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☆ China's Wang Yi visits Russia ahead of possible Xi-Putin meeting
▼ + stars: | 2023-09-18 | by ( ) www.reuters.com time to read: +2 min

Chinese Foreign Minister Wang Yi poses as he meets Turkish Foreign Minister Hakan Fidan (not seen) in Ankara, Turkey, July 26, 2023. Wang, who heads the foreign ministry as well as the ruling Communist Party's foreign affairs office, will meet Security Council Secretary Nikolai Patrushev for annual security talks, the Chinese foreign ministry said in a statement. The veteran diplomat's talks with counterpart Sergei Lavrov will cover a "wide range of issues" including "contacts at higher and the highest levels," the Russian foreign ministry said last week. Ahead of this week's visit, Wang travelled to Malta for hours of "constructive" talks with White House national security adviser Jake Sullivan. Reporting by Ryan Woo; Additional reporting by Lidia Kelly; Editing by Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

Persons: Wang Yi, Hakan Fidan, Stringer, Vladimir Putin, Wang, Nikolai Patrushev, diplomat's, Sergei Lavrov, Xi Jinping, Putin, Xi, Hague, Maria Zakharova, Jake Sullivan, Joe Biden, Ryan Woo, Lidia Kelly, Clarence Fernandez Organizations: Turkish, Rights, Security, China's, Criminal Court, ICC, White House, Thomson Locations: Ankara, Turkey, Rights BEIJING, Russia, Beijing, Communist, Moscow, Ukraine, China, Rome, United States, Malta, U.S

☆ Chinese state firms' help to troubled shadow bank does little to address investor concerns
▼ + stars: | 2023-09-18 | by ( ) www.reuters.com time to read: +4 min

BEIJING, Sept 18 (Reuters) - The involvement of two Chinese state-owned financial firms in Zhongrong International Trust Co's operations and management may diffuse risk at the troubled shadow bank but does little to ease concerns about missed payments, analysts and investors said. It was not immediately clear whether the support by the two firms was engineered by the Chinese authorities, but Beijing has previously bailed out troubled financial firms by roping in state entities to contain broader contagion risk. The agreement allows the two financial firms to "provide professional services for operations and management" of Zhongrong, it said, adding the move would not impact its debt ownership and legal relationship in trust products. That would further dampen investors' confidence in trust products." "It's good news and at least provides some clarity," said Zhang, who is an investor in a Zhongrong trust product and gave only his surname due to sensitivity of the matter.

Persons: Zhongrong, They'll, Zhang, Xu, I've, Ziyi Tang, Ryan Woo, Sumeet Chatterjee Organizations: Trust, Citic Trust, CCB, Citic Group, China Construction Bank, National Financial Regulatory Administration, People's Bank of China, Citic, Shanghai, Thomson Locations: BEIJING, Beijing

☆ China and EU hold talks on AI, cross-border data flow amid renewed tensions
▼ + stars: | 2023-09-18 | by ( ) www.reuters.com time to read: +2 min

An attendant walks past EU and China flags ahead of the EU-China High-level Economic Dialogue at Diaoyutai State Guesthouse in Beijing, China June 25, 2018. REUTERS/Jason Lee/File Photo Acquire Licensing RightsBEIJING, Sept 18 (Reuters) - China and the European Union held talks on topics including artificial intelligence and cross-border data flows on Monday in Beijing, amid disputes over an EU probe into China's electric vehicle (EV) subsidies. The meeting comes as tensions between China and the EU are heightened after European Commission President Ursula von der Leyen announced an investigation into whether to impose punitive tariffs on Chinese EVs to protect EU producers. The talks on Monday covered key issues including platforms and data regulation, AI, and cross-border flow of industrial data, China and the EU said. The European Commission conveyed concerns about "difficulties faced by EU companies in China to make use of their industrial data, as a result of the application of recent legislation."

Persons: Jason Lee, Zhang Guoqing, Vera Jourova, Ursula von der Leyen, Zhang, Ethan Wang, Ryan Woo, Meg Shen, Andrew Heavens Organizations: REUTERS, Rights, European Union, EU, China's, European Commission, Values, European, Xinhua, Thomson Locations: China, EU, Beijing, Rights BEIJING, Europe, Hong Kong

☆ China and EU Hold Talks on AI, Cross-Border Data Flow Amid Renewed Tensions
▼ + stars: | 2023-09-18 | by ( Sept. | At A.M. | ) www.usnews.com time to read: +2 min

BEIJING (Reuters) - China and the European Union held talks on topics including artificial intelligence and cross-border data flows on Monday in Beijing, amid disputes over an EU probe into China's electric vehicle (EV) subsidies. The meeting comes as tensions between China and the EU are heightened after European Commission President Ursula von der Leyen announced an investigation into whether to impose punitive tariffs on Chinese EVs to protect EU producers. The talks on Monday covered key issues including platforms and data regulation, AI, and cross-border flow of industrial data, China and the EU said. The European Commission conveyed concerns about "difficulties faced by EU companies in China to make use of their industrial data, as a result of the application of recent legislation." Both sides agreed to promote an open, fair and non-discriminatory environment for the development of the digital economy, Xinhua said.

Persons: Zhang Guoqing, Vera Jourova, Ursula von der Leyen, Zhang, Ethan Wang, Ryan Woo, Meg Shen, Andrew Heavens Organizations: European Union, EU, China's, European Commission, Values, European, Xinhua Locations: BEIJING, China, Beijing, EU, Europe, Hong Kong

☆ China's Wang Yi Visits Russia Ahead of Possible Xi-Putin Meeting
▼ + stars: | 2023-09-17 | by ( Sept. | At P.M. | ) www.usnews.com time to read: +2 min

BEIJING (Reuters) - China's top diplomat, Wang Yi, begins on Monday a four-day trip to Russia during which both nations are expected to pledge deeper mutual political trust, readying for a possible landmark visit by President Vladimir Putin to Beijing in October. Wang, who heads the foreign ministry as well as the ruling Communist Party's foreign affairs office, will meet Security Council Secretary Nikolai Patrushev for annual security talks, the Chinese foreign ministry said in a statement. On Sept. 1, Putin said he expected to meet Xi soon, but did not explicitly confirm that he would travel to China again. However, China is not a party to the Rome Statute that led to the establishment of the ICC in 2002. Ahead of this week's visit, Wang travelled to Malta for hours of "constructive" talks with White House national security adviser Jake Sullivan.

Persons: Wang Yi, Vladimir Putin, Wang, Nikolai Patrushev, Xi Jinping, Putin, Xi, Hague, Jake Sullivan, Joe Biden, Ryan Woo, Clarence Fernandez Organizations: Security, China's, Criminal Court, ICC, White House Locations: BEIJING, Russia, Beijing, Communist, Moscow, Ukraine, China, Rome, United States, Malta, U.S

☆ China's military rocket force uncovers 'shortcomings' - PLA Daily
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Tingshu Wang/File Photo Acquire Licensing RightsBEIJING, Sept 15 (Reuters) - A unit of China's Rocket Force uncovered "shortcomings" during a field assessment of an exercise, the PLA Daily reported on Friday in a rare critique, suggesting gaps in combat readiness at the armed force overseeing conventional and nuclear missiles. The combat readiness of the People's Liberation Army Rocket Force, a strategic branch of the Chinese military, has come under focus recently after its two most senior leaders were suddenly replaced at the end of July with commanders not from the force. Since August, the Rocket Force has conducted at least two drills and training sessions, according to its official account on Weibo, a popular Chinese microblog. In the year to date, Communist Party members of the Rocket Force have visited the front lines of drills and exercises "multiple times" to assess the unit's combat readiness, according to the PLA Daily. The uncertainties over leadership have not been solely focused on the Rocket Force.

Persons: Tingshu Wang, Xi Jinping, Li Shangfu, Ryan Woo, Lincoln Organizations: Rocket Force, Eastern Theatre Command, Liberation Army, PLA, REUTERS, Rights, China's, Force, Communist Party, People's Liberation Army Rocket Force, Party, Thomson Locations: Taiwan, Beijing, China, Rights BEIJING, Weibo, Heilongjiang

Still, it could hurt perceptions of Chinese EV makers as they expand abroad, Bernstein analysts said in a client note. Nio and Geely declined to comment on the EU probe, while BYD, Xpeng and SAIC did not respond to requests for comment. Shares in European carmakers were also among the biggest fallers on the euro zone stock index (.STOXXE50) in early trading. STRAINED RELATIONSThe anti-subsidy probe, initiated unusually by the European Commission and not from any industry complaint, comes amid broader diplomatic strains between the EU and China. It accounted for 40.25% of EV exports from China between January and April 2023.

Persons: Annegret, Ursula von der Leyen, Bernstein, BYD, CATL, Cui Dongshu, EVs, Donny Kwok, Brenda Goh, Ryan Woo, Anne Marie Roantree, Tom Hogue, Jamie Freed, Mark Potter Organizations: REUTERS, China, EV, EU, European, Ministry of Commerce, Eurasian Group, Reuters Graphics, Reuters Graphics Hong Kong, HK, Geely, SAIC, BMW, Volkswagen, Mercedes, European Commission, China Passenger Car Association, EVs, for Strategic, Internal Studies, Reuters, Thomson Locations: Berlin, Germany, Europe, China, SHANGHAI, BEIJING, Beijing, EU, Brussels, Southeast Asia, Reuters Graphics Hong, Shanghai, Xpeng, Shenzhen, SZ, Moscow, Russian, Ukraine, U.S, Hong Kong

☆ China denounces Europe probe of EVs as 'naked protectionist' act
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: +1 min

[1/2] A Nio ET5 electric vehicle is displayed at the Chinese EV maker's showroom in Shanghai, China, February 3, 2023. The investigation launched on Wednesday will determine if punitive tariffs are warranted to protect EU producers from what European Commission President Ursula von der Leyen described as a "flood" of cheaper Chinese EV imports. "It is a naked protectionist act that will seriously disrupt and distort the global automotive industry and supply chain, including the EU, and will have a negative impact on China-EU economic and trade relations." The probe, initiated by the European Commission and not from any industry complaint, will further irritate a tense relationship with China partly strained by trade and investment imbalances. Reporting by Ryan Woo; additional reporting by Ellen Zhang; Editing by Clarence Fernandez and Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly, Ursula von der Leyen, Ryan Woo, Ellen Zhang, Clarence Fernandez, Jamie Freed Organizations: EV maker's, REUTERS, Rights, European, EV, EU, European Commission, Thomson Locations: Shanghai, China, Rights BEIJING, European Union, EU

Analysts said the probe could slow capacity expansion and the capital spending cycle of China's battery suppliers, although the move should not pose a big downside risk for Chinese EVs. Hong Kong shares of market leader BYD fell more than 3%. Nio and Geely declined to comment on the EU probe, while BYD, Xpeng and SAIC did not respond to requests for comment. GROWING MARKET SHAREEU officials believe Chinese EVs are undercutting the prices of local models by about 20% in the European market, piling pressure on European automakers to produce lower-cost electric vehicles. It accounted for 40.25% of EV exports from China between January and April 2023, up from 36.5% in 2022.

Persons: Angelika Warmuth, Ursula von der Leyen, BYD, CATL, der Leyen, Li Qiang, Cui Dongshu, EVs, Donny Kwok, Brenda Goh, Ryan Woo, Anne Marie Roantree, Tom Hogue, Jamie Freed Organizations: BYD Company, REUTERS, China, EV, European Commission, EU . European, Analysts, HK, Geely, SAIC, EU, Chamber of Commerce, China Passenger Car Association, Center, Strategic, Internal Studies, Volvo, Thomson Locations: Munich, Germany, Europe, HONG KONG, SHANGHAI, Hong Kong, Beijing, Shanghai, Xpeng, Shenzhen, SZ, China, Moscow, Russian, Ukraine, New Delhi, Brussels, U.S

☆ China to formulate 'special' measures to widen Taiwan's access to Fujian
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: +2 min

A Chinese warship fires during a military drill off the Chinese coast near Fuzhou, Fujian Province, across from the Taiwan-controlled Matsu Islands, China, April 11, 2023. REUTERS/Thomas Peter/File Photo Acquire Licensing RightsBEIJING, Sept 14 (Reuters) - China will take a number of "special" policy measures to improve access for Taiwanese enterprises to Fujian province across the Taiwan Strait, the Chinese state planner said on Thursday, under a long-term cross-strait integrated development plan. The steps are part of a plan announced by China on Tuesday to turn coastal Fujian province into a zone for integrated development with Taiwan, which China claims as part of its territory. He added that Beijing also supports new energy cooperation between Taiwan, which it regards as a Chinese province, and Ningde, a Fujian city north of Xiamen. Strait Innovation Internet Co (300300.SZ) and Zhongfu Straits Pingtan Development Co (000592.SZ), both based in Pingtan, rose 8% and 5%, respectively.

Persons: Thomas Peter, Liang, Ryan Woo, Ethan Wang, Jason Xue, Jacqueline Wong Organizations: REUTERS, Rights, National Development, Reform Commission, Innovation Internet, Pingtan Development, Thomson Locations: Fuzhou, Fujian Province, Taiwan, Matsu Islands, China, Rights BEIJING, Fujian, Taiwan Strait, Xiamen, Kinmen, Beijing, Pingtan, China's, Zhongfu

☆ China agrees to rare visit by Vatican envoy for Ukraine talks
▼ + stars: | 2023-09-13 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Maxim Shemetov/File Photo Acquire Licensing RightsBEIJING, Sept 13 (Reuters) - The Chinese foreign ministry said on Wednesday that Vatican envoy Cardinal Matteo Zuppi will visit China for talks on resolving the conflict in Ukraine, despite the lack of formal bilateral relations between Beijing and the Holy See. Li Hui, China's Special Envoy for Eurasian Affairs, will meet with Zuppi, foreign ministry spokesperson Mao Ning told a regular news conference. "On the issue of Ukraine, China has always been committed to promoting peace talks," said Mao. Zuppi will be in China from Wednesday to Friday as part of a diplomatic push to facilitate peace in Ukraine, the Vatican said on Tuesday. The Chinese foreign ministry did not give details on Zuppi's schedule or say whether he would meet China's top officials.

Persons: Cardinal Matteo Zuppi, Pope Francis, Maxim, Li Hui, Mao Ning, Mao, Li Qiang, Archbishop Paul Gallagher, Wang Yi, Ryan Woo, Ethan Wang, Christian Schmollinger, Mark Heinrich Our Organizations: Italian Episcopal Conference, REUTERS, Rights, Eurasian Affairs, Kyiv, Vatican, Repubblica, Foreign, Thomson Locations: Moscow, Russia, Rights BEIJING, China, Ukraine, Beijing, Russian, Italian, Washington, Taiwan, Europe, Taipei, Munich

☆ China to Formulate 'Special' Measures to Widen Taiwan's Access to Fujian
▼ + stars: | 2023-09-13 | by ( Sept. | At P.M. | ) www.usnews.com time to read: +2 min

BEIJING (Reuters) -China will take a number of "special" policy measures to improve access for Taiwanese enterprises to Fujian province across the Taiwan Strait, the Chinese state planner said on Thursday, under a long-term cross-strait integrated development plan. The steps are part of a plan announced by China on Tuesday to turn coastal Fujian province into a zone for integrated development with Taiwan, which China claims as part of its territory. He added that Beijing also supports new energy cooperation between Taiwan, which it regards as a Chinese province, and Ningde, a Fujian city north of Xiamen. Opening up of an experimental development zone in Pingtan, China's closest point to the main Taiwan island across the strait, will be expedited, Cong added. Strait Innovation Internet Co and Zhongfu Straits Pingtan Development Co, both based in Pingtan, rose 8% and 5%, respectively.

Persons: Liang, Ryan Woo, Ethan Wang, Jason Xue, Jacqueline Wong Organizations: National Development, Reform Commission, Innovation, Pingtan Locations: BEIJING, China, Fujian, Taiwan Strait, Xiamen, Taiwan, Kinmen, Beijing, Pingtan, China's, Zhongfu

☆ More Chinese cities lift home-buying curbs to revive demand
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Thomas Peter/File Photo Acquire Licensing RightsBEIJING, Sept 11 (Reuters) - Two major cities in eastern China lifted all curbs on home purchases and selling on Monday, joining several other cities in dropping restrictions to attract buyers and revive a largely frozen property market. Qingdao previously limited the number of homes that could be purchased in two districts. Last week, three cities - Nanjing in eastern Jiangsu province and Dalian and Shenyang in northeastern Liaoning province - became the first group of big cities to eliminate curbs on home buying. Smaller Chinese cities, whose property markets tend to have a larger share of their local economies, have already begun dismantling curbs. Jiaxing city, a relatively small city in the eastern province of Zhejiang, announced it would lift all curbs in the city in late August, according to a local media report.

Persons: Thomas Peter, Albee Zhang, Ryan Woo, Neil Fullick, Emelia Organizations: REUTERS, Rights, Thomson Locations: Beijing, China, Rights BEIJING, Jinan, Qingdao, China's, Shandong, Nanjing, Jiangsu, Dalian, Shenyang, Liaoning, Jiaxing, Zhejiang

☆ Rains from dying typhoon batter China for seventh day
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +2 min

BEIJING, Sept 11 (Reuters) - Heavy rains from a typhoon kept southern China drenched for the seventh day as slow-moving storm clouds drifted from Guangdong on the coast to Guangxi, flooding low-lying areas, blocking roads and trapping residents. Heavy rain is expected to persist in Guangxi over the next few days. Neighbouring Hong Kong was pelted by the worst storm in 140 years. "Typhoons that move far inland affect regions historically less exposed to heavy rainfall and strong wind, often with lower disaster resilience, leading to more severe losses," said Shao Sun, a climatologist at the University of California, Irvine. Reporting by Ryan Woo; Editing by Michael PerryOur Standards: The Thomson Reuters Trust Principles.

Persons: Haikui, Shao Sun, Ryan Woo, Michael Perry Organizations: Typhoons, University of California, Thomson Locations: BEIJING, China, Guangdong, Guangxi, Bobai, Fujian, Shenzhen deluged, Hong Kong, Shenzhen, Irvine

☆ Rays hope to build on momentum against Mariners
▼ + stars: | 2023-09-09 | by ( Field Level Media | ) www.reuters.com time to read: +3 min

The Rays have 20 games to go and sit four games back of the first-place Baltimore Orioles in the competitive American League East. "I think everybody is just focused because we need to win and win no matter what," Ramirez said. But if the Mariners continue to falter and frustration continues to build, it could derail some of the success that Seattle has established throughout the season. Rays right-hander Aaron Civale (7-3, 2.76 ERA) is set to make his 20th start of the season. Mariners right-hander Luke Weaver (2-5, 6.71 ERA) likely will receive the bulk of the workload as the bullpen looks to fill nine innings.

Persons: Rene Pinto, Harold Ramirez, Isaac Paredes, Ramirez, We're, George Kirby, Kirby, Scott Servais, Aaron Civale, Civale, Servais, Bryan Woo's, Luke Weaver, Weaver Organizations: Tampa Bay Rays, Seattle Mariners, Tampa Bay, Seattle, Rays, Baltimore Orioles, American League East, Mariners, Houston Astros, Texas Rangers, AL West, Houston, Cleveland Guardians, Cleveland, Cincinnati Reds, Thomson Locations: St . Petersburg, Fla, Tampa, Tampa Bay, Seattle, Texas, Civale

☆ Nanjing scraps home-buying curbs in China's latest property boost
▼ + stars: | 2023-09-08 | by ( ) www.reuters.com time to read: +3 min

China's authorities in recent weeks have rolled out a series of measures, such as easing borrowing rules, to support the debt-riddled property sector, which accounts for one-quarter of China's economic activity, but analysts say the steps are unlikely to reverse the slide. China's property sector has been on a downward spiral since 2021, when the government took steps to stop developers from accumulating debt. Nanjing's move indicates property easing will continue, playing an important role in stimulating home-buying and changing expectations in the sector, Yan said. Many smaller locales have eased home-purchase curbs over the past two years, but major cities - traditional targets of speculative buying - had held off. Nanjing also cut the maximum down payments for first home purchases to 20% from 30% for commercial mortgages, state broadcaster CCTV said on Thursday, compared to 30% to 35% in most major cities.

Persons: Tingshu Wang, Yan Yuejin, Yan, Liangping Gao, Ryan Woo, William Mallard Organizations: REUTERS, Garden Holdings, Reuters, China Research, Development Institution, Thomson Locations: Tianjin, China, BEIJING, Nanjing, Beijing, Shanghai, Shenzhen

☆ Three major China banks to lower rates on existing first-home mortgages
▼ + stars: | 2023-09-07 | by ( ) www.reuters.com time to read: +1 min

People walk past a branch of Industrial and Commercial Bank of China (ICBC) in Beijing, China April 1, 2019. REUTERS/Florence Lo/File Photo Acquire Licensing RightsBEIJING, Sept 7 (Reuters) - Three of China's major state banks said on Thursday they will start to lower interest rates on existing mortgages for first-home loans. Interest rates on existing first-home loans will be cut to the level in place when a home was purchased, the Industrial and Commercial Bank of China Ltd (ICBC) (601398.SS), Agricultural Bank of China (601288.SS) and Bank of China Ltd (BOC) (601988.SS) said in statements. China's home loans totalled 38.6 trillion yuan ($5.3 trillion) at the end of June, representing 17% of banks' total loan books. ($1 = 7.3232 Chinese yuan)Reporting by Ziyi Tang and Ryan Woo; Editing by Edwina GibbsOur Standards: The Thomson Reuters Trust Principles.

Persons: Florence, Ziyi Tang, Ryan Woo, Edwina Gibbs Organizations: Industrial, Commercial Bank of China, REUTERS, Rights, Commercial Bank of China Ltd, Agricultural Bank of China, Bank of China Ltd, BOC, Thomson Locations: Beijing, China, Rights BEIJING

Italy's Foreign Minister Antonio Tajani addresses the opening session on the first day of the Ukraine Recovery Conference in London, Britain June 21, 2023. The hugely ambitious project sees China strengthening trade ties with large infrastructure spending in countries along the historic Silk Road route via Asia to Europe and beyond. "China is willing to work with Italy to continue to deepen mutually beneficial cooperation, explore opportunities for potential trade and investment... and promote further development of the China-Italy comprehensive strategic partnership," said He Yadong, a commerce ministry spokesperson. SENSITIVE DIPLOMACYItaly's trade deficit with China grew by 22.3 billion euros ($23.9 billion) between 2019 and 2022, according to the Italian Ministry of Foreign Affairs. So far, 90 countries have confirmed attendance, China's foreign ministry announced on Thursday.

Persons: Antonio Tajani, Henry Nicholls, Xi Jinping, Wang Yi, Italy's, Tajani, Joe Cash, Ryan Woo, Giselda Vagnoni, Alvise Armellini, Federico Maccioni, Kim Coghill, Andrew Cawthorne Organizations: Italy's, Conference, Rights, Initiative, Italian Ministry of Foreign Affairs, RAI, American Enterprise Institute, AC Milan, Inter, Thomson Locations: Ukraine, London, Britain, Rights BEIJING, China, Italy, Beijing, Asia, Europe, Rome, Inter Milan

☆ China will widen market access for the service industry - President Xi
▼ + stars: | 2023-09-02 | by ( ) www.reuters.com time to read: +1 min

Chinese President Xi Jinping is seen on a screen during a video address for the Global Trade in Services Summit, at the media centre for China International Fair for Trade in Services (CIFTIS) in Beijing, China September 2, 2023. REUTERS/Florence Lo Acquire Licensing RightsBEIJING/SHANGHAI, Sept 2 (Reuters) - Chinese President Xi Jinping said on Saturday that China would widen market access in the service industry and promote cross-border services trade. Speaking via video at the China International Fair for Trade in Services (CIFTIS) in Beijing, Xi said China would focus on expanding the domestic market, increasing imports of high-quality services and reforming the country's basic data system. Xi said China will promote the integrated development of high-end manufacturing and modern service industries. Reporting by Jing Xu and Ryan Woo in Beijing and Jason Xue in Shanghai.

Persons: Xi Jinping, Florence Lo, Xi, Jing Xu, Ryan Woo, Jason Xue, Gerry Doyle, Miral Organizations: Global Trade, Services, China, Fair for Trade, REUTERS, Rights, Thomson Locations: Beijing, China, Rights BEIJING, SHANGHAI, Shanghai

Coins and banknotes of China's yuan are seen in this illustration picture taken February 24, 2022. Country Garden, China's largest private developer by sales, did not immediately respond to Reuters request for comment. Lower deposit rates will partially offset various pressures on banks' narrowing net interest margins - a key gauge of profitability, said Nicholas Zhu, a banking analyst at Moody's. "The impact of the deposit rate cut is material, given that close to three-quarters of Chinese banks' liabilities are deposits," Zhu said. China's mortgage loans totalled 38.6 trillion yuan ($5.29 trillion) at the end of June, representing 17% of banks' total loan books.

Persons: Florence Lo, Nicholas Zhu, Zhu, Ziyi Tang, Ryan Woo, Wang Jing, Davide Barbuscia, Anne Marie Roantree Organizations: REUTERS, HK, Industrial, Commercial Bank of China, China Construction Bank Corp, Agricultural Bank of China, Reuters, Industrial Bank Co Ltd, China Bohai Bank Co Ltd, Thomson Locations: BEIJING, Beijing, China, Washington, Guangzhou, Shenzhen, New York, Lincoln

☆ China's Aug factory activity picks up unexpectedly - Caixin PMI
▼ + stars: | 2023-09-01 | by ( ) www.reuters.com time to read: +3 min

A worker wearing a face mask works on a production line manufacturing glassware products at a factory in Haian, Jiangsu province, China February 29, 2020. The Caixin/S&P Global manufacturing purchasing managers' index (PMI) rose to 51.0 in August from 49.2 in July, beating analysts' forecasts of 49.3 and marking the highest reading since February. The data, a snapshot of the sprawling manufacturing economy, surprised to the upside but offered a mixed picture of the sector, a day after an official survey showed manufacturing activity contracted for a fifth straight month. The Caixin manufacturing PMI surveys around 650 private and state-owned manufacturers and focuses more on export-oriented firms in coastal regions, while the official PMI surveys 3,200 companies across China. Manufacturers reported increases in both output and total order intakes thanks to firmer market demand, the Caixin survey showed.

Persons: Wang Zhe, Wang, Ellen Zhang, Ryan Woo, Sam Holmes Organizations: REUTERS, Rights, P Global, Analysts, Manufacturers, Caixin Insight, Thomson Locations: Haian, Jiangsu province, China, Rights BEIJING

☆ China hones anti-submarine capabilities amid South China Sea tensions
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Tyrone Siu/File Photo Acquire Licensing RightsBEIJING, Aug 31 (Reuters) - China's military said it had recently held intensive anti-submarine exercises in the strategically important South China Sea as part of efforts to hone its capabilities amid rising maritime tensions with its neighbours and their allies. It was one of several such drills this year and was part of broader activities the Chinese military has conducted in the Indo-Pacific region. The United States and its allies have also stepped up military activities, especially in the South China Sea, most of which is claimed by Beijing. Last week, the U.S. and Indonesian defence chiefs said China's territorial claims in the South China Sea were "inconsistent with international law". "Japan and the United States have frequent submarine activities in the region," said Chinese military commentator Song Zhongping, but those activities were not disclosed.

Persons: Tyrone Siu, Song Zhongping, Albee Zhang, Ryan Woo, Gerry Doyle Organizations: Community Emergency, Team, REUTERS, Rights, Southern Command Theatre, China's, Liberation Army, Beijing, U.S . Navy, Seventh Fleet, Thomson Locations: Hong Kong, China, Rights BEIJING, South China, United States, U.S, Philippine, Japan, Australia, Britain

☆ Chinese banks should step up lending to private sector, central bank official quoted
▼ + stars: | 2023-08-30 | by ( ) www.reuters.com time to read: +2 min

Paramilitary police officers stand guard in front of the headquarters of the People's Bank of China, the central bank (PBOC), in Beijing, China September 30, 2022. REUTERS/Tingshu Wang/File Photo Acquire Licensing RightsBEIJING, Aug 30 (Reuters) - An official at China's central bank urged banks to step up lending to private companies during a meeting on Wednesday with financial regulators, corporations and lenders, the state-owned Securities Times reported. The central bank will ask financial institutions to set annual targets for services to private firms and vigorously expand loans to companies that are borrowing for the first time, it said. Investment by private companies shrank 0.5% in the first seven months of the year, bigger than the 0.2% decline for the first half. The Shanghai and Shenzhen bourses, major banks including the Industrial and Commercial Bank of China (601398.SS) and China Construction Bank (601939.SS) as well as at least 11 private firms participated the meeting, according to Yicai financial news.

Persons: Tingshu Wang, Ma Jianyang, Yicai, Ellen Zhang, Ryan Woo, Edwina Gibbs Organizations: People's Bank of China, REUTERS, Rights, Securities Times, Investment, Industrial, Commercial Bank of China, China Construction Bank, Titan Wind Energy, Longfor Group, HK, Seazen Holdings, Thomson Locations: Beijing, China, Rights BEIJING, Shanghai, Shenzhen

☆ China's Shenzhen eases mortgage rules for first-home purchases
▼ + stars: | 2023-08-30 | by ( ) www.reuters.com time to read: 1 min

BEIJING, Aug 30 (Reuters) - The Chinese tech hub of Shenzhen issued a notice on Wednesday saying it would let people take preferential loans for first-home purchases regardless of their credit record from Aug. 31, the second major city to ease mortgage rules. The move came after Chinese authorities called on cities on Friday to broaden the definition of first-home mortgages to revive the troubled property market. Guangzhou was the first major city to respond and ease mortgage curbs. Reporting by Ella Cao, Liangping Gao and Ryan Woo; Editing by Andrew HeavensOur Standards: The Thomson Reuters Trust Principles.

Persons: Ella Cao, Liangping Gao, Ryan Woo, Andrew Heavens Organizations: Thomson Locations: BEIJING, Shenzhen, Guangzhou

☆ Bryan Woo leads Mariners to shutout of A's
▼ + stars: | 2023-08-29 | by ( Field Level Media | ) www.reuters.com time to read: +2 min

[1/50] Aug 28, 2023; Seattle, Washington, USA; Oakland Athletics second baseman Zack Gelof (20) slides past Seattle Mariners shortstop J.P. Crawford (3) to steal second base during the first inning at T-Mobile Park. Mandatory Credit: Steven Bisig-USA TODAY Sports Acquire Licensing RightsAugust 29 - J.P. Crawford and Julio Rodriguez hit home runs and rookie Bryan Woo pitched six scoreless innings as the Seattle Mariners defeated the visiting Oakland Athletics 7-0 on Monday. The Mariners' Tayler Saucedo, Isaiah Campbell and Trent Thornton combined for three innings of one-hit relief to complete the shutout. It was the second time in the past four days that Crawford went deep to open a game. The Mariners added three runs in the third.

Persons: Zack Gelof, J.P, Crawford, Steven Bisig, Julio Rodriguez, Bryan Woo, Rodriguez, Tayler Saucedo, Isaiah Campbell, Trent Thornton, Kyle Muller, Eugenio Suarez, Teoscar Hernandez, Ty France's, Dylan Moore's, Muller Organizations: Oakland Athletics, Seattle Mariners, Mobile, Mariners, American League West, Texas Rangers, Houston Astros, Seattle, Oakland, Thomson Locations: Seattle , Washington, USA

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