DIRS.INFO The most relevant business & tech news

☆ China's daily COVID cases hit record high
▼ + stars: | 2022-11-24 | by ( ) www.reuters.com time to read: +1 min

Excluding imported cases, the number of new local cases was 31,444 on Nov. 23, of which 3,927 were symptomatic and 27,517 were asymptomatic, health authorities said on Thursday. That number broke the previous record set on April 13, when local cases hit 29,317. China's capital Beijing reported 509 symptomatic new locally transmitted COVID-19 infections and 1,139 asymptomatic cases for Nov. 23, local government data showed, compared with 388 symptomatic and 1,098 asymptomatic cases the day before. Financial hub Shanghai reported nine symptomatic cases and 58 asymptomatic cases, compared with 15 symptomatic cases and 53 asymptomatic cases a day before, the local health authority reported. Chongqing reported 409 new symptomatic locally transmitted COVID-19 infections and 7,437 asymptomatic cases, compared with 215 symptomatic and 6,728 asymptomatic cases the previous day, local government authorities said.

☆ 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.

REUTERS/Thomas PeterBEIJING, Nov 22 (Reuters) - Beijing shut parks and museums on Tuesday while more Chinese cities resumed mass testing for COVID-19, as China fights a fresh nationwide spike in cases that has deepened concerns about its economy. In the capital Beijing, cases have hit a fresh record high, prompting calls for more residents to stay put. There were two new deaths attributed to COVID-19, compared with three over the weekend, which were China's first since May. Beijing reported 1,438 new local cases, up from 962 on Sunday. "Reopening could be back and forth as policymakers may back down after observing rapid increases in cases and social disruptions.

☆ China's COVID infections reach peak since late April
▼ + stars: | 2022-11-12 | by ( ) www.reuters.com time to read: +3 min

The National Health Commission reported 11,950 new COVID-19 infections for the previous day, of which 1,504 were symptomatic and 10,446 were asymptomatic. That compares with 10,729 new cases a day earlier – 1,209 symptomatic and 9,520 asymptomatic infections, which China counts separately. Excluding imported infections, China reported 11,803 new local cases, of which 1,452 were symptomatic and 10,351 were asymptomatic, up from 10,535 a day earlier. Beijing, the capital, reported 68 symptomatic and 48 asymptomatic cases, versus 64 symptomatic and 54 asymptomatic ones the previous day, local government data showed. The high-end SKP shopping mall in the capital's sprawling Chaoyang district, said it was closed on Saturday for COVID control and prevention measures.

☆ China reports 8,335 new COVID cases for Nov 8 vs 7,691 a day earlier
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: +1 min

SHANGHAI, Nov 9 (Reuters) - China reported 8,335 new COVID-19 infections on Nov. 8, of which 1,346 were symptomatic and 6,989 were asymptomatic, the National Health Commission said on Wednesday. That is compared with 7,691 new cases a day earlier – 890 symptomatic and 6,801 asymptomatic infections, which China counts separately. China's capital Beijing reported 32 symptomatic and 48 asymptomatic cases, compared with 31 symptomatic and 33 asymptomatic cases the previous day, local government data showed. Financial hub Shanghai reported zero symptomatic cases and four asymptomatic cases, compared with zero symptomatic cases and three asymptomatic cases a day before, the local health authority reported. Guangzhou, also in the south, reported 91 new locally transmitted symptomatic and 2,546 asymptomatic cases, compared with 114 symptomatic and 2,263 asymptomatic cases a day before, authorities in the city of nearly 19 million people said.

☆ Shanghai bourse kicks off week-long conference to woo global investors
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI, Nov 8 (Reuters) - The Shanghai Stock Exchange (SSE) kicks off on Wednesday a week-long global conference to promote China's capital markets, according to an official agenda, the latest in a flurry of activities by regulators to woo international investors. Participants at the annual SSE Global Investor Conference, to be held Nov. 9-16, and closed to the media, include Chinese regulators, executives from global banks and asset managers such as abrdn, Deutsche Bank and PIMCO. At the Global Financial Leaders' Investment Summit in Hong Kong last week, the country's senior financial regulators reaffirmed China's commitment to economic growth as a priority. Senior Chinese officials also sent similar messages at the China International Import Expo over the weekend. In the "fireside chat" section, senior officials from China's securities and foreign exchange regulators will talk about promoting the opening-up of China's capital market, and facilitating cross-border investment.

☆ China reports 7,691 new COVID cases for Nov 7 vs 5,643 a day earlier
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +1 min

SHANGHAI, Nov 8 (Reuters) - China reported 7,691 new COVID-19 infections on Nov. 7, of which 890 were symptomatic and 6,801 were asymptomatic, the National Health Commission said on Tuesday. That is compared with 5,643 new cases a day earlier – 569 symptomatic and 5,074 asymptomatic infections, which China counts separately. China's capital Beijing reported 31 symptomatic and 33 asymptomatic cases, compared with 41 symptomatic and 18 asymptomatic cases the previous day, local government data showed. Financial hub Shanghai reported no symptomatic cases and three asymptomatic cases, compared with zero symptomatic cases and two asymptomatic cases a day before, the local health authority reported. Guangzhou, also in the south, reported 114 new locally transmitted symptomatic and 2,263 asymptomatic cases, compared with 122 symptomatic and 1,813 asymptomatic cases a day before, authorities in the city of nearly 19 million people said.

☆ China to make substantial changes to COVID policy soon- former govt expert
▼ + stars: | 2022-11-04 | by ( ) www.reuters.com time to read: +2 min

Zeng Guang, a former chief epidemiologist at the Chinese Centre for Disease Control and Prevention who has remained outspoken on China's COVID fight, said that the conditions for China opening up were "accumulating", citing new vaccines and progress the country had made in antiviral drug research. He has previously urged against using excessive measures to fight COVID that risk exhausting people, and in March said that China would look for a route to "flexible and controllable opening up". read moreWhile most of the world has largely done away with virus curbs, China has resolutely stuck to a zero-tolerance approach that reacts to even single cases with lockdowns and mass testing. China reported 3,871 new locally transmitted cases for Thursday, its highest since early May. Reporting by Beijing and Shanghai Newsrooms; Editing by Alex Richardson and Edmund KlamannOur Standards: The Thomson Reuters Trust Principles.

☆ China COVID cases surge to 6-month high as tensions in affected cities build
▼ + stars: | 2022-11-04 | by ( ) www.reuters.com time to read: +4 min

Almost three years into the pandemic, China has stuck to a strict COVID-19 containment policy that has caused mounting economic damage and widespread frustration. Curbs and lockdowns became more frequent with the spread of the highly transmissible Omicron strain. China has yet to describe when or how it will begin to exit from its current approach. Earlier this week, Chinese shares jumped after rumours that China was planning a reopening from strict COVID curbs in March. Domestic tensions have steadily built this year as the endless curbs, restrictions and lockdowns fuelled unhappiness.

☆ China to make 'substantial' COVID policy changes soon - ex-govt expert
▼ + stars: | 2022-11-04 | by ( ) www.reuters.com time to read: +5 min

"The situation is changing now and China's 'dynamic zero' will also undergo major changes. Substantive changes will happen soon," he said, according to the recording of the session, which was titled "China's Exit Strategy from Zero-Covid". Chinese health authorities will hold a press conference on Saturday on COVID-19 prevention, according to a notice that said officials from the the National Bureau of Disease Control and Prevention would attend. LOCKDOWNS AND PROTESTSZeng was part of a top team at China's National Health Commission when the virus started to spread from the central Chinese city of Wuhan to other parts of China in 2020. On Wednesday, the country's National Health Commission said the nation should unwaveringly stick to zero-COVID.

☆ 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.

☆ Beijing's Universal Resort reopens Oct 31 after COVID measures
▼ + stars: | 2022-10-31 | by ( ) www.reuters.com time to read: 1 min

BEIJING, Oct 31 (Reuters) - Universal Resort in Chinese capital city Beijing will reopen on Monday after temporarily shutting due to COVID-19 prevention measures, a post on the amusement park operator's social media account showed. Reporting by Shanghai newsroom; Writing by Liz Lee; Editing by Himani SarkarOur Standards: The Thomson Reuters Trust Principles.

"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.

☆ China to launch market-making on tech-focused STAR Market on Monday
▼ + stars: | 2022-10-28 | by ( ) www.reuters.com time to read: +1 min

[1/2] A sign for STAR Market, China's new Nasdaq-style tech board, is seen after the listing ceremony of the first batch of companies at Shanghai Stock Exchange (SSE) in Shanghai, China July 22, 2019. REUTERS/StringerSHANGHAI, Oct 28 (Reuters) - China's Nasdaq-style STAR Market will officially launch market making on Monday, in a bid to make the tech-focused board more liquid, vibrant and resilient, the Shanghai Stock Exchange said. The STAR Market, home to some of China's biggest chipmakers, biotech companies and high-end manufactures, is tasked with funding Beijing's tech innovation amid growing Sino-U.S. rivalry. The Shanghai Stock Exchange said it will continue to improve market mechanisms to help China achieve tech independency and self-sufficiency. Regulators have approved 14 brokerages as the first batch of market makers, which actively quote in stocks, providing liquidity and depth to the market.

Here are some of the ways that China has changed under Xi. The taming of once-unruly borderlandsThe regions of Tibet, Xinjiang and Hong Kong, all far from Beijing, have long created headaches for China's ruling Communist Party. Average particulate matter, a common measure of air pollution, has gradually declined in China since 2017, when Xi Jinping began his second term in office. Extreme poverty eliminated, inequality persistsXi describes elimination of extreme poverty in China as one of the key Communist Party achievements of the past decade. Reuters GraphicsIn 2021, Xi Jinping declared victory over extreme poverty, currently measured as people living on less than $1.25 a day.

☆ Ding Xuexiang: from Xi staff chief to ruling elite
▼ + stars: | 2022-10-23 | by ( Brenda Goh | ) www.reuters.com time to read: +3 min

SHANGHAI, Oct 23 (Reuters) - Chinese President Xi Jinping on Sunday made his chief of staff, Ding Xuexiang, one of the most powerful men in China, in a move party watchers say underscores the importance Xi puts on trust and loyalty. "Ding is effectively Xi's chief-of-staff and is almost always by his side. It is clear that Xi has trusted Ding's loyalty and ability," he said. It is possible that Ding has influenced Xi to promote more technocrats to leadership positions at the ministerial and vice-ministerial level," Thomas said. In speeches this year Ding repeatedly urged party cadres to demonstrate loyalty and unity as well as rectify problems to ensure the smooth execution of the Party Congress.

BEIJING, Oct 23 (Reuters) - Li Qiang, who oversaw Shanghai's grinding two-month COVID-19 lockdown this year as party boss of China's commercial hub, is on track to become China's next premier after President Xi Jinping unveiled a new governing body packed with loyalists. Current Premier Li Keqiang, a more reform-minded voice, will step down in March after the maximum two terms. "We have not seen Li Qiang introduce any market-oriented reforms," said Lam. In 2015, Li accompanied Xi on a visit to the United States to meet then-President Barack Obama. In Seattle with Xi, Li gave a speech calling for more cooperation between Zhejiang and U.S. firms.

☆ China property stocks rise after easing of share financing rules
▼ + stars: | 2022-10-21 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Aly SongSHANGHAI, Oct 21 (Reuters) - China's property shares jumped on Friday after state media said authorities will ease share financing rules for certain real estate-related firms, fuelling hopes of more measures to aid the struggling sector. The China Securities Regulatory Commission (CSRC) will allow certain companies with small property interests to raise money by selling A-shares, but the proceeds cannot be invested in the real estate business, China Securities Journal reported. For eligible companies, real estate must not be their core business, and should not contribute more than 10% of their profit, according to the article. Register now for FREE unlimited access to Reuters.com RegisterChina has barred its property firms or property-related firms from financing via the domestic A-share market since end-2018, including both IPOs and additional or follow-up share sales. "The move aims to better support real financing for firms and stabilise the broader economy," said Liu Shui, an analyst at China Index Academy.

☆ Yuan falls to lowest since 2008 global crisis, despite state bank support
▼ + stars: | 2022-10-21 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI, Oct 21 (Reuters) - China's yuan fell on Friday to its weakest level against the dollar since the global financial crisis of 2008, despite attempts by major state-owned banks to stabilise the market. Sources told Reuters that state banks sold dollars in the onshore foreign exchange market to prevent the spot price from weakening past the 7.25 per dollar level. State banks usually trade on behalf of the central bank in China's foreign exchange market, but they can also trade for their own purposes or execute orders for corporate clients. Register now for FREE unlimited access to Reuters.com RegisterStill, the onshore yuan finished the domestic trading session down 0.46% on the day at 7.2494 per dollar, the weakest such close since Jan. 14, 2008. The offshore yuan , which trades more freely to reflect market expectations, was trading at 7.2721 per dollar around 0830 GMT.

☆ As Xi opens congress, China's state hands keep markets steady
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +4 min

SHANGHAI, Oct 17 (Reuters) - As Chinese President Xi Jinping opened the landmark Communist Party Congress, the country's vast financial bureaucracy has been busily tamping down ripples of turmoil across its currency and stock markets. Scores of companies have announced share buybacks or executive share purchase plans since Friday, when regulators unveiled plans to ease share buyback rules. Investors and analysts believe government pressure on China's largely state-controlled fund sector may have played a role in the stock market rebound. Xia Chun, chief economist at wealth manager Yintech Investment Holdings, said this follows a pattern of China stocks typically rising before a party congress and then likely falling afterwards. On Monday, several state-controlled asset managers including E Fund Management Co, China Southern Asset Management Co and Zhongtai Securities Asset Management said they were investing their own money to buy products, echoing an identical refrain of confidence in China's capital markets.

☆ Xi's call to win tech race points to new wave of Chinese state-led spending
▼ + stars: | 2022-10-17 | by ( Josh Horwitz | ) www.reuters.com time to read: +4 min

The term "technology" was referred to 40 times, up from 17 times in the report from the 2017 congress. Iris Pang, chief economist for Greater China at ING, said Xi's remarks addressed "the urgent need for talent and promoting self-sufficiency in technological advancement". "As such research spending on semiconductor technology should increase. On Monday, shares in Chinese information technology companies (.CSIINT) rose more than 1%, while semiconductor stocks (.CSIH30184) rose 0.7%. Venture capital (VC) has been allowed to invest in Chinese chip companies, with such firms receiving over $30 billion in VC cash between 2020-2021, according to Chinese investment research firm CVInfo.

Monthly debt market data shows foreign investors have been net sellers for seven straight months to August as what had been a lucrative yield premium in China vanished as U.S. interest rates soared. GIMME SHELTERAmid foreign investors' exodus, there are signs of locals following as fast as allowable under capital controls that were tightened after the previous season of heavy outflows in 2016. Moving money is also very difficult as COVID-19 curbs on travel add another layer to capital controls. Data from consultancy Education International Cooperation showed a 41.5% jump in queries about study in Hong Kong between January and July, compared with the same period a year earlier. They expect a rush to Hong Kong products when the border between Hong Kong and the mainland reopens.

☆ Shanghai reports no symptomatic, 32 asymptomatic COVID cases for Oct 16
▼ + stars: | 2022-10-16 | by ( ) www.reuters.com time to read: 1 min

BEIJING, Oct 17 (Reuters) - Shanghai reported no new domestically transmitted symptomatic coronavirus cases for Oct. 16, the same as a day earlier, and 32 local asymptomatic cases, up from 28 the previous day, the city government said on Monday. No cases were reported outside quarantined areas, the same as the previous day. Shanghai recorded no COVID-19-related deaths for Oct. 16, unchanged from a day earlier. Register now for FREE unlimited access to Reuters.com RegisterReporting by Shanghai newsroom; Writing by Liz Lee; Editing by Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

☆ Beijing reports 16 symptomatic, 8 asymptomatic COVID cases for Oct 13
▼ + stars: | 2022-10-14 | by ( ) www.reuters.com time to read: 1 min

BEIJING, Oct 14 (Reuters) - China's capital Beijing reported 16 symptomatic new locally transmitted COVID-19 infections and eight asymptomatic cases for Oct. 13, local government authorities said on Friday. This compared with 12 symptomatic and six asymptomatic cases the day before. Three cases on Thursday were found outside quarantined areas. Register now for FREE unlimited access to Reuters.com RegisterReporting by Shanghai newsroom; Writing by Bernard Orr; Editing by Christian SchmollingerOur Standards: The Thomson Reuters Trust Principles.

☆ China seen partially rolling over policy loans at steady rate - Reuters poll
▼ + stars: | 2022-10-14 | by ( ) www.reuters.com time to read: +2 min

But some still expect the People's Bank of China (PBOC) to ease banks' reserve requirements next month, to aid an economy hit by the COVID-19 pandemic and property market woes. Most of the 27 participants in the poll conducted this week said they predicted the PBOC will partially renew 50 billion yuan ($6.98 billion) worth of policy loans that mature on Saturday. Traders point out that China's banking system is not short of cash - evidenced by the fact that market rates are lower than policy rates, curbing demand for central bank loans. "We don't expect policy rate cuts until pressure on the currency eases," wrote Zichun Huang, an economist at Capital Economics. Zhou Maohua, analyst at China Everbright Bank, said September's robust credit expansion also made monetary easing less urgent.

Search resuls for: "Shanghai Newsroom"

25 mentions found