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During these trips, Chinese tourists spent 148 billion yuan ($21 billion), a 128.9% increase from a year earlier, and on a par with 2019 levels. The figures from this year's May Day holiday - the first travel season since the pandemic without restrictions - are being monitored as a gauge of China's economic health. Official data on Sunday showed activity in China's non-manufacturing sector grew in April, albeit at a slower pace than in March. The travel boom during the May holiday "can be seen as a turning point of China's tourism sector", official Xinhua News Agency said on Wednesday. The China Tourism Academy estimates about 4.55 billion domestic tourist trips will be made this year, up 73% from 2022, Xinhua reported.

SHANGHAI/SINGAPORE, April 28 (Reuters) - Chinese banks are ramping up efforts to promote international use of the yuan, and reporting a surge in cross-border yuan business from the country's booming trade with Russia and deepening ties with the Middle East. Harbin Bank Co (6138.HK), in China's Heilongjiang province neighboring Russia, saw its cross-border yuan business grow nine-fold last year to a record, as the Sino-Russia trade grew briskly after the Ukraine war began. Industrial Bank Co (601166.SS), whose cross-border, corporate payment business jumped 50% last year, has also been actively promoting CIPS, China's own global payment system. The bank said it currently helps 153 foreign and Chinese banks connect to CIPS, to advance China's yuan internationalisation strategy. "Increasing the use of yuan in pricing, and settling cross-border oil and gas trade will give a boost to yuan internationalization."

☆ China completes landmark national real estate registration system
▼ + stars: | 2023-04-25 | by ( ) www.reuters.com time to read: +1 min

BEIJING, April 25 (Reuters) - China has finished building a national and unified system for real estate registration, the official Xinhua news agency reported on Tuesday, in a landmark move that will boost transparency in ownership. In 2014, China issued rules requiring real estate owners to register their holdings with authorities but faced heavy resistance from local governments unwilling to open up their books. China has completed the system after 10 years of hard work, Xinhua reported, citing Minister of Natural Resources Wang Guanghua at a work conference. More than 790 million real estate registration certificates have been issued nationwide over the past decade, according to state television. A unified real estate registration system with a national database of information on ownership would also pave the way for China to implement a property tax in the future.

☆ Markets are ignoring recession signals because a downturn might actually ease a handful of problems facing stocks
▼ + stars: | 2023-04-24 | by ( Phil Rosen | ) www.businessinsider.com time to read: +4 min

Today we're diving into how a recession could affect the stock market — and why it may not be all bad in the eyes of investors. Traders gather on the floor of the New York Stock Exchange, Friday, March 18, 2016. Markets so far this year haven't acted like they're too concerned about a recession, and that's no accident, according to DataTrek Research. : Sticky, high prices have weighed on stocks, but a slowdown would alleviate this. Falling productivity in the labor market: A recession could stop companies from hoarding workers, which could improve profit margins.

☆ The EU's divided approach on China might be coming to an end — and the U.S. is unlikely to be happy about it
▼ + stars: | 2023-04-18 | by ( Silvia Amaro | ) www.cnbc.com time to read: +3 min

Chinese President Xi Jinping met with European Commission President Ursula von der Leyen in early April. Xinhua News Agency | Xinhua News Agency | Getty ImagesEuropean Union officials on Tuesday called for a new and joint approach toward China, following French President Emmanuel Macron's controversial comments on Taiwan earlier this month. This has resulted in a divided approach toward China. watch nowShe contended that the relationship with China "is too important for us not to define our own European strategy and principles." For Europe, the intention is to reduce and avoid risks, rather than a complete disengagement from China.

☆ NPR CEO explains why the news organization is quitting Twitter: 'At this point I have lost my faith in the decision-making at Twitter.'
▼ + stars: | 2023-04-12 | by ( Britney Nguyen | ) www.businessinsider.com time to read: +3 min

NPR's CEO John Lansing said quitting Twitter will allow NPR to continue producing journalism without "a shadow of negativity," NPR reported. "The downside, whatever the downside, doesn't change the fact," Lansing told NPR. "At this point I have lost my faith in the decision-making at Twitter," Lansing told NPR. Staff and journalists who work at NPR can decide if they want to stay on Twitter, Lansing told NPR. In what could be its last Twitter thread, NPR shared links to its app, newsletters, and other social media platforms.

☆ Elon Musk says Twitter is using a Wikipedia list to help decide which news organizations are labeled 'government-funded media'
▼ + stars: | 2023-04-11 | by ( Sarah Jackson | ) www.businessinsider.com time to read: +3 min

Elon Musk says Twitter is relying on Wikipedia to help decide which news outlets to label "government-funded media." It recently labeled NPR "state-affiliated media," a move Musk later said might have been wrong, before changing it to "government-funded media." Elon Musk told as much to NPR reporter Bobby Allyn, and Twitter's Help Center page about government and state-affiliated media labels confirmed the policy. Twitter recently slapped a "state-affiliated media" label on NPR's Twitter account. Musk reportedly later admitted adding the "state-affiliated media" label to NPR's account might have been a mistake.

☆ Tesla to Build New China Plant for Energy Storage Battery
▼ + stars: | 2023-04-09 | by ( Rebecca Feng | ) www.wsj.com time to read: 1 min

China is the second-largest market for Tesla after the U.S.Tesla Inc. is building a new factory in Shanghai to produce its Megapack battery, Chinese state media reported Sunday, further expanding into the country at a time of fraught U.S.-China ties. The new factory, where Tesla will manufacture its high-capacity battery for energy storage, is scheduled to break ground in the third quarter this year and kick off production in the second quarter of 2024, Xinhua News Agency reported. The amount of Tesla’s investment wasn’t immediately clear.

☆ Tesla to Build New China Plant for Energy-Storage Battery
▼ + stars: | 2023-04-09 | by ( Rebecca Feng | ) www.wsj.com time to read: 1 min

China is the second-largest market for Tesla after the U.S.Tesla Inc. is building a factory in Shanghai to produce its Megapack battery, the company and its chief executive, Elon Musk, said, further expanding into the country at a time of fraught U.S.-China ties. The new factory, where Tesla will manufacture its high-capacity battery for energy storage, is scheduled to break ground in the third quarter this year and start production in the second quarter of 2024, Chinese state media Xinhua News Agency reported Sunday. The amount of Tesla’s investment wasn’t immediately clear.

☆ Twitter brands BBC a ‘government funded media’ organization
▼ + stars: | 2023-04-09 | by ( Sophie Tanno | ) edition.cnn.com time to read: +1 min

The label has not been given to the BBC’s other accounts, including BBC News (World) and BBC Breaking News. Twitter has not given a definition for what it considers “government funded media” to constitute. We are funded by the British public through the licence fee.”The BBC received the label after a similar one was given to America’s National Public Radio (NPR). Twitter initially designated the US broadcaster as “state-affiliated media,” putting it on a par with Russian propaganda network RT and China’s Xinhua News Agency. Twitter defines state-affiliated media outlets as outlets “where the state exercises control over editorial content through financial resources, direct or indirect political pressures, and/or control over production and distribution.”

☆ Elon Musk reveals plans for a new factory making Megapacks on Shanghai visit, while Apple mulls 'decoupling' from China
▼ + stars: | 2023-04-09 | by ( Sam Tabahriti | ) www.businessinsider.com time to read: +4 min

Elon Musk announced plans Sunday for a new battery factory in Shanghai during a visit there. Rep. Mike Gallagher met with Apple CEO Tim Cook earlier this month to discuss ties with China. While the Tesla CEO is continuing to invest in China, other companies may be looking at ways to distance themselves. Gallagher told Bloomberg that he didn't expect companies to sever all ties with China. Tesla, Apple, and Gallagher didn't immediately respond to requests for comment from Insider, made outside normal working hours.

☆ Elon Musk reportedly admits Twitter may have been wrong to label NPR as 'state-affiliated media'
▼ + stars: | 2023-04-07 | by ( Britney Nguyen | Aaron Mcdade | ) www.businessinsider.com time to read: +5 min

Twitter added a "US state-affiliated media" label to NPR's account on Tuesday. NPR reported Thursday that Elon Musk told the outlet the tag might be an error after learning more about the outlet. The mention of the BBC, which did not see the label added to its accounts, remains on the page. A screenshot of NPR's Twitter profile on Wednesday shows a label reading "US state-affiliated media." Twitter/@NPR"We were disturbed to see last night that Twitter has labeled NPR as 'state-affiliated media,' a description that, per Twitter's own guidelines, does not apply to NPR," NPR President and CEO John Lansing said in a statement shared with Insider.

☆ China blasts meeting between Taiwan leader and US House speaker
▼ + stars: | 2023-04-05 | by ( ) www.reuters.com time to read: +1 min

BEIJING, April 6 (Reuters) - China's foreign ministry on Thursday condemned a meeting in California between Taiwan's leader and the U.S. House Speaker as "acts of collusion" and said it would defend its sovereignty, according to the Xinhua news agency. "China firmly opposes and strongly condemns the acts," China's foreign ministry spokesperson said, according to the official state news agency. "In response to the seriously erroneous acts of collusion between the United States and Taiwan, China will take resolute and effective measures to safeguard national sovereignty and territorial integrity." [1/2] Taiwan's President Tsai Ing-wen and the U.S. Speaker of the House Kevin McCarthy hold a news conference following a meeting at the Ronald Reagan Presidential Library, in Simi Valley, California, U.S. April 5, 2023. China claims democratically governed Taiwan as its own territory, a position the government in Taipei strongly contests.

☆ Twitter labeled NPR as a 'state-affiliated media' and scrubbed its name from a policy page that contradicted the move
▼ + stars: | 2023-04-05 | by ( Britney Nguyen | ) www.businessinsider.com time to read: +3 min

Twitter added a "US state-affiliated media" label to NPR's account on Tuesday. A page on Twitter's Help Center removed a previous mention of NPR as an example of outlets "not defined as state-affiliated media." The mention of the BBC, which did not see the label added to its accounts, remains on the page. A screenshot of NPR's Twitter profile on Wednesday shows a label reading "US state-affiliated media." Twitter/@NPR"We were disturbed to see last night that Twitter has labeled NPR as 'state-affiliated media,' a description that, per Twitter's own guidelines, does not apply to NPR," NPR President and CEO John Lansing said in a statement shared with Insider.

☆ Taiwan, China must do 'everything possible' to avoid war- former president Ma
▼ + stars: | 2023-03-30 | by ( ) www.reuters.com time to read: +3 min

[1/3] Former Taiwanese president Ma Ying-jeou meets the head of China's Taiwan Affairs Office of the State Council Song Tao, in Wuhan, Hubei province, China in handout picture released March 30, 2023. Ma Ying-jeou's Office/Handout via REUTERSTAIPEI, March 30 (Reuters) - Taiwan and China must do everything possible to avoid war and it is the responsibility of both sides' leaders to ensure peace, former Taiwan President Ma Ying-jeou told a senior Chinese official on Thursday. Ma arrived in China on Monday, the first time a former or sitting Taiwanese president has visited the country since the defeated Republic of China government fled to Taiwan in 1949 after losing a civil war to Mao Zedong's communists. "The two sides must maintain exchanges, cooperate together, and do everything possible to avoid war and conflict." Ma, who was in office from 2008-2016, met Chinese President Xi Jinping in Singapore in late in 2015 shortly before current Taiwan President Tsai Ing-wen was elected.

☆ China's liaisons with Russia are fueling an awkward split among European leaders
▼ + stars: | 2023-03-23 | by ( Silvia Amaro | ) www.cnbc.com time to read: +4 min

Russian President Vladimir Putin and Chinese President Xi Jinping at the Kremlin in Moscow, Russia, March 21, 2023. Chinese President Xi Jinping traveled to Russia earlier this week, where both leaders shared mutual concerns, warm words and called one another "dear friend." Speaking alongside Russian President Vladimir Putin, the Chinese leader Xi Jinping predicted voters would re-elect his Russian counterpart next year and described his leadership as "strong." "We have looked very carefully at [the] communication coming out of the Xi Jinping meeting with Vladimir Putin," Dutch Prime Minister Mark Rutte told CNBC. "We very much hope that the phone call will take place as soon as possible between Xi Jinping and Volodymyr Zelenskyy."

☆ China launches recruitment drive for college graduates
▼ + stars: | 2023-03-19 | by ( ) www.reuters.com time to read: +1 min

The recruitment drive, hosted by the Ministry of Human Resources and Social Security, will last from Sunday to May 26, Xinhua said. The government aims to keep survey-based jobless rate of around 5.5% this year. During the first 10 days of the recruitment drive, 19 offline job fairs, eight cross-region job fairs and job fairs featuring sectors such as manufacturing, medicine and health, Internet and electricity and new energy will be hosted, Xinhua said. China's survey-based jobless rate was 5.6% in February, but for 16-24 years old it was 18.1%, National Bureau of Statistics data showed. A rise in the jobless rate in February was due to seasonal factors, the bureau said.

For Saudi Arabia, a deal could mean improved security. Saudi Arabia, Washington's most important Arab ally, began exploring ways to open a dialogue with the Islamic Republic two years ago in Iraq and Oman, said a Saudi official. In a bilateral meeting with Crown Prince Mohammed bin Salman, the president expressed his desire to broker dialogue between Saudi Arabia and Iran. CHINESE MEDIATION 'BEST OPTION'An Iranian official said the deal covered a range of issues, from security concerns to economic and political issues. "China was the best option considering Iran's lack of trust towards Washington and Beijing's friendly ties with Saudi Arabia and Iran.

☆ China's parliament approves changes to speed up 'emergency' laws
▼ + stars: | 2023-03-13 | by ( Laurie Chen | ) www.reuters.com time to read: +2 min

The amendment to the Legislation Law, which governs how laws are enacted, gives the highest body of the national parliament, the roughly 170-member National People's Congress Standing Committee, special powers to pass laws after just one review session. Three years ago, China imposed a national security law on the semiautonomous city of Hong Kong, criminalising a broad range of vaguely defined offences intended to stifle dissent. China has repeatedly brushed off criticism of the law, saying it protects Hong Kong residents' freedoms and only targets a small minority of "criminals" who "endanger national security". The latest draft of the law, published March 5, did not define what constitutes an emergency situation. Reporting by Ryan Woo and Laurie Chen; Editing by Tom Hogue and Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

☆ Li Qiang becomes China's premier, tasked with reviving economy
▼ + stars: | 2023-03-11 | by ( ) www.cnbc.com time to read: +5 min

Li Qiang, likely to become the next premier, is pictured here speaking at a major annual financial conference in Shanghai in 2020. Li Qiang, the former Communist Party chief of Shanghai, took office on Saturday as China's premier, the country's No.2 post, putting the close ally of President Xi Jinping in charge of reviving an economy battered by three years of COVID-19 curbs. Li Qiang is the first premier since the founding of the People's Republic never to have served previously in the central government, meaning he may face a steep learning curve in the initial months on the job, analysts said. Still, Li's close ties with Xi - Li was Xi's chief of staff between 2004 and 2007, when the latter was provincial party secretary of Zhejiang province - will empower him to get things done, leadership-watchers said. "My reading of the situation is that Li Qiang will have a lot more leeway and authority within the system," said Trey McArver, co-founder of consultancy Trivium China.

☆ China's Xi has mixed feelings about CATL's battery market dominance
▼ + stars: | 2023-03-07 | by ( ) www.reuters.com time to read: +3 min

[1/2] Chinese President Xi Jinping attends the opening session of the Chinese People's Political Consultative Conference (CPPCC) at the Great Hall of the People in Beijing, China March 4, 2023. "Emerging industries must do a good job in planning, figuring out how big the market is and where the risks are," Xi was quoted as saying. At the same time, it has come under growing pressure from Washington, which has restricted Chinese companies' access to advanced AI chips and other semiconductors, citing national security. The Ford-CATL partnership will be win-win for both parties without threatening China's leadership in the EV industry, Dong wrote. Reporting by Zhang Yan and Brenda Goh Editing by Edwina Gibbs and David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ NPC 2023: Xi Jinping hits out at US as he urges China's private firms to 'fight' alongside Communist Party
▼ + stars: | 2023-03-07 | by ( Laura He | ) edition.cnn.com time to read: +5 min

“The private sector is an important force for our party to govern in the long term,” Xi said. Business confidence has plummeted following an unprecedented regulatory crackdown on the private sector and increasing uncertainties about China’s future path. Major contributorThe private sector, despite being dwarfed in size by the state sector, contributes more than 60% to China’s GDP and over 80% of employment, according to official statistics. It’s also necessary to protect the property rights of private companies and entrepreneurs and treat state firms and private companies equally, so as to “boost market expectations and confidence,” he said. “[We should] let private companies play an important role in stabilizing employment and increasing [government] income,” he said.

☆ China's Xi tells CATL he has mixed feelings about its battery market dominance
▼ + stars: | 2023-03-07 | by ( ) www.reuters.com time to read: +2 min

[1/2] Chinese President Xi Jinping attends the opening session of the Chinese People's Political Consultative Conference (CPPCC) at the Great Hall of the People in Beijing, China March 4, 2023. REUTERS/Thomas PeterSHANGHAI, March 7 (Reuters) - Chinese President Xi Jinping told CATL (300750.SZ) on Monday he had mixed feelings about its status as the world's largest battery maker - remarks that come at a time when the company is rapidly expanding abroad and moving to undercut domestic rivals. After a presentation by CATL Chairman Zeng Yuqun who described how the firm commands 37% of the global battery market, Xi was quoted as saying that he was "both happy and worried", glad about its leading position but concerned about the risks. "Emerging industries must do a good job in planning, figuring out how big the market is and where the risks are. CATL's shares fell 1.6% on Tuesday, in line with a decline in China's blue chip CSI300 Index.

☆ Costco's quarterly results show why we're long-term investors, despite softer sales
▼ + stars: | 2023-03-02 | by ( Jeff Marks | ) www.cnbc.com time to read: +7 min

After factoring in tonight's move lower, Costco shares have gained roughly 3.3% year-to-date, compared to a 3.7% increase in the S & P 500 . While it's a positive development to see Costco's margins expand from last year, it's also important to note that management doesn't run the business for profit margins. On the post-earnings conference call with analysts and investors, Costco management broke down all the levers of the quarterly margin performance. Costco's 2% reward program was a two-basis-point headwind on both sides due to more sales coming from Costco's executive members. February sales Alongside its fiscal second-quarter results Wednesday, Costco provided comparable sales for the four-week period ended Feb 26.

☆ FDA advisors recommend GSK's RSV vaccine for older adults, but flag potential safety risks
▼ + stars: | 2023-03-01 | by ( Spencer Kimball | ) www.cnbc.com time to read: +6 min

Ten of the FDA advisors said the safety data on GSK's vaccine was adequate, while two said it was not. The panel reached a similar conclusion in a narrow 7 to 4 vote Tuesday on Pfizer's application to clear its RSV vaccine. While the advisors erred toward recommending approval, they also raised concern over a possible link to Guillain-Barre syndrome. Both companies have asked the FDA to approve their RSV shot for adults ages 60 and older. The FDA said the cases are possibly related to either GSK's RSV vaccine or the flu shot that was administered with it.

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