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☆ Beijing may allow foreign financial firms to list in China - ex-finance minister
▼ + stars: | 2023-03-18 | by ( ) www.reuters.com time to read: +1 min

SHANGHAI, March 18 (Reuters) - China will encourage foreign capital to participate in its financial markets and may allow foreign-funded financial institutions to go public in the country when "conditions are ripe", local media quoted a former finance minister as saying on Saturday. China has been stepping up efforts to woo foreign companies and investors to aid an economic recovery after the dismantling of its zero-COVID policy late last year. It has sped up fund license approvals for foreign asset managers in recent months. Lou also commented on the recent collapse of Silicon Valley Bank, saying Chinese authorities attached great importance to preventing and resolving systemic risks and were trying to improve financial supervision with the creation of a new financial regulatory body. "We will also continue to cooperate with the financial regulatory agencies of other countries to jointly prevent and resolve systemic risks in the global financial system and maintain the stability and prosperity of the global financial market," he added, according to the newspaper.

☆ China fines Deloitte $31 mln for auditing negligence
▼ + stars: | 2023-03-18 | by ( ) www.reuters.com time to read: +2 min

BEIJING, March 17 (Reuters) - China has fined auditing firm Deloitte 211.9 million yuan ($30.8 million) for failing to perform its duty in assessing the asset quality of China Huarong Asset Management Co Ltd (2799.HK), the finance ministry said on its website on Friday. Deloitte's Beijing operations also will be suspended for three months, the ministry said in a statement. Deloitte said it respects and accepts the ministry's decision, according to a statement published on its website. "We regret that, in this matter, the MOF considers certain aspects of our work fell below the required auditing standards," it said. In a separate statement, Huarong said the company and its seven subsidiaries had received a 100,000 yuan fine each.

☆ China opposes Dutch plan to curb chip exports - Chinese ministry
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: +1 min

BEIJING, March 9 (Reuters) - China is opposed to a Dutch plan for restrictions on exports of semiconductor technology, China's foreign ministry said on Thursday. The Netherlands' government on Wednesday said it planned new restrictions on exports of semiconductor technology to protect national security, joining a U.S. effort to curb chip exports to the world second-biggest economy. Chinese foreign ministry spokesperson Mao Ning, asked about the Dutch decision at a regular media briefing, said China had lodged representations with the Netherlands. "We are firmly opposed to the Netherlands' usage of administrative means to intervene and limit normal economic and trade exchanges between Chinese and Dutch companies," Mao said. The U.S. in October imposed sweeping export restrictions on shipments of American chipmaking tools to China.

The city of Zhengzhou in China has seen its fiscal revenue drop and total debt grow in recent years. As China tries to turn the page on one of its worst stretches of growth since the 1970s, its economy is being weighed down by the colossal debts of its local governments, which swelled during the pandemic and are starting to come to a head. Xi Jinping ’s zero-Covid campaign saddled cities with billions of dollars in unplanned expenditures for mass testing and lockdowns. The Chinese leader’s crackdown on excessive property-market leverage led to a sharp drop in land sales, depriving cities of one of their biggest revenue sources.

☆ China's Weibo ups stake in Inmyshow Digital with $315 mln acquisition
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +1 min

March 1 (Reuters) - China's Weibo Corp (9898.HK) said on Wednesday it was raising its stake in Shanghai-listed media marketing firm Inmyshow Digital Technology Group Co Ltd (600556.SS) through the acquisition of ShowWorld Hong Kong Ltd for 2.16 billion yuan ($314.7 million). ShowWorld Hong Kong, a subsidiary of Chinese technology company SINA Corp, holds an 18.4% stake in Inmyshow Digital Technology. On completion of the deal, Weibo will own a cumulative 26.57% stake in Inmyshow, becoming its biggest shareholder. Inmyshow Digital Technology provides its clients with marketing strategies and social media operations. ($1 = 6.8640 Chinese yuan renminbi)Reporting by Archishma Iyer in Bengaluru; Editing by Shailesh Kuber and Sohini GoswamiOur Standards: The Thomson Reuters Trust Principles.

☆ Chinese Developer Is Preparing to Buy Land Again After Painful Slowdown
▼ + stars: | 2023-02-24 | by ( Rebecca Feng | Cao Li | ) www.wsj.com time to read: 1 min

Chinese property developer Country Garden Holdings Co. is planning to buy residential land in local government auctions for the first time in more than a year, a further sign that the downturn in the country’s housing market is easing. The company, one of the largest real-estate developers in China by contracted sales, was hit by a widespread slump in the sector last year that was marked by home sales declines, falling prices and a wave of international bond defaults among its peers.

☆ After Painful Slowdown, a Big Chinese Developer Is Preparing to Buy Land Again
▼ + stars: | 2023-02-24 | by ( Rebecca Feng | Cao Li | ) www.wsj.com time to read: 1 min

☆ China’s State-Owned Property Developers Shun Private-Sector Deals
▼ + stars: | 2023-02-20 | by ( Rebecca Feng | Cao Li | ) www.wsj.com time to read: 1 min

The property-market slowdown has hit state-owned developers, though not as hard as their private-sector counterparts. When China’s private real-estate developers started sliding into distress more than a year ago, the government encouraged state-owned property companies to step in and take over their ailing peers’ projects and assets. That call has gone largely unheeded—a big reason why the country’s housing market remains in the doldrums.

☆ China’s State-Owned Firms Are Sitting Out the Property Rescue
▼ + stars: | 2023-02-20 | by ( Rebecca Feng | Cao Li | ) www.wsj.com time to read: 1 min

☆ Evergrande Probe Finds Management Missteps and Convoluted Financing Arrangements
▼ + stars: | 2023-02-16 | by ( Cao Li | Rebecca Feng | ) www.wsj.com time to read: 1 min

China Evergrande Group’s weak controls and poor management decisions were to blame for a funding arrangement that ultimately led banks to seize $2 billion of deposits held by a subsidiary, an independent investigation found. The property giant used deposits from six units of Evergrande Property Services Group Ltd., a separate Hong Kong-listed company, to borrow money between late December 2020 and early August 2021, when the developer was in need of capital. It was part of a complicated financing arrangement that involved dozens of third-party companies and loans from multiple banks.

☆ China's new home prices rise in Jan for first time in a year
▼ + stars: | 2023-02-16 | by ( ) www.reuters.com time to read: +2 min

More major cities among the 70 surveyed by NBS reported increases in new home prices last month, with prices rising in 36 cities, up from 15 in December. Analysts see rising home prices as a positive sign, but believe more stimulative policies are needed to lift currently dismal demand and spark a longer-term recovery. The property sector, once an engine of the world's second-largest economy, has been hobbled by fragile demand and developers' mounting debt defaults. Prices were down 1.5% year-on-year in January, with the rate of decline unchanged from December. "The roots of the crisis in China's property sector lie in the worsening long-term outlook for demand," said Mark Williams, chief Asia economist at Capital Economics.

☆ China's Xi calls for early resolution of Iran nuclear issue
▼ + stars: | 2023-02-14 | by ( ) www.reuters.com time to read: +3 min

[1/7] Iranian President Ebrahim Raisi shakes hands with Chinese President Xi Jinping during a welcoming ceremony in Beijing, China, February 14, 2023. Iran's President Website/WANA (West Asia News Agency)/Handout via REUTERSBEIJING, Feb 14 (Reuters) - China's President Xi Jinping on Tuesday called for the early and proper resolution of the Iran nuclear issue while expressing his support for the Islamic Republic in safeguarding its rights and interests, according to Chinese state media. China will continue to "participate constructively" in talks to resume negotiations on implementing the Iran nuclear agreement, Xi told Iran's President Ebrahim Raisi in talks in Beijing. In September, the United States imposed new sanctions on companies involved in Iran oil exports, including five based in China. Washington said it would continue enforcing sanctions on Iran's oil and petrochemical sales so long as Tehran continues to accelerate its nuclear program.

☆ China slams U.S. for blacklisting six Chinese entities
▼ + stars: | 2023-02-14 | by ( ) www.reuters.com time to read: +1 min

[1/2] The suspected Chinese spy balloon drifts to the ocean after being shot down off the coast in Surfside Beach, South Carolina, U.S. February 4, 2023. REUTERS/Randall Hill/File PhotoBEIJING, Feb 14 (Reuters) - China resolutely opposes Washington adding six Chinese entities to its trade blacklist after a Chinese balloon was detected over the United States last week and shot down, China's commerce ministry said on Tuesday. "China hopes the U.S. will stop unreasonable suppression of Chinese enterprises, and will take necessary measures to resolutely safeguard legitimate rights and interests of Chinese enterprises," the ministry said. The Biden administration last Friday blacklisted six Chinese entities connected to Beijing's suspected surveillance balloon program. read moreThe entities include the government-owned China Electronics Technology Group Corporation 48th Research Institute, as well as Beijing Nanjiang Aerospace Technology, a unit of Shanghai-listed developer Deluxe Family (600503.SS).

☆ Beijing to support key firms in building ChatGPT-like AI models
▼ + stars: | 2023-02-13 | by ( ) www.reuters.com time to read: +1 min

BEIJING, Feb 13 (Reuters) - China's capital Beijing will support leading enterprises in building large artificial intelligence (AI) models that can challenge ChatGPT, the city's economy and information technology bureau said on Monday. The city will support key firms to invest in building an open source framework and accelerate the supply of basic data, it said in a statement. Microsoft-backed OpenAI's hit chatbot ChatGPT has become the fastest-growing consumer application in history and is rapidly raising awareness in China about how advanced U.S. AI is. Chinese regulators have not commented on ChatGPT so far, though state media has warned about stock market risks amid a frenzy over local ChatGPT-concept stocks. Reporting by Ella Cao and Liz Lee; Editing by Toby Chopra and Sharon SingletonOur Standards: The Thomson Reuters Trust Principles.

☆ Beijing city will support key firms to build ChatGPT-like AI models
▼ + stars: | 2023-02-13 | by ( ) www.reuters.com time to read: 1 min

BEIJING, Feb 13 (Reuters) - China's capital Beijing will support leading enterprises to build large artificial intelligence (AI) models that can challenge ChatGPT, the city's economy and information technology bureau said on Monday. The city will support key firms to invest in building open source framework and accelerate the supply of basic AI data, according to the statement. Reporting by Ella Cao and Liz Lee; Editing by Toby ChopraOur Standards: The Thomson Reuters Trust Principles.

☆ Chinese Consumers Hoard Cash After Confidence Takes a Hit
▼ + stars: | 2023-02-08 | by ( Cao Li | ) www.wsj.com time to read: 1 min

Beijing is trying to kick-start economic growth after lifting its stringent Covid-19 restrictions. One challenge: Chinese citizens borrowed less and saved more last year and it isn’t clear how long it will take to return to freer-spending ways. Individuals in China took out the equivalent of $564 billion in new loans in 2022, down more than half from a year earlier, marking the lowest total since 2014 according to government data. The big drop was largely due to a decline in home sales, which translated into lower demand for new mortgages. Everyday consumer spending also took a hit during lockdowns that affected many Chinese cities, reducing the need for short-term borrowing.

☆ 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.

☆ Vietnam seizes 600 kg of ivory smuggled from Africa
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: +1 min

[1/2] Seized elephant ivory and rhino horns are destroyed by Vietnamese authorities in Hanoi November 12, 2016. REUTERS/Nguyen Thanh Cao/File PhotoHANOI, Feb 6 (Reuters) - Vietnamese authorities have over the past week seized more than 600 kilograms of ivory smuggled from Africa, the government said on Monday. Trade in ivory is illegal in Vietnam but wildlife trafficking remains widespread. This followed the finding of nearly 500 kilograms of African ivory on Thursday last week at Lach Huyen Port in the city, the government said. This has been the largest seizure of smuggled ivory in the country in more than four years.

The 8.4 trillion yuan ($1.24 trillion) decrease in profits in 2022 followed a 34.3% rise in 2021. Frequent and widespread COVID disruptions hit production at industrial firms, hurting both supply and demand sides and putting huge upward pressure on costs, said Bruce Pang, chief economist at Jones Lang Lasalle. In 2022, profits at foreign firms slumped 9.5%, while those at private-sector firms shrank 7.2%, NBS data showed. Industrial profits data covers firms with annual revenue above 20 million yuan from their main operations. Liabilities at industrial firms rose 8.6% in 2022 from a year earlier, compared with 9.0% growth as of end-November.

☆ Rights group says several Chinese 'white paper' protestors still in detention
▼ + stars: | 2023-01-26 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI, Jan 26 (Reuters) - Several demonstrators who were apprehended for publicly protesting China's then-ongoing zero-COVID policy remain in detention, face charges or have not been heard from, Human Rights Watch said in a report on Thursday. Many demonstrators held up blank sheets of white paper, which became a symbol of their discontent. Some protestors also shouted slogans calling for the ouster of President Xi Jinping or the ruling Communist Party. In Shanghai, the whereabouts of two protestors who demonstrated on Wulumuqi Road, Li Yi and Chen Jialin, are unknown, Human Rights Watch said. Human Rights Watch said "a few" protestors were released on bail.

☆ In China, Young Women Become Accidental Symbols of Defiance
▼ + stars: | 2023-01-25 | by ( Shen Lu | Liyan Qi | ) www.wsj.com time to read: 1 min

Late on Nov. 27, book editor Cao Zhixin, who was about to turn 26 years old, joined a protest near Beijing’s embassy district with a few of her friends. It was a spur-of-the-moment decision that accidentally made them symbols of the most public display of defiance in a generation—as well as the state’s forceful response. The rally was billed as a vigil for victims of a deadly fire in an apartment building in China’s west that had been under Covid-19 lockdown. Ms. Cao and her friends brought flowers and candles and sang, along with the crowd, the traditional Chinese lament “Farewell.”

☆ 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.

But retailers in popular Asian destinations are desperate to take advantage of the return of a first wave of Chinese tourists as the country reopens borders after three long years of COVID-19 curbs. And robust demand for destinations like Macau, Hong Kong, Taiwan and Thailand has boosted prospects for the battered travel industry, Ctrip booking data shows. Still, destinations elsewhere show that the return of Chinese tourists remains at a very early stage. Fresh COVID testing requirements for Chinese tourists in some locations may be acting as a barrier, while some countries also require visas that take time to process. Retailers in South Korea are also not seeing a huge influx in Chinese tourists yet, citing the suspension of short-term visas for travellers between both countries.

☆ China’s Property Bust Compounds Economic Pain
▼ + stars: | 2023-01-19 | by ( Rebecca Feng | Cao Li | ) www.wsj.com time to read: 1 min

Home prices in China have been declining sequentially on average across 70 major cities that the government tracks. HONG KONG—China’s housing market flipped from being a growth driver to an economic drag in 2022, with sales slumping, prices falling and widespread job losses. The prognosis for this year isn’t much better, compounding Beijing’s efforts to get its economy back on firmer footing. Sales of new residential properties in the country tumbled 28% last year to the equivalent of $1.7 trillion in value terms, a five-year low. By floor area, they dropped to their lowest level in nearly a decade, after a wave of real-estate developer debt defaults, delays in construction of unfinished apartments and Covid-19 lockdowns dampened consumer confidence.

☆ China's Dec home prices fall, more supportive policies likely
▼ + stars: | 2023-01-16 | by ( ) www.reuters.com time to read: +3 min

Analysts say the property sector is showing signs of recovery, but it remains uneven and more supportive policies are needed to revive sentiment in the battered market. From a year earlier, prices fell for the eighth month in a row, dropping 1.5% from a 1.6% slump in November. Prices in tier-one cities remained unchanged from a month earlier in December from a decline of 0.2% in November. To relax restrictions on borrowing for property developers, regulators will improve the "three red lines" rule for 30 pilot firms, state media Xinhua reported last week. The policy restricts the amount of new borrowing property developers can raise each year by placing caps on their debt ratios.

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