Washington, Russia, Moscow, North America, Europe, Asia, New Zealand, Japan, South Korea, Australia, Russian, ”, North Korea, Iran, Pyongyang, Tehran, North, Pacific

☆ China food safety scandal: Cooking oil carried in same trucks as fuel, report claims
▼ + stars: | 2024-07-10 | by ( Simone Mccarthy | Joyce Jiang | ) edition.cnn.com time to read: +9 min

Experts quoted in official media also discussed health hazards of the alleged practices. “Using chemical tankers for edible oils will inevitably result in residual contamination,” said Liu Shaowei, a food safety expert cited by CCTV. Several executives found to be responsible for the 2008 case were ultimately handed death sentences, and the tragedy drove deep mistrust of domestic products and food safety in China. Another case in 2022, also exposed by state media, showed how “dirty” pickled cabbage was supplied to popular instant noodle brands. Xi has repeatedly stressed the importance of food safety and the security of grain and food staple supplies.

Persons: Xi Jinping, –, ”, Liu Shaowei, Liu, ’, ‘, Xi, ” Xi, Yanzhong Huang, Huang, “ Organizations: Hong Kong CNN, Oil Group, Council, CCTV, ” Communist Party, Weibo, Monday, CNN, Food Safety, Foreign Relations Locations: China, Hong Kong, Beijing, Communist, New York

☆ Hong Kong's IPO market is finally starting to turn around, consulting firm EY says
▼ + stars: | 2024-07-04 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

Hong Kong Exchanges and Clearing celebrates the 24th anniversary of its listing on June 21, 2024. "We are seeing more of these [U.S. dollar] funds, they are moving back to Hong Kong. "I would say if the interest rate can be further cut down, 1% maybe, that would have a significant effect on the IPO market," Chan said. Hong Kong IPO returns are improving. "These things added together are projecting an upward trend for the Hong Kong market [in the] next 5 years."

Persons: George Chan, Chan, EY, Hong Kong, Marcia Ellis, Morrison Foerster, Hong Kong IPOs, China IPOs, Bonnie Chan, EY's George Chan, EY's Chan Organizations: Hong Kong Exchanges, China News Service, Getty, CNBC, Information, HK, China Securities Regulatory, Hong Kong . Investors, U.S . Federal Reserve, Hong Kong Stock Exchange, Hong, Hong Kong Locations: BEIJING, Hong Kong, China, U.S, Shanghai, Hong, Greater China

☆ China’s ‘military readiness’ questioned with dramatic downfall of two defense ministers
▼ + stars: | 2024-07-01 | by ( Nectar Gan | ) edition.cnn.com time to read: +9 min

At the height of their careers, former defense ministers Li and Wei often struck a tough tone before the world’s top military officials. Former Defense Ministers Li Shangfu and his predecessor Wei Fenghe have both been expelled from the Communist Party over corruption allegations. Most of the generals dismissed or disappeared without explanation last year were linked to the Rocket Force or military equipment, including Li and Wei. An engineer by training, the 66-year-old spent decades launching rockets and satellites in southwest China before being promoted to the PLA headquarters to deal with military equipment procurement. “The gun barrel must always be held in the hands of those who are loyal and reliable to the party,” Xi told the PLA elites.

Persons: Hong Kong CNN —, Xi, Li Shangfu, Wei Fenghe, Xi Jinping, Li, Wei, “, James Char, ”, Former Defense Ministers Li Shangfu, Wei’s, Joel Wuthnow, ” Wuthnow, ” Char, Weidong, Char, Jason Lee, Xu Caihou, Guo Boxiong, Xu, Guo, Wuthnow, Jiang Zemin, haven’t, ” Wei, Li “, Bill Bishop, ” Xi Organizations: Hong Kong CNN, Communist Party, People’s Liberation Army, PLA, Rajaratnam, of International Studies, Former Defense Ministers, AP, Reuters, Rocket Force, Development Department, Second Artillery Corps, Pentagon, National Defense University, CCP, China’s Naval University of Engineering, Central Military Commission, Military, People's, CMC, Communist Locations: China, Hong Kong, Taiwan, United States, Singapore, People's Republic of China, Beijing, Yan’an

☆ Younger generations of Asians are spending big on art
▼ + stars: | 2024-06-28 | by ( Lucy Handley | In | ) www.cnbc.com time to read: +4 min

Younger, wealthy shoppers in Asia are splashing their cash on art, according to a longtime collector and senior auction house executive. Chen Yongnuo | China News Service | Getty ImagesAnd, while the size of the global art market fell 4% last year to around $65 billion, according to the Art Basel & UBS Art Market Report 2024, sales in China rose by 9% in 2023, overtaking the U.K. as the world's second-largest art market. For Sotheby's, the rise in younger buyers is driven in part by an increase in online activity. "The definition of digital art nowadays has been expanded from simply photography to video art to NFTs to AI-generated art," she told CNBC's "Art of Appreciation." "With the younger generations becoming more and more prominent in the market ... digital artists ... will be the group of artists getting more attention," Siyang-Le added.

Persons: Nicolas Chow, Gen X, we've, X, Chow, CNBC's, Z, Gen, Yoshitomo Nara, Chen Yongnuo, Clare McAndrew, Angelle, Mak2, Li Zhihua Organizations: …, —, Art Basel, UBS Survey, China News Service, UBS Art, Arts Economics, Survey, Art, CNBC's, Getty Locations: Asia, Shanghai, millennials, Christie's Hong Kong, Sotheby's Hong Kong, China, Hong Kong, Art Basel Hong Kong

☆ Two Adidas employees out in China corruption probe
▼ + stars: | 2024-06-26 | by ( Juliana Liu | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Two employees have left Adidas as a result of an ongoing investigation by the German sportswear brand into allegations of corruption in China. Chinese state media outlet Economic View reported Wednesday that both former employees had worked in marketing for Adidas China. The allegations against Adidas executives were contained in an unsigned letter from people calling themselves employees of Adidas China. Greater China — a region that encompasses mainland China, Hong Kong and Taiwan — accounts for 15% of the company’s sales. In mainland China, Adidas is the second-largest international sportswear brand behind Nike (NKE).

Persons: ” Claudia Lange, “, ”, Jiemian, Lange, Yang Mi, Yi, Fred Organizations: Hong Kong CNN —, Adidas, “, Adidas China, CNN, Nike Locations: China, Hong Kong, Taiwan, Beijing

☆ Li Qiang warns against ‘vicious cycle’ of China decoupling from the West
▼ + stars: | 2024-06-25 | by ( Juliana Liu | ) edition.cnn.com time to read: +3 min

Editor’s Note: Sign up for CNN’s Meanwhile in China newsletter which explores what you need to know about the country’s rise and how it impacts the world. Hong Kong CNN —Chinese Premier Li Qiang has warned against a “vicious cycle” of economic decoupling from the West, as Beijing struggles to contain rising global pushback over soaring electric vehicle (EV) exports. This will “drag countries … into a vicious cycle of scrambling for a cake that becomes smaller and smaller,” Li added. Last month, the Biden administration quadrupled tariffs on EV imports from China, from 25% to 100%, aiming to protect American jobs and manufacturing. Chinese EV sales to the United States are tiny.

Persons: Li Qiang, Li, ”, China’s, Xi Jinping, Biden Organizations: Hong Kong CNN, EV, European Union, Reuters, EU, Global Locations: China, Hong Kong, Beijing, Dalian, Canada, Beijing’s “, United States, European

☆ Huawei Harmony OS: Flashpoint in US-China tech rivalry is again a force to reckon with
▼ + stars: | 2024-06-24 | by ( Diksha Madhok | ) edition.cnn.com time to read: +4 min

CNN —Huawei is in the midst of one of the most stunning comebacks in the history of the tech industry. The Chinese giant, which has been a flashpoint in the escalating rivalry between Washington and Beijing, says more than 900 million smartphones now use its in-house operating system Harmony OS. Harmony, which is called “Hongmeng” in Chinese, was first unveiled in 2019, months after Huawei was placed on a US trade blacklist that barred American firms from selling tech and software to the Chinese tech company without a license. The US ban prevented companies like Google (GOOGL) from supplying new Huawei devices with its version of Android OS. Sales of the iPhone began bouncing back in May, after the company aggressively cut prices in its largest overseas market.

Persons: ” Richard Yu, It’s, Yu, Huawei’s Organizations: CNN, Huawei, Google, Nvidia, Microsoft, Apple, Research Locations: China, Washington, Beijing, Shenzhen

☆ China is watching warily as Putin and Kim forge new ‘alliance’
▼ + stars: | 2024-06-23 | by ( Nectar Gan | ) edition.cnn.com time to read: +8 min

Putin said Russia and North Korea have ramped up ties to a “new level.” Kim, meanwhile, called the new “alliance” a “watershed moment” in bilateral relations. In contrast, the reaction from China, the main political and economic patron for both Russia and North Korea, has been all but muted. “But they do know that China plays an irreplaceable role for both Russia and North Korea,” she said. China remains the largest trade partner to both Russia and North Korea, providing a crucial lifeline to the heavily sanctioned economies. “China doesn’t think that an alliance between Russia and North Korea would be a betrayal,” said Liu with the City University of Hong Kong.

Persons: Vladimir Putin glided, Kim Jong, Xi Jinping, Kim, Putin, ” Kim, Xi, Liu Dongshu, Liu, Kim Jong Un, ” Liu, Beijing doesn’t, Alexander Ryumin, ”, Edward Howell, Russia –, ” Yun Sun Organizations: Hong Kong CNN, Benz, China’s Foreign, City University of Hong, KCNA, North Korea Treaty, Cooperation, Mutual Assistance, Getty, –, University of Oxford, North, Stimson Locations: China, Hong Kong, Pyongyang, Beijing, North Korea, Russia, United States, Japan, South Korea, Ukraine, Northeast Asia, City University of Hong Kong, Soviet Union, Friendship, North, Korean, Russian, Iran, Moscow, United Kingdom, Washington

☆ Chinese cities desperate for cash are chasing companies for taxes — some from the 1990s
▼ + stars: | 2024-06-21 | by ( Laura He | ) edition.cnn.com time to read: +7 min

Last year, the soy milk seller made a net profit of only 209 million yuan ($29 million). And it’s still unsure how much it owes in fines, which could be potentially higher than the actual $11.7 million tax bill. Including fines, the company needed to pay a total amount of 480 million yuan ($66 million). The amounts paid vary from 8 million yuan ($1.1 million) to 310 million yuan ($43 million). It said in January that the Shenzhen government had asked for payment of 19.8 million yuan ($2.7 million) in back taxes for 2017 and 20.2 million yuan ($2.8 million) in fines.

Persons: they’ve, ”, Craig Singleton, Frank Tian Xie, ” Singleton, it’s, ” Bohui, “ Organizations: Hong Kong CNN — Authorities, Food & Beverage, Foundation for Defense of Democracies, Administration of Taxation, “ Police, Taxation, Centers ”, University of South, University of South Carolina Aiken, Ningbo Bohui Chemical Technology, Healthcare, ChinaLin Securities, Yixintang Pharmaceutical Group Locations: China, Hong Kong, Zhijiang, Hubei, Yichun, Jiangxi, University of South Carolina, “, ” Beijing, Ningbo, Qinghai, Golmud, Chongqing, Shanghai, Shenzhen

☆ Apple’s new China problem: ChatGPT is banned there
▼ + stars: | 2024-06-21 | by ( Samantha Murphy Kelly | ) edition.cnn.com time to read: +4 min

CNN —Apple is banking on its upcoming AI features to boost iPhone sales especially in China, where demand has been lagging. But there’s a problem: ChatGPT — soon to be integrated into Siri — is banned in China. But China is one of the first countries in the world to regulate the generative AI technology that powers these popular services. Resurgent competitorsMeanwhile, Chinese smartphone brand Huawei’s smartphone sales growth was 70% in the first quarter, according to Counterpoint Research. In other parts of the world, Samsung uses its own propriety AI technology, along with Google’s (GOOGL) AI model Gemini, which is also banned in China.

Persons: ChatGPT —, Siri —, OpenAI, Siri, ChatGPT, hasn’t, —, ”, Nabila Popal, ” Popal, what’s, Reece Hayden, Apple wouldn’t, Jeff Fieldhack, they’d Organizations: CNN, Apple, Apple Intelligence, Microsoft, Google, Meta, Samsung, Cyberspace Administration, Wall, IDC, Research, IDC Research, ABI Research, China, Baidu Locations: China

☆ Alfa Bank: US-sanctioned Russian banking giant expands in China
▼ + stars: | 2024-06-20 | by ( Laura He | Olesya Dmitracova | ) edition.cnn.com time to read: +3 min

Hong Kong/London CNN —Battered by Western sanctions, Russia’s largest privately owned bank is expanding its business in the world’s second-largest economy. That would make the lender the first private Russian bank to open full-service branches in the two major Chinese cities. The bank is part of Alfa Group, one of Russia’s largest financial and investment conglomerates, which was founded by Fridman. Alfa Bank made a loss of 117.1 billion rubles ($1.44 billion) in 2022, according to its annual report for that year. A year later, it seemed to bounce back, reporting profit of 120.9 billion rubles ($1.4 billion) for 2023.

Persons: Mikhail Fridman, hasn’t, Fridman Organizations: London CNN, Alfa Bank, CNN, Alfa Group, European, Moscow, Hong Kong Equity Investment Association Locations: China, Hong Kong, London, Russian, Beijing, Shanghai, Ukraine, United States, Russia, Italy, Western

☆ Warren Buffett’s Berkshire Hathaway dumps BYD shares following rise in trade tension over Chinese EVs
▼ + stars: | 2024-06-18 | by ( Laura He | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —Warren Buffett’s Berkshire Hathaway has further cut its large stake in BYD, which vies with Tesla as the world’s largest electric car (EV) maker, as global trade tensions escalate over Chinese EVs. The sale was valued at 310.5 million Hong Kong dollars ($40 million). BYD shares had closed at a record high in June of that year. In 2008, Berkshire spent $230 million in buying BYD shares at an average of HK$8 ($1.02) apiece. Berkshire still holds 75.7 million Hong Kong-listed shares of BYD, which were worth about 17.6 billion Hong Kong dollars ($2.3 billion) by Tuesday.

Persons: Hong Kong CNN — Warren, Berkshire Hathaway, Tesla, Buffett, Daniel Acker, Biden, Wang Chuanfu, Elon Musk’s Tesla, didn’t, Charlie Munger, Munger “, ” Organizations: Hong Kong CNN, Hong Kong, Berkshire, Bloomberg, Getty, European Union, European Commission, EU, EV, HK, CNN Locations: China, Hong Kong, BYD, European, Europe, Beijing, United States, Shenzhen, Berkshire

☆ Adidas is investigating allegations of embezzlement and kickbacks in China
▼ + stars: | 2024-06-17 | by ( Laura He | Wayne Chang | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Adidas says it has started an investigation into allegations of “compliance violations” in China, a key market for its sportswear. The reported complaint alleged that a senior executive in Greater China who manages Adidas’ marketing budget had embezzled millions of euros and taken huge kickbacks from external advertising and celebrity agencies. Greater China — a region that encompasses mainland China, Hong Kong and Taiwan — contributes 15% of the company’s sales. In mainland China, Adidas is the second largest international sportswear brand behind Nike (NKE). Adidas is well known for playing the “celebrity” card in its marketing in China.

Persons: Hong Kong CNN —, Jiemian, Claudia Lange, ”, Lange, ’, Taiwan —, —, Yang Mi, Yi Yangqianxi Organizations: Hong Kong CNN, Hong Kong CNN — Adidas, Adidas China, CNN, Adidas, Nike Locations: China, Hong Kong, Taiwan, Beijing, Xinjiang

☆ China’s property prices are still plunging despite government efforts to rescue the market
▼ + stars: | 2024-06-17 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Prices in 70 major cities were down 0.7% in May from April, National Bureau of Statistics (NBS) figures showed on Monday. According to separate calculations by the Macquarie Group, prices of existing homes in those cities fell by 7.5% year-on-year last month, marking the biggest decline on record. A month ago, Beijing unveiled wide-ranging measures to rescue the crisis-hit property market, including asking local governments across the country to buy unsold homes from beleaguered developers and easing rules on purchases. Measures, including efforts to provide cheap loans to state-owned enterprises for buying unsold homes from distressed developers, will “take time” to have an impact on the property market, the analysts said. Property investment for the first five months of the year dropped 10.1% from a year ago, according the NBS on Monday.

Persons: ”, “ Organizations: Hong Kong CNN, National Bureau of Statistics, Macquarie Group, Societe Generale, NBS, Labor, Macquarie, HSBC, Communist Party Locations: China, Hong Kong, Beijing

☆ The ‘New Chinese style’ trend isn’t exactly new, but it’s proving lucrative
▼ + stars: | 2024-06-16 | by ( Christy Choi | ) edition.cnn.com time to read: +8 min

On Chinese social media platforms Weibo and Xiaohongshu, searches for “new Chinese style” and “new Chinese style outfits” hashtags exceeded 100 million in early April, according to state news agency Xinhua. “There is no set rule in the ‘new Chinese style’ (trend) that you must follow, so it is more inclusive. Riding the ‘new’ Chinese style waveFashion designers like Samuel Gui Yang, whose collections have long taken inspiration from Chinese heritage, are seeing more interest from mainland China turn to their brands due to the “new Chinese style” trend. Designer Huang Weizhe, who goes by Azhe online, often posts ideas about how to embrace the "new Chinese style" trend. But some of the “new Chinese style” products are “shoddily made” she said, though she thinks that their designs will improve with time.

Persons: CNN —, Liang Ben, ”, didn’t, Momo, Xiaohongshu, Huang Weizhe, Huang, Samuel Gui Yang, ’, Chang, Yang, Ang Lee’s, “, Hong, Bruce Lee, Eileen Chang, Ian Hylton's, Ian Hylton, Tang, ” Hylton, Min Liu, Min, Hylton, Min “, China’s TikTok, shoddily Organizations: CNN, China News Service, Xinhua, China National Textile and Apparel, Shanghai Fashion, CCTV Locations: China, Shanghai, Beijing, Chengdu, Cao, Shandong, Weibo, London, Hong Kong, American, State, Shandong province

☆ New high-speed sleeper train service connects Hong Kong with Beijing and Shanghai
▼ + stars: | 2024-06-16 | by ( Maggie Wong | ) edition.cnn.com time to read: +5 min

Hong Kong CNN —Interested in capping off your trip to Hong Kong with a long weekend in Beijing or Shanghai? A new high-speed sleeper train service is making that possibility easier than ever. Return trips depart from Beijing and Shanghai at around 8 p.m. and arrive in Hong Kong at 8.47 a.m. and 7.29 a.m. A passenger with a child boards the high-speed sleeper train in Beijing for its inaugural journey to Hong Kong's West Kowloon Station. Jia Tianyong/China News Service/VCG/Getty ImagesHong Kong’s controversial high-speed railwayOpened in 2018, the 26-kilometer Hong Kong high-speed railway is a part of the larger Guangzhou-Shenzhen-Hong Kong Express Rail Link (XRL).

Persons: ” John Lee, Hong, Jia Tianyong Organizations: Hong Kong CNN, Hong Kong West Kowloon Station, China News Service, Passengers, China, ”, Hong, Hong Kong Express, Express Locations: Hong Kong, Beijing, Shanghai, Hong Kong West Kowloon, Kowloon, Hong, China, cn, China , Hong Kong, Guangzhou, Shenzhen

☆ China gripped by record heat, heavy rain, raising food security concerns in country
▼ + stars: | 2024-06-14 | by ( Edward Szekeres | Robert Shackelford | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —China is grappling with extreme weather as severe drought and record temperatures scorch the north while heavy rains inundate the south, raising concerns about food security in the world’s second-largest economy. Areas of the country that produce a lot of rice and wheat have been badly affected, disrupting spring and summer planting seasons. The China Meteorological Administration (CMA) said on Wednesday that 28 regional weather stations broke their respective records for the highest temperature ever recorded in mid June. Meanwhile, southern parts of the country, the top rice growing region, have been grappling with weeks of downpours. These rains appear to be related to a seasonal monsoon pattern that can lead to intense showers over short periods.

Persons: Yang Wentao Organizations: Hong Kong CNN, Agriculture, CCTV, China Meteorological Administration, National Climate Center, Ministry of Agriculture, CMA, Flood, Drought Locations: China, Hong Kong, Henan, Shandong, Fenyang, Shanxi, Zhejiang, Fujian, Jiangxi, Hunan, Guangxi, Guizhou, —

☆ China new bank loans rise in May, but well below forecasts
▼ + stars: | 2024-06-14 | by ( ) www.cnbc.com time to read: +1 min

Chinese banks extended 950 billion yuan ($130.93 billion) in new yuan loans in May, rising from April but missing analysts' expectations. Analysts polled by Reuters had predicted loans would rise to 1.255 trillion yuan in May from 730 billion yuan in April, but would still be below the 1.36 trillion yuan issued in the same month a year earlier. The PBOC said new loans totalled 11.14 trillion yuan for the first five months of the year. M2 grew 7.2% in April from a year ago. Outstanding yuan loans rose 9.3% last month from a year earlier compared with 9.6% growth in April.

Organizations: Reuters, People's Bank of, Analysts Locations: People's Bank of China

☆ EU tariffs on EVs sting China but won’t halt BYD’s advance
▼ + stars: | 2024-06-13 | by ( Laura He | ) edition.cnn.com time to read: +8 min

The impact on China’s EV makers will vary depending on the level of tariff and each company’s cost structure. “One critical issue for China is that the EU accounted for 38% of China’s EV exports in 2023,” Sebastian said. In February, nine government agencies, including the Commerce Ministry and the central bank, vowed to provide support to accelerate Chinese EV makers’ global push. Tesla prices to riseIn contrast to BYD, state-owned carmaker SAIC is in a “disastrous” situation facing 38.1% in additional tariffs, according to Sebastian. Soula said China could retaliate by imposing tariffs on some European goods such as luxury cars, premium brandies or airplane parts.

Persons: Hong Kong CNN —, BYD, Tesla, Gregor Sebastian, ”, ” Sebastian, Etienne Soula, It’s, Sebastian, Geely, Andrew Bergbaum, don’t, Soula Organizations: Hong Kong CNN, European Union, EV, China’s, Alliance, Democracy, German Marshall Fund of, Commerce Ministry, SAIC, Volvo, European Commission, UBS, EU Locations: China, Hong Kong, European, Europe, Beijing, Asia, Brazil, Turkey, United States, EU, America, Shanghai, Hungary, Italy, Spain

☆ Tesla clears another hurdle to launching full self-driving in China
▼ + stars: | 2024-06-10 | by ( Laura He | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —Tesla is one step closer to launching full-self driving (FSD) technology in China after it clinched an agreement with Baidu to upgrade its mapping software. The Chinese tech giant said Saturday that it was providing lane-level navigation services for Tesla cars. China’s answer to Google has been been providing mapping services to Tesla since 2020. It could also accelerate Tesla’s global development of its self-driving technology, as data from China could be used to train Tesla’s algorithms needed for fully autonomous vehicles. “Tesla’s (own) navigation system can finally be used.”Introducing the FSD system could provide a revenue boost to Tesla, which is having a tough time in China.

Persons: Hong Kong CNN — Tesla, Elon Musk’s, ” Baidu, Tesla, ”, Elon Musk, ” Tesla, “ Organizations: Hong Kong CNN, Baidu, “, Google, ” CNN, CNN, Weibo, Tesla Locations: China, Hong Kong

☆ BYD vs Huawei: Trash talking by China’s EV giants highlights pressures at heart of world’s biggest car market
▼ + stars: | 2024-06-07 | by ( Laura He | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —As profit margins get squeezed, temperatures are rising in the world’s biggest car market. A tense exchange between two major Chinese electric vehicle (EV) manufacturers in recent days highlights the pressures they face as a price war in the industry intensifies. While top executives from the EV industry often post on social media about a range of topics, including technology and advertising, they rarely name rival companies, especially when criticizing them. In recent months, a price war has escalated in China’s hyper-competitive EV industry, with manufacturers battling for consumer attention with deep discounts or newer, cheaper models. The country has more than 200 EV manufacturers who are grappling with huge oversupply and slowing consumer demand.

Persons: Yu Chengdong, ”, Elon Musk, Tesla, ” Yu, Joe Biden, Mr Yu, ” Li Yunfei, Huawei's, Li, Wang Chuanfu, BYD, Wang Organizations: Hong Kong CNN —, BYD, European Union, Huawei Locations: China, Hong Kong, Shenzhen, BYD, Weibo, Shanghai

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