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☆ China's Xi tells CATL he has mixed feelings about its battery market dominance
▼ + stars: | 2023-03-07 | by ( ) www.reuters.com time to read: +2 min

[1/2] Chinese President Xi Jinping attends the opening session of the Chinese People's Political Consultative Conference (CPPCC) at the Great Hall of the People in Beijing, China March 4, 2023. REUTERS/Thomas PeterSHANGHAI, March 7 (Reuters) - Chinese President Xi Jinping told CATL (300750.SZ) on Monday he had mixed feelings about its status as the world's largest battery maker - remarks that come at a time when the company is rapidly expanding abroad and moving to undercut domestic rivals. After a presentation by CATL Chairman Zeng Yuqun who described how the firm commands 37% of the global battery market, Xi was quoted as saying that he was "both happy and worried", glad about its leading position but concerned about the risks. "Emerging industries must do a good job in planning, figuring out how big the market is and where the risks are. CATL's shares fell 1.6% on Tuesday, in line with a decline in China's blue chip CSI300 Index.

☆ NPC 2023: Xi Jinping hits out at US as he urges China's private firms to 'fight' alongside Communist Party
▼ + stars: | 2023-03-07 | by ( Laura He | ) edition.cnn.com time to read: +5 min

“The private sector is an important force for our party to govern in the long term,” Xi said. Business confidence has plummeted following an unprecedented regulatory crackdown on the private sector and increasing uncertainties about China’s future path. Major contributorThe private sector, despite being dwarfed in size by the state sector, contributes more than 60% to China’s GDP and over 80% of employment, according to official statistics. It’s also necessary to protect the property rights of private companies and entrepreneurs and treat state firms and private companies equally, so as to “boost market expectations and confidence,” he said. “[We should] let private companies play an important role in stabilizing employment and increasing [government] income,” he said.

☆ China's Xi has mixed feelings about CATL's battery market dominance
▼ + stars: | 2023-03-07 | by ( ) www.reuters.com time to read: +3 min

[1/2] Chinese President Xi Jinping attends the opening session of the Chinese People's Political Consultative Conference (CPPCC) at the Great Hall of the People in Beijing, China March 4, 2023. "Emerging industries must do a good job in planning, figuring out how big the market is and where the risks are," Xi was quoted as saying. At the same time, it has come under growing pressure from Washington, which has restricted Chinese companies' access to advanced AI chips and other semiconductors, citing national security. The Ford-CATL partnership will be win-win for both parties without threatening China's leadership in the EV industry, Dong wrote. Reporting by Zhang Yan and Brenda Goh Editing by Edwina Gibbs and David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Costco's quarterly results show why we're long-term investors, despite softer sales
▼ + stars: | 2023-03-02 | by ( Jeff Marks | ) www.cnbc.com time to read: +7 min

After factoring in tonight's move lower, Costco shares have gained roughly 3.3% year-to-date, compared to a 3.7% increase in the S & P 500 . While it's a positive development to see Costco's margins expand from last year, it's also important to note that management doesn't run the business for profit margins. On the post-earnings conference call with analysts and investors, Costco management broke down all the levers of the quarterly margin performance. Costco's 2% reward program was a two-basis-point headwind on both sides due to more sales coming from Costco's executive members. February sales Alongside its fiscal second-quarter results Wednesday, Costco provided comparable sales for the four-week period ended Feb 26.

☆ FDA advisors recommend GSK's RSV vaccine for older adults, but flag potential safety risks
▼ + stars: | 2023-03-01 | by ( Spencer Kimball | ) www.cnbc.com time to read: +6 min

Ten of the FDA advisors said the safety data on GSK's vaccine was adequate, while two said it was not. The panel reached a similar conclusion in a narrow 7 to 4 vote Tuesday on Pfizer's application to clear its RSV vaccine. While the advisors erred toward recommending approval, they also raised concern over a possible link to Guillain-Barre syndrome. Both companies have asked the FDA to approve their RSV shot for adults ages 60 and older. The FDA said the cases are possibly related to either GSK's RSV vaccine or the flu shot that was administered with it.

☆ China's President Xi, poised for third term, urges 'intensive' state and party revamp
▼ + stars: | 2023-02-28 | by ( Ryan Woo | ) www.reuters.com time to read: +3 min

BEIJING, Feb 28 (Reuters) - Chinese President Xi Jinping envisages "intensive" and "wide-ranging" re-organisation of state and Communist Party entities, with part of the plan to be presented to the annual meeting of parliament, state media said on Tuesday . At the October congress, the party made clear that reforms of institutions were needed, including reforms to the financial system, Xi said. The overall reform plan will be "targeted, intensive and wide-ranging, touching on deep-rooted interests", Xi was quoted as saying in a speech before the Central Committee. 'REJUVENATION'China's "rejuvenation" must be guided by Xi and the Central Committee as national governance is "modernised", the Central Committee said in a communique but it offered no details. China's development still faces triple pressures including a demand contraction, supply shocks and weakened expectations, the Central Committee said in its communique.

☆ China says its economic recovery is still not solid - state media
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +1 min

BEIJING, Feb 28 (Reuters) - China said on Tuesday the foundation of its economic recovery is not yet solid, and various unexpected factors may occur at any time, state media reported. The communique was released at the second plenary session of CPC's central committee, which was held from Feb. 26 to Feb. 28. More than 200 members of central committee discussed a draft of reforms to party and state organisations which will be examined at the upcoming 14th National People’s Congress (NPC). The central committee also approved a proposed list of leadership candidates to be recommended at the first session of the upcoming Congress. The 14th NPC, an annual meeting of parliament where thousands of delegates from across China will gather in the capital, Beijing, kicks off on Sunday.

☆ China's Communist party cautious on economy, reiterates party's leadership
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +2 min

China's development still faces triple pressures including demand contraction, supply shock and weakened expectations, the Communist Party's Central Committee said in a communique after a major three-day gathering, according to the official Xinhua News Agency. China's "rejuvenation" must be guided by Xi and the Central Committee as national governance is being "modernised", the committee said in the communique but it offered no details. "It is necessary to fully, accurately and comprehensively implement a new development concept," the committee, the largest of the party's top decision-making bodies, said. More than 200 members of the Central Committee discussed a draft of reforms to party and state organisations that will be examined at an upcoming session of the National People's Congress, China's legislature. Xi is also widely expected to secure his third five-year term as president, after clinching a precedent-breaking third party leadership term in October last year.

☆ China declares 'decisive victory' over COVID-19
▼ + stars: | 2023-02-17 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Jennifer LorenziniBEIJING, Feb 17 (Reuters) - China's top leaders declared a "decisive victory" over COVID-19, claiming the world's lowest fatality rate, although experts have questioned Beijing's data as the coronovirus tore across the country after largely being kept at bay for three years. China abruptly ended its zero-COVID policy in early December, with 80% of its 1.4 billion population becoming infected, a prominent government scientist said last month. Though there were widespread reports of packed hospital wards and mortuaries, China recorded only about 80,000 COVID deaths in hospitals in the two months after dropping its curbs. "With continuous efforts to optimise COVID-19 prevention and control measures since November 2022, China's COVID-19 response has made a smooth transition in a relatively short time," China's Politburo Standing Committee (PSC) said in a meeting on Thursday. The meeting stressed that China will increase the vaccination rate for the elderly, and strengthen the supply and production of medical goods.

☆ Gas, airfares, car insurance: How transportation costs are impacting high inflation
▼ + stars: | 2023-02-17 | by ( Lorie Konish | ) www.cnbc.com time to read: +2 min

Xinhua News Agency | Xinhua News Agency | Getty ImagesMeanwhile, fuel oil dipped 1.2% in January but was up 27.7% for the past 12 months. While high gas prices made headlines in 2022, prompting gas tax holidays in some states, those prices have subsided from last year's highs. Gas prices "did rise in January and that was mostly due to the weather," said Andrew Gross, spokesperson at AAA. Other transportation costs are in fluxNew vehicles are up 5.8% over the past 12 months ending Jan. 30, and up 0.2% for the month. However, used cars and trucks, a category that surged during record high inflation, are now down 11.6% for the past 12 months and down 1.9% for January.

☆ Luxury stocks rally from China reopening, but world's largest luxury market may choose to shop 'in-house'
▼ + stars: | 2023-02-01 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +4 min

In the past, trips abroad often included personal luxury purchases for affluent Chinese consumers looking to take advantage of currency and tax benefits. CFOTO | Future Publishing | Getty Images"China's domestic luxury consumption should far exceed that of overseas luxury consumption," said Zhang, who estimates that in the long run, domestic luxury consumption will account for 70% of the Chinese luxury consumers' spending, and a mere 30% from abroad. That would be the inverse of spending patterns before 2017, when over 70% of Chinese luxury spending took place outside of China, according to Zhang. He added it is unlikely the share of overseas luxury shopping for Chinese consumers will recover to pre-pandemic levels of over 70%. The increasing digitalization of shopping processes has also facilitated Chinese shopping online for luxury goods, Bain & Co said in a report.

☆ Holiday trips within China surge after COVID curbs lifted
▼ + stars: | 2023-01-28 | by ( Yew Lun Tian | ) www.reuters.com time to read: +2 min

According to official data, the number of COVID deaths a showed weekly decline, however. China abandoned its strict "zero COVID" policy in early December after protests against the restrictions, allowing people to travel and the virus to spread rapidly throughout the country. An estimated 226 million domestic trips were made by all means including flights during the holiday week, state broadcaster CCTV reported, citing government figures. This compares to around 130 million domestic trips during the holiday week last year, according to the transport ministry, but is still far below pre-pandemic levels: In the last Lunar New Year holiday before the novel coronavirus emerged in late 2019, some 420 million trips were made. During the Lunar New Year holiday in 2019, 12.53 million cross-border trips were made, the Xinhua news agency reported.

☆ Holiday trips within China surge after lifting of COVID curbs
▼ + stars: | 2023-01-28 | by ( Yew Lun Tian | ) www.reuters.com time to read: +2 min

BEIJING, Jan 28 (Reuters) - The number of people making trips inside China over the week-long Lunar New Year holiday surged 74% from last year after authorities scrapped COVID-19 curbs that had stifled travel for three years, media reported on Saturday. An estimated 226 million domestic trips were made by all means including plane during the holiday week that ended on Friday, state broadcaster CCTV reported, citing government figures. That compares with about 130 million domestic trips during the holiday week last year, according to the transport ministry. In the last Lunar New Year holiday before the novel coronavirus emerged in late 2019 in the central city of Wuhan, some 420 million trips were made internally. During the Lunar New Year holiday in 2019, a total of 12.53 million cross-border trips were made, the Xinhua news agency reported.

☆ China domestic tourism picks up over Lunar New Year as COVID curbs end
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: +2 min

A total of 308 million tourism trips within China have been made during the current holiday period, up 23.1% from 2022's Lunar New Year break and marking a recovery to 88.6% of the number in 2019, data from the culture and tourism ministry showed on Friday. Revenue generated from domestic tourism during this year's holiday stands at 375.84 billion yuan ($55.41 billion), or 73.1% of that in 2019, according to the tourism ministry data. Authorities in early January ended a requirement that inbound travellers had to undergo hotel quarantine upon arrival, a policy that had crippled international travel. Despite the jump, international travel over the holiday period has yet to rebound to pre-COVID levels. During the Lunar New Year holiday in 2019, a total of 12.53 million cross-border trips were made, the official Xinhua news agency reported.

That surge in demand and limited supply contributed to higher prices. But diners will likely still pay higher menu prices than they were last year. Dutch Bros. Coffee CEO Joth Ricci told CNBC that most coffee businesses hedge their prices six to 12 months in advance. However, Zandi said, if the job market remains strong, inflation eases and wages grow, Americans can better manage higher prices for airfare and other items. Several hot pandemic items, including TVs, computers, sporting goods and major appliances have dropped in price, according to Labor Department data from December.

☆ Death toll from Tibet avalanche rises to 28
▼ + stars: | 2023-01-20 | by ( ) www.reuters.com time to read: +1 min

BEIJING, Jan 21 (Reuters) - At least 28 people were killed in an avalanche in the city of Nyingchi in the southwestern region of Tibet, the official Xinhua news agency reported late on Friday. Fifty-three survivors were found, five of whom were seriously injured, Global Times reported, citing a local government official in the western Chinese region. read moreWith an altitude of nearly 4,500 metres (14,764 ft), Doxong La mountain has steep slopes and Doxong La section of the road is rugged. The avalanche was triggered by strong winds as the weather gets warm, Xinhua added. Reporting by Beijing newsroom; Editing by Himani SarkarOur Standards: The Thomson Reuters Trust Principles.

[1/3] A medical worker helps a patient receiving treatment at the emergency department of a hospital, amid the coronavirus disease (COVID-19) outbreak in Shanghai, China January 17, 2023. Some health experts expect more than one million people will die from the disease in China this year, with British-based health data firm Airfinity forecasting COVID fatalities could hit 36,000 a day next week. Hospitalisations rose by 70% on the previous week to 63,307, according to the WHO, citing data submitted by Beijing. China said last Saturday that nearly 60,000 people with COVID had died in hospital between Dec. 8 and Jan. 12 - a roughly 10-fold increase from previous disclosures. However, that number excludes those who died at home, and some doctors in China have said they are discouraged from putting COVID on death certificates.

☆ Senior Australian official asks China to remove trade impediments
▼ + stars: | 2023-01-19 | by ( ) www.reuters.com time to read: +2 min

SYDNEY, Jan 20(Reuters) - Australia's Assistant Minister for Trade Tim Ayres called for the removal of China's "trade impediments" on Australian exports in a meeting with his Chinese counterpart on the sidelines of the World Economic Forum, his office said. China's Xinhua news agency earlier reported that Thursday's meeting between Australian and Chinese officials had agreed that trade ministers from the two nations will hold virtual discussions "in the near future." No date has been set for the video meeting between Chinese Commerce Minister Wang Wentao and his Australian counterpart, Don Farrell, it said. "Assistant Minister Ayres raised the importance of cooperation to deliver the outcomes of the World Trade Organization 12th Ministerial Conference, and the removal of current trade impediments affecting Australian exports to China in both countries' interests," a spokeswoman for Ayres said in a statement. Canberra has two complaints at the World Trade Organisation against China's tariffs on Australian wine and barley, and is watching to see if Beijing lifts unofficial trade blockages on other Australian exports.

☆ Millions of Chinese workers on the move ahead of Friday travel peak
▼ + stars: | 2023-01-18 | by ( Bernard Orr | ) www.reuters.com time to read: +4 min

[1/3] A medical worker helps a patient receiving treatment at the emergency department of a hospital, amid the coronavirus disease (COVID-19) outbreak in Shanghai, China January 17, 2023. Travellers bustled through railway stations and subways in Beijing and Shanghai, many ferrying large wheeled suitcases and boxes stuffed with food and gifts. The infection rate in the southern city of Guangzhou, capital of China's most populous province, has now passed 85%, local health officials announced on Wednesday. Clinics in rural villages and towns are now being fitted with oxygenators, and medical vehicles have also been deployed to isolated areas. Doctors in both public and private hospitals were being actively discouraged from attributing deaths to COVID, Reuters reported on Tuesday.

☆ China zero-Covid: Local governments reveal billions spent on fighting the pandemic
▼ + stars: | 2023-01-16 | by ( Laura He | ) edition.cnn.com time to read: +4 min

Last week, local governments across China began to convene for annual legislative sessions laying out their respective policy goals for the year. Economists estimated the entire year’s deficit could hit a record 10 trillion yuan ($1.4 trillion) in 2022. Beijing, the nation’s capital, said Sunday that it had spent nearly 30 billion yuan ($4.5 billion) last year on preventing and controlling Covid. The city didn’t reveal its 2021 Covid spending. During the past three years, the bills amounted to 30.5 billion yuan ($4.6 billion.)

☆ China expects annual production capacity of C919 planes to reach 150 in 5 years
▼ + stars: | 2023-01-12 | by ( ) www.reuters.com time to read: +1 min

BEIJING, Jan 12 (Reuters) - China expects to reach annual production capacity of 150 domestically-produced C919 planes in five years, government-backed media The Paper said on Friday. Zhang Yujin, deputy general manager of China's state-owned Commercial Aviation Corp of China (COMAC), the maker of C919, said the company had received more than 1,200 orders for the jet. "The first orders are from China Eastern Airlines (600115.SS), and at present a number of carriers are vying for our orders," Zhang said, adding that there would be "qualitative change" in terms of C919's production capacity. COMAC delivered the first C919to China Eastern in December, and the maiden commercial flight is expected to take place in spring this year, according to state-owned Xinhua News Agency. Editing by Jane MerrimanOur Standards: The Thomson Reuters Trust Principles.

South Korea on Tuesday hit back at claims that its Covid rules for Chinese travelers are "discriminatory," saying more than half of its imported cases are coming from China. Citing South Korea's proximity to China, Choi said a surge in infections in China could put South Korea at risk. But South Korea and Japan — two top destinations for Chinese travelers — said they are not increasing flights in response to China's border reopening. China's embassies in South Korea and Japan announced Tuesday that they would stop issuing visas to "Korean nationals" and "Japanese citizens." Choi said South Korea's new Covid travel restrictions are "only temporary" and were made to "place the highest priority on the health and safety of people residing in South Korea."

☆ Ant-linked firms' shares rise after news of Jack Ma ceding control; Alibaba jumps
▼ + stars: | 2023-01-09 | by ( ) www.reuters.com time to read: +4 min

Jan 9 (Reuters) - Shares of listed Chinese companies that count Ant Group as a major shareholder rose on Monday after announcements that Ant founder Jack Ma is giving up control of the fintech giant following an overhaul. Ant indirectly owns stakes ranging from more than 20% to slightly more than 5% in those companies. Ant said over the weekend that founder Jack Ma will give up control of the company. China's domestic A-share market requires companies to wait three years after a change in control to list. read moreLi Nan, professor of Finance at Shanghai Jiaotong University, however said Ant's inherent problems remain after its change of control.

[1/5] Passengers push their luggage through the international arrivals hall at Beijing Capital International Airport after China lifted the coronavirus disease (COVID-19) quarantine requirement for inbound travellers in Beijing, China January 8, 2023. China's management of COVID was technically downgraded to "Category B" on Sunday, although many curbs have been dropped for weeks. Officially, China has reported just 5,272 COVID-related deaths as of Jan.8, one of the lowest rates of death from the infection in the world. State broadcaster CCTV reported on Sunday that direct flights from South Korea to China were close to sold out. South Korea like many other countries now requires travellers from China, Macau and Hong Kong to provide negative COVID test results before departure.

☆ Premarket stocks: Bonds are back, but for how long?
▼ + stars: | 2023-01-09 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

New York CNN —Stocks soared on Friday to their best day in more than a month. But the big turnaround story during the short first week of the year isn’t just about equities, it’s also about bonds. Bonds are particularly sensitive to those increases — as rates are hiked, the price of existing bonds falls as investors prefer the new debt that will soon be issued with those higher interest payouts. This time around, investors are scooping up bonds as they anticipate the pace of Fed interest rate hikes will soon ease. Core bonds, or US investment grade debt, tend to perform well during Fed rate hike pauses.

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