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☆ Xi tells ex-Philippine president Duterte to promote ties with China
▼ + stars: | 2023-07-17 | by ( ) www.reuters.com time to read: +2 min

BEIJING, July 17 (Reuters) - China's President Xi Jinping told former Philippine President Rodrigo Duterte to continue to promote cooperation between the two countries, after bilateral relations cooled with Duterte's successor seeking closer ties with Washington. Ferdinand Marcos Jr was elected as president for a six-year term in 2022, taking over from Duterte who had adopted a more pro-China stance. Under Marcos, relations between China and the Philippines have grown tense, with Manila pivoting back to its traditional ally, the United States. "During your tenure as president of the Philippines, you had resolutely made the strategic choice to improve relations with China in an attitude of being responsible to the people and to history," Xi told Duterte. Last month, Duterte told domestic media that the Philippines could become a "graveyard" if it gets caught up in U.S.-China tensions.

Persons: Xi Jinping, Rodrigo Duterte, Ferdinand Marcos Jr, Xi, Marcos, Joe Biden, Duterte, Ryan Woo, Sharon Singleton Organizations: Washington, . Washington, Beijing, Thomson Locations: BEIJING, Philippine, Duterte, China, Philippines, Beijing, Manila, United States, U.S, ., Taiwan

☆ China logs 52.2 Celsius as extreme weather rewrites records
▼ + stars: | 2023-07-17 | by ( ) www.reuters.com time to read: +2 min

The target of keeping long-term global warming within 1.5C is moving out of reach, climate experts say. Prolonged bouts of high temperatures in China have challenged power grids and crops, and concerns are mounting of a possible repeat of last year's drought, the most severe in 60 years. China is no stranger to dramatic swings in temperatures across the seasons but the swings are getting wider. Since then, the heaviest rains in a decade have hit central China, ravaging wheat fields in an area known as the country's granary. Reporting by Ryan Woo; Editing by Tom HogueOur Standards: The Thomson Reuters Trust Principles.

Persons: John Kerry, Xie Zhenhua, Ryan Woo, Tom Hogue Organizations: U.S, Thomson Locations: BEIJING, Sanbao, Xinjiang's Turpan, Xinjiang, Ayding, Asia, China, Mohe, Heilongjiang, United States, Beijing

☆ China's Wang Yi urges EU to 'clarify' its position on partnership
▼ + stars: | 2023-07-15 | by ( ) www.reuters.com time to read: +2 min

BEIJING, July 15 (Reuters) - The European Union must further "clarify" its position on its strategic partnership with Beijing, China's top diplomat Wang Yi told European Union foreign policy chief Josep Borrell, as EU leaders called for reduced dependence on China. The launch of an EU-China comprehensive strategic partnership in 2003 had promised to elevate ties beyond trade and investment. In March, European Commission President Ursula von der Leyen said a hardening of China's position required Europe to "de-risk" both economically and diplomatically. During his meeting with Borrell, Wang called on both sides to guard against the politicisation of economic issues and the use of "de-risking" as another term for "decoupling". There is no fundamental conflict of interest between China and the EU, Wang said.

Persons: Wang Yi, Josep Borrell, Wang, Borrell, Ursula von der Leyen, Ryan Woo, Michael Perry, William Mallard Organizations: European Union, EU, Twitter, Thomson Locations: BEIJING, Beijing, China's, China, EU, Moscow, Ukraine, Jakarta, Europe, Taiwan

Prices were also unchanged from a year earlier, retreating from a 0.1% increase in May. The property sector, accounting for one-fourth of activity in the world's second-biggest economy, slumped sharply last year as developers defaulted on debts and suspended construction of presold housing projects. Markets widely expect more stimulus around a meeting of the ruling Communist Party's Politburo late this month, setting the tone for economic policies in the second half of the year. Thirty-one of the 70 cities monitored by NBS recorded month-on-month rises in new home prices, down from 46 in May. Prices were flat after rising in May in tier-one cities including Beijing and tier-two cities.

Persons: Chen Xiao, Hunter, Chen, Zou Lan, Goldman Sachs, dampening, Qiaoyi Li, Liangping Gao, Ryan Woo, Kim Coghill, William Mallard Organizations: National Bureau of Statistics, Communist Party's Politburo, Zhuge, NBS, People's Bank of China, Thomson Locations: BEIJING, Beijing

☆ Xi Jinping calls for 'solid' security barrier around China's internet
▼ + stars: | 2023-07-15 | by ( ) www.reuters.com time to read: +2 min

BEIJING, July 15 (Reuters) - Chinese President Xi Jinping said China must build a "solid" security barrier around its internet under the supervision of the ruling Communist Party, in his latest call to safeguard online data and information. In the past decade, Xi has made preserving security a priority, with his concept of security covering everything from politics and the economy to the environment and cyberspace. In 2015, China passed a national security law with a broader scope to include its cyberspace. A year later, a law was passed that contained requirements for security reviews and for data to be stored on servers in China. Navigating China's dense network of rules and laws on online data and information is not without risk for companies.

Persons: Xi Jinping, Xi, Didi, Ryan Woo, Christina Fincher Organizations: Communist Party, Xinhua, Bain, Co, Financial, Reuters, Beijing, Thomson Locations: BEIJING, China, Beijing, U.S, Shanghai, United States

☆ China's top diplomat urges stable ties with India as military tensions simmer
▼ + stars: | 2023-07-15 | by ( ) www.reuters.com time to read: +2 min

BEIJING, July 15 (Reuters) - China's top diplomat Wang Yi told the Indian foreign minister that bilateral ties need to be stabilised, as the two Asian neighbours searched for ways to ease simmering military tensions along their vast border. Since the 1990s, ties have improved after a series of border agreements, and China is now India's second-largest trading partner. China and India need to work in the same direction to find a solution to border issues acceptable to both sides, Wang told Jaishankar during their meeting on Friday. The two sides agreed to hold the next round of military commander-level talks on border issues at an early date, the Chinese foreign ministry said. On India's recent restrictions against Chinese companies, Wang urged a fair, transparent and non-discriminatory business environment for Chinese companies.

Persons: Wang Yi, Wang, Subrahmanyam Jaishankar, Jaishankar, Ryan Woo, Edmund Klamann Organizations: ASEAN, Affairs, Thomson Locations: BEIJING, Indonesian, Jakarta, India, China, New Delhi

☆ South Korea asks China to play 'constructive role' against North's threats
▼ + stars: | 2023-07-14 | by ( ) www.reuters.com time to read: +2 min

It is a common interest of Seoul and Beijing for North Korea to stop provocations and return to dialogue, his office said. Relations between South Korea and China have also worsened since China's ambassador last month warned South Korea against making a wrong bet when it comes to Sino-U.S. rivalry. South Korean President Yoon Suk Yeol had already angered China in April by saying the Taiwan issue was not merely an issue between China and democratically governed Taiwan, but a "global" issue similar to North Korea. "It is hoped that the South Korean side will abide by the one-China principle and handle it prudently and properly." China is willing to work with South Korea on rebuilding mutual trust and pushing their strategic partnership back to a healthy track, Wang said.

Persons: Jin, Wang Yi, Yoon Suk Yeol, Wang, Soo, hyang Choi, Ryan Woo, Christina Fincher, Devika Syamnath, Edmund Klamann Organizations: Korea's Foreign, Association of Southeast Asian Nations, United Nations Security Council, South, ASEAN, Thomson Locations: SEOUL, China, Pyongyang, Jakarta, Seoul, Beijing, North Korea, Russia, Washington, Moscow, emboldening North Korea, South Korea, U.S, Taiwan

☆ China beats rivals to successfully launch first methane-liquid rocket
▼ + stars: | 2023-07-12 | by ( ) www.reuters.com time to read: +1 min

BEIJING, July 12 (Reuters) - A private Chinese company launched into orbit on Wednesday the world's first methane-liquid oxygen rocket, beating U.S. rivals in sending what could become the next generation of launch vehicles into space. The Zhuque-2 carrier rocket blasted off at 9 a.m. (0100 GMT) from the Jiuquan Satellite Launch Center in northwest China and completed its flight according to plan, state media reported. It was the second attempt by Beijing-based LandSpace, one of the earliest firms in China's commercial launch sector, to launch the Zhuque-2. LandSpace also became the second private Chinese company to launch a liquid-propellent rocket. In April, Beijing Tianbing Technology successfully launched a kerosene-oxygen rocket, taking another step towards developing rockets that can be re-fuelled and reused.

Persons: Elon Musk's, Jeff Bezos, LandSpace, Ryan Woo, Robert Birsel Organizations: U.S, Elon, Elon Musk's SpaceX, Beijing Tianbing Technology, Thomson Locations: BEIJING, China, Beijing, U.S

☆ Premier urges Chinese tech giants to support economy as crackdown ends
▼ + stars: | 2023-07-12 | by ( ) www.reuters.com time to read: +2 min

After listening to suggestions from firms that also included PDD Holdings' (PDD.O) Pinduoduo and JD.com (9618.HK), Li told them authorities would seek to make regulation of platform firms more transparent and predictable. Shares in some U.S.-listed Chinese firms rallied in premarket trade, with Alibaba Group Holding gaining 2.2% and PDD Holdings rising 2.7%. Still Zhou Hao, economist at Guotai Junan International, said Wednesday's meeting was a "positive signal". "A sound development of the platform economy is very significant to investors too. Prudent development of platform firms is important to investors' long-term valuation," he added.

Persons: Li Qiang, Li, ByteDance's Douyin, Zhou Hao, Ella Cao, Brenda Goh, Ellen Zhang, Ethan Wang, Ryan Woo, Barbara Lewis, Mark Potter Organizations: Wednesday, HK, PDD Holdings, Alibaba, Ant, Reuters, Guotai, Thomson Locations: BEIJING, China, premarket

☆ China lashes back at NATO criticism, warns it will protect its rights
▼ + stars: | 2023-07-12 | by ( ) www.reuters.com time to read: +3 min

"The PRC's malicious hybrid and cyber operations and its confrontational rhetoric and disinformation target Allies and harm Alliance security." NATO Secretary General Jens Stoltenberg told reporters at the summit that while China was not a NATO "adversary", it was increasingly challenging the rules-based international order with its "coercive behaviour." "Any act that jeopardises China's legitimate rights and interests will be met with a resolute response," it said. In the communique, NATO also said China sought to control key technological and industrial sectors, critical infrastructure, and strategic materials and supply chains, and that Beijing also used its economic leverage to create strategic dependencies and enhance its influence. Reporting by Liz Lee and Ryan Woo; Editing by Tom Hogue and Michael PerryOur Standards: The Thomson Reuters Trust Principles.

Persons: Jens Stoltenberg, Fumio Kishida, Yoon Suk Yeol, Kishida, Liz Lee, Ryan Woo, Tom Hogue, Michael Perry Organizations: NATO, Alliance, South, Thomson Locations: BEIJING, Beijing, China, Asia, Pacific, Lithuanian, Vilnius, People's Republic of China, NATO, Ukraine, Taiwan, East Asia, Japan, Tokyo

☆ China plans to send two rockets for crewed moon landing
▼ + stars: | 2023-07-12 | by ( ) www.reuters.com time to read: +2 min

BEIJING, July 12 (Reuters) - China plans to send two rockets to the moon by 2030, one carrying the spacecraft that will land on the surface and the other transporting the astronauts. The race to send people to the moon has intensified in recent years with both China and the United States are eyeing potential mineral resources on the moon. The last NASA crewed landing was in 1972, and U.S. astronauts are expected to return to the moon by 2025. To meet China's lunar objectives, Chinese researchers are developing the super-heavy Long March 10 carrier rocket, a new-generation crewed spacecraft, a lunar lander, and a crewed lunar rover, according to Zhang. In 2020, China brought back lunar samples from the moon on an uncrewed mission, making China the third nation to have retrieved lunar samples after the United States and the Soviet Union.

Persons: Zhang Hailian, Zhang, Ryan Woo, Michael Perry Organizations: China Manned Space Agency, China, NASA, U.S, Soviet Union, Thomson Locations: BEIJING, China, Wuhan, United States, Mars, Soviet

☆ China's Xia Baolong heads top office overseeing Hong Kong, Macau
▼ + stars: | 2023-07-11 | by ( ) www.reuters.com time to read: 1 min

BEIJING, July 11 (Reuters) - Xia Baolong is the head of China's recently created Central Office for Hong Kong and Macau Affairs, according to an official statement that showed him as chair of a meeting in that capacity on Tuesday. Separately, Zhou Ji, Zheng Yanxiong, Zheng Xincong were named as deputy directors of the state council's Hong Kong and Macau Affairs office, state media Xinhua reported. The Beijing-based Central Office for Hong Kong and Macau Affairs - created earlier this year as part of broad institutional reforms - reports directly to the ruling Communist Party and not to the State Council, or cabinet. The top office was formed based on the long-existing Hong Kong and Macau Affairs Office under the State Council. Reporting by Ryan Woo; Editing by Muralikumar Anantharaman and Ed OsmondOur Standards: The Thomson Reuters Trust Principles.

Persons: Baolong, Zhou Ji, Zheng Yanxiong, Zheng Xincong, Ryan Woo, Muralikumar Anantharaman, Ed Osmond Organizations: Macau Affairs, Xinhua, Office, Communist Party, State Council, Macau Affairs Office, Thomson Locations: BEIJING, Hong Kong, Macau, Beijing

☆ China's factory gate prices fall at fastest pace in 7 years
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +3 min

BEIJING, July 10 (Reuters) - China's factory-gate prices fell at the fastest pace in seven-and-a-half years in June, while consumer inflation was at its slowest since 2021, adding to the case for policymakers to use more stimulus to revive sluggish demand. The consumer price index (CPI) was unchanged year-on-year, compared with the 0.2% gain seen in May, driven by a faster fall in pork prices. Beijing has set a target for average consumer inflation in 2023 of about 3%. China last month cut policy rates to boost liquidity and vowed to take measures to promote household consumption. Reuters GraphicsFor producer prices, the biggest year-on-year declines were seen in energy, metals and chemicals as domestic and foreign demand weakened.

Persons: Bruce Pang, Jones Lang Lasalle, Pang, Hu Yuexiao, COVID, Liangping Gao, Ella Cao, Ryan Woo, Sam Holmes Organizations: National Bureau of Statistics, Capital Economics, Reuters Graphics, PPI, Jones, Shanghai Securities, Thomson Locations: BEIJING, Beijing, China

☆ China kindergarten attack kills six, sparks safety worries
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +2 min

In August last year, three people were killed and six wounded in a stabbing at a kindergarten in the southern province of Jiangxi. In 2021, a man killed two children and wounded 16 at a kindergarten in the southwestern region of Guangxi. Attacks on children have also thrown a spotlight on mental health, which often goes under the radar due to cultural stigma attached to mental illnesses. Last month, a series of violent attacks in Hong Kong also raised the issue of mental health. Mental health experts point to the COVID-19 pandemic as a major factor behind an increase in mental health problems.

Persons: Wu, Bernard Orr, Judy Hua, Qiaoyi Li, Ella Cao, Ryan Woo, Robert Birsel Organizations: Media, Weibo, Thomson Locations: BEIJING, China's Guangdong, Lianjiang county, Lianjiang, China, Jiangxi, Guangxi, Jiangsu, Hong Kong

☆ Yellen's China trip yields long meetings, 'cordial' tone, but no consensus
▼ + stars: | 2023-07-10 | by ( David Lawder | ) www.reuters.com time to read: +5 min

"The accomplishment of the meeting was the meeting itself, not specific issues," said Scott Kennedy, a China economics expert at the Center for Strategic and International Studies in Washington. A senior U.S. Treasury official accompanying Yellen on her first trip to China as secretary described it as "respectful, frank and constructive," adding: "She was warmly received." Her meeting on Saturday with He, China's new economic czar, was scheduled for two hours but lasted five, followed by a "cordial" dinner, the official said. In the meantime, Yellen said the talks set the stage for more frequent U.S.-China communications at the staff level about economic issues, including areas of disagreement. A possible venue for this would be the Asia-Pacific Economic Cooperation summit in San Francisco in November.

Persons: Janet Yellen, Yellen, Lifeng, Scott Kennedy, Premier Li Qiang, Pan Gongsheng, Joe Biden's, Jake Colvin, Hong Hao, Hong, Colvin, Biden, John Kerry, Gina Raimondo, Xi Jinping, Wang Yiwei, David Lawder, Andrea Shalal, Ryan Woo, Ellen Zhang, Qiaoyi Li, Stephen Coates Organizations: . Treasury, U.S, Center for Strategic, International Studies, Global Times, Treasury, Premier, People's Bank of China, National Foreign Trade Council, Grow Investment, . Commerce, Renmin University, Economic Cooperation, Thomson Locations: Beijing, China, Washington, China's, U.S, United States, Hong Kong, Asia, San Francisco, Anchorage , Alaska

☆ China, Solomon Islands sign policing pact in upgrade of ties
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +5 min

[1/3] Flags of Solomon Islands and China flutter near the Tiananmen Gate in Beijing, China July 11, 2023. "In just four years, the relationship between China and the Solomon Islands has developed rapidly, and we can now say that it is very fruitful," Li told Sogavare. The official added that the U.S. was committed to a strong relationship with the region and strengthening longstanding bonds with the people of Solomon Islands. Xi told Sogavare China supports more of its firms investing in the Solomon Islands and will continue to provide economic and technical assistance "without political strings attached". Chinese telecoms giant Huawei is already building a cellular network in the Solomon Islands, financed by a $66 million Chinese EXIM bank loan.

Persons: Florence Lo, Xi, Manasseh Sogavare, Premier Li Qiang, Sogavare, Solomon, Li, Washington, China's, Xi Jinping, Ethan Wang, Ella Cao, Ryan Woo, Kirsty Needham, David Brunnstrom, Himani Sarkar, Robert Birsel, Mark Heinrich, Lincoln Organizations: REUTERS, Solomon Islands, Beijing, BEIJING, Premier, U.S . National Security Council, China's, Xinhua, Huawei, Pacific Games, Thomson Locations: of Solomon Islands, China, Beijing, Florence, Taiwan, Solomon Islands, Pacific, United States, Australia, U.S, Solomon, Japan, Britain, Honiara, Sydney, Washington

☆ Elon Musk's SpaceX to launch satellite internet service in Mongolia
▼ + stars: | 2023-07-07 | by ( ) www.reuters.com time to read: +1 min

BEIJING, July 7 (Reuters) - Mongolia has granted two licences for Elon Musk's SpaceX to operate as an internet service provider using low-orbit satellites, the government said on Friday. Millions of internet users in Mongolia will be able to access high-speed connection via Starlink, the satellite communications service operated by SpaceX, the government said in a statement. Starlink has built a fast-growing network of more than 3,500 satellites in low-Earth orbit that can provide connectivity in remote areas. Formal cooperation between the Mongolian government and SpaceX was initiated in February during the 2023 Mobile World Congress in Barcelona. Resource-rich Mongolia has extensive deposits of rare earth minerals and copper, which are critical materials in the electric vehicle supply chain.

Persons: Starlink, Communications Uchral, Erdene, Musk, Ryan Woo, Jacqueline Wong Organizations: Elon, SpaceX, Digital Development, Communications, Mongolian, Tesla, Thomson Locations: BEIJING, Mongolia, Starlink, Barcelona

☆ China's Xi urges greater innovation amid tech curbs from US
▼ + stars: | 2023-07-07 | by ( ) www.reuters.com time to read: +2 min

BEIJING, July 7 (Reuters) - China's President Xi Jinping, on an inspection tour of a major industrial province, renewed his call for greater innovation and technological self-reliance, as the United States intensifies curbs on Chinese access to advanced technologies. "With the rapid development of information technology and the emergence of disruptive technologies at any time, it is necessary to maintain a solid footing on the path of innovation and contribute to the realisation of high-level self-reliance in technology," Xi said. The United States is also considering restricting flow of its investments and know-how into Chinese companies working on advanced semiconductors, artificial intelligence and quantum computing. Yellen's trip to China comes weeks after a visit by Secretary of State Antony Blinken, who agreed with Xi that the mutual rivalry should not veer into conflict. Reporting by Ryan Woo and Ellen Zhang; Editing by Himani Sarkar and Ros RussellOur Standards: The Thomson Reuters Trust Principles.

Persons: Xi Jinping, Xi, Joe Biden's, Janet Yellen, Li Qiang, Antony Blinken, Ryan Woo, Ellen Zhang, Himani Sarkar, Ros Russell Organizations: Xinhua, Trump, Washington, Treasury, Thomson Locations: BEIJING, United States, China, Jiangsu, U.S, Beijing

The official said Yellen and her Chinese interlocutors had a "substantive conversation," without giving any further details. "We will take action to protect our national security when needed, and this trip presents an opportunity to communicate and avoid miscommunication or misunderstanding," Yellen wrote. U.S. firms in China hope Yellen's visit will ensure trade and commercial lanes between the two economies remain open, regardless of the temperature of geo-political tensions. "I think if there was another year of no visits by top U.S. government leaders, the market would get colder," he added. Reporting by Joe Cash, Ellen Zhang and Ryan Woo; Editing by Himani Sarkar and Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

Persons: Janet Yellen, Yi Gang, Liu, Yellen, interlocutors, Xi Jinping, Yellen's, Michael Hart, Joe Cash, Ellen Zhang, Ryan Woo, Himani Sarkar, Kim Coghill Organizations: . Treasury, Treasury, Twitter, American Chamber of Commerce, U.S, Thomson Locations: BEIJING, U.S, Beijing, Zurich, China

☆ China hosts Russian warships that passed by Taiwan, Japan
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +2 min

BEIJING, July 6 (Reuters) - China hosted two Russian warships that had earlier sailed past Taiwan and Japan, and the vessels are expected to hold a joint drill with the Chinese navy during their visit, demonstrating the enduring military cooperation between the two countries. The two frigates - Gromkiy and Sovershenniy - made port at the financial hub of Shanghai on Wednesday, Chinese state television reported. The same ships, which belong to the Pacific fleet of the Russian Navy, passed through waters near democratically governed Taiwan at the end of June. China and Russia have pledged stronger military ties, and on Monday, China's Defence Minister Li Shangfu met with the head of the Russian navy, Admiral Nikolai Yevmenov, in Beijing. Gerasimov was quoted by Tass news agency as saying that the two sides will continue to expand their military cooperation.

Persons: Xi Jingping's, Vladimir Putin, Li Shangfu, Nikolai Yevmenov, Commission Liu Zhenli, Valery Gerasimov, Gerasimov, Albee Zhang, Ella Cao, Ryan Woo, Ben Blanchard, Simon Cameron, Moore Organizations: Fleet, Pacific, Russian Navy, NATO, China's, Commission, Tass, Thomson Locations: BEIJING, China, Taiwan, Japan, Shanghai, Vladivostok, Okinawa, U.S, Moscow, Washington, Asia, Pacific, Russia, Russian, Beijing

☆ China's Xi tells military to deepen war, combat planning - Xinhua
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +2 min

BEIJING, July 6 (Reuters) - Chinese President Xi Jinping on Thursday urged the military to deepen war and combat planning to increase the chances of victory in actual combat, Xinhua news agency said, renewing his call to troops to safeguard China's sovereignty and territory. The Eastern Theater Command, headquartered in Jiangsu province, is responsible for the security of eastern China, including the East China Sea and the Taiwan Strait. In 2005, it passed a law giving Beijing the legal basis for military action against Taiwan if it secedes or seems about to. "We must persist in thinking and handling military issues from a political perspective, dare to fight, be good at fighting, and resolutely defend our national sovereignty, security, and development interests," Xi told the Eastern Theater Command. In April, Xi inspected the Guangdong-headquartered Southern Theater Command, whose sphere of responsibility includes the South China Sea, much of which is claimed by Beijing.

Persons: Xi Jinping, Xi, Nancy Pelosi, Janet Yellen, Ryan Woo, Jason Neely, Hugh Lawson Organizations: Xinhua, Eastern Theater Command, East China, ., Treasury, U.S, Southern Theater Command, Thomson Locations: BEIJING, Jiangsu, China, East, Taiwan Strait, Taiwan, Beijing, U.S, Guangdong

☆ 'Curse of 35': China's state media takes aim at ageist hiring policies
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +2 min

BEIJING, July 6 (Reuters) - Chinese state media on Thursday took aim at employers' discriminatory hiring practices, including a trend among companies seeking younger and cheaper workers that has become widely known as the "Curse of 35". Back in March, the newspaper cited two studies that laid bare how workers aged 35 years or over were losing out. With the economy losing momentum, China's survey-based jobless rate stayed at 5.2% in May, but youth employment jumped to a record 20.8%. And with the population aging, many people talk about the 'curse", believing their chances of getting a job or losing one worsen once they cross 35. "If people become unemployed at the age of 35, older people can only go back to college then," said another.

Persons: Ella Cao, Ryan Woo, Simon Cameron, Moore Organizations: The Workers Daily, Sichuan University, University, Twitter, Thomson Locations: BEIJING, Shanghai, Chengdu, Zhejiang

☆ China's services activity softens as recovery falters - Caixin PMI
▼ + stars: | 2023-07-05 | by ( ) www.reuters.com time to read: +2 min

The data broadly tracked the government's official PMI released last week and showed a slowdown in service sector activity as demand for in-person services weakened. Business activity and new orders both expanded at notably slower rates last month than in May, the Caixin PMI showed. The rate of job creation in the services sector also edged up to a three-month high but remained mild overall. Caixin/S&P's composite PMI, which includes both manufacturing and services activity, fell to 52.5 from 55.6 in May, marking the sixth straight month of expansion. "Meanwhile, the services sector continued a post-COVID rebound, but the recovery was losing steam."

Persons: Wang Zhe, Nomura, Ting Lu, Ellen Zhang, Ryan Woo, Sam Holmes Organizations: P Global, PMI, Employment, Caixin Insight, Thomson Locations: BEIJING, COVID, China

☆ Explainer: How is extreme weather testing China's climate resilience?
▼ + stars: | 2023-07-05 | by ( ) www.reuters.com time to read: +5 min

BEIJING, July 5 (Reuters) - Dramatic swings between extreme heat and intense rainfall are testing China's ability to cope with increasingly wild weather, as high temperatures challenge power grids and water security while floods ruin crops and threaten urban populations. The average number of high-temperature days stood at 4.1 in January-June, already higher than the full-year average of 2.2 days. Heatwaves spur demand for electricity to cool homes, malls and offices, taxing power supply and even triggering blackouts. Factories also shut when power demand exceeds supply to meet demand from residential and non-industrial users. The southern province of Hunan, which produces around 13% of China's rice, has been hit by continuous rain since late June.

Persons: Qiaoyi Li, Ethan Wang, Qin, Ryan Woo, Andrew Hayley, David Stanway, Sonali Paul Organizations: Factories, Thomson Locations: BEIJING, China, Beijing, Yunnan province, Yunnan, Sichuan, Hunan, Zhengzhou, Guangxi, CHINA

The People's Bank of China, which typically issues guidance on dollar deposit rates to state banks, did not immediately comment on the matter. The lenders - Industrial and Commercial Bank of China (601398.SS), , Bank of China (601988.SS), , Agricultural Bank of China (601288.SS), , China Construction Bank (601939.SS), and Bank of Communications (601328.SS), - did not immediately respond to requests for comment. The lower rates could both discourage households from putting savings into higher-yielding dollar deposits and nudge Chinese firms, especially exporters, to settle foreign exchange receipts in yuan. The latest cut in dollar deposit rates was the second in barely a month. Some currency traders also said the cuts in dollar deposit rates would ease pressure on commercial lenders' net interest margin, as banks' dollar deposit rates had risen above lending rates before the recent adjustments.

Persons: Ken Cheung, Banks, PBOC, Winni Zhou, Samuel Shen, Jindong Zhang, Rong Ma, Ryan Woo, John Geddie, Edmund Klamann Organizations: People's Bank of China, Industrial, Commercial Bank of China, Bank of China, Agricultural Bank of China, China Construction Bank, Bank of Communications, Traders, U.S, Mizuho Bank, Reuters, Thomson Locations: SHANGHAI, BEIJING, China, United States, China's, Shanghai, Beijing, Tokyo

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