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☆ China says it's sending its junior air force pilots to keep an eye on increasing activity by US spy planes
▼ + stars: | 2023-01-17 | by ( Minnie Chan | South China Morning Post | ) www.businessinsider.com time to read: +5 min

Chinese pilots fresh out of training are being deployed to respond to flights by foreign jets. Without giving details about the foreign aircraft, it said the intensive training programme pushed junior pilots to master practical air confrontation skills and countermeasures within a short time. Chinese fighter pilots during combat exercises around Taiwan in August 2022. "I received radar warnings from foreign aircraft soon after heading to the scene, meaning my aircraft was targeted [by air-to-air missiles]." In 2021, large US reconnaissance aircraft conducted around 1,200 close-in spying flights over the South China Sea, the think tank said in a report in March.

He heard at that time that Pfizer's (PFE.N) anti-viral drug Paxlovid was an effective treatment, but patients could only get it prescribed if they were admitted to hospital, and only if the drug was in stock. Li's experience, local media reports and online posts bear testimony to the difficulties faced obtaining Paxlovid in China through official channels. "Pfizer is actively collaborating with Chinese authorities and all stakeholders to secure an adequate supply of Paxlovid in China. We remain committed to fulfilling the COVID-19 treatment needs of Chinese patients and partnering with the Chinese government," the company said in a statement. PAXLOVID GIFTSeveral other people described to Reuters how they turned to the grey market to purchase Paxlovid.

The answer is while any increase in China's crude oil imports may drive crude oil prices higher, a corresponding increase in fuel exports may weaken regional refining margins. In other words, there are many moving parts to the overall balance between China's crude import demand and regional fuel markets. Another point is that so far there is little evidence that China's crude oil imports are recovering. China doesn't disclose its stockpiles, but it likely added to inventories in 2022 even as total crude oil imports declined. China's crude oil demand isn't necessarily a one-way bullish street, even if the re-opening from COVID-19 is a success.

One is that China is continuing to build crude oil stockpiles, even though its refinery processing rates have risen strongly in recent months. But despite the solid gain in refinery processing, it appears that China is still building up crude oil inventories in commercial or strategic storage tanks. The total volume of crude available from imports and domestic production in November was 15.46 million bpd, consisting of imports of 11.37 million bpd and local output of 4.08 million bpd. China imported an estimated 1.80 million bpd from Russia in November, according to Refinitiv Oil Research, exceeding the 1.69 million bpd supplied by Saudi Arabia. China total crude available vs refinery runsDIFFERENT CRUDE DRIVERSOverall, there are several dynamics at work in the outlook for China's crude oil imports.

☆ China's Covid lockdowns are having a lessening impact on its economy
▼ + stars: | 2022-12-06 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

BEIJING — China's Covid lockdowns are having a lessening impact on the economy for the first time since early October, according to Nomura. Evelyn's lead: The negative impact of China's Covid controls on GDP has dropped for the first time since early October, according to a Nomura model. As of Monday, the negative impact of China's Covid controls on its economy fell to 19.3% of China's total GDP — down from 25.1% a week ago, Nomura's Chief China Economist Ting Lu and a team said in a report. Last week's 25.1% figure was higher than that seen during the two-month Shanghai lockdown in the spring, according to Nomura's model. In the last several days, local governments have relaxed some virus testing requirements, allowing people in cities such as Beijing and Zhengzhou to take public transportation without having to show proof of a negative test result.

☆ U.S. criticizes China's zero Covid strategy, says Beijing needs to boost vaccination among elderly
▼ + stars: | 2022-11-28 | by ( Spencer Kimball | ) www.cnbc.com time to read: +4 min

The White House on Monday criticized Beijing's zero Covid strategy as ineffective and said the Chinese people have a right to peacefully protest. "We've said that zero COVID is not a policy we pursuing here in the United States," the NSC spokesperson said. Vaccination rates among the elderly, one of the groups most vulnerable to Covid, are low in China compared to other countries. Dr. Ashish Jha, head of the White House Covid task force, said China should focus on making sure the elderly get vaccinated. Lockdowns and zero COVID is going to be very difficult to sustain," Jha told ABC's "This Week" on Sunday.

☆ China's 'social credit' system ranks citizens and punishes them with throttled internet speeds and flight bans if the Communist Party deems them untrustworthy
▼ + stars: | 2022-11-28 | by ( Katie Canales | Aaron Mok | ) www.businessinsider.com time to read: +10 min

Since China doesn't have a central social credit system, many local government agencies have been experimenting with what the system could look like. But the plan is for the social credit system to eventually be mandatory and unified across the nation, with each person given their own unique code used to measure their social credit score in real-time, per Wired. In fact, a national social credit system is currently being proposed. Companies will also be at risk if China passes on its Establishment of the Social Credit System law. Citizens with good social credit can also get discounts on energy bills, rent things without deposits, and get better interest rates at banks.

However, the volume of crude available to refineries was 14.22 million bpd, consisting of imports of 10.16 million bpd and domestic oil production of 4.06 million bpd. China exported 4.46 million tonnes of refined products in October, equivalent to around 1.15 million bpd, using the BP conversion rate of 8 barrels to one tonne. Fuel exports are expected to remain at elevated levels in November as refiners use up their remaining quotas for 2022. China's November crude imports are estimated at 11.46 million bpd by Refinitiv Oil Research, which would be an 11-month high. Overall, the recent strength in China's crude imports may not be long-lasting, especially if new refined fuel export quotas aren't granted.

China's Taiwan Affairs Office did not respond to a request for comment. the person said, adding that the calls would connect but Chinese officials wouldn't pick up. Based on a long-standing practice, faxes continue to be exchanged between two semi-official organisations that handle routine affairs: Taiwan's Straits Exchange Foundation and China's Association for Relations Across the Taiwan Straits. The council told Reuters that while Chinese officials do not reply directly, they have handled Taiwanese requests when needed or responded through public statements. China this year labeled Tsai's administration "evil" while Taiwan called China "incredibly absurd".

☆ Why China doesn't actually want to invade Taiwan
▼ + stars: | 2022-11-12 | by ( Mattathias Schwartz | ) www.businessinsider.com time to read: +8 min

Biden is trying to reassure Beijing but also trying to deter them from using military force to coerce Taiwan." Biden, however, has gone further, repeatedly asserting that he would respond to a Chinese invasion by committing US troops. For China, the Taiwan threat gives them negotiating leverage with the US and influence over Taiwan's domestic politics. If Congress passes the Taiwan Policy Act, Taiwan will get $6.5 billion in taxpayer money to buy more US-made weaponry. The sanctions that would likely follow an invasion of Taiwan would quickly and severely restrict the country's supply of meat.

LONDON, Oct 26 (Reuters) - A rebound in China's refinery processing and fuel exports in September was still not enough to prevent the world's biggest crude oil importer from adding to its stockpiles. However, the total volume of crude available to refineries was 13.88 million bpd, comprising imports of 9.79 million bpd and domestic output of 4.09 million bpd. This means that the volume of crude available was 60,000 bpd more than what was processed, implying a small build in crude oil inventories despite the recovery in refinery throughput. The small build in September was a marked contrast to August, when about 850,000 bpd were added to commercial or strategic stockpiles. While Chinese diesel exports may result in a lower profit margin for producing the fuel at other refiners in Asia, it's likely to remain highly profitable.

☆ China delayed the release of key economic data to avoid distraction amid the Communist Party Congress, not to conceal data, analysts say
▼ + stars: | 2022-10-18 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

China delayed the release of key economic data, including third-quarter GDP, scheduled for this week. The postponement of the data — GDP in particular — has raised speculation that the numbers are deliberately being hidden. "Beijing just wants everyone and the media coverage to focus on the Congress, not on economic data." While delays in monthly statistical data release are indeed "quite unusual," they are not unprecedented, according to Zhuang. However, it's the first time Beijing is delaying GDP data release.

☆ Analysis: As Putin escalates Ukraine war, China stands awkwardly by him
▼ + stars: | 2022-09-22 | by ( Brenda Goh | ) www.reuters.com time to read: +4 min

China will instead dig in on its awkward stance of calling for dialogue and peaceful resolution while refusing to condemn Russia's invasion of Ukraine, they said. But China has been careful not to provide any direct material support that could trigger Western sanctions against it. "I don't see how different any new position will be ... China doesn't support the war, it doesn't support conflict, that's been very clear from the beginning," said Henry Wang Huiyao, founder of the Beijing-based think tank Center for China and Globalization. Russia says its actions in Ukraine are a "special operation" to degrade its neighbour's military capabilities and root out people it calls dangerous nationalists. Although China probably hoped for a short war, Putin's battlefield moves in Ukraine - seeking to counter recent defeats - are unlikely to concern Beijing or change the substantive nature of the countries' relationship, analysts said.

But despite the decline in oil imports, China has actually been building up inventories, as crude imports and domestic production has been exceeding the volume of refinery processing. But an estimate can be made by deducting the amount of crude processed from the total of crude available from imports and domestic output. Crude imports were 9.5 million bpd in August, based on official data, up 8.1% from July's 8.79 million bpd in July, but they were still down 9.4% from August 2021. Domestic oil output was 3.99 million bpd in August, down a touch from July's 4.03 million bpd. Refinery throughput was 12.64 million bpd in August, up slightly from July's 12.53 million bpd, which was the lowest daily rate since March 2020.

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