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☆ Shares of China's food delivery leader Meituan fall more than 5% on weaker Q3 outlook
▼ + stars: | 2023-08-25 | by ( Sheila Chiang | ) www.cnbc.com time to read: +4 min

Revenue was 67.96 billion Chinese yuan ($9.33 billion), up 33.4% from 50.93 billion yuan posted in the same period a year ago. The firm also swung to profit of 4.69 billion Chinese yuan for the second quarter, compared to a loss of 1.11 billion Chinese yuan a year ago. Many merchants had to suspend their business, while consumers chose to stock packaged food instead of ordering fresh food delivery. Meituan leads China's food delivery market, holding almost 70% of the market share in the mainland, according to a 2022 report on Meituan. Besides food delivery, the tech firm also operates various services including ride-hailing, on-demand delivery, hotel and travel booking, movie ticketing, entertainment and lifestyle services.

Persons: Yan Cong, Wang Xing, Wang, Meituan, Doksuri, Xiaolin Chen, Chen, CNBC's, Pony.ai Organizations: Bloomberg, Getty, Revenue, Consumers, Hong, HK, Fitch Locations: Beijing, China, Yan, Hong Kong, Tianjin, Hebei, Shanxi, Henan, KraneShares

[1/5] Workers walk out of a construction site of residential buildings by Chinese developer Country Garden, in Tianjin, China August 18, 2023. Both sites are run by Country Garden, China's largest developer by sales volume before this year, now mired in a debt crisis threatening to spill over to the wider economy. Once considered one of the more financially sound developers, Country Garden is now a bellwether of how the cycle has turned for developers. Country Garden built its success by quickly selling a large number of units for low margins and by promising "five-star living" in less popular, smaller cities. Tianjin has about a dozen Country Garden projects, with the majority finished and delivered, said Gao Fei, investment advisory manager at the Tianjin branch of Centaline Property Agency.

Persons: Tingshu Wang, Wang, Wei, Gao Fei, Gao, Laurie Chen, Clare Jim, Sumeet Chatterjee, Sonali Paul Organizations: Workers, REUTERS, Rights, Reuters, Construction, Nomura, Centaline Property Agency, Thomson Locations: Tianjin, China, Rights TIANJIN, HK, Beijing, Shenyang Tengyue, Centaline, Hong Kong

☆ 'Neutral' China is supplying Putin's forces with helicopters, drones, and crucial raw materials, report says
▼ + stars: | 2023-08-20 | by ( Rebecca Rommen | ) www.businessinsider.com time to read: +4 min

China is providing Russia with helicopters, drones, and crucial raw materials. China claims it has remained neutral and has repeatedly denied sending military equipment to Russia since it launched its full-scale invasion of Ukraine in February 2022. But The Telegraph's investigation found that the country has delivered tens of thousands of shipments to Russian military equipment manufacturers. With the outbreak of the war, the aid ramped up, with Chinese firms Hems999 and Tianjin Huarong Aviation dispatching helicopters to Russia. China's actions provide Putin with a vital lifelineChina has also utilized loopholes to send non-lethal but militarily useful equipment to Russia.

Persons: Vladimir Putin, Xi Jinping, Xie Huanchi, Samson, Qin Gang, Sergey Radchenko, Putin Organizations: Telegraph, Service, Privacy, George's, Getty, Russia, The Telegraph, Tianjin Huarong Aviation, PBS, Politico, New York Times Locations: China, Russia, Wall, Silicon, Ukraine, St, Kremlin, Xinhua, Tianjin, Yiwu, Shanghai

Xinhua/Shutterstock‘Absolutely safe’As heavy rains moved toward the region in late July, China’s top flood control officials met to hash out their response plan. The flood was caused by flood water discharge, not by heavy rainfall.”CNN has reached out to the Zhuozhou and Bazhou governments for comment. Rescuers use rubber boats to transfer Zhuozhou residents trapped by flood waters after days of downpours brought by Typhoon Doksuri on August 2. In the recent rains, at least three upstream reservoirs released flood waters into rivers flowing into Baiyingdian from the west and the south, according to state media. Many countries have systems that involve discharging pent up flood waters into otherwise dry land after major storms.

Persons: Xi Jinping, Xi’s, ”, It’s, Xiong’an, Jade Gao, Ni Yuefeng, downpours, Typhoon Doksuri, Zhai Jujia, Li Guoying, Hongzhang Xu, Xiao, Li Na, Zhu Xudong, it’s, Xiong’an –, Xu, Baiyangdian Lake, Kevin Frayer, “, Meili Feng, Simon Song, Deng Xiaoping, Jiang Zemin, Xu Kuangdi, Yi Haifei, Andrew Stokols Organizations: CNN, Xinhua, Getty, Censors, China News Service, China’s, Water, Australian National University, Authorities, China’s Ministry of Water Resources, Hebei Provincial Department of Water Resources, Geographical Sciences, University of Nottingham, Shanghai’s Pudong New, Chinese Academy of Sciences, Urban Computing Center Locations: Beijing, China, Hebei, Xiong’an’s, Xiong'an, Zhuozhou, AFP, Bazhou, Xiong’an, Tianjin, ”, Xinhua, Baiyingdian, Baiyangdian, Mississippi, University of Nottingham Ningbo, “, Hebei province, Shenzhen, Shanghai’s Pudong, Shanghai

Yields on one-year real estate bonds rated AA- have widened 220 bps in the past month, data from Chinabond shows. That divergence reflects investors' expectations that Beijing will support LGFVs in order to minimise financial contagion, despite rising delinquencies among developers. Yields on LGFV bonds issued in August averaged around 3.9%, the lowest seen this year, according to data provider Dealing Matrix(DM). The chorus of economists calling for China to support LGFVs as part of measures to shore up the economy has grown. Chi Lo, Hong Kong-based senior economist at BNP Paribas Asset Management, said Beijing needs to refinance LGFV debt over the next three to five years to prevent the system from imploding.

Persons: Aly, Zhu Yangmo, LGFVs, Zhu, Chi Lo, Li Gu, Samuel Shen, Tom Westbrook, Vidya Ranganathan, Kim Coghill Organizations: REUTERS, Rights, China Central Depository, Asset Management, Garden Holdings, HK, China International Capital Corp, Tianjin Infrastructure Investment Group, AAA, China, Thomson Locations: Shanghai, China, Rights SHANGHAI, SINGAPORE, Hainan, Beijing, Tianjin, Hong Kong, imploding, Singapore

☆ China Evergrande NEV shares jump on $3.2 bln plan to lower debt
▼ + stars: | 2023-08-15 | by ( ) www.reuters.com time to read: +1 min

A view of the electric vehicle (EV) factory of China Evergrande New Energy Vehicle Group in Tianjin, China October 20, 2021. REUTERS/Yilei SunBEIJING/HONG KONG, Aug 15 (Reuters) - China Evergrande New Energy Vehicle Group (NEV) (0708.HK) shares jumped nearly 50% on Tuesday after the electric vehicle unit of cash-strapped property firm China Evergrande Group (3333.HK) announced a $3.2 billion plan to repay debt and stay afloat. The overall package also includes a debt-for-equity swap of HK$20.89 billion ($2.67 billion) involving China Evergrande, its founder Hui Ka Yan, and his unit Xin Xin (BVI) Ltd, among others converting loans to shares, NEV said. After the deal is completed, China Evergrande's stake in the unit will be diluted to 46.86%. Shares in NEV jumped as much as 47% before paring down its gain to 16%.

Persons: Hui Ka Yan, Xin Xin, NEV, Roxanne Liu, Clare Jim, Miyoung Kim, Jamie Freed Organizations: Energy Vehicle Group, REUTERS, Sun, HK, China Evergrande, Thomson Locations: China, Tianjin, Sun BEIJING, HONG KONG, Dubai, NEV, Hong Kong, Beijing

☆ Evergrande NEV shares set to open sharply higher after share sale to NWTN
▼ + stars: | 2023-08-15 | by ( ) www.reuters.com time to read: 1 min

A view of the electric vehicle (EV) factory of China Evergrande New Energy Vehicle Group in Tianjin, China October 20, 2021. REUTERS/Yilei SunHONG KONG, Aug 15 (Reuters) - Shares of China Evergrande New Energy Vehicle Group (0708.HK)(NEV) are set to open 14.7% higher on Tuesday, after the company said it has agreed to sell new shares to U.S.-listed NWTN (NWTN.O) for $500 million. After completion of the deal, NWTN, a mobility technology company, will hold about a 27.5% stake in NEV.($1 = 7.8205 Hong Kong dollars)Reporting by Clare Jim; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

Persons: Clare Jim, Muralikumar Organizations: Energy Vehicle Group, REUTERS, HK, U.S, Thomson Locations: China, Tianjin, HONG KONG, NEV, Hong Kong

BEIJING, Aug 13 (Reuters) - The death toll from a mudslide last week in China's northwestern Shaanxi province has risen to four, state radio said on Sunday, as the country grapples with unusually high summer rainfall. TYPHOON WEAKENSMeanwhile, Typhoon Khanun weakened into a tropical depression when it made landfall in China's Liaoning province on Friday night. Overnight rainfall in Liaoning peaked at 52 millimetres (2 inches) per hour, with four reservoirs exceeding flood limits, CCTV said. A video posted by state media People's Daily showed thick swirling clouds hanging low above the ground, darkening the sky. Reporting by Andrew Hayley and Ethan Wang; Editing by Raju Gopalakrishnan and Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

Persons: Typhoon Khanun, Khanun, Doksuri, Andrew Hayley, Ethan Wang, Raju Gopalakrishnan, Jamie Freed Organizations: China Central Television, Xinhua, Liaoning province's Anshan, Flood, Drought, Ministry of Emergency Management, CCTV, Thomson Locations: BEIJING, China's, Shaanxi, Xian, China's Liaoning, Liaoning, Tianjin, Chongqing, China, Xinjiang

☆ Why China has few good options to boost its faltering economy
▼ + stars: | 2023-08-06 | by ( Laura He | ) edition.cnn.com time to read: +7 min

Fiscal stimulus, for instance, amounted to just a third of the aid offered in the United States, with no nationwide cash handouts. “A comprehensive policy mix — covering monetary and fiscal stimulus, including infrastructure, property, and consumption, alongside structural reforms,” would be helpful to rebuild confidence, they said. It was seen as a success and helped boost Beijing’s domestic and international political standing as well as China’s economic growth, which soared to more than 9% in the second half of 2009. China’s debt woes have only deepened during the Covid-19 pandemic, when three years of draconian restrictions and a real estate downturn drained the coffers of local government. “An infrastructure-led fiscal stimulus would need to be much bigger to have the same economic impact,” she said.

Persons: they’ve, ”, Robert Carnell, Craig Singleton, Alicia Garcia, Herrero, China “, wouldn’t, Zhu Min, Garcia, Xi Jinping, Derek Scissors, Singleton, “ Organizations: Hong Kong CNN, CNN, ING Group, Foundation for Defense of Democracies, Manufacturers, Asia Pacific, UBS Global Wealth Management, International Monetary Fund, Bloomberg, American Enterprise Institute Locations: Hong Kong, China, Asia, Pacific, Washington, “, Beijing, United States, China’s, Tianjin

People ride a boat through a flooded road after the rains and floods brought by remnants of Typhoon Doksuri, in Zhuozhou, Hebei province, China August 3, 2023. The vast Hai River basin covers an area the size of Poland that includes Hebei, Beijing, Tianjin. On his visit to flood storage areas in Baoding, Ni added that it was necessary to reduce the pressure on Beijing's flood control and create a "moat" for the Chinese capital. "I'd like to know, among all the people living in flood storage areas across the country, how many of them know they are living in such areas?" As of 8:00 a.m. (0000 GMT) on Friday, Hebei had relocated more than 1.54 million people, including 961,200 from flood storage areas, state media reported on Saturday.

Persons: Doksuri, Tingshu Wang, Xi Jinping, Secretary Ni Yuefeng, netizens, netizen, David Kirton, Ryan Woo, Simon Cameron, Moore Organizations: REUTERS, Beijing, Hebei's Communist, Secretary, Reuters, China Water Resources, Ministry of Water Resources, Thomson Locations: Zhuozhou, Hebei province, China, BEIJING, China's, Hebei, Poland, Beijing, Tianjin, Baoding prefecture, Baoding, Xiongan, Ni, Weibo, Bazhou, Shanghai

☆ China raises emergency response level for floods in northeast
▼ + stars: | 2023-08-06 | by ( ) www.reuters.com time to read: +1 min

SHANGHAI, Aug 6 (Reuters) - Authorities in northeastern China raised their emergency response level on Sunday as tributaries of the Songhua, a major river, rose to dangerous levels after days of heavy rain caused by Typhoon Doksuri. China's Ministry of Water Resources said it raised the response for flooding to Level III at 10 a.m. (0200 GMT) in Inner Mongolia, Jilin and Heilongjiang. China uses a four-tier emergency response system, with Level I the most urgent. China on Sunday allocated an additional 350 million yuan ($48.8 million) to support rescues and house repairs in the flood-hit regions including Beijing, Tianjin, Hebei, Heilongjiang and Jilin, according to a government statement. The government had previously allocated 170 million yuan for rescue and recovery work.

Persons: Doksuri, William Mallard, Tom Hogue Organizations: China's Ministry of Water Resources, Shanghai, Thomson Locations: SHANGHAI, China, China's, Inner Mongolia, Jilin, Heilongjiang, Beijing, Tianjin, Hebei

☆ China's July economic losses from disasters exceed January-June
▼ + stars: | 2023-08-05 | by ( ) www.reuters.com time to read: +2 min

August, when rainfall usually peaks and summer temperatures soar, is set for further economic impact from floods and heatwaves. Rainfall in northeastern provinces could be as much as 50% higher than normal in August, China's national forecaster have warned. In the northern province of Hebei, over 1.2 million people had been evacuated as of Wednesday due to flooding caused by residual rains from Doksuri. China's top economic planner on Friday earmarked an additional 100 million yuan to support post-disaster recovery in Tianjin and Hebei on top of the 100 million yuan announced on Wednesday for Beijing and Hebei. The finance and water resources ministries separately on Friday also offered 450 million yuan to support the overall recovery effort.

Persons: Talim, Ryan Woo, William Mallard Organizations: cnsphoto, REUTERS, Ministry of Emergency Management, Thomson Locations: Beihai, Guangxi Zhuang Autonomous Region, China, BEIJING, Beijing, Hebei, Doksuri, Tianjin

Evacuated residents have been transferred to makeshift shelters in hotels and schools, according to state media reports. A woman sits next to a flooded road following heavy rains in Zhuozhou, in northern China's Hebei province on August 2, 2023. Jade Gao/AFP/Getty ImagesFlood control zonesSome 857,000 people have been relocated from these areas, state media reported. Under national rules, the cost of properties damaged due to the release of waters in flood control areas will be compensated by 70%. Floods inundate a village in Baoding city, Hebei province, on August 2, 2023.

Persons: Typhoon Doksuri, Jade Gao, ” Yang Bang, Yang, Ni Yuefeng, “, –, Cheng Xiaotao, Shao Sun, Sun, ” Organizations: Hong Kong CNN, Ministry of Water Resources, Getty, University of California, CNN, Sun Locations: Hong Kong, China’s Hebei province, Beijing, Tianjin, Hebei, Zhuozhou, China's Hebei, AFP, Hebei province, “, ”, Baoding, –, China, University of California Irvine, North China

☆ Anger Builds in Towns Deliberately Flooded, in Part, to Save Beijing
▼ + stars: | 2023-08-04 | by ( Keith Bradsher | More About Keith Bradsher | ) www.nytimes.com time to read: 1 min

For days, the rain came down in sheets, pounding Beijing and areas around it in what the government said was the heaviest deluge China’s capital had seen since record keeping began 140 years ago. When the extreme downpour finally stopped on Tuesday, most of Beijing had been spared the worst — but partly because officials made sure the floodwaters went elsewhere. Officials in Hebei Province, which borders Beijing, had opened flood gates and spillways in seven low-lying flood control zones to prevent rivers and reservoirs from overflowing in Beijing and the region’s other metropolis, Tianjin, state media said. The Communist Party leader of Hebei, Ni Yuefeng, said he ordered the “activation of flood storage and diversion areas in an orderly manner, so as to reduce the pressure on Beijing’s flood control and resolutely build a ‘moat’ for the capital.”

Persons: Ni Yuefeng, ” Organizations: Communist Party Locations: Beijing, Hebei Province, Tianjin, Hebei, Ni

☆ Rain pelts Beijing for fourth day, northern cities on disaster alert
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +3 min

[1/5] A man carries a child through the mud after floods, in a neighbourhood affected by days of heavy rain from remnants of Typhoon Doksuri, in Beijing, China, August 1, 2023. REUTERS/Thomas PeterBEIJING, Aug 1 (Reuters) - Relentless rain stretched into a fourth day in Beijing and nearby cities on Tuesday after a typhoon brought northern China non-stop precipitation and widespread flooding. Rivers have swollen to dangerous levels, prompting Beijing to use a flood storage reservoir for the first time since it was built 25 years ago. Beijing's Mentougou district in the west saw dramatic damage a day before, after torrential rains turned roads into rivers, sweeping cars away. In July 2012, Beijing was hit by the strongest storm since the founding of modern China, with the city receiving 190.3mm of rain in one day, affecting more than 1.6 million people.

Persons: Doksuri, Thomas Peter BEIJING, Liz Lee, Ryan Woo, Tom Hogue Organizations: REUTERS, CCTV, Shanghai, Thomson Locations: Beijing, China, Tianjin, Hebei province, Beijing's Mentougou, 738.3mm, South, Hebei, Britain, Fujian

☆ China's tech crackdown cost over $1 trillion. But the economy is in such deep trouble that the country's cozying up to its tech firms again.
▼ + stars: | 2023-07-31 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

China's tech crackdown wiped $1.1 trillion off the valuation of its Big Tech firms. China's economy is struggling to recover after three years of on-off COVID-19 lockdowns. China cracked down on the country's tech sector in 2020, taking down its Big Tech, whose market value has been wiped by $1.1 trillion. But now, authorities are laying out the red carpet for the same firms because the economy is in deep trouble. Local governments in China are wooing tech giants with at least five recent deals to build on the so-called "platform economy," the South China Morning Post reported on Sunday.

Persons: NetEase, Yin Li, Kuaishou, Yin Yong, Daniel Zhang, Lei Jun, Alibaba, Jack Ma Organizations: Big Tech, Morning, China Morning Post, Sunday, Communist Party Locations: China, Beijing, Hangzhou, Tianjin, Shenzhen

☆ Typhoon Doksuri: Thousands flee their homes as heavy rain lashes Beijing
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +1 min

[1/5] People wear raincoats in a tourist area during heavy rain in Beijing, China, July 30, 2023. REUTERS/Thomas PeterBEIJING, July 31 (Reuters) - Beijing recorded its heaviest rainfall this year as the remnants of Typhoon Doksuri passed through China's capital on Monday, forcing over 31,000 people to evacuate their homes in the city, according to state broadcaster CCTV. Heavy rain continued to fall in the capital as well as Hebei, Tianjin and eastern Shanxi as Doksuri dissipated over northern China, the China Meteorological Administration said. Average rainfall in Beijing overnight reached 140.7 mm (5.5 inches), with the maximum recorded rainfall in Fangshan area hitting 500.4 mm (19.7 inches), according to the city's observatory. Authorities said Khanun could inflict further damage to corn and other crops that have already been hit by Doksuri.

Persons: Thomas Peter BEIJING, Typhoon Doksuri, Doksuri, Khanun, Liz Lee, Stephen Coates Organizations: REUTERS, China Meteorological Administration, Authorities, Doksuri, Thomson Locations: Beijing, China, Hebei, Tianjin, Shanxi, Fujian, Shanghai

BEIJING, July 29 (Reuters) - Rain began to soak northern China on Saturday as Doksuri, one of the strongest storms to hit the country in years, rolled toward Beijing after pummelling the Philippines and Taiwan, and lashing China's coast. A broad area encompassing the capital faces medium to high risk of rainstorm disasters over the coming three days, China's national forecaster said. Cumulative rainfall of 100mm (4 inches) or more is forecast over 220,000 square km (85,000 square miles), potentially affecting 130 million people. Doksuri was the most powerful typhoon to hit China this year and the second-strongest to hit the southeastern province of Fujian since Typhoon Meranti in 2016. Before hitting China, Doksuri roared through Taiwan and the northern Philippines, where rain and strong winds that led to the capsize of a ferry in which at least 25 people died.

Persons: Doksuri, Meranti, Liz Lee, Jenny Wang, William Mallard Organizations: China Meteorological Administration, Firefighters, cnsphoto, Thomson Locations: BEIJING, China, Beijing, Philippines, Taiwan, Tianjin, Hebei, Shanxi, Henan, Fujian, Quanzhou, Fujian province, Anhui, Shandong, Putian city, Fuzhou, Putian

BEIJING, July 29 (Reuters) - Rain soaked northern China on Saturday as Doksuri, one of the strongest storms to hit the country in years, prompted thousands to evacuate in Beijing after pummelling the Philippines and Taiwan, and lashing China's coast. The city's flood control department said it has mobilised 203,230 rescue personnel and 3,031 people had been evacuated, local media reported. Doksuri is the most powerful typhoon to hit China this year and the second-strongest to hit the southeastern province of Fujian since Typhoon Meranti in 2016. Provincial media reported rescue efforts in the storm's aftermath, of elderly trapped at home and a heavily pregnant woman, who was transferred to hospital on a stretcher in knee-deep waters. ($1 = 7.1488 Chinese yuan renminbi)Reporting by Liz Lee, Jenny Wang and Ryan Woo; Editing by William Mallard and Lincoln Feast.

Persons: Doksuri, Meranti, Liz Lee, Jenny Wang, Ryan Woo, William Mallard Organizations: China Meteorological Administration, Firefighters, cnsphoto, Provincial, Thomson Locations: BEIJING, China, Beijing, Philippines, Taiwan, Tianjin, Hebei, Shanxi, Henan, Fujian, Anhui, Quanzhou, Fujian province, Shandong, Putian city, Fuzhou, Putian

☆ China Evergrande's EV unit shares plunge 69% after 16-month halt
▼ + stars: | 2023-07-28 | by ( Clare Jim | ) www.reuters.com time to read: +2 min

HONG KONG, July 28 (Reuters) - Shares of China Evergrande New Energy Vehicle Group (NEV) (0708.HK) plunged on Friday as trading resumed nearly 16 months after the stock was suspended pending the release of financial results. Resumption of trading in the shares is one step forward for its embattled parent China Evergrande Group (3333.HK), whose offshore debt restructuring plan includes swapping part of the debt into equity-linked instruments backed by the group, Evergrande NEV and another unit, Evergrande Property Services. Shares of Evergrande Group, laden with $330 billion in total liabilities, and its services arm (6666.HK) have remained suspended since March 2022. Shares of Evergrande NEV sank as much as 69% to HK$1 in early trading, down from HK$3.2 on its last closing date of April 1, 2022. That compares to a 19% rise in Chinese EV giant BYD Co and 27% drop in EV startup Xpeng Inc (9868.HK) during the 16-month period.

Persons: Evergrande NEV, NEV, Clare Jim, Jacqueline, Jamie Freed, Kim Coghill Organizations: Energy Vehicle Group, HK, China Evergrande, Evergrande, Hong, Shanghai, Thomson Locations: HONG KONG, China, Hong Kong, Tianjin

☆ Some Chinese steel mills ordered to cap output this year - sources
▼ + stars: | 2023-07-25 | by ( ) www.reuters.com time to read: +2 min

BEIJING, July 25 (Reuters) - Several Chinese steel mills have received instructions to cap this year's output at the same level as 2022, five people familiar with the matter and analyst reports said on Tuesday, potentially curbing iron ore demand in the world's top steel market. China has mandated zero output growth in its steel sector for the last two years as it seeks to limit carbon emissions by one of its most polluting industries. China's state planner did not respond to a fax seeking comment on the caps issued at some steel mills. Some mills in the northern Chinese city of Tianjin were notified to keep steel output below the 2022 level, according to reports by local consultancies Mysteel and Fubao on Tuesday, which did not specify the number of mills. However, a dozen mills in northern Chinese cities including Tianjin and Handan contacted by Reuters said they had not yet received any instructions to cap their output.

Persons: Dominique Patton, Chizu Organizations: China Baowu Steel Group, Shanghai Metals, Reuters, Shanghai Futures Exchange, National Bureau, Statistics, Thomson Locations: BEIJING, China, Tianjin, Fubao, Shanghai, Handan, Beijing

☆ China's Qin Gang had meteoric rise and swift removal
▼ + stars: | 2023-07-25 | by ( ) www.reuters.com time to read: +4 min

Born in the northern city of Tianjin in 1966, Qin studied International Politics at one of China's most prestigious schools for aspiring diplomats, the University of International Relations in Beijing. After graduating, Qin entered the diplomatic service, working in several jobs at the foreign ministry as well as postings at the Chinese Embassy in Britain. Qin was twice foreign ministry spokesman, between 2006 and 2014, and chief protocol officer between 2014 and 2018, overseeing many of Xi's interactions with foreign leaders. After becoming foreign minister, Qin's comments on hot button issues such as Taiwan and China's relations with Russia did not diverge in any significant way from those of his predecessor. In his first comments as foreign minister, Qin said in solving challenges common to all mankind, China's diplomacy would offer "Chinese wisdom, Chinese initiatives and Chinese strength".

Persons: Qin Gang, Xi Jinping, Xi, Wang Yi, Qin, Britain . Qin, Antony Blinken, Wang, Yew Lun Tian, Martin Quin Pollard, Rob Birsel, Nick Macfie Organizations: Foreign, University of International Relations, Embassy, Washington, U.S, Chinese Communist Party, Thomson Locations: Tianjin, Beijing, Britain ., United States, Washington, Taiwan, Sri Lanka, Russia, Vietnam, Indonesia, Africa, Europe, Ukraine, China, American, U.S

☆ Alipay and WeChat Pay now accept Visa and Mastercard for all payments in China
▼ + stars: | 2023-07-21 | by ( Laura He | ) edition.cnn.com time to read: +4 min

The move marks a revival of efforts by Alipay and WeChat Pay to accept foreign credit cards after they provided some limited access in late 2019. WeChat Pay is officially known as Weixin Pay in China. Alipay and WeChat Pay are dominant in digital payment services, accounting for a combined 91% market share. In 2019, Alipay and WeChat started allowing the use of foreign credit cards on their apps as Chinese regulators eased restrictions. A week later, an executive from Tencent said at a forum that the company would open wider its WeChat Pay system to international card organizations, such as Visa, starting in July.

Persons: Alipay, WeChat, ” Dennis Chang, Tencent, ”, Chen Qiru Organizations: Hong Kong CNN —, Mastercard, Ant Group, Visa, Club, Discover, World, Hangzhou, Alibaba, JCB, Greater China, “, Tencent Financial Technology, ”, People’s Bank of Locations: Hong Kong, China, Beijing, Chengdu, Hangzhou, Tianjin, People’s Bank of China

☆ Cities brace for floods as heavier-than-usual storms drench China
▼ + stars: | 2023-07-21 | by ( ) www.reuters.com time to read: +2 min

BEIJING, July 21 (Reuters) - Rescue services braced for flooding as heavier-than-expected summer storms rolled across China as forecast on Friday, drenching Beijing and other major cities. Historically, China enters its peak rainy season in late July, but extreme weather has made storms more intense and unpredictable, exposing heavily built-up megacities with poor drainage to sudden floods and waterlogging. In Beijing, authorities have deployed this week over 2,600 people to drain 87 pumping stations in advance and clear thousands of water drainage outlets along roads, municipal authorities said in a statement on Friday. In July 2021, extreme rain in the central Henan city of Zhengzhou killed nearly 400 people, including 14 who drowned in a submerged subway line. Reporting by Ryan Woo and Liz Lee in Beijing; Editing by Miral FahmyOur Standards: The Thomson Reuters Trust Principles.

Persons: drenching, Ryan Woo, Liz Lee, Miral Organizations: Beijing Public Transport, Authorities, Xinhua, China Meteorological Administration, Thomson Locations: BEIJING, China, drenching Beijing, Beijing, Tianjin, Hebei, Inner Mongolia, Shanxi, Henan, Hubei, Jiangsu, Wuxi city, Gansu, Zhengzhou

☆ China is telling anyone who'll listen it's open for business again – but its economy has a Xi Jinping problem
▼ + stars: | 2023-07-18 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

China is signaling to the rest of the world that it's open for business again. Both Elon Musk and Janet Yellen have made trips to Beijing recently. But less money is flowing into the country – with foreign investors likely alienated by Xi Jinping's authoritarianism. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. Spooked investors responded by dumping Chinese stocks in a $6 trillion blowout, while the onshore Chinese yuan dropped against the US dollar.

Persons: Elon Musk, Janet Yellen, Xi, Li Qiang, John Kerry, Mark Mobius, he'd Organizations: Service, Privacy, China, Tesla, Communist Party, Bain, Co, Big Tech Locations: China, Beijing, Wall, Silicon, Tianjin, Shanghai, West

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