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China signals approval for Boeing 737 MAX changes

13 days ago

[unable to retrieve full-text content]China’s aviation regulator has told airlines it is satisfied that design changes Boeing proposed for its 737 MAX plane could resolve safety problems, in a sign it is closer to lifting a more than two-year flight ban in Chinese skies.The Civil Aviation Administration of China (CAAC) invited airlines to give feedback on a proposed airworthiness directive for the 737 MAX by November 26, according to an undated notice seen by Reuters.The directive outlines specific procedures for pilots to perform…

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China digital currency: push to ‘prudently advance’, improve design of e-yuan, central bank governor says

18 days ago

[unable to retrieve full-text content]China will continue to advance the development of its central bank digital currency and improve its design, People’s Bank of China (PBOC) governor Yi Gang said on Tuesday.China is a front-runner in the global race to launch a central bank digital currency (CBDC) and is testing a digital yuan, or eCNY, in major cities including Shenzhen, Beijing and Shanghai, but has not set a timetable for its official roll-out.Going forward, we will continue to prudently advance [research and development] of…

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China food security: Beijing residents stock up on cabbages for winter after warning triggers panic buying

19 days ago

[unable to retrieve full-text content]Older residents in Beijing recently stocked up on cabbage, giving a tradition a new lease of life after the government advised people to keep enough basic goods at home in case of emergencies.People have for years bought dozens of large cabbages, which can be kept fresh for months and are widely used in local cuisine, in early November to see them through freezing winters.A government notice issued last Monday advising households to stock up on daily necessities and a snow forecast reinforced…

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China food security: Beijing assures public vegetable production ‘basically normal’, enough wheat for 18 months

23 days ago

[unable to retrieve full-text content]China’s vegetable production is “basically normal” and it has enough wheat to meet demand for one and a half years, agriculture officials said on Thursday, in a further effort to reassure the public there is no need to worry about shortages.Shoppers rushed to stock up on staples this week after the commerce ministry advised the public to make sure they had enough daily necessities at home in case of emergencies.Supermarkets in various cities around the country saw flour, rice and other food…

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China’s ban on Taiwan apple imports triggers island’s first individual WTO complaint against Beijing, sources say

23 days ago

[unable to retrieve full-text content]Taiwan raised a trade complaint against China at a World Trade Organization (WTO) meeting late on Wednesday over Beijing’s moves to block sugar apple and wax apple imports from the island, two sources familiar with the matter said.Taiwan, whose relations with China are at their lowest in decades, had previously threatened to raise the matter at the global trade watchdog.The fruits in question are sugar apples, also known as sweetsops or custard apples, and wax apples, both Taiwan specialities…

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Chinese rush to stock up on food as government’s warning prompts confusion, brief panic-buying

24 days ago

[unable to retrieve full-text content]Beijing shoppers stocked up on cabbage, rice and flour for the winter on Wednesday, after the government urged people to keep stores of basic goods in case of emergencies, though it assured them that there were sufficient supplies after some panic-buying.China’s Ministry of Commerce published a seasonal notice on Monday encouraging authorities to do a good job in ensuring food supplies and stable prices ahead of winter, following a recent spike in the prices of vegetables and a growing outbreak…

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China population: province may offer year of maternity leave in bid to reverse dramatic decline in births

24 days ago

[unable to retrieve full-text content]A landlocked province in northwest China, in an effort to encourage couples to have children, is looking to sharply increase the duration of paid maternity leave to nearly one full year, putting it on par with some developed economies in Europe.Shaanxi is seeking public opinion on allowing an additional half a year of maternity leave on top of the current 168 days.That would put the province in the same league as European nations like Germany or Norway.Shaanxi is also considering doubling the…

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US want trade law to combat Chinese overseas steel investment, Tai says, days after European Union deal

24 days ago

[unable to retrieve full-text content]The US Trade Representative said on Tuesday she supported updating American trade laws to combat circumvention of existing anti-dumping and anti-subsidy duties, including tools aimed at subsidised Chinese investment in steel production elsewhere in Southeast Asia.Katherine Tai made the remarks in Washington to US steel industry executives, who gave her a standing ovation after reaching a new metals quota deal with the European Union that ends a long-standing tariff dispute.We just need more…

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China’s new pig farmers determined to ‘hold on’ despite big swings in pork prices

25 days ago

[unable to retrieve full-text content]China’s huge hog sector is struggling with excess production after millions of small, often first-time, pig farmers entered the industry to capitalise on record profits during a swine-fever related shortage.Now, even as prices hover below the cost of production and the government urges them to cull their herds, many of the newcomers are reluctant to give up, dimming hopes for the market returning to balance.“We’ve been losing 400,000 yuan (US$62,500) a month since July. But we made a profit…

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US-China relations: ‘reciprocal’ lowering of trade tariffs could ease inflation, Janet Yellen says

26 days ago

[unable to retrieve full-text content]US Treasury Secretary Janet Yellen said the United States expects China to meet its commitments under the phase-one trade deal signed under former President Donald Trump, but could look at eventually lowering some tariffs in a reciprocal way.Yellen told Reuters in an interview that tariffs tend to boost domestic prices and raise costs to consumers and to firms from inputs such as aluminium and steel, which meant lowering tariffs would have a “disinflationary” effect.The Treasury secretary and…

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China factory activity lifted by strong demand, but power shortages and rising costs weigh on production

26 days ago

[unable to retrieve full-text content]China’s factory activity expanded at its fastest pace in four months in October, buoyed by stronger demand, but power shortages and rising costs weighed on production, a business survey showed on Monday.The Caixin/Markit manufacturing purchasing managers’ index (PMI) rose to 50.6 in October – its highest level since June.Economists in a Reuters poll had expected the index to remain unchanged from September at 50.0. The 50-mark separates growth from contraction on a monthly basis.China’s economy…

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China factory activity shrinks for second month amid high material prices, soft domestic demand

27 days ago

[unable to retrieve full-text content]China’s factory activity contracted more than expected in October to shrink for a second month, hurt by persistently high raw material prices and softer domestic demand, pointing to more economic disquiet in the final quarter of 2021.The official manufacturing Purchasing Manager’s Index (PMI) was at 49.2 in October, down from 49.6 in September, data from the National Bureau of Statistics (NBS) showed on Sunday.The 50-point mark separates growth from contraction. Analysts had expected it to come…

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China industrial profit growth accelerates despite rising price of coal, supply shortages, power rationing

October 27, 2021

[unable to retrieve full-text content]Profits at China’s industrial firms rose at a faster pace in September despite surging prices and supply bottlenecks, thanks mainly to stellar growth in mining and raw materials industries although some businesses struggled to shake off the high costs.Profits jumped 16.3 per cent year on year to 738.74 billion yuan (US$115.7 billion) the National Bureau of Statistics (NBS) of China said on Wednesday, quickening from the 10.1 per cent gain reported in August.The industrial sector has been hit by…

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China to accelerate US$224 billion of local bond issuance to support slowing economy

October 22, 2021

[unable to retrieve full-text content]China intends to accelerate the pace of local government special bond issuance to bolster investment and economic growth, the finance ministry said on Friday, striving to complete the annual quota by the end of November.Policymakers are seeking to support a faltering recovery, as economic growth in the third quarter was the slowest this year, due partly to power shortages and wobbles in the property sector.China’s local governments issued a net 2.22 trillion yuan (US$347 billion) in special…

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China signs huge LNG deals with US supplier Venture Global

October 20, 2021

[unable to retrieve full-text content]China has agreed to three huge liquefied natural gas (LNG) deals with US exporter Venture Global LNG as the world’s second-biggest economy looks to secure long-term supplies amid soaring gas prices and domestic power shortages.According to documents posted on the US department of energy website, the agreements with China’s state oil giant Sinopec include two 20-year deals for a combined 4 million tonnes of LNG per year.Those deals bring Venture Global’s plant in Plaquemines, Louisiana, with an…

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China’s coal shortages will start to ease in coming months, industry body says

October 17, 2021

[unable to retrieve full-text content]China’s coal shortage is likely to ease in coming months, with domestic production and imports already showing signs of picking up, a coal industry association said on Sunday, amid government efforts to tackle tight supply.The Chinese government initiated a raft of measures to boost coal supplies in recent months as it sought to address a coal shortage which has contributed to a nationwide power crunch and disrupted production in various industries.There are signs those efforts are starting to…

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China-Australia relations: Canberra open to Chinese investors but security issues key, investment chief says

October 14, 2021

[unable to retrieve full-text content]Australia is not shut to Chinese investors but national security concerns and the protection of critical infrastructure are now key factors determining deal approvals, the head of its Foreign Investment and Review Board (FIRB) said on Thursday.Chinese investment in Australia has fallen by over 50 per cent to about A$12 billion (US$8.8 billion) over the past four years, driven by stricter capital controls by Beijing, and by a deterioration of the relationship between the countries.“We run a non…

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G7 finance officials say CBDCs should support, ‘do no harm’ to monetary and financial stability

October 14, 2021

[unable to retrieve full-text content]G7 finance officials on Wednesday endorsed 13 public policy principles for retail central bank digital currencies, saying they should be grounded in transparency, the rule of law and sound economic governance, the US Treasury Department said.“Innovation in digital money and payments has the potential to bring significant benefits but also raises considerable public policy and regulatory issues,” Group of 7 (G7) finance ministers and central bankers said in a joint statement.“Strong…

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China power crisis forces ‘serious’ Beijing to order top coal producer to increase output

October 8, 2021

[unable to retrieve full-text content]Chinese officials ordered more than 70 mines in Inner Mongolia to ramp up coal production by nearly 100 million tonnes as the country battles its worst power crunch and coal shortages in years.The move is the latest attempt by Chinese authorities to boost coal supply amid record-high prices and shortages of electricity that have led to power rationing across the country, crippling industrial output.The proposed increase would make up nearly 3 per cent of China’s total thermal coal consumption…

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China’s services sector bounces back, offering support to slowing economy

October 8, 2021

[unable to retrieve full-text content]Activity in China’s services sector returned to growth in September as a major coronavirus outbreak in the eastern province of Jiangsu receded, a private-sector survey showed on Friday, offering some support to a slowing economy.The Caixin/Markit services purchasing managers’ index (PMI) rose to 53.4 from 46.7 in August, pulling away from the lowest level seen since the height of the pandemic last year. The 50-point mark separates growth from contraction on a monthly basis.The better readings…

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Why China’s beef with Australia is making US meat exporters happy – for now

October 1, 2021

[unable to retrieve full-text content]As Australian beef exports to China wither amid diplomatic tensions, demand for US grain-fed beef has soared, fuelled by the appetites of a growing Chinese middle class.Hotpot restaurants, Japanese barbecue chains and steakhouses – all expanding in the world’s No 2 economy – are swapping out for US beef, with several Australian suppliers banned since last year and shipments from others taking too long to clear customs.Beef imports from the US have grown to 83,000 tonnes in the first eight…

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Taiwan seeks to benefit from China power crisis if export orders shift, central bank governor says

September 30, 2021

[unable to retrieve full-text content]Taiwan may benefit from orders being shifted to the island if China’s power curbs disrupt the country’s exports, Taiwan central bank governor Yang Chin-long said on Thursday.The world’s second-largest economy is grappling with power cuts and electricity rationing after a collision of tight coal supplies, tougher emissions standards and strong manufacturing demand has pushed the price of coal, the biggest source of China’s electricity, to eye-watering records.Yang, taking lawmaker questions in…

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China’s coronavirus curbs and consumer fears mean ‘golden week’ travel unlikely to return to pre-pandemic levels this year

September 30, 2021

[unable to retrieve full-text content]China’s “golden week” holiday this year is unlikely to see domestic travel rebound to pre-Covid levels, industry estimates show, hurt by uncertainty over pandemic curbs and consumer fears about the health of the economy.The seven-day holiday from October 1 to mark the founding of modern China is traditionally one of its busiest times for travel and is closely watched as a barometer of consumer demand in the world’s second-largest economy.Chinese travel booking site LY.com said it is expecting…

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China currency market crackdown sees regulators restrict trading in US$30 trillion market, sources say

September 29, 2021

[unable to retrieve full-text content]As part of a sweeping push to curb speculation, China’s regulators are tightening control over the inner workings of its currency market, pressuring banks to trade less and in smaller ranges, two banking sources told Reuters.The moves follow recent attempts to curtail financial risks, such as by dampening commodity price rises, banning cryptocurrency transactions and restricting property speculation. They also bring the campaign deeper into day-to-day operations on the trading desks of a US$30…

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Central bank digital currencies can make cross border payments ‘faster and cheaper’, BIS says

September 28, 2021

[unable to retrieve full-text content]Central bank digital currencies (CBDCs) can slash the time needed for cross border payments to seconds from days and cut costs, the Bank of International Settlements (BIS) said, citing a pilot scheme to test the digital forms of fiat currencies.The trial showed cross border transactions could be made in a few seconds, instead of three to five days, as CBDCs help skirt complicated arrangements under which payments are passed via a network of banks, the BIS said in a report on Tuesday.CBDCs also…

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China’s industrial profit growth slows due to high commodity prices, coronavirus, component shortages

September 28, 2021

[unable to retrieve full-text content]Profits at China’s industrial firms grew at a weaker pace in August from a year earlier, slowing for a sixth consecutive month, as manufacturers struggled with high commodity prices, the coronavirus and shortages in some key components.Profits rose 10.1 per cent year on year to 680.3 billion yuan (US$105 billion) last month compared with a 16.4 per cent gain in July, data from China’s statistics bureau showed on Tuesday.Momentum in the world’s second-biggest economy has weakened in recent…

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China hits out at ‘erroneous, dangerous’ WTO ruling in US solar cell row

September 28, 2021

[unable to retrieve full-text content]China lambasted a World Trade Organization (WTO) ruling in a row with the United States over Washington’s measures to limit the import of solar panel cells, calling it “erroneous and dangerous” on Monday.A WTO panel handed a victory to the US earlier this month, rejecting all four of China’s claims and saying the measures did not breach global trade rules. China said last week it would appeal the decision.At the private meeting, China’s delegate expressed “deep concern with the systematically…

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China’s home-grown C919 aircraft hit by tough US export controls, limiting threat to Airbus and Boeing

September 27, 2021

[unable to retrieve full-text content]China’s C919 aircraft – a no-show at the country’s biggest air show this week – has found it harder to meet certification and production targets amid tough US export rules, according to three people with knowledge of the programme.The state-owned manufacturer, Commercial Aircraft Corporation of China (Comac), has been unable to get timely help from suppliers and has run out of some spare parts, those people said.As of December, the United States has required special licences to export parts and…

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China-Australia relations: wheat purchases increase ahead of ‘bumper harvest’ despite trade stand-off

September 24, 2021

[unable to retrieve full-text content]China is snapping up cargoes of Australian wheat despite a bitter trade stand-off between the two countries, as crop downgrades elsewhere lead to a global shortfall in output.The buying spree comes as Australia, a key global food supplier, is expecting a second consecutive bumper harvest, while Northern Hemisphere producers have been hit by adverse weather and drought.China, the world’s top importer of agricultural products, has imposed anti-dumping duties on Australian wine and barley and…

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US will take further action against Huawei if necessary, commerce chief Raimondo says

September 24, 2021

[unable to retrieve full-text content]US Commerce Secretary Gina Raimondo said on Thursday the Biden administration will take further action against Chinese telecoms firm Huawei Technologies if necessary, after some Republican lawmakers pressed for more steps.Washington says Huawei is a national security threat on a variety of grounds and has aggressively lobbied other countries not to use Huawei equipment in next-generation 5G networks.Citing Huawei’s ties to the Chinese government and military, Washington says this makes the…

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