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☆ China refiner ZPC enters strategic fuel marketing deal with Sinopec
▼ + stars: | 2023-03-30 | by ( ) www.reuters.com time to read: +1 min

SINGAPORE, March 30 (Reuters) - Privately controlled Zhejiang Petrochemical Corp (ZPC), operator of China's largest refinery, said on Thursday it has reached a strategic agreement with state refining giant Sinopec (600028.SS) on the domestic marketing of its fuel. Under a deal reached earlier this week, Sinopec will handle more than 60% of ZPC's domestic refined products sales, worth about 55 billion yuan ($8.0 billion) a year, the company said in a statement posted on its WeChat account. "With the growing new refining capacity at home, the mismatch between refined fuel supply and demand will become more and more prominent," ZPC said in the statement. ZPC, controlled by private chemical group Rongsheng Petrochemical Co Ltd (002493.SZ), operates an 800,000 barrels-per-day refinery in the eastern port of Zhoushan. Earlier this week, Rongsheng Petrochemical agreed to sell a 10% stake in itself to Middle Eastern energy giant Saudi Aramco (2222.SE) for $3.6 billion.

☆ China's Meizu unveils first smartphones since deal with Geely founder
▼ + stars: | 2023-03-30 | by ( ) www.reuters.com time to read: +2 min

A company run by Geely Chairman Eric Li took a majority stake in Meizu last year, making the Volvo owner the first established carmaker to enter the premium smartphone sector. He later named the company Xingji Meizu, with the brand as its smartphone arm. Other tech-auto partnerships in China include Huawei Technologies (HWT.UL), whose Harmony operating system powers Seres cars. Meizu, a two-decade-old Chinese consumer electronics company, rose to prominence early in the 1ast decade as an up-and-coming Chinese Android. ($1 = 6.8766 Chinese yuan renminbi)Reporting by Josh Horwitz, Zhang Yan and Brenda GohOur Standards: The Thomson Reuters Trust Principles.

☆ Alibaba's revamp puts renewed focus on Ant Group's suspended IPO
▼ + stars: | 2023-03-29 | by ( Jihye Lee | ) www.cnbc.com time to read: +1 min

"I truly believe [Alibaba is] aiming for a bigger target," said Kingston Securities Executive Director Dickie Wong. "In terms of the bigger picture, obviously would be Ant Group [being] re-introduced into the equity market," he told CNBC's "Street Signs Asia" on Wednesday. HANGZHOU, CHINA - OCTOBER 27: A logo of Ant Group is seen at the company's headquarters on October 27, 2020 in Hangzhou, Zhejiang Province of China. To be clear, there was no mention of Ant in Alibaba's announcement for its overhaul overnight. KraneShares' CIO Brendan Ahern said investors it's likely investors will be focusing Ant's IPO.

The project is expected to cost 83.7 billion yuan ($12.2 billion), partner Panjin Xicheng Industrial Group said in a statement on WeChat on Sunday. Construction at the complex will start in the second quarter after the project secures the required administrative approvals, Aramco said. Before the pandemic, Aramco signed two other initial agreements for refinery-petrochemical investments in China. The other is with Shandong Energy that includes a potential crude supply agreement and chemical products offtake deal, as well as exploring collaboration on an integrated refining and petrochemical complex in China. Earlier in March, Saudi Aramco also broke ground on a $7 billion project to produce petrochemicals from crude oil at its South Korean affiliate S-Oil Corp's (010950.KS) refining complex in the port city of Ulsan.

☆ The 4 stocks to buy if U.S.-China geopolitical fears continue to rise: UBS
▼ + stars: | 2023-03-15 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

UBS has named a number of Chinese stocks it says have remained "resilient" during periods of heightened geopolitical tensions between the United States and China. Chinese stocks were volatile after tensions rose between the U.S. and China over alleged spy balloons shot down over North America in February. To combat such swings in investors' portfolios, UBS identified stocks it said have historically been resilient during periods of heightened geopolitical tension. The Swiss bank said the stocks that tend to outperform during periods of geopolitical tension are typically domestic-focused, have lower foreign investor ownership, and are stable and defensive. In contrast, UBS said the 20 stocks that historically perform the worst during times of geopolitical tension tend to be listed in the U.S. and are typically in the internet and biotech sectors.

☆ SVB collapse will have limited impact on Asia, but one analyst says it could be a warning sign
▼ + stars: | 2023-03-13 | by ( Jihye Lee | ) www.cnbc.com time to read: +4 min

HANGZHOU, CHINA - MARCH 12, 2023 - Photo taken on March 12, 2023 shows the logo of SPD Silicon Valley Bank in Hangzhou, Zhejiang province, China. Future Publishing | Future Publishing | Getty ImagesAnalysts say the collapse of Silicon Valley Bank is not likely to have a major contagion effect in Asia, but one person says it could be seen as a "warning" — especially for economies that haven't hiked interest rates aggressively. It came after U.S. regulators announced measures to further stem systemic risks from Silicon Valley Bank's collapse. While a number of companies within Asia's venture capital and tech start-up sector do have exposure to Silicon Valley Bank, not many have openly admitted to seeing major losses from SVB's bankruptcy. SPD Silicon Valley Bank, a joint venture between Shanghai Pudong Bank and Silicon Valley Bank sought to reassure investors over the weekend and said its operations have been "independent and stable."

China's four new vice premiers:Ding Xuexiang, 60, is the first-ranked vice premier who also sits in the ruling Communist Party's Politburo Standing Committee, China's top echelon of power. Wang Zhigang, 65, remains minister of science and technology. Huai Jinpeng, 60, remains minister of educationPan Yue, 62, remains head of the National Ethnic Affairs CommissionWang Xiaohong, 65, remains minister of public securityChen Yixin, 63, remains minister of state security. Considered a Xi ally, he had worked with Xi when the latter was party chief of Zhejiang province from 2002-2007. Tang Dengjie, 63, remains minister of civil affairsHe Rong, 60, remains minister of justiceWang Xiaoping, 59, remains minister of human resources and social securityWang Guanghua, 59, remains minister of natural resourcesHuang Runqiu, 59, remains minister of ecology and environmentNi Hong, 60, remains minister of housing and urban-rural developmentLi Xiaopeng, 63, remains minister of transportLi Guoying, 63, remains minister of water resourcesTang Renjian, 60, remains minister of agriculture and rural affairsHu Heping, 60, remains minister of culture and tourismMa Xiaowei, 63, remains head of the National Health CommissionPei Jinjia, 59, remains minister of veterans affairsWang Xiangxi, 60, remains minister of emergency managementHou Kai, 60, remains auditor-general of the National Audit OfficeReporting by Yew Lun Tian, Ziyi Tang, additional reporting by Albee Zhang; Editing by Raju GopalakrishnanOur Standards: The Thomson Reuters Trust Principles.

However, further announcements are expected in coming weeks as China implements a reorganisation of its financial regulatory structure and other government bodies. "Opting for continuity in these critical economic roles suggests an emphasis on credibility and stability," said Mattie Bekink, China director at the Economist Intelligence Corporate Network. The U.S.-educated central bank chief Yi, appointed PBOC governor in 2018, had widely been expected to retire after being left off the ruling Communist Party's Central Committee during the party's once-in-five-years congress in October. "It shows China wants to at least have a dialogue with the United States on monetary policy and financial cooperation," he said. The parliamentary session will end on Monday, with Xi expected to give a speech and Li, the new premier, scheduled to hold a televised media conference afterwards.

☆ 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 nominates Li Qiang to become premier
▼ + stars: | 2023-03-11 | by ( ) www.reuters.com time to read: +1 min

BEIJING, March 11 (Reuters) - Chinese President Xi Jinping on Saturday nominated Li Qiang, 63, to become premier during the ongoing annual meeting of China's rubber-stamp parliament, a role charged with managing the world's second-largest economy. Li, the former Communist Party chief of Shanghai, China's largest city, will replace Li Keqiang, who is retiring during the National People's Congress session that ends on Monday, after serving two five-year terms. Li Qiang is a close ally of Xi, serving as his chief of staff between 2004 and 2007, when Xi was provincial party secretary of eastern China's Zhejiang province. He was put on track for premier in October, when he was appointed to the number-two role on the Politburo Standing Committee during the once-in-five-years Communist Party Congress. Reporting by Laurie Chen and Tony Munroe; Editing by Sandra Maler and William MallardOur Standards: The Thomson Reuters Trust Principles.

[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.

Zimbabwe has been mining lithium for 60 years and the government estimates that its Chinese-owned Bikita mine, which is located 300 km south of the capital Harare, has about 11 million metric tons of lithium resources. In December, the country passed the Base Mineral Export Control Act, which banned the export of raw lithium. However, companies that are already developing mines or processing plants in Zimbabwe are exempt from this ban. This includes Chinese firms Zhejiang Huayou Cobalt , Sinomine Resource Group and Chengxin Lithium Group , which have invested $678 million into lithium projects in Zimbabwe. CNBC explores Zimbabwe's mining sector to find out why China has a stronghold on the country and why it matters to the U.S.

☆ Is the U.S. falling behind China in Africa’s lithium industry?
▼ + stars: | 2023-03-09 | by ( Sydney Boyo | ) www.cnbc.com time to read: +6 min

The demand for lithium is rising as it has become a critical component needed in electric vehicle batteries. Zimbabwe has been mining lithium for 60 years and the government estimates that its Chinese-owned Bikita Minerals Mine, which is located 300 kilometers south of the capital Harare, has about 11 million metric tons of lithium resources. In December 2022, Zimbabwe passed the Base Mineral Export Control Act that banned the export of raw lithium. That includes Chinese firms Zhejiang Huayou Cobalt , Sinomine Resource Group and Chengxin Lithium Group which have invested $678 million into lithium projects in Zimbabwe. Both the Bikita mine, which is the largest lithium mine in the country, and the Arcadia Lithium mine are Chinese owned.

☆ As parliament meets, China keeps would-be protesters at bay
▼ + stars: | 2023-03-07 | by ( Engen Tham | ) www.reuters.com time to read: +4 min

[1/2] Demonstrators hold up signs during a protest over the freezing of deposits by some rural-based banks, outside a People's Bank of China building in Zhengzhou, Henan province, China July 10, 2022, in this screengrab from video obtained by Reuters. Text in foreground reads, "Henan Bank, return to us our legal deposits! The people's life-saving deposits!" China has a low tolerance for group displays of discontent, even if anger is not directed against the government. Some of those who spoke with Reuters declined to use their full names due to the sensitivity of the matter.

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.

☆ Meet the 4 men tipped to run China’s economy
▼ + stars: | 2023-03-01 | by ( Laura He | ) edition.cnn.com time to read: +8 min

Hong Kong CNN —The team of Communist Party officials running China’s economy is about to get a major makeover. They include the four men tipped to manage the world’s second biggest economy: Li Qiang as premier, Ding Xuexiang as executive vice premier, He Lifeng as vice premier and Zhu Hexin as the new central bank chief. That puts the 63-year-old in line to succeed Premier Li Keqiang when he steps down during the upcoming congress. Li would be the first premier since the Mao era not to have previously worked at the State Council, China’s cabinet, as vice premier, analysts say. Stringer/ICHPL Imaginechina/AP/FileThe 68-year-old would succeed Vice Premier Liu He, who led China’s negotiations with the United States during trade talks in 2018 and 2019.

☆ A Chinese city is offering couples almost $2,900 to have a third child and some others are giving newlyweds paid marriage leave to help boost the birth rate
▼ + stars: | 2023-02-24 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

The Chinese city of Hangzhou is giving $2,900 to parents welcoming a third child this year. Some other cities are giving almost 30 days of marriage leave to boost the birth rate. Meanwhile, the northeastern city of Shenyang is offering subsidies of up to $72 a month till a child is three years old. Chinese employees are typically entitled to three days of paid marriage leave. The push for babies comes after China's population started shrinking for the first time in six decades.

☆ Baidu beats fourth-quarter revenue estimates, flags chatbot launch
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +3 min

Revenue for the quarter ended Dec. 31 came in at 33.08 billion yuan ($4.80 billion), inching past analysts' estimates of 32.01 billion yuan, according to Refinitiv data. Revenue from Baidu Core, which includes search-based ad sales, cloud offerings and its autonomous driving initiatives, fell 1% to 25.7 billion yuan. While non-online marketing revenue rose 11% to 7.6 billion yuan, driven by AI and cloud businesses, strict pandemic-related controls in China caused the company's online marketing revenue to drop 6% to 18.1 billion yuan in the reported quarter. A logo of Baidu is seen during the World Internet Conference (WIC) in Wuzhen, Zhejiang province, China, November 23, 2020. ($1 = 6.8963 Chinese yuan renminbi)Reporting by Yuvraj Malik in Bengaluru and Eduardo Baptista in Beijing; Editing by Devika Syamnath, Shounak Dasgupta and Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

☆ EV maker Nio to build 1,000 battery-swap stations in China in 2023
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: +1 min

SHANGHAI, Feb 21 (Reuters) - Chinese electric vehicle (EV) startup Nio Inc (9866.HK) plans to build 1,000 battery-swapping stations in China in 2023 to bring the total number of such facilities to 2,300 by year-end, its Founder and Chairman William Li said on Tuesday. The move marks an expansion of its plan in December of adding 400 such stations this year. Li found more of them are needed to improve user experience after his trips to northeastern China and lower-tier cities in Zhejiang, he added. Battery swapping allows drivers to replace depleted packs quickly with fully charged ones, rather than plugging the vehicle into a charging point. Nio is among the few EV makers that are betting on battery swapping as one of the major power solutions for electric cars.

☆ Chinese provinces give 30 days' paid 'marriage leave' to boost birth rate
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: +2 min

[1/3] A newly wed couple pose for pictures on Valentine's Day at a marriage registration office in Hangzhou, Zhejiang province, China February 14, 2023. China Daily via REUTERSHONG KONG, Feb 21 (Reuters) - Some Chinese provinces are giving young newlyweds 30 days of paid leave in the hope of encouraging marriage and boosting a flagging birth rate, the Communist Party mouthpiece People's Daily Health said on Tuesday. China's minimum paid marriage leave is three days, but provinces have been able to set their own more generous allowances since February. "Extending marriage leave is one of the effective ways of increasing the fertility rate," Yang Haiyang, dean of the Social Development Research Institute of Southwestern University of Finance and Economics, was quoted as saying. Yang said a host of other supporting policies were still needed, including housing subsidies and paid paternity leave for men.

☆ NBA and Ant Group launch a strategic partnership in China
▼ + stars: | 2023-02-21 | by ( ) www.cnbc.com time to read: 1 min

A logo of Ant Group is seen at the company's headquarters on October 9, 2020 in Hangzhou, Zhejiang Province of China. Chinese fintech giant Ant Group said on Tuesday it had entered a strategic partnership with the NBA league in China that would see the two cooperate in areas such as video content, program broadcasting and membership. Fans in China would have access to NBA video content on Alipay, the hugely popular payments app owned by Ant Group, the company said in a statement. The collaboration with the professional basketball league's Chinese business arm will also cover areas such as joint marketing campaigns and digital collectables, Ant Group said.

☆ Taiwan finds crashed weather balloon on remote island, likely Chinese
▼ + stars: | 2023-02-16 | by ( ) www.reuters.com time to read: +3 min

TAIPEI, Feb 17 (Reuters) - Taiwan's military said on Thursday it had found the remains of a probable crashed weather balloon likely from China on a remote and strategically located island near the Chinese coast, amid a dispute between China and the United States over spy balloons. 1 Factory Co., Ltd.", "GTS13 digital datmospheric sounding instrument" and "meteorological instrument", the army said. Speaking to reporters at parliament on Friday morning, Defence Minister Chiu Kuo-cheng said the ministry has dispatched a team to investigate the crashed balloon. Dongyin sits at the top of the Taiwan Strait on an important passage for any southbound Chinese forces from the eastern province of Zhejiang if they attack Taiwan, and the island is well defended. China also deployed drones close to Taiwan-controlled islands near the Chinese coast last August when Beijing staged war games near Taiwan, which only ended after Taiwanese forces shot one down.

☆ Analysis: Why China's reopening isn't inflationary
▼ + stars: | 2023-02-16 | by ( Rae Wee | ) www.reuters.com time to read: +6 min

However, economists see no challenge to global inflation, pointing instead to Chinese President Xi Jinping's new blueprint for self-sufficiency, broader prosperity and a socialist ideology as checks on big-ticket shopping. The slack in China's labour markets and Beijing's growth priorities will also take the edge off inflation, they say. "I don't think China's recovery or the reopening will cause any significant global inflation," said Chi Lo, senior market strategist for Asia Pacific at BNP Paribas Asset Management. BNP's portfolio managers are positioning for China's rebound to boost regional tourism, but not export price rises for manufactured goods. "I'm very much of the view that (China's reopening) will be positive for the world in terms of either not being too inflationary, but more widely having deflation in some key new goods and services," Westpac senior economist Elliot Clarke said.

☆ The property market is so bad in China that some banks are letting people be on mortgages till they are 80
▼ + stars: | 2023-02-15 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Some banks in China are now extending the upper age limit for mortgage borrowers to 80. Banks in cities like Beijing, Nanning, and Ningbo have raised the upper age cap. To attract more mortgage-seekers, some banks are starting to extend the upper age limit for homeowners servicing mortgages to 80 years old, according to various local media outlets. The upper age limit is typically 65 to 70 now, according to news outlet Sixth Tone. Banks have extended the upper age cap for mortgages in cities like Beijing and Nanning, the Beijing Youth Daily reported on February 14.

☆ Chinese earthquake rescue team arrives in Turkey
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +1 min

BEIJING, Feb 8 (Reuters) - An earthquake rescue team dispatched by China's government arrived in Turkey's Adana Airport early on Wednesday, state broadcaster CCTV reported on Wednesday. The team, comprised of 82 members, brought 20 tonnes of medical and other rescue supplies and equipment, as well as four search-and-rescue dogs, according to CCTV. China has already committed to give a first tranche of 40 million yuan ($5.9 million) in emergency aid to Turkey. The death toll of the devastating earthquake in southern Turkey and Syria jumped to more than 7,800 people on Tuesday. read more($1 = 6.7781 Chinese yuan renminbi)Reporting by Beijing newsroom; Editing by Jacqueline WongOur Standards: The Thomson Reuters Trust Principles.

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