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☆ Weak shipbuilding could be the US Navy's Achilles' heel in a war with China
▼ + stars: | 2024-11-17 | by ( Chris Panella | ) www.businessinsider.com time to read: +14 min

The US Navy faces critical shipbuilding problems that could hobble it in a war with China. China's commercial and military shipbuilding capacity overshadows the rest of the world. China has pursued shipbuilding dominance over the past few years, building a massive naval fleet. Long-term investments and solutions are needed to fix the US Navy's shipbuilding problems. US Navy photo by Mass Communication Specialist Seaman Erwinjacob Miciano/ReleasedThe US Navy's shipbuilding woes aren't new, and there simply isn't a quick fix.

Persons: Shelby Oakley, Oakley, Paula Zorensky, Gerald R, Petty, Alex Smedegard, Bryan Clark, who's, Mackenzie Eaglen, Seaman Wesley J, Bryan McGrath, Matthew Funaiole, McGrath, Seaman Erwinjacob Miciano, Lisa Franchetti, Franchetti, John Harris, Campbell Organizations: US Navy, US, Getty Images China, Newport News Daily Press, TNS, Navy, Huntington Ingalls Industries, General Dynamics, Marinette Marine Corporation, of, Pentagon, USS Enterprise, Getty Images Navy, Shipbuilders, GAO, Shelby, Norfolk Naval Shipyard Shipbuilders, Shipbuilders Council of America, Ford, Columbia, Hudson Institute, American Enterprise Institute, Communication, Jiangnan Shipyard, Shipyards, China State Shipbuilding Corporation, China Power, Center for Strategic, International Studies, People's Liberation Army, of Naval Intelligence, Technological, Department of Defense, Pacific . US Locations: China, US Navy, Virginia, Columbia, Shelby West, Jiangnan, Dalian, Huangpu Wenchong, Hong Kong, Hudong, Shanghai, Beijing, Taiwan, Pacific, Japan, South Korea

☆ China new home prices grow slightly faster in Oct, private survey shows
▼ + stars: | 2024-11-01 | by ( ) www.cnbc.com time to read: +2 min

People look at models of houses at the 2021 Dalian autumn real estate fair at Dalian World Expo Center on October 15, 2021 in Dalian, Liaoning Province of China. Prices of new homes in China rose at a faster pace in October, traditionally a peak season for house hunting, a private survey showed on Friday, suggesting that recent support measures could be having some early impact in a crisis-hit market. The average price across 100 cities edged up 0.29%, compared with the previous month's 0.14%, according to data released by property researcher China Index Academy. On a year-on-year basis, the average price rose 2.08% versus 1.85% growth in September. Average new home prices fell 0.02% from a month earlier in smaller cities last month, the China Index Academy data showed.

Persons: Nomura Organizations: Dalian, China Index, Authorities, Nomura Locations: Dalian, Liaoning Province of China, China, Shanghai, Beijing

☆ The shipbuilding empire fueling China's naval rise is a juggernaut, but tough questions remain
▼ + stars: | 2024-09-28 | by ( Chris Panella | ) www.businessinsider.com time to read: +9 min

China's massive shipbuilding industry is key to its military's naval modernization. But military corruption and future maintenance issues raise questions about long-term sustainability. AdvertisementChina's shipbuilding industry is at the core of its efforts to modernize its navy, producing new warships at astonishing speeds. This important national ambition gives tremendous support to China's shipbuilding empire. Over the years, there have been signs of extensive corruption documented within the shipbuilding industry, as well as other parts of China's defense industry.

Persons: —, Gerald R, it's, it'll, Brian Hart, Matthew Funaoile, Funaoile, That's, Mike Sweeney, Sweeney Organizations: Service, of Naval Intelligence, Navy, Department of Defense, US Navy, Ford, Pentagon, Liberation Army Navy, Getty, Jiangnan Shipyard, Zhonghua Shipyard, China Power, Center for Strategic, International Studies, Getty Images, CSIS, Business, China State Shipbuilding Corporation, PLA, People's Liberation Army, Planet Labs PBC, U.S . Navy, Maxwell, Defense Locations: China, Fujian, Jiangnan, Getty Images China, Dalian, Huangpu Wenchong, Hong Kong, Hudong, Shanghai, Beijing, Wuhan

☆ Intel matters to US chipmaking. Its tangled relationship with China makes things complicated.
▼ + stars: | 2024-09-24 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +6 min

As things stand, Intel is the only US chip firm with plants, known as fabs, that are capable of making advanced semiconductors. TSMC is set to open a fab in Arizona next year, while reports suggest Sam Altman is seeking to raise funds to create chip manufacturing plants. Intel's customers in China include Alibaba and TikTok parent company ByteDance, which have been subject to scrutiny from the US government. "Intel's ties to key businesses in China are typical for a high-tech firm," he said. As Intel and the US consider plans to increase manufacturing capacity at home, the company's China ties will loom large in the global chip race.

Persons: —, Joe Biden, Biden, Forrester's, Alvin Nguyen, HWA CHENG, Sam Altman, Pat Gelsinger, Gelsinger, Forrester's Nguyen, it's, Stacy Rasgon, Bernstein, Rasgon Organizations: Service, Intel, Business, Qualcomm, Street Journal, Bloomberg, China Intel, HWA, Getty, Nvidia, AMD, New York Times, The Times, South Korea's SK Hynix, Intel Capital, Financial, Financial Times, Yahoo Locations: chipmaking, Washington, Intel's Arizona, China, AFP, Taiwan, Arizona , New Mexico, Oregon, Arizona, Chengdu, Dalian, South, Beijing

☆ These big shipyards are China's shipbuilding power players and are cranking out new warships at a breakneck pace
▼ + stars: | 2024-09-21 | by ( Chris Panella | ) www.businessinsider.com time to read: +8 min

Read previewIt is no secret that China's shipbuilding capacity is unmatched on the world stage and that its shipyards are churning out new warships at a breakneck pace. China's shipbuilding industry has over 230 times the capacity of the US, according to recent estimates from the Office of Naval Intelligence, representing about 50% of the total global shipbuilding capacity. The shipyards building China's navyDalian is another significant Chinese shipyard and was site of production for the CNS Shandong aircraft carrier. The China Power Project at CSIS has carefully documented developments in Chinese shipbuilding, including work at the yards and new vessels. That push in military shipbuilding is propelled by China's political motivations and blue-water navy goals.

Persons: —, Brian Hart, Matthew Funaoile, It's, it's, Funaoile, Hart, Xi Jinping Organizations: Service, Business, of Naval Intelligence, Jiangnan Shipyard, Liberation Army's, Pentagon, US, PLAN, Shandong, China State Shipbuilding Corporation, Fujian, Wuchang Shipyard, Fujian Maritime Safety, Zhonghua Shipyard, China Power, Center for Strategic, International Studies, CSIS, Airbus, Getty, Communist Party, PLA Locations: Dalian, China, Huangpu Wenchong, Hong Kong, Jiangnan, Hudong, Shanghai, Bohai, Wuchang, Wuhan, Taiwan, Fujian, Zhonghua

☆ China bans 43 soccer players and officials for life for match-fixing
▼ + stars: | 2024-09-10 | by ( ) edition.cnn.com time to read: +2 min

CNN —The Chinese Football Association has banned for life 38 soccer players and five club officials after a two-year investigation into match-fixing and gambling, as part of a crackdown on corruption in one of China’s most popular sports. Power Sport Images/Getty Images/FileJin Jingdao during the 2022 FIFA World Cup Qualifier match between Australia and China on September 2, 2021 in Doha, Qatar. CFA President Song Kai said 43 of the 44 had been banned for life from football-related activities, and 17 others received five-year bans. The findings were announced ahead of a World Cup qualifier in Dalian later on Tuesday where Team China will host Saudi Arabia after last week’s 7-0 loss away to Japan. A former chairman of the CFA was sentenced to life in prison in March.

Persons: Zhang Xiaopeng, Jin Jingdao, Guo Tianyu, Gu Chao, Son, Mohamed Farag, Zhang, Song Kai Organizations: CNN, Chinese Football Association, Ministry of Public Security, Xinhua News Agency, Administration of Sport, CFA, Visual China, Getty, FC, AFC, China, men’s Locations: Dalian, China, South, Administration of Sport of China, South Korea, Hungary, Australia, Doha, Qatar, Saudi Arabia, Japan

☆ China's EV architect says investing in Europe is a way forward
▼ + stars: | 2024-06-26 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

HEFEI, China — The man who spearheaded China's electric car strategy on Wednesday said that Chinese investment in the European electric vehicles industry could be a way forward for both sides amid trade tensions. Spokespersons for China's foreign ministry and the European Commission were not immediately available when contacted by CNBC. China's Ministry of Commerce said over the weekend that it was launching consultations with the EU over the bloc's probe into the role of subsidies in Chinese electric cars. The EU said earlier this month that it would increase tariffs on imports of the vehicles. "Even though we are not exporting a large number of EVs, perhaps the Chinese companies can try investing in Europe," Wan said, noting that such funding could create local jobs.

Persons: Wan Organizations: Wan Gang, China Association for Science, Technology, European Commission, CNBC, China's Ministry of Commerce, EU Locations: HEFEI, China, EU, Dalian, Europe

☆ The yuan's status as a global currency might be gaining ground. But top CEOs see more hurdles to clear
▼ + stars: | 2024-06-26 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

A bank employee count China’s renminbi (RMB) or yuan notes next to U.S. dollar notes at a Kasikornbank in Bangkok, Thailand, January 26, 2023. Beijing has long touted its ambitions for increasing global use of the Chinese yuan — also known as the "renminbi" or "RMB" — in an international financial market where the U.S. dollar is the dominant currency. watch nowLast year, the HKEX announced a "Dual-Counter" program that allows investors to trade Hong Kong-listed securities in Hong Kong dollars or Chinese yuan. The euro was slightly higher at 5.6%, while the U.S. dollar dominated with a nearly 85% share, the data showed. A maturing financial marketDeveloping more Chinese yuan-denominated investment products also requires a maturation of the local financial sector.

Persons: China’s renminbi, Athit Perawongmetha, Bonnie Chan, Chan, We're, SWIFT, Fred Hu, Hu, it's, Patience, Kenny Lam Organizations: Reuters, Hong Kong Exchanges, U.S ., International Monetary Fund, U.S, Primavera Capital, Sigma Asia Locations: U.S, Bangkok, Thailand, Reuters DALIAN, China, Beijing, Russia, Dalian, Hong Kong, Shanghai, Pacific

☆ HKEX CEO aims for more large-scale IPOs this year
▼ + stars: | 2024-06-25 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHKEX CEO aims for more large-scale IPOs this yearBonnie Chan, the new CEO of Hong Kong Exchanges and Clearing Limited, discusses her first 100 days and outlook at the World Economic Forum's Annual Meeting of the New Champions in Dalian, China.

Persons: Bonnie Chan Organizations: Hong Kong Exchanges, New Locations: Dalian, China

☆ The fertility crisis is here and it will permanently alter the economy
▼ + stars: | 2024-06-25 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +10 min

In the 1960s, there were six people of working age for every retired person, according to the World Economic Forum. “What you’re seeing is increased spending on programs like Medicare and Social Security as the baby boomers are aging into those programs. And then of course, fewer workers relative to the number of people who are receiving Social Security and Medicare benefits,” said Dahl. Social Security payments still provide about 90% of income for more than a quarter of older adults in the United States, according to Social Security Agency surveys. But without intervention, the Social Security trust fund will be depleted by the mid-2030s, meaning that only a portion of retirees’ expected benefits will be paid out.

Persons: it’s, Louis, Simona Paravani, ”, Elon Musk, Kimberly, Clark, Mark Schneider, he’s, Emmanuel Macron, Donald Trump, Molly Dahl, Dahl, Eric Schmidt, ” Schmidt, Goldman Sachs, Stefano Scarpetta, Li Qiang, Juliana Liu, Joyce Jiang, Li, China’s, Xi Jinping, Biden, Max Prosecutors, haven’t, Max, Read Organizations: London CNN, Organisation for Economic Co, Development, Economic, Federal Reserve Bank of St, BlackRock, Disease Control, Congressional Budget Office, CBO, Social Security, Social, Social Security Agency, Google, Summit, Federal Reserve Bank of Richmond, OECD, ” Companies, West Chinese, CNN, EV, Prosecutors, Boeing, Max, US Justice Department, Alaska Air, Justice Department, Federal Aviation Administration Locations: Chad, Niger, Somalia, Samoa, Tonga, Tajikistan, United States, London, China, Beijing, Dalian, Canada, Beijing’s “

☆ Cisco is 'very optimistic' about its expanding business with China EVs
▼ + stars: | 2024-06-25 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

DALIAN, China — Cisco is "very optimistic" about its growing business with Chinese electric car companies as they expand overseas, the company's Greater China head told CNBC on Tuesday. The EV segment is the U.S. tech giant's second-largest for the region — Cisco generates most of its revenue in Greater China from manufacturing companies, and within that, electric cars form the largest category, said Ming Wong, vice president and CEO of Cisco Greater China. Chinese EV-makers have ramped up their global expansion in the last year as domestic competition intensified. However, trade tensions have escalated, with the U.S. and likely the European Union, increasing tariffs on imports of Chinese electric cars. "At least as of now, we don't hear anything from the [EV] customers saying that, 'Oh, because of this, we need to stop investing, or we need to slow down,'" he added.

Persons: Ming Wong, Wong, It's Organizations: Cisco, CNBC, U.S, European Union Locations: DALIAN, China, U.S, Greater China, Cisco Greater China

☆ Li Qiang warns against ‘vicious cycle’ of China decoupling from the West
▼ + stars: | 2024-06-25 | by ( Juliana Liu | ) edition.cnn.com time to read: +3 min

Editor’s Note: Sign up for CNN’s Meanwhile in China newsletter which explores what you need to know about the country’s rise and how it impacts the world. Hong Kong CNN —Chinese Premier Li Qiang has warned against a “vicious cycle” of economic decoupling from the West, as Beijing struggles to contain rising global pushback over soaring electric vehicle (EV) exports. This will “drag countries … into a vicious cycle of scrambling for a cake that becomes smaller and smaller,” Li added. Last month, the Biden administration quadrupled tariffs on EV imports from China, from 25% to 100%, aiming to protect American jobs and manufacturing. Chinese EV sales to the United States are tiny.

Persons: Li Qiang, Li, ”, China’s, Xi Jinping, Biden Organizations: Hong Kong CNN, EV, European Union, Reuters, EU, Global Locations: China, Hong Kong, Beijing, Dalian, Canada, Beijing’s “, United States, European

☆ There is one year worth of demand sitting in Chinese savings: McKinsey China
▼ + stars: | 2024-06-25 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThere is one year worth of demand sitting in Chinese savings: McKinsey ChinaJoe Ngai, Greater China Chairman for McKinsey discusses Chinese Premier Li's speech to the World Economic Forum in Dalian, saying the world needs to get used to slower growth in China.

Persons: McKinsey China Joe Ngai Organizations: McKinsey China, McKinsey, Economic Locations: China, Dalian

☆ China's premier defends national competitiveness as trade tensions simmer
▼ + stars: | 2024-06-25 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +2 min

China's Premier Li Qiang speaks during the 54th annual meeting of the World Economic Forum in Davos, Switzerland, January 16, 2024. Denis Balibouse | ReutersDALIAN, China — Chinese Premier Li Qiang on Tuesday defended the country's technological development while criticizing efforts to restrict global cooperation. His remarks, at the opening of the World Economic Forum's "Summer Davos" meeting in Dalian, China, came amid rising tensions with the EU over imports of Chinese electric cars. Andrzej Duda, president of Poland, and Pham Minh Chinh, prime minister of Vietnam, gave remarks after Li. The Chinese premier held state-level meetings in China with the two leaders ahead of the "Summer Davos."

Persons: Li Qiang, Denis Balibouse, Li, Andrzej Duda, Pham Minh Chinh, Duda Organizations: Economic, Reuters, EU Locations: Davos, Switzerland, Reuters DALIAN, China, Dalian, U.S, Poland, Vietnam, Beijing, Washington

☆ US vs. Chinese aircraft carriers: How the world's top flattops stack up
▼ + stars: | 2024-06-01 | by ( Benjamin Brimelow | ) www.businessinsider.com time to read: +16 min

Liaoning and ShandongAircraft carrier Liaoning set out for sea trials at Dalian shipyard with the help of tugboats. A J-15 fighter takes off from aircraft carrier Shandong during the combat readiness patrol and military exercises around Taiwan. Aircraft carrier USS Gerald R. Ford sails in the Adriatic Sea. China has no experience operating carrier catapults on its warships (though it did study carrier catapults when it purchased the decommissioned Australian carrier HMAS Melbourn from Canberra in 1985 under the guise of scrapping). AdvertisementChina's third aircraft carrier, the Fujian, docks in Shanghai with a Chinese flag seen in the foreground.

Persons: —, Kuznetsov, Pu, Gerald R, Ford, George H.W, George H.W . Bush, Smith, Jackson Adkins, John F, Kennedy, Doris Miller, Dwight D, Eisenhower, Jacob Mattingly, Li Gang, Timothy Heath, Heath, China's, Benjamin Brimelow Organizations: Service, US Navy, Business, Shandong Aircraft, Getty, People's Liberation Army Navy, Getty Images Fujian, EA, Jiangnan Shipyard, Getty Images, PLAN, Xinhua News Agency, Nimitz, Ford, Aircraft, Greyhound, Navy, Carrier, USS Enterprise, Pacific Fleet, Shandong, RAND Corporation, US, Global Affairs, Fletcher School of Law, Diplomacy, Modern, Institute Locations: Shanghai, Fujian, China, China's, Liaoning, Dalian, Shandong, Soviet, Ukraine, Taiwan, Xinhua, Getty Images China, George H.W ., Adriatic, Melbourn, Canberra, Sanya, Hainan Province, West

☆ China's big pig breeders dig in as losses and debts mount
▼ + stars: | 2023-12-04 | by ( Dominique Patton | ) www.reuters.com time to read: +6 min

BEIJING, Dec 4 (Reuters) - The biggest pig breeders in China, consumer of fully half the world's pork, seem to have bitten off more than they can chew. More huge losses are expected next year, putting China's pig enterprises under pressure to slim down their breeding herds and sell off farms, many of which are sitting empty. But now, especially given the companies' high debt levels, the analyst said: "It's hard for them to borrow any money from the banks." That follows a 17% surge in the first nine months of this year at China's 15 big market-listed breeders even as they reported 200 billion yuan in combined net losses. China's agriculture ministry has warned of heavier losses for the sector in early 2024 than a year ago and urged pig producers to cut output.

Persons: Lyle Jones, Hope Liuhe, they're, Flora Zhu, Dominique Patton, Edmund Klamann Organizations: Inc, Dalian Commodity Exchange, Tech - Bank, Jiangxi Zhengbang Technology, Analysts, Muyuan Foods, Foodstuff, WH, HK, Smithfield Foods, Hua'an Securities, China Corporate Research, Fitch, Beijing, Thomson Locations: BEIJING, China, Fujian Aonong, Jiangxi, Beijing

LAUNCESTON, Australia, Dec 4 (Reuters) - The two main spot prices for iron ore diverged last week, with Singapore-traded contracts gaining but China's domestic futures posting a decline. The exchange said on Nov. 30 that it will continue to strengthen its supervision of iron ore futures to maintain what it termed the safe and stable operation of the market. But despite the travails of the property sector, China's iron ore imports have been relatively robust so far in 2023. In the same week last year iron ore stockpiles were 137.5 million metric tons and were 155.4 million in the same week on 2021. History suggests that the authorities can cool iron ore prices, but only for a relatively short period, especially if the market conditions are supportive for stronger prices.

Persons: Sonali Paul Organizations: Singapore Exchange, Dalian Commodity Exchange, National Development, Reform, it's, Reuters, Thomson Locations: LAUNCESTON, Australia, Singapore, Beijing, Dalian

☆ Executives go missing in China—this time linked to troubled shadow bank Zhongzhi
▼ + stars: | 2023-12-01 | by ( Laura He | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —Two Chinese business executives at companies controlled by the embattled financial conglomerate Zhongzhi have gone missing, according to statements by their respective firms. The development comes just days after Chinese authorities launched a criminal investigation into the troubled shadow bank, one of China’s largest. Both companies are controlled by Zhongzhi’s investment units, and the missing executives have been connected with the conglomerate for years. The office building of Zhongrong International Trust, a trust company partially owned by Zhongzhi Enterprise Group, in Beijing. Zhongzhi’s trust banking unit has invested about a tenth of its money in real estate.

Persons: Zhongzhi, Ma Hongying, Ma Changshui, Florence Lo, Xie Zhikun, —, ”, Xie, Xi Jinping Organizations: Hong Kong CNN, Gym Education Technology, Shenzhen Stock Exchange, International Trust, Zhongzhi Enterprise Group, Beijing, Business Locations: Hong Kong, Dalian, Xinjiang, Beijing, China’s, China

☆ Singapore, Zurich world's most expensive cities - EIU
▼ + stars: | 2023-11-30 | by ( ) www.reuters.com time to read: +1 min

HONG KONG, Nov 30 (Reuters) - Singapore and Zurich tied for the world's most expensive city this year, followed by Geneva, New York and Hong Kong, the Economist Intelligence Unit (EIU) said on Thursday as it cautioned that the global cost-of-living crisis was not yet over. Singapore regained the top of the rankings for the ninth time in the past eleven years due to high price levels across several categories. The city state has the world's highest transport prices, owing to strict government controls on car numbers. Zurich's rise reflected the strength of the Swiss franc and high prices for groceries, household goods and recreation, it said. Geneva and New York tied for third place, while Hong Kong was fifth and Los Angeles in sixth.

Persons: Hong Kong, Farah Master, Christopher Cushing Organizations: Economist Intelligence Unit, Singapore, Swiss, New York, Los Angeles, Thomson Locations: HONG KONG, Singapore, Zurich, Geneva , New York, Hong Kong, Geneva, New, Hong, Asia, Nanjing, Wuxi, Dalian, Beijing, Osaka, Tokyo, Japan

☆ Wanda Properties says extension on $600 mln bond repayment gains early consent from holders
▼ + stars: | 2023-11-30 | by ( ) www.reuters.com time to read: +1 min

A sign of Wanda is pictured at the headquarters of Dalian Wanda Group, in Beijing's Central Business District (CBD), China August 8, 2023. REUTERS/Tingshu Wang/File Photo Acquire Licensing RightsBEIJING, Nov 30 (Reuters) - Chinese real estate firm Wanda Properties International [RIC:RIC:WPIC.UL], a unit of conglomerate Dalian Wanda Group, said on Thursday it had received early consent approval from bondholders to extend the repayment on a $600 million guaranteed bond due 2024. The regulatory filing in Hong Kong said those voting in favour of the extension represented more than 99.3% of the aggregate principal amount of the bonds. Wanda Properties is still seeking final approval to extend the payment date of its $600 million 7.25% note to Dec. 29, 2024 from the current maturity date of Jan. 29, at a meeting of bondholders on Dec. 13 this year. Reporting by Liz Lee and Beijing newsroom; Editing by Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

Persons: Wanda, Tingshu Wang, Wanda Properties, Liz Lee, Jamie Freed Organizations: Dalian Wanda Group, Beijing's, Business, REUTERS, Rights, RIC, Dalian Wanda, Thomson Locations: China, Rights BEIJING, Hong Kong, Beijing

☆ Banks may resist China’s push to help developers
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Stringer Acquire Licensing RightsSINGAPORE, Nov 21 (Reuters Breakingviews) - Beijing is giving Chinese banks another nudge to persuade them to play the property white knight. Regulators including the People’s Bank of China are drafting a “whitelist” of 50 property developers, including state-backed China Vanke (000002.SZ) and fully private ones like Seazen (1030.HK) and Longfor (0960.HK), Bloomberg reported citing unnamed sources. More importantly, barring specific lending targets, banks are likely to remain in wait-and-see mode because they fear getting stuck with a mountain of bad loans. Last December, Chinese banks pledged new credit lines worth around 3 trillion yuan ($424 billion) to a dozen developers deemed worth saving, following a similar effort by Beijing. But at a time when China’s outstanding property loans are contracting, such vaguely worded guidance loses relevance.

Persons: Stringer, Yawen Chen, Francesco Guerrera, Thomas Shum Organizations: REUTERS, Rights, Reuters, Regulators, People’s Bank of China, HK, Bloomberg, X, Walmart, Thomson Locations: Dalian, Liaoning province, China, Rights SINGAPORE, Beijing

The strength in iron ore is being driven by renewed optimism that China's vast property sector is emerging from the gloom of recent months. However, there are some fundamental reasons supporting iron ore, chief among them the low port inventories. Stockpiles at China's ports rose to 108.8 million metric tons in the week to Nov. 10, according to data from consultants SteelHome. This was up a modest 3.9 million metric tons from the previous week's 104.9 million, which was the lowest since October 2016. Stockpiles were 136 million metric tons in the same week in 2022 and 147.6 million in 2021, according to SteelHome data.

Persons: Ping, SteelHome, haven't, Miral Organizations: Dalian, Ping An Insurance, HK, Reuters, Thomson Locations: LAUNCESTON, Australia, China, Singapore, Beijing

☆ An embarrassing Russian defeat a century ago is a warning about the risks of losing a war to China now, top US Air Force official says
▼ + stars: | 2023-10-26 | by ( Benjamin Brimelow | ) www.businessinsider.com time to read: +8 min

In May 1905, Russia's navy suffered a resounding defeat by the Japanese at the Battle of Tsushima. The battle is a lesson about complacency in the face of new threats, a top US Air Force official says. AdvertisementAdvertisementGreat-power competitionJapanese soldiers relieve Russian troops in an outer fort at Port Arthur after the Russian surrender in 1905. Proctor via Wikimedia Commons"The Battle of Tsushima Straits did not go well for Russia," Kendall, a self-proclaimed history buff, said at the conference. If our power-projection capability and capacity are not adequate to deter Chinese aggression against Taiwan or elsewhere, war could occur," Kendall said.

Persons: —, Frank Kendall, Kendall, aren't, George Rinhart, Port Arthur —, Korea's, Shigetada Seki, Port Arthur, Oriol, Tsushima, Oleg, Proctor, Theodore Roosevelt Organizations: Russia's, Russo, US Air Force, Service, Air Force, Air and Space Forces Association, Getty, Imperial, Siberian Railway, Asahi, Wikimedia, Imperial Japanese Navy, Russian, Baltic Fleet, 2nd Pacific Squadron, Wikimedia Commons, Mukden, Japanese Defense Ministry, US Defense Department Russia's Locations: Tsushima, Japanese, Asia, European, Imperial Japan, Imperial Russia, Pacific, Japan, Russia, China, Port, Europe, Korea, Dalian, Liaodong, Port Arthur, Tokyo, Russian Pacific, Chemulpo, Ulsan, Baltic, Russian, Vladivostok, Philippines, Madagascar, Manila Bay, Shandong, Okinawa, US, Britain, Germany, Imperial Germany, South, Soviet Union, Manchuria, Taiwan

☆ Founder of discount e-shopping firm PDD races up China's rich list
▼ + stars: | 2023-10-24 | by ( Casey Hall | Thomson Reuters | Casey Has Reported On China'S Consumer Culture Her Base In Shanghai For More Than A Decade | ) www.reuters.com time to read: +3 min

Colin Huang, who founded PDD in 2015 and stepped down as CEO in 2020, was the fastest riser in this year's Hurun Rich List, leaping seven places to be ranked China's third richest man with a $37.2 billion fortune. Richard Liu, who founded e-commerce giant JD.com, also saw his wealth, and that of his wife Zhang Zetian, fall by $6.2 billion since last year to $8.26 billion, according to Hurun's list. JD.com's shares fell to a record low earlier this month after banks cut its price targets citing a weaker-than-expected recovery in consumer spending. Hui Ka Yan is currently being investigated over suspected "illegal crimes", Evergrande said last month. Reporting by Casey Hall; editing by Brenda Goh and Miral FahmyOur Standards: The Thomson Reuters Trust Principles.

Persons: Colin Huang, Yin Liqin, Rich, Jack Ma, Alibaba, Richard Liu, Zhang Zetian, Rupert Hoogewerf, PDD's Temu, Zhong Shanshan, Pony Ma, Hurun, Wang Jianlin, Hui Ka Yan, Evergrande, Casey Hall, Brenda Goh Organizations: Nasdaq, REUTERS, Rights, PDD Holdings, PDD, HK, Hurun, Dalian Wanda Group, China Evergrande, Thomson Locations: New York, Shanghai, China

☆ China's troubled property sector to face more debt defaults
▼ + stars: | 2023-10-20 | by ( Xie Yu | ) www.reuters.com time to read: +3 min

HONG KONG, Oct 20 (Reuters) - More debt defaults are likely to emerge in China's property sector as troubled developers struggle with a weak home sales outlook, while fund raising remains challenging, according to credit analysts. Counting October, there is a total of $60.5 billion worth of Chinese property bonds due in the next 6 months, with offshore bonds taking up at least one third of it, according to Dealogic data. The company said it was also prepared to formulate a reasonable debt repayment plan if it fails to repay bonds as they are due. Ricky Tsang, an analyst with S&P Global Ratings, said apart from the weak cash flow from home sales, fund raising for developers, particularly the private ones, remains tight. Reporting by Xie Yu in Hong Kong, Editing by Raju GopalakrishnanOur Standards: The Thomson Reuters Trust Principles.

Persons: Ting Meng, Ricky Tsang, Tsang, Xie Yu, Raju Gopalakrishnan Organizations: HK, Ocean Group, Hong Kong Exchange, Dalian Wanda Group, Bloomberg, ANZ Bank China, Developers, Thomson Locations: HONG KONG, China, State, HK, Hong Kong

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