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"We do think that they (North Korea) are making calculations about the degree of receptivity for others in the region, I think, particularly Russia and China. However in recent years the 15-member body has been split on how to deal with North Korea. He said he thought the latter crisis made North Korea "more focused on ways in which they could get support from particularly China." "China and Russia have long been on the record as opposing the DPRK nuclear program," the official said referring to North Korea by the initials of its official name. The official rejected growing calls among some North Korea experts for Washington to recognize North Korea as a nuclear power that is never going to disarm.

☆ China vows commitment to growth as investors bet on easier COVID policy
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +6 min

Even though case numbers are rising and disruptive lockdowns continue with no clear exit strategy in sight, investors latched on to hope that China may ease its strict COVID policy in the coming months. Renewed COVID lockdowns are weighing heavily on China's business activity and consumer confidence. read moreOPEN-DOOR POLICYYi Gang, governor of the People's Bank of China (PBOC), said China will continue to deregulate its markets. While other countries have been tightening policy to battle rising prices, China has implemented an accommodative monetary policy to shore up sputtering growth, raising concerns about capital flight. With China's zero-COVID policy expected to remain in place through at least the winter, or longer, its near-term growth outlook is bleak.

☆ China vows commitment to growth as pressure on economy mounts
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +5 min

Renewed COVID lockdowns are weighing heavily on China's business activity, consumer confidence and financial markets, adding to a sharp downdraft on the global economy from surging inflation and rising interest rates. OPEN-DOOR POLICYYi Gang, governor of the People's Bank of China (PBOC), said China will continue to deregulate its markets. With China's zero-COVID policy expected to remain in place through at least the winter, or longer, its near-term growth outlook is bleak. After surprisingly high gross domestic product growth of 3.9% in the third quarter, Nomura expects growth to drop again, with zero or even negative sequential growth from the previous quarter. "We maintain our GDP growth forecast of 2.8% year-on-year for the fourth quarter with a corresponding sequential growth forecast at 0.0%."

☆ Investors Lose Taste for Pricey Chinese Liquor as Xi Renews ‘Common Prosperity’ Call
▼ + stars: | 2022-11-02 | by ( Weilun Soon | ) www.wsj.com time to read: 1 min

A production line at the Kweichow Moutai factory in the town of Maotai in Guizhou province, China. Chinese President Xi Jinping has a vision to distribute wealth more equally across the country. Investors are sobering up to what that could mean for the companies that make the nation’s beloved fiery booze. Mr. Xi recently doubled down on his plans for “common prosperity” during China’s weeklong Communist Party congress in October. Investors are worried that this could portend an industry crackdown, or simply be bad for the future sales of luxury baijiu distillers and companies that sell expensive goods to wealthy people.

☆ From Apple to Disney, China's Covid curbs are again hurting business Apple to Disneyland, everyone is suffering under China's draconian Covid curbs
▼ + stars: | 2022-11-02 | by ( Diksha Madhok | ) edition.cnn.com time to read: +3 min

New Delhi CNN Business —It has been almost three years since Covid-19 first hit China, but the country’s relentless adherence to lockdowns continues to hobble business and the economy. On Wednesday, authorities imposed a seven-day lockdown of the area that houses China’s biggest iPhone assembly factory, in the central city of Zhengzhou. State media has said that many Foxconn workers are among those walking miles on the highways to escape the factory. On Wednesday, Chinese state media outlet National Business Daily said that electric carmaker Nio (NIO) shut down two factories in the eastern city of Hefei because of Covid curbs. Authorities have ramped up Covid restrictions after Xi’s sweeping power grab at the Communist Party Congress last month, and cases are rising.

China became Germany's single biggest trade partner in 2016. A recent survey by the Ifo think-tank found that nearly half of German industrial firms now rely on significant inputs from China. But Scholz's trip comes at a time of growing concern in the West - particularly in Germany's top security ally, the United States - about China's trade practices, human rights record and territorial ambitions. FDP General Secretary Bijan Djir-Sarai called the decision "naive" and criticized the timing of Scholz's trip to China as "deeply unfortunate". But the German chancellor declined Macron's offer, the sources said.

☆ China striving to control new COVID outbreaks - commission
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +1 min

BEIJING, Nov 2 (Reuters) - China is striving to control the sudden outbreak of COVID-19 infections in the shortest possible time, the health commission said on Wednesday in its first comments since the 20th Communist Party Congress as cases rise across major cities. China should unwaveringly stick to its dynamic zero-COVID policy, the National Health Commission said. China, which has repeatedly said it would not waver from its policy on COVID even as mass lockdowns and curbs hurt the economy, recorded almost 3,000 cases on Tuesday. Major economic hubs like Zhengzhou and Guangzhou are experiencing outbreaks and several other cities have enforced strict curbs and mass testing affecting millions. "China should unwaveringly stick to the general guideline of preventing inbound COVID cases and domestic resurgence, as well as its dynamic zero-COVID policy, and strive to stem sudden COVID outbreaks in the shortest time with the lowest costs," the health authority said.

☆ Father blames China's COVID policy for son's death that sparked online anger
▼ + stars: | 2022-11-02 | by ( Martin Quin Pollard | ) www.reuters.com time to read: +4 min

The boy's death is the latest incident to trigger blowback over China's strict zero-COVID policy, with one critical hashtag racking up 380 million reads on Wednesday on the Twitter-like Weibo platform. At around midday on Tuesday, after his wife slipped and fell after being affected by gas fumes while cooking, Tuo noticed that his son, Wenxuan, was also unwell. Tuo said he tried desperately to call for an ambulance or police, but could not get through. One hashtag, "Three years of COVID was his entire life", became a trending topic before being scrubbed, a common occurance on China's heavily censored Internet. Tuo said he rejected the offer, instead demanding an explanation for his son's death.

☆ China is caught in a zero-Covid trap of its own making
▼ + stars: | 2022-11-02 | by ( Nectar Gan | ) edition.cnn.com time to read: +8 min

“The new political ecology also provided more incentive for local governments to impose more draconian Covid control measures,” Huang said. Chinese health officials maintain that changing tack now would risk a huge surge in infections and deaths that could overwhelm the country’s fragile health care system. Zhengzhou, a city of 12 million, imposed sweeping lockdown measures last month after identifying dozens of Covid-19 cases. On Wednesday, the Zhengzhou Airport Economy Zone, where the Foxconn plant is located, announced new lockdown measures. As the winter approaches, experts warn that China could be hit by a new wave of infections – and a new cycle of draconian lockdowns.

☆ China says must resolve stability issues in Hong Kong and Macau
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: 1 min

BEIJING, Nov 2 (Reuters) - China should "resolutely deal with" and "rectify" whatever is needed to resolve any long-term stability issues in Hong Kong and Macau, a senior official said, according to a 20th Communist Party Congress party supplementary document reading published in October. "We should seize the major issues related to the long-term stability of Hong Kong and Macao, we should resolutely deal with whatever needs dealing, we should resolutely rectify what must be rectified and resolutely establish whichever rules are necessary," wrote Xia Baolong, director of China's Hong Kong and Macau affairs office, according to the document, which local media published excerpts of on Wednesday. Reporting by Martin Quin Pollard and Beijing Newsroom; Editing by Jacqueline WongOur Standards: The Thomson Reuters Trust Principles.

Xi Jinping consolidated his power in China with a reshuffle of the politburo standing committee. He also used the event to unveil the new members of the politburo standing committee. He is a new entry to the standing committee, and at 60, is its youngest member. He is another new member of the politburo standing committee and will help lead the central commission for discipline inspection. He previously worked as the party leader in Yan'an, which once served as the headquarters of the party before it took control of the whole country.

☆ China property slump persists in October with falling prices, sales as COVID bites
▼ + stars: | 2022-11-01 | by ( Reuters Staff | ) www.reuters.com time to read: +2 min

BEIJING (Reuters) - China’s property market continued its slump in October, with private data showing home prices and sales falling, suggesting lacklustre sentiment and a bleak outlook amid strict COVID curbs, which hit consumer confidence. Property sales by floor area in 100 cities fell about 20% year-on-year in October, according to a separate statement by the academy. Analyst Chen Wenjing at the research firm said property recovery depends on COVID containment measures and the strength of policies. Any rebound in the real estate market is expected to be delayed if the country sticks with strict COVID restrictions to quell the repeated coronavirus outbreaks, Chen said. Home sales by floor area in Shanghai and Guangzhou fell 35% and 26% in annual terms, respectively.

☆ China's Oct factory activity shrinks as COVID curbs hit output, demand - Caixin PMI
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: +3 min

The Caixin/S&P Global manufacturing purchasing managers' index (PMI) stood at 49.2 in October, up from 48.1 in September and slightly above analysts' expectations for 49.0. In line with China's official PMI, which unexpectedly fell into contraction last month, waning factory activity weighed on the fragile recovery of the world's second-biggest economy amid a deepening property crisis and weakening demand. The softer activity continued to pressure the labour market as the manufacturing employment fell for the seventh month in a row. "In particular, the spread of the coronavirus in many regions significantly restricts both supply and demand," Wang said. The Caixin manufacturing PMI centres on small firms and coastal regions where sit a great number of exporters.

☆ U.S. says China resisting nuclear talks after Xi vow to boost deterrent
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: +3 min

The Pentagon says China is undergoing a major expansion of its nuclear forces and is moving toward having 1,000 nuclear warheads by 2030. But Beijing has long resisted arms control talks with Washington, arguing that the United States already has a much larger arsenal. But Xi signaled during a Communist Party Congress in October that China would strengthen its strategic deterrent, a term often used to describe nuclear weapons. We're saying, let's talk about putting some guardrails into the relationship so that we don't have unnecessary crises," he said. Reporting by Michael Martina and David Brunnstrom; editing by Richard PullinOur Standards: The Thomson Reuters Trust Principles.

☆ China, HK stocks rebound sharply on unverified social media posts over COVID easing
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: +1 min

SHANGHAI, Nov 1 (Reuters) - Hong Kong and China stocks jumped on Tuesday after rumours based on an unverified note circulating on social media that China was planning a reopening from strict COVID curbs in March triggered a sharp rebound following last month's savage selling. The Hang Seng Index (.HSI) jumped more than 5%, while the Hang Seng Tech Index (.HSTECH) gained nearly 8%. I truly don't know anything about this," foreign ministry spokesman Zhao Lijian said when asked about such a committee. "The market has fallen so much, and has a willingness to rebound," said Yip. Reporting by the Shanghai Newsroom Editing by Tony Munroe and Sam HolmesOur Standards: The Thomson Reuters Trust Principles.

☆ This Chinese electric carmaker's stock could rally by more than 260%, Citi says
▼ + stars: | 2022-11-01 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

Citi says BYD is one of its "top" buy ideas among Chinese stocks and expects shares in the automaker to soar by more than 260% over the next 12 months. Jeff Chung, an equity analyst at Citi, reiterated his buy rating and price target on the stock after the company announced earnings on Oct. 28. Chung's price target for BYD is significantly higher than other analysts'. The median price target from six analysts covering the stock gives the stock a potential upside of 60.8%, according to FactSet data. Citi analysts recommended investors in China adopt a "barbell strategy" — a mix of conservative stocks to protect against downside risks and "high-conviction growth stocks" — in their base case scenario.

☆ China's factory, services activity skids on relentless COVID curbs
▼ + stars: | 2022-10-31 | by ( ) www.reuters.com time to read: +4 min

The official manufacturing purchasing managers' index (PMI) fell to 49.2 from 50.1 in September, the National Bureau of Statistics (NBS) said on Monday. The poll showed China's growth could pick up to 5.0% in 2023. DEMAND WEAKENSThe manufacturing PMI survey pointed to weakening demand with the new orders subindex showing contraction for the fourth straight month. The official manufacturing PMI largely focuses on big and state-owned firms. The private sector Caixin manufacturing PMI, which centres more on small firms and coastal regions, will be published on Tuesday.

☆ China's factory, services activity skids on persistent COVID curbs
▼ + stars: | 2022-10-31 | by ( ) www.reuters.com time to read: +4 min

☆ China's Oct factory activity unexpectedly skids amid slowing demand
▼ + stars: | 2022-10-31 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Thomas PeterSummary Official manufacturing PMI unexpected fall in OctOfficial services PMI contracts in OctBEIJING, Oct 31 (Reuters) - China's factory activity unexpectedly fell in October, an official survey showed on Monday, weighed by softening global demand and strict COVID-19 restrictions, which hit production. The official manufacturing purchasing managers' index (PMI) stood at 49.2 from a 50.1 reading in September, the National Bureau of Statistics (NBS) said. The poll showed China's growth could pick up to 5.0% in 2023. The official manufacturing PMI largely focused on big and state-owned firms. The private sector Caixin manufacturing PMI, which centres more on small firms and coastal regions, will be published on Tuesday.

☆ Chinese cities clamp down on COVID as cases rise before winter season
▼ + stars: | 2022-10-31 | by ( ) www.reuters.com time to read: +2 min

In Guangdong province, manufacturing centre Guangzhou has seen a spate of cases over the past week that has closed some districts. Over the past week, authorities raced to get a handle on rising cases in Datong, Xining, Nanjing, Xian, Zhengzhou and Wuhan forcing temporary lockdown measures of some neighbourhoods. Datong, which recorded 288 cases from Oct. 27-30, has enforced stricter isolation and management of hotels, key industries and its railway. As winter nears, northern cities, particularly those close to international borders, are seeing higher case numbers and could face new curbs. Mudanjiang in Heilongjiang province, bordering North Korea, extended the temporary lockdown of some areas, according to local media reports.

☆ US curbs on China's microchip industry could throttle Xi Jinping's tech ambitions
▼ + stars: | 2022-10-31 | by ( Laura He | ) edition.cnn.com time to read: +8 min

One dramatic, and potentially disruptive aspect of the rules is the ban on American citizens and legal residents working with Chinese chip firms. The ban could lead to a mass resignation of top executives and core research staff working at Chinese chip firms, which will hit the industry hard, Dong from Georgetown University said. So far it’s not clear exactly how many American workers there are in China’s domestic chip industry. At Advanced Micro-Fabrication Equipment China (AMEC), one of the country’s largest semiconductor equipment manufacturers, at least seven executives, including founder and chairman Gerald Yin, hold US citizenship, the latest company documents show. But some Western suppliers have already started preparing to halt sales to China in response to the US export curbs.

☆ China's Xi greets Vietmanese ally with ceremony, call for defiance
▼ + stars: | 2022-10-31 | by ( Martin Quin Pollard | ) www.reuters.com time to read: +3 min

[1/2] Chinese President Xi Jinping meets the media following the 20th National Congress of the Communist Party of China, at the Great Hall of the People in Beijing, China October 23, 2022. REUTERS/Tingshu WangBEIJING, Oct 31 (Reuters) - Chinese President Xi Jinping told the visiting leader of Vietnam's ruling Communist Party on Monday that both countries and parties should "never let anyone interfere" with their progress, state broadcaster CCTV reported. Trong's was the first visit by a foreign leader since Xi secured a precedent-breaking third term as General Secretary at the Chinese Communist Party's 20th party congress this month. The visit by Trong - who holds more power than either Vietnam's president or prime minister - was a showcase of Communist unity. Pakistan's Prime Minister Shehbaz Sharif and German Chancellor Olaf Scholz will also visit China this week.

☆ China's Xi greets Vietnamese ally with ceremony, call for defiance
▼ + stars: | 2022-10-31 | by ( Martin Quin Pollard | ) www.reuters.com time to read: +3 min

"With the zero-COVID policy here to stay, we think the economy will continue to struggle heading into 2023," Zichun Huang, economist at Capital Economics, said in a research note. At this month's twice-a-decade Communist Party Congress, President Xi Jinping reiterated China's commitment to its zero-COVID policy, disappointing investors and countless Chinese frustrated by lockdowns, travel curbs and testing. "We don't expect the zero-COVID policy to be abandoned until 2024, which means virus disruptions will keep in-person services activity subdued," said Huang from Capital Economics. New cases in mainland China hit 2,898 on Sunday, topping 2,000 for a second straight day, a tiny number by global standards. However, in Beijing the Universal Resort theme park reopened on Monday after being shut last week because one visitor had tested positive for coronavirus.

☆ Chinese leader Xi Jinping's power grab fueled a $6 trillion stock selloff and the yuan's decline. These 4 charts capture the market meltdown.
▼ + stars: | 2022-10-30 | by ( George Glover | ) www.businessinsider.com time to read: +5 min

China's President Xi Jinping has tightened his grip on power — and that has rocked markets. Investors dumped Chinese stocks in a $6 trillion blowout as Xi shut reformers out of decision making. Spooked investors dumped Chinese stocks in a $6 trillion blowout Monday, according to Bloomberg data. Under Xi, the People's Bank of China has tended to favor softer yuan fixes, allowing the currency to depreciate. Alibaba, the largest US-listed Chinese stock by market value, fell 12% Monday, and about 46% this year so far.

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