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China to issue $137 bln sovereign debt to support economy
  + stars: | 2023-10-24 | by ( ) www.reuters.com   time to read: +2 min
Reuters reported on Monday that China's parliament was set to approve just over 1 trillion yuan in additional sovereign debt issuance, citing sources. "The additional fiscal support approved today is the intervention we had been expecting and that was needed to prevent an abrupt fiscal tightening in China in the closing weeks of the year," said Mark Williams, chief Asia economist at Capital Economics. China has previously let local governments issue bonds ahead of the annual session of parliament, which approves government budget plans and is usually held in March. Local governments had been told to complete the issuance of the 2023 quota of 3.8 trillion yuan in special local bonds by September to fund infrastructure projects. The government has not disclosed the size of local governments' 2024 frontloaded bond quotas.
Persons: Mark Williams, Williams, Kevin Yao, Ellen Zhang, Ella Cao, Jason Neely, Susan Fenton Organizations: Xinhua, Reuters, National People's Congress, Capital Economics, Thomson Locations: BEIJING, China, Asia, Beijing
[1/5] A view of the residential apartments in Country Garden's Forest City development in Johor Bahru, Malaysia August 16, 2023. The group hired PJT Partners (PJT.N) as financial adviser to lead discussions with Country Garden, two people with knowledge of the matter said. Ratings agency Moody's said on Thursday it could downgrade Country Garden's (2007.HK) 'corporate family rating' if the recovery prospects for its creditors weaken further. Moody's said Country Garden's senior unsecured rating of C was already at the lowest of its rating scale. Country Garden and Frasers did not immediately respond for a request for comment on that sale.
Persons: Edgar Su, PJT, Moody's, Frasers, Houlihan Lokey, Sidley Austin, Yeung Kwok Keung, Yang Huiyan, Yeung, Yang, Cao Jianglin, Garden's, China Evergrande, Scott Murdoch, Xie Yu, Clare Jim, Anousha Sakoui, Liz Lee, Lewis Jackson, Kim Coghill, Christopher Cushing, Jamie Freed, Lincoln, Miral Fahmy, Jane Merriman Organizations: REUTERS, HK, PJT Partners, Garden's, Australian Financial, Reuters, China International Capital Corporation, Finance, HSBC, China National Agricultural Development, SOE, Thomson Locations: Garden's, City, Johor Bahru, Malaysia, China HONG KONG, Garden's Australian, Melbourne, China, Shunde, Guangdong province, Sydney, Hong Kong, London, Beijing, Sydndey
REUTERS/Jason Lee/File Photo Acquire Licensing RightsSummaryCompanies Property sales, investment fall at double-digit paceProperty slowdown remains drag on economic growthBEIJING, Oct 18 (Reuters) - China's property sales and investment posted double-digit declines as efforts to support big cities failed to bolster confidence in an industry struggling to emerged from crisis, although the pace of contraction slowed. Property investment fell 18.7% from a year earlier after a 19.1% drop in August, according to Reuters calculations. "S&P Global Ratings expects that the low number of construction starts, an inventory overhang in lower-tier cities, and ever-tightening escrow restrictions will keep property sales depressed," S&P's credit analysts said in a note on Monday. Property investment in the first nine months of 2023 fell by 9.1% from a year earlier, after slumping 8.8% in January-August, according to NBS data. Funds raised by China's property developers were down 13.5% year-on-year after a 12.9% slide in January-August.
Persons: Jason Lee, Zhou Hao, Liangping Gao, Ella Cao, Ryan Woo, Christian Schmollinger, Sam Holmes Organizations: REUTERS, National Bureau of Statistics, Country Garden Holdings, HK, Monetary Fund, Property, Thomson Locations: Beijing, China, BEIJING
BEIJING, Oct 18 (Reuters) - United Nations Secretary-General Antonio Guterres said he was "horrified" by hundreds of people killed in Tuesday's strike on a Gaza hospital. Before flying to the Chinese capital to attend the Belt and Road Forum, Guterres said on Wednesday he had appealed to Hamas for the immediate and unconditional release of hostages, and to Israel to allow immediate unrestricted access to humanitarian aid for Gaza. [1/2]United Nations Secretary-General Antonio Guterres speaks at the opening ceremony of the Belt and Road Forum (BRF), to mark the 10th anniversary of the Belt and Road Initiative at the Great Hall of the People in Beijing, October 18, 2023. REUTERS/Edgar Su Acquire Licensing RightsHe also emphasised the need for promotion of effective debt relief mechanisms to ensure that countries involved in the Belt and Road programme were not locked into unsustainable debt. (This story has been corrected to fix the day of week to say Tuesday, not Sunday, in paragraph 1)Reporting by Laurie Chen, Ella Cao and Liz LeeOur Standards: The Thomson Reuters Trust Principles.
Persons: Antonio Guterres, Guterres, Edgar Su, Laurie Chen, Ella Cao, Liz Lee Organizations: United Nations, Initiative, of, People, REUTERS, Thomson Locations: BEIJING, Gaza, Israel, Beijing
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China names Song Kai as new chairman of CFA
  + stars: | 2023-10-16 | by ( ) www.reuters.com   time to read: +1 min
BEIJING, Oct 16 (Reuters) - Song Kai was named as the new chairman of the Chinese Football Association (CFA),China's state news agency Xinhua reported on Monday, amid a spike in anti-corruption investigations into the soccer body. Song works as the director of Liaoning province's Sports Bureau, according to state media Global Times. Sun Wen, Yuan Yongqing, Yang Xu and Xu Jiren were named CFA vice presidents, Xinhua reported. China's top prosecutor said last week it had ordered the arrest of former CFA vice chairman Du Zhaocai, who was suspected of accepting bribes, state media previously reported. read moreOver a dozen officials working in the football sector have been placed under investigation since November last year, state media reported last week.
Persons: Kai, Sun Wen, Yuan Yongqing, Yang Xu, Xu Jiren, China's, Du Zhaocai, CFA Chen, Ella Cao, Liz Lee, Peter Rutherford Organizations: Chinese Football Association, Xinhua, Liaoning province's Sports, Global Times, CFA, Thomson Locations: BEIJING, Liaoning
Investors Bet Thriftier Chinese Shoppers Are Here to Stay
  + stars: | 2023-10-13 | by ( Cao Li | ) www.wsj.com   time to read: 1 min
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After a three-year hiatus, international cruise lines can resume sailings from China. AdvertisementAdvertisementRoyal Caribbean's Wonder of the Seas, once the world's largest cruise ship, was originally scheduled for year-round sailing from China. Then COVID-19 shut down the cruise industry and China blocked sailings from international cruise lines. Now, after a three-year hiatus, international cruise lines can resume sailings from China. Enter the Adora Magic City, the first Chinese-built and operated cruise ship.
Persons: , Kun Cao, Reddal, James D, Morgan China, Cao, Joel Katz, Asia —, Michael Bayley, Bayley, Yang Guobing, Andy Stuart, Skift, it's Organizations: Service, Seas, Royal Caribbean, Magic City, Cruise, Royal Caribbean International, China China's, China State Shipbuilding Corporation, Carnival Corporation, Publishing, Getty Images, Viking Cruises, China Merchants Group, Royal, MSC, CSSC Carnival Cruise Shipping, Xinhua, Getty, Cruise Line, Global Times Locations: China, Shanghai, Fort Lauderdale , Florida, Southern, Magic, Caribbean, Asia, Australasia, CLIA, United States, Miami, Switzerland, Royal Caribbean, , Norwegian, Alaska
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/world/china/evergrandes-new-woes-signal-long-slog-for-chinas-economy-a5403b7a
Persons: Dow Jones
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/world/china/china-evergrande-shares-suspended-after-reports-of-founders-disappearance-3e5f4f8
Persons: Dow Jones
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/world/china/china-evergrande-shares-suspended-after-reports-of-founders-disappearance-3e5f4f8
Persons: Dow Jones
SenseTime's former IP rights employee under investigation
  + stars: | 2023-09-28 | by ( Josh Ye | ) www.reuters.com   time to read: +1 min
Hong Kong, Sept 28 (Reuters) - Chinese tech company SenseTime (0020.HK) said on Thursday a former employee of its intellectual property division is now under police investigation. Without elaborating on details, a SenseTime spokesperson told Reuters via messaging app WeChat, "a former employee of [the] intellectual property division is currently under investigation by the Public Security Bureau due to suspected commercial related case." The state-backed Shanghai Securities News said the suspect is a former executive director of intellectual property rights. The report added that the suspect is now subject to "mandatory measures" due to economic problems but it did not specify which economic problems are under investigation. Reporting by Josh Ye in Hong Kong, Ella Cao in Beijing and Meg Shen in Hong Kong.
Persons: SenseTime, Josh Ye, Ella Cao, Meg Shen, Jane Merriman, Ros Russell Organizations: HK, Public Security, Shanghai Securities News, Thomson Locations: Hong Kong, Beijing
China appoints Lan Foan as new finance ministry party chief
  + stars: | 2023-09-28 | by ( ) www.reuters.com   time to read: 1 min
The sign of China's Ministry of Finance is pictured in Beijing, China August 23, 2018. REUTERS/Jason Lee/File Photo Acquire Licensing RightsBEIJING, Sept 28 (Reuters) - China's Communist Party has appointed Lan Foan as the new finance ministry party chief, the ministry said in a statement on Thursday. Lan will replace Liu Kun as the party chief of the finance ministry, the statement said. Lan, 61, was previously the party chief of the northern Chinese Shanxi province. Reporting by Albee Zhang and Ella Cao and Beijing newsroom; Editing by Himani SarkarOur Standards: The Thomson Reuters Trust Principles.
Persons: Jason Lee, Lan Foan, Lan, Liu Kun, Liu, Albee Zhang, Ella Cao, Himani Sarkar Organizations: China's Ministry of Finance, REUTERS, Rights, China's Communist Party, Thomson Locations: Beijing, China, Rights BEIJING, Shanxi
[1/3] Tourists rest on the Bund ahead of the National Day holiday, in Shanghai, China September 26, 2023. China celebrates the Mid-Autumn Festival and National Day from Friday to Oct. 6 in the longest public holiday this year. The China Tourism Academy, part of the Ministry of Culture and Tourism, estimates people will make more than 100 million trips a day during "the most popular Golden Week in history". In 2019, mainland Chinese tourists spent $255 billion abroad, more than any other nationality, with group tours estimated to account for roughly 60% of that total. ($1 = 7.3030 Chinese yuan renminbi)Additional reporting by Wang Tao in Singapore; Editing by Marius Zaharia and Miral FahmyOur Standards: The Thomson Reuters Trust Principles.
Persons: Aly, It's, Joe Zhang, I'm, haven't, Boon Sian Chai, Boon, Cao, Nancy Dai, Zhou Weihong, Wang Zheng, Wang Tao, Marius Zaharia Organizations: Bund, REUTERS, Rights, China Tourism Academy, Ministry of Culture, Trip.com, Spring, Thomson Locations: Shanghai, China, Beijing, Japan, Tourism, Anqing, Anhui, South Korea, United States, ForwardKeys, Thailand, Singapore
BEIJING, Sept 26 (Reuters) - Chinese authorities have charged the former chairman of the national football association with bribery as part of an anti-corruption investigation into the soccer federation, state broadcaster CCTV reported on Tuesday. Authorities in central Hubei province charged Chen Xuyuan, the ex-head of the Chinese Football Association (CFA), with utilising his position and authority to "seek benefits for others" and "illegally accept other people's property and possessions", CCTV reported. In August, Chinese state media reported that senior soccer official and chairman of the Chinese Super League Liu Jun had been taken away by authorities for investigation. In January, two former CFA officials were investigated for suspected "severe violations of the law", according to statements posted by the sports regulator. Another two leading soccer officials were investigated for suspected serious violations of the law in March.
Persons: Chen Xuyuan, Chen, Chinese Super League Liu Jun, Ella Cao, Martin Pollard, Miral Organizations: Authorities, Chinese Football Association, CFA, Chinese Super League, Thomson Locations: BEIJING, Hubei
A startup that helps employees manage their financial wellbeing has raised $4.75 million in fresh funds. Mintago also provides financial education programs, online savings tools, plus access to financial advisors and debt counselors. The startup works with businesses like Oddbox, Chilly's, Olio, and Superscript and is regulated by the FCA. Mintago's funding round was led by BlackLion Ventures alongside Love Ventures and Cur8 Capital. The company started the process of raising capital in November 2022, emphasizing its thesis around the combination of fintech and wellbeing, Cao said.
Persons: Mintago, Chieu Cao, Cao Organizations: FCA, BlackLion Ventures, Love Ventures, Cur8 Locations: London
Chinese President Xi Jinping meets with Syria's President Bashar al-Assad in eastern Hangzhou city, in this handout picture released by Sana on September 22, 2023, Syria. China, the world's second-largest economy, will also support Syria's reconstruction, Chinese state media reported Xi as saying. In Chinese diplomacy, a "strategic partnership" implies closer coordination on regional and international affairs, including in the military sphere. But analysts said there was likely to be a limit to how far Beijing would help Damascus beyond recovering its regional status. "That is not part of China's role identity in the Middle East, which is to try and have a role without taking sides."
Persons: Xi Jinping, Bashar al, Sana, Handout, Syria's Assad, Assad, Xi, Caesar, Matteo Legrenzi, Joe Cash, Ella Cao, Gareth Jones Organizations: REUTERS Acquire, Saudi, Initiative, University of Venice, Thomson Locations: Assad, Hangzhou, Syria, Beijing, China, BEIJING, Iran, Saudi Arabia, Russia, Damascus, Ca'Foscari
REUTERS/Ann Wang/File Photo Acquire Licensing RightsBEIJING, Sept 21 (Reuters) - Apple Inc's (AAPL.O) Chinese supplier Luxshare Precision Industry (002475.SZ) is producing three models of iPhone 15 series this year, and the business has doubled in a year, Luxshare's chairwoman said on Thursday. Luxshare has increased the production types and numbers of Apple's iPhone products in recent years, Wang added. "Luxshare is continuing to expand its production capacity in China to meet Apple's needs," Wang said, adding the company built a new plant in Kunshan last year to support the development and mass production of iPhone. "The fact that Luxshare Precision can have this scale this year is inseparable from Apple's support," Wang told the Paper. Founded in 2004, Luxshare became an Apple supplier in 2011 and has steadily moved up the hardware giant's value chain, from making connector cables for the iPhone and Macbook to manufacturing Airpods.
Persons: Ann Wang, Wang Laichun, Wang, Luxshare, Ella Cao, Meg Shen, Jane Merriman Organizations: Apple, REUTERS, Rights, Luxshare Precision Industry, Apple Vision, Thomson Locations: Taipei, Taiwan, Rights BEIJING, China, Kunshan, Beijing, Hong Kong
EU says lack of clarity in China's data laws is concerning
  + stars: | 2023-09-19 | by ( ) www.reuters.com   time to read: +2 min
An attendant walks past EU and China flags ahead of the EU-China High-level Economic Dialogue at Diaoyutai State Guesthouse in Beijing, China June 25, 2018. REUTERS/Jason Lee/File photo Acquire Licensing RightsBEIJING, Sept 19 (Reuters) - European Union businesses are concerned about China's data laws, including their "lack of clarity" and the "long processes" that companies have to undergo, European Commission Vice President Vera Jourova said on Tuesday. It now bans the transfer of any information related to national security and interests, without defining those terms, while widening the definition of spying to include cyberattacks against state organs or critical infrastructure. Jourova said the lack of definitions such as, for example, what constitutes important data, and the lack of clarity on how the law might be contravened was problematic as was the lengthy time it takes to complete procedural matters. China is committed to creating a fair, transparent and predictable business environment, the ministry said at the time.
Persons: Jason Lee, Vera Jourova, Xi, Jourova, Ryan Woo, Ella Cao, Edwina Gibbs Organizations: REUTERS, Rights, Union, European, Thomson Locations: China, EU, Beijing, Rights BEIJING, Europe, U.S
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China, Venezuela sign agreements on economy, trade, tourism
  + stars: | 2023-09-14 | by ( ) www.reuters.com   time to read: +3 min
China on Wednesday upgraded relations with Venezuela to an "all-weather strategic partnership", typically reserved for a select few nations. Maduro said Venezuela supports China's Belt and Road Initiative to boost trade infrastructure, Chinese media said, referring to a related conference in China next month. China has said it has Belt and Road cooperation agreements with more than 150 countries and over 30 international organisations. China said it is willing to support construction of special economic zones in Venezuela and both countries agreed to further develop bilateral trade and "enrich the variety of trade goods". In the statement they also said agreements on aviation and aerospace include future flights between the countries and cooperation in spaceflight.
Persons: Xi Jinping, Nicolas Maduro, Maduro's, Xi, Maduro, Bernard Orr, Liz Lee, Ella Cao, Elaine Hardcastle, Christopher Cushing Organizations: of, REUTERS Acquire, China Central Television, China, Initiative, United Nations, New Development Bank, Thomson Locations: Beijing, China, Miraflores, Handout, Venezuela, BEIJING, Venezuelan, China's, Brazil, Russia, India, South Africa
Under the restructuring, Kanghui will effectively become a separately listed company via transactions involving power and heating firm Dalian Thermal Power (600719.SS), which will buy 100% of Kanghui for 10.15 billion yuan ($1.39 billion) in shares. This will optimize Kanghui's structure and expand its funding channels, Hengli said in a filing to the Shanghai stock exchange. Hengli also said it will become indirect controlling shareholder of Kanghui after the transaction, retaining its control over the firm. Dalian Thermal will issue 2.3 billion shares to Hengli and a unit of the company which makes chemical fibre, said the filing. The transactions will change Dalian Thermal's controlling shareholder from a firm backed by the state asset regulating authority in the city of Dalian to Hengli Petrochemical, Dalian Thermal said.
Persons: Kanghui, Hengli, Roxanne Liu, Ella Cao, Kane Wu, David Holmes Organizations: Hengli Petrochemical, Technology, Dalian Thermal Power, Dalian Thermal's, Dalian, Thomson Locations: Dalian, Kanghui, Shanghai
China's Li promotes greater cooperation with Indonesia
  + stars: | 2023-09-06 | by ( ) www.reuters.com   time to read: +1 min
China's Premier Li Qiang (L) is greeted by Indonesia’s President Joko Widodo upon his arrival at the 43rd Association of Southeast Asian Nations (ASEAN) Summit in Jakarta, Indonesia, 06 September 2023. Indonesia will host the 43rd ASEAN Summit and related summits on 05 to 07 September 2023. MAST IRHAM/Pool via REUTERS Acquire Licensing RightsBEIJING, Sept 6 (Reuters) - China wants to work with Indonesia to expand cooperation in various areas including green energy, the digital economy, biomedicine, and artificial intelligence, China's foreign ministry reported on Wednesday, citing Premier Li Qiang. Li, in Indonesia for a regional summit, told a late Tuesday dinner with business leaders that they should be confident in cooperation, after weak economic data indicating a slowdown in China had raised doubts in other markets about China's rise. China hoped that Indonesia would maintain its open market open and provide a fair and just business environment for Chinese enterprises, Li said.
Persons: Li Qiang, Joko Widodo, Li, Liz Lee, Ella Cao, Tom Hogue, Robert Birsel Organizations: 43rd Association of Southeast Asian Nations, ASEAN, ASEAN Summit, REUTERS Acquire, Rights, Beijing, Thomson Locations: Jakarta, Indonesia, Rights BEIJING, China
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This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/economy/housing/chinas-country-garden-buys-time-to-repay-debtbut-not-long-67735269
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