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☆ China to help electric vehicle industry respond to foreign trade restrictions
▼ + stars: | 2024-02-07 | by ( ) www.cnbc.com time to read: +1 min

Rows of new energy vehicles are parked at Changan Automobile's vehicle distribution center in Chongqing, China, on Jan. 14, 2024. China's commerce ministry said on Wednesday it would encourage the new energy vehicle industry to "actively" respond to foreign trade restrictions and cooperate with overseas firms, amid a European probe into Chinese subsidies for the sector. The ministry issued guidelines that also encouraged automakers to set up R&D and after-sales service centers abroad, to collaborate with foreign partners in building up supply chains, and to work more closely with shipping companies on transportation logistics. Under the measures, Chinese banks would be encouraged to expand domestic and overseas services for automakers and their supply chains, including the scale of cross-border RMB settlements. The ministry also said it would optimize export procedures for NEVs and batteries.

Locations: Chongqing, China

☆ China executes couple for murder of toddlers that shocked the nation
▼ + stars: | 2024-02-01 | by ( Nectar Gan | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —China has executed a couple for throwing two toddlers out of a high-rise apartment window, in a case that provoked nationwide outrage. Ye saw Zhang’s two children as an “obstacle” to them getting married and a “burden on their future life together,” the court heard. She repeatedly urged Zhang to kill the toddlers and threatened to break up with him if he didn’t. His study shows that Chinese people who express political views online tend to show greater support for the death penalty. Wednesday’s execution also brought into focus the main method used in China to carry out the death penalty: lethal injection.

Persons: Zhang Bo, Ye Chengchen, Ye, Zhang, “, ”, John Zhuang Liu, It’s, Kenneth Smith Organizations: Hong Kong CNN, Xinhua, Weibo, University of Hong Kong, CNN, Amnesty Locations: Hong Kong, China, Chongqing, Weibo, Alabama

☆ China rolls out fresh property relief measures to stem the fallout from Evergrande's meltdown
▼ + stars: | 2024-01-31 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +3 min

Officials in China are boosting property sector relief measures to blunt the impact of Evergrande's collapse. The new measures are part of a wider series of economy-boosting initiatives, especially in the real estate sector, which constitutes one-quarter of the country's economy. The crisis in the property sector stems from huge debt and overbuilding in the last decade, which has resulted in a liquidity crisis for many property developers, including Evergrande. The company's troubles sent country's property sector into a tailspin starting in 2022 when it defaulted on some of its offshore bonds. China is moving mountains to hold the real estate sector's crisis from pouring into other sectors.

Persons: — Organizations: Service, Beijing, China's Ministry of Housing, China Mingsheng Banking Corp, China Securities Journal, Guangzhou, Reuters, Bloomberg Locations: China, Hong Kong, Nanning, Guangxi, Chongqing, Suzhou, Shanghai, restructurings

☆ Fire in China school dorm kills 13 students
▼ + stars: | 2024-01-20 | by ( ) www.cnbc.com time to read: +1 min

The fire broke out on Friday night at Yingcai School in Yanshanpu Village, near Nanyang City in Henan province, China Central Television Station and Xinhua News Agency said. The dead were third graders at an elementary school, according to China Newsweek, a weekly magazine published by China News Service, the second largest Chinese news agency after Xinhua. A fire in a school dormitory in central China killed 13 students and injured another person, Chinese state media reported on Saturday. Yingcai is a private boarding school with a kindergarten and an elementary school, said The Paper, a Shanghai government-backed news outlet. The school gives students a break every two weeks but this was not a break weekend, The Paper said, citing several local residents.

Persons: Yingcai Organizations: Yingcai, China Central Television Station, Xinhua News Agency, China Newsweek, China News Service, Xinhua, Firefighters, Getty Images Locations: Yanshanpu Village, Nanyang City, Henan province, China, CHONGQING, CHINA, Chongqing, Shanghai

☆ Huawei sets up new smart car company in Shenzhen, China as it gets more serious about autos
▼ + stars: | 2024-01-18 | by ( Michelle Toh | Wayne Chang | ) edition.cnn.com time to read: +5 min

The company incorporated Shenzhen Yinwang Intelligent Technology Co Ltd on Tuesday in the southern Chinese city of Shenzhen, where Huawei is based. The news marks another milestone for Huawei, which has accelerated its automotive ambitions in the past three years. But it has been hobbled in recent years by US export restrictions, which sent the company into a tailspin. The unveiling coincided with a launch by Chinese rival Xiaomi of its own first electric car, showing how competition between the two companies has spilled over to another sector. In November, a subsidiary of Changan, a Chinese state-owned automaker, disclosed that it had partnered with Huawei to form a new company created to provide smart car systems.

Persons: Elon Musk’s Tesla, Warren Buffett Organizations: Taipei CNN, Huawei, Intelligent Technology Co, Elon, Chongqing Changan Automobile Co, Changan, Shenzhen Yinwang, Automotive, Ministry of Industry, Information Technology, Economic Locations: Hong Kong, Taipei, Shenzhen, China, Changan, Chongqing, United States, Davos, Switzerland

☆ China investors will be asking these 3 questions in 2024
▼ + stars: | 2024-01-09 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

CHONGQING, CHINA - JANUARY 02: People visit the 2nd International Light and Shadow Art Festival at the Fine Arts Park on January 2, 2024 in Chongqing, China. For all the geopolitical risks, the attraction of China as a fast-growing market has waned as the economy matures. Many were disappointed when China's economy did not rebound as quickly as expected after the end of Covid-19 controls in December 2022. Real estate is a clear example of a debt-fueled sector, one that has accounted for about a quarter of China's economy. Machinery, electronics, transport equipment and batteries combined contributed to 17.2% of China's economy in 2020, Citi analysts said.

Persons: it's, Jason Hsu, They're, Liqian Ren, Goldman Sachs, Ding Wenjie, Ding Organizations: Fine Arts, Art, Getty, Visual China, U.S, Citi, People's Bank of, Rayliant, Rayliant Global Advisors, National Bureau, China Asset Management Co, CNBC, Machinery Locations: CHONGQING, CHINA, Chongqing, China, BEIJING, Covid, People's Bank of China, Beijing, WisdomTree

Main auto partner Chongqing Changan Automobile (000625.SZ) and relevant parties will own up to 40% of the new firm, a Changan Auto statement showed on Sunday. Neither Changan Auto nor Huawei disclosed financial details. Changan Auto referred Reuters to its Sunday statement and declined to comment further. Huawei has partnerships with other auto companies, including Seres Group (601127.SS) and Jianghuai Automobile (600418.SS), as well as with Changan Auto involving EV brands Avatr and Deepal. The proposed deal will also smooth the way for the business' listing, as Huawei had planned, said two of the people.

Persons: Ren Zhengfei, Ren, Richard Yu, Julie Zhu, Zhuzhu Cui, David Kirton, Brenda Goh, Christopher Cushing Organizations: Huawei Technologies, Changan Auto, Bosch, Chongqing Changan Automobile, Huawei, Auto, China Ordnance Equipment Group, China South Industries, FAW Group, Dongfeng Motor, HK, Reuters, Seres, Jianghuai, Changan, EV, Thomson Locations: HONG KONG, SHANGHAI, Chongqing, China, Changan, Shanghai

☆ Huawei to move smart car operations to new joint company with Changan
▼ + stars: | 2023-11-26 | by ( ) www.reuters.com time to read: +2 min

BEIJING, Nov 26 (Reuters) - China's Huawei (HWT.UL) said on Sunday it will move core technologies and resources in its smart car unit, which has chalked up robust sales for a number of new vehicles, to a new joint company owned up to 40% by automaker Changan Auto. The new company will engage in research and development, production, sales and service of intelligent automotive systems and component solutions, Huawei said in a press release. "The new company will ... work with partners to promote innovation and leadership in smart car technology and promote the prosperity and development of the automotive industry," the release said. "The two parties will jointly support the target company to become an industry leader in automotive intelligent systems and component solutions based in China," the filing said. Huawei has repeatedly said it does not make cars on its own but only helps other automakers make better vehicles.

Persons: Yu Chengdong, Changan, Laurie Chen, Brenda Goh, Edmund Klamann Organizations: Huawei, Changan Auto, Chongqing Changan Automobile, Shenzhen Stock Exchange, Seres, Chery, Thomson Locations: BEIJING, Chongqing, China, Shenzhen, Beijing, Shanghai

☆ So many kids are falling sick in China that a children's hospital said it saw 13,000 cases in a single day
▼ + stars: | 2023-11-23 | by ( Matthew Loh | Kim Schewitz | ) www.businessinsider.com time to read: +6 min

Northern China is struggling with a wave of respiratory illnesses among its children. Cities like Beijing and Tianjin have been hit hard by cases of flu and pneumonia, hospitals said. Children wait on the stairs at a children hospital in Beijing on November 23, 2023, with some administered with drips. "All the children have respiratory illnesses." Children receive a drip at a children hospital in Beijing on November 23, 2023.

Persons: —, Liu Wei, Liu, imploring, JADE GAO, Mi Feng, they're, It's, JADE GAOJADE, Hu Xijin, Hu, David Heymann, Francois Balloux Organizations: Service, Beijing Aviation General, Management, drips, Getty, Changjiang, Health, Business, Global Times, Health Organization, London School of Hygiene, Tropical Medicine, UCL Genetics Institute Locations: Northern China, Cities, Beijing, Tianjin, China, Tianjian, Wuhan, Hubei, Chongqing, Weibo

☆ Alibaba shares slide over 8% after it disappoints on profit, curbs cloud spinoff
▼ + stars: | 2023-11-16 | by ( Ryan Browne | ) www.cnbc.com time to read: +3 min

Signage at the Alibaba Group Holding Ltd. booth at the Smart China Expo in Chongqing, China, on Monday, Sept. 4, 2023. Here's how Alibaba did in the September quarter, compared with Refinitiv consensus estimates:Net income attributable to ordinary shareholders: 27.7 billion yuan ($3.8 billion) versus 29.7 billion yuan expected. 27.7 billion yuan ($3.8 billion) versus 29.7 billion yuan expected. Revenue: 224.79 billion yuan ($31 billion) versus 224.3 billion yuan expected. On Thursday, Alibaba said that the U.S. chip restrictions have "created uncertainties for the prospects of Cloud Intelligence Group."

Persons: Alibaba, Eddie Wu, Daniel Zhang, Joe Tsai Organizations: Alibaba, Holding, Smart, U.S, Cloud Intelligence, Amazon Web Services, Microsoft Locations: Chongqing, China, U.S

☆ China retail sales, industrial data grow faster than expected in October
▼ + stars: | 2023-11-15 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

(Photo by Costfoto/NurPhoto via Getty Images) Nurphoto | Nurphoto | Getty ImagesBEIJING — China on Wednesday reported better-than-expected retail sales and industrial data for October, while the real estate drag worsened. Retail sales grew by 7.6% last month from a year ago, above the 7% growth forecast by a Reuters poll. watch nowWithin retail sales, sports and other leisure entertainment products saw sales surge by 25.7% in October from a year ago, the data showed. The International Monetary Fund last week cited Beijing's policy announcements as a reason to raise its China growth forecast for the year to 5.4%. Real estate and related sectors have accounted for about a quarter of China's gross domestic product.

Persons: Gita Gopinath Organizations: Getty, Nurphoto, Retail, Reuters, Investment, National Bureau of Statistics, Catering, Monetary Fund, IMF, CNBC, UBS Locations: CHONGQING, CHINA, Chongqing, China, BEIJING, Beijing

Liu got the librarian job after a government-led campaign to secure temporary work for graduates, which analysts describe as a short-term solution to preserve social stability in a slowing economy with little on offer for young Chinese. Such "welfare jobs," as they are known in China, include roles as receptionists, office administrators, security guards and community workers. Various government institutions offer such jobs every year, but they had usually drawn applications from disadvantaged groups, such as elderly or disabled people. But state media editorials have also encouraged young graduates to take lower skilled jobs. Reuters GraphicsThe total take-up of short-term jobs and internships remains unknown, but social media posts commenting on the selection process and discussing career options are frequent and analysts expect such roles will be in demand in a slowing economy.

Persons: Peter Liu, Liu, Wang Jun, joblessness, Mao Zedong, Chen, Graphics Liu, Kripa Jayaram, Ellen Zhang, Shri Navaratnam Organizations: Reuters, Human Resources, Social Security, Huatai Asset Management, Graphics, Beijing, Thomson Locations: BEIJING, HONG KONG, Beijing, Henan, China, Chongqing

☆ Long before rescue talks, Country Garden struggled to build homes, pay bills
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +6 min

[1/3] The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. "Nobody believed that Country Garden would fail. Country Garden declined to comment. In July, only weeks before it skipped debt payments, Country Garden launched a campaign on its WeChat channel titled “Beautiful Delivery”, showcasing newly built apartments and happy homeowners. Country Garden did not respond to questions about the payment or delivery disputes.

Persons: Aly, Ping, COVID, Economist Intelligence Unit's Xu Tianchen, EIU’s Xu, it’s, ”, Qiao Jingjing, Qiao, Clare Jim, Liangping Gao, Amy Lv, Laurie Chen, Antoni Slodkowski Organizations: Shanghai Country Garden, REUTERS, Rights, China's, Garden, Ping An, Economist Intelligence, Reuters, Observers, Jujiang, Thomson Locations: Shanghai, China, Rights BEIJING, HONG KONG, Beijing, Chongqing, Xinzheng, Henan Province, Lincoln

☆ Rising air pollution in China suggests its economy is growing faster and oil prices will climb
▼ + stars: | 2023-11-06 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

Rising air pollution in China suggests its economy in on track to see a jump in growth, according to DataTrek Research. Oil prices should rise if China's economy is accelerating, as its air quality suggests. This proves our basis point that air pollution readings can give investors an early call on a country's economy," DataTrek Research co-founder Nicholas Colas said. In fact, the air quality in Beijing has seen a "very visible" increase in air pollution in the last two weeks, as has Guangzhou, Chongqing, Shenzhen, and Shanghai. AdvertisementAdvertisementTo be sure, it will take weeks for the recent rise in China's air pollution to register in the official economic data.

Persons: DataTrek, —, Nicholas Colas, Colas, Brent Organizations: Research, Service, DataTrek Research Locations: China, Beijing, Guangzhou, Chongqing, Shenzhen, Shanghai

Nov 2 (Reuters) - Air pollution, a global scourge that kills millions of people a year, is shielding us from the full force of the sun. "It's this Catch-22," said Patricia Quinn, an atmospheric chemist at the U.S. National Oceanic and Atmospheric Administration (NOAA), speaking about cleaning up sulphur pollution globally. "If you implement technologies to reduce air pollution, this will accelerate – very significantly – global warming in the short term." The Chinese and Indian environment ministries didn't immediately respond to requests for comment on the effects of pollution unmasking. As the implications of the pollution unmasking become more apparent, experts are casting around for methods to counter the associated warming.

Persons: poring, Patricia Quinn, Paulo Artaxo, Xi Jinping, Xi, El, Yangyang Xu, Xu, unmasking, Laura Wilcox, COVID, Sergey Osipov, Michael Diamond, Jake Spring, David Stanway, Sakshi Dayal, Katy Daigle Organizations: U.S . National Oceanic, Atmospheric Administration, NOAA, Reuters, World Health Organization, U.S . Clean, National People's, China Meteorological Administration, El Nino, M University, Britain's University of Reading, India Meteorological Department, India, Clean, Programme, King Abdullah University of Science, Technology, Florida State University, Thomson Locations: India, China, Beijing, 10.34C, Texas, Chongqing, Wuhan, SO2, heatwaves, Xinjiang, INDIA, Europe, Northern China, U.S, Saudi Arabia, Sao Paulo, Singapore, New Delhi

☆ Chinese authorities crack down on dogs after a Rottweiler mauls a toddler. But some say they’ve gone too far
▼ + stars: | 2023-10-31 | by ( Chris Lau | ) edition.cnn.com time to read: +5 min

Hong Kong CNN —A shocking video of a Rottweiler mauling a 2-year-old girl in China has prompted a crackdown by local authorities on stray dogs that some argue has now gone too far. Since then, local authorities in a raft of provinces including Shandong, Jiangxi, Yunnan, Hunan, Anhui have stepped up law enforcement, some more heavy-handed than others. Stray dogs are the main targets, but pets who are unleashed can also be subject to control measures. The country is home to 40 million stray dogs, according to the 2021 China Pet Industry white paper. In defense of stray dogsThis is not the first time Chinese authorities have been accused of being heavy-handed with animals.

Persons: netizens, ”, Kevin Frayer, Xiao Huang, Shepherd, Cya Liu, “, Bo Ai Organizations: Hong Kong CNN, Authorities, Weibo, Industry, Beijing, Hong Kong, Bo Ai Animal Protection Locations: Hong Kong, China, Chongzhou, China’s, Sichuan, Shandong, Jiangxi, Yunnan, Hunan, Anhui, Beijing, Yanzhou, Chongqing, Weibo, Shanghai, Guangyuan

☆ Exclusive: China's cabinet curbs debt growth in 12 "high risk" regions - sources
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +5 min

The sources were citing a cabinet document dated late September that was delivered to local governments and state lenders this month. The move by China's cabinet, or the State Council, to contain local government debt has not been previously reported. HIGH-RISK REGIONSThe 12 regions were previously identified as areas with "high risks" of defaulting on debt obligations. The massive piles of debt highlights local governments' financial stress, fuelling concerns of a systemic financial crisis. The bond issuance is widely believed to be part of Beijing's measures to defuse debt risks of LGFVs.

Persons: Tyrone Siu, Don Durfee, Raju Gopalakrishnan Organizations: REUTERS, Tyrone, Rights, State Council, Council, LGFVs, Communist Party, Reuters, Beijing, Thomson Locations: Central, Hong Kong, China, Rights BEIJING, Liaoning, Jilin, North Korea, Guizhou, Yunnan, Tianjin, Chongqing

☆ China's third-quarter growth exceeds forecast, buoyed by consumer spending and industrial production
▼ + stars: | 2023-10-18 | by ( Clement Tan | ) www.cnbc.com time to read: +3 min

Vcg | Visual China Group | Getty ImagesChina's third-quarter economic growth came in stronger than expected, boosting hopes that the world's second-largest economy will meet or even exceed Beijing's target for about 5% this year. China posted 4.9% growth in the July to September quarter from a year earlier, according to a release from China's National Bureau of Statistics on Wednesday. This follows the 6.3% print for the April-June quarter and 4.5% growth for the January-March quarter. On a quarter-on-quarter basis, China's economy grew 1.3% in the third quarter, stronger than economists' expectations for a 0.9% growth. China's consumer prices were flat in September, on the verge of deflation, while producer price index saw annual declines slow for a third month.

Organizations: Visual China, Getty, China's National Bureau, Statistics, CNBC Locations: Chongqing, China

☆ China central bank ramps up liquidity support via policy loans, rate unchanged
▼ + stars: | 2023-10-16 | by ( ) www.reuters.com time to read: +2 min

Paramilitary police officers stand guard in front of the headquarters of the People's Bank of China, the central bank (PBOC), in Beijing, China September 30, 2022. REUTERS/Tingshu Wang/File photo Acquire Licensing RightsSHANGHAI, Oct 16 (Reuters) - China's central bank ramped up liquidity support to the banking system as it rolled over medium-term policy loans on Monday, but kept the interest rate unchanged as expected. It held the rate on the one-year policy loans at 2.50%, unchanged from the previous operation. With 500 billion yuan worth of MLF loans maturing, the PBOC is injecting fresh liquidity into the banking system. Market watchers polled by Reuters last week predicted no change to the MLF rate.

Persons: Tingshu Wang, PBOC, Stone Zhou, Xing Zhaopeng, Christian Schmollinger Organizations: People's Bank of China, REUTERS, Rights, Reuters, Global Markets, UOB, ANZ, Shanghai, Thomson Locations: Beijing, China, U.S, UOB China, Liaoning, Chongqing, United States

☆ Asia-Pacific stocks tumble ahead of China inflation data
▼ + stars: | 2023-10-13 | by ( Lee Ying Shan | ) www.cnbc.com time to read: 1 min

August was marked by extremely hot temperatures in parts of China, prompting temporary power rationing in some regions. Asia-Pacific markets fell ahead of China's inflation and trade data for September. China is slated to release inflation numbers early Friday. Analysts polled by Reuters expect the country's consumer price index to climb 0.2% year-on-year, compared to 0.1% in the previous reading. Hong Kong's Hang Seng index looks set to drop, with futures at 17,911 compared to the HSI's close of 18,238.21.

Organizations: heatwave, Reuters, Nikkei Locations: China, Chongqing's, Asia, Pacific, Japan

☆ Hyundai Motor to make BAIC's ARCFOX electric cars in Beijing - report
▼ + stars: | 2023-10-11 | by ( ) www.reuters.com time to read: +2 min

[1/2] A Beijing Hyundai sign is seen at an entrance to the Beijing Hyundai Motor plant in Chongqing, China October 8, 2018. REUTERS/Yilei Sun/File Photo Acquire Licensing RightsSEOUL, Oct 11 (Reuters) - Hyundai Motor has decided to produce Beijing Automotive Group Co's EV brand ARCFOX cars at its plant in Beijing in a bid for a breakthrough in a major market where it has been struggling to make a foothold, a news report said on Wednesday. The plan is for Beijing Hyundai Motor, a joint venture of Hyundai Motor (011760.KS) and Beijing Automotive Group (BAIC), to produce the ARCFOX vehicles, and the companies are discussing the details, the report cited the sources as saying. Beijing Hyundai Motor will likely oversee the design, production and quality control and use its plant in Beijing, the report said. When asked to comment on the report, Hyundai Motor said it was "currently reviewing various measures for EV production, but nothing has been decided," in a statement to Reuters.

Persons: BAIC, Jack Kim, Heekyong Yang, William Maclean Organizations: Beijing Hyundai, REUTERS, Yilei, Rights, Hyundai, Beijing Automotive, Korea Economic, Beijing Hyundai Motor, Hyundai Motor, Beijing Automotive Group, Reuters, Kia, Thomson Locations: Beijing, Chongqing, China, Rights SEOUL, Korea

☆ EU plans anti-subsidy probes to secure steel deal with US
▼ + stars: | 2023-10-10 | by ( Philip Blenkinsop | ) www.reuters.com time to read: +4 min

A worker walks past steel rolls at the Chongqing Iron and Steel plant in Changshou, Chongqing, China August 6, 2018. Washington has asked Brussels to move against Chinese steel producers in particular in return for avoiding the re-imposition of Trump-era tariffs on EU steel and aluminium, with an end-October deadline to reach an agreement. Washington has said it wants to prevent "leakage" of Chinese steel and aluminium into the U.S. market. China's shipments have steadily fallen since 2015, when they made up 25% of EU steel imports in volume terms, to below 10% since 2018, according to EU steelmakers federation Eurofer. The extra annual emissions would by 2026 be more than the CO2 emissions of the entire EU steel sector, he said.

Persons: Damir Sagolj, Joe Biden, Ursula von der Leyen, Charles Michel, Washington, Axel Eggert, der Leyen, Nilutpal, Philip Blenkinsop, Amy Lv, Simon Cameron, Moore, Mark Potter, Matthew Lewis Organizations: Chongqing Iron, REUTERS, Rights, European, Trump, Financial Times, European Union, European Commission, EU, World Trade Organization, China's Ministry of Commerce, Thomson Locations: Chongqing, Changshou, China, Rights BRUSSELS, United States, European, EU, Brussels, Washington, U.S, East, North Africa, Bengaluru, Beijing

☆ EU plans anti-subsidy probe into Chinese steelmakers - FT
▼ + stars: | 2023-10-10 | by ( ) www.reuters.com time to read: +1 min

A worker walks past steel rolls at the Chongqing Iron and Steel plant in Changshou, Chongqing, China August 6, 2018. REUTERS/Damir Sagolj/File photo Acquire Licensing RightsOct 10 (Reuters) - The European Union is planning to announce anti-subsidy investigations against Chinese steelmakers at a summit with the U.S. this month, the Financial Times reported on Tuesday. Washington had asked Brussels to move against Chinese steel producers in return for avoiding the re-imposition of Trump-era tariffs on EU steel, the newspaper said. In September, Brussels launched an investigation into whether to impose punitive tariffs to protect EU producers against cheaper Chinese electric vehicle (EV) imports it says are benefiting from state subsidies. Additional reporting by Amy Lv in Beijing; Editing by Jacqueline Wong & Simon Cameron-MooreOur Standards: The Thomson Reuters Trust Principles.

Persons: Damir Sagolj, Washington, Joe Biden, Ursula von der Leyen, Charles Michel, Nilutpal, Amy Lv, Jacqueline Wong, Simon Cameron, Moore Organizations: Chongqing Iron, REUTERS, European, U.S, Financial Times, Trump, China's Ministry of Commerce, EVs, Thomson Locations: Chongqing, Changshou, China, Brussels, Beijing, Bengaluru

☆ Beijing Hyundai cuts asking price for Chongqing auto plant by 30%
▼ + stars: | 2023-10-09 | by ( ) www.reuters.com time to read: +2 min

A Beijing Hyundai sign is seen at an entrance to the Beijing Hyundai Motor plant in Chongqing, China October 8, 2018. REUTERS/Yilei Sun/File Photo Acquire Licensing RightsSHANGHAI, Oct 9 (Reuters) - Beijing Hyundai Motor has cut the minimum asking price for its auto plant in the southwestern Chinese city of Chongqing by almost 30% to 2.58 billion yuan ($353.38 million) after putting it up for sale in August. The price cut for the plant, a joint venture between South Korea's Hyundai Motor (011760.KS) and Beijing Automotive Group Co, was disclosed in a filing on the China Beijing Equity Exchange late last month. Beijing Hyundai Motor is selling the land use rights, equipment and other facilities belonging to its plant as the South Korean automaker rejigs its strategy in China amid fierce price competition and slowing demand. The original asking price was 3.68 billion yuan, and the statement did not give a reason for the reduction.

Persons: Brenda Goh, Zhang Yan, Joyce Lee, Jamie Freed Organizations: Beijing Hyundai, REUTERS, Yilei, Rights, South Korea's Hyundai, Beijing Automotive Group, China Beijing Equity Exchange, South, Hyundai, U.S, Thomson Locations: Beijing, Chongqing, China, South, South Korean, Seoul

☆ China plans to ease one of the biggest hurdles for foreign business
▼ + stars: | 2023-10-06 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

China News Service | China News Service | Getty ImagesBEIJING — Chinese authorities are signaling a softer stance on once-stringent data rules, among recent moves to ease regulation for business, especially foreign ones. But foreign businesses have found it difficult to comply — if not operate — due to vague wording on terms such as "important data." The country's top executive body, the State Council, in August revealed a 24-point plan for supporting foreign business operations in the country. The text included a call to reduce the frequency of random inspections for companies with low credit risk, and promoting data flows with "green channels" for certain foreign businesses. When U.S. Commerce Secretary Gina Raimondo visited China in August, she called for more action to improve predictability for U.S. businesses in China.

Persons: Reva Goujon, Goujon, Gabriel Wildau, Gina Raimondo, Martin Chorzempa, Samm Sacks, Yale Law School Paul, Chorzempa, Sacks, Beijing's Organizations: China News Service, Getty, Cyberspace Administration of China, Government, European Union Chamber of Commerce, CNBC, EU, State, China Corporate, CAC, State Council, Commerce, Peterson Institute for International Economics, Yale Law School, Yale Law School Paul Tsai China Center and New, Baidu Locations: Chongqing, BEIJING, China, Beijing, Covid, U.S, Yale Law School Paul Tsai China Center and New America

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