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☆ Asia's factory activity contracts despite China's COVID reopening
▼ + stars: | 2023-02-01 | by ( Leika Kihara | ) www.reuters.com time to read: +3 min

China's factory activity shrank more slowly in January after Beijing lifted tough COVID curbs late last year, a private sector survey showed. The data was contrasted with a better-than-expected official PMI survey issued on Tuesday. South Korea's factory activity contracted for a seventh straight month in January. Factory activity expanded in January in Indonesia and the Philippines but shrank in Malaysia and Taiwan, PMI surveys showed. The International Monetary Fund on Tuesday slightly raised its 2023 global growth outlook on "surprisingly resilient" demand in the United States and Europe and the reopening of China's economy after Beijing abandoned its strict pandemic controls.

☆ China's Jan factory activity contracts at slower pace amid COVID infections - Caixin PMI
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +3 min

The reading marks the sixth monthly contraction in a row as the 50-point index mark separates growth from contraction on a monthly basis. The Caixin survey centres on small firms and coastal regions, which includes a number of exporters. Economists said the faster-than-forecast "exit wave" of COVID-19 infections suggests that the worst of the economic slump has passed. According to the Caixin survey, the virus outbreak and subdued market conditions continued to weigh on customer demand and factory operations, with sub-indexes of both new orders and output contracting at a slower pace. The International Monetary Fund on Tuesday revised China's growth outlook sharply higher for 2023, to 5.2% from 4.4% previously after "zero-COVID" lockdown policies in 2022 slashed China's growth rate to 3.0% - a pace below the global average for the first time in more than 40 years.

☆ China PMI: economic activity expands for the first time in months as Covid 'exit wave' ends
▼ + stars: | 2023-01-31 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Economic activity in China has expanded for the first time in four months as disruptions caused by the abrupt end of its zero-Covid policy appears to be fading. The official non-manufacturing PMI, which tracks activity in the services and construction sectors, surged to 54.4 in January from 41.6 in December, also marking its first expansion in four months. This is a sign that China’s Covid “exit wave” is coming to an end, said analysts from Nomura in a research report. The official PMI survey mainly covers larger businesses and state-owned companies. Zhu Wanchang/VCG/Getty ImagesChina scrapped most of its pandemic restrictions in early December, effectively ending its three-year-long zero-Covid policy.

☆ China's reopening could boost global growth — and worsen inflation
▼ + stars: | 2023-01-27 | by ( Anna Cooban | ) edition.cnn.com time to read: +7 min

London CNN —China’s swift reopening after nearly three years of strict coronavirus controls could provide a much-needed boost to global economic growth, but may also stoke inflation just as it has shown signs of falling back. The revival of the world’s second largest economy — and its biggest consumer of commodities — threatens to push up global prices for fuel, industrial metals and food this year. The speed of the reopening, as well as indications that infections may have already peaked, has been surprising, analysts told CNN. Yet, if global food and energy prices start rising again, that could feed through into higher consumer prices. China’s reopening could bump up demand for agricultural goods, while the world is still in the grips of the worst food crisis in modern history.

☆ China offers Sri Lanka a 2-year debt moratorium
▼ + stars: | 2023-01-25 | by ( ) www.cnbc.com time to read: +1 min

The Export-Import Bank of China has offered Sri Lanka a two-year moratorium on its debt and said it would support the country's efforts to secure a $2.9 billion loan from the International Monetary Fund, according to a letter reviewed by Reuters. Regional rivals China and India are the biggest bilateral lenders to Sri Lanka, a country of 22 million people that is facing its worst economic crisis in seven decades. India wrote to the IMF earlier this month, saying it would commit to supporting Sri Lanka with financing and debt relief, but the island nation also needs the backing of China in order to reach a final agreement with the global lender. However, China's Jan. 19 letter, sent to the finance ministry, may not be enough for Sri Lanka to immediately gain the IMF's approval for the critical loan, Sri Lankan sources with knowledge of the matter said. According to the letter, China EximBank said it was going to provide "an extension on the debt service due in 2022 and 2023 as an immediate contingency measure" based on Sri Lanka's request.

[1/2] Drivers push auto rickshaws in a line to buy petrol from a fuel station amid Sri Lanka's economic crisis, in Colombo, Sri Lanka, July 29, 2022. Regional rivals China and India are the biggest bilateral lenders to Sri Lanka, a country of 22 million people that is facing its worst economic crisis in seven decades. At the end of 2020, China EximBank had loaned Sri Lanka $2.83 billion which is 3.5% of the island's debt, according to an IMF report released in March last year. "The bank will support Sri Lanka in your application for the IMF Extended Fund Facility (EFF) to help relieve the liquidity strain," China's letter said. DEBT SUSTAINABILITYIn a letter directly addressed to the IMF, India said last week that the financing or debt relief provided by Export-Import Bank of India would be consistent with restoring debt sustainability under the IMF-supported program.

☆ 'Locked in' Tiafoe leading American charge at Australian Open
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +2 min

When asked about the mantra, Tiafoe told reporters: "It's the whole thing with the United Cup guys, just staying locked in. I made a joke about it with the guys (at) the United Cup asking them before the match, 'Are you locked?' "The locked thing, honestly, I've been kind of living by that for a little bit. I think you've seen the shift in myself in being just locked in everything you're doing, staying super present, staying in the moment, staying locked in. So then it became a thing where if Frances can lock, everyone has got to lock."

☆ Production resumes at Indonesian nickel smelter after deadly clash
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +2 min

[1/4] Employees react amid the chaos as Chinese and Indonesian workers clash at a nickel smelter in Morowali, Sulawesi, Indonesia in this undated social media video released January 16, 2023. Revi Limbong via REUTERSJAKARTA, Jan 17 (Reuters) - Production at an Indonesian nickel smelter owned by China's Jiangsu Delong Nickel Industry resumed on Tuesday, police said, after operations were suspended due to a protest and rioting at the weekend in which two workers were killed. An Indonesian and a Chinese worker died, while vehicles and dormitories were torched during the clashes at the PT Gunbuster Nickel Industry (GNI) smelter, a unit of Jiangsu Delong, which involved protesters, workers and security guards. GNI launched the smelter, which has an annual output capacity of 1.8 million tonnes, in late 2021. There are about 11,000 Indonesian workers at GNI's plant and 1,300 foreign personnel, according to Indonesian police.

☆ China's economy could recover faster and earlier than expected, analysts say
▼ + stars: | 2023-01-17 | by ( Jihye Lee | ) www.cnbc.com time to read: +3 min

The nation's economy grew 3% for the full year of 2022 — the second-slowest growth rate it has seen since 1976. The nation's economy grew 3% for the full year of 2022 — the second-slowest growth rate it has seen since 1976. Xu expects to see a sharp rebound in the second quarter of 2023 as China continues to prioritize the economy over its zero-Covid policy. China's economy may have already seen the worst of pressures in the final month of 2022, JPMorgan's Zhu said. He added the weakness was the result of uncertainty surrounding the nation's zero-Covid policy and a mass infection that followed its steps of reopening.

☆ China’s exports slump less than expected in December
▼ + stars: | 2023-01-13 | by ( Evelyn Cheng | ) www.cnbc.com time to read: 1 min

Cargo ships dock at the container terminal in Lianyungang Port, East China's Jiangsu province, Dec 7, 2022. BEIJING — China's exports and imports fell less than expected in December, the customs administration said Friday. China's exports fell by 9.9% in December from a year ago in U.S.-dollar terms, slightly better than the 10% decline forecast by a Reuters' poll. China's imports fell by 7.5% year-on-year in December in U.S.-dollar terms, also better than the 9.8% decline predicted by Reuters. Strong exports bolstered China's economy in the last two years.

☆ Only 3 countries have managed to build 5th-generation fighters, but nearly a dozen are already working on 6th-gen jets
▼ + stars: | 2023-01-03 | by ( Benjamin Brimelow | ) www.businessinsider.com time to read: +12 min

(The recently unveiled B-21 bomber is billed as the world's first sixth-gen aircraft, but little is known about its capabilities.) Lockheed Martin, Northrup Grumman, and Boeing are believed to be competing to build the jets, and all have released illustrations of sixth-gen aircraft. FCAS/SCAFA full-scale model of the Future Combat Air System at the Paris Air Show in June 2019. An illustration of Japan's next-generation fighter aircraft concept. While China is making heavy investment in military aviation, Russia's ability to develop next-generation jets may be shrinking.

☆ Morgan Stanley upgrades its 2023 growth outlook for China, expects stronger and earlier rebound
▼ + stars: | 2022-12-14 | by ( Jihye Lee | ) www.cnbc.com time to read: +4 min

Visual China Group | Getty ImagesMorgan Stanley raised its outlook for China's economy in 2023, predicting a rebound in activity will come earlier and be sharper than expected. China's government is also shifting to prioritizing economic growth, another pillar behind Morgan Stanley's revised forecast for the country's economic outlook. The onshore Chinese yuan stood at 6.9590 against the U.S. dollar on Wednesday morning – below the key 7.0 level against the greenback, which Morgan Stanley said makes it more attractive for exporters to buy more Chinese yuan with U.S. dollars. 'Number of risks'One of the risks that Morgan Stanley acknowledged is a potential withdrawal of policy support. Another area of uncertainty for Morgan Stanley's growth outlook is geopolitics.

☆ Exclusive: Chinese grab Russian car market share after Western rivals depart
▼ + stars: | 2022-12-08 | by ( Gleb Stolyarov | ) www.reuters.com time to read: +3 min

Reuters GraphicsRussia's new passenger car and LCV sales were 46,403 in November, the Association of European Businesses (AEB) said on Tuesday, and sales should reach around 600,000 for this year overall. "There is little production of Western car brands and few imports, so the market is divided between the Russian and Chinese car industries," Russian automotive analyst Vladimir Bespalov told Reuters. Russian cars satisfy demand at lower prices - up to about 1.5 million roubles ($23,961), and Chinese are also taking over the Western niche of prices above 2.5 million roubles. In one high-profile case, a Chinese car is masquerading as Russian one. In monetary terms, the share could surpass 40% of what he expects will be a 1.5-trillion-rouble market in 2023.

☆ Inside China's fight over the future of zero-COVID
▼ + stars: | 2022-12-02 | by ( David Stanway | ) www.reuters.com time to read: +10 min

After nearly three years, a significant loosening of zero-COVID measures has been signalled by senior government officials and public health experts. Vice Premier Sun Chunlan said on Thursday that China's health system had "withstood the test" of COVID, allowing further adjustments to state policies. "You can have zero-COVID, but you can't have a healthy economy, and you can have a healthy economy, but you can't have zero-COVID." Laura Yasaitis, a public health expert at the Eurasia Group think-tank who follows China's zero-COVID policies, said fear of the virus likely varied widely across the country, as well as within cities or provinces. Officials have repeatedly said that China's health system would be unable to cope with a surge in cases, with medical resources unevenly distributed across the country.

China's health authority said on Wednesday that it would aim to improve accessibility and launch targeted programmes in nursing homes and leisure facilities as part of a new vaccination drive among the over-60s. Public health experts say studies show that besides vaccination scepticism, the elderly have also been slow to take up the jab due to health, mobility and access. It would also deliver door-to-door vaccination services to those who are disabled or housebound and deploy specialist vaccination vehicles and temporary vaccination stations. Anger over China's zero-COVID policy, which has the world's toughest restrictions, has sparked protests across the country and prompted authorities to start easing some curbs. Especially for the elderly who haven't been vaccinated," said Shanghai resident Ye, who did not get vaccinated due to concerns over her health.

☆ Obituary: China's Jiang Zemin confounded doubters, mended U.S. ties
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: +7 min

[1/5] A security guard stands next to a portrait of China's former President Jiang Zemin at an exhibition to celebrate the 90th anniversary of the founding of the Communist Party of China (CPC) in Beijing, China, July 7, 2011. Under Jiang, China weathered the 1997-1998 Asian financial crisis, joined the World Trade Organisation in 2001 and won the bid to host the 2008 Summer Olympics in Beijing. "Jiang Zemin was more ready to be natural, even though sometimes it could be perceived as vulgar, not very sophisticated." At celebrations for the 50th anniversary of the People's Republic in 1999, floats carried giant portraits of Mao, Deng and Jiang past Tiananmen Square. Jiang, like Mao, wore his trousers well above his waist and brushed his hair straight back.

It sold its plant, now renamed the Moscow Automobile Factory Moskvich, for another rouble. [1/6] A view shows a car under the Soviet-era brand Moskvich during a ceremony marking the launch of the production at the Moscow Automobile Factory Moskvich in Moscow, Russia, November 23, 2022. The government's ultimate target of producing 100,000 Moskvich vehicles a year, some of which will be electric, is far below the industry average for a car plant of 200,000-300,000. "The first Moskvich cars will come off the production line in December 2022," Kamaz (KMAZ.MM) said in a statement. The car goes on sale in Russia next month, it added, although the price has yet to be disclosed.

China’s technology sector has taken a pounding since watchdogs cancelled Ant’s $37 billion stock market debut at the last minute in 2020. The Hang Seng Tech index (.HSTECH), which includes social media giant Tencent (0700.HK) and JD, has fallen another 38% this year. China's powerful market regulator proposed amendments on Tuesday to a law on unfair competition. The e-commerce giant intends, in addition, to allocate at least 10 billion yuan to offer employees interest-free loans to buy a house. The benefits include plans to allocate 10 billion yuan ($1.40 billion) to a fund to assist employees of JD and recently acquired courier firm Deppon Logistics with buying homes.

☆ One of China's biggest retailers is cutting executive pay to create a fund to help lower-level employees buy homes
▼ + stars: | 2022-11-22 | by ( Aaron Mok | ) www.businessinsider.com time to read: +4 min

The e-commerce titan will allocate $1.4 billion to help rank-and-file employees buy homes. The move comes amid China's "common prosperity" campaign to reduce economic inequality in the country. The billionaire's philanthropy is part of China's "common prosperity" campaign to close the income gap and bolster social equality in the country. He brought up the slogan "common prosperity" multiple times in his opening speech, Insider reported. ByteDance founder Zhang Yiming donated 500 million yuan, or $77.3 million, in June of 2021 to Fangmei Education Development Fund, named after Zhang's grandmothers in his hometown of southeastern Longyan city.

☆ JD.com to cut senior executives salaries by 10-20%
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: 1 min

BEIJING, Nov 22 (Reuters) - China's JD.com said on Tuesday it would cut the salaries of its senior managers by 10-20% next year to help pay for an effort to convert more contractors to salaried staff and provide such workers with more insurance protection. The e-commerce giant made the announcement in an internal letter, that was circulated online and reported by local media. A JD representative confirmed to Reuters that the letter was authentic. Reporting by Sophie Yu, Brenda Goh; Editing by Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

☆ China's JD.com says worst is over for consumer demand
▼ + stars: | 2022-11-18 | by ( ) www.reuters.com time to read: +2 min

Research house TH Data Capital noted in a report that sales growth at JD.com in September was better than that in July and August, driven mainly by consumer electronics, home appliance and FMCG. Revenue grew to 243.5 billion yuan ($34.21 billion) in the three months ended Sept. 30, compared with a Refinitiv consensus estimate from 22 analysts of 242.81 billion yuan. Rival Alibaba reported 3% revenue growth in the three months ended Sept. 30. JD.com's quarterly net income attributable to ordinary shareholders was 6 billion yuan, compared with a net loss of 2.8 billion yuan a year earlier. Excluding one-off items, JD.com earned 6.27 yuan per American Depository Share, beating expectations of a 4.44 yuan profit per ADS.

☆ Tiger Global raises stake in Microsoft, Jack Dorsey's Block
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +1 min

Nov 14 (Reuters) - Investment firm Tiger Global Management has raised its stake in tech giant Microsoft Corp (MSFT.O) and Jack Dorsey's payments firm Block Inc (SQ.N), a regulatory filing released on Monday showed. The hedge fund trimmed its investments in China's JD.com Inc , digital banking firm Nu Holdings , software firm Blend Labs Inc (BLND.N) and cybersecurity firm SentinelOne Inc (S.N). Tiger Global also added Pagaya Technologies Ltd (PGY.O) and payments processor PayPal Holdings (PYPL.O) to its portfolio of investments. The quarterly filings are one of the few ways that funds are required to disclose their long positions, but may not reflect current holdings. Reporting by Manya Saini in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ 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.

☆ Venture capitalists are betting on a part of China’s chip industry safe from U.S. bans
▼ + stars: | 2022-10-28 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

The U.S. this month imposed new restrictions to maintain a lead over China in advanced chip technology. That gap leaves a large market opportunity far more insulated from U.S. restrictions — and one that Chinese startups can tap, some venture capitalists said. He claimed WestSummit-backed GigaDevice Semiconductor is one of the Chinese companies well-positioned to capture the mature market. "However, chip-making is a mature technology that has been developed many years. Looming risksDespite the large market opportunity, early-stage investment in Chinese chip startups still face risks from potential lawsuits and the complexity of the technology itself, Vertex's Tay said.

☆ China's Jan-Sept industrial profits fall at faster pace
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: +2 min

BEIJING, Oct 27 (Reuters) - Profits at China's industrial firms fell at a faster clip in the January-September period as COVID-19 curbs and a worsening property crisis continued to weigh heavily on factory activity. After nearly contracting in spring, China's third-quarter economic growth was faster than expected, helped by a raft of government measures. read moreLast month, China's industrial output jumped 6.3% from a year earlier, outstripping expectations for 4.5% growth and a 4.2% expansion in August. Despite better-than-expected third quarter GDP growth, analysts at Goldman Sachs cut their fourth quarter growth forecast to 3.5% on a quarter-on-quarter annualised basis from 5.0% previously. Industrial profits data covers large firms with annual revenues above 20 million yuan ($2.79 million) from their main operations.

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