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☆ What protests in China may mean for the economy
▼ + stars: | 2022-11-29 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

New York CNN Business —Protests against China’s prolonged and restrictive Covid regulations spread across the country over the weekend. Oil plunged and hit 2022 lows on Monday, while shares of companies that rely on China for production felt the heat. Oil prices dropped sharply, with investors concerned that surging Covid cases and protests in China may sap demand from one of the world’s largest oil consumers. They don’t want to end their covid policy but they also want to ensure that the political unrest doesn’t grow. This week is chock full of important economic data releases, many of which will help guide the Fed’s next interest rate hike decision in December.

☆ China police out in numbers to prevent more COVID protests
▼ + stars: | 2022-11-29 | by ( Eduardo Baptista | ) www.reuters.com time to read: +4 min

[1/3] Epidemic-prevention workers in protective suits stand guard at a residential compound as outbreaks of coronavirus disease (COVID-19) continue in Beijing, China November 28, 2022. Simmering discontent with COVID prevention policies three years into the pandemic ignited into broader protests in cities thousands of miles apart throughout the weekend. COVID in China keeps spreading despite significant sacrifices made by most of the country's 1.4 billion people to prevent its transmission, adhering to a zero-COVID policy of eradicating all outbreaks that has isolated China from the rest of the world. The lockdowns have exacerbated one of the steepest growth slowdowns China has faced in decades, disrupting global supply chains and roiling financial markets. In Hangzhou, the capital of the eastern Zhejiang province, videos on social media which Reuters could not independently verify showed hundreds of police occupying a large public square on Monday night, preventing people from congregating.

The pan-European STOXX 600 index (.STOXX) slipped 0.50% and MSCI's gauge of stocks across the globe (.MIWD00000PUS) shed 0.71%. Emerging market stocks (.MSCIEF) dropped 0.94%. In currencies, the safe-haven Swiss franc and Japanese yen gained, while the Aussie dollar and Chinese yuan underperformed. CHINA FEARSIn Treasuries Benchmark 10-year notes were down 2.8 basis points to 3.674%, from 3.702% late on Friday. The 30-year bond was last down 2.7 basis points to yield 3.725%, from 3.752%, while the 2-year note was down 3.9 basis points to yield 4.4402%.

☆ Volkswagen-FAW plant in Chengdu halts production amid COVID wave
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Nov 28 (Reuters) - Volkswagen's (VOWG_p.DE) and FAW's (SASACJ.UL) plant in Chengdu, China has halted production due to the rise in coronavirus cases in the country and two production lines at its Changchun plant are also on hold, a VW spokesperson said on Monday. Other plants are all stable but the situation is volatile, the spokesperson added. Protests erupted in cities across China over the weekend, including in Chengdu, Shanghai, Beijing and Lanzhou, as frustrations mount over the government's zero-COVID policy. While low by global standards, China's case numbers have hit record highs for days, with Chengdu residents subjected to mass testing from Nov. 23 to Nov. 27. Reporting by Victoria Waldersee, Jan Schwartz, Christina Amann Editing by Paul Carrel and Rachel MoreOur Standards: The Thomson Reuters Trust Principles.

China's CSI300 Index (.CSI300) was down 1.8% after opening down 2.2% while the yuan also retreated. Australia's benchmark stock index (.AXJO) closed 0.42% lower while its risk-sensitive currency was off more than 1%. Japan's Nikkei stock index (.N225) was down 0.6%. In Shanghai, demonstrators and police clashed on Sunday night as protests over the country's stringent COVID restrictions flared for a third day. The COVID rules and resulting protests are creating fears the economic hit for China will be greater than first expected.

South Korea's KOSPI 200 index (.KS200) retreated 1.35% in early trade and New Zealand's S&P/NZX50 Index (.NZ50) was off 0.4%. In China, demonstrators and police clashed in Shanghai on Sunday night as protests over the country's stringent COVID restrictions flared for a third day. There were also protests in Wuhan, Chengdu and parts of the capital Beijing late Sunday as COVID restrictions were put in place in an attempt to quell fresh outbreaks. The COVID rules and resulting protests are creating fears the economic hit for China will be greater than expected. "This remains a headwind for oil demand that, combined with weakness in the U.S. dollar, is creating a negative backdrop for oil prices."

REUTERS/Thomas PeterBEIJING, Nov 29 (Reuters) - The rare street protests that erupted in cities across China over the weekend were a referendum against President Xi Jinping's zero-COVID policy and the strongest public defiance during his political career, China analysts said. Public dissatisfaction with Xi's zero-COVID policy, expressed on social media or offline in the form of putting up posters in universities or by protesting, is Xi's biggest domestic challenge since the 2019 protests in Hong Kong against an extradition bill. Although this authoritarian arrangement allowed Xi to be more powerful, it also contains vulnerabilities, as exposed by the protests, analysts said. "If he lets go, it would mean that his past zero-COVID policy has completely failed and he would have to take responsibility for it. Xi tried tweaking the zero-COVID policy with the release of "20 measures" last month, in an attempt to standardize prevention measures nationwide and make them friendlier to residents and to the economy.

☆ Analysis: China protests highlight Xi's COVID policy dilemma - to walk it back or not
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: +6 min

REUTERS/Thomas Peter/File PhotoBEIJING, Nov 29 (Reuters) - The rare street protests that erupted in cities across China over the weekend were a referendum against President Xi Jinping's zero-COVID policy and the strongest public defiance during his political career, China analysts said. Public dissatisfaction with Xi's zero-COVID policy, expressed on social media or offline in the form of putting up posters in universities or by protesting, is Xi's biggest domestic challenge since the 2019 protests in Hong Kong against an extradition bill. Although this authoritarian arrangement allowed Xi to be more powerful, it also contains vulnerabilities, as exposed by the protests, analysts said. "If he lets go, it would mean that his past zero-COVID policy has completely failed and he would have to take responsibility for it. Xi tried tweaking the zero-COVID policy with the release of "20 measures" last month, in an attempt to standardize prevention measures nationwide and make them friendlier to residents and to the economy.

☆ China sees protests against COVID curbs
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: +10 min

CHINA PROTESTS Fire deaths fuel COVID lockdown fury How the protests gained momentumProtests have flared in several cities in mainland China in recent days, in a wave of civil disobedience unprecedented since President Xi Jinping assumed power a decade ago. Protests reported across China Protest mapAlthough the demonstrations in recent days are thousands of miles apart, they share elements in common. Video shows crowds topple police barricades in the street to protest against COVID curbs in China’s Guangzhou Crowds topple police barricades in the street to protest against COVID curbs in Guangzhou, China. Nov. 25 – Urumqi protests Crowds took to the streets at night in Urumqi, chanting "End the lockdown!" Video shows people in China’s Xinjiang protesting against COVID lockdown measures in China Protests against COVID lockdown measures in China's XinjiangIn the capital, Beijing, some 2,700 km (1,678 miles) to the east, some residents under lockdown staged small-scale protests or confronted local officials over movement restrictions.

In Beijing, hundreds of mostly young people demonstrated in the commercial heart of the city well into the small hours of Monday. Freedom of expression, freedom of the press, freedom of arts, freedom of movement, personal freedoms. A security guard tries to cover a protest slogan against zero-Covid on the campus of Peking University in Beijing. “Open your eyes and look at the world, dynamic zero-Covid is a lie,” the protest slogan at Peking University read. At Tsinghua University, another elite university in Beijing, hundreds of students gathered on a square to protest against zero-Covid and censorship.

☆ China reports new daily record COVID cases, curbs tighten across country
▼ + stars: | 2022-11-25 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI, Nov 25 (Reuters) - China on Friday reported another record high of daily COVID-19 infections, as cities across the country enforce measures and curbs to control outbreaks. Excluding imported infections, China reported 32,695 new local cases on Thursday, of which 3,041 were symptomatic and 29,654 were asymptomatic, up from 31,444 a day earlier. China's capital, Beijing, reported 424 symptomatic and 1,436 asymptomatic cases on Thursday, compared with 509 symptomatic and 1,139 asymptomatic cases the previous day, local government data showed. Financial hub Shanghai reported nine symptomatic cases and 77 asymptomatic cases on Thursday, compared with nine symptomatic cases and 58 asymptomatic cases a day before, the local health authority reported. Chongqing reported 258 new symptomatic locally transmitted COVID-19 infections and 6,242 asymptomatic cases for Thursday, compared with 409 symptomatic and 7,437 asymptomatic cases the previous day, local government authorities said.

☆ Louis Vuitton picks Shanghai for first furniture and homewares store
▼ + stars: | 2022-11-25 | by ( Casey Hall | ) www.reuters.com time to read: +2 min

SHANGHAI, Nov 25 (Reuters) - Louis Vuitton on Friday announced plans to open a dedicated furniture and homewares store in Shanghai, a world first for the French luxury brand as it aims to expand further into lifestyle offerings to affluent Chinese clients. Louis Vuitton, part of LVMH (LVMH.PA), said in a statement the showroom will be trialled for several months as a pop-up and if successful will then become a permanent feature. A smaller side building is dedicated to showing designs by Frank Chou, the first mainland Chinese designer tapped by Louis Vuitton to collaborate on the Objet Nomades collection, as the furniture and homewares ranges is known. Louis Vuitton dipped its toes into a more lifestyle-oriented offering in China last month when it opened a store in the southwestern city of Chengdu that included an exhibition space and restaurant. Verghese sees homewares as a good bet for Louis Vuitton, especially in China.

☆ Beijing grinds to a near halt as China's capital city battles Covid with more lockdowns
▼ + stars: | 2022-11-25 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

Covid restrictions have tightened in Beijing while infections keep soaring, prompting lockdowns of communities. Jade Gao | Afp | Getty ImagesBEIJING — China's capital city is grinding to a near standstill as Covid controls spread. Beijing city government did not immediately respond to a request for comment. watch nowLocal infections have surged despite gradual tightening of Covid measures over the last two weeks. Beijing city reported more than 1,800 Covid infections for Thursday, bringing the total for the month to well over 10,000.

☆ A jet built by China and Pakistan may soon be the most widely operated combat aircraft in the world
▼ + stars: | 2022-11-24 | by ( Benjamin Brimelow | ) www.businessinsider.com time to read: +6 min

China and Pakistan jointly developed the JF-17 combat jet, which first entered service in 2007. At the same time, China was showcasing the JF-17 at the annual China International Aviation and Aerospace Exhibition in Zuhai, China. The events were the latest attempts by China and Pakistan to market their jointly developed fourth-generation fighter jet to international customers. JF-17 ThunderA Pakistan Air Force JF-17 takes off at a base in northern Pakistan in June 2013. The single-seat, single-engine jet is known in Pakistan as the JF-17 Thunder and as the FC-1 Xiaolong in China.

☆ Chengdu to conduct mass COVID testing for five straight days
▼ + stars: | 2022-11-23 | by ( ) www.reuters.com time to read: 1 min

BEIJING, Nov 23 (Reuters) - The Chinese city of Chengdu will conduct mass COVID-19 testing for its residents from Nov. 23 to Nov. 27, a government notice said late on Tuesday. Huang Hui, deputy director of the Chengdu Municipal Health Commission, said "in order to detect infected people as soon as possible, cut off the transmission chain, and curb the rapid rise of the epidemic," health authorities have decided to implement mass testing across the city from Nov. 23 to Nov. 27. Reporting by Beijing newsroom; Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

☆ Dollar tentative as investors await Fed minutes
▼ + stars: | 2022-11-23 | by ( ) www.cnbc.com time to read: +2 min

The Fed on Wednesday will release the minutes from its most recent meeting, with investors looking for any sign of discussions around moderating the pace of interest rate hikes. The dollar index , which measures the greenback against six major peers, was last up 0.056% at 107.130, having slipped 0.65% overnight. Fed Chair Jerome Powell said this month that, while borrowing costs would need to rise further, the central bank might raise interest rates in smaller increments in the future. New Zealand's central bank raised interest rates by 75 basis points to a near 14-year high of 4.25% on Wednesday. The central bank said the cash rate needed to reach a higher level earlier than previously indicated to tame inflation.

☆ Shanghai cancels auto event as rising COVID cases add to reopening worries
▼ + stars: | 2022-11-23 | by ( ) www.reuters.com time to read: +3 min

The rise in cases is testing China's resolve to stick to recent tweaks recently made to its COVID rules, putting pressure on local authorities to stamp outbreaks without one-size-fits-all measures such as mass lockdowns. Chengdu, with 428 cases on Tuesday, became the latest city to announce mass testing from Nov. 23 to Nov. 27. The capital Beijing, where 1,486 cases breached another daily high, was largely a ghost town with malls, restaurants and parks staying shut. RISING CASES, MASS TESTING - AGAINWhile China's infection numbers are low by global standards, the country continues to stick with its outlier zero-COVID approach, fuelling widespread public frustration and inflicting damage on the world's second-largest economy. Reporting by Beijing and Shanghai newsrooms; Writing by Bernard Orr; Editing by Muralikumar Anantharaman and Miral FahmyOur Standards: The Thomson Reuters Trust Principles.

☆ Sony to expand Chinese game incubator in Microsoft head-to-head
▼ + stars: | 2022-11-22 | by ( Josh Ye | ) www.reuters.com time to read: +2 min

The Japanese tech giant's plans were made public during an event live-streamed from the southwestern Chinese city of Chengdu to re-launch the China Hero Project programme, which ground to a halt due to COVID-19. The China Hero Project unveiled its first two batches of games in 2017 and 2019 and has supported 17 titles, of which seven have reached the market. It was part of Sony's years-long approach to China, which ultimately led it to a lucrative exclusivity deal with the Chinese hit game “Genshin Impact” outside of the China Hero Project. Reuters reported last month that Sony's success with “Genshin Impact” has driven Microsoft to aggressively woo Chinese game developers with big licensing deals. Sony sells the PlayStation (PS) consoles in China, where people have traditionally preferred playing mobile-based games.

☆ Chinese fighter jets flew near island, Taiwan says
▼ + stars: | 2022-11-13 | by ( Associated Press | ) www.nbcnews.com time to read: +1 min

China’s military flew 36 fighter jets and bombers near Taiwan, the Taiwanese defense ministry announced, part of a long-running campaign of intimidation against the self-ruled island democracy that Beijing claims as part of its territory. Ten of the aircraft on Saturday flew across the median line in the Taiwan Strait that separates the island from the mainland, the ministry said. Taiwan and China split in 1949 following a civil war that ended with the Communist Party in control of the mainland. Chinese President Xi Jinping’s government stepped up efforts this year to intimidate Taiwan. It has sent fighter planes and bombers to fly near the island and fired missiles into the sea.

☆ Factbox: What is China's zero-COVID policy and how does it work?
▼ + stars: | 2022-11-03 | by ( ) www.reuters.com time to read: +4 min

Here are key facts on China's zero-COVID policy. Those deemed close contacts of infected people must quarantine, and even distant or potential contact can result in an order to stay home. Arrivals of all nationalities are subject to seven days of quarantine at a facility and three days of home isolation. People must keep a "normal" COVID profile with continual negative test results, no contact with infected people and no visits to risky places. As of Tuesday, 3.44 billion doses had been administered, with over 90% of China's population fully vaccinated.

☆ Canada orders three Chinese firms to exit critical minerals deals
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +2 min

OTTAWA, Nov 2 (Reuters) - Canada's government ordered three Chinese firms on Wednesday to divest their investments in Canadian critical minerals companies on grounds of national security. "While Canada continues to welcome foreign direct investment, we will act decisively when investments threaten our national security and our critical minerals supply chains, both at home and abroad," Champagne said. Last week, Ottawa said it must build a resilient critical minerals supply chain with like-minded partners, as it outlined rules meant to protect the country's critical minerals sectors from foreign state-owned companies. Canada has large deposits of critical minerals like nickel and cobalt, which are essential for cleaner energy and other technologies. Earlier this year, Canada, the United States, Britain and a few other countries established a new partnership aimed at securing the supply of critical minerals as global demand for them rises.

☆ LVMH-backed L Catterton aims to raise 2 billion yuan in first yuan-denominated fund
▼ + stars: | 2022-10-31 | by ( Reuters Staff | ) www.reuters.com time to read: +1 min

REUTERS/Thomas White/IllustrationBEIJING/HONG KONG (Reuters) -L Catterton, the private equity firm backed by luxury goods empire Louis Vuitton Moet Hennessy, said on Monday it aimed to raise 2 billion yuan ($275.44 million) for its first yuan-denominated fund, as it eyes early-stage investments in China. The new fund has raised “around 1 billion yuan” at first-close, a source familiar with the matter said. L Catterton declined to comment on a Reuters request. The first phase of the fund will be based in the southwestern Chinese city of Chengdu, according to the statement. ($1 = 7.2611 Chinese yuan renminbi)

☆ BreakingViews: Xi’s contract with China needs more signatures
▼ + stars: | 2022-10-23 | by ( Pete Sweeney | Thomson Reuters | Asia Economics Editor Pete Sweeney Joined Reuters Breakingviews In Hong Kong In September Previously He Served As Reuters' Chief Correspondent For China Economy | ) www.reuters.com time to read: +4 min

HONG KONG, Oct 23 (Reuters Breakingviews) - Xi Jinping has effectively secured a third presidential term at the just-concluded Chinese Communist Party conclave. His prize: a $16 trillion economy in a vulnerable state, dependent on American technology and facing a demographic crisis. China’s so-called chairman of everything has the power to relieve his people, but it’s unclear whether he has the will. The focus on weaning China from foreign software and semiconductors entails a vast duplication of effort. Follow @petesweeneypro on TwitterloadingCONTEXT NEWSChina’s Communist Party has elected President Xi Jinping as general secretary on Oct. 23, his third five-year term, according to Chinese state media.

☆ Hermes eyes big price rises, says no sign of slowdown
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: +1 min

The logo of Hermes is seen on a store in Paris, France, April 24, 2020. "We will probably have price hikes between 5 and 10 percent," Hermes executive vice president of finance Eric du Halgouet told reporters on Thursday, adding this was due to rising labour costs and currency fluctuations. Register now for FREE unlimited access to Reuters.com RegisterThe company raised prices by around 4% this year and by 1.5-2% on average in previous years. "Sales in Greater China picked up strongly, despite temporary closures due to sanitary measures mainly in Macau, Chengdu and Dalian in July and August," the company said in a statement. ($1 = 1.0222 euros)Register now for FREE unlimited access to Reuters.com RegisterReporting by Mimosa Spencer, editing by Silvia AloisiOur Standards: The Thomson Reuters Trust Principles.

☆ Why Russia accused China of copying its stealth fighter design
▼ + stars: | 2022-10-19 | by ( Alex Hollings | Sandboxx News | ) www.businessinsider.com time to read: +8 min

China is often accused of stealing plans for the US F-22 and F-35 to design its J-20 stealth jet. A Chinese J-20. Russia called out the J-20's similarities with the MiG 1.44 immediately after the Chinese fighter was revealedRussia's Su-47 Berkut forward-swept wing aircraft. REUTERS/StringerMikoyan has denied providing any kind of support for China's stealth fighter development which dates back to well before the J-20 was officially unveiled. "It looks like they got access … to documents relating to the Mikoyan — the aircraft that the Ministry of Defence skipped over in its tender to create a stealth fighter," he said.

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