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☆ Chinese property stocks surge after central bank vows more support for private businesses
▼ + stars: | 2023-08-04 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

Other attendees included diary giant Yili Group, aluminum products manufacturer China Hongqiao Group and electrical components manufacturer Chint Group . At the symposium, PBOC governor Pan Gongsheng said the central bank will promote the expansion of private business bond financing support instruments, and strengthen the financial market to support their development. This is the latest move by the central government to boost market confidence and vow support for private businesses and the real estate sector amid signs of slowing growth. watch nowAt the Politburo meeting on July 24, the top leadership promised to "adjust and optimize policies" to boost the beleaguered property sector, as well as introduce measures to promote private investment. Separately, China's state planner, the National Development and Reform Commission, also released a 17-point statement, and pledged to encourage more private capital into the construction of major national projects.

Persons: Qilai Shen, Pan Gongsheng Organizations: Bloomberg, Getty, China Hongqiao Group, Chint, National Development, Reform Commission, Communist Party Locations: Beijing, China

☆ Asia markets to mostly rise as China vows support for ailing property market
▼ + stars: | 2023-07-25 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

The view from the observation deck at Shanghai Tower in Shanghai, China, on Sunday, April 9, 2023. Photographer: Qilai Shen/Bloomberg via Getty ImagesAsia-Pacific markets are set to mostly rise on Tuesday after China's Politburo pledged to "adjust and optimize policies in a timely manner" for its ailing property sector. This comes after disappointing economic data last week prompted renewed calls for policy support to bolster growth. Hong Kong's Hang Seng index looks set for a strong rebound after the index lost more than 2% on Monday, dragged mainly by losses in real estate stocks. However, futures for Australia's S&P/ASX 200 point to a lower open, standing at 7,301 compared to it's last close of 7,306.4.

Persons: Qilai Shen Organizations: Bloomberg, Getty Images, China's, Nikkei Locations: Shanghai, China, Getty Images Asia, Pacific, Japan, Chicago, Osaka

☆ Alibaba shares rise after Chinese regulators fine Ant Group, ending regulatory uncertainty
▼ + stars: | 2023-07-10 | by ( Sheila Chiang | ) www.cnbc.com time to read: +2 min

"We calculate that Ant Group would be worth $89 billion~ of which Alibaba's stake is $29.4 billion~ given their 33% ownership in Ant Group. We suggest such valuation presents upside from consensus," said Yang, referring to Bloomberg's valuation of Ant Group at just $22 billion to $57 billion. "In our view, [Bloomberg's] valuation range is too low, as Ant Group is comparable to PayPal. On Saturday, Ant Group announced a share buyback that values the company at $78.53 billion, according to state media CGTN. This is lower than Ant's $315 billion valuation when it tried to list in 2020.

Persons: Qilai Shen, Alibaba, Ronald Wan, CNBC's, Wan, Shawn Yang, Ant, Yang, Kumarasiri Organizations: Bloomberg, Getty, LightStream Research, Partners Financial Holdings, Ant, Blue Lotus Research, Ant Group, PayPal, Group Locations: Hong Kong, China

☆ China's stimulus could focus on its 'dire' property sector. Here's what economists expect
▼ + stars: | 2023-06-07 | by ( Jihye Lee | ) www.cnbc.com time to read: +3 min

China's economic recovery is losing momentum after an initial burst in consumer and business activity early in the year, prompting calls for more policy stimulus to bolster growth. // "The stimulus package could be centered on the property sector, with expansionary monetary and fiscal policies to keep up growth momentum," Citi economists led by Xiangrong Yu wrote in a Tuesday note. Don't expect a 'bazooka'Nomura's Chief China economist Ting Lu said "the situation of China's property sector appears dire." The Japanese investment bank doesn't expect a "bazooka" stimulus package but predicts it will be introduced in a cautious manner. They pointed to the latest wording from top policymakers and their emphasis on "security" – how this is an indicator for the scale of a stimulus package to come.

Persons: Qilai Shen, Xiangrong Yu, Ting Lu, Nomura Organizations: Bloomberg, Getty Images Bloomberg, Getty, Citi Locations: Wuxi, China, Beijing

☆ C919: Why China's answer to Boeing and Airbus isn't as 'homegrown' as it seems
▼ + stars: | 2023-06-02 | by ( Michelle Toh | ) edition.cnn.com time to read: +7 min

Hong Kong CNN —China is claiming a historic win this week after its answer to Boeing and Airbus, the C919, took to the skies for its first commercial flight. But instead of boosting China’s global stature in technology innovation, experts say the C919 is a symbol of its continued reliance on the West. COMAC’s first commercial plane, by comparison, is a much smaller regional jet called the ARJ21, which can only fly up to 3,700 kilometers (2,300 miles) and accommodate up to 97 passengers. Technicians working on a COMAC C919 aircraft under assembly at the COMAC Shanghai Research and Development Center in 2017. Boeing and Airbus also depend on “high-quality global suppliers,” state-run newspaper China Daily said in an editorial Wednesday.

Persons: ”, Scott Kennedy, Scott, Shukor Yusof, it’s, Kennedy, “, Qilai Shen, Yusof, VCG, Parker, Rockwell Collins, America’s, COMAC, COMAC hasn’t, there’s, ” Yusof Organizations: Hong Kong CNN, Boeing, Airbus, Center for Strategic, International Studies, Commercial Aircraft Corporation of China, Endau, CNN, China Eastern Airlines, Shanghai Research, Development Center, Bloomberg, China, Global Times, GE, CFM, China Daily, America’s Boeing, US, TransNusa, “ Airlines Locations: Hong Kong, China, Beijing, North America, Europe, Washington, Shanghai, Russia, Ukraine, Russian, Asia, United States, European, Malaysia, Indonesia

☆ China's disappointing rebound could bring in more stimulus, economists say
▼ + stars: | 2023-05-30 | by ( Elliot Smith | ) www.cnbc.com time to read: +5 min

Photographer: Qilai Shen/Bloomberg via Getty Images Qilai Shen | Bloomberg | Getty ImagesChina's much-vaunted economic rebound after its emergence from strict zero-Covid lockdown measures has yet to fully materialize, prompting some economists to speculate that further fiscal stimulus or monetary policy easing could be coming down the pipeline. Data from China's Bureau of Statistics shows that 6 million of the 96 million 16 to 24-year-olds in the urban labor force are currently unemployed. watch nowIn a research note Monday, Capital Economics assessed that, despite losing some momentum, China's economic recovery was still progressing at the start of the second quarter, with scope for further service sector-led improvement. But we do not expect policy rate cut or major fiscal stimulus, barring a precipitous fall in exports in the coming months." Any consensus among economists as to the trajectory of fiscal and monetary policy seems to be unraveling in light of the tenuous recovery.

The view from the observation deck at Shanghai Tower in Shanghai, China, on Sunday, April 9, 2023. Photographer: Qilai Shen/Bloomberg via Getty ImagesAsia-Pacific markets are set to rise ahead of key economic releases from China. Compared to a low base seen in April a year ago, market watchers are largely expecting a rebound in growth. In mainland China, the Shanghai Composite and the Shenzhen Component saw their best days since May 8 and March 20, respectively. South Korea's Kospi and Kosdaq also saw gains on Tuesday, advancing 0.66% and 0.75% respectively, while Australia's S&P/ASX 200 slipped 0.15%.

☆ Why Some Investors Are Betting on China’s Recovery but Avoiding Chinese Shares
▼ + stars: | 2023-05-15 | by ( Weilun Soon | ) www.wsj.com time to read: 1 min

Luxury conglomerate LVMH Moët Hennessy Louis Vuitton is one of the top picks of international investors betting on China’s recovery. Photo: Qilai Shen/Bloomberg NewsGlobal investors wanting to profit from China’s economic recovery are increasingly turning to companies in Paris, Las Vegas and beyond. They are loading up on shares of European, American and Japanese companies instead of Chinese stocks, as high geopolitical tensions between Beijing and Washington have made it unpalatable for some international money managers to invest in Chinese companies.

☆ China's recovery lifts U.S. companies' sales as domestic consumers pull back spending
▼ + stars: | 2023-05-14 | by ( Amelia Lucas | ) www.cnbc.com time to read: +3 min

U.S. companies are reporting that demand in China is returning, boosting their sales at a time when many U.S. consumers are pulling back their spending. Starbucks reported that its same-store sales in China rose 3% in its latest quarter, reversing their declines. Some Wall Street analysts were still anticipating shrinking same-store sales for the company's second-largest market. That quarter, Starbucks' same-store sales in China sank 23%. Yum China , Yum Brands' master franchisee in China, also said its same-store sales grew 8% in the first quarter.

☆ China names head of NFRA as financial industry faces greater scrutiny
▼ + stars: | 2023-05-11 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —China has appointed the head of its powerful new financial watchdog, which was created as part of sweeping reforms aimed at reining in the $60 trillion industry. Currently, several provincial leaders had previous careers in the financial industry, including Wu Qing, vice mayor of Shanghai and formerly the chairman of the Shanghai Stock Exchange. China’s sprawling financial industry is coming under closer scrutiny as Xi and his key allies have asserted greater direct control over financial policy. For years, Xi has said the financial industry should better serve the real economy, including making money available to businesses that need it. To further consolidate control, according to analysts, the top anti-graft body has carried out a sweeping anti-corruption campaign in the financial industry, which has ensnared more than a dozen senior executives from state-owned financial institutions.

☆ Chinese Travelers Swarm Domestic Tourist Sites, a Positive Sign for Economy
▼ + stars: | 2023-05-03 | by ( Jason Douglas | ) www.wsj.com time to read: 1 min

Crowds in the departure hall of a railway station in Hangzhou, China, ahead of the so-called Golden Week holiday. Photo: Qilai Shen/Bloomberg NewsSINGAPORE—Chinese travelers hit the road en masse and thronged tourist spots in their vast country during the annual Labor Day holiday, an encouraging sign that the country’s consumer-led economic rebound is powering ahead even as factories start to struggle. For many Chinese, the excitement of the five-day break around May 1, which commemorates the labor movement in much of the world, was another sign of life returning to normal after the rigors of the pandemic.

☆ In race for efficient EVs, Mercedes taps F1 team to keep up with Tesla
▼ + stars: | 2023-05-02 | by ( ) www.cnbc.com time to read: +6 min

In this article MBG-FF Follow your favorite stocks CREATE FREE ACCOUNTLewis Hamilton of Great Britain drives the Mercedes AMG Petronas F1 Team W13 on race day during the 2023 Australian Grand Prix at Albert Park on April 2, 2023 in Melbourne. But Mercedes' F1 collaboration to build more efficient EVs faster is unprecedented because it embeds that racing mindset and technological expertise directly in product development. After decades of leadership in combustion-engine technology, legacy carmakers like Mercedes have lagged Tesla in electric vehicles. Mercedes' F1 team can help it get back in the race, said Steven Merkt, head of transportation solutions at TE Connectivity , a major autos supplier. Last year, Mercedes unveiled its EQXX concept car, a super-efficient EV capable of a range of more than 1,200 km (745 miles), which was jointly developed with the German premium carmaker's F1 team in England.

☆ Back From the Brink, Chinese Developer Resumes Buying Land
▼ + stars: | 2023-04-26 | by ( Rebecca Feng | Cao Li | ) www.wsj.com time to read: 1 min

A Country Garden residential development in Shanghai. Photo: Qilai Shen/Bloomberg NewsHONG KONG— Country Garden Holdings Co., one of China’s largest real-estate developers, bought residential land in a local government auction for the first time since December 2021, signaling confidence in its liquidity and a recovering housing market. The company, which used to be an aggressive acquirer of land, had been hit by a sharp slowdown in China’s property sector last year. Its sales of new apartments slumped, and prices of its dollar bonds slid to below 10 cents on the dollar in November, as investors worried that Country Garden could default on its debt like dozens of other developers.

☆ China is waging a war on its financial industry. Some high-profile bankers are ensnared
▼ + stars: | 2023-04-05 | by ( Laura He | ) edition.cnn.com time to read: +8 min

Last Friday, authorities opened a similar probe into Liu Liange, former chairman of state-owned Bank of China, the country’s fourth largest lender. And in January, Wang Bin, who headed state-owned China Life Insurance from 2018 to early 2022, was charged by national prosecutors with taking bribes and hiding overseas savings. They include financial giants such as China Investment Corp, the nation’s sovereign wealth fund, China Development Bank, which provides financing for key government projects, and Agricultural Bank of China, another large state-controlled lender. “The current financial crackdown is a new wave of Xi Jinping’s anti-corruption campaign against the financial sector for consolidation of his power,” said Chongyi Feng, an associate professor in China Studies at the University of Technology Sydney. But the deepening crackdown on the vast financial sector could rattle investors.

☆ Baidu stock rebounds after falling sharply in wake of demo of ERNIE chatbot, its ChatGPT-style service
▼ + stars: | 2023-03-17 | by ( Michelle Toh | ) edition.cnn.com time to read: +5 min

Hong Kong CNN —Shares in Chinese search giant Baidu rebounded sharply a day after it unveiled ERNIE Bot, its answer to the ChatGPT craze. Its Hong Kong shares fell 6.4% after a public demonstration of its bot failed to impress investors. The reversal came after the company said more than 30,000 businesses had signed up to test out its chatbot service within two hours of its demonstration. Baidu Chairman and CEO Robin Li presenting the company's AI chatbot, ERNIE Bot, in Beijing on March 16. But its stock slumped on Thursday because the demo was “pre-recorded, and not live, which makes investors skeptical about the robustness of the ERNIE Bot,” according to Pau.

☆ General Motors' China business is hurting, and it's not just because of Covid
▼ + stars: | 2023-03-17 | by ( Michael Wayland | ) www.cnbc.com time to read: +11 min

He purchased his Nio over models from rival Chinese automakers Xpeng , Li Auto and IM Motors. GM's operations in the country are much larger than those of its crosstown rival Ford Motor, for example. Equity income from GM's Chinese operations and joint ventures has fallen 67% since its peak of more than $2 billion in 2014 and 2015. And the rising quality of domestic-made electric vehicles helped support — and tap — growing nationalistic pride among China's consumers. In February, Ford named Sam Wu, a former Whirlpool executive who joined the automaker in October, as president and chief executive of its China operations, starting March 1.

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.

A pedestrian along the Bund in Shanghai, China Photographer: Qilai Shen/Bloomberg via Getty ImagesAsia-Pacific markets are set to rise on Wednesday following a slightly cooler U.S. inflation report and as the fallout in the banking sector seemed to be contained. The U.S. consumer price index report for February came in at 0.4% and an annualized increase of 6%, in line with Dow Jones estimates. In Australia, the S&P/ASX 200 rose 0.64% as bank stocks rallied early in the trading day. In Japan, the Nikkei futures contract in Chicago was at 27,225, and its Osaka counterpart stood at 27,190 against the Nikkei 225's last close at 27,222.04. Investors will be closely watching a slew of economic data releases from China today, with the country set to release its retail sales and industrial output numbers for February, as well as its one year medium term lending rate for March.

☆ 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.

☆ Chinese savers stashed away $2.6 trillion last year but property crash will cool ‘revenge spending’
▼ + stars: | 2023-02-07 | by ( Laura He | ) edition.cnn.com time to read: +6 min

Burberry (BBRYF) said last month that it’s seeing “very promising” signs in China, according to Reuters. Since real estate accounts for 70% of household wealth in China, “revenge spending” will be limited, analysts said. They expect household consumption growth to rebound to 9.5% in 2023 from about 3% in 2022, fueling annual GDP growth of more than 5%. Morgan Stanley analysts expect to see some “revenge spending” mostly from household with stable incomes. They’re expecting household consumption growth to rebound to 8.5% in 2023, contributing to full-year economic growth of 5.7%.

☆ Five Chinese startups that survived a tough year of Covid lockdowns
▼ + stars: | 2023-01-03 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

Qilai Shen | Bloomberg | Getty ImagesBEIJING — In a year of Covid lockdowns and travel restrictions, some Chinese startups that survived found growth online and overseas. The startup avoided significant impact from China's Covid lockdowns since it could deliver its products virtually, Jiang said. The company aggressively pushed overseas in 2022 – launching subsidiaries in Tokyo, Seoul, Germany, Dubai, Los Angeles and Hong Kong, Wan said. Previously, Wan said that Keenon had seen revenue at least double or more every year from a lower base, when the China market was growing. The company has a staff of 100 people in the southern Chinese province of Guangdong and Los Angeles, Lin said.

☆ China reopening earlier than expected could hit supply chains in the short term, but boost growth in 2023
▼ + stars: | 2022-12-29 | by ( Jihye Lee | ) www.cnbc.com time to read: +4 min

Photographer: Qilai Shen/Bloomberg via Getty Images Bloomberg | Bloomberg | Getty ImagesMainland China's reopening came sooner than expected for investors, and Goldman Sachs warns it will lead to short-term strains in the workforce and supply chains. Positive outlook for GDP, Chinese yuanDespite shorter-term concerns for China's reopening, economists have a rosy outlook for China's growth in the long run. "Improved growth expectations in 2023 might outweigh unfavorable factors such as deterioration in goods and services trade balances," the Goldman Sachs note said. International travel to resumeThe economists at Goldman Sachs said the latest measures will likely benefit the surrounding region's growth as travel normalizes. Travelers with luggage's inside Terminal 1 at the Hong Kong International Airport on December 20, 2022 in Hong Kong, China.

☆ China challenges US chip curbs at WTO, citing ‘trade protectionism’
▼ + stars: | 2022-12-13 | by ( Laura He | ) edition.cnn.com time to read: +4 min

On October 7, the Biden administration unveiled a sweeping set of export controls that ban Chinese companies from buying advanced chips and chip-making equipment without a license. The commerce ministry blasted the US move as threatening global supply chain stability and called it “a typical practice of trade protectionism.” The complaint is the first action China has taken at the global trade body against the US chip sanctions. It also comes as the United States is looking to bolster its domestic chip manufacturing abilities, after chip shortages earlier in the pandemic highlighted the country’s dependence on imports from abroad. He called for both countries to boost cooperation in high-tech manufacturing and avoid “the politicization of economic and trade issues.”Chips are a growing source of tension between the United States and China. Before the October sanctions, the US government had already banned sales of certain tech products to specific Chinese companies, such as Huawei.

☆ As China moves away from zero-Covid, health experts warn of dark days ahead
▼ + stars: | 2022-12-06 | by ( Simone Mccarthy | ) edition.cnn.com time to read: +10 min

Across the country, however, some parts of residential communities and buildings designated high risk by authorities are still locked down. A QR code for Covid-19 contact tracing displayed at the entrance to a subway station in Shanghai, China, on Monday. Top health officials on November 28 announced a new plan to bolster elderly vaccination rates, but such measures will take time, as will other preparations for a surge. Minimizing the worst outcomes in a transition out of zero-Covid depends on that preparation, according to Cowling. From that perspective, he said, “it doesn’t look like it would be a good time to relax the policies.”

☆ A house price slump is coming. Rising unemployment could make it much worse
▼ + stars: | 2022-11-23 | by ( Hanna Ziady | ) edition.cnn.com time to read: +10 min

Brendon O'Hagan/Bloomberg/Getty ImagesNew Zealand is at the sharp end of a global housing market squeeze that has grim ramifications for the world economy. “In an ideal world, you’ll get a bit of froth blown off the top [of house prices] and everything is fine. “A decisive increase in unemployment is a very big danger for housing markets,” said Slater of Oxford Economics. Qilai Shen/Bloomberg/Getty ImagesA drag on the economyMost market watchers are not expecting a repeat of the 2008 housing market crash. But even a modest a fall in house prices will knock confidence, causing homeowners to cut back on spending.

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