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Articles by Orange Wang

China to roll out trade support amid ‘increasing pressure’ behind the scenes

2 days ago

[unable to retrieve full-text content]China has no reason to be “blindly optimistic” about trade amid increasing headwinds, the country’s vice commerce minister has said, in the latest warning from Beijing about challenges facing the world’s No 2 economy.“Behind the scenes of China’s rapid growth in trade, we must be clear that many trade companies, especially small firms, are facing increasing pressure and difficulties,” Ren Hongbin told a press conference on Wednesday.“It is common for them not to take orders and they are seeing…

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China’s top trade negotiator Liu He meets foreign business dignitary in Beijing for first time in two years

8 days ago

[unable to retrieve full-text content]China’s top trade negotiator has publicly hosted a visiting foreign business guest in Beijing for the first time since the pandemic began, amid growing debate over the country’s zero-Covid approach and when the world’s second-largest economy will reopen its borders.Chinese vice-premier Liu He, the economic right-hand man of Chinese President Xi Jinping, on Thursday met with Ben Keswick, executive chairman of Jardine Matheson in Beijing, according to the state-run Xinhua News Agency.The visit…

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Chinese experts say new US trade alliances to contain China could backfire and Beijing should push ahead with reforms

8 days ago

[unable to retrieve full-text content]A push by the US to encircle China economically will likely “collapse in on itself” or ultimately backfire, Chinese experts say, as Washington steps up efforts to build a trade “coalition of democracies” with Europe and Japan to put Beijing under more pressure.Although the US diplomatic offensive should be viewed seriously, experts say Beijing should accelerate domestic reforms, continue its push to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and…

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China steps up opening up, supply chain security charm offensive in wake of Biden-Xi summit

10 days ago

[unable to retrieve full-text content]China’s leadership has ramped up its charm offensive with pledges for further opening up to foreign investment and more engagement in stabilising global supply chains following the meeting between President Xi Jinping and his US counterpart Joe Biden amid ongoing worries over the slowdown in the domestic economy.Some 24 hours after Xi and Biden met for the first time via video on Tuesday, Chinese Vice-President Wang Qishan stressed that Beijing and Washington should keep their focus on…

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China food security: Beijing signals overhaul of GM crop rules in push for seed industry breakthrough

11 days ago

[unable to retrieve full-text content]China has proposed an overhaul of regulations governing genetically modified (GM) crops, in a move that is likely to strengthen the nation’s seed industry amid heightened food security concerns.Beijing last year called for a breakthrough in biotechnology and seed production amid disruptions to food supply caused by the coronavirus pandemic, as well as anxiety over reliance on imported soybeans, including from geopolitical rival the United States.Ahead of the central economic work conference and…

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China accuses digital economy promoter of crypto-linked corruption

14 days ago

[unable to retrieve full-text content]China’s top anti-graft watchdog has for the first time expelled an official from the Communist Party over alleged corruption linked to cryptocurrency mining.The Central Commission for Discipline Inspection (CCDI) said on Saturday that Xiao Yi, a former vice-chairman of the Jiangxi people’s political consultative conference, had been stripped of his public office and would probably face a criminal trial.“Investigations revealed that Xiao Yi … abused his power to introduce and support companies…

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Dalian suspends cold-chain food operations amid Covid-19 cases, threatening seafood exports to US, Europe

15 days ago

[unable to retrieve full-text content]Municipal authorities in the port city of Dalian, in northern Liaoning province, have suspended all cold chain food trading as local outbreaks of coronavirus threaten to halt exports of frozen food to the US and Europe ahead of the Christmas holiday.

Local authorities issued a notice on Monday asking all cold chain food companies, including government-approved, third-party, bonded and individual cold storage food producers and sales firms, to halt operations immediately.

The notice stated…

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China’s power crisis ‘man-made’, and miscalculations by Beijing serve as ‘a very painful lesson’, coal insiders say

17 days ago

[unable to retrieve full-text content]China does not have a shortage of coal, and the nationwide power cuts were a “man-made crisis” and “a big mistake”, according to domestic coal industry insiders who blame Beijing for its miscalculations in coal-production planning and its antiquated national power pricing system.Chen Weidong, the former chief energy researcher with the China Institute of Energy Economics at state-owned energy giant China National Offshore Oil Corporation, said at a virtual energy forum in Beijing that there was…

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China’s harsh medicine for property sector, local government debt could cause chaos, economists warn

18 days ago

[unable to retrieve full-text content]Beijing’s crackdown on the property sector and local government debt is likely to do more harm than good to provincial economies amid wider concerns about national growth, Chinese economists say.Some domestic economists have called Beijing’s tighter policies too harsh and potentially self-defeating, which will likely leave provincial governments struggling to make ends meet, in a rare display of criticism of the central government ahead of the Chinese Communist Party’s key sixth plenum meeting…

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China food security: why is it important and what caused November’s panic buying?

20 days ago

[unable to retrieve full-text content]What caused a bout of panic buying in China in November?It started with a notice from China’s Ministry of Commerce on November 1, 2021, telling local authorities to stabilise food supply and prices, including for vegetables, meat and cooking oil in preparation for the coming cold months.“Families are encouraged to store a certain amount of daily necessities to meet the needs of daily life and emergencies,” the ministry said.This sparked heated discussion online, with some users even speculating…

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US-China LNG deal unlikely to smooth over trade issues ahead of talks between Joe Biden and Xi Jinping

22 days ago

[unable to retrieve full-text content]The signing of the largest ever liquified natural gas (LNG) long-term contract between Chinese and US companies could create goodwill ahead of a virtual summit between US President Joe Biden and China’s leader Xi Jinping, but it is unlikely to smooth over long-standing disagreements concerning the phase one deal, analysts say.Sinopec, China’s state-owned oil giant, signed a contract with the US Venture Global LNG to buy 4 million tonnes of LNG annually for 20 years at a ceremony in Shanghai on…

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China’s debt-to-GDP ratio falls again, but pace of deleveraging eases as economy falters

23 days ago

[unable to retrieve full-text content]China’s campaign to reduce debt continued to improve in the third quarter of the year, but momentum is waning as economic growth stalls, a government-affiliated think tank says.Defusing financial risk was one of three economic priorities set by Chinese President Xi Jinping four years ago and the nation’s leverage ratio – which measures the percentage of debt to gross domestic product (GDP) – is closely watched as an indicator of progress.The lower the ratio, the lower the amount of debt per US…

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China sparks fear about Taiwan tensions, food shortages after families urged to stockpile ‘daily necessities’

25 days ago

[unable to retrieve full-text content]A notice from the Chinese government that urged households to stock up on daily necessities ahead of winter in case of emergencies and food shortages has sparked widespread concern online.The Ministry of Commerce told local authorities to stabilise food supply and prices, including for vegetables, meat and cooking oil in preparation for the coming cold months, according to the statement released on Monday evening.“Families are encouraged to store a certain amount of daily necessities to meet…

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China’s regional economies echo national slowdown in face of ‘grim, complex’ outlook, coronavirus outbreaks

25 days ago

[unable to retrieve full-text content]Sporadic coronavirus outbreaks and a “grim and complex” external environment continued to weigh on China’s regional economic growth rates during the first three quarters of the year with almost two thirds falling below the national average.A total of 20 of China’s 31 provincial-level jurisdictions failed to achieve the national average of a 9.8 per cent growth rate in the January-September period. This is the same ratio as seen in the first half of 2021, but double the level seen at the end of…

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Chinese scientists hail breakthrough that could produce large quantities of animal feed from industrial gas and reduce dependence on soybean imports

27 days ago

[unable to retrieve full-text content]China’s scientists say they have found a way to create animal feed from carbon monoxide on an industrial scale – a breakthrough that could help reduce the country’s dependence on imported soybeans.The process uses tail gas containing carbon monoxide and dioxide – a by-product of industrial processes such as oil refining – to created a synthesised cell protein called Clostridium autoethanogenum, according to the research team from Beijing Shoulang Biological Technology and the Chinese Academy of…

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China takes aim at US and its allies over ‘unreasonable’ claims at WTO trade review

29 days ago

[unable to retrieve full-text content]China has lashed out at the United States and its allies over their assessment of the country’s trade policies at a recent World Trade Organization (WTO) periodic review, describing them as “unreasonable” and “improper”.Wang Shouwen, China’s vice-minister for commerce, said many of the complaints and demands raised by Western nations during the trade policy review on China last week, including in fields such as intellectual property rights and market access, were not within the scope of the…

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China and the US expected to strike conciliatory chord at G20 summit amid need for global economic cooperation

October 28, 2021

[unable to retrieve full-text content]With all eyes on the G20 leaders summit this weekend, China and the United States are expected to strike a conciliatory chord at the multilateral gathering, which could see an agreement on a long-awaited global minimum corporate tax.During a virtual conference between Chinese Vice-Premier Liu He and US Treasury Secretary Janet Yellen earlier this week, the two sides exchanged views about further cooperation under the G20 framework, Shu Yuting, a spokeswoman for the Chinese commerce ministry,…

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China outlines strategy to meet economic challenges, from power crisis to Evergrande woes

October 25, 2021

[unable to retrieve full-text content]China’s campaign to “curb the disorderly expansion of capital” across several sectors of the economy is on track to ease as the government shifts focus toward bolstering growth, according to a tone-setting commentary issued by state media.The report from the official Xinhua News Agency, which was republished by major newspapers including Securities Times and People’s Daily, outlined how the government was managing the 10 most pressing challenges facing the world’s No 2 economy.It also hints at…

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China warns ‘complex and grim’ external environment poses risk to stabilising foreign direct investment

October 22, 2021

[unable to retrieve full-text content]China is expecting there to be modest growth in foreign investments into the country in the coming five years amid increasingly challenging international political and economic conditions, according to a new plan released by the Ministry of Commerce on Friday.Meanwhile, Beijing also says it is focused on advancing investment ties with the European Union and the United States, such as by pushing for the signing and implementation of the China-EU bilateral investment treaty. And the ministry…

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China-EU relations: Beijing calls on European business group to help ‘clear up doubts’ tarnishing economic relations

October 20, 2021

[unable to retrieve full-text content]Beijing has called on the European business community in China to do more to “enhance trust” and “clear up doubts” threatening to hold back the bilateral economic relationship.At a meeting on Tuesday, commerce minister Wang Wentao told Joerg Wuttke, president of the European Union Chamber of Commerce in China, the government hoped the association would continue to play a bridging role between the two economies, according to a summary of the talks released by the Chinese commerce ministry.The…

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China’s property, construction sectors contract as Evergrande crisis, tougher regulation hit home

October 19, 2021

[unable to retrieve full-text content]China’s property and construction sectors contracted in the third quarter for the first time since the start of the coronavirus pandemic, hurt by a slump in real estate as the China Evergrande Group debt crisis and the effects of Beijing’s tougher property market regulation spread to other parts of the economy.Output in the real estate and construction industries shrank 1.6 per cent and 1.8 per cent respectively in the third quarter of 2021, according to a supplemental report on China’s gross…

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China GDP: slowdown in third quarter growth ramps up fears of more economic trouble ahead

October 18, 2021

[unable to retrieve full-text content]A worse-than-expected third quarter economic performance for China has indicated there could be more pain ahead in the final three months of the year, while stoking fears of “stagflation”, analysts say.On Monday, new data from the National Bureau of Statistics showed China’s gross domestic product (GDP) for the three months ending September grew by 4.9 per cent from a year ago, missing market expectations of 5 per cent growth and well below the 7.9 per cent gain seen in the second quarter and…

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China’s explosive exports growth likely to slow as other manufacturing markets open up, PPE demand wanes

October 13, 2021

[unable to retrieve full-text content]Strong Chinese export growth will likely slow towards the end of the year as more overseas manufacturing bases open up and demand for goods like personal protective equipment (PPE) slows, Chinese manufacturers say.Chinese trade data released on Wednesday showed that exports grew by 28.1 per cent in September from the same period a year ago to US$305.74 billion, up from the 25.6 per cent growth seen in August and far above market estimates for a 21.5 per cent rise.During an online cotton forum…

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China trade: export growth stronger than expected in September but ‘instabilities, uncertainties’ remain

October 13, 2021

[unable to retrieve full-text content]China’s exports rose more than expected in September, data released on Wednesday showed.China’s exports grew by 28.1 per cent in September from a year earlier, to US$305.74 billion – up from the 25.6 per cent growth seen in August.This was above the median result of a survey of analysts conducted by Bloomberg, which had predicted 21.5 per cent growth.In the same month last year, exports rose by 9.9 per cent as the impact of the coronavirus eased, meaning the latest figures started from a higher…

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China population: plummeting births in Anhui province underscore ‘extremely severe’ demographic problem

September 29, 2021

[unable to retrieve full-text content]Births are set to tumble nearly 20 per cent in the central Chinese province of Anhui this year, underlining the severity of the nation’s population crisis and prompting the local government to declare the number of newborns is “falling off a cliff”.Births will drop by 17.8 per cent to 530,000 this year compared to 2020, the fourth straight annual decline, following falls of 12.1 per cent, 11.4 per cent and 15.8 per cent in the preceding three years, data from the Anhui government shows.China’s…

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China electricity shortage: industrial production grinds to halt and traffic lights fail amid rationing

September 27, 2021

[unable to retrieve full-text content]China is in the midst of a power supply crisis that has turned critical in recent days – threatening entire power grids and prompting analysts to slash economic growth forecasts for the year.In the past month, 16 out of 31 provincial jurisdictions – from industrial powerhouses in the south such as Guangdong to the rust belt in the northeast – have rolled out electricity-rationing measures, triggering widespread alarm among much of the population and plunging the nation’s industrial sector into…

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China’s economic momentum weakens amid coronavirus controls and property curbs

September 15, 2021

[unable to retrieve full-text content]China is increasingly likely to loosen some liquidity conditions as weak economic data released on Wednesday cast a pall over the world’s second largest economy and fresh coronavirus outbreaks add to concern about a slowdown, economists said.Retail sales growth slumped in August to 2.5 per cent, far lower than the 7 per cent estimate in a Bloomberg survey of analysts and an 8.5 per cent increase in July, data from the National Bureau of Statistics (NBS) showed.Industrial production was also…

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China’s retail sales growth plunged in August, impeding economic recovery

September 15, 2021

[unable to retrieve full-text content]Retail sales growth in China slumped heavily in August further, accentuating the slowdown in the Chinese economy, the latest economic data shows.Both industrial production and fixed-asset investments growth in August also fell short of expectations, pointing to more softening in the economy.Retail sales, a key measurement of consumer spending in the world’s most populous nation, grew by a mere 2.5 per cent in August compared with a year earlier, way down from the 8.5 per cent increase in July,…

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China eyes more coal imports from Mongolia as supply shortage bites

September 8, 2021

[unable to retrieve full-text content]Beijing has stepped up efforts to source more coal from neighbouring Mongolia amid an ongoing supply shortage, raising more questions about how long a ban on Australian coal can last.China is suffering from a spike in coal prices amid declining supplies, which has also prompted authorities to ban an influential local trading platform from updating coal prices and market news that could fuel speculation.Rising coal prices are another worry for China, which is already dealing with high raw…

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China’s August trade surprises as imports and exports defy analysts’ expectations

September 7, 2021

[unable to retrieve full-text content]Chinese exports have surprised by growing 25.6 per cent in August from a year earlier, totalling US$294.32 billion and beating expectations that they would post another slowdown in August after July’s subdued performance of 19.3 per cent growth.The latest figures also beat Bloomberg’s surveyed expectations among economists of a 17.3 per cent rise.In the same month last year, exports rose by 9.5 per cent as the impact of the coronavirus eased, meaning the latest figures started from a higher…

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