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☆ Macro bets help hedge funds ride rough Chinese markets
▼ + stars: | 2022-10-10 | by ( Summer Zhen | ) www.reuters.com time to read: +4 min

HONG KONG, Oct 11 (Reuters) - The hedge funds that have managed to weather and outperform China's bumpy stock markets so far this year say betting on big-picture macroeconomic changes have helped them. One such fund is Stanley Tao's $230 million Golden Nest Greater China Fund. The hedge fund posted approximately a 2.4% net return for September, according to internal estimates, and is down 1.2% for the first nine months. That compares with MSCI China's (.dMICN00000PUS) roughly 30% decline in the nine months to September, marking the worst first nine months since 2008. Macro strategies are the biggest winners this year, with hedge funds cashing in on the volatility spawned by the differing pace of global rate rises and regulatory changes -- seizing opportunities that didn't exist during a decade of uniform easy monetary policies everywhere.

☆ China urges 'patience' as COVID cases rebound ahead of key congress
▼ + stars: | 2022-10-10 | by ( Ryan Woo | ) www.reuters.com time to read: +5 min

People line up to get tested for the coronavirus disease (COVID-19) at a nucleic acid testing site, following the coronavirus disease (COVID-19) outbreak, in Shanghai, China, October 10, 2022. REUTERS/Aly SongSummary Local COVID cases in China rise to highest since Aug. 20Covid epicentre in northern region of Inner MongoliaParts of Shanghai close leisure, entertainment venuesBEIJING, Oct 10 (Reuters) - China called for "patience" with its tough COVID policies and warned against any "war-weariness" as local cases soared to their highest since August, days ahead of a pivotal Communist Party congress. A few days into the Golden Week, the western region of Xinjiang also barred people from leaving as cases ticked higher. Tourists stranded in Xinjiang could seek temporary work as electricians, cooks and wood craftsmen, advised authorities in its capital Urumqi. Shanghai, which locked down its entire population of 25 million in April and May, reported 34 local cases on Oct. 9, the most in almost three months.

☆ China's top leaders are set for a reshuffle. Here are the names to watch
▼ + stars: | 2022-10-10 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +8 min

China's top leadership team around President Xi Jinping is set to change this month at a twice-a-decade congress. One of the most closely watched changes in the political reshuffle is the future of Premier Li Keqiang, who turned 67 this year. However, he could remain a standing committee member, JPMorgan analysts said, pointing to a precedent at the 15th party congress. Huang Kunming — Politburo member and head of China's propaganda department, who worked closely with Xi in the provinces of Fujian and Zhejiang, the report said. Yang Jiechi, a 72-year-old Politburo member and director of the party's central committee foreign affairs office, is widely expected to retire.

☆ China's Golden Week spending plunges to seven-year low as zero-Covid batters economy
▼ + stars: | 2022-10-10 | by ( Laura He | ) edition.cnn.com time to read: +7 min

The National Day break is one of China’s longest public holidays and usually a peak season for travel and spending. But this year, people were deterred from traveling by a resurgence of the virus and stringent Covid restrictions. All the weak data point to the heavy damage of Beijing’s zero-Covid policy on consumer spending and the economy, said analysts. China’s service sector is a key source of employment, accounting for 48% of total jobs created, according to government data. “Entrepreneurs’ concerns continued to stem from recurring Covid outbreaks and the impact of related controls on the market,” Wang said.

☆ Analysis: How China's Xi accumulated power, and why it matters in a third term
▼ + stars: | 2022-10-10 | by ( Yew Lun Tian | ) www.reuters.com time to read: +6 min

A visitor takes pictures in front of a screen displaying an image of Chinese President Xi Jinping, at the Museum of the Communist Party of China in Beijing, China September 3, 2022. Restoring the practice, which entails self-criticism in front of the general secretary, marked a small but symbolic example of how Xi has departed from China's collective leadership of recent decades and accumulated power unseen since Mao's time. The expected absence of a clear successor will also enable Xi to rule unchallenged but potentially ratchets up risk the longer he stays in power. Many were purged, including rivals for power like the popular former Chongqing party chief Bo Xilai. Xi also oversaw a crushing of dissent and forbade "disrespectful" discussion about the party among members.

☆ China’s Communist Party Congress: What It Means for Business
▼ + stars: | 2022-10-08 | by ( Keith Bradsher | More About Keith Bradsher | ) www.nytimes.com time to read: +1 min

The main task of China’s ruling elite at the party congress, a gathering that happens once every five years and typically lasts a week, will be to confirm the lineup of China’s leaders. Mr. Xi’s speech will be full of Communist Party ideological jargon and probably very long — his speech at the start of the last party congress, in 2017, lasted more than three hours. Domestic Ideology: ‘Common Prosperity’One of Mr. Xi’s favorite economic policy initiatives in recent months has a simple, innocuous-sounding name: “common prosperity.” The big question lies in what it means. Common prosperity, a longtime goal of the Communist Party, has been defined by Mr. Xi as reining in private capital and narrowing China’s huge disparities in wealth. And Mr. Xi has strongly discouraged speculation in housing, pushing instead for government subsidies for the construction of more rental apartments.

Persons: Xi, tycoons Organizations: Communist Party, Beijing Locations: Shanghai, China

BEIJING, Oct 7 (Reuters) - The mounting economic toll of China's zero-COVID policy is raising investor hopes that Beijing may finally begin laying the groundwork for the tricky epidemiological and political task of shifting course following this month's Communist Party congress. Goldman Sachs analysts predict China will start relaxing the policy in the April-June quarter. China boasts nine domestically developed COVID vaccines approved for use, more than any other country. REUTERS/Aly SongThe authorities have not approved any foreign-made COVID shots. Many countries offer second booster shots.

☆ What to expect from China’s Party Congress: podcast
▼ + stars: | 2022-10-06 | by ( Aimee Donnellan | ) www.reuters.com time to read: 1 min

LONDON, Oct 6 (Reuters Breakingviews) - This month’s quinquennial meeting will shed some light on President Xi Jinping’s policy priorities amid a slowing economy and Covid lockdowns. In this Viewsroom podcast, Breakingviews columnists offer pointers on what to watch for from this staged but critical political event. Listen to the podcastFollow @aimeedonnellan on Twitter(The host is a Reuters Breakingviews columnist. Register now for FREE unlimited access to Reuters.com RegisterEditing by Thomas ShumOur Standards: The Thomson Reuters Trust Principles. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Francois Savary, chief investment officer at Prime Partners SA, a Swiss wealth manager with around $4.1 billion of assets, says it is difficult for investors to avoid China exposure. Indus Capital Partners, a New York-based investment manager, started to reduce exposure in China in pan-Asian funds in 2021, but has since returned. Greater China exposure in its $1.37 billion long-only fund, Indus Select, has increased modestly. Some fund managers think Xi wants to quickly get back to the business of supporting the economy. "Investors are just in this 'wait and see' mode to get more clarity that stronger growth can be achieved," said St Clair.

☆ N.Korea fires two ballistic missiles ahead of Harris visit to South
▼ + stars: | 2022-09-28 | by ( Hyonhee Shin | ) www.reuters.com time to read: +3 min

SEOUL, Sept 28 (Reuters) - North Korea fired two short-range ballistic missiles off its east coast on Wednesday, South Korea's military said, a day before U.S. Vice President Kamala Harris is set to arrive in Seoul. The launch came two days after South Korea and U.S. forces conducted a military drill in waters off the South's east coast involving an aircraft carrier. On Sunday, North Korea fired another ballistic missile towards the sea off its east coast. "North Korea's provocations will further strengthen the South Korean-U.S. deterrence and response capability, and only deepen North Korea's isolation from the international community," the Joint Chiefs said in a statement. Following a stop in Japan, Harris will land in the South Korean capital and visit the heavily fortified Demilitarised Zone (DMZ) between the neighbours on Thursday.

☆ China’s Xi reemerges after trip abroad quashing unfounded ‘coup’ rumors
▼ + stars: | 2022-09-28 | by ( Nectar Gan | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —Chinese leader Xi Jinping has made his first public appearance since returning from a trip to Central Asia, quashing unfounded rumors of a “coup” that sparked a frenzy of speculation ahead of a key Communist Party meeting. Xi on Tuesday visited an exhibition in Beijing showcasing China’s achievements over his decade in power, according to state broadcaster CCTV. Xi had not been seen in public since returning to Beijing from a regional summit in Uzbekistan on September 16. The visit was his first foreign trip in nearly 1,000 days since the beginning of the pandemic. As a result, the power of party factions and elders is believed to have been significantly weakened.

☆ China's industrial profit declines accelerate in Jan-Aug
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: +2 min

Register now for FREE unlimited access to Reuters.com RegisterPedestrians cast their shadows on a wall at a construction site in Beijing December 12, 2014. REUTERS/Kim Kyung-Hoon/BEIJING, Sept 27 (Reuters) - Profits at China's industrial firms shrank at a faster pace in January-August, as strict COVID restrictions and a deepening property slump weighed on domestic demand and heatwaves curbed factory activity. read moreChina's industrial output rose 4.2% from a year earlier in August, quickening from a 3.8% rise in July. Liabilities at industrial firms jumped 10.0% from a year earlier in August, slightly slower than the 10.5% growth in July. ($1 = 7.1584 Chinese yuan)Register now for FREE unlimited access to Reuters.com RegisterReporting by Liangping Gao, Ella Cao and Ryan Woo; Editing by Sam HolmesOur Standards: The Thomson Reuters Trust Principles.

☆ Prominent Chinese commentator urges COVID experts to 'speak out'
▼ + stars: | 2022-09-25 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Aly SongBEIJING, Sept 26 (Reuters) - Prominent Chinese commentator Hu Xijin said on Sunday that as China ponders its COVID-19 policies, epidemic experts need to speak out and China ought to conduct comprehensive research and make any studies transparent to the public. "Oppose excessive epidemic prevention," one Weibo user wrote in response to Hu's post. read more"I don't mind being infected, but I fear you can't help but stop me from moving freely," another Weibo user said. read more"The people must trust the state, but the state must also trust the understanding of the people," Hu said. Register now for FREE unlimited access to Reuters.com RegisterReporting by Ryan Woo; Editing by Toby ChopraOur Standards: The Thomson Reuters Trust Principles.

☆ New China ETFs test investor appetite amid Sino-U.S. tech war, market rout
▼ + stars: | 2022-09-23 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Aly SongSHANGHAI, Sept 23 (Reuters) - Five Chinese tech-focused ETFs launched on Friday, testing investor appetite for chipmakers, new materials producers and machine tool manufacturers amid an escalating Sino-U.S. tech war, and a global rout in tech shares. Two of the ETFs will invest money into the stocks of the 50 biggest chipmakers listed on Shanghai's STAR Market, including Semiconductor Manufacturing International Corporation (SMIC) (0981.HK) and Montage Technology Co (688008.SS). read moreIt also comes amid heightened geopolitical tensions and tech rivalries between China and the United States. The Biden administration took fresh steps in recent weeks to support domestic tech sectors and cut economic reliance on China, sending shares in Chinese biotech and new energy lower. Shanghai's tech-focused STAR Market - which Beijing hopes will fund China's tech self-sufficiency - has tumbled roughly 30% this year.

☆ Swiss bank UBP returns to Chinese markets
▼ + stars: | 2022-09-23 | by ( Summer Zhen | ) www.reuters.com time to read: +2 min

The Union Bancaire Privee (UBP) sign is seen at one of its branch offices in Zurich, Switzerland November 20, 2017. REUTERS/Arnd WiegmannHONG KONG, Sept 23 (Reuters) - Swiss private bank Union Bancaire Privée (UBP) is back in Chinese markets, its chief investment officer said, making its way back to the world's second-largest economy after withdrawing last year. Villamin said UBP saw some “hope” that there would be more stimulus measures ahead of and after the Communist Party Congress in October. UBP has however only bought China A-shares, which is the domestic sector, and is avoiding companies that might have exposure to geopolitical issues. UBP believes China is slowly poised to recover although it will not be a smooth sailing.

☆ China's ex-justice minister faces life in jail amid purge of security officials
▼ + stars: | 2022-09-22 | by ( ) www.reuters.com time to read: +2 min

Fu, 67, was handed a suspended death sentence that will be commuted to life imprisonment after two years, with no possibility of parole, according to state media. Register now for FREE unlimited access to Reuters.com RegisterIn July, Fu admitted accepting bribes exceeding 117 million yuan ($16.50 million). On Wednesday, three former police chiefs of Shanghai, Chongqing and Shanxi province were sentenced to years in jail - including one for life - for corruption. The purges came three weeks ahead of a once-in-five-years congress of the ruling Communist Party where Xi is widely expected to secure a precedent-breaking third term as China's leader. ($1=7.0896 Chinese yuan)Register now for FREE unlimited access to Reuters.com RegisterReporting by Ryan Woo; Editing by Raju GopalakrishnanOur Standards: The Thomson Reuters Trust Principles.

☆ China softens Taiwan rhetoric as U.S. and Canadian warships sail through strait
▼ + stars: | 2022-09-21 | by ( ) www.nbcnews.com time to read: +3 min

The comments came a day after U.S. and Canadian warships sailed through the Taiwan Strait in their second joint transit in less than a year. Taiwan’s government says that as the island has never been ruled by the People’s Republic of China, its sovereignty claims are void. A U.S. Navy warship and a Canadian frigate made a routine transit through the Taiwan Strait on Tuesday, the militaries of both nations said. “This operation though the Taiwan Strait is, even more, a concrete demonstration of the resolute opposition of democratic allies to China’s expansion attempts,” it said. The narrow Taiwan Strait has been a frequent source of military tension since the defeated Republic of China government fled to Taiwan in 1949 after losing a civil war with the communists, who established the People’s Republic of China.

☆ China willing to make effort for peaceful 'reunification' with Taiwan
▼ + stars: | 2022-09-21 | by ( Martin Quin Pollard | ) www.reuters.com time to read: +3 min

REUTERS/Ann Wang/File PhotoBEIJING, Sept 21 (Reuters) - China is willing to make the utmost effort to strive for a peaceful "reunification" with Taiwan, a Chinese government spokesperson said on Wednesday, following weeks of military manoeuvres and war games by Beijing near the island. China claims democratically-governed Taiwan as its own territory. Taiwan's government rejects China's sovereignty claims and says only the island's people can decide their future. China has been carrying out drills near Taiwan since early last month, after U.S. House Speaker Nancy Pelosi visited Taipei, including firing missiles into waters near the island. Taiwan's government says that as the island has never been ruled by the People's Republic of China, its sovereignty claims are void.

☆ 1 in 5 of China's urban youth are unemployed. That's a huge headache for Xi Jinping
▼ + stars: | 2022-09-19 | by ( Laura He | Cnn Business | ) edition.cnn.com time to read: +9 min

The youth unemployment rate has repeatedly hit new highs this year , rising from 15.3% in March to a record 18.2% in April. In the past few months, mass layoffs have engulfed once booming Chinese industries ranging from private tutoring to real estate. Xi is seeking a historic third term when the Communist Party hold its congress next month. But youth unemployment will constitute a "major threat" to China's economic and political stability in the long run, he added. But the government seems unwilling to tackle the main reason behind China's economic slowdown this year — the zero Covid policy .

☆ Analysis: China's mortgage boycott quietly regroups as construction idles
▼ + stars: | 2022-09-19 | by ( ) www.reuters.com time to read: +6 min

Surveillance cameras are seen near residential buildings under construction in Shanghai, China July 20, 2022. "What will we do if construction still doesn't resume after six months? The threat of more mortgage boycott comes as China prepares to hold the Communist Party Congress next month, with efforts to revive an economy plagued by the property crisis in focus. 'APPEASE HOMEOWNERS'The mortgage boycott has added to worries about a prolonged slump in China's property market, which has lurched from crisis to crisis since mid-2020 after regulators stepped in to reduce leverage. Out of Evergrande's 706 projects, 38 have not resumed construction, while 62 were only now restarting.

☆ Hu Jintao Fast Facts
▼ + stars: | 2012-12-20 | by ( Cnn Editorial Research | ) edition.cnn.com time to read: +4 min

1982-1985 - Works for the Secretariat of the Central Committee of the Communist Youth League of China, eventually becoming its leader. 1992-1997 - Member of the 14th CPC Central Committee, the Politburo and the Standing Committee. 1993-2002 - President CPC, Central Committee’s Central Party School. 1997-2002 - Member of the 15th CPC Central Committee, the Politburo, the Standing Committee and later the Secretariat. 2002 - Becomes a member of the 16th CPC Central Committee, the Politburo and the Standing Committee.

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