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☆ China aircraft monitored US, France, Canada, Japan navy drill - media
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: +2 min

BEIJING, June 12 (Reuters) - China deployed a reconnaissance aircraft over Pacific waters east of Taiwan last week that Chinese media said monitored and gathered intelligence on an exercise involving the navies of the United States, Japan, France and Canada. The islands separate the East China Sea from the Philippine Sea, and dot the West Pacific between Japan and Taiwan, which China claims as its territory. The Japanese defence ministry reported a sighting of a Y-9 reconnaissance variant in the Pacific on Thursday. A spokesperson for the Japanese ministry said on Monday it was analysing a piece of equipment attached to the undercarriage of the Y-9 variant that had not been seen before. Days before the quadrilateral exercise, the coast guards of the Philippines, United States and Japan held their first trilateral exercise off the coast of a western Philippine province.

Persons: USS Nimitz, Ronald Reagan, Albee Zhang, Ryan Woo, Tim Kelly, Gerry Doyle, Robeert Organizations: Global Times, U.S, USS, U.S ., U.S . 7th Fleet, Military, South China, Thomson Locations: BEIJING, China, Taiwan, United States, Japan, France, Canada, Ryukyu, Philippine, Beijing, East, Pacific, U.S, South, Philippines, Tokyo

☆ China's property sector set to be persistently weak for years -Goldman
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: +2 min

BEIJING, June 12 (Reuters) - China's property sector is expected to grapple with "persistent weakness" for years, Goldman Sachs analysts said, adding that its problems would continue to drag on the country's economic growth. "As such, we only assume an 'L-shaped' recovery in the property sector in coming years," the note said. China's property sector has over the past two years been thrust into a severe debt crisis - initially triggered by government moves to rein in ballooning debt - with many developers defaulting on payments as they struggle to sell apartments and raise funds. Although local governments have rolled out hundreds of measures to support the sector, and the scrapping of harsh COVID curbs in December has helped somewhat, positive investor sentiment towards the sector has been short-lived. A state-run newspaper last week urged patience amid market speculation of more stimulus for the sector.

Persons: Goldman Sachs, Liangping Gao, Ryan Woo, Edwina Gibbs Organizations: Thomson Locations: BEIJING

☆ MLB roundup: Cubs' Kyle Hendricks takes no-hitter into 8th in win
▼ + stars: | 2023-06-11 | by ( ) www.reuters.com time to read: +12 min

Nathan Eovaldi (9-2) earned the win despite allowing four runs on seven hits and three walks in 6 1/3 innings. Reds 8, Cardinals 4Rookie Andrew Abbott blanked St. Louis for 5 2/3 innings as visiting Cincinnati rolled to a victory. The 24-year-old has permitted two runs on 12 hits with 23 strikeouts in 23 innings. Aaron Nola (5-5) was charged with six runs on seven hits in 6 1/3 innings to take the loss for Philadelphia. J.P. France (2-1) allowed three runs on seven hits over 6 2/3 innings.

Persons: Kyle Hendricks, Mitch Haniger, Darren Yamashita, Christopher Morel, Hendricks, Michael Conforto, Matt Mervis, Jakob Junis, Mervis, Morel, John Brebbia, Ozuna, Ronald Acuna Jr, Travis d'Arnaud, Kevin Pillar's, Acuna, MacKenzie Gore, Jared Shuster, A.J, Minter, Stone Garrett, Corey Seager, Seager, Nathan Eovaldi, Francisco Mejia, Taj Bradley, Lourdes Gurriel Jr, Gurriel, Nick Ahmed, Ryne Nelson, Matthew Boyd, Kerry Carpenter, Miguel Cabrera, Andrew Abbott, St, Louis, Abbott, Luke Maile, Spencer Steer, Miles Mikolas, Dylan Carlson, Nolan Arenado, Carlos Correa, Max Kepler, Trevor Larnach, Joe Ryan, Jorge Lopez, Adam Cimber, Vladimir Guerrero Jr, Whit Merrifield, Santiago Espinal, Nathan Lukes, Martinez, Bobby Miller, Mookie Betts, James Outman, Freddie Freeman, Miller, Aaron Nola, Manny Machado, Fernando Tatis Jr, Drew Carlton, Josh Hader, Nolan Jones, Ezequiel Tovar, Jake Bird, Kyle Freeland, Xander Bogaerts, Tatis, Mark Canha, Francisco Alvarez, Brandon Nimmo, Kodai, Ji Hwan Bae, Johan Oviedo, Cole Irvin, Anthony Santander, Gunnar Henderson, Adam Frazier, Brady Singer, Edward Olivares, Aledmys Diaz, Diaz, Tony Kemp, Joel Payamps, Oakland, Sam Long, Victor Caratini, Oakland's Paul Blackburn, Milwaukee's Julio, Jose Abreu, Houston, Bryan Abreu, Ryan Pressly, Cleveland, Josh Naylor, Triston McKenzie, Jean Segura, Joe Kelly, Puk, Yoan, Steven Okert, Jorge Soler, Luis Arraez, Arraez, Andrew Vaughn, J.P . Crawford, Eugenio Suarez, Julio Rodriguez, AJ Pollock, Bryan Woo, Shohei Ohtani, Patrick Sandoval Organizations: Chicago Cubs, San Francisco Giants, Oracle, Cubs, Giants, Braves, Atlanta, Nationals, Rangers, Rays, Tampa, The Rangers, Diamondbacks, Tigers, Arizona, Detroit, Reds, Cardinals, Cincinnati, Blue Jays, Minnesota, Toronto, Twins, Dodgers, Phillies, Philadelphia, Padres, San Diego, Colorado, Rockies, Mets, Pirates, New York, Pittsburgh, Orioles, Royals, Baltimore, Kansas City, Irvin, Athletics, Brewers, Oakland, Milwaukee, Blackburn, Astros, Cleveland, Marlins, White Sox, Chicago, The Marlins, Miami, Mariners, Angels, Seattle, Four Mariners, The Mariners, Thomson Locations: San Francisco , California, USA, Washington, Texas, St . Petersburg, Fla, Eovaldi, Tampa Bay, St, Minnesota, Los Angeles, Denver, San Diego, New, York, Kansas, Milwaukee, Milwaukee's Julio Teheran, Teheran, J.P, France, Miami, Anaheim , Calif, Angeles

☆ Heavy 'dragon boat water' rains hit southwest China, some cities flooded
▼ + stars: | 2023-06-09 | by ( ) www.reuters.com time to read: +1 min

BEIJING, June 9 (Reuters) - Non-stop heavy rains lashed parts of southwest China on Friday, triggering floods in cities, engulfing roads and partially submerging buildings. A particularly harsh first bout of summer rains known locally as "dragon boat water" saw the city of Beihai in Guangxi log 453 millimetres on Thursday. Rain is forecast to continue in southern China over the coming days while the northeast is also expected to be hit by sudden thunderstorms, the weather bureau reported. China, prone to floods, is increasingly warning of more extreme weather due to climate change. The central province of Henan, the granary of China, was recently struck by heavy rainfall that caused crops to sprout or be hit by blight, triggering concerns about food security.

Persons: Ella Cao, Ryan Woo, Edwina Gibbs Organizations: China Meteorological Administration, Thomson Locations: BEIJING, China, Beihai, Guangxi, Yulin, Henan

☆ China: 'Hacker empire' US is 'spreading rumours' with talk of Cuba spy station
▼ + stars: | 2023-06-09 | by ( ) www.reuters.com time to read: +2 min

BEIJING, June 9 (Reuters) - China's foreign ministry on Friday said "spreading rumours and slander" is a common tactic of "hacker empire" the United States, after a media report that China has reached a deal with Cuba to set up an electronic eavesdropping facility on the island. Cuba and China have reached an agreement in principle, the U.S. officials said, with China to pay Cuba "several billion dollars" for the eavesdropping station, according to the Journal. "As we all know, spreading rumours and slander is a common tactic of the United States," said Wang Wenbin, spokesperson at the Chinese foreign ministry. "The United States is also the most powerful hacker empire in the world, and also veritably a major monitoring nation." The reported deal could raise questions about a near-term visit to China that U.S. officials say Secretary of State Antony Blinken is planning.

Persons: John Kirby, Wang Wenbin, Antony Blinken, Blinken, Carlos Fernandez de Cossio, Liz Lee, Ryan Woo, Christopher Cushing Organizations: Wall Street Journal, White House National Security Council, Reuters, Cuban, Foreign, Thomson Locations: BEIJING, United States, China, Cuba, Beijing, U.S, Washington, America, Caribbean

☆ China's central bank upbeat on Q2 GDP growth, confident on 2023 targets
▼ + stars: | 2023-06-09 | by ( ) www.reuters.com time to read: +2 min

Some analysts have predicted the central bank may begin to cut key rates as soon as next week after a flurry of weak data highlighted the fragility of China's economic rebound. "It is expected that year-on-year growth of gross domestic product (GDP) in the second quarter will be relatively high (mainly due to the base effects). The CPI is expected to gradually pick up in the second half of the year and be above 1% year-on-year by December," the PBOC statement quoted Yi as saying. The government has set a modest GDP growth target of around 5% for this year, after badly missing the 2022 goal. Reporting by Ellen Zhang and Ryan Woo; editing by John Stonestreet and Sharon SingletonOur Standards: The Thomson Reuters Trust Principles.

Persons: Yi Gang, Yi, Ellen Zhang, Ryan Woo, John Stonestreet, Sharon Singleton Organizations: People's Bank of China, Group, SAIC Motor Corp, Citibank, Thomson Locations: BEIJING, United States, Europe, Shanghai, China

TAIPEI/PRAGUE, June 8 (Reuters) - Taiwan Foreign Minister Joseph Wu will make a previously unannounced visit to Europe next week, four sources briefed on the matter said, and is expected to appear with the Czech president at one event in a diplomatic breakthrough. Taiwan, which is claimed by China, has no formal diplomatic ties with any European country except the Vatican. Taiwan's foreign ministry declined to comment on Wu's Europe travel plans. In January, then-Czech President-elect Pavel and Taiwan President Tsai Ing-wen spoke by telephone shortly after his election, in a diplomatic coup for Taiwan that infuriated China. Beijing views Taiwan as being part of "one China" and demands other countries recognise its sovereignty claims, which Taiwan's democratically-elected government rejects.

Persons: Joseph Wu, Wu, Petr Pavel, Zdenek Hrib, Pavel, Tsai Ing, Ben Blanchard, Robert Muller, Ryan Woo, Andrew Gray, Angus MacSwan Organizations: Taiwan Foreign, European Union, Service, Prague, Copenhagen Democracy Summit, Thomson Locations: TAIPEI, PRAGUE, Europe, Czech, Taiwan, China, Vatican, Beijing, Central, Eastern, Ukraine, Brussels, Prague, Czech Republic, Slovakia, Bratislava, Copenhagen, Denmark, Vilnius, Lithuania

☆ China may cut rates further in H2, government researcher says
▼ + stars: | 2023-06-06 | by ( ) www.reuters.com time to read: +1 min

BEIJING, June 6 (Reuters) - China will likely further cut banks' reserve ratio and interest rates in the second half of this year to support the economy, the China Securities Journal reported on Tuesday, citing policy advisors and economists. China's economy rebounded faster than expected in the first quarter but lost momentum at the beginning of the second. Zhang Ming, a researcher at the Chinese Academy of Social Sciences, a top government think tank, told the state newspaper that low inflationary pressures in China will provide room for monetary easing. China can consider further rate cuts and target the reserve requirement ratio (RRR) cuts to lower lending costs, said Zhang. Li Chao, chief economist at Zheshang Securities, also expects potential rate cuts and RRR cuts in the second half of this year, the report said.

Persons: Zhang Ming, Zhang, Li Chao, Ziyi Tang, Ryan Woo, Shri Navaratnam Organizations: China Securities, Chinese Academy of Social Sciences, Zheshang Securities, U.S . Federal Reserve, United, Thomson Locations: BEIJING, China, Beijing, United States

BEIJING, June 6 (Reuters) - Chinese universities are drastically increasing tuition fees this year, with some making their first rises in two decades, hurt by a reduced national budget for tertiary education and tight local government finances. The higher fees come amid a financial crunch among local governments after three years of disruptive COVID-19 policies, a property crisis and a sluggish economy. Chinese universities, almost all public, rely heavily on state funding. The study suggested increasing tuition fees for international students to as much as 110,000 yuan per year from about 20,000 yuan. ($1 = 7.1165 Chinese yuan renminbi)Reporting by Ella Cao and Ryan Woo.

Persons: Liu Jin, Ella Cao, Ryan Woo, Gerry Doyle Organizations: East China University of Science, Technology, Shanghai Dianji University, Beijing Institute of Technology, Thomson Locations: BEIJING, Shanghai, Sichuan, Jilin

Statements from Washington and Beijing on meetings between Daniel Kritenbrink, assistant secretary of state for East Asian and Pacific Affairs, and Chinese officials including Vice Foreign Minister Ma Zhaoxu were positive, describing the talks as candid and productive. But critics have questioned U.S. overtures to China, arguing that past decades of engagement have failed to change Beijing's behaviour. "We're working hard to manage the relationship as best as we possibly can," said Kritenbrink, when asked by reporters in Beijing on Tuesday about the current state of bilateral ties. Asked if Blinken would visit China soon, Kritenbrink said: "We'll see, I have nothing to announce." Reporting by Ryan Woo and Ella Cao; Editing by Kim Coghill and Michael PerryOur Standards: The Thomson Reuters Trust Principles.

Persons: Daniel Kritenbrink, Ma Zhaoxu, Kritenbrink, Lloyd Austin, Joe Biden's, Antony Blinken, Washington, Blinken, Biden, Xi Jinping, Ryan Woo, Ella Cao, Kim Coghill, Michael Perry Organizations: U.S, East Asian, Pacific Affairs, Foreign, U.S ., . Defense, U.S . State Department, ., Global Times, Economic Cooperation, APEC, Thomson Locations: BEIJING, China, Beijing, Washington, U.S, Chinese, Taiwan, South China, United States, Asia, San Francisco

☆ China, Russia launch joint air patrol, alarms South Korea
▼ + stars: | 2023-06-06 | by ( ) www.reuters.com time to read: +3 min

BEIJING, June 6 (Reuters) - China and Russia conducted a joint air patrol on Tuesday over the Sea of Japan and East China Sea for a sixth time since 2019, prompting neighbouring South Korea to scramble fighter jets. South Korea scrambled fighter jets, according to its military, after after four Russian and four Chinese military aircraft entered its air defence zone in the south and east of the Korean peninsula. An air defence zone is an area where countries demand that foreign aircraft take special steps to identify themselves. Unlike a country's airspace - the air above its territory and territorial waters - there are no international rules governing air defence zones. Since last week, the coast guard of the United States, Japan and the Philippines have held their first trilateral naval exercise in the South China Sea.

Persons: Wang Wenbin, Albee Zhang, Ryan Woo, Liz Lee, Simon Cameron, Moore Organizations: Air Defence, Russian, Thomson Locations: BEIJING, China, Russia, Japan, East China, South Korea, Russian, Ukraine, Beijing, Moscow, United States, Tokyo, India, Australia, Philippines, South China, Taiwan Strait, Chinese, U.S, Taiwan

☆ China's services activity picks up in May on improved demand- Caixin PMI
▼ + stars: | 2023-06-05 | by ( ) www.reuters.com time to read: +2 min

BEIJING, June 5 (Reuters) - China's services activity picked up in May, a private-sector survey showed on Monday, as a rise in new orders shored up a consumption-led economic recovery in the second quarter. The reading contrasts with the official PMI released last week that showed a slower pace of expansion in the services sector. The Caixin survey showed service companies reported a rise in new business last month when the first May Day holiday following China's COVID reopening boosted orders for hotels, restaurants and travel agencies. Caixin/S&P's composite PMI, which includes both manufacturing and services activity, picked up to 55.6 from 53.6 in April, marking the quickest expansion since December 2020. "This divergence highlights that economic growth is lacking internal drive and market entities lack sufficient confidence, underscoring the importance of expanding and restoring demand," he said.

Persons: shored, Wang Zhe, Ellen Zhang, Ryan Woo, Sam Holmes Organizations: P Global, PMI, Caixin Insight, Thomson Locations: BEIJING, Beijing

☆ Chinese state media dismiss U.S. diplomat's Beijing visit
▼ + stars: | 2023-06-05 | by ( ) www.reuters.com time to read: +3 min

BEIJING, June 5 (Reuters) - A Chinese state-backed newspaper criticised the visit of a senior U.S. State Department official to China, saying his visit was motivated more by Washington's own goal to portray itself as the side seeking communication and not Beijing. Sino-U.S. relations have sunk to new lows since U.S. State Secretary Antony Blinken scrapped a planned trip to China in February after an alleged Chinese spy balloon flew through U.S. airspace. Some experts have great doubts as to whether the U.S. side can inject some positive energy into bilateral relations ahead of the next U.S. presidential elections, the Global Times said. "The U.S. has been seeking dialogue while continuing to be provocative," it reported, quoting an expert at a Chinese state think tank. "We haven't seen any positive statements from the U.S. concerning the core interests or bilateral relations."

Persons: Washington's, Pacific Affairs Daniel Kritenbrink, Antony Blinken, Laura Rosenberger, Lloyd Austin, Li Shangfu, Ryan Woo, Ben Blanchard, Michael Perry, Stephen Coates Organizations: U.S . State Department, United, Global Times, State, East Asian, Pacific Affairs, State Department, American Institute, Washington, Central News Agency, . Defense, China's, Austin, Thomson Locations: BEIJING, U.S, China, Beijing, United States, Taiwan, South China, Taipei, Singapore, Russia

Speaking at the Shangri-La Dialogue, Asia's top security summit, Austin said that open lines of communication between U.S. and Chinese defence and military leaders were essential to avoid conflict and bolster stability in the Asia-Pacific. "The more that we talk, the more that we can avoid the misunderstandings and miscalculations that could lead to crisis or conflict." China's Minister of National Defence Li Shangfu had this week declined an invitation to meet Austin at the security summit. On Friday, the two shook hands on the sidelines of the conference but did not hold detailed talks, the Pentagon said. "(AUKUS) promotes greater stability and security," Austin said.

Persons: Defense Lloyd Austin, Caroline Chia, Austin, Austin Austin, National Defence Li Shangfu, Antony Blinken, Liu Pengyu, General, Lei, Zhao Xiaozhuo, Zhao, Xi Jinping, Joe Biden, Xinghui Kok, Joe Brock, Chen Lin, Gerry Doyle, Kanupriya Kapoor, Greg Torode, Ryan Woo, Idrees Ali, Phil Stewart, Yew, Raju Gopalakrishnan Organizations: Defense, REUTERS, United, People's, National Defence, Austin, Pentagon, Academy of Military Sciences, Global Times, U.S, China's Academy of Military Sciences, Australia, Thomson Locations: Singapore, China, Taiwan, Asia, Pacific SINGAPORE, United States, South China, People's Republic of China, U.S, Washington, TAIWAN, Beijing, Ukraine, Pacific, Australia, Japan, India, Philippines

☆ 'Relentless' heatwaves scorch southern China, test power grids
▼ + stars: | 2023-06-02 | by ( Ryan Woo | ) www.reuters.com time to read: +3 min

[1/3] Workers of grid operator China Southern Power Grid inspect power cables connecting transmission towers in Dongguan, Guangdong province, China May 29, 2018. REUTERS/Stringer/File PhotoBEIJING, June 2 (Reuters) - Having sweltered through May, southern and eastern China face more weeks of unrelenting heatwaves, putting power grids under strain as demand for air-conditioning soars in mega-cities like Shanghai. Like many parts of Asia, China has been besieged by extreme hot weather in recent weeks ahead of summer proper in the northern hemisphere. But how they are occurring - it's just been week on week on week of these records being shattered. Powerful convection weather has also wreaked havoc in central China in recent weeks, with protracted downpours and even hail devastating the country's ongoing wheat harvest.

Persons: Stringer, I'm, Sarah Perkins, Kirkpatrick, Gao Rong, Ryan Woo, Qiaoyi Li, David Stanway, Michael Perry, Simon Cameron, Moore Organizations: China Southern Power Grid, REUTERS, University of New, National Climate Centre, Thomson Locations: Dongguan, Guangdong province, China, BEIJING, Shanghai, Asia, Provinces, University of New South Wales, Guangdong, Hainan, Guangxi, Yunnan, Guizhou, Sichuan, Henan, Beijing, Singapore

In the next three days, most of southern China is expected to suffer temperatures of more than 35 Celsius (95 Fahrenheit), with temperatures in some areas exceeding 40C, national forecasters said on Friday. Extreme hot weather beset China, like many part of Asia in recent weeks, even before summer arrived. But how they are occurring - it's just been week on week on week of these records being shattered," said Sarah Perkins-Kirkpatrick, a climate scientist with the University of New South Wales. ELECTRICITY DEMANDDemand for electricity in southern manufacturing hubs, including Guangdong, has surged in recent days, with China Southern Power Grid, one of the country's two grid operators, seeing peak power load exceeding 200 million kilowatts - weeks earlier than normal and close to historical highs. Powerful convection weather has also wreaked havoc in central China in recent weeks, with protracted downpours and even hail devastating the country's ongoing wheat harvest.

Persons: David Kirton, we've, Zhao, Yang, haven't, heatstroke, I'm, Sarah Perkins, Kirkpatrick, Mei, Gao Rong, Ryan Woo, Qiaoyi Li, David Stanway, Michael Perry, Simon Cameron, Moore Organizations: heatwave, REUTERS, Reuters, University of New, China Southern Power Grid, National Climate Centre, Thomson Locations: Shenzhen, Guangdong province, China, BEIJING, Shanghai, Asia, University of New South Wales, Guangdong, Hainan, Guangxi, Yunnan, Guizhou, Sichuan, Henan, Beijing, Singapore

☆ China new home prices, sales fall on soft demand in May
▼ + stars: | 2023-06-01 | by ( ) www.reuters.com time to read: +1 min

New home prices among 100 cities fell 0.01% month-on-month in May from 0.02% growth the previous month, according to survey data from the China Index Academy on Thursday. Home sales by value by property developers fell 18.8% from a month earlier, the independent real estate research firm said in a separate statement on Wednesday. "The real estate market was under greater adjustment pressure and homebuyers' sentiment continued to fall in May," said the firm. The property sector gained a boost from the lifting of tough COVID curbs in December, low mortgage interest rates and a slew of policy support measures. "These (bearish) property market data will likely further weigh on China-related assets in the next couple of weeks," said Nomura.

Persons: Nomura, Liangping Gao, Ryan Woo, Kim Coghill Organizations: China Index Academy, Thomson Locations: BEIJING, China

☆ China's factory activity swings to surprise growth in May - Caixin PMI
▼ + stars: | 2023-06-01 | by ( ) www.reuters.com time to read: +3 min

The Caixin/S&P Global manufacturing purchasing managers' index (PMI) rose to 50.9 in May from 49.5 in April, above the 50-point index mark that separates growth from contraction. The reading surpassed expectations of 49.5 in a Reuters poll, a stark contrast to a deeper contraction activity seen in the official PMI released on Wednesday. The manufacturing subindexes showed factory output rose at the fastest clip in 11 months while new orders including new exports expanded in May. However, business confidence for the coming 12 months fell to a seven-month low amid concerns over global economic prospects. "Current economic growth lacks internal drive and market entities lack sufficient confidence, highlighting the importance of expanding and restoring demand, " said Wang Zhe, Senior Economist at Caixin Insight Group.

Persons: Zhou Hao, Hang, Wang Zhe, 25bps, Liangping Gao, Joe Cash, Ryan Woo, Sam Holmes, Simon Cameron, Moore Organizations: P Global, PMI, Guotai, CSI, Caixin Insight, ANZ, Thomson Locations: BEIJING, China

☆ 'Granary of China' braces for more wheat-damaging rain
▼ + stars: | 2023-06-01 | by ( ) www.reuters.com time to read: +1 min

Known as the "granary of China", the south of Henan had been struck by higher-than-normal rainfall in the last week of May days ahead of the harvest of wheat planted in the last winter. Medium to heavy precipitation can be expected in the south of Henan on Saturday, national weather forecasters reported on Thursday. China's winter wheat accounts for the majority of the country's annual wheat output. China, including important grain-growing provinces like Henan, is no stranger to floods and droughts. But abnormal weather patterns such as excessively heavy rain still risk devastating key crops and squeezing supplies.

Persons: Ryan Woo, Sonali Paul Organizations: Thomson Locations: BEIJING, Henan, China, Zhumadian, Nanyang

Summary Manufacturing PMI unexpectedly fallsNon-manufacturing PMI falls, as services slowPMIs show economic recovery losing steamMarkets skid on PMI weaknessBEIJING, May 31 (Reuters) - China's factory activity shrank faster than expected in May on weakening demand, heaping pressure on policymakers to shore up a patchy economic recovery and knocking Asian financial markets lower. "The PMI data reveal that China may heading to a K-shaped recovery," said Bruce Pang, chief economist at Jones Lang LaSalle. "The sluggish domestic demand could weigh on China's sustainable growth, if there are no efficient and effective policy moves to engineer a broad-based recovery," said Pang. The PMI subindexes for May showed factory output swung to contraction from an expansion while new orders, including new exports, fell for the second month. Last month, imports contracted sharply, factory gate prices fell, property investment slumped, industrial profits plunged and factory output and retail sales both missed forecasts.

Persons: Bruce Pang, Jones Lang LaSalle, Pang, Jones Lang LaSalle's Pang, Li Qiang, Zhiwei Zhang, Liangping Gao, Ryan Woo, Sam Holmes Organizations: PMI, National Bureau of Statistics, . Service, New, Jones, Labor, Nomura, Barclays, Thomson Locations: BEIJING, Asia, New Zealand, China, Japan

☆ China complains to G7 host Japan over joint statement
▼ + stars: | 2023-05-20 | by ( ) www.reuters.com time to read: 1 min

BEIJING, May 20 (Reuters) - China firmly opposes the G7 joint statement out of Hiroshima and has complained to summit organiser Japan, the Chinese foreign ministry said on Saturday. The ministry said that the G7, disregarding China's concerns, had attacked it and interfered in its internal affairs, including Taiwan, the ministry said in a statement. China has expressed its strong dissatisfaction and has lodged stern representations with summit host Japan, the statement added. Reporting by Ryan Woo, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ China's fiscal revenue growth quickens as economy recovers
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +1 min

BEIJING, May 18 (Reuters) - China's fiscal revenue rose 11.9% in the first four months of 2023 from the same period a year earlier, accelerating sharply from a 0.5% rise in January-March, official data showed, as the economy stages a gradual but uneven post-COVID recovery. Fiscal revenue totalled 8.32 trillion yuan ($1.20 trillion)in the first four months while fiscal expenditure grew 6.8% to 8.64 trillion yuan, the ministry said in a statement on Thursday. In April, fiscal revenue jumped about 70% from a year earlier, accelerating sharply from a 5.5% rise in March, according to Reuters calculations based on the ministry's data. The world's second-largest economy is recovering after three years of stringent COVID-19 curbs, but April data suggested the economy lost momentum at the beginning of the second quarter. ($1 = 6.9121 Chinese yuan renminbi)Reporting by Ellen Zhang and Ryan Woo; Editing by Himani SarkarOur Standards: The Thomson Reuters Trust Principles.

☆ Central Asia leaders converge in China as Xi touts 'enduring' friendship
▼ + stars: | 2023-05-18 | by ( Andrew Hayley | ) www.reuters.com time to read: +2 min

The first to land was President Kassym-Jomart Tokayev of Kazakhstan - China's largest trading partner in Central Asia - with his face-to-face meeting with Xi on Wednesday ending with a deal to build "enduring friendship" and share "weal and woe". Tokayev's deal with Xi will set the tone for the other bilateral meetings, where China will seek deeper cooperation with other Central Asia states in its quest to achieve greater food, energy and national security. Two-way trade between China and Central Asia hit a record $70 billion last year, with Kazakhstan leading with $31 billion. Kyrgyzstan followed with $15.5 billion, Turkmenistan with $11.2 billion, Uzbekistan with $9.8 billion and Tajikistan with $2 billion. Reporting by Andrew Hayley; writing by Ryan Woo; Editing by Raju GopalakrishnanOur Standards: The Thomson Reuters Trust Principles.

☆ China's home prices rise at slower pace as demand ebbs
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +3 min

Summary April new home prices +0.4% m/m vs +0.5% m/m in MarchApril prices -0.2% y/y vs -0.8% y/y in MarchMore policy stimulus may be needed, analysts sayBEIJING, May 17 (Reuters) - China's new home prices rose for the fourth straight month in April but at a slower pace, heightening fears that pent-up demand after the country's economic reopening is fading. New home prices in April rose 0.4% month-on-month versus a 0.5% gain in March, according to Reuters calculations based on National Bureau of Statistics (NBS) data on Wednesday. Beijing's aggressive stimulus policies to the crisis-hit property sector since November have boosted sentiment over the past few months but homebuyers are increasingly worried about job security. Home prices in tier-two and three cities also rose at a slower pace in April. April money and credit data last week suggested growth of households' medium-to-long term loans, mostly mortgages, decelerated in April, in line with slower property transactions.

☆ China's new home prices rise at slower pace in April
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +2 min

Summary April new home prices +0.4% m/m vs +0.5% m/m in MarchApril prices -0.2% y/y vs -0.8% y/y in MarchBEIJING, May 17 (Reuters) - China's new home prices rose for the fourth straight month in April but at a slower pace, official data showed on Wednesday, as government efforts to stabilise the sector lifted sentiment after the country's abrupt exit from COVID curbs late last year. New home prices in April edged up 0.4% month-on-month versus a 0.5% gain in March, according to Reuters calculations based on National Bureau of Statistics (NBS) data. April's slower pace of home price gains, along with bearish data on Tuesday showing property investment and sales sharply falling, add to concerns over the strength of the recovery in a sector crucial to the health of China's economy. From a year earlier, prices fell 0.2%, the 12th month of decline in annual terms. Beijing's aggressive stimulus policies to the crisis-hit property sector since November have boosted sentiment over the past few months.

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