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☆ Guangzhou's COVID outbreak deepens as more lockdowns loom in China
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +3 min

The increase was modest by global standards but significant for China, where outbreaks are quickly tackled when they surface. Guangzhou, capital of Guangdong province, reported 2,377 new local cases for Nov. 7, up from 1,971 the previous day. "The lockdown situation has continued to deteriorate quickly across the country over the past week, with our in-house China COVID lockdown index rising to 12.2% of China's total GDP from 9.5% last Monday," Nomura wrote in a note on Monday. "We continue to believe that, while Beijing may fine-tune some of its COVID measures in coming weeks, those fine-tuning measures could be more than offset by local officials' tightening of the zero-COVID strategy." In the southwest metropolis of Chongqing, the city reported 281 new local cases, more than doubling from 120 a day earlier.

☆ C919 narrowbody jet to make its first public appearance at China air show
▼ + stars: | 2022-11-05 | by ( ) www.reuters.com time to read: +1 min

[1/2] The fifth prototype of China's home-built C919 passenger plane takes off for its first test flight from Shanghai Pudong International Airport in Shanghai, China October 24, 2019. REUTERS/StringerSHENZHEN, China, Nov 5 (Reuters) - The C919 narrowbody jet will join the opening flight display in China's biggest air show in the southern city of Zhuhai on Tuesday, according to a schedule posted by the organisers, in what will be its first public flight or display. The C919, made by Commercial Aircraft Corp of China (COMAC) (CMAFC.UL), is designed to rival single-aisle jets made by Airbus SE (AIR.PA) and Boeing Co (BA.N) has never been displayed or publicly flown. China will show off its home-grown civil and military aviation technology at the air show, where 740 businesses are expected to take part both online and offline. The C919's presence was confirmed on the schedule on the organiser's official WeChat social media account.

☆ China's cbank deputy under probe for suspected violations - anticorruption body
▼ + stars: | 2022-11-05 | by ( ) www.reuters.com time to read: +1 min

SHENZHEN, China, Nov 5 (Reuters) - China's top anti-corruption watchdog said on Saturday it is investigating Fan Yifei, one of six deputy governors of China's central bank, over "suspected serious violations of discipline and law". Fan, 58, has held the deputy governor position since early 2015, before which he had held senior roles with China Construction Bank (601939.SS) and China Investment Corporation. Chinese President Xi Jinping has stepped up efforts in recent years to weed out corrupt Communist Party officials in the financial sector. The Central Commission for Discipline Inspection (CCDI) announced the investigation in a statement but did not give any details. In May, the CCDI said it was investigating Sun Guofeng, the former head of the central bank's monetary policy department, for suspected violations.

☆ China reports 3,837 new cases for Nov 4 vs 4,045 a day earlier
▼ + stars: | 2022-11-05 | by ( ) www.reuters.com time to read: +1 min

SHENZHEN, China, Nov 5 (Reuters) - China reported 3,837 new COVID-19 infections on Nov. 4, of which 657 were symptomatic and 3,180 were asymptomatic, the National Health Commission said on Saturday. That compared with six-month-high 4,045 new COVID-19 infections reported the day before, of which 757 were symptomatic and 3,288 were asymptomatic infections, which China counts separately. China's capital Beijing reported 37 symptomatic and five asymptomatic cases, compared with 32 symptomatic and six asymptomatic cases the previous day, local government data showed. Financial hub Shanghai reported no symptomatic and five asymptomatic cases, compared with one symptomatic and six asymptomatic cases a day before, the local health authority reported. The southern technology hub of Shenzhen reported seven new locally transmitted COVID-19 infections, versus 12 the day before.

☆ China vows to continue with 'dynamic-clearing' COVID strategy
▼ + stars: | 2022-11-05 | by ( ) www.reuters.com time to read: +2 min

The country's strict COVID containment approach is still able to control the virus, despite the high transmissibility of COVID variants and asymptomatic carriers, an official from the China National Health Commission told a news conference. Asked if there would be a change of policy in the near term, disease control official Hu Xiang said China's measures are "completely correct, as well as the most economical and effective." The briefing followed a week in which markets surged on hope China would relax restrictions, buoyed further on Friday when a former disease control official told a banking conference that China would make "substantial" changes to COVID policy in the coming months. "We attach great importance to these problems and are rectifying them," said Tuo Jia, another disease control official. China reported 3,837 new COVID-19 infections for Friday, of which 657 were symptomatic and 3,180 were asymptomatic, a slight decrease from the six-month-high of 4,045 new COVID-19 infections reported a day earlier.

☆ China's Huawei slows its long decline under U.S. sanctions as revenues improve
▼ + stars: | 2022-10-27 | by ( David Kirton | ) www.reuters.com time to read: +2 min

Huawei posted revenue of 445.8 billion yuan ($62.03 billion)for the first three quarters, 10 billion yuan less than it saw in the same period a year earlier, the company said on Thursday. Revenue for the third quarter alone came to 144.2 billion yuan, up 6.5% on a year earlier, based on Reuters calculations. "The decline in our device business continued to slow down, and our ICT infrastructure business maintained steady growth." The company is now a bit player behind rivals, including its former budget unit Honor, which it sold in 2020. Huawei is pushing to develop other businesses that are less dependent on U.S. technology, including smart car components, energy efficiency systems and cloud services.

Then came the pandemic and a property crisis, and with them, clear evidence of the limits of the debt-fuelled, investment-driven model that had propelled China's economy and businesses like Shores'. "If there is no investment, consumption will be like a tree without roots," said Jia, who previously led a finance ministry think tank. Many uncertainties hang over China's economy: the zero-COVID policy, a crackdown on tech and other industries, geopolitical tensions and rising borrowing costs in export markets. China is widely expected to miss this year's 5.5% GDP growth target and Natixis estimates growth may not even top 3% a year into Xi's next mandate. Oxford Economics expects average annual GDP growth this decade to halve from the 1999-2019 average to 4.5% and slow to 3% in the decade after.

☆ China Evergrande mulls asset transfer to property unit for debt payment
▼ + stars: | 2022-09-21 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterA partially removed company logo of China Evergrande Group is seen on the facade of its headquarters in Shenzhen, Guangdong province, China January 10, 2022. REUTERS/David KirtonSept 21 (Reuters) - China Evergrande Group (3333.HK) said on Wednesday it was considering transferring some assets to its property unit to settle some of the unit's debt payments. In July, the company revealed that loans secured by Evergrande Property Services (6666.HK) had been diverted to the parent group, which led to Evergrande Group's chief executive and finance head stepping down. read moreDeposits worth 13.4 billion yuan ($1.90 billion) held by the property unit had been used as collateral for pledge guarantees and seized by banks. Evergrande Group added that it had sold 18.16 billion yuan worth of properties from January to August, and it has 706 pre-sold but undelivered construction projects.

☆ Chinese buyers snap up luxury homes as 'hard currency' in soft property market
▼ + stars: | 2022-09-19 | by ( ) www.reuters.com time to read: +2 min

Register now for FREE unlimited access to Reuters.com RegisterUnder-construction apartments are pictured from a building during sunset in the Shekou area of Shenzhen, Guangdong province, China November 7, 2021. REUTERS/David KirtonBEIJING, Sept 19 (Reuters) - In the southern Chinese city of Shenzhen, where the real estate sector has slowed, luxury property is bucking the downtrend, the official Securities Times reported on Monday, as wealthy buyers seek a safe haven amid a weak market. With the units ranging in size to up to 425 square meters, that suggests some could have reached values of $9.8 million. But new luxury homes are still popular with buyers, who see them as "hard currency" in a feeble property market, the newspaper cited industry insiders as saying. ($1 = 7.0176 Chinese yuan renminbi)Register now for FREE unlimited access to Reuters.com RegisterReporting by Liangping Gao and Ryan Woo; Editing by Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

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