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☆ Pirelli: Italy ties China's hands over fears about chip technology
▼ + stars: | 2023-06-19 | by ( Hanna Ziady | ) edition.cnn.com time to read: +4 min

London CNN —Italy has imposed several curbs on Pirelli’s biggest shareholder, Sinochem, in a move aimed at blocking the Chinese government’s access to sensitive chip technology. The government order risks inflaming tensions between Europe and Beijing, and follows similar intervention by Germany and the United Kingdom to protect their semiconductor technology. The order sets a host of limitations on Sinochem’s involvement in Pirelli, including a bar on it devising the company’s strategy and financial plans, or appointing a CEO. It requires that Pirelli refuse any requests from Sinochem’s owner — China’s State-owned Assets Supervision and Administration Commission of the State Council — for information sharing, including any information connected to the “know-how” of proprietary technologies. Separately, Rome is also assessing whether to renew its partnership with Beijing on the Belt and Road Initiative — China’s global infrastructure and investment megaproject.

Persons: Pirelli, Antony Blinken, Sinochem, Pirelli’s, —, — Laura Organizations: London CNN —, ASML, CNN, Pirelli, Union, Supervision, Administration Commission, State, AstraZeneca, Financial Times, Sequoia Capital, European Commission, Reuters Locations: London CNN — Italy, Europe, Beijing, Germany, United Kingdom, Netherlands, China, Ukraine, — China’s, Rome, Italy, Hong Kong

☆ Alibaba founder Jack Ma gives first class as visiting professor at University of Tokyo
▼ + stars: | 2023-06-19 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Alibaba founder Jack Ma gave a lecture as a visiting professor to the University of Tokyo, as the high-profile Chinese entrepreneur retreats further from his business empire following Beijing’s regulatory crackdown. His return was a symbolic move and probably a “planned media event” by Beijing intended to appease private sector fears, according to analysts. In April, the University of Hong Kong announced that Ma would join its business school for the next three years. Ma became a professor at the University of Tokyo on May 1, and his period of stay is until October 31, a profile page of Ma shows. Beijing needs the private sector more than ever to shore up growth and create jobs.

Persons: Hong Kong CNN —, Jack Ma, Ma, –, Masa Son, Ma chatted, Xi Jinping, Li Qiang Organizations: Hong Kong CNN, University of Tokyo, Alibaba Group, University of Hong Kong, Damo Academy Locations: Hong Kong, Japan, China, India, Malaysia, Shanghai, Beijing, Spain, Hangzhou

☆ China makes surprise rate cut as economic recovery loses steam
▼ + stars: | 2023-06-13 | by ( Laura He | ) edition.cnn.com time to read: +3 min

The rate will drop to 1.9% from 2%, according to the People’s Bank of China. The rate cut reveals “growing concerns among policymakers” about the health of China’s recovery, Capital Economics analysts said on Tuesday. “The … rate cut came earlier and sharper than our and market expectations, highlighting the sense of urgency to alleviate economic momentum and business confidence,” said Becky Liu, head of China macro strategy for Standard Chartered Bank. That rate cut also came as a surprise and followed a week of turmoil in global financial markets triggered by the failure of some regional US banks. In the language of China’s policymakers, that implies a bias towards easing monetary policy, said Larry Hu, chief China economist for Macquarie Group.

Persons: ”, Becky Liu, Zhaopeng Xing, Betty Wang, Yi Gang, Larry Hu, “ Governor Yi Organizations: Hong Kong CNN, People’s Bank of China, Capital, Standard Chartered Bank, PMI, ANZ Research, Macquarie Group, “ Locations: Hong Kong, China

☆ Why Hong Kong can’t cut loose from the US dollar just yet
▼ + stars: | 2023-06-13 | by ( Laura He | ) edition.cnn.com time to read: +11 min

Hong Kong CNN —Hong Kong’s currency is facing its biggest test since the global financial crisis of 2008. The steep fall is a sign that investors are ditching the Hong Kong dollar. The Hong Kong Monetary Authority (HKMA) is committed to keeping the Hong Kong dollar between 7.75 and 7.85 per greenback. People walk past the Hong Kong Monetary Authority (HKMA) on May 4, 2023, in Hong Kong, China. “Pegging the Hong Kong dollar to the US dollar encourages such transactions to be carried out in Hong Kong and under Hong Kong law, even if neither party is based in Hong Kong.”This helps to create jobs and prosperity in Hong Kong, while also benefiting mainland China.

Persons: Hong, hasn’t, Andy Xie, ” Logan Wright, Bill Ackman’s, Ackman, Wright, Peter Parks, Kong, Deng Xiaoping, Margaret Thatcher, outflows, Chi Lo, Chen Yongnuo, Hong Kong’s, ”, Richard Cookson ,, Boaz Weinstein, Daniel Fung, Rhodium’s Wright, Xie, Eddie Yue, Banks, John Greenwood, “, Greenwood, ” Greenwood Organizations: Hong Kong CNN, British, Hong, Traders, Hong Kong, Bill Ackman’s Pershing, Capital Management, Getty, Lehman Brothers, Hong Kong Monetary Authority, US Federal Reserve, Asia Pacific, BNP, Asset Management, Fed, China News Service, Rubicon Fund Management, Bloomberg, Saba Capital Management, National Security Law, CNN Locations: Hong Kong, United States, China, Hong, Beijing, AFP, Britain, “, ”, Riding

☆ China to clamp down on AirDrop and Bluetooth file sharing for national security reasons
▼ + stars: | 2023-06-09 | by ( Laura He | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —China’s cyberspace regulator plans to issue new rules clamping down on the use of wireless file sharing functions such as Bluetooth and Apple’s AirDrop on national security grounds. The move comes after protesters in China used AirDrop during anti-government protests in October 2022 to share content, bypassing strict internet censorship. Weeks later, Apple moved to limit the use of the AirDrop function on devices in China. The aim of the regulation is to “maintain national security and social public interests” by regulating the use of close-range wireless communication tools such as Bluetooth, Wi-Fi and other technologies, it said. Other than AirDrop, Google’s Nearby Share allows users to transfer data between Android and Chrome OS devices via Bluetooth and Wi-Fi.

Persons: Weeks, Apple, Xi Jinping, Oppo, Xi Organizations: Hong Kong CNN, Bluetooth, Cyberspace Administration, The New York Times Locations: Hong Kong, China, Beijing

☆ China's temple visits skyrocket amid economic uncertainty
▼ + stars: | 2023-06-09 | by ( Laura He | ) edition.cnn.com time to read: +6 min

Economic uncertainty has driven temple visits and tourism to new heights, according to analysts and travel websites. Temple visits have surged this year more than fourfold from a year ago, according to recent data from Qunar and Trip.com, another travel site. Social media has also fueled the boom in temple tourism, as young people like to share their experiences on social networks, she added. Anhui Jiuhuashan Tourism Development, which runs the Jiuhua Mountain scenic area in central Anhui province, also shattered quarterly sales records. A small temple at Wudang Mountain in China's Hubei province pictured on October 27, 2004.

Persons: Hong Kong CNN —, ”, Qunar.com, Soeren, Yang Yan, Ryan Pyle, supplicants, “ Organizations: Hong Kong CNN, Nanjing Securities, Social, Communist Party, Caitong Securities Locations: Hong Kong, China, Beijing, Qunar, Nanjing, Sichuan, Shan, Anhui Jiuhuashan Tourism, Anhui, Jiangxi province, Wudang, China's Hubei, Hangzhou

☆ Ozempic is taking China by storm. Drugmakers are scrambling to boost supplies
▼ + stars: | 2023-06-06 | by ( Laura He | ) edition.cnn.com time to read: +5 min

Hong Kong CNN —Ozempic, originally a medication for treating diabetes, is in high demand worldwide with celebrities and social media users touting it as a miracle drug for weight loss. “This is a wonder drug,” according to a popular series of posts on Xiaohongshu, a Chinese social app similar to Instagram. Soaring pricesThe social media hype was so enormous that Xiaohongshu launched a crackdown in February and deleted more than 5,000 posts sharing weight loss experiences with Ozempic. Fill the shortageThe weight loss drug market in China is expected to boom in the coming years. Novo Nordisk has applied to China’s drug regulator to widen the scope of use for semaglutide, according to the National Medical Products Administration.

Persons: Hong Kong CNN — Ozempic, they’ve, ” Ozempic, Xiaohongshu, Ozempic, Kevin Frayer, hasn’t Organizations: Hong Kong CNN, Daily, First Affiliated, of Sun, University, Novo Nordisk, Tebon Securities, National Medical Products Administration, ., CNN, Huadong, Intellectual, Beijing Intellectual Property Locations: Hong Kong, China, Ozempic, Guangzhou, Shanghai, Hangzhou, Beijing

The Hang Seng (HSNGY)closed 4% higher, notching its biggest one-day gain in three months. Brent crude, the benchmark for global oil prices, gained almost 1.6% to trade at $75.46 a barrel. Hang Seng reboundsIn Hong Kong, the two best-performing stocks were Chinese real estate developers Longfor Group (LNGPF) and Country Garden Services, soaring 17% and 12% respectively. Citing people familiar with the matter, Bloomberg reported Friday that China was working on such measures. Elsewhere in Asia, South Korea’s Kospi index ended the day 1.3% up, Japan’s Nikkei 225 was 1.2% higher, and the Shanghai Composite Index gained 0.8%.

Persons: Philip Jefferson, Joe Biden, “, ”, Richard Hunter, ” Dow, Germany’s DAX, DAX Organizations: London CNN — Global, US, Markets, Treasury, Interactive, Nasdaq, CAC, Brent, Longfor, Garden Services, Bloomberg, Nikkei Locations: Hong Kong, London, China, France, Qingdao, Asia, South, Shanghai

☆ Farm animals, crops suffer from extreme weather affecting China
▼ + stars: | 2023-06-02 | by ( Laura He | ) edition.cnn.com time to read: +6 min

This year, extreme heat has ravaged many parts of the country even earlier than last year. Animals killedIn recent days, reports of farm animals killed by extreme heat have dominated the news. The pigs suffocated to death amid extreme heat and poor air circulation, Jimu News, a government-owned news website, cited an unnamed employee at the farm as saying. The heat wave was blamed for killing large numbers of farmed carp living in rice fields in the southwestern region of Guangxi. And more extreme weather events are likely to come.

Persons: Sheng Xia, El, El Niño, ”, Sheng, Wang Gang, Niño, Xi Jinping, Shi Guangming Organizations: Hong Kong CNN, China Meteorological Administration, Citic Securities, “, El, World Meteorological Organization, Qiushi, Communist, Villagers, China Today, China Media Group Locations: Hong Kong, China, Yunnan, Sichuan, El, Shanghai, Beijing, Jiangsu, Guangxi, Henan, Pingdingshan, Henan province, Xinjiang

☆ Elon Musk says his Shanghai factory makes the ‘highest quality’ Teslas
▼ + stars: | 2023-06-02 | by ( Laura He | ) edition.cnn.com time to read: +4 min

It was the first time Musk has visited the country since January 2020, when a video of him dancing onstage at Tesla’s Shanghai factory went viral. Before leaving, Musk met Chen Jining, the Communist Party chief of Shanghai, according to a statement by the city government. Musk praised the success of Tesla’s Shanghai facility — which opened in 2019 — and said he was hoping to work more with the city in various areas, the statement said. In 2022, the company delivered 1.31 million vehicles globally, more than half of which were from Shanghai, according to its financial results. “Congratulations to Giga Shanghai & Tesla China SDS teams for their excellent work overcoming many obstacles over many years!!

Persons: Hong Kong CNN —, Elon Musk, Musk, Chen Jining, Chen, Tesla, —, Variflight, ”, “, ” Musk, “ It’s, ” “, Elon, Jade Gao, Qin Gang, didn’t, Zeng Yuqun Organizations: Hong Kong CNN, Communist Party, Beijing Capital International Airport, Getty, Financial Times, Twitter, Giga Shanghai, Tesla China SDS, EV, CNN Locations: Hong Kong, China, Shanghai, Shanghai’s Hongqiao, Beijing, AFP, United States, Weibo

☆ China’s small and medium-sized factories post surprise growth, easing market anxiety
▼ + stars: | 2023-06-01 | by ( Laura He | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —A key gauge of China’s small- and medium-sized factories showed their surprise return to expansion last month, which eased market anxiety about growth stalling in the world’s second largest economy. The Caixin manufacturing Purchasing Managers’ Index (PMI) rose to 50.9 in May from April’s 49.5, according to a private survey. The Caixin survey is focused on small and medium-sized enterprises. Asian markets received a boost from the Caixin data. It settled 2% lower on Wednesday, weighed down by the weak China data and a stronger greenback.

Persons: Ken Cheung, Joe Biden, WTI Organizations: Hong Kong CNN, PMI, National Bureau of Statistics, Mizuho Bank, Nikkei, China’s, US, Senate, greenback . Locations: Hong Kong, April’s, China, China’s Shanghai

☆ Chinese star banker Bao Fan detained by country’s top anti-graft body, state media says
▼ + stars: | 2023-06-01 | by ( Laura He | ) edition.cnn.com time to read: +3 min

The mysterious disappearance of Bao has sent a chill through financial markets and China’s tech sector. Shares in China Renaissance had plunged more than 20% until they were suspended from trading in early April. China Renaissance had previously revealed only that Bao was “cooperating in an investigation” being carried out by certain authorities in the country. The specific agencies handling Bao’s case include the CCDI’s international cooperation bureau and Beijing’s municipal anti-graft authorities, the Economic Observer said. Cong has been detained by anti-corruption authorities since September for matters related to his tenure at ICBC Financial Leasing, the Economic Observer said.

Persons: Bao Fan, Bao, didn’t, Mike Blake, dealmaker, Xi, Cong Lin Organizations: Hong Kong CNN, Economic Observer, Central Commission, CNN, Communist Party, China Renaissance, Analysts, China’s, Industrial, Commercial Bank of China, Financial Leasing Locations: Hong Kong, China, Bao, Laguna Beach , California, Dianping

☆ US sanctions Chinese and Mexican firms over fentanyl making equipment
▼ + stars: | 2023-05-31 | by ( Laura He | ) edition.cnn.com time to read: +3 min

“Counterfeit pills laced with fentanyl constitute a leading cause of these deaths, devastating thousands of American families each year,” he said. Officials also accused Chinese company Yason General Machinery of working with a Mexican supplier and contact who previously provided pill equipment to a person linked to the Sinaloa Cartel. That individual used the machines to create superlabs in Mexico with the capacity to produce millions of fentanyl-laced pills weekly, Treasury said. The Chinese Embassy in the United States condemned the US move late Tuesday. “The US sanctions against Chinese companies and citizens will add more obstacles to China-US counter-narcotics cooperation,” it added.

Persons: “, Brian Nelson, ”, Biden Organizations: Hong Kong CNN, United, US Treasury Department, Treasury, Terrorism, Financial, Foreign Assets Control, Youli Technology, Machinery, Solutions, Embassy, US Centers for Disease Control Locations: Hong Kong, United States, China, Mexico, Mexican, Sinaloa

☆ China urges Japan to end curbs on chip exports
▼ + stars: | 2023-05-30 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —China’s commerce minister has urged Japan to end its newly announced curbs on exports of chipmaking equipment, saying it would hurt economic and trade relations between the two countries. In March, Japan announced it would tighten rules on exports of 23 types of advanced semiconductor manufacturing equipment, joining the United States and the Netherlands in curbing the sale of key technology to China. On May 23, the commerce ministry issued a statement calling on Japan to “immediately” stop the export restrictions and said China would take measures to defend its interests. China's commerce minster, Wang Wentao, left, met Yasutoshi Nishimura, Japan's trade minister, in Detroit last week. China has its own chip manufacturers, but they supply mostly low- to mid-end processors used in home appliances and electric vehicles.

☆ China’s factory production hits lowest level since the end of zero-Covid policy
▼ + stars: | 2023-05-30 | by ( Laura He | ) edition.cnn.com time to read: 1 min

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☆ Wuhan is so cash-strapped it's calling in debts
▼ + stars: | 2023-05-29 | by ( Laura He | ) edition.cnn.com time to read: +2 min

It urged them to pay their overdue debts as soon as possible. The public appeal by Wuhan, which was at the epicenter of the Covid-19 pandemic that began in late 2019, is highly unusual and underscores the fiscal challenges facing China’s local governments. A real estate crash has exacerbated the problem, as local governments rely heavily on land sale revenues. Analysts estimate China’s outstanding government debts surpassed 123 trillion yuan ($18 trillion) last year, of which nearly $10 trillion is so-called “hidden debt” owed by risky local government financing platforms. Wuhan and Kunming are not the only city governments revealing the extent of their debt problems.

☆ Asian shares rise as investors cheer US debt ceiling agreement
▼ + stars: | 2023-05-28 | by ( Laura He | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —Asian stocks mostly rose on Monday as investors cheered an agreement in principle between the White House and House Republicans to raise the US debt ceiling that could avert a cataclysmic default. The index has rallied more than 20% this year, outpacing global benchmark indexes including the S&P 500 and the Stoxx 600. WTI crude, a US benchmark, rose 0.9% to $73.32 a barrel. The agreement seems to mark “a significant progress in the US debt ceiling situation,” said Jun Rong Yeap, an analyst at IG. China and Japan are the largest foreign holders of American debt, owning a combined $2 trillion in US Treasuries.

☆ Why China and Japan are praying the US won’t default
▼ + stars: | 2023-05-25 | by ( Laura He | ) edition.cnn.com time to read: +8 min

China and Japan are the largest foreign investors in American government debt. China was the largest foreign creditor to the United States for more than a decade. The falling value of Treasuries would lead to a drop in Japan and China’s foreign reserves. “If the United States defaults on its debt, it will not only discredit the United States, but also bring real financial losses to China,” it said. Analysts say Beijing has shown little willingness to fully integrate with global financial markets.

☆ Russia predicts trade with China will hit record $200 billion in 2023
▼ + stars: | 2023-05-24 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Trade between Russia and China is expected to hit a new record level of $200 billion this year, according to Russian Prime Minister Mikhail Mishustin during his trip to China, as Moscow faces growing isolation from the West. Last year, bilateral trade jumped nearly 30% to a record $190 billion, mainly boosted by China buying Russian energy. This year, their trade continued to surge, up 41% in the first four months, according to Chinese customs figures. Russian Prime Minister Mikhail Mishustin and Chinese Premier Li Qiang attend a welcoming ceremony in Beijing on May 24, 2023. The two countries have also planned to build the Power-of-Siberia 2 pipeline to deliver more Russian gas to China via Mongolia.

☆ Micron Technology: China bans companies working in key infrastructure projects from buying US chips
▼ + stars: | 2023-05-22 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —China has banned Chinese companies working on key infrastructure projects from buying products from US semiconductor manufacturer Micron, in a major escalation of an ongoing battle between the world’s top two economies over access to crucial technology. The Cyberspace Administration of China announced the decision on Sunday, saying the US chip maker had failed to pass a cybersecurity review. As a result, operators involved in domestic critical information infrastructure projects should stop purchasing products from Micron, it said. Since October 2022, Washington has imposed sweeping export curbs on advanced chips and chip-making equipment to China, in an attempt to cut off China’s access to critical technology for military purposes. In March, Japan and the Netherlands, both key US allies, also announced restrictions on overseas sales of chip-making technology to countries including China.

☆ China's economy is growing again. So why are investors dumping stocks?
▼ + stars: | 2023-05-19 | by ( Laura He | ) edition.cnn.com time to read: +7 min

Investors trimmed their exposure to China amid economic uncertainty in the country, rising geopolitical tensions and Beijing’s crackdown on international consulting firms. The Nasdaq Golden Dragon China Index has lost more than 5% since April 18. Another concern for global investors is the country’s “fundamental investability,” he said, referring to geopolitical and Chinese policy risks. Ontario Teachers’ Pension Plan, one of the world’s largest pension funds, has closed its Hong Kong-based China equity investment team. “The more cracks appear in Western economies,” the more global investors will need to put money into Chinese assets, he added.

☆ Xi Jinping says no to ‘street stall economy’ in Beijing
▼ + stars: | 2023-05-18 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Chinese President Xi Jinping has opposed the lifting of curbs on street vendors in Beijing, signaling splits within government over a policy shift aimed at tackling rising unemployment. In a recent tour of the Xiongan New Area, a city south of Beijing, Xi unusually revealed his personal views about the “street stall economy,” according to a report earlier this week by China’s state-owned Xinhua news agency. “The capital city is first and foremost a political center, not a ‘hodgepodge’, where ‘factories in alleys’ and the ‘street stall economy’ are not allowed,” he said. It’s unclear whether the capital must now comply with Xi’s views and outlaw street vendors once again. But the recent policy reversal was made against a backdrop of growing challenges facing the world’s second largest economy.

Hong Kong CNN —China’s Communist Party had “supreme access” to all data held by TikTok’s parent company Bytedance, including on servers in the United States, a former employer who is bringing a wrongful termination lawsuit has alleged. Yintao “Roger” Yu filed a lawsuit of wrongful termination against Bytedance in Superior Court in San Francisco earlier this month. Yu’s lawsuit alleges that the company made user data accessible to China’s Communist Party via a backdoor channel, no matter where the data was located. Yu worked for ByteDance Inc. for less than a year and his employment ended in July 2018,” which Yu disputed in his complaint. So the risk would be similar to any government going to an American company, asking for data,” Chew said at the hearing.

☆ Can the Zibo barbecue frenzy save China from economic crises?
▼ + stars: | 2023-05-15 | by ( Laura He | ) edition.cnn.com time to read: +8 min

Zhu Zheng/Xinhua/Getty ImagesSo many tourists flocked into Zibo, now dubbed China’s outdoor barbecue capital, that even the local tourism authorities urged visitors to go elsewhere. A few may, but most won’t.”A shop owner shows off grilled meat during a barbecue festival on April 29, 2023 in Zibo, eastern China. The city Zibo became a tourism hot spot after videos of its barbecue went viral online. China’s economy is navigating a growing array of challenges. The informal trade might reduce unemployment temporarily, and give people feeling poorer a boost, but it “won’t save China’s economy,” Tsang said.

☆ China's carbon emissions to hit new record in 2023 on economic rebound. But they could peak soon, report says
▼ + stars: | 2023-05-12 | by ( Laura He | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —China’s carbon emissions will likely hit a new record in 2023 on the back of an economic rebound, but a rapid expansion in green energy will enable its emissions to peak soon, a global energy think tank said on Friday. However, the emissions could peak soon, as China has accelerated its clean energy push and installed record amounts of solar and wind power capacity, the analysts pointed out. Coal production surged 11% in 2022 from 2021, according to the National Bureau of Statistics. This will lead to a sharp increase in bank lending and investment, particularly for manufacturing, transportation and energy production, they added. “When low-carbon power growth matches — and then exceeds — the annual increase in electricity demand, the sector’s CO2 emissions will peak,” they said.

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