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[1/4] China's newly-elected Premier Li Qiang takes an oath after being elected during the fourth plenary session of the National People's Congress (NPC) at the Great Hall of the People in Beijing, China on March 11, 2023. Previously the Communist Party chief in Shanghai, Li was confirmed as premier during the National People's Congress, charged with managing the world's second largest economy. "Officials know that Li Qiang is Xi Jinping's guy," he said. "He clearly thinks that Li Qiang is a very competent person and he has put him in this position because he trusts him and he expects a lot of him." American author Robert Lawrence Kuhn, who met Li and Xi together in 2005 and 2006, said the two shared an easy rapport.

☆ Exclusive: Shenzhen bourse taps intelligence tech firm as China battles capital market fraud
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: +4 min

The Shenzhen Stock Exchange did not respond to Reuters' request for comment. EC Guard declined to be interviewed. The United States in 2019 placed EC Guard on its so-called entity list of companies that are subject to U.S. trade restrictions for reasons such as national security. Using that technology, EC Guard can identify relationships between users helping regulators identify potential illegal activity and also trace a company's ultimate shareholders to ensure they are legitimate owners, the person said. The Shanghai Stock Exchange, the country's largest bourse, stepped up its fight against fraud in December with a new generation of systems that supervise securities trading.

☆ HSBC China says it's unaware of remittance curbs after Mobius' claims
▼ + stars: | 2023-03-07 | by ( ) www.reuters.com time to read: +2 min

HSBC China made the statement in response to Reuters' questions regarding Mark Mobius' claims that he could not remit his money out of China from his account with HSBC in Shanghai due to China's capital controls. Mobius, founder of Mobius Capital Partners, told FOX Business last week that he faced all kinds of barriers in the process, including requirements to show records from 20 years of how he made the money. HSBC China declined to comment on individual client circumstances but said: "As common practices in many countries commercial banks conduct businesses under operational procedures and control requirements for processing transactions appropriately." The Chinese forex regulator added it will urge commercial banks to optimise cross-border financial services and improve quality of service. Reporting by Shanghai newsroom; Editing by Christopher Cushing and Sam HolmesOur Standards: The Thomson Reuters Trust Principles.

Previously the Communist Party chief in Shanghai, Li is poised to be confirmed as premier on Saturday during the ongoing National People's Congress, charged with managing the world's second largest economy. Trey McArver, co-founder of consultancy Trivium China, said Li is likely to be much more powerful than his predecessor. "Officials know that Li Qiang is Xi Jinping's guy," he said. "He clearly thinks that Li Qiang is a very competent person and he has put him in this position because he trusts him and he expects a lot of him." American author Robert Lawrence Kuhn, who met Li and Xi together in 2005 and 2006, said the two shared an easy rapport.

☆ Billionaire investor Mark Mobius says he cannot take money out of China -FOX Business
▼ + stars: | 2023-03-05 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI, March 5 (Reuters) - Billionaire investor Mark Mobius told FOX Business he cannot take his money out of China due to the country's capital controls, cautioning investors to be "very, very careful" about investing in an economy under a tight government grip. I can't take my money out. The government is restricting flow of money out of the country," Mobius, founder of Mobius Capital Partners, told FOX Business in an interview published on March 2. Mobius led emerging market investment at Franklin Templeton Investments for three decades and is known for his bullish view on China. Mobius, who calls himself "the Indiana Jones of Emerging Market investing", told FOX Business he's increasing exposure to alternative markets such as India and Brazil.

☆ Warburg Pincus moves closer to buying a stake in Chinese fund Zhong Ou
▼ + stars: | 2023-02-13 | by ( ) www.reuters.com time to read: +2 min

Italian banking group Intesa Sanpaolo (ISP.MI) disclosed in its 2021 annual report that its board had approved the sale of a 23.3% stake in Zhong Ou to Warbug Pincus. The planned 23.3% stake sale to Warburg Pincus was confirmed on Monday by a source familiar with the transaction. The CSRC did not say how big a stake Warburg Pincus will buy in Zhong Ou, which has more than 350 billion yuan ($51.3 billion) of assets under management (AUM). In the regulatory feedback, the CSRC asked Warburg Pincus to explain how it would support Zhong Ou's development. The regulator also requested further proof from Warburg Pincus that it's a leading global player with good international reputation and performance.

☆ China tightens requirements on classifying banks' asset risks
▼ + stars: | 2023-02-11 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI, Feb 11 (Reuters) - China on Saturday tightened risk management requirements on banks, requiring them to classify financial-asset risks in a timely and prudent manner, in a bid to better assess lenders' credit risks. The rules will help "commercial banks evaluate credit risks more accurately and reflect the true quality of their financial assets," said the People’s Bank of China and the China Banking and Insurance Regulatory Commission (CBIRC). The new rules, it said, will help prevent credit risks more effectively, the regulator said. Saturday's rules urge banks to scrutinise the underlying assets when they classify risks for asset management or securitisation products. Lenders will also be required to strictly abide by the rules when assessing credit risks in debt restructurings.

☆ Explainer: What we know and don't know about the Chinese balloon
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +6 min

Here's what we know, and don't know, about the balloon that has triggered a dramatic diplomatic dispute between the two powers:HOW BIG IS IT? WAS IT A WEATHER BALLOON? Other companies that develop stratospheric balloon systems include U.S. space tourism firm World View and French firm CNIM Air Space. AIR is particularly keen on stratospheric balloon technology and has posted several articles on its WeChat account about Aerostar. read moreWhile analysts did not yet know the size of the Chinese balloon fleet, U.S. officials have spoken of dozens of missions since 2018 across five continents, with some targeting Japan, India, Vietnam, Taiwan and the Philippines.

☆ China's latest IPO reform unlikely to flood markets with new issuance, bankers say
▼ + stars: | 2023-02-03 | by ( ) www.reuters.com time to read: +4 min

Under the new system, China's stock exchanges will themselves vet IPOs with a focus on information disclosure. The reform was hailed by state media and analysts as a key milestone that would make China's IPO market more inclusive, transparent and efficient. "Paternalism and politics continue to play a big role" in the new IPO system, he said. STAR SYSTEMThe registration-based IPO system was first adopted by Shanghai's STAR Market when the tech-focused board was launched in 2019. The new IPO system was later rolled out to the start-up board ChiNext, and the Beijing Stock Exchange.

☆ China aims to boost consumption and imports as global demand cools
▼ + stars: | 2023-01-28 | by ( ) www.reuters.com time to read: +2 min

BEIJING, Jan 28 (Reuters) - China's cabinet said on Saturday it would promote a consumption recovery as the major driver of the economy and boost imports, state broadcaster CCTV reported, at a time of cooling global demand as major economies teeter on the brink of recession. It also discussed measures to support farmers to start spring planting, including subsidies for soybean sowing, CCTV reported. But they said households were likely to be moderate in releasing pent-up demand. Chinese exports shrank sharply in December as global demand cooled, but a more modest decline in imports led economic analysts to forecast a slow recovery in domestic demand in the coming months. Growth is expected to rebound to 4.9% in 2023, before steadying in 2024, according to a Reuters poll of economists.

☆ Holiday trips within China surge after lifting of COVID curbs
▼ + stars: | 2023-01-28 | by ( Yew Lun Tian | ) www.reuters.com time to read: +2 min

BEIJING, Jan 28 (Reuters) - The number of people making trips inside China over the week-long Lunar New Year holiday surged 74% from last year after authorities scrapped COVID-19 curbs that had stifled travel for three years, media reported on Saturday. An estimated 226 million domestic trips were made by all means including plane during the holiday week that ended on Friday, state broadcaster CCTV reported, citing government figures. That compares with about 130 million domestic trips during the holiday week last year, according to the transport ministry. In the last Lunar New Year holiday before the novel coronavirus emerged in late 2019 in the central city of Wuhan, some 420 million trips were made internally. During the Lunar New Year holiday in 2019, a total of 12.53 million cross-border trips were made, the Xinhua news agency reported.

☆ Holiday trips within China surge after COVID curbs lifted
▼ + stars: | 2023-01-28 | by ( Yew Lun Tian | ) www.reuters.com time to read: +2 min

According to official data, the number of COVID deaths a showed weekly decline, however. China abandoned its strict "zero COVID" policy in early December after protests against the restrictions, allowing people to travel and the virus to spread rapidly throughout the country. An estimated 226 million domestic trips were made by all means including flights during the holiday week, state broadcaster CCTV reported, citing government figures. This compares to around 130 million domestic trips during the holiday week last year, according to the transport ministry, but is still far below pre-pandemic levels: In the last Lunar New Year holiday before the novel coronavirus emerged in late 2019, some 420 million trips were made. During the Lunar New Year holiday in 2019, 12.53 million cross-border trips were made, the Xinhua news agency reported.

☆ China keeps benchmark lending rates steady for fifth month
▼ + stars: | 2023-01-20 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI, Jan 20 (Reuters) - China kept benchmark lending rates unchanged for a fifth month on Friday, as expected, but analysts say future cuts are possible as the central bank has pledged to support the COVID-ravaged economy. The one-year loan prime rate (LPR) - on which most new and outstanding loans are based - was left at 3.65%. China's economy grew just 3% in 2022, far below the official target, while the government's abrupt end to its zero-COVID policy has fanned hopes of a robust recovery. It also came after China this month established a dynamic adjustment mechanism on mortgage rates for first-time home buyers. The LPRs are calculated each month after 18 designated commercial banks submit quotes to the National Interbank Funding Center, a PBOC affiliate.

☆ China seen keeping benchmark lending rates unchanged for fifth month
▼ + stars: | 2023-01-19 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI, Jan 19 (Reuters) - China is expected to keep benchmark lending rates unchanged for a fifth month in January, a Reuters survey showed, although analysts think cuts next month are probable after the central bank pledged steps to boost a COVID-ravaged economy. The one-year LPR currently stands at 3.65%, while the five-year LPR is 4.30%. Eleven respondents forecast a cut to the five-year LPR while seeing no change to the one-year tenor. Only one respondent predicted a cut to the one-year LPR. The LPR is calculated each month after 18 designated commercial banks submit quotes to the National Interbank Funding Center, a PBOC affiliate.

☆ Millions of Chinese workers on the move ahead of Friday travel peak
▼ + stars: | 2023-01-18 | by ( Bernard Orr | ) www.reuters.com time to read: +4 min

[1/3] A medical worker helps a patient receiving treatment at the emergency department of a hospital, amid the coronavirus disease (COVID-19) outbreak in Shanghai, China January 17, 2023. Travellers bustled through railway stations and subways in Beijing and Shanghai, many ferrying large wheeled suitcases and boxes stuffed with food and gifts. The infection rate in the southern city of Guangzhou, capital of China's most populous province, has now passed 85%, local health officials announced on Wednesday. Clinics in rural villages and towns are now being fitted with oxygenators, and medical vehicles have also been deployed to isolated areas. Doctors in both public and private hospitals were being actively discouraged from attributing deaths to COVID, Reuters reported on Tuesday.

☆ China's Lunar New Year travel to boost economy after COVID crunch
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +5 min

While many analysts say a return to economic normality will be gradual as the impact of COVID weakens, some see the Lunar New Year as a welcome early consumption boost. But with so many people on the move, health experts fear a deepening of the COVID outbreak, leaving the elderly in rural villages particularly vulnerable. Reuters reported on Tuesday that doctors in both public and private hospitals were being actively discouraged from attributing deaths to COVID. State media reported that some 390,000 passengers were expected to travel from Shanghai train stations on Tuesday alone for what is known as the Spring Festival holiday - seen as the world's largest annual mass migration before COVID. As travellers moved through stations in Shanghai, China's largest city, some expressed optimism despite the risks.

☆ China's Lunar New Year travel offers spark of economic rebound from COVID crunch
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +6 min

While many analysts say a return to economic normality will be gradual as the impact of COVID weakens, some see the Lunar New Year as a welcome early consumption boost. But even as workers move out, health experts fear a broadening and deepening of its COVID outbreak, leaving the elderly in rural villages particularly vulnerable. The WHO earlier welcomed Saturday's announcement after last week warning that China was heavily under-reporting deaths from the virus. "This is especially important during periods of surges when the health system is severely constrained," the statement said on Monday. As travellers moved through stations in Shanghai, China's largest city, some expressed optimism despite the risks.

☆ China's COVID fever and emergency hospitalisations have peaked, health official says
▼ + stars: | 2023-01-14 | by ( ) www.reuters.com time to read: +1 min

[1/2] Patients receive IV drip treatment at a community health service centre, amid the coronavirus disease (COVID-19) outbreak, in Shanghai, China January 9, 2023. cnsphoto via REUTERSSHANGHAI, Jan 14 (Reuters) - COVID fever and emergency hospitalisations have peaked in China and the number of hospitalised COVID patients is continuing to decline, a Chinese health official said on Saturday. Nationwide, "the number of fever clinic visitors is generally in a declining trend after peaking, both in cities and rural areas," Jiao Yahui, an official from the National Health Commission, told a news conference. Jiao said the number of emergency treatment patients was also declining and the ratio of patients who had tested positive for COVID-19 was steadily falling as well. The number of severe cases has also peaked, she added, though remained at a high level, and patients were mostly elderly. Wen Daxiang, a Shanghai Health Commission official, said China would strengthen health monitoring and management of the high-risk population.

☆ Air travel recovers in China amid COVID infection worries
▼ + stars: | 2023-01-14 | by ( ) www.reuters.com time to read: +5 min

The industry needs to "fully understand the special nature, and complexity of the Spring Festival migration in 2023", Song said in a statement on Friday. It expects a Spring Festival boom in tourism. Cinema box office receipts are on track to generate revenue of as much as 10 billion yuan ($1.5 billion) during the Spring Festival period, a brokerage has forecast. According to Guosen Securities, box office revenues in 2022 totalled less than 30 billion yuan, down 36% from a year earlier. ($1=6.7010 Chinese yuan renminbi)Reporting by Shanghai newsroom; Editing by Tony Munroe and Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

The UN agency said China was heavily under-reporting deaths from COVID, although it is now providing more information on its outbreak. China's foreign ministry said the country's health officials have held five technical exchanges with the WHO over the past month and have been transparent. Concerns over data transparency were among the factors that prompted more than a dozen countries to demand pre-departure COVID tests from travellers arriving from China. Tensions escalated this week with South Korea and Japan, with China retaliating by suspending short-term visas for their nationals. Still, traffic data and other indicators have not yet fully recovered to levels of just a few months ago.

☆ Ant-linked firms' shares rise after news of Jack Ma ceding control; Alibaba jumps
▼ + stars: | 2023-01-09 | by ( ) www.reuters.com time to read: +4 min

Jan 9 (Reuters) - Shares of listed Chinese companies that count Ant Group as a major shareholder rose on Monday after announcements that Ant founder Jack Ma is giving up control of the fintech giant following an overhaul. Ant indirectly owns stakes ranging from more than 20% to slightly more than 5% in those companies. Ant said over the weekend that founder Jack Ma will give up control of the company. China's domestic A-share market requires companies to wait three years after a change in control to list. read moreLi Nan, professor of Finance at Shanghai Jiaotong University, however said Ant's inherent problems remain after its change of control.

☆ Shares of Ant-linked firms rise after news of Jack Ma ceding control; Alibaba jumps
▼ + stars: | 2023-01-09 | by ( ) www.reuters.com time to read: +2 min

Jan 9 (Reuters) - Shares of listed Chinese companies that count Ant Group as a major shareholder rose on Monday after announcements that Ant founder Jack Ma is giving up control of the fintech giant following an overhaul. Hong Kong-listed shares of Ma's Alibaba (9988.HK) jumped more than 5%. Ant said over the weekend that founder Jack Ma will give up control of the company. China's domestic A-share market requires companies to wait three years after a change in control to list. Ant Group said on Sunday it has no plan to initiate an IPO.

☆ Shares of Ant-controlled companies, Alibaba rise after Jack Ma gives up control
▼ + stars: | 2023-01-09 | by ( ) www.reuters.com time to read: +1 min

SHANGHAI, Jan 9 (Reuters) - Shares of listed Chinese companies that count Ant Group as a major shareholder rose on Monday, after announcing that Ant founder Jack Ma is no longer their controller following an overhaul at the fintech giant. Hong Kong-listed shares of Ma's Alibaba (9988.HK) jumped more than 5%. Ant said over the weekend that founder Jack Ma will give up control of the company. read moreThe overhaul seeks to draw a line under a regulatory crackdown that was triggered soon after its mammoth stock market debut was scuppered two years ago. Reporting by Shanghai newsroom; Editing by Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

☆ Luxshare says client cooperation normal after Apple production cut report
▼ + stars: | 2023-01-05 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI, Jan 5 (Reuters) - China's Luxshare Precision Industry Co Ltd (002475.SZ) said on Thursday its cooperation with current clients was normal, in response to a media report that iPhone maker Apple Inc (AAPL.O) had asked suppliers to cut production. The electronics manufacturer said it wanted to clarify a recent report from a Taiwanese media outlet which said that Luxshare had suffered the biggest impact from the Apple request. "There are no special changes or impact to the relevant business of the company mentioned in the report," Luxshare said in its statement. A separate report by the Financial Times on Thursday said Apple is set to sign an order with Luxshare to produce premium iPhone models. Apple and Luxshare did not immediately respond to requests for comment.

☆ Standard Chartered becomes first foreign bank to trade bond futures in China
▼ + stars: | 2023-01-05 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI, Jan 5 (Reuters) - Standard Chartered Plc's (STAN.L) China unit said it had become the first foreign bank to trade treasury bond futures in the country which is deregulating capital markets. The move comes as China steps up efforts to draw global investors amid months of foreign money outflows from its $20-trillion bond market. In a statement on Wednesday, Standard Chartered Bank (China) Ltd said it had completed its first treasury bond futures transaction in China, with the permission of regulators. Treasury bond futures are a key tool to manage interest rate risks, and China's opening-up of the market will allow foreign investors to better participate in its onshore bond market and promote yuan internationalisation, the bank said. In February 2022, Standard Chartered said it would invest $300 million in China-related businesses over the next three years and double the relevant profit contribution by end-2024.

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