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According to CNBC analysis of state media reports, 7.7 million people took the civil service exam in the 2023 application round, vying for more than 200,000 government jobs at the national and provincial level. Qilai Shen | Corbis Historical | Getty ImagesA record number of people in China took the civil service exam this year, as unemployment among young people soared. According to CNBC analysis of state media reports, 7.7 million people took the civil service exam in the 2023 application round, vying for more than 200,000 government jobs at the national and provincial level. China's National Civil Service Administration could not be reached for comment despite multiple attempts by CNBC. However, Xi and other senior leaders did not need to take the civil service exam to gain their current roles.

Chinese start-ups and fund managers said they are still looking to move their money out of SVB once they can. Such banks have offered account services similar to those of SVB, but found it hard to crack the U.S. bank's dominance among early-stage start-ups in China, where SVB has operated for more than two decades and has a local joint venture. STILL HUNTINGSome venture funds said they were in a quandary as SVB had certain advantages and was especially friendly to early-stage start ups. "Not a lot of banks are friendly to venture capital." "But the market space left by SVB will be filled by the next bank, which is an opportunity," said Chen, whose company counts Sequoia Capital China and Wu Capital among its investors and banks with SVB.

☆ SVB collapse will have limited impact on Asia, but one analyst says it could be a warning sign
▼ + stars: | 2023-03-13 | by ( Jihye Lee | ) www.cnbc.com time to read: +4 min

HANGZHOU, CHINA - MARCH 12, 2023 - Photo taken on March 12, 2023 shows the logo of SPD Silicon Valley Bank in Hangzhou, Zhejiang province, China. Future Publishing | Future Publishing | Getty ImagesAnalysts say the collapse of Silicon Valley Bank is not likely to have a major contagion effect in Asia, but one person says it could be seen as a "warning" — especially for economies that haven't hiked interest rates aggressively. It came after U.S. regulators announced measures to further stem systemic risks from Silicon Valley Bank's collapse. While a number of companies within Asia's venture capital and tech start-up sector do have exposure to Silicon Valley Bank, not many have openly admitted to seeing major losses from SVB's bankruptcy. SPD Silicon Valley Bank, a joint venture between Shanghai Pudong Bank and Silicon Valley Bank sought to reassure investors over the weekend and said its operations have been "independent and stable."

☆ China's so desperate to boost its birth rates, it's even cracking down on customary betrothal gifts for brides to help people get married more easily
▼ + stars: | 2023-03-08 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

China's cracking down on the custom of the "bride price" to facilitate marriages and boost birth rates. These betrothal gifts include cash, jewelry, cars, and even real estate. A delegate from the state-backed All-China Women's Federation proposed that authorities look into measures to curb expensive betrothal gifts, the women's rights organization said in a Wednesday statement. Still, nearly three-quarters of marriages involve the custom of betrothal gifts, according to a 2020 survey of 1,846 China residents by Tencent News. This is because betrothal gifts — which are typically given after negotiations between the two families — can include cash, jewelry, cars, and even real estate, according to the Tencent News survey.

☆ A Chinese city is offering couples almost $2,900 to have a third child and some others are giving newlyweds paid marriage leave to help boost the birth rate
▼ + stars: | 2023-02-24 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

The Chinese city of Hangzhou is giving $2,900 to parents welcoming a third child this year. Some other cities are giving almost 30 days of marriage leave to boost the birth rate. Meanwhile, the northeastern city of Shenyang is offering subsidies of up to $72 a month till a child is three years old. Chinese employees are typically entitled to three days of paid marriage leave. The push for babies comes after China's population started shrinking for the first time in six decades.

☆ China's online shoppers started the year cautiously, Alibaba says
▼ + stars: | 2023-02-24 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

"From January to early February of this year, overall sales of online physical goods remained weak," Alibaba CEO Daniel Zhang said Thursday during a quarterly earnings call, according to a FactSet transcript. Alibaba's Zhang was relatively cautious in his comments about the economic recovery. Alibaba's China commerce revenue in the last three months of 2022 fell by 1% to the equivalent of $24.64 billion, accounting for 69% of total revenue. Nationwide, catering sales fell by 6.3% in 2022, while retail sales overall dropped by 0.2%, according to China's statistics bureau. The two months' data are typically combined due to variations in the timing of the Lunar New Year holiday, which doesn't follow the Gregorian calendar.

☆ A Chinese resident used ChatGPT to produce a viral government notice. Many were shocked to learn it was fake.
▼ + stars: | 2023-02-23 | by ( Aaron Mok | ) www.businessinsider.com time to read: +4 min

Chinese residents were shocked to learn that ChatGPT wrote a viral notice, per Sixth Tone. But some Chinese residents have gotten access to the chatbot — even using it to spread misinformation. Chinese residents across social media were shocked to learn that a notice they thought was published by the city of Hangzhou's municipal government was actually generated by ChatGPT, Sixth Tone, a Chinese media outlet, reported. When the post went viral, many Chinese residents thought it was real. The incident spooked many Chinese residents, some of whom went to Weibo — a Chinese social media platform — to express their concerns.

☆ Chinese provinces give 30 days' paid 'marriage leave' to boost birth rate
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: +2 min

[1/3] A newly wed couple pose for pictures on Valentine's Day at a marriage registration office in Hangzhou, Zhejiang province, China February 14, 2023. China Daily via REUTERSHONG KONG, Feb 21 (Reuters) - Some Chinese provinces are giving young newlyweds 30 days of paid leave in the hope of encouraging marriage and boosting a flagging birth rate, the Communist Party mouthpiece People's Daily Health said on Tuesday. China's minimum paid marriage leave is three days, but provinces have been able to set their own more generous allowances since February. "Extending marriage leave is one of the effective ways of increasing the fertility rate," Yang Haiyang, dean of the Social Development Research Institute of Southwestern University of Finance and Economics, was quoted as saying. Yang said a host of other supporting policies were still needed, including housing subsidies and paid paternity leave for men.

☆ NBA and Ant Group launch a strategic partnership in China
▼ + stars: | 2023-02-21 | by ( ) www.cnbc.com time to read: 1 min

A logo of Ant Group is seen at the company's headquarters on October 9, 2020 in Hangzhou, Zhejiang Province of China. Chinese fintech giant Ant Group said on Tuesday it had entered a strategic partnership with the NBA league in China that would see the two cooperate in areas such as video content, program broadcasting and membership. Fans in China would have access to NBA video content on Alipay, the hugely popular payments app owned by Ant Group, the company said in a statement. The collaboration with the professional basketball league's Chinese business arm will also cover areas such as joint marketing campaigns and digital collectables, Ant Group said.

☆ China’s property crash is prompting banks to offer mortgages to 70-year-olds
▼ + stars: | 2023-02-17 | by ( Laura He | ) edition.cnn.com time to read: +6 min

Some banks in the cities of Nanning, Hangzhou, Ningbo and Beijing have extended the upper age limit on mortgages to between 80 and 95, according to a number of state media reports. China’s property market is in the midst of a historic downturn. The mortgage borrower’s age plus mortgage length should not usually exceed 70 years, according to previous rules published by the banking regulator. Separately, a branch of Citic Bank has extended the upper age limit on its mortgages to 80, the paper said, citing a bank client manager. Other than Beijing, some banks in Nanning, the provincial capital of Guangxi province, have raised the upper age limit on mortgages to 80, according to the city’s official newspaper Nanguo Zaobao.

☆ Analysis: Why China's reopening isn't inflationary
▼ + stars: | 2023-02-16 | by ( Rae Wee | ) www.reuters.com time to read: +6 min

However, economists see no challenge to global inflation, pointing instead to Chinese President Xi Jinping's new blueprint for self-sufficiency, broader prosperity and a socialist ideology as checks on big-ticket shopping. The slack in China's labour markets and Beijing's growth priorities will also take the edge off inflation, they say. "I don't think China's recovery or the reopening will cause any significant global inflation," said Chi Lo, senior market strategist for Asia Pacific at BNP Paribas Asset Management. BNP's portfolio managers are positioning for China's rebound to boost regional tourism, but not export price rises for manufactured goods. "I'm very much of the view that (China's reopening) will be positive for the world in terms of either not being too inflationary, but more widely having deflation in some key new goods and services," Westpac senior economist Elliot Clarke said.

☆ Wu becomes first Chinese man to win ATP title with Dallas triumph
▼ + stars: | 2023-02-13 | by ( ) www.reuters.com time to read: +2 min

Feb 13 (Reuters) - Wu Yibing became the first man from China to win an ATP title on Sunday as he held off home hero John Isner 6-7(4) 7-6(3) 7-6(12) in a thrilling final to claim the Dallas Open. Before this week, no Chinese man had ever reached a tour-level final in the professional era or defeated a top 10 opponent. Wu, from the eastern city of Hangzhou, has done both, having upset American world number eight Taylor Fritz in the semi-finals in Dallas. Isner hammered 44 aces and held match point as Wu served to stay in the second set at 6-5. On Monday Wu became the second Chinese man to crack the world top 100 and is now projected to rise to 58.

But unlike ICBC and its peers, Ant neither took deposits, nor piled risky loans onto its balance sheet. Free from the red tape that binds regular banks, the loans facilitated by Ant ballooned. Digital offerings accounted for half of overall consumer loans in China, Fitch Ratings calculated in 2021. Ant is set to become a licensed financial holding company, putting it under the close watch of China's main banking regulator. Beijing wants Chinese consumers to consume, so is likely to indulge controlled growth of consumer credit.

☆ Australia orders review into Chinese-made cameras in defence offices
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/IllustrationSYDNEY, Feb 9 (Reuters) - The Australian government will examine surveillance technology used in offices of the defence department, Defence Minister Richard Marles said on Thursday, amid reports the Chinese-made cameras installed there raised security risks. The move comes after Britain in November asked its departments to stop installing Chinese-linked surveillance cameras at sensitive buildings. Some U.S. states have banned vendors and products from several Chinese technology companies. Australian media reported on Wednesday that the national war memorial in Canberra would remove several Chinese-made security cameras installed on the premises over concerns of spying. Prime Minister Anthony Albanese said he was not concerned about how Beijing might react to the removal of cameras.

☆ China's Tencent wants to expand its presence in Singapore — and Chinese tourists are a big reason
▼ + stars: | 2023-02-03 | by ( Kimberley Kao | ) www.cnbc.com time to read: +3 min

Budrul Chukrut | Sopa Images | Lightrocket | Getty ImagesTencent is expanding its presence in Singapore — and China's a big reason. The Chinese tech giant has struck new partnerships with Singapore businesses such as ride-hailing app Grab through its digital messaging app, WeChat/Weixin. In Grab's mini-program, Chinese travelers can also choose to pay via WeChat/Weixin Pay in Chinese yuan. "Chinese travelers represented the largest group of non-Southeast Asian users using the Grab app in 2019," he added. Singapore did not tighten travel restrictions for Chinese travelers after China announced the easing of its border controls.

[1/2] An oil tanker is docked while oil is pumped into it at the ships terminal of PDVSA's Jose Antonio Anzoategui industrial complex in the state of Anzoategui April 15, 2015. It reinforces measures implemented last year after several buyers skipped out on payments for oil, which provides most of the South American country's income. After taking the helm, Tellechea launched an extensive audit of supply contracts, according to a written order to PDVSA seen by Reuters. The new terms narrow a wide variety of contract modalities to a few requiring prepayment of cargoes entirely in cash or allowing payment via goods and services to Venezuela, but they must be received before Venezuela will release the oil, according to the documents. Even long-term buyers must abide by the new rules that require payment in full by cash before each oil delivery.

☆ Blizzard China: Millions of players lose access to 'World of Warcraft' and other games as it goes dark
▼ + stars: | 2023-01-24 | by ( Michelle Toh | ) edition.cnn.com time to read: +5 min

Hong Kong CNN —Millions of players in China have lost access to the iconic “World of Warcraft” franchise and other popular video games, as Blizzard Entertainment’s servers in the country went offline after two decades. That was underscored in recent days, as Chinese fans expressed their disbelief over the loss of their longtime pastime in social media posts. Those deals had covered the publication of several popular Blizzard titles in mainland China, including “World of Warcraft,” “Hearthstone,” and “Diablo III,” since 2008. In a LinkedIn post Monday, Simon Zhu, president of global investments and partnerships of NetEase Games, detailed how he grew up with Blizzard games in China, including older “Warcraft” and “Diablo” titles. “Only [a] few hours before Blizzard Games servers shut down in China, and that is a very very big deal for players in China,” he wrote.

☆ Inside the private meeting at Jack Ma's apartment where he plotted to take on Silicon Valley with a trusted 'ragtag bunch' of early employees
▼ + stars: | 2023-01-24 | by ( Brian A. Wong | ) www.businessinsider.com time to read: +8 min

In one apartment, Jack, Lucy Peng, and a few other leaders worked alongside the firm's engineers. Everyone's enthusiasm flowed from their strong identification with the company's mission and Jack's vision, and if it was part of our mission, all believed, it was certainly achievable. In fact, in time, I would grow to better understand and more deeply embrace Alibaba's mission, vision, and values and the way they motivated our people. That's what Savio Kwan, Alibaba's first COO, did, codifying Jack's ideas into our company mission, vision, and values. Their efforts would form the basis of Alibaba's core mission, vision, and values statement— the guiding force or beliefs for Alibaba's development then and now.

☆ Thai AirAsia readies personnel as China travel resumes
▼ + stars: | 2023-01-20 | by ( ) www.reuters.com time to read: +1 min

[1/2] A flight attendant participates in an annual aviation safety & emergency course as China reopens its borders, at Asia Aviation Academy in Bangkok, Thailand January 19, 2023. REUTERS/Chalinee ThirasupaBANGKOK, Jan 20 (Reuters) - Budget carrier Thai AirAsia (AAV.BK) is preparing its pilots and cabin crew for the return of Chinese tourists, previously its largest customer group, as the airline resumes routes across China. The airline plans to restart flights to eight Chinese cities including Chongqing, Guangzhou, Hangzhou, and Wuhan, for which cabin crew are undergoing refresher training courses. "In the flight, we should have at least one cabin crew who can speak Mandarin to communicate with passengers," said cabin crew member, Sakuna Puangpipat. Reporting by Napat Wesshasartar; Writing by Chayut Setboonsarng; Editing by Kanupriya KapoorOur Standards: The Thomson Reuters Trust Principles.

China said last Saturday that nearly 60,000 people with COVID died in hospitals between Dec. 8 and Jan. 12 - a roughly ten-fold increase from previous disclosures. However, that number excludes those who die at home, and some doctors in China have said they are discouraged from putting COVID on death certificates. China's chaotic exit from a regime of mass lockdowns, travel restrictions and frequent COVID testing, has also prompted a run on drugs as people fend for themselves against the disease. To meet soaring demand, drugmakers in China are ramping up operations to triple their capacity to make key fever and cough medicines, the state-run China Daily reported on Thursday. Medical facilities are relatively weak in rural areas, thus prevention is difficult and the task is arduous," Xi said, adding that the elderly were a top priority.

☆ China tightens media control with tiny stakes in two Alibaba units
▼ + stars: | 2023-01-19 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +7 min

Sopa Images | Lightrocket | Getty ImagesBEIJING — State-backed entities have taken tiny stakes in parts of two Alibaba subsidiaries that oversee a video platform and web browser. The state-backed stakes reflect a progression of government directives over the last decade to increase control of media in China. "So far most of the stakes announced (including in other Chinese companies) seem to be highly concentrated on media companies and media subsidiaries." watch nowSince 2020, business records show state-backed entities have taken 1% stakes in popular social media or short-video apps Weibo , ByteDance's Douyin and Kuaishou . A provincial state media group completed a 1% investment in September, leaving Alibaba's media arm with 99% ownership.

☆ Blizzard says China's NetEase rejects proposal to extend partnership for six months
▼ + stars: | 2023-01-17 | by ( Josh Ye | ) www.reuters.com time to read: 1 min

HONG KONG, Jan 17 (Reuters) - Activision Blizzard (ATVI.O), the U.S. video game giant behind hit franchise Warcraft, said on Tuesday that its Chinese publisher NetEase (9999.HK) had turned down a proposal to extend their partnership for six months. In a statement released on Chinese microblogging site Weibo, the company's subsidiary Blizzard China said it had contacted NetEase last week with a proposal to extend their partnership for six months which the Hangzhou-based company had rejected. Blizzard China added that its game services will be discontinued on Jan. 23 in accordance with NetEase' announcement. Reporting by Josh Ye; Editing by Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

☆ China's exports, imports shrink again in Dec on weakening global demand
▼ + stars: | 2023-01-13 | by ( ) www.reuters.com time to read: +4 min

SummarySummary Companies China's Dec exports worst since Feb 2020, slightly better than forecastImports tumble by smaller margin amid lacklustre demandDomestic demand should slowly recover after zero-COVID scrappedExport outlook gloomy in 2023, major threat to China's growthBEIJING, Jan 13 (Reuters) - China's exports shrank sharply in December as global demand cooled, missing their typical year-end bounce, while imports tumbled again as surging COVID-19 infections and a property downturn weighed heavily on domestic demand. WEAK GLOBAL DEMAND COULD TEMPER ECONOMIC RECOVERYChina's commerce ministry said on Thursday that slowing external demand and the rising risks of a global recession are posing the biggest pressures to the country's trade stabilisation, leaving "arduous tasks." REBOUNDAnalysts polled by Reuters expect China's economic growth to rebound to 4.9% in 2023, before steadying in 2024, a Reuters poll showed. Jin Chaofeng, whose company in the east coast city of Hangzhou exports outdoor rattan furniture, said he has no market expansion or hiring plans for 2023 as he remains cautious about the global demand outlook. "With the lifting of COVID curbs, domestic demand is expected to improve but not for exports...," he said.

☆ China to allow Didi apps back online, in latest sign of regulatory thaw, sources say
▼ + stars: | 2023-01-13 | by ( ) www.cnbc.com time to read: +3 min

A logo for Chinese ride-hailing platform Didi is illuminated outside company headquarters on Jan. 21, 2022 in Hangzhou, China. Shen Longquan | Visual China Group | Getty ImagesChinese authorities are set to allow Didi Global's ride-hailing and other apps back on domestic app stores as soon as next week, five sources told Reuters, in yet another signal that their two-year regulatory crackdown on the technology sector is ending. Didi has been awaiting authorities' approval to resume new user registrations and downloads of its 25 banned apps in China as a key step to resume normal business since its regulatory troubles started in mid-2021. The one-week-long holiday period in China would help Didi start to attract new clients for the business and work towards bringing it back to normal, added two of the sources. China's central bank will step up support for private firms as part of steps to shore up the economy, while easing a crackdown on tech companies, Guo Shuqing, Communist party chief of the People's Bank of China, told state-owned CCTV on Sunday.

☆ China’s local governments set 2023 growth targets, offering clues on economic recovery
▼ + stars: | 2023-01-12 | by ( Laura He | ) edition.cnn.com time to read: +4 min

The meetings will culminate in the national parliamentary session to be held in March, in which the premier is expected to disclose the nation’s GDP growth target. So far, a group of government economists and international analysts have said they expect Beijing to set a growth target of above 5% in 2023. On Thursday, Zhejiang province, another major economic powerhouse, announced it’s targeting an expansion of more than 5% in 2023. On Wednesday, Shanghai, the most affluent city in mainland China, announced it would aim for 5.5% growth this year. On the same day, Fujian, Sichuan and Hebei provinces all disclosed growth targets of 6% for 2023.

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