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☆ China's new home prices fall at faster pace in Oct
▼ + stars: | 2022-11-16 | by ( ) www.reuters.com time to read: 1 min

BEIJING, Nov 16 (Reuters) - China's new home prices fell at a faster pace in October as persistent COVID-19 curbs, a faltering economy and property woes weighed on demand, official data showed on Wednesday, but a rescue package for the sector has brightened the outlook. New home prices declined 0.3% month-on-month in October after easing 0.2% in September, according to Reuters calculations based on National Bureau of Statistics (NBS) data. New home prices slid 1.6% year-on-year in October, falling for the sixth straight month. Prices declined 1.5% year-on-year in September. Reporting by Liangping Gao, Ella Cao and Ryan Woo; Editing by Ana Nicolaci da CostaOur Standards: The Thomson Reuters Trust Principles.

☆ Tesla cuts delivery waiting time for all model 3, model Y cars
▼ + stars: | 2022-11-15 | by ( ) www.reuters.com time to read: 1 min

BEIJING, Nov 15 (Reuters) - Tesla (TSLA.O) has cut the delivery waiting time for all Model 3 and Model Y vehicles to a minimum of one week, it said on its website on Tuesday. The U.S. automaker added to its electric vehicle inventory in Shanghai at its fastest pace ever in October, data from China Merchants Bank International (CMBI) showed, at a time when automakers and investors are bracing for a downturn in the world’s largest car market. read moreTesla had cut prices for its Model 3 and Model Y cars in China last month to boost sales. Last week, the company offered an additional rebate for buyers who take delivery this month and buy insurance from one of Tesla's partners. read moreReporting by Zhang Yan, Twinnie Siu and Ella Cao, Editing by Louise Heavens and Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

For much of the past year, China’s economy has been reeling under Xi Jinping’s dual campaigns to rein in soaring property prices and to stamp out any traces of Covid-19 within the country’s borders. Now, as he moves to loosen pandemic restrictions, China’s leader, Mr. Xi, is signaling a reversal of his real-estate crackdown, too, a tacit acknowledgment of the economic pain and public frustration that the two policies have engendered.

Analysts polled by Reuters had predicted new yuan loans would fall to 800 billion yuan in October. Household loans, including mortgages, contracted by 18 billion yuan in October, versus 650.3 billion yuan in September, while corporate loans dropped to 462.2 billion yuan from 1.92 trillion yuan, central bank data showed. China's local governments issued a net 24.1 billion yuan in special bonds in September, the finance ministry has said, down from 51.6 billion yuan in August. China's local governments issued a net 24.1 billion yuan in special bonds in September, the finance ministry has said, down from 51.6 billion yuan in August. In October, TSF fell sharply to 907.9 billion yuan from 3.53 trillion yuan in September.

Chinese banks are estimated to have issued 800 billion yuan($110.4 billion) in net new yuan loans last month, falling sharply from 2.47 trillion yuan in September, according to the median estimate in the survey of 27 economists. That would be lower than the 826.2 billion yuan issued in the same month a year earlier. In October, the People's Bank of China made 154.3 billion yuan in loans to three policy banks via its PSL facility, central bank data showed. Outstanding yuan loans were expected to grow by 11.2% in October from a year earlier, unchanged from September, the poll showed. China's local governments issued a net 24.1 billion yuan in special bonds in September, the finance ministry has said, down from 51.6 billion yuan in August.

Share this -Link copiedWisconsin Senate race too close to call Wisconsin's Senate race between GOP Sen. Ron Johnson and Democrat Mandela Barnes is too close to call, NBC News says. Vance wins Ohio Senate race, defeating Democrat Tim Ryan, NBC News projects COLUMBUS, Ohio — J.D. Ohio Republican Senate candidate J.D. Vance is leading The Senate race in Ohio is too early to call, NBC News says, but Republican candidate J.D. Share this -Link copiedGeorgia Senate race too close to call Georgia's Senate race is too close to call about three hours after polls closed at 7 p.m.

REUTERS/Mary F. CalvertPHOENIX, Ariz./BIRMINGHAM, Mich., Nov 8 (Reuters) - Senate incumbents including Democratic leader Chuck Schumer and senior Republican John Thune won re-election in Tuesday's U.S. midterm elections, on a day Republicans were expected to wrest control of Congress away from President Joe Biden's Democrats. Thirty-five Senate seats and all 435 House of Representatives seats are on the ballot. The final outcome, particularly control of the 50-50 Senate, is unlikely to be known any time soon. Democrats currently control that chamber through Vice President Kamala Harris' tie-breaking vote. The Georgia race could end up in a Dec. 6 runoff to determine which party holds the Senate.

☆ CanSino rolls out inhalable COVID vaccine in Tianjin, Beijing
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: +2 min

BEIJING, Nov 9 (Reuters) - Beijing residents can start making appointments for an inhalable COVID booster made by CanSino Biologics, media reported on Thursday, while those in Tianjin city can now get it as the Chinese pharmaceutical firm distributes more supplies. read moreThe financial hub of Shanghai and 13 cities in the eastern province of Jiangsu have already introduced the CanSino vaccine as a booster, the company said. Appointments for the vaccine in the capital can be booked on a mobile phone app for residents of one district, the official Beijing Business Daily reported on Thursday. China has relied on domestically produced, inactivated shots and has yet to import, or introduce its own version of an mRNA vaccine. Regarding the efficacy of its vaccine, Hong Kong-listed CanSino (6185.HK) said in a statement on Wednesday studies showed "using Convidecia Air as a heterologous booster generated much stronger immune responses than those induced by a homologous inactivated vaccine booster".

☆ CanSino's inhalable COVID-19 vaccines to be available in Tianjin from Nov 10
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: 1 min

BEIJING, Nov 9 (Reuters) - Chinese pharmaceutical company CanSino Biologics (6185.HK) said on Wednesday its inhalable COVID-19 vaccines will be available in China's northern city of Tianjin from Nov 10, a statement on its Wechat account said. Last week, the Tianjin-based company said it did not expect its inhaled COVID vaccine to significantly boost financial results, based on current immunity strategy and domestic booster vaccination rates. China's financial hub Shanghai and 13 cities in eastern Jiangsu province have already introduced CanSino's inhalable vaccines as a booster for their citizens, CanSino said. Reporting by Ella Cao and Twinnie Siu. Editing by Jane MerrimanOur Standards: The Thomson Reuters Trust Principles.

☆ China opposes Canada's order on lithium mining investments
▼ + stars: | 2022-11-06 | by ( ) www.reuters.com time to read: 1 min

BEIJING, Nov 6 (Reuters) - China on Sunday said it will take the necessary steps to safeguard the rights and interests of its companies after Canada last week ordered three Chinese companies to divest their investments in Canadian critical minerals, citing national security. In a statement, China's commerce ministry said it urged Canada to stop politicising economic and trade issues. Reporting by Ella Cao and Tony Munroe; Editing by Christian SchmollingerOur Standards: The Thomson Reuters Trust Principles.

☆ China posts 6-month high COVID count as it sticks with strategy
▼ + stars: | 2022-11-06 | by ( ) www.reuters.com time to read: +3 min

At a news conference on Saturday, health officials reiterated their commitment to the "dynamic-clearing" approach to COVID cases as soon as they emerge. China's anti-COVID measures are "completely correct, as well as the most economical and effective", said disease control official Hu Xiang. China's capital Beijing reported 43 symptomatic and six asymptomatic cases, compared with 37 symptomatic and five asymptomatic cases the previous day. Still, the annual Beijing marathon took place on Sunday morning under strict COVID protocols, after being cancelled the previous two years. Reporting by Ella Cao and Tony Munroe; Editing by Michael Perry and William MallardOur Standards: The Thomson Reuters Trust Principles.

☆ China will support Pakistan in stabilising its financial situation - Xi
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +2 min

BEIJING, Nov 2 (Reuters) - China will continue to support Pakistan as it tries to stabilise its financial situation, state media quoted President Xi Jinping as saying on Wednesday, during a visit by Pakistan's prime minister to Beijing. Pakistan was expected to seek debt relief from China, particularly the rolling over of bilateral debt of around $23 billion. China has been involved in major mining and infrastructure projects in Pakistan, including the deep-water Gwadar port, all part of the $65 billion China-Pakistan Economic Corridor (CPEC). China will also export technology for a 160 km/h high-speed railway train to Pakistan, state broadcaster CCTV said on Wednesday. China welcomes Pakistan to expand high-quality agricultural exports to the country, and is willing to deepen cooperation in areas including the digital economy, e-commerce, photovoltaic and other new energy sources, Xi said.

☆ China's Jan-Sept industrial profits fall at faster pace
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: +2 min

BEIJING, Oct 27 (Reuters) - Profits at China's industrial firms fell at a faster clip in the January-September period as COVID-19 curbs and a worsening property crisis continued to weigh heavily on factory activity. After nearly contracting in spring, China's third-quarter economic growth was faster than expected, helped by a raft of government measures. read moreLast month, China's industrial output jumped 6.3% from a year earlier, outstripping expectations for 4.5% growth and a 4.2% expansion in August. Despite better-than-expected third quarter GDP growth, analysts at Goldman Sachs cut their fourth quarter growth forecast to 3.5% on a quarter-on-quarter annualised basis from 5.0% previously. Industrial profits data covers large firms with annual revenues above 20 million yuan ($2.79 million) from their main operations.

☆ Toyota to produce electric car powered by BYD batteries in China
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: +1 min

BEIJING, Oct 24 (Reuters) - Toyota Motor Corp (7203.T) announced on Monday the launch of a small electric sedan, which will be powered by BYD Co (002594.SZ) batteries and will be produced and sold in China. The Japanese automaker said the car would be called the Toyota bZ3. It is the second model in the new Beyond Zero (bZ) series of battery electric vehicles (BEVs) from Toyota, which has been criticised by activists and green investors for not embracing BEVs quickly enough. The bZ3 was developed jointly by Toyota and BYD, Toyota said on Monday. Register now for FREE unlimited access to Reuters.com RegisterReporting by Norihiko Shirouzu and Ella Cao Editing by David Goodman and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

REUTERS/Tingshu WangSummary Sept new home prices fall 0.2% m/m, down for second monthNew home prices down 1.5% y/y, fastest pace since Aug 201554 cities out of 70 report price declinesBEIJING, Oct 24 (Reuters) - China's September new home prices fell for the second straight month as mortgage boycotts, a heightened debt crisis and COVID-19 curbs weighed on homebuyers' sentiment. China's property sector has been beset by multiple headwinds after regulators clamped down on excessive borrowing since mid-2020. In monthly terms, new home prices in tier-two cities fell 0.2% and declined 0.4% in tier-three cities. Property investment fell 12.1% from a year earlier, slightly narrowing from a 13.8% fall in August. "There is little room to give more help to real estate property developers as doing so will risk the credibility of government reform (for property developers, that means the deleveraging reform)," said Iris Pang, chief economist for Greater China at ING.

☆ China new home prices fall for second month in September
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Tingshu WangSummary Sept new home prices fall 0.2% m/m, down for second monthNew home prices down 1.5% y/y, fastest pace since Aug 201554 cities out of 70 report price declinesBEIJING, Oct 24 (Reuters) - China's new home prices fell for the second straight month in September, as its property sector grappled with a mortgage boycott, a heightened debt crisis and COVID-19 restrictions that dimmed the economic outlook. China's property sector has been beset by multiple headwinds after regulators clamped down on excessive borrowing since mid-2020. Property investment fell 12.1% from a year earlier, slightly narrowing from a 13.8% fall in August. China reiterated its "housing is for living, but not for speculation" in the full work report of the Communist Party Congress. Analysts from Nomura said in a note that a comprehensive solution to the property sector might not be introduced until after March 2023, when Beijing's political reshuffle is fully completed.

☆ China new home prices fall 0.2% m/m in September
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: +1 min

Residential buildings are pictured near a construction site in Beijing, China April 14, 2022. Picture taken April 14, 2022. New home prices in September fell 0.2% month-on-month from a 0.3% drop in August, according to Reuters calculations based on National Bureau of Statistics (NBS) data released on Monday. New home prices in September declined 1.5% year-on-year, compared with a 1.3% decline in August. China has rolled out a flurry of policies to revive the embattled sector, including relaxing on mortgage rates and refunding individual income tax for some home buyers.

☆ China reports 1,026 new COVID cases for Oct 15 vs 1,364 a day earlier
▼ + stars: | 2022-10-16 | by ( ) www.reuters.com time to read: +1 min

BEIJING, Oct 16 (Reuters) - China reported 1,026 new COVID-19 infections for Oct. 15, of which 244 were symptomatic and 782 were asymptomatic, the National Health Commission said on Sunday. That compared with 1,364 new cases a day earlier - 361 symptomatic and 1,003 asymptomatic, which China counts separately. Register now for FREE unlimited access to Reuters.com RegisterThe capital, Beijing, reported 17 symptomatic and three asymptomatic cases, compared with 14 symptomatic and three asymptomatic cases the previous day, local government data showed. Financial hub Shanghai reported 28 asymptomatic and zero symptomatic cases, compared with 38 asymptomatic and four symptomatic cases a day before, state media reported, citing the Shanghai health authority. The southern technology hub of Shenzhen reported 15 new locally transmitted COVID-19 infections, compared with 36 a day before, the Guangdong health authority said.

☆ China Evergrande’s Debt-Crisis Fallout: Losses, Layoffs and More Defaults
▼ + stars: | 2022-10-13 | by ( Cao Li | Rebecca Feng | ) www.wsj.com time to read: 1 min

When China Evergrande Group began struggling under a mountain of debt last year, it quietly set off a chain reaction across the country. Chinese authorities prevented a disorderly collapse of the real-estate colossus, but Evergrande’s distress has spread across China’s housing market and many related industries. The situation has worsened this year into what is now a full-blown property downturn that has become a major drag on China’s economy.

☆ What do tax cuts and market chaos mean for young Brits? 3 experts give their advice
▼ + stars: | 2022-10-03 | by ( Sophie Kiderlin | ) www.cnbc.com time to read: +4 min

His plan includes widespread tax cuts, fewer rules and regulations for businesses and the removal of a cap on bonuses for bankers. Google searches like "do the tax cuts help me" skyrocketed, while outrage was rife on social media. Do the tax cuts equal more cash in hand? The majority of first-time buyers fall below this threshold and therefore won't benefit from the cuts, Jobson said. "The change mainly benefits high-earning first-time buyers and those with sufficient backing from the bank of mum and dad," he added.

☆ China's industrial profit declines accelerate in Jan-Aug
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: +2 min

Register now for FREE unlimited access to Reuters.com RegisterPedestrians cast their shadows on a wall at a construction site in Beijing December 12, 2014. REUTERS/Kim Kyung-Hoon/BEIJING, Sept 27 (Reuters) - Profits at China's industrial firms shrank at a faster pace in January-August, as strict COVID restrictions and a deepening property slump weighed on domestic demand and heatwaves curbed factory activity. read moreChina's industrial output rose 4.2% from a year earlier in August, quickening from a 3.8% rise in July. Liabilities at industrial firms jumped 10.0% from a year earlier in August, slightly slower than the 10.5% growth in July. ($1 = 7.1584 Chinese yuan)Register now for FREE unlimited access to Reuters.com RegisterReporting by Liangping Gao, Ella Cao and Ryan Woo; Editing by Sam HolmesOur Standards: The Thomson Reuters Trust Principles.

☆ China Jails Gang Members Over Attack on Women
▼ + stars: | 2022-09-23 | by ( Cao Li | Liyan Qi | ) www.wsj.com time to read: 1 min

HONG KONG—A court in China handed down hefty sentences to members of a gang who carried out a brutal attack on several women in a restaurant three months ago that shocked the country with its violence and reignited debate on gender inequality. Seven members were found guilty of taking part in the assault, and together with 21 others of committing a string of serious offenses over the past decade, according to a social-media post by the Guangyang district court in China’s northern Hebei province. They received jail sentences of between six months and 24 years, it said.

☆ China Meets With Boeing, Raising Hopes for 737 MAX Flight Resumption
▼ + stars: | 2022-09-20 | by ( Rachel Liang | Cao Li | ) www.wsj.com time to read: 1 min

Boeing 737 MAX jets operated by China Southern Airlines were grounded in 2019 after two fatal crashes. China’s air safety regulators have met with Boeing to discuss the company’s 737 MAX, a move that the regulator’s official media outlet said signaled the jetliner could soon return to Chinese skies after more than three years. The Civil Aviation Administration of China held an evaluation meeting last week with Boeing’s U.S. and China teams to review the training protocols for pilots, the CAAC News, a news outlet run by the regulator, said Tuesday.

☆ Fatal Bus Crash Underscores Costs of China’s Covid Measures
▼ + stars: | 2022-09-19 | by ( Cao Li | ) www.wsj.com time to read: 1 min

An aerial photo of a Covid community-testing center in the Wudang district of Guiyang, the capital of Guizhou province in southwest China. HONG KONG—A fatal bus crash in southwestern China that killed 27 people being transferred to a quarantine facility has reignited public anger about the toll of strict anti-Covid measures meant to protect the Chinese public. The bus overturned on a highway in the early hours Sunday in the southwestern province of Guizhou while carrying passengers to a quarantine facility, state-backed media outlets including the Beijing News reported. The accident killed 27 people and injured 20 others, according to local police. A social-media account managed by China’s Ministry of Transport said the accident occurred around 2:40 a.m. before the post was deleted.

☆ How mountains of worm cocoons are turned into expensive silk in Vietnam
▼ + stars: | 2022-09-19 | by ( Korey Isbell | Victoria Barranco | ) www.businessinsider.com time to read: +1 min

Making silk is a tedious process that includes raising hungry worms and hand-pulling silk from cocoons. In Vietnam, traditional craft villages have struggled as cheaper, fake silk floods the market. But families in Nam Cao village saved their silk business by banding together and forming a cooperative. They make silk by hand in a tedious, 30-step process. We head to northern Vietnam to learn how Nam Cao village saved its big business of silk.

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