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☆ Xi shook up the power order in China, but the world should expect little change — because Xi is still the complete puppet master, 2 experts say
▼ + stars: | 2022-11-08 | by ( Matthew Loh | ) www.businessinsider.com time to read: +7 min

Last month, Xi Jinping announced who would join him to be the top seven officials in China. Kevin Frayer/Stringer/Getty ImagesBoosted to the second-in-command spot by Xi, Li is thought to be one of the president's closest protégés. Having been the lowest-ranked member of the previous standing committee, Zhao has jumped four positions to get to his current role. It indicates to me that Xi Jinping is satisfied with the work that Zhao has done," said Loh. "Xi Jinping makes it very clear.

The increased output could also cool prices for other oil products, especially for gasoline, and dampen overall refining margins. Half of the increase, though, will still come from Asia's biggest refiner Sinopec (600028.SS), one of them said, as it raises output to produce more diesel and raise fuel exports. So the mandate from the headquarters is to boost diesel production to supply the domestic market and also to raise exports," one of the Sinopec sources said. Further boosting supply, China's largest private refiner Zhejiang Petroleum and Chemical Co (ZPC) is raising diesel output by cutting petrochemical production. Lockdowns have become more frequent and China's borders remain mostly shut, hurting domestic gasoline and aviation fuel sales.

Mandatory credit Kyodo/via REUTERSSummarySummary Companies Oil prices rise to highest levels since late AugustWSJ: China weighs gradual Zero-COVID exit without timelineChina's crude oil imports rebound amid refinery rolloutsNEW YORK, Nov 7 (Reuters) - Oil prices fell on Monday, paring gains after rising to more than two-month highs, on mixed signals over China, the world's top crude importer, potentially relaxing its strict COVID-19 restrictions. Brent crude futures fell 65 cents to settle at $97.92 a barrel. Earlier in the session, they rose to a session high of $99.56 a barrel, the highest since Aug. 31. However, weighing on futures, Chinese health officials at the weekend reiterated their commitment to strict COVID containment measures. Meanwhile, China's imports and exports contracted unexpectedly in October, but its crude oil imports rebounded to the highest level since May.

☆ Oil prices slide as hopes for China demand rebound fade
▼ + stars: | 2022-11-07 | by ( Florence Tan | ) www.reuters.com time to read: +3 min

Mandatory credit Kyodo/via REUTERSCompanies Sumitomo Chemical Co Ltd FollowSINGAPORE, Nov 7 (Reuters) - Oil prices fell more than $1 a barrel on Monday after Chinese officials on the weekend reiterated their commitment to a strict COVID containment approach, dashing hopes of an oil demand rebound at the world's top crude importer. Brent crude futures dropped $1.20, or 1.2%, to $97.37 a barrel by 0227 GMT, after hitting as low as $96.50 earlier. "Oil prices dropped sharply as the Chinese officials vowed to stick to the COVID-zero policy while infected cases climbed in China, which may cause more restrictions measures, darkening the demand outlook," CMC Markets analyst Tina Teng said. A jump in the U.S. dollar is also weighing on oil prices, she added. Oil prices are underpinned by expectations of tighter supplies as the European Union's embargo on Russia's seaborne crude exports will start on Dec. 5 while refineries worldwide are ramping up output to meet strong diesel demand.

☆ Most Gulf stocks end higher, Abu Dhabi hits record high
▼ + stars: | 2022-11-07 | by ( Ateeq Shariff | Megan Rowling | ) www.reuters.com time to read: +2 min

Brent crude futures recouped most losses after dropping by more than $1/bbl earlier in the session on China lockdowns worries. read moreSaudi Arabia's benchmark index (.TASI) rose 0.7%, extending gains from the previous session, led by a 3% rise in Riyad Bank (1010.SE). Dubai's main share index (.DFMGI) gained 0.9%, with blue-chip developer Emaar Properties (EMAR.DU) rising 2.3%. In ABu Dhabi, the index (.FTFADGI) advanced 1.2% to hit a record high, buoyed by a 2.1% jump in the country's biggest lender, First Abu Dhabi Bank (FAB.AD). Outside the Gulf, Egypt's blue-chip index (.EGX30) advanced 2.4%, as most of the stocks on the index were in positive territory.

☆ No immediate end in sight for China’s costly zero-Covid policy
▼ + stars: | 2022-11-07 | by ( Nectar Gan | ) edition.cnn.com time to read: +6 min

Hong Kong CNN —China has reiterated its unswerving commitment to its longstanding zero-Covid policy, despite mounting public frustration the stringent measures are costing the very lives they’re intended to protect. Tragic cases perceived to be linked to the policy have gained momentum online as people question why it should continue. In another tragedy that sparked nationwide outrage, a 3-year-old boy died of gas poisoning Wednesday at a locked down compound in the northwestern city of Lanzhou after Covid restrictions delayed rescue efforts. VCG/Visual China Group/Getty ImagesA long way homeEven in places not under extended lockdowns, the constant Covid testing edicts and stringent travel restrictions have fueled growing discontent. In a series of Weibo posts, he openly questioned the far reaching travel restrictions and criticized propaganda efforts exaggerating Covid deaths overseas.

☆ His COVID lockdowns made him one of the most unpopular politicians in China. Xi Jinping just made him the 2nd-most powerful man in the country. Meet Li Qiang.
▼ + stars: | 2022-11-05 | by ( Matthew Loh | ) www.businessinsider.com time to read: +7 min

They key to his success is his loyalty to President Xi Jinping, experts say. But on October 23, Chinese President Xi Jinping made it clear: It didn't matter. Xi Jinping, Li Qiang, and other members of China's new top leadership walk in order of their rank. But his real value to Xi comes in the form of his loyalty to Xi, Wu said. Xi Jinping doesn't look into other things.

☆ Geely's Zeekr plans electric vehicle sales in Europe in 2023
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +2 min

[1/2] A Zeekr 001 electric vehicle (EV) by Geely is seen displayed at the Zeekr booth during a media day for the Auto Shanghai show in Shanghai, China April 19, 2021. REUTERS/Aly Song/File PhotoSHANGHAI, Nov 2 (Reuters) - Zhejiang Geely Holding Group's (GEELY.UL) premium electric car business plans to sell the first electric vehicle produced under the Zeekr brand in Europe next year, Zeekr's CEO said. Zeekr joins a growing list of Chinese automakers looking to launch or expand sales of electric vehicles in Europe next year, including BYD (002594.SZ), Xpeng (9868.HK) and Great Wall Motors (601633.SS). An said Geely would market its 001 electric crossover in Europe next year. The base model Zeekr 001 sells for the equivalent of $41,000 in China compared with $40,000 for the Tesla (TSLA.O) Model Y after a recent price cut.

Xi Jinping consolidated his power in China with a reshuffle of the politburo standing committee. He also used the event to unveil the new members of the politburo standing committee. He is a new entry to the standing committee, and at 60, is its youngest member. He is another new member of the politburo standing committee and will help lead the central commission for discipline inspection. He previously worked as the party leader in Yan'an, which once served as the headquarters of the party before it took control of the whole country.

☆ Geely’s pricey cars can hope for some premium spin
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, Nov 1 (Reuters Breakingviews) - Geely Automobile (0175.HK) is hiving off its young electric vehicle brand, Zeekr. The Hong Kong-listed group’s chairman and founder Li Shufu has a lot riding on how the deal is positioned as the valuations of its homegrown rivals crash. Parent Zhejiang Geely’s extensive experience building battery-powered models and the Volvo Car (VOLCARb.ST) owner’s track record overseas suggests the upstart can scale rapidly. So far so good: Zeekr, which launched only last year, sold nearly 40,000 premium cars in the first nine months. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ China's Xi deals knockout blow to once-powerful Youth League faction
▼ + stars: | 2022-10-26 | by ( Martin Quin Pollard | ) www.reuters.com time to read: +5 min

BEIJING, Oct 26 (Reuters) - The three most glaring omissions from China's new Communist Party leadership share one common trait: all rose through its Youth League and were considered members of a once-powerful faction whose influence Xi Jinping has now effectively crushed. "On Hu Chunhua, I think this has been Xi Jinping's main tactic of shutting down the youth league faction," said Victor Shih, an expert on elite politics in China and a professor at the University of California, San Diego. "They are completely defeated," said Cheng Li, a specialist on the transformation of political leaders in China, referring to the sidelining of the Youth League faction. The Youth League has been active in attacking foreign brands accused of misbehaviour in China, such as false advertising. The Youth League did not immediately respond to a request for comment on Wednesday.

☆ Chinese automaker Geely's new energy brand Farizon raises over $300 mln
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +2 min

BEIJING/HONG KONG, Oct 26 (Reuters) - Chinese automaker Geely's new energy vehicle subsidiary on Wednesday said its brand Farizon has raised over $300 million from a funding round led by Asian logistics firm Global Logistics Properties' (GLP) investment arm Hidden Hill Capital. The new capital raise, which involves other investors such as Chinese logistics and chemical group Transfar and an investment firm backed by major Chinese investment bank CITIC Securities, came as Geely stepped up its new energy vehicle development. Hangzhou-based Geely Holding Group, owner of Zhejiang Geely New Energy Commercial Vehicle Group which sells Farizon, is known globally with its investments in Volvo Cars and Mercedes-Benz. Farizon will use much of the funding "for research & development and ecosystem development, in order to further consolidate its market-leading position in new energy commercial vehicles," Zhejiang Geely New Energy Commercial Vehicle Group said in a statement. Geely New Energy Commercial Vehicle did not disclose Farizon's valuation in the statement.

China's strategy aims to win over "swing" countries to score United Nations votes, the diplomat said on Tuesday. Washington said it had taken note of the congress and stressed the importance of keeping open lines of communication. Like many up-and-comers, he is a former subordinate from Xi's days as party chief of the eastern province of Zhejiang. Other pro-reform policymakers excluded from the party's new central committee were outgoing economic czar Liu He, 70, and central bank party chief Guo Shuqing, 66. Also among the newcomers is Ding Xuexiang, who was Xi's chief of staff and named to the new Standing Committee.

☆ Investor fears about Xi's new leadership team 'may be misguided'
▼ + stars: | 2022-10-25 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

Li Qiang, likely to become the next premier, is pictured here speaking at a major annual financial conference in Shanghai in 2020. Bloomberg | Bloomberg | Getty ImagesBEIJING — Chinese stocks' plunge on Monday over fears about China's new leadership team "may be misguided," consulting firm Teneo said. Xi's leadership teamThe Politburo standing committee is the highest circle of power in China. Li Xi has led the export-heavy province of Guangdong as party secretary, while Cai Qi held the role for the capital city of Beijing. Mr Li [Qiang] has been widely regarded as a capable pro-market and pro-growth politician.

☆ Ford, Hyundai discussing EV investments with Indonesia - Indonesian minister
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: +1 min

Ford logo is pictured at the 2019 Frankfurt Motor Show (IAA) in Frankfurt, Germany September 10, 2019. REUTERS/Wolfgang RattayDETROIT, Oct 24 (Reuters) - Indonesia is in discussions with Ford Motor Co(F.N) and Hyundai Motor Co(005380.KS) to establish operations related to electric vehicles in the Southeast Asian country, Indonesia Coordinating Minister for Economic Affairs, Airlangga Hartarto, told an audience in Washington, D.C. on Thursday. Ford, nickel miner Vale Indonesia and China's Zhejiang Huayou Cobalt said in July they had signed a non-binding memorandum of cooperation to build a plant in Indonesia to extract nickel chemicals. Hartarto said Indonesia also is in discussions with Hyundai and South Korean battery maker LG Energy Solution over battery and EV investments. "We have raw materials for EV battery technologies," Hartarto told an audience at the Center for Strategic and International Studies.

BEIJING, Oct 23 (Reuters) - Li Qiang, who oversaw Shanghai's grinding two-month COVID-19 lockdown this year as party boss of China's commercial hub, is on track to become China's next premier after President Xi Jinping unveiled a new governing body packed with loyalists. Current Premier Li Keqiang, a more reform-minded voice, will step down in March after the maximum two terms. "We have not seen Li Qiang introduce any market-oriented reforms," said Lam. In 2015, Li accompanied Xi on a visit to the United States to meet then-President Barack Obama. In Seattle with Xi, Li gave a speech calling for more cooperation between Zhejiang and U.S. firms.

Promoted despite facing difficulties in leading China's capital, Cai is much like another Xi ally elevated to the Standing Committee, Shanghai Party Secretary Li Qiang. Cai and Li on Sunday joined a long list of Shanghai and Beijing Party bosses that have been promoted to the Standing Committee. Cai was promoted in 2014 to general office deputy director at the Beijing-based National Security Commission, a body founded and chaired by Xi. In 2017, just weeks after the 19th Party Congress, Cai faced loud public criticism over the forced eviction of migrant workers on Beijing's outskirts. A decade later, during a Beijing Party committee meeting on cyberspace and ideology hosted by Cai, no mention was made of citizens using social media to hold officials accountable.

Three of the four new Standing Committee members owe their political rise to Xi, and the fourth is believed to be closely aligned with him. All but Guangdong party chief Li Xi worked under Xi in the 2000s, either in affluent Zhejiang province or in Shanghai. By excluding Li Keqiang and Wang Yang, both 67, from the party Central Committee and Standing Committee, Xi broke with the "seven-up/eight-down" rule that those aged 67 or under would remain for another five years. No woman has ever made it onto the Standing Committee. NOT TROUBLE-FREEThe run-up to the party congress was hardly smooth, with China facing sharp economic slowdown, frustration over zero-COVID and worsening relations with the West.

☆ China shuffles leadership committee and retains many Xi allies
▼ + stars: | 2022-10-22 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +2 min

BEIJING — China announced Saturday its new central committee would include many known allies of Chinese President Xi Jinping, while several officials with more market-leaning tendencies were not on the list. That central committee then goes on to determine the core leadership — the Politburo and its standing committee. Four of the current seven members of the Politburo standing committee were not on the list. Li Qiang, Shanghai's party secretary, and his Beijing counterpart Cai Qi remained on the central committee list. Other Xi loyalists the Asia Society had identified were included in the list of new central committee members.

☆ China, 'factory of the world,' is losing more of its manufacturing and export dominance, latest data shows
▼ + stars: | 2022-10-20 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +5 min

The container ship Emma Mærsk docked at the Dapukou container terminal of Ningbo-Zhoushan Port on August 21, 2022 in Zhoushan, Zhejiang Province. Teodoro said Vietnam's close proximity to China and cheap labor are reasons why Vietnam is considered a suitable alternative. Vietnam has taken the lion's share of the manufacturing trade away from China with an almost 360% increase in far-distance trade since 2014 — the year the country started to invest in its maritime and manufacturing sector. Malaysia and Bangladesh have taken apparel manufacturing away from China, according to MDS Transmodal, while Taiwan has seen a marginal uptick in metal manufacturing. Ningbo port hit by Covid policiesThe Port of Ningbo, the world's largest port and the third-largest container port, is the latest Chinese trade hub to see an impact from the government's "Zero Covid" policies.

U.S. West Texas Intermediate crude (WTI) <CLc1> for November, that is expiring on Thursday, was at $83.17 a barrel, up 35 cents, or 0.4%. Register now for FREE unlimited access to Reuters.com RegisterU.S. crude inventories fell unexpectedly last week - down 1.7 million barrels, weekly government showed, against expectations for a build of 1.4 million barrels. SPR levels fell 3.6 million barrels to just over 405 million, the lowest since May 1984. The EU's sanctions on Russian crude and oil products will take effect in December and February, respectively. There were also some signs of resurgent Chinese oil demand, including private mega refiner Zhejiang Petrochemical Corp (ZPC) and state-run ChemChina receiving further import quotas.

☆ Oil prices rise as investors seek riskier assets and on China demand outlook
▼ + stars: | 2022-10-19 | by ( Isabel Kua | ) www.reuters.com time to read: +3 min

Oil prices were also buoyed as risk sentiment was lifted by upbeat U.S. corporate earnings and rising equity markets. That is equal to about 104 million barrels. The EU's sanctions on Russian crude and oil products will take effect in December and February, respectively. read moreIn December, the administration plans to sell 15 million barrels of oil from its reserves, the final tranche of the 180 million barrels release announced earlier this year, a senior U.S. official said. Gasoline inventories declined by about 2.2 million barrels while distillate stockpiles dropped by 1.1 million, the sources said.

DEBT STRESSTreasury bond quotas could be increased, so that some of them could be transferred to local governments to ease their fiscal stress, said Luo Zhiheng, chief macroeconomic analyst at Yuekai Securities. Combined with some maturing debts of local government financing vehicles (LGFVs) - investment companies that build infrastructure projects - this year and the next will be most stressful for local governments, he said. According to financial media outlet Yicai, local governments' revenue from fines and confiscations jumped 10.4% in January-July year-on-year. The fiscal stress is cutting into some households' income, a red flag for consumption and broader growth. As there is no way out, they have had to ask the local government fiscal department for money."

☆ U.S. FCC set to ban approvals of new Huawei, ZTE equipment- document
▼ + stars: | 2022-10-13 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

WASHINGTON, Oct 13 (Reuters) - The U.S. Federal Communications Commission is set to ban approvals of new telecommunications equipment from China's Huawei Technologies and ZTE (000063.SZ) in the United States on national security grounds, according to a document posted by the agency. The companies would not be able to sell new equipment in the United States without equipment authorizations. In June 2021, the FCC voted to advance the plan to ban approvals for equipment in U.S. telecommunications networks from Chinese companies deemed national security threats, including Huawei and ZTE. ... We have left open opportunities for (Huawei and other Chinese equipment) use in the United States through our equipment authorization process. The FCC action would prohibit all future authorizations for communications equipment deemed to pose an unacceptable risk to national security.

As the top official in China's commercial hub and its most populous city, Li's position as Shanghai party chief has traditionally been a stepping stone towards a top-two role in China's power structure - including for Xi Jinping himself. "It's near impossible for Li, who owes his political career largely to Xi, to even consider doing anything to undermine Xi. KEY CONFIDANTA native of Zhejiang province, Li, 63, was Xi's chief of staff - a role for the most trusted confidants - from 2004 to 2007 when Xi was party chief of Zhejiang. In Seattle with Xi, Li gave a speech calling for more cooperation between Zhejiang and U.S. firms. Making his rounds, he reiterated the COVID party line: "We must resolutely implement the spirit of the important instructions by Party Secretary Xi Jinping and steadfastly persist in the dynamic-zero approach".

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