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☆ Exclusive: Canada will not retrospectively target Chinese investments in Canadian mining companies, minister says
▼ + stars: | 2023-03-08 | by ( Divya Rajagopal | ) www.reuters.com time to read: +2 min

[1/3] Canada's Minister of Natural Resources Jonathan Wilkinson speaks during Question Period in the House of Commons on Parliament Hill in Ottawa, Ontario, Canada, April 7, 2022. REUTERS/Patrick DoyleTORONTO, March 8 (Reuters) - Canada will not force Chinese state-investors in three of its large mining companies to divest stakes, as such a move would create policy uncertainty, natural resources minister told Reuters. In November, Canada had asked three Chinese companies to sell their stakes in Toronto-listed lithium explorers following a national security review, drawing criticism from the mining industry and raising questions about the future of other Chinese investments in Canadian mining sector. Three of Canada's largest mining companies - Teck Resources (TECKb.TO), Ivanhoe Mines Limited (IVN.TO) and First Quantum Minerals Limited (FM.TO), - count Chinese state-owned enterprises as their biggest single shareholder. This is the first time Canadian government officials have clarified what the future holds for other Chinese investments in the three Canadian mining companies.

☆ China's so desperate to boost its birth rates, it's even cracking down on customary betrothal gifts for brides to help people get married more easily
▼ + stars: | 2023-03-08 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

China's cracking down on the custom of the "bride price" to facilitate marriages and boost birth rates. These betrothal gifts include cash, jewelry, cars, and even real estate. A delegate from the state-backed All-China Women's Federation proposed that authorities look into measures to curb expensive betrothal gifts, the women's rights organization said in a Wednesday statement. Still, nearly three-quarters of marriages involve the custom of betrothal gifts, according to a 2020 survey of 1,846 China residents by Tencent News. This is because betrothal gifts — which are typically given after negotiations between the two families — can include cash, jewelry, cars, and even real estate, according to the Tencent News survey.

☆ Beijing investigating illegal mining activities in Chinese lithium hub, report says
▼ + stars: | 2023-02-27 | by ( ) www.cnbc.com time to read: +1 min

Workers are seen at the production line of lithium-ion batteries for electric vehicles (EV) at a factory near Shanghai, China. China's central government has sent a working group to probe illegal mining in the country's lithium hub Yichun, financial news outlet Yicai reported on Sunday. Yichun has 1.1 million tons of lithium oxide reserves and accounts for 12% of global output, according to the South China Morning Post. One lithium analyst, who declined to be named, told Yicai that the industry optimistically estimates that the shutdown will last for about a month. Yichun currently produces between 10,000 tons and 12,000 tons of lithium carbonate per month, it reported.

☆ Explainer: What we know about China's medical reform protests
▼ + stars: | 2023-02-16 | by ( Laurie Chen | ) www.reuters.com time to read: +5 min

WHAT ARE THE MEDICAL INSURANCE REFORMS? Beginning Feb. 1, personal medical insurance benefits for Wuhan retirees were slashed from about 5% of the average basic pension to 2.5%, or 83 yuan ($12) per month, according to the Wuhan Healthcare Security Administration. In an essay published Thursday that did not refer to the protests, Finance Minister Liu Kun vowed to "deepen the reform of medical insurance payment methods". Following initial protests in Wuhan last week, the hashtag "Major adjustment in Wuhan medical reform" was viewed over 100 million times before being blocked. Since January, similar insurance reforms have been rolled out in provinces and regions including Jiangxi, Gansu，Shanxi, Qinghai, Sichuan and Guangxi.

☆ Chinese earthquake rescue team arrives in Turkey
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +1 min

BEIJING, Feb 8 (Reuters) - An earthquake rescue team dispatched by China's government arrived in Turkey's Adana Airport early on Wednesday, state broadcaster CCTV reported on Wednesday. The team, comprised of 82 members, brought 20 tonnes of medical and other rescue supplies and equipment, as well as four search-and-rescue dogs, according to CCTV. China has already committed to give a first tranche of 40 million yuan ($5.9 million) in emergency aid to Turkey. The death toll of the devastating earthquake in southern Turkey and Syria jumped to more than 7,800 people on Tuesday. read more($1 = 6.7781 Chinese yuan renminbi)Reporting by Beijing newsroom; Editing by Jacqueline WongOur Standards: The Thomson Reuters Trust Principles.

☆ China issues heavy fog warnings, some shipping suspended
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: +2 min

BEIJING, Feb 7 (Reuters) - China issued dangerous heavy fog warnings for many regions and shipping was suspended in the Qiongzhou Strait, an important economic transport hub near Hainan, according to state and local media on Tuesday. China has a four-tier, color-coded weather-warning system, with red representing the most severe warning, followed by orange, yellow and blue. Multiple areas in China's southeastern Fujian also issued alerts for heavy fog, with ferry crossings between Xiamen and Zhangzhou suspended, according to CCTV. Fog will continue in the mornings and evenings of Qiongzhou Strait until Friday, and conditions for navigation will be poor, CCTV reported citing the national weather forecast bureau. In December, one person was killed when more than 200 vehicles were involved in a pile-up on a bridge in China's central Zhengzhou city due to heavy fog.

☆ China’s January factory activity returns to growth as economists cheer its reopening
▼ + stars: | 2023-01-31 | by ( Jihye Lee | ) www.cnbc.com time to read: 1 min

A textile factory on December 30, 2022 in Jiangxi Province. Chinese manufacturing activity contracted at its sharpest pace in nearly 3 years in December. China's factory activity bounced back in January and expanded for the first time since September, data from the national bureau of statistics showed. The official manufacturing purchasing managers' index (PMI) rose to 50.1 in January, above the 50-point mark that separates growth from contraction. Non-manufacturing PMI rose to 54.4, the highest level since June 2022.

☆ They Poured Their Savings Into Homes That Were Never Built
▼ + stars: | 2023-01-24 | by ( Isabelle Qian | Agnes Chang | ) www.nytimes.com time to read: +13 min

We talked to four people who emptied their life savings and took out huge loans for homes that have not been completed. “It was a simple dream — to have a home, a family,” Mr. Tang said. Mr. Tang, who works in a restaurant, sold a small place he had out in the countryside. “When I think about the unfinished apartment, it’s as if I’m falling from heaven to hell, ” Mr. Tang said. Homeowners atop one of the unfinished apartment towers call for construction to fully resume.

☆ Chinese who lost relatives to COVID angry at failure to protect elderly
▼ + stars: | 2023-01-18 | by ( Martin Quin Pollard | ) www.reuters.com time to read: +6 min

REUTERS/StaffBEIJING, Jan 18 (Reuters) - Former high school teacher Ailia was devastated when her 85-year-old father died after displaying COVID-like symptoms as the virus swept through their hometown in the southeastern province of Jiangxi. Her father died in late December, weeks after China dropped its COVID restrictions. Among those fatalities, 90% were 65 or older and the average age was 80.3 years, a Chinese official said on Saturday. Hong recalls visiting with her father to a crowded Wuhan crematorium to collect the ashes of her grandparents - a grim but common experience during China's COVID surge. Relatives were likewise sceptical about official death tolls, with several citing lost trust in the government during three years of "zero COVID" pandemic management.

☆ China’s local governments set 2023 growth targets, offering clues on economic recovery
▼ + stars: | 2023-01-12 | by ( Laura He | ) edition.cnn.com time to read: +4 min

The meetings will culminate in the national parliamentary session to be held in March, in which the premier is expected to disclose the nation’s GDP growth target. So far, a group of government economists and international analysts have said they expect Beijing to set a growth target of above 5% in 2023. On Thursday, Zhejiang province, another major economic powerhouse, announced it’s targeting an expansion of more than 5% in 2023. On Wednesday, Shanghai, the most affluent city in mainland China, announced it would aim for 5.5% growth this year. On the same day, Fujian, Sichuan and Hebei provinces all disclosed growth targets of 6% for 2023.

☆ China December manufacturing contracts at sharpest pace in almost 3 years
▼ + stars: | 2022-12-31 | by ( ) www.cnbc.com time to read: +1 min

Chinese manufacturing activity contracted at its sharpest pace in nearly 3 years in December. China's factory activity shrank for the third straight month in December and at the sharpest pace in nearly three years as Covid infections swept through production lines across the country after Beijing's abrupt reversal of anti-virus measures. The data offered the first official snapshot of the manufacturing sector after China removed the world's strictest Covid restrictions in early December. Reuters reported on Wednesday that Tesla plans to run a reduced production schedule at its Shanghai plant in January, extending the reduced output it began this month into next year. Weakening external demand on the back of growing global recession fears amid rising interest rates, inflation and the war in Ukraine may further slow China's exports, hurting its massive manufacturing sector and hampering an economic recovery.

[1/3] An empty road is pictured at Shanghai Central Business District (CBD) as coronavirus disease (COVID-19) outbreaks continue in Shanghai, China, December 23, 2022. Subway trains in Beijing and Shanghai were packed, while some major traffic arteries in the two cities jammed with slow-moving cars on Monday as residents commuted to work. An annual Christmas market held at the Bund, a commercial area in Shanghai, was also crowded over the weekend. Crowds thronged the winter festive season at Shanghai Disneyland and Beijing's Universal Studios on Sunday, queuing up for rides in Christmas-themed outfits. The city of Qingdao, in the eastern Shandong province, has estimated that up to 530,000 residents were being infected each day.

From spodumene ore through lithium carbonate to lithium hydroxide, prices have more than doubled again this year after an explosive rally in 2021. Even Goldman Sachs, which outraged lithium bulls with a bearish market call in May, now thinks global supply will fall 84,000 tonnes short of demand this year. New EVs rolling off the automotive production line are the end of the lithium supply chain, but the chain itself is also expanding fast. All of them need raw materials, so their collective stock-building accentuates the rising EV demand curve. Moreover, much of lithium's supply growth is coming from new sources such as China's lepidolite deposits which come with their own new disruption potential.

CONTAGION RISKTrust firms were dubbed "shadow banks" because of how they operated outside many of the rules that govern commercial banks. Zhongrong International Trust has been working with local governments, including Qingdao provincial authorities, to source early stage deals in intelligent manufacturing, an executive there said. CCB Trust, Zhongrong International Trust and Avic Trust did not respond to requests for comment. Ping An Trust, Zhongrong International Trust, Everbright Xinglong Trust and Minmetals International Trust have all bought project companies from struggling developers in the last few months, corporate records and company announcements showed. Ping An Trust, Zhongrong International Trust, Everbright Xinglong Trust and Minmetals International Trust did not respond to requests for comment.

[1/2] Zambia's Finance Minister Situmbeko Musokotwane attends the Annual Meetings of the International Monetary Fund and World Bank in Washington, U.S., October 15, 2022. Zambia's Finance Minister Situmbeko Musokotwane told Reuters that China had sought clarification from the Zambian government and the IMF on their debt agreement, he said. At the end of 2021, Chinese creditors accounted for almost $6 billion of Zambia's external debt, which was then $17.27 billion. The Export-Import Bank of China is representing all Chinese creditors in their restructuring negotiations with Zambia, Musokotwane said. These include commercial banks, the Industrial & Commercial Bank of China (601398.SS), Jiangxi Bank (1916.HK) and China Minsheng Bank (600016.SS).

☆ Vatican says China violated pact on bishops, wants explanation
▼ + stars: | 2022-11-26 | by ( Philip Pullella | ) www.reuters.com time to read: +3 min

REUTERS/Aly SongVATICAN CITY, Nov 26 (Reuters) - The Vatican on Saturday accused Chinese authorities of violating a bilateral pact on the appointment of bishops by installing one in a diocese not recognised by the Holy See. A statement said the Vatican learned with "surprise and regret" that the bishop of another district had been installed as auxiliary, or assistant, bishop in Jiangxi. The unauthorized installation appeared to be one of the most serious violations of a 2018 agreement between the Vatican and Beijing on the appointment of bishops. The Vatican was expecting an explanation from Chinese authorities and was hoping that the "similar episodes are not repeated," the statement said. The Vatican statement came a day after a Hong Kong court found Zen and five others guilty of failing to register a now-disbanded fund for pro-democracy protesters.

But it's much higher compared to the U.S. companies' issuance of $17.3 billion and Europe's $16.4 billion so far. Internally, China has a lower inflation environment and loosening monetary policy, equity market valuation is more resilient," said Mandy Zhu, head of China Global Banking - UBS. OVERSEAS LISTINGS DROPHowever, Chinese companies' listings overseas have dropped sharply this year. The data showed that IPO issuances on the mainland fell just 11%, while Chinese listings in U.S. and Europe slumped 97% and 81%, respectively. She added that a recovery in the U.S. market listings will take a longer time, given the uncertainty over U.S.-China relations.

"It would become a testing point regarding the government’s determination to push for the relaxation of COVID control measures," they said. China reported 17,772 new local COVID-19 infections for Nov. 14, up from 16,072 new cases a day earlier and the most since April, with major cities including Chongqing and Zhengzhou among the worst-hit. On Monday, Beijing's most populous district of Chaoyang, where most of its cases are located, moved some testing sites closer to residential compounds. On Tuesday, state broadcaster CCTV said Chaoyang district was adding more testing sites, including near office buildings. Under China's new rules, testing efforts are to be more targeted, easing what has been a significant financial burden on cities.

Farmers in both are fighting a losing battle to save the soil that produces our food. By contrast, there's not enough water in the vast Yangtze basin, which produces a third of China's crops. Soil erosion could lead to a 10% loss in global crop production by 2050, according to the UN's Food and Agriculture Organization (FAO). Similarly, other measures such as digging thousands of new wells and encouraging farmers to switch crops to boost yields have limited impact. Options include not tilling soil to reduce erosion, and planting off-season cover crops to prevent erosion and nutrient loss.

☆ Chinese copper companies say more mining is needed to boost supply
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: +2 min

Chile's Codelco, the world's largest copper miner, said this week it would extend maintenance work at its Chuquicamata smelter to 135 days, from an initially planned 90-day stoppage. China is the world's top user of copper and relies on imports for about 25% of its consumption. Mining companies should mine deeper and broader and work on extending the life of their mines, while smelting companies should speed up overseas resource development and optimize their layout over the industry chain, the Chinese companies are reported to have said at the meeting. Last week, Canada ordered three Chinese companies to give up their investments in Canadian minerals, citing national security. read moreChina produced 10.49 million tonnes of refined copper last year and imported 23.40 million tonnes of copper ore and concentrate.

☆ 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.

Creditors and investors are closely monitoring how China, the world's largest bilateral lender, is managing debt negotiations around the world. The policy bank has extended to Zambia more than half of Chinese loans while a $982 million loan was made jointly with the Industrial Commercial Bank of China (ICBC). Including commercial lending, Zambia government data showed it owed more than a third of its $17.27 billion external debt to Chinese lenders by end-2021. Reuters GraphicsThe bank also leads China's team in Ethiopia's bilateral debt talks, its state finance minister told Reuters last month. In 2018, EximBank agreed to extend repayment on a loan worth at least $2.5 billion for a railway between Addis Ababa and Djibouti by 20 years.

☆ China says it's running on a new version of democracy that doesn't rely on elections. Experts say it's just another mind game.
▼ + stars: | 2022-10-22 | by ( Matthew Loh | ) www.businessinsider.com time to read: +12 min

He first introduced the term "whole-process democracy" to China in a 2019 speech. However, by November that year, "whole-process democracy" was mentioned in 128 People's Daily articles, per CMP. "China's whole-process people's democracy integrates process-oriented democracy with results-oriented democracy, procedural democracy with substantive democracy, direct democracy with indirect democracy and people's democracy with the will of the state," says China's white paper on the subject, per CGTN. Semantics aside, a key point to note is that "whole-process democracy" plays down the need for elections. Even so, Chong said, whole-process democracy might still help the CCP give the impression that it cares about the average citizen.

☆ China's biggest lake declares 'red alert' as long drought lingers
▼ + stars: | 2022-09-23 | by ( ) www.reuters.com time to read: +2 min

An aerial view shows a tributary stream running through the dried-up flats of Poyang Lake that stands at record-low water levels as the region experiences a drought, outside Nanchang, Jiangxi province, China, August 28, 2022. REUTERS/Thomas Peter/FilesSHANGHAI, Sept 23 (Reuters) - The central Chinese province of Jiangxi has declared a water supply "red alert" for the first time after the Poyang freshwater lake, the country's biggest, dwindled to a record low, the Jiangxi government said on Friday. The Poyang Lake, normally a vital flood outlet for the Yangtze, China's longest river, has been suffering from drought since June, with water levels at a key monitoring spot falling from 19.43 metres to 7.1 metres over the last three months. The Jiangxi Water Monitoring Centre said Poyang's water levels would fall even further in coming days, with rainfall still minimal. Register now for FREE unlimited access to Reuters.com RegisterReporting by David Stanway; Editing by Ana Nicolaci da CostaOur Standards: The Thomson Reuters Trust Principles.

☆ China's August coal imports from Russia, Indonesia soar as heatwave spurs power use
▼ + stars: | 2022-09-20 | by ( ) www.cnbc.com time to read: +1 min

Employees work on a freight train loaded with coal at Jiangxi Coal Reserve Center on August 19, 2022 in Jiujiang, Jiangxi Province of China. China's coal imports from Russia rose in August, exceeding last month's level and hitting the highest in at least five years, as power utilities in the world's biggest coal consumer sought overseas supplies to meet soaring demand in extreme hot weather. Arrivals of Russian coal last month reached 8.54 million tonnes, up from the previous peak of 7.42 million tonnes in July and 57% higher than in the same period last year, data from the General Administration of Customs showed on Tuesday. Imports from Russia have surged in recent months as Europe suspended purchasing from the country after it sent tens of thousands of troops into Ukraine, forcing Russian coal to be traded at a steep discount. Prices for Russian coal have climbed as both China and India stepped up buying, traders said, but were still cheaper than the domestic coal of same quality.

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