Issue 306 - 30.11.2022
30.11.2022

China’s downstream economy suffers setback in October against thriving midstream sectors

China’s economic indicators for the month of October reveal a slowdown in retail sales, fixed asset investment, and property investment as the country faces a number of challenges, including extended COVID-19 outbreaks, concerns over a worldwide recession, and a real estate slump. Strategic sectors like high-tech and green energy performed strongly, while the country’s expectations for attracting foreign investment continue to rise. Following recent steps to relax some COVID-19 curbs and provide financial support to the distressed property sector, Chinese officials are taking resolute actions to navigate the economy through rocky waters.

After a stronger-than-expected recovery in Q3 of 2022, China’s economy is struggling to accelerate its growth. Several key economic indicators, such as industrial output, retail sales, and fixed asset investment, released by the National Bureau of Statistics on November 15, show a slowdown in growth. The domestic economy is under strain from several factors, including continuing COVID-19 limitations, a weakening property market, a sluggish global economy, and rising inflation rates in foreign markets.

October was an eventful month in China. The 20th National Congress of the Chinese Communist Party was held in Beijing, marking a decisive moment for the future of Chinese politics and policy outlook. During the same month, tourism suffered during a weeklong public holiday as a result of ongoing travel restrictions to manage COVID-19 outbreaks. According to official statistics, tourism earnings for the holiday were only 44 percent compared to the 2019 pre-pandemic levels. Infections have increased in the interim, forcing businesses to temporarily close down.

While certain industries have defied economic challenges to see strong growth in October and the preceding months, such as the green energy and technology sectors, the overall economic scenario is not meeting expectations. The producer price index declined in October for the first time in nearly two years, while exports fell for the first time since May 2020. Moreover, with a modest 0.6 percent yearly gain, the core consumer price index – which excludes food and energy – showed no change from September. As we head into the end of the year, the government has indicated it will roll out further stimulus measures to keep the economy on the uneven road to recovery. At the same time, it will remain committed to the zero-COVID policy and refrain from adopting sweeping stimulus measures.

Below we look at the key economic and trade data for October and discuss how the government plans to steer the country out of the current economic rut.

Value-added output of industrial enterprises over a designated size (those with an annual main business income of RMB 20 million, or US$2.9 million, and above) grew by 5 percent year-on-year, slightly missing expectations for a 5.2 percent gain, indicating a slowdown from the 6.3 percent growth seen in September.

Two of the three main industries experienced a growth slowdown, while one accelerated:

Mining grew by 4.0 percent year-on-year, slowing from 7.2 percent in September

Manufacturing grew by 5.2 percent year-on-year compared to 6.4 in September

Electricity, heat, gas, and water production and supply grew by 4.0 percent year-on-year, an acceleration from just 2.9 percent in September

Certain sectors still saw significant month-on-month growth despite the overall slowdown, in particular, green energy and smart products, such as new energy vehicles and solar energy batteries:

New energy vehicles were up 84.8 percent year-on-year

Lithium batteries grew by 142.6 percent year-on-year, up from 10.8 percent in September

Meanwhile, growth of the value-added output of the high-end manufacturing industry also outpaced the overall industrial sector, reaching 10.6 percent, growing 1.3 percentage points faster than in September.

The manufacturing purchasing manager’s index (PMI), which gives an indication of manufacturing activity in China, showed a contraction in October at 49.2 percent, down 0.9 percentage points from September.

The Index of Service Production (ISP) for October, which indicates the output change of the service industry, increased by 0.1 percent year on year, down from 1.3 percent in September.

Production indicators of the main services sectors still saw positive growth:

Information transmission, software, and IT services grew 9.2 percent year-on-year, 0.7 percentage points faster than in September

The financial industry grew 6.4 percent year-on-year, 1.5 percentage points faster than in September

Meanwhile, between January and October 2022, the operating income of service enterprises above a designated size grew 4.7 percent from the same period last year. Among these:

Information transmission, software, and IT services grew 8.0 percent year-on-year

Health and social work services grew 8.9 percent year-on-year

Scientific research and technical services grew 7.9 percent year-on-year

China’s Service Business Activity Index for July, which indicates development in the service sector business activities, was 47 percent. The index for industries including railway and air transportation, catering and hospitality, telecommunications, radio and television, satellite transmission services, ecological protection and public facility management, culture, sports, and entertainment stood at 55 percent, indicating that they are still within the region of expansion.

The slowdown in the ISP was due in part to drag from the real estate market, which saw an 8.8 percent contraction in its production index. In addition, some in-person services also saw slowed growth due to the impact of COVID-19 outbreaks and restrictions.

Meanwhile, retail sales in July continued to see sluggish growth, reaching 2.7 percent, a slowdown of 0.4 percentage points from June. Among the various types of consumption:

Retail sales of goods reached RMB 3.6 trillion (US$502 billion), a year-on-year increase of 0.5 percent

Catering revenue reached RMB 409.9 billion (US$57 billion), a year-on-year decrease of 8.1 percent

Retail sales of grain, oil, and food companies above the designated size (annual main business income of RMB 20 million and above for wholesale companies, RMB 5 million and above for retail, and RMB 2 million and above for catering and hospitality) increased by 8.3 percent a year-on-year

Retail sales of gold, silver, and jewelry companies above the designated size fell by 2.7 percent year-on-year

Retail sales of household appliances and audio-visual equipment companies above the designated size fell by 14.1 percent

In the period between January and October 2022, total retail sales of consumer goods decreased by 0.5 percent from the same period in 2021. Of this, online sales of material goods accounted for 26.2 percent of total retail sales, growing 7.2 percent from the same period in 2021 to reach RMB 9.4 trillion (US$1.3 trillion).

Growth of fixed asset investments (FAI) in October increased just 0.12 percent month-on-month and slowed from 6.1 percent in the first half of 2022 to 5.8 percent in the period from January to September 2022. Meanwhile, infrastructure investment grew 8.7 percent year-on-year on the back of increased government spending through the issuance of special purpose bonds (SPBs), and manufacturing investment grew 9.7 percent year-on-year. Real estate development decreased by 8.8 percent from January to October, further lowering from the 8.0 percent drop registered in the first nine months of 2022.

Real estate development investment and sales still represent the largest contraction, with commercial housing sales dropping 26.1 percent year-on-year (a slight recovery compared to a decrease of 26.3 percent from January to September 2022). Since several developers started making loan defaults in the second half of 2021, China’s housing industry has been in a serious crisis, and a mortgage boycott continues to scare away prospective homebuyers.

Investment across most other sectors showed some loss, with FAI slowing slightly from September, and showing a slow recovery from the same period in the previous year in the three main industry sectors:

FAI in primary industries grew 1.4 percent year-on-year, slowing slightly from 1.6 percent in September

FAI in secondary industries grew 10.8 percent year-on-year, slowing from 11.1 percent in September

FAI in tertiary industries grew 8.7 percent year-on-year, increasing from the 8.7 percent growth in September

Meanwhile, FAI in high-tech sectors in October remained strong:

High-tech manufacturing increased 23.6 percent year-on-year

High-tech services increased 14.3 percent year-on-year

Among the high-tech manufacturing sectors, investment in electronics and communications equipment manufacturing grew 20.8 percent year-on-year compared to 19.9 percent in September.

China’s trade data disappointed forecasts in October. Total import and export of goods in October reached RMB 3.4 trillion (US$482 billion), a year-on-year increase of 9.5 percent, which is however slower than the growth rate registered in September. Exports decreased 0.3 percent from the previous year, registering the first drop since May 2020, amid weak overseas demand.

As local demand declined in the face of tight COVID-19 curbs, imports shrank at a quicker 0.7 percent rate compared to the previous month, marking the first decline since August 2020.

Imports and exports between private companies accounted for 50.4 percent of the total in the period between January and October, increasing 2.2 percent year-on-year.

Compared with September, the year-on-year growth rate of imports and exports in October slowed down. As the global economic scenario continues to look gloomy, many markets are preparing for an approaching recession. The resistance from the global side of demand to exports could be the main reason why China’s export growth may fall again in the next four quarters. Leading indicators such as the decline of global PMI and the year-on-year decline of the inventory of major durable goods in the US all indicate that the overseas demand market is highly likely to continue to shrink.

Specifically, China’s exports to the EU, the US, Japan, and the United Kingdom continued to show slower growth trends. The reason is still that the production capacity of these developed countries is weak, while their import demand continues to decline.

China’s largest trade partner in 2022 remains the Southeast Asian region, which accounted for the majority of all imports and exports in the period between January and October. China’s trade surplus with the region expanded during this period, reaching RMB 5.26 trillion (US$736 billion), and accounting for 15.2 percent of China’s total foreign trade. China’s highest imports came from ASEAN, amounting to RMB 2.2 trillion (US$334 billion), showing a year-on-year growth rate of 15.8 percent.

The EU was China’s second-largest trading partner with a total of RMB 4.6 trillion (US$641.7 billion). Exports from China to the EU grew 15.9 percent year-on-year, while imports fell by 4.7 percent, likely due to the impact of the Russia-Ukraine conflict and slowing market demand.

The US is China’s largest export country and third-largest trade partner. Exports from China to the US grew by 8.5 percent year-on-year to reach RMB 325 billion (US$45.3 billion), while imports grew just 1.7 percent year-on-year.

South Korea is China’s fourth largest trade partner. Exports to South Korea grew by 16.3 percent, while imports declined by 0.3 percent.

From the perspective of commodities, in October, the growth rate of steel and copper imports continued to decline by 19.72 percent and 18.08 percent, respectively, from 18.66 percent and 5.71 percent registered in September. On the other hand, the import growth of crude oil was 43.81 percent. Imports of iron, soybeans, and integrated circuits contracted by – 26.79 percent, – 6.05 percent, and -1.05 percent year-on-year.

Following the performance between January and October, which created a strong platform for growth, the inflow of foreign direct investment (FDI) is projected to increase by double digits this year, according to market observers and company leaders.

Thanks to new opening-up policy measures, high-standard business platforms, and multilateral trade initiatives like the annual China International Import Expo and the Regional Comprehensive Economic Partnership (RCEP) agreement, China has managed to create a favorable environment for the growth of foreign-funded companies.

In particular, high-tech industries experienced a significant year-on-year rise in FDI of 31.7 percent between January and October as China entered its new era of environmentally friendly and innovation-led growth. Specifically:

FDI increased by 57.2 percent in high-tech manufacturing, year-on-year

FDI increased by 25 percent in high-tech services, year-on-year

What is the government doing to spur economic growth in Q4?

For the remainder of 2022 and the first half of 2023, the Chinese economy’s recovery could be slower than anticipated. A slow real estate market and low consumer confidence are reducing domestic demand. Without a set end date, the zero-Covid policy will remain in place, and the government is not expected to introduce significant stimulus measures to boost the real estate market. In addition, a global economic slowdown, particularly in the US and Europe, will affect China’s export orders.

In a meeting on the economy held in late July 2022, China’s Politburo subtly retracted its 2022 GDP growth target of “about 5.5 percent,” indicating it does not anticipate reaching this level by the end of the year. The governing body argued in favor of “focusing on stabilizing employment and prices, keeping the economy working within a tolerable range.” Moreover, China has historically followed a “prudent” monetary policy that prefers the use of targeted financial instruments over more forceful stimulus, such as lending and policy loans to boost certain businesses and groups and broader loan rate decreases to inject cash into the banking system. The goal of this policy is to prevent flooding the market with liquidity and overstimulating the economy. The government, however, might still turn to a policy of fiscal expansion to spur the economy at last.

To maintain economic stability, Beijing has signaled several positive steps in the direction of opening up and reviving the general business sentiment. In recent declarations, Chinese authorities reaffirmed that growth was still a top goal and that they will continue with reforms. This helped to support stock markets that had already been boosted by expectations that Beijing might relax its stringent COVID-19 regulations. Investors clung to the hope that China may relax its strict COVID policy in the coming months, despite the fact that the number of cases has been increasing, and lockdowns continue without a clear end in sight.

As China’s industrial chain continues to meet global companies’ demands, from equipment manufacturing to high-end product research and design, the country is eager to attract foreign investment. The nation’s main economic regulator, the National Development and Reform Commission (NDRC), released 15 measures in October to facilitate foreign-invested projects. The measures include enabling foreign businesses to raise capital on domestic stock exchanges and assisting them in their industrial endeavors.

Infrastructure investment has historically been a key driver of China’s economic growth, and it appears the government will continue to rely on infrastructure investment to support the economy in the upcoming months. In a recent effort to contain the housing market problem, Chinese financial authorities asked the nation’s banks to facilitate more financing to the real estate industry, releasing 16 financial measures to promote market development.

In a meeting with Managing Director Kristalina Georgieva of the International Monetary Fund (IMF), Premier Li Keqiang also reassured that, in order to maintain the major economic indicators within a reasonable range, consolidate and expand the steadily upward trend of the economy, and make a full-scale effort to improve results throughout the year, China will continue to fully implement a package of policy measures for stabilizing the economy.

The investments in infrastructure targeted monetary tools, and further opening up of the economy may continue to support China in avoiding the worst effects of the global recession, while the country pursue slow yet steady economic growth.

By Giulia Interesse on November 24 2022 for the China Briefing.

30.11.2022

China’s industrial profits give way

Profits at China’s industrial firms fell at a faster pace in January-October as a resurgence of COVID-19 cases and a deepening property crisis weighed on factory activity and demand.

Industrial profits fell 3.0% in the first 10 months of 2022 from a year earlier, after a 2.3% slump in January-September, according to data from the National Bureau of Statistics (NBS) released on Sunday.

The bureau has not reported standalone monthly figures since July.

With new COVID-19 cases in China hitting record highs and more cities imposing strict anti-virus measures, consumption is slowing sharply in the world’s second-largest economy, while exports are succumbing to cooler global demand.

Some analysts now believe GDP could contract in the current quarter from the third quarter, and have cut their 2023 forecasts, predicting the path to reopening the economy will be slow and bumpy.

Analysts from Nomura now expect fourth-quarter GDP to shrink 0.3% from the preceding three months, and cut their fourth-quarter growth forecast on a year-on-year basis to 2.4% from 2.8%.

Likewise, analysts from Oxford Economics also cut their 2022 and 2023 GDP forecasts as they believe a broadening of lockdown measures is expected.

“Risks to our near-term outlook are now skewed to the downside. Our baseline view already incorporates a bumpy path towards a broader reopening in H2 2023, featuring episodic flare-ups in the near-term given seasonal vulnerabilities heading into the winter/flu season,” Oxford Economics analysts said.

To prop up the faltering economy, authorities have rolled out a flurry of measures recently, including moves to ease some COVID curbs and provide financial support to the ailing property market, which have underpinned market sentiment.

On Friday, China said would cut the amount of cash that banks must hold as reserves for the second time this year, releasing about 500 billion yuan ($69.8 billion) in long-term liquidity.

Last month, China’s industrial output surged 5.0% from a year earlier, missing expectations for a 5.2% gain in a Reuters poll and slowing from the 6.3% growth seen in September.

Industrial profit data covers large firms with annual revenues above 20 million yuan from their main operations.

By Liz Lee, Ella Cao and Liangping Gao on November 25 2022 for Reuters.

China, Pacific

30.11.2022

China’s Belt & Road; looking for mysteries where there are none

The Western World underestimates Beijing when it fails to account for the speed of its energy strategy changes and the incredible flexibility of China's Belt and Road Initiative (BRI) program, an unprecedented geopolitical lever. Beijing is constantly strengthening its ties with the Gulf Cooperation Council (GCC) and especially with Saudi...

The Western World underestimates Beijing when it fails to account for the speed of its energy strategy changes and the incredible flexibility of China's Belt and Road Initiative (BRI) program, an unprecedented geopolitical lever. Beijing is constantly strengthening its ties with the Gulf Cooperation Council (GCC) and especially with Saudi...

30.11.2022

Chinese airlines set to increase overseas routes

Chinese airlines have more market confidence for overseas flights after 20 optimized measures were released to combat COVID-19, and they aim to increase the number of overseas routes.

It is expected that overseas market demand will be slightly increased from the fourth quarter of this year to the beginning of next...

Chinese airlines have more market confidence for overseas flights after 20 optimized measures were released to combat COVID-19, and they aim to increase the number of overseas routes.

It is expected that overseas market demand will be slightly increased from the fourth quarter of this year to the beginning of next...

30.11.2022

Chinese ports' container throughput maintains expansion in January-October

Container throughput at China's ports continued stable growth from January to October 2022, data from the Ministry of Transport shows.

During this period, some 240 million twenty-foot equivalent units of containers were handled at the country's ports, up 4 percent year-on-year, according to the ministry.

The year-on-year growth rate is the same...

Container throughput at China's ports continued stable growth from January to October 2022, data from the Ministry of Transport shows.

During this period, some 240 million twenty-foot equivalent units of containers were handled at the country's ports, up 4 percent year-on-year, according to the ministry.

The year-on-year growth rate is the same...

30.11.2022

Investment in China's road, waterway transport on the rise

China's fixed-asset investment in road and waterway transport maintained a steady growth from January to October, official data showed Tuesday.

The fixed-asset investment in road and waterway transport reached nearly 2.47 trillion yuan ($345 billion) in the first ten months, up 9.5 percent year-on-year, said the Ministry of Transport.

In breakdown, road...

China's fixed-asset investment in road and waterway transport maintained a steady growth from January to October, official data showed Tuesday.

The fixed-asset investment in road and waterway transport reached nearly 2.47 trillion yuan ($345 billion) in the first ten months, up 9.5 percent year-on-year, said the Ministry of Transport.

In breakdown, road...

30.11.2022

Shanghai sees foreign trade rise 5.3% in January-October

Shanghai saw its foreign trade value grow by 5.3 percent year-on-year to 3.46 trillion yuan ($483 billion) in the first 10 months of this year, local customs said Tuesday.

Of the total, Shanghai's exports reached 1.41 trillion yuan, up 12.5 percent, while its imports grew 0.9 percent to hit 2.05 trillion...

Shanghai saw its foreign trade value grow by 5.3 percent year-on-year to 3.46 trillion yuan ($483 billion) in the first 10 months of this year, local customs said Tuesday.

Of the total, Shanghai's exports reached 1.41 trillion yuan, up 12.5 percent, while its imports grew 0.9 percent to hit 2.05 trillion...

30.11.2022

China announces plan to shore up industrial economy

China will roll out a slew of measures to sustain the recovery momentum of the industrial economy, according to a circular released on Monday.

Industry, region and enterprise-specific measures will be adopted to secure the sound development of key industries, boost coordinated regional development, and inject vitality into industrial enterprises, per...

China will roll out a slew of measures to sustain the recovery momentum of the industrial economy, according to a circular released on Monday.

Industry, region and enterprise-specific measures will be adopted to secure the sound development of key industries, boost coordinated regional development, and inject vitality into industrial enterprises, per...

30.11.2022

New measures unveiled to support foreign companies amid COVID-19

More efforts will be made to help foreign enterprises ensure stable production in China and facilitate the cross-border travel of foreign enterprises' employees and their family members, a new government notification said on Monday.

The notification was jointly released by the Ministry of Industry and Information Technology, the National Development and...

More efforts will be made to help foreign enterprises ensure stable production in China and facilitate the cross-border travel of foreign enterprises' employees and their family members, a new government notification said on Monday.

The notification was jointly released by the Ministry of Industry and Information Technology, the National Development and...

30.11.2022

IMF expects gradual growth for China's economy

The International Monetary Fund has forecasted China's economy to grow at 3.2 percent in 2022, then rise by 4.4 percent for the next two years as the country's growth remains under pressure following an "impressive" recovery from the pandemic's initial impact.

The preliminary findings were released by the IMF on Tuesday,...

The International Monetary Fund has forecasted China's economy to grow at 3.2 percent in 2022, then rise by 4.4 percent for the next two years as the country's growth remains under pressure following an "impressive" recovery from the pandemic's initial impact.

The preliminary findings were released by the IMF on Tuesday,...

30.11.2022

China's crude oil output expands rapidly in October

China's crude oil output posted faster expansion in October, official data showed.

The output totaled 17.22 million tonnes in October, rising 2.5 percent year-on-year and 1.1 percentage points higher than that of September, according to the National Bureau of Statistics.

Last month, China imported 43.14 million tonnes of crude oil, climbing 14.1...

China's crude oil output posted faster expansion in October, official data showed.

The output totaled 17.22 million tonnes in October, rising 2.5 percent year-on-year and 1.1 percentage points higher than that of September, according to the National Bureau of Statistics.

Last month, China imported 43.14 million tonnes of crude oil, climbing 14.1...

30.11.2022

China's natural gas output up 12.3% in October

China's natural gas output logged robust growth last month, data from the National Bureau of Statistics showed.

The country produced 18.5 billion cubic meters of natural gas in October, up 12.3 percent from a year ago and the growth pace was 7.7 percentage points faster than that in September.

In the first...

China's natural gas output logged robust growth last month, data from the National Bureau of Statistics showed.

The country produced 18.5 billion cubic meters of natural gas in October, up 12.3 percent from a year ago and the growth pace was 7.7 percentage points faster than that in September.

In the first...

30.11.2022

China produces world's largest 16-megawatt wind turbine

China's home-developed 16-megawatt offshore wind turbine rolled off the production line in East China's Fujian Province on Wednesday. The turbine boasts the world's largest single-unit capacity and biggest impeller, marking a breakthrough in high-end research and manufacturing to reach world-class levels.

With a propeller diameter of 252 meters, the wind turbine...

China's home-developed 16-megawatt offshore wind turbine rolled off the production line in East China's Fujian Province on Wednesday. The turbine boasts the world's largest single-unit capacity and biggest impeller, marking a breakthrough in high-end research and manufacturing to reach world-class levels.

With a propeller diameter of 252 meters, the wind turbine...

30.11.2022

China's cross-border capital flows considered stable

China's cross-border capital flows are stable and there is great potential for global capital to be allocated, given the international appeal of yuan financial assets, an official at the State Administration of Foreign Exchange (SAFE) said on Tuesday.Since the beginning of 2022, China's foreign-related economic activities have remained active and...

China's cross-border capital flows are stable and there is great potential for global capital to be allocated, given the international appeal of yuan financial assets, an official at the State Administration of Foreign Exchange (SAFE) said on Tuesday.Since the beginning of 2022, China's foreign-related economic activities have remained active and...

30.11.2022

China to unswervingly expand financial industry opening-up

China will unswervingly expand the opening-up of its financial industry and cultivate a high-class environment for market entities, a Chinese official said on Tuesday at the ongoing 2022 Financial Street Forum in Beijing.

China has introduced more than 50 financial reform and opening-up policies since 2018, and more than 120 foreign...

China will unswervingly expand the opening-up of its financial industry and cultivate a high-class environment for market entities, a Chinese official said on Tuesday at the ongoing 2022 Financial Street Forum in Beijing.

China has introduced more than 50 financial reform and opening-up policies since 2018, and more than 120 foreign...

30.11.2022

Quality of Chinese listings steadily improves

China has made substantial headway in improving the quality of listed firms, a microcosm of the economy's shift toward higher-quality development and its restructuring toward tech- and innovation-oriented growth, securities regulatory officials, bourse heads and business executives told an influential financial forum in Beijing on Tuesday.

Citing robust statistics that point...

China has made substantial headway in improving the quality of listed firms, a microcosm of the economy's shift toward higher-quality development and its restructuring toward tech- and innovation-oriented growth, securities regulatory officials, bourse heads and business executives told an influential financial forum in Beijing on Tuesday.

Citing robust statistics that point...

30.11.2022

Bears control China yuan as pandemic returns

China's yuan inched lower on Wednesday as worsening COVID-19 outbreaks weighed on sentiment, while investors also anxiously awaited minutes of the Federal Reserve's policy meeting for more clues on the U.S. tightening trajectory.

China reported 29,157 new COVID-19 infections for Nov. 22, a new high in more than seven months, while the...

China's yuan inched lower on Wednesday as worsening COVID-19 outbreaks weighed on sentiment, while investors also anxiously awaited minutes of the Federal Reserve's policy meeting for more clues on the U.S. tightening trajectory.

China reported 29,157 new COVID-19 infections for Nov. 22, a new high in more than seven months, while the...

30.11.2022

China stock markets show resilience to lockdown threats

China stocks traded in a tight range and ended higher on Wednesday, helped by the latest round of property financing support policies, including the central bank's 200 billion loans.

Shares in Hong Kong rebounded after a 5-day losing streak, as gains in U.S. stocks overnight helped the local market.

China's blue-chip CSI...

China stocks traded in a tight range and ended higher on Wednesday, helped by the latest round of property financing support policies, including the central bank's 200 billion loans.

Shares in Hong Kong rebounded after a 5-day losing streak, as gains in U.S. stocks overnight helped the local market.

China's blue-chip CSI...

30.11.2022

China imposes timely RRR cuts to keep liquidity up

China will use timely cuts in banks' reserve requirement ratio (RRR), alongside other monetary policy tools, to keep liquidity reasonably ample, state media on Wednesday quoted a cabinet meeting as saying.

Hurt by COVID-19 restrictions and a sharp property downturn, China's economy has been struggling to get back on its feet, even after a flurry...

China will use timely cuts in banks' reserve requirement ratio (RRR), alongside other monetary policy tools, to keep liquidity reasonably ample, state media on Wednesday quoted a cabinet meeting as saying.

Hurt by COVID-19 restrictions and a sharp property downturn, China's economy has been struggling to get back on its feet, even after a flurry...

30.11.2022

China's international trade in goods, services up 5% in October

The export and import of China's international trade in goods and services in October hit 3.85 trillion yuan, or $539.6 billion, up 5 percent over the same period last year, official data showed Friday.

The export of goods came in at 1.92 trillion yuan and imports hit 1.51 trillion yuan, resulting...

The export and import of China's international trade in goods and services in October hit 3.85 trillion yuan, or $539.6 billion, up 5 percent over the same period last year, official data showed Friday.

The export of goods came in at 1.92 trillion yuan and imports hit 1.51 trillion yuan, resulting...

30.11.2022

China's marine economy expands with improved quality

China's marine economy logged sound development in 2021, enlarging its scale and optimizing its structure, the National Marine Data and Information Service said on Thursday.

Last year, the country's gross marine product exceeded 9 trillion yuan ($ 1.26 trillion), up 8.3 percent year-on-year, according to a report released by the NMDIS.

The...

China's marine economy logged sound development in 2021, enlarging its scale and optimizing its structure, the National Marine Data and Information Service said on Thursday.

Last year, the country's gross marine product exceeded 9 trillion yuan ($ 1.26 trillion), up 8.3 percent year-on-year, according to a report released by the NMDIS.

The...

30.11.2022

Investment up in China’s roadway transport

China's fixed-asset investment in road and waterway transport systems maintained steady growth from January to October, official data showed. Investments reached nearly 2.47 trillion yuan ($345 billion) in the first 10 months, up 9.5 percent year-on-year, said the Ministry of Transport.

Road transport investment reached 2.34 trillion yuan, up 9.6 percent....

China's fixed-asset investment in road and waterway transport systems maintained steady growth from January to October, official data showed. Investments reached nearly 2.47 trillion yuan ($345 billion) in the first 10 months, up 9.5 percent year-on-year, said the Ministry of Transport.

Road transport investment reached 2.34 trillion yuan, up 9.6 percent....

30.11.2022

China's software sector sees robust revenue growth in first 10 months

China's software industry reported a 10-percent increase in business revenue in the first ten months of 2022, according to official data.

Revenue totaled 8.42 trillion yuan (about $1.18 trillion) during the period, data from the Ministry of Industry and Information Technology shows.

Companies in this sector raked in more than 1 trillion...

China's software industry reported a 10-percent increase in business revenue in the first ten months of 2022, according to official data.

Revenue totaled 8.42 trillion yuan (about $1.18 trillion) during the period, data from the Ministry of Industry and Information Technology shows.

Companies in this sector raked in more than 1 trillion...

30.11.2022

China's telecom sector registers stable growth in January-October

China's telecommunications industry maintained steady expansion in revenue in the first 10 months of 2022, with emerging businesses such as cloud computing posting rapid growth, official data showed.

The combined operating revenue of the sector stood at over 1.32 trillion yuan ($185 billion) in the January-October period, rising 8 percent year-on-year,...

China's telecommunications industry maintained steady expansion in revenue in the first 10 months of 2022, with emerging businesses such as cloud computing posting rapid growth, official data showed.

The combined operating revenue of the sector stood at over 1.32 trillion yuan ($185 billion) in the January-October period, rising 8 percent year-on-year,...

30.11.2022

China's SMEs report improved performance in October

The activities of China's small and medium-sized enterprises (SMEs) picked up in October as the country's economy has logged a stable recovery since the third quarter of this year, industry data showed.

The Small and Medium Enterprises Development Index, calculated based on a survey of 3,000 SMEs, came in at 88.2...

The activities of China's small and medium-sized enterprises (SMEs) picked up in October as the country's economy has logged a stable recovery since the third quarter of this year, industry data showed.

The Small and Medium Enterprises Development Index, calculated based on a survey of 3,000 SMEs, came in at 88.2...

30.11.2022

China's tourism market gains new momentum

Wang Tao recently drove a recreational vehicle (RV) from his hometown in the southwestern Chinese city Kunming to Zhangjiajie, a famous tourist city in central China's Hunan province, realizing one of his long-held dreams.

RV tours have become increasingly popular in China in recent years. The country launched the new C6...

Wang Tao recently drove a recreational vehicle (RV) from his hometown in the southwestern Chinese city Kunming to Zhangjiajie, a famous tourist city in central China's Hunan province, realizing one of his long-held dreams.

RV tours have become increasingly popular in China in recent years. The country launched the new C6...

30.11.2022

CNPC’s Tarim Oilfield continues to increase oil, natural gas output

The Tarim Oilfield, operated by the China National Petroleum Corporation (CNPC), China's leading oil and gas producer, has produced 6.6 million tons of crude oil so far this year, a record high, China Media Group (CMG) reported on Sunday.

The Hade-Fuman bloc of the oilfield has recently accelerated its production, with...

The Tarim Oilfield, operated by the China National Petroleum Corporation (CNPC), China's leading oil and gas producer, has produced 6.6 million tons of crude oil so far this year, a record high, China Media Group (CMG) reported on Sunday.

The Hade-Fuman bloc of the oilfield has recently accelerated its production, with...

30.11.2022

China completes 99% of winter grain planting

With winter grain sowing across China completing over 99 percent, experts said on Saturday that the smooth sowing this season has laid a solid foundation for the harvest next year, ensuring nation's food supply while facilitating economic growth despite the downward pressure.

As the autumn and winter grain sowing season is...

With winter grain sowing across China completing over 99 percent, experts said on Saturday that the smooth sowing this season has laid a solid foundation for the harvest next year, ensuring nation's food supply while facilitating economic growth despite the downward pressure.

As the autumn and winter grain sowing season is...

30.11.2022

China's commerce ministry vows better support for foreign manufacturing investment

The Ministry of Commerce Thursday pledged to better support multinationals in investing in China's manufacturing sector.

Foreign investment is significant to China's manufacturing upgrades and integration into global industrial and supply chains, the ministry's spokesperson, Shu Jueting, told a regular news conference.

The ministry recently published policy documents that contain 15 specific...

The Ministry of Commerce Thursday pledged to better support multinationals in investing in China's manufacturing sector.

Foreign investment is significant to China's manufacturing upgrades and integration into global industrial and supply chains, the ministry's spokesperson, Shu Jueting, told a regular news conference.

The ministry recently published policy documents that contain 15 specific...

30.11.2022

China's financial sector broadens in wealthier golden years pursuit

Instead of comparing prices of desired products on different e-commerce platforms during the online shopping festival earlier this month, Ding Meng, a 34-year-old white collar worker, purchased commercial endowment insurance after careful study of a variety of choices.

By paying a monthly contribution to the insurer for 10 years, Ding would...

Instead of comparing prices of desired products on different e-commerce platforms during the online shopping festival earlier this month, Ding Meng, a 34-year-old white collar worker, purchased commercial endowment insurance after careful study of a variety of choices.

By paying a monthly contribution to the insurer for 10 years, Ding would...

30.11.2022

RRR cut to boost real economy, spur growth

China's central bank announced on Friday it will cut the reserve requirement ratio for banks, a key move to boost financing of the real economy and buffer the economic impact of a rise in COVID-19 cases, experts said.

People's Bank of China, the country's central bank, announced on Friday that it...

China's central bank announced on Friday it will cut the reserve requirement ratio for banks, a key move to boost financing of the real economy and buffer the economic impact of a rise in COVID-19 cases, experts said.

People's Bank of China, the country's central bank, announced on Friday that it...

30.11.2022

Yuan depreciates as bug takes toll

China's yuan weakened on Friday, as a continuous surge in Covid cases has rekindled traders' concern about the slowing economy, and doubts about whether more monetary easing policies could achieve its goal of stimulating growth.

China has reported another record high of new local Covid-19 cases on Thursday, totalling 32,695, as...

China's yuan weakened on Friday, as a continuous surge in Covid cases has rekindled traders' concern about the slowing economy, and doubts about whether more monetary easing policies could achieve its goal of stimulating growth.

China has reported another record high of new local Covid-19 cases on Thursday, totalling 32,695, as...

30.11.2022

Mainland China stock markets end week in positive domain as Hong Kong posts losses

China stocks rose on Friday, boosted by property developers after the country's latest measures to support the beleaguered sector, while Hong Kong shares were dragged down by tech firms as China reported record-high new daily COVID-19 cases.

The blue-chip CSI 300 Index rose 0.5% by the end of the morning session,...

China stocks rose on Friday, boosted by property developers after the country's latest measures to support the beleaguered sector, while Hong Kong shares were dragged down by tech firms as China reported record-high new daily COVID-19 cases.

The blue-chip CSI 300 Index rose 0.5% by the end of the morning session,...

30.11.2022

China frees up $70 bln for banks to underpin slowing economy

China said on Friday it would cut the amount of cash that banks must hold as reserves for the second time this year, releasing about 500 billion yuan ($69.8 billion) in long-term liquidity to prop up the faltering economy.

The People's Bank of China (PBOC) said it would cut the reserve...

China said on Friday it would cut the amount of cash that banks must hold as reserves for the second time this year, releasing about 500 billion yuan ($69.8 billion) in long-term liquidity to prop up the faltering economy.

The People's Bank of China (PBOC) said it would cut the reserve...

Eurasia

30.11.2022

China increases gas imports from Uzbekistan by 52.5% in 10m 2022

Uzbekistan exported natural gas worth US$916.7 million to China from January through October 2022, according to Uzbek national media. That is an increase of 52.5% compared to the same period last year.

Uzbekistan is among the prioritized gas exporters for China in the Central Asia region. The country ranks fifth in...

Uzbekistan exported natural gas worth US$916.7 million to China from January through October 2022, according to Uzbek national media. That is an increase of 52.5% compared to the same period last year.

Uzbekistan is among the prioritized gas exporters for China in the Central Asia region. The country ranks fifth in...

30.11.2022

Russian online retailer Ozon opens Shenzhen office

Ozon, one of Russia's largest online retailers, has opened an office in Shenzhen, South China's Guangdong Province, as the demand for Chinese products keeps soaring, a move that industry insiders envision would spell more business opportunities for Chinese entrepreneurs amid rapidly growing economic ties between the two countries.

From home appliances,...

Ozon, one of Russia's largest online retailers, has opened an office in Shenzhen, South China's Guangdong Province, as the demand for Chinese products keeps soaring, a move that industry insiders envision would spell more business opportunities for Chinese entrepreneurs amid rapidly growing economic ties between the two countries.

From home appliances,...

30.11.2022

Belarus touted as Belt and Road's anchor point

Belarus has become an anchor point of China's Belt and Road Initiative, said Ambassador Extraordinary and Plenipotentiary of Belarus to China Yuri Senko, BelTA has learned.

“Belarus and China have been consistently and confidently moving towards each other for 30 years, constantly increasing the level of bilateral relations. A milestone event...

Belarus has become an anchor point of China's Belt and Road Initiative, said Ambassador Extraordinary and Plenipotentiary of Belarus to China Yuri Senko, BelTA has learned.

“Belarus and China have been consistently and confidently moving towards each other for 30 years, constantly increasing the level of bilateral relations. A milestone event...

30.11.2022

Chinese company builds wind farm in Kazakhstan

On November 22, 2022, an online auction was held on renewable energy sources for the northern zone of the Unified Electricity System of Kazakhstan (Aktobe region) for the selection of wind power plants (WPPs) with a capacity of 50 MW.

The Ministry of Energy of Kazakhstan clarified that 10 companies were...

On November 22, 2022, an online auction was held on renewable energy sources for the northern zone of the Unified Electricity System of Kazakhstan (Aktobe region) for the selection of wind power plants (WPPs) with a capacity of 50 MW.

The Ministry of Energy of Kazakhstan clarified that 10 companies were...

30.11.2022

Russia brings iconic car brand back to live with Chinese model

After a two-decade hiatus, Russia on Wednesday launched production of the Moskvich car brand at a plant near Moscow given up by the French carmaker Renault, with a new, modern Chinese design that barely resembles the Soviet-era classic.

While the last Moskvich ("Muscovite") was a basic three-box saloon or pedestrian hatchback,...

After a two-decade hiatus, Russia on Wednesday launched production of the Moskvich car brand at a plant near Moscow given up by the French carmaker Renault, with a new, modern Chinese design that barely resembles the Soviet-era classic.

While the last Moskvich ("Muscovite") was a basic three-box saloon or pedestrian hatchback,...

30.11.2022

Kyrgyzstan becomes Xinjiang’s top foreign trade partner

Foreign trade volume for the Xinjiang Uygur autonomous region soared 60.3 percent year-on-year to 194.8 billion yuan ($27.19 billion) from January to October this year. The growth rate ranked first in the country, according to Urumqi Customs.

Xinjiang had been active in trade with countries involved in the Belt and Road...

Foreign trade volume for the Xinjiang Uygur autonomous region soared 60.3 percent year-on-year to 194.8 billion yuan ($27.19 billion) from January to October this year. The growth rate ranked first in the country, according to Urumqi Customs.

Xinjiang had been active in trade with countries involved in the Belt and Road...

30.11.2022

Kazakhstan puts cooperation with Russia and China first

Kazakhstan will prioritize cooperation with its close neighbors, including Russia and China, President Kassym-Jomart Tokayev said on Saturday in his inauguration speech after being re-elected. The nation will pursue a “balanced” foreign policy guided by its own interests, he added. “[We] will focus our priority attention on … mutually beneficial cooperation and...

Kazakhstan will prioritize cooperation with its close neighbors, including Russia and China, President Kassym-Jomart Tokayev said on Saturday in his inauguration speech after being re-elected. The nation will pursue a “balanced” foreign policy guided by its own interests, he added. “[We] will focus our priority attention on … mutually beneficial cooperation and...

Europe

30.11.2022

European investors bullish on China market

Top investors from the US and Europe are increasingly making long-term bets on China, as they believe that the world's second-largest economy is on a fast track to recovery and will bring them significant gains.

Now is the time to make long-term investments in China because the nation is set to...

Top investors from the US and Europe are increasingly making long-term bets on China, as they believe that the world's second-largest economy is on a fast track to recovery and will bring them significant gains.

Now is the time to make long-term investments in China because the nation is set to...

30.11.2022

Forum promotes ties between China's Shenzhen, German-speaking world

A trade and business forum was held here on Monday to promote closer business ties between China's tech hub Shenzhen and the German-speaking DACH region (Germany, Austria and Switzerland).

Themed "Innovation and inspiration: building bridges between DACH area and Shenzhen," the forum attracted some 100 participants, including government officials, entrepreneurs and...

A trade and business forum was held here on Monday to promote closer business ties between China's tech hub Shenzhen and the German-speaking DACH region (Germany, Austria and Switzerland).

Themed "Innovation and inspiration: building bridges between DACH area and Shenzhen," the forum attracted some 100 participants, including government officials, entrepreneurs and...

30.11.2022

Remy Cointreau brewing growth in Chinese market

China has further expanded its consumption of spirits like whiskey and cognac, fueled by growing demand from a younger generation along with female consumers and from more home-based consumption scenarios, said French spirits group Remy Cointreau.

Besides traditional sales channels such as restaurants, bars and clubs, increasingly sophisticated Chinese consumers have...

China has further expanded its consumption of spirits like whiskey and cognac, fueled by growing demand from a younger generation along with female consumers and from more home-based consumption scenarios, said French spirits group Remy Cointreau.

Besides traditional sales channels such as restaurants, bars and clubs, increasingly sophisticated Chinese consumers have...

30.11.2022

Italy-China forum upbeat about bilateral commercial prospects

Entrepreneurs, diplomats and analysts from Italy and China expressed confidence on Thursday of the future economic ties between the two countries despite a temporary slowdown in two-way trade in the wake of the COVID-19 pandemic.

They made the remarks at "China-Italy: Prospects for Business," a forum organized by the Study Center...

Entrepreneurs, diplomats and analysts from Italy and China expressed confidence on Thursday of the future economic ties between the two countries despite a temporary slowdown in two-way trade in the wake of the COVID-19 pandemic.

They made the remarks at "China-Italy: Prospects for Business," a forum organized by the Study Center...

30.11.2022

Zagreb hosts Croatia-China Business Forum

Over 40 company representatives attended the Croatia-China Business Forum held here on Friday, the first in three years.

Addressing the event, Tomislav Rados, vice president of the Croatian Chamber of Economy, stressed the importance of bilateral economic cooperation and trade between Croatia and China.

"For many years now, Chinese investors have shown...

Over 40 company representatives attended the Croatia-China Business Forum held here on Friday, the first in three years.

Addressing the event, Tomislav Rados, vice president of the Croatian Chamber of Economy, stressed the importance of bilateral economic cooperation and trade between Croatia and China.

"For many years now, Chinese investors have shown...

30.11.2022

China's Shenzhen holds investment promotion conference in Ireland

An investment promotion conference was held here on Wednesday with an aim to enhance economic cooperation and bilateral investment between Ireland and Shenzhen, a southern Chinese coastal city and a high-tech hub.

China-Ireland economic and trade relationship has been growing steadily and two-way investment has maintained a good momentum, said Wang...

An investment promotion conference was held here on Wednesday with an aim to enhance economic cooperation and bilateral investment between Ireland and Shenzhen, a southern Chinese coastal city and a high-tech hub.

China-Ireland economic and trade relationship has been growing steadily and two-way investment has maintained a good momentum, said Wang...

South Asia, Middle East

30.11.2022

Chinese defence minister addresses ASEAN summit

In attending the 9th ASEAN Defense Ministers' Meeting-Plus in Cambodia, China's defense chief on Wednesday called for world solidarity and fairness instead of hegemony and division, and called on countries to practice the Global Security Initiative and work together to build a solid barrier for universal security. He also stressed...

In attending the 9th ASEAN Defense Ministers' Meeting-Plus in Cambodia, China's defense chief on Wednesday called for world solidarity and fairness instead of hegemony and division, and called on countries to practice the Global Security Initiative and work together to build a solid barrier for universal security. He also stressed...

30.11.2022

China-Laos-Thailand high-speed railway to become backbone infrastructure in enhancing regional connectivity

The China-Laos-Thailand high-speed railway is expected to play an important role in enhancing regional connectivity, further slashing transportation time and cost from the current level, a senior Thai researcher stated.

Although the project is still under construction, once completed it will become part of the backbone infrastructure for international trade between...

The China-Laos-Thailand high-speed railway is expected to play an important role in enhancing regional connectivity, further slashing transportation time and cost from the current level, a senior Thai researcher stated.

Although the project is still under construction, once completed it will become part of the backbone infrastructure for international trade between...

30.11.2022

China’s express giants facilitate business expansion in ASEAN

Chinese express conglomerates are facilitating business expansion overseas, with members of the Association of Southeast Asian Nations (ASEAN) being the major destination, amid wide expectation for a stronger regional cooperation for a more stable and secured supply chain.While the demand for logistic services has weakened across the globe, ignited by...

Chinese express conglomerates are facilitating business expansion overseas, with members of the Association of Southeast Asian Nations (ASEAN) being the major destination, amid wide expectation for a stronger regional cooperation for a more stable and secured supply chain.While the demand for logistic services has weakened across the globe, ignited by...

30.11.2022

New cargo route links Philippines' Davao with China's Tianjin

Tianjin Air Cargo, a cargo carrier based in China's Beijing-Tianjin-Hebei region, has launched a direct cargo flight service connecting Nanning, the capital of south China's Guangxi Zhuang Autonomous Region, and Davao City, an important economic center in the southern Philippines.

On Tuesday, the service's first outbound flight left Nanning for Davao...

Tianjin Air Cargo, a cargo carrier based in China's Beijing-Tianjin-Hebei region, has launched a direct cargo flight service connecting Nanning, the capital of south China's Guangxi Zhuang Autonomous Region, and Davao City, an important economic center in the southern Philippines.

On Tuesday, the service's first outbound flight left Nanning for Davao...

30.11.2022

Chinese-built network infrastructure project completed in Bangladesh

Phase III of Bangladesh’s network infrastructure project, built by Chinese companies, was completed on Tuesday. A celebration ceremony was held in Bangladesh’s capital Dhaka. The project aims to develop the country’s information and communication technology (ICT) sector.The project, which started in 2017 and is jointly funded by the Chinese and...

Phase III of Bangladesh’s network infrastructure project, built by Chinese companies, was completed on Tuesday. A celebration ceremony was held in Bangladesh’s capital Dhaka. The project aims to develop the country’s information and communication technology (ICT) sector.The project, which started in 2017 and is jointly funded by the Chinese and...

30.11.2022

Sinopec signs 27-year LNG deal with QatarEenergy

China's Sinopec said on Monday that it has signed a 27-year deal with QatarEnergy for liquefied natural gas (LNG), and QatarEnergy will supply 4 million tons of the fuel each year.

Reuters reported that it is the longest-term LNG agreement so far.

It is the second sales and purchase agreement (SPA) signed...

China's Sinopec said on Monday that it has signed a 27-year deal with QatarEnergy for liquefied natural gas (LNG), and QatarEnergy will supply 4 million tons of the fuel each year.

Reuters reported that it is the longest-term LNG agreement so far.

It is the second sales and purchase agreement (SPA) signed...

30.11.2022

China’s investment boom in Africa set to reshape economic order: QNB

A new economic order is emerging in Africa as the composition of foreign investment and trade changes. China’s economic footprint in Africa is rapidly outstripping the regional position of the US. Africa has been trading more with China than with the US since 2008, QNB noted in its weekly ‘economic...

A new economic order is emerging in Africa as the composition of foreign investment and trade changes. China’s economic footprint in Africa is rapidly outstripping the regional position of the US. Africa has been trading more with China than with the US since 2008, QNB noted in its weekly ‘economic...

30.11.2022

China, ASEAN move toward greater digital cooperation

With three major global summits concluded in Southeast Asia, digital economy governance has become an international focus. In this encouraging environment, four "great waves" are pushing China and ASEAN toward greater digital cooperation, South China Morning Post reported Wednesday.

On the back of the 20-year global digital economy development miracle, ASEAN...

With three major global summits concluded in Southeast Asia, digital economy governance has become an international focus. In this encouraging environment, four "great waves" are pushing China and ASEAN toward greater digital cooperation, South China Morning Post reported Wednesday.

On the back of the 20-year global digital economy development miracle, ASEAN...

30.11.2022

Chinese investments provide tangible benefits to Cambodia's national development

The Chinese investments have provided tangible benefits to Cambodia's national development in various fields including agriculture, agro-industry, industry, tourism, and infrastructure, a Cambodian senior legislator said.

Speaking at the second China-Cambodia Economic and Trade Cooperation Forum via videoconference on Wednesday, Suos Yara, chairman of the Committee on Foreign Affairs, International Cooperation,...

The Chinese investments have provided tangible benefits to Cambodia's national development in various fields including agriculture, agro-industry, industry, tourism, and infrastructure, a Cambodian senior legislator said.

Speaking at the second China-Cambodia Economic and Trade Cooperation Forum via videoconference on Wednesday, Suos Yara, chairman of the Committee on Foreign Affairs, International Cooperation,...

30.11.2022

China and Thailand sign MoU on e-commerce cooperation

China and Thailand have signed a memorandum of understanding on e-commerce cooperation, the Ministry of Commerce said on Thursday in an online statement.

The MoU was signed on Nov 19 by Wang Wentao, China's commerce minister, and Jurin Laksanawisit, Thai deputy prime minister and commerce minister, the MOC said.

According to the...

China and Thailand have signed a memorandum of understanding on e-commerce cooperation, the Ministry of Commerce said on Thursday in an online statement.

The MoU was signed on Nov 19 by Wang Wentao, China's commerce minister, and Jurin Laksanawisit, Thai deputy prime minister and commerce minister, the MOC said.

According to the...

30.11.2022

Hydropower project invested by PowerChina brings perspective to northern Laos

The Nam Ou river cascade hydropower project invested and built by the Power Construction Corporation of China (PowerChina) has brought development opportunities to the remote hilly regions in northern Laos.

"I can hardly believe the great changes happening since my last visit to Phongsaly years ago, after seeing the new villages...

The Nam Ou river cascade hydropower project invested and built by the Power Construction Corporation of China (PowerChina) has brought development opportunities to the remote hilly regions in northern Laos.

"I can hardly believe the great changes happening since my last visit to Phongsaly years ago, after seeing the new villages...

30.11.2022

China exports train coaches to Bangladesh

Tangshan, Hebei province-based CRRC Tangshan Co loaded 15 railway train coaches onto ships at Tianjin Port on Thursday for export to Chittagong, Bangladesh.

They are the first batch of broad-gauge coaches to be exported to Bangladesh from China, CRRC Tangshan, which designed and manufactured the coaches, said.

"The coaches will further deepen...

Tangshan, Hebei province-based CRRC Tangshan Co loaded 15 railway train coaches onto ships at Tianjin Port on Thursday for export to Chittagong, Bangladesh.

They are the first batch of broad-gauge coaches to be exported to Bangladesh from China, CRRC Tangshan, which designed and manufactured the coaches, said.

"The coaches will further deepen...

30.11.2022

Shipping firm doubles car transport capacity from Shanghai to Persian Gulf

COSCO Shipping Car Carriers Co's sea route from Shanghai to the Persian Gulf began operations on Saturday as an auto carrier loaded with Chinese-made vehicles departed, the company said. 

The auto carrier carrying 3,859 vehicles will arrive at Dubai's Jebel Ali Port and Saudi Arabia's Dammam Port in 17 days. Two...

COSCO Shipping Car Carriers Co's sea route from Shanghai to the Persian Gulf began operations on Saturday as an auto carrier loaded with Chinese-made vehicles departed, the company said. 

The auto carrier carrying 3,859 vehicles will arrive at Dubai's Jebel Ali Port and Saudi Arabia's Dammam Port in 17 days. Two...

30.11.2022

China’s appliance giant Midea Group expands footprint into Middle East

Chinese home appliance maker Midea Group is ratcheting up efforts to expand its footprint in the Middle East, establish more overseas manufacturing bases and boost brand awareness by providing products and technologies for the ongoing FIFA World Cup Finals football tournament in Qatar.

"The proportion of Midea's self-owned brands has reached...

Chinese home appliance maker Midea Group is ratcheting up efforts to expand its footprint in the Middle East, establish more overseas manufacturing bases and boost brand awareness by providing products and technologies for the ongoing FIFA World Cup Finals football tournament in Qatar.

"The proportion of Midea's self-owned brands has reached...

Africa, Americas

30.11.2022

Chilean cherries, salmon, wine trade gain clout in Chinese market

Chile Week, the largest promotional event of the Chilean products in China, celebrated its seventh edition at the Chilean Embassy in Beijing on Tuesday, an important milestone for bilateral trade ties, which have blossomed under the two-way Free Trade Agreement (FTA), the first of its kind between China and a...

Chile Week, the largest promotional event of the Chilean products in China, celebrated its seventh edition at the Chilean Embassy in Beijing on Tuesday, an important milestone for bilateral trade ties, which have blossomed under the two-way Free Trade Agreement (FTA), the first of its kind between China and a...

30.11.2022

Honeywell sanguine on facilitating green shift

US-based industrial conglomerate Honeywell is optimistic about the prospects of hydrogen development in China as the country has been sewing up its hydrogen energy plan to further facilitate carbon peak ambitions.

"We are optimistic about the prospects of the hydrogen industry in the country, which is expected to further facilitate China's...

US-based industrial conglomerate Honeywell is optimistic about the prospects of hydrogen development in China as the country has been sewing up its hydrogen energy plan to further facilitate carbon peak ambitions.

"We are optimistic about the prospects of the hydrogen industry in the country, which is expected to further facilitate China's...

30.11.2022

China, Cuba eye deepening BRI cooperation

China and Cuba on Friday vowed to deepen practical cooperation under the Belt and Road Initiative (BRI) cooperation plan, firmly support each other on issues concerning each other's core interests, strengthen coordination in international and regional affairs as well as jointly build socialism with local characteristics, during a meeting between...

China and Cuba on Friday vowed to deepen practical cooperation under the Belt and Road Initiative (BRI) cooperation plan, firmly support each other on issues concerning each other's core interests, strengthen coordination in international and regional affairs as well as jointly build socialism with local characteristics, during a meeting between...

30.11.2022

China-drilled solar-powered boreholes tackle water stress in Kenya

Winifred Nzioka's face lit up when a male farmhand delivered several jerrycans of water to her homestead on a balmy late afternoon to quench the thirst of mooing cows.

The middle-aged mother of five has put up a permanent house sandwiched between sunbaked farms at the heart of the southern Kenyan...

Winifred Nzioka's face lit up when a male farmhand delivered several jerrycans of water to her homestead on a balmy late afternoon to quench the thirst of mooing cows.

The middle-aged mother of five has put up a permanent house sandwiched between sunbaked farms at the heart of the southern Kenyan...

Markets

30.11.2022

Greenback continues downward spiral as interest rate hike fever cools down

The U.S. dollar fell across the board on Wednesday, after minutes from the Federal Reserve's November meeting showed that most policymakers at the central bank agreed it would soon be appropriate to slow the pace of interest rate hikes.

The readout of the Nov. 1-2 meeting, at which the Fed raised...

The U.S. dollar fell across the board on Wednesday, after minutes from the Federal Reserve's November meeting showed that most policymakers at the central bank agreed it would soon be appropriate to slow the pace of interest rate hikes.

The readout of the Nov. 1-2 meeting, at which the Fed raised...

30.11.2022

Stock markets remain vivid amidst political turmoil

European shares edged ahead at midday as flash PMIs from the eurozone came in higher than expected.

The pan-regional Stoxx 600 was up 0.18%, with major bourses on the Continent mixed. Investors were also eyeing minutes from the Federal Reserve's November policy meeting for any indication on the pace of future...

European shares edged ahead at midday as flash PMIs from the eurozone came in higher than expected.

The pan-regional Stoxx 600 was up 0.18%, with major bourses on the Continent mixed. Investors were also eyeing minutes from the Federal Reserve's November policy meeting for any indication on the pace of future...

30.11.2022

Brent plummets, narrowly holds above $85/b threshold

Oil prices fell more than 3% on Wednesday, continuing a streak of volatile trading, as the Group of Seven (G7) nations considered a price cap on Russian oil above the current market level and as gasoline inventories in the United States built by more than analysts' expected.

Brent futures for January...

Oil prices fell more than 3% on Wednesday, continuing a streak of volatile trading, as the Group of Seven (G7) nations considered a price cap on Russian oil above the current market level and as gasoline inventories in the United States built by more than analysts' expected.

Brent futures for January...

30.11.2022

Bullion steady as silver depreciates

Gold prices were flat on Wednesday, as investors held back from making big bets ahead of the U.S. Federal Reserve's latest policy meeting minutes, which could offer clues on further interest rate hikes.

Spot gold was flat at $1,739.90 per ounce by 0121 GMT. U.S. gold futures edged 0.1% higher to...

Gold prices were flat on Wednesday, as investors held back from making big bets ahead of the U.S. Federal Reserve's latest policy meeting minutes, which could offer clues on further interest rate hikes.

Spot gold was flat at $1,739.90 per ounce by 0121 GMT. U.S. gold futures edged 0.1% higher to...

30.11.2022

Bears keep dominating iron ore, steel markets as coal logs gains

Dalian iron ore futures extended their losses for a third straight session on Wednesday, as worries over rising COVID-19 cases in top steelmaker China weighed on market sentiment.

The most-traded January iron ore on China’s Dalian Commodity Exchange ended day-time trade 0.4% lower at 732.5 yuan ($102.44) a tonne, off an...

Dalian iron ore futures extended their losses for a third straight session on Wednesday, as worries over rising COVID-19 cases in top steelmaker China weighed on market sentiment.

The most-traded January iron ore on China’s Dalian Commodity Exchange ended day-time trade 0.4% lower at 732.5 yuan ($102.44) a tonne, off an...

30.11.2022

Non-ferrous base metals post losses as bug keeps haunting China

Copper prices fell on Wednesday as rising COVID-19 cases in China tempered hopes that demand in the world's biggest metals consumer will soon improve.

Benchmark copper on the London Metal Exchange (LME) was down 0.2% at $7,993.50 a tonne at 1128 GMT.

Prices of the metal used in power and construction surged from...

Copper prices fell on Wednesday as rising COVID-19 cases in China tempered hopes that demand in the world's biggest metals consumer will soon improve.

Benchmark copper on the London Metal Exchange (LME) was down 0.2% at $7,993.50 a tonne at 1128 GMT.

Prices of the metal used in power and construction surged from...

30.11.2022

Russia’s staunch market dominance pulls US wheat benchmark down

Chicago wheat prices edged down on Wednesday, hit by prospects of more supplies from the European Union (EU), while a surge in COVID-19 cases in China limited gains on soybeans.

French wheat sales to China and talk of Polish or German wheat being booked in the United States are creating an...

Chicago wheat prices edged down on Wednesday, hit by prospects of more supplies from the European Union (EU), while a surge in COVID-19 cases in China limited gains on soybeans.

French wheat sales to China and talk of Polish or German wheat being booked in the United States are creating an...

30.11.2022

Greenback rebounds, stays within lower range

The dollar edged higher across the board on Friday in a quiet session following the U.S. Thanksgiving holiday but remained near multi-month lows as the prospect of the Federal Reserve moderating the pace of its policy tightening weighed on the U.S. currency.

"Today has all the indicators of another session dominated...

The dollar edged higher across the board on Friday in a quiet session following the U.S. Thanksgiving holiday but remained near multi-month lows as the prospect of the Federal Reserve moderating the pace of its policy tightening weighed on the U.S. currency.

"Today has all the indicators of another session dominated...

30.11.2022

Stock markets cling to positive domains on mixed economic signals

Europe's STOXX 600 index closed flat on Friday, for its sixth straight weekly gain, as hopes of slowing interest rate hikes offset a real estate sector sell-off and retailers were hurt by fears of a bumpy holiday shopping season.

The pan-European stock index hit a more than three-month high earlier this...

Europe's STOXX 600 index closed flat on Friday, for its sixth straight weekly gain, as hopes of slowing interest rate hikes offset a real estate sector sell-off and retailers were hurt by fears of a bumpy holiday shopping season.

The pan-European stock index hit a more than three-month high earlier this...

30.11.2022

Brent holds above $85/b threshold

Oil prices rose on Friday in thin market liquidity, closing a week marked by worries about Chinese demand and haggling over a Western price cap on Russian oil.

Brent crude futures were up 92 cents, or 1.1%, to trade at $86.26 a barrel at 1325 GMT.

U.S. West Texas Intermediate (WTI) crude...

Oil prices rose on Friday in thin market liquidity, closing a week marked by worries about Chinese demand and haggling over a Western price cap on Russian oil.

Brent crude futures were up 92 cents, or 1.1%, to trade at $86.26 a barrel at 1325 GMT.

U.S. West Texas Intermediate (WTI) crude...

30.11.2022

Natural gas benchmarks steady on profit taking

British and Dutch gas prices were mixed on Friday due to profit taking following recent bullishness and as EU energy ministers failed to agree on a gas price cap and cooler, less windy weather increased demand for heating.

The Dutch benchmark front-month contract rose 0.5 euro to 122.85 euro per megawatt/hour...

British and Dutch gas prices were mixed on Friday due to profit taking following recent bullishness and as EU energy ministers failed to agree on a gas price cap and cooler, less windy weather increased demand for heating.

The Dutch benchmark front-month contract rose 0.5 euro to 122.85 euro per megawatt/hour...

30.11.2022

LNG markets revive as Russia tightens grip on supplies

Asian spot liquefied natural gas (LNG) prices rose this week for the first time since September and hit a 7 week high, tracking European gas prices on cooler weather forecasts and after Gazprom threatened to further reduce gas flows to Europe.

The average LNG price for January delivery into northeast Asia...

Asian spot liquefied natural gas (LNG) prices rose this week for the first time since September and hit a 7 week high, tracking European gas prices on cooler weather forecasts and after Gazprom threatened to further reduce gas flows to Europe.

The average LNG price for January delivery into northeast Asia...

30.11.2022

Bullion logs daily, weekly gains on monetary shift

Gold inched up on Friday, en route to a weekly gain, buoyed by the dollar's retreat on a perceived dovish tilt in the U.S. Federal Reserve's interest rate hike strategy.

Spot gold gained 0.2% to $1,758.41 per ounce by 0223 GMT, and was up 0.5% so far this week. U.S. gold...

Gold inched up on Friday, en route to a weekly gain, buoyed by the dollar's retreat on a perceived dovish tilt in the U.S. Federal Reserve's interest rate hike strategy.

Spot gold gained 0.2% to $1,758.41 per ounce by 0223 GMT, and was up 0.5% so far this week. U.S. gold...

30.11.2022

Iron ore, steel, coal end week in green zone

Dalian iron ore futures rose on Friday, extending a rally on recently unveiled support measures for China’s property sector, although the main contract is headed for a weekly loss as record-high COVID-19 cases in the top steelmaker hurt sentiment.

The most-traded January iron ore on China’s Dalian Commodity Exchange ended day-time...

Dalian iron ore futures rose on Friday, extending a rally on recently unveiled support measures for China’s property sector, although the main contract is headed for a weekly loss as record-high COVID-19 cases in the top steelmaker hurt sentiment.

The most-traded January iron ore on China’s Dalian Commodity Exchange ended day-time...

30.11.2022

Lead posts setback, aluminium mixed as other base metals end week with gains

Prices of copper ticked up on Friday, supported by a weaker U.S. dollar, though they were set to end the week little changed as investors weighed up tight market fundamentals against China’s COVID-19 outbreaks.

Three-month copper on the London Metal Exchange was up 0.4% at $8,075 a tonne by 0445 GMT...

Prices of copper ticked up on Friday, supported by a weaker U.S. dollar, though they were set to end the week little changed as investors weighed up tight market fundamentals against China’s COVID-19 outbreaks.

Three-month copper on the London Metal Exchange was up 0.4% at $8,075 a tonne by 0445 GMT...

30.11.2022

US wheat benchmark plummets as Russia’s price setting gets competitive

Chicago Board of Trade corn futures ended higher on Friday as the market continues to closely watch the weather in South America, on what turned into a relatively choppy and short trading day, analysts said.

Meanwhile, wheat futures fell sharply - with the December contract hitting its lowest since Aug. 22...

Chicago Board of Trade corn futures ended higher on Friday as the market continues to closely watch the weather in South America, on what turned into a relatively choppy and short trading day, analysts said.

Meanwhile, wheat futures fell sharply - with the December contract hitting its lowest since Aug. 22...