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Search resuls for: "Klaus Zenkel"


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REUTERS/David Kirton Acquire Licensing RightsSHENZHEN, China, Nov 16 (Reuters) - Tony Xiong is among the latest arrivals to the glitzy office towers in the newest part of Shenzhen, built to showcase China's economic miracle. Office workers are not the only ones grumbling about the unattractiveness of Qianhai, a special economic zone where Chinese dreams of global financial might and economic prosperity that once seemed inevitable are now darkened by half-empty skyscrapers and shopping malls as well as barely used motorways. And that's before China's tallest skyscraper of over 1,000 metres and a cluster of other towers are completed. With China entering a new era of sluggish growth, Qianhai may never reach the international status to which it aspires. The Qianhai Authority and China's State Council Information Office did not respond to Reuters requests for comment on the local and macro economic challenges.
Persons: David Kirton, Tony Xiong, Qianhai, Knight Frank, Antonio Fatas, Deng Xiaoping's, Xi Jinping, Xi, Zhiwu Chen, incentivised, Witman Hung, I've, Brian Miller, Klaus Zenkel, it's, Bill Deng, Zhang, James Pomfret, Marius Zaharia, David Crawshaw Organizations: REUTERS, Rights, Reuters, Authority, Communist Party, University of Hong, Qianhai Authority, HSBC, UBS, Standard Chartered, Chamber of Commerce, Greater, Thomson Locations: Shenzhen, Guangdong province, China, Rights SHENZHEN, Hong Kong, Beijing, Shanghai, China's, Qianhai, University of Hong Kong, Guangzhou, Hengqin, Macau, Nansha, South China, Greater Bay Area, . Hong Kong
In major cities Shanghai and Shenzhen, Friday morning rush hour traffic was extremely light, according to Baidu data. Subway ridership in major cities as of Thursday remained well below the normal range, according to Wind Information. "It will be the first time in nearly three years that mass migration will resume in China as families congregate." As for foreign direct investment into China, Hart said he expected it would take about a year after travel fully reopens for such investment to start recovering. Hainan hotel bookings last week rose by 20% from the prior week, Trip.com said.
Covid restrictions have tightened in Beijing while infections keep soaring, prompting lockdowns of communities. Jade Gao | Afp | Getty ImagesBEIJING — China's capital city is grinding to a near standstill as Covid controls spread. Beijing city government did not immediately respond to a request for comment. watch nowLocal infections have surged despite gradual tightening of Covid measures over the last two weeks. Beijing city reported more than 1,800 Covid infections for Thursday, bringing the total for the month to well over 10,000.
For his father's generation, factory work was a lifeline out of rural poverty. For Zhu, and millions of other younger Chinese, the low pay, long hours of drudgery and the risk of injuries are no longer sacrifices worth making. Factory bosses say they would produce more, and faster, with younger blood replacing their ageing workforce. But offering the higher wages and better working conditions that younger Chinese want would risk eroding their competitive advantage. Yet young workers are vital to keep production moving.
China's Covid controls are hurting more of the economy
  + stars: | 2022-11-08 | by ( Evelyn Cheng | ) www.cnbc.com   time to read: +1 min
BEIJING — China's Covid situation is only getting worse, preventing the country from stamping out the virus and relaxing controls. As of Monday, China's Covid controls negatively affected 12.2% of national GDP — up from 9.5% a week ago, according to Nomura's model. Recent Covid infections have been reported in more than 20 of China's 31 province-level regions. It was not immediately clear whether there was any impact on factory production in the South China region. China's Ministry of Commerce did not immediately respond to a CNBC request for comment.
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