Saturday , August 15 2020
Home / Zhou Xin

Zhou Xin

Articles by Zhou Xin

China’s high-speed railway network to double in length by 2035 under new blueprint

1 day ago

[unable to retrieve full-text content]China’s unprecedented railway spending boom will continue for at least another 15 years and see its high-speed network nearly double in length, China Railway Group, the state-owned railway builder, said in a new blueprint published on Thursday.Under the plan, China will construct about 200,000km (125,000 miles) of railways by 2035, a milestone year in which the nation is set to achieve President Xi Jinping’s vision for a “modern socialist country”.That will mean a 41 per cent increase in rail…

Read More »

China’s plan to boost railway freight falls behind target, knocking air pollution battle off track

2 days ago

[unable to retrieve full-text content]China’s ambitious three-year plan to boost railway cargo volume and reduce long-distance trucking – a key plank in Beijing’s campaign to cut air pollution – is falling behind schedule, according to official data and media reports. Under the plan, which was introduced by the central government in 2018, China’s “transport structure” was to be improved by shifting the movement of bulk cargo such as minerals from dirty, diesel-burning trucks to cleaner electric-powered railcars. By 2020, at least…

Read More »

TikTok: ByteDance to step up legal, PR fight in Trump’s war against Chinese-owned app, sources say

5 days ago

[unable to retrieve full-text content]ByteDance, the Chinese owner of short video hit TikTok, is preparing to escalate its legal and public relations battle against US President Donald Trump’s executive order to ban the app in the United States unless it is sold, according to two people familiar with the situation.Meanwhile, ongoing talks with potential suitor Microsoft, as well as reported preliminary talks with social media giant Twitter, are unlikely to end in a deal, said one of the people who has been briefed on the talks but…

Read More »

China’s economic future depends on closing its wealth gap otherwise new domestic strategy won’t work

12 days ago

[unable to retrieve full-text content]China announced last week its new strategy to cope with a less accommodating international environment, so-called dual circulation, under which it will pursue growth in both its domestic and foreign trade sectors, but with the priority on the domestic market.According to the latest gathering of the Communist Party’s Politburo, this will be the direction for China’s economic policies in coming years, if not decades.The message is clear: China has to rely more on itself to sustain economic growth…

Read More »

China clung to US dollars in 2015 as its stock market crashed and capital flowed out, SAFE figures show

13 days ago

[unable to retrieve full-text content]Despite the stock market rout and capital exodus of 2015, China’s holdings of US dollars as a proportion of its foreign exchange remained rock solid throughout the year, figures from an official report show.The State Administration of Foreign Exchange (SAFE) said in its 2019 annual report published on Friday that US dollars accounted for 58 per cent of its total reserves at the end of 2015, unchanged from the end of 2014.It did not give equivalent figures for any of the years since 2015 or a…

Read More »

China’s ministry at the forefront of US technology rivalry gets a new chief

15 days ago

[unable to retrieve full-text content]China has appointed a new head of the Ministry of Industry and Information Technology (MIIT), the government agency on the front line of its technology rivalry with the United States.Xiao Yaqing, who was most recently the head of the State Administration for Market Regulation, will take over from current minister Miao Wei, who has reached the retirement age of 65, according to the official Xinhua News Agency.Having been appointed MIIT party chief on Friday a day after a meeting of China’s…

Read More »

Xi Jinping braces for turbulence ahead as China’s relations with US continue to deteriorate

16 days ago

[unable to retrieve full-text content]Chinese President Xi Jinping on Thursday declared initial victory in achieving the Communist Party’s 2020 development goals and began laying out a long-term plan to manage a rapidly changing international environment highlighted by Beijing’s deteriorating relationship with the United States.The 25-member Politburo, the supreme decision-making body headed by Xi, had its midyear gathering on Thursday and discussed the country’s 14th five-year plan covering the period from 2021-25, as well as a …

Read More »

Huawei to double down on HSBC as legal battle over extradition of Meng Wanzhou intensifies

18 days ago

[unable to retrieve full-text content]Huawei Technologies, the giant Chinese telecom equipment maker at the centre of the growing China-US technology rivalry, is considering all possible options against HSBC for allegedly presenting “misleading evidence” that resulted in the arrest of its chief financial officer, Meng Wanzhou, in Canada, according to people familiar with the matter.While internal discussions are still in their preliminary stage, Shenzhen-based Huawei, which Washington has labelled a threat to US national security,…

Read More »

Coronavirus sent China’s use of gold plummeting in 2020, but demand for investment products rising

18 days ago

[unable to retrieve full-text content]Gold consumption in China, the world’s largest producer and user of the precious metal, shrank 38 per cent in the first half of the year due to the coronavirus and high prices, the China Gold Association said on Tuesday.The use of gold in jewellery, which accounts for around two third of gold used in China, fell 42 per cent in the first six months of 2020, while consumer spending on gold coins and bars, which are generally for collection or investment purposes, fell 32 per cent.“Due to pandemic…

Read More »

Does one county’s debt woes highlight the potential pitfalls buried under the surface of China’s economic prosperity?

18 days ago

[unable to retrieve full-text content]The county of Dushan in Guizhou province, a poor and remote corner of China, hit the headlines earlier this month after the local authorities’ reckless borrowing to finance a series of white elephant projects was vividly recorded in a documentary that went viral.The government of Dushan, which oversees a mountainous area with a total population of 360,000, has accumulated 40 billion yuan (US$5.7 billion) of debt, or around 40 times its annual fiscal revenues. By any standard, the local…

Read More »

US financial sanction threats in response to Hong Kong, Xinjiang are a reality check for China’s global yuan ambitions

July 16, 2020

[unable to retrieve full-text content]Washington’s threats of financial sanctions against Chinese individuals who were involved in formulating the Hong Kong national security law and Chinese banks that do business with them, as well as officials and institutions that took part in alleged crimes in Xinjiang, has rung alarm bells in both Hong Kong and Beijing.While the United States is unlikely to use the “nuclear option” of cutting Chinese banks off completely from the global US dollar payments system, at least for now, the reality…

Read More »

China President Xi Jinping promises foreign firms reform, opening up amid heightened US tensions

July 16, 2020

[unable to retrieve full-text content]China’s President Xi Jinping has promised that China will stick to its “peaceful development” path, continue reform and deepen the opening of its domestic market in a letter to top international business executives.In a clear bid to win the hearts and minds of the global business community amid rising tensions with the United States, Xi’s letter to the Global CEO Council stated that the long-term economic fundamentals of the Chinese economy remain sound and “will not change” despite the impact…

Read More »

China’s statistics agency admits mistakenly publishing year-old monthly inflation, producer price data for June

July 9, 2020

[unable to retrieve full-text content]China’s national statistics agency caused mild confusion on Thursday after mistakenly releasing year-old inflation and producer price data for June.The National Bureau of Statistics (NBS) initially published the regular monthly data on its website showing the producer price index (PPI) was unchanged in June from the same month last year, while China’s consumer price index (CPI) was up 2.7 per cent in June.The figures were initially reported by various news outlets and trading websites before…

Read More »

Will China’s debt-fuelled economic bubble eventually pop?

June 29, 2020

[unable to retrieve full-text content]China: The Bubble That Never Pops by Thomas Orlik, Oxford University PressWill there be a reckoning day for China’s debt-fuelled state-led growth? That is a question that has been haunting journalists and analysts who have watched the country’s spectacular economic rise over the last decade.The imagined reckoning day – in the form of a financial meltdown or a big economic crisis – has not materialised yet, even though the mountain of debt, economic slowdown and lack of new growth drivers all…

Read More »

Donald Trump needs China trade deal or war to beat Joe Biden in 2020 presidential election, research shows

June 23, 2020

[unable to retrieve full-text content]US President Donald Trump needs China’s cooperation on the phase one trade deal, or a military conflict, to take his chances of winning re-election later this year to over 50 per cent, a Chinese investment brokerage has concluded after conducting modelling research using data since 1870.Led by Hua Changchun, a Shenzhen-based economist at the Guotai Junan Securities, the research claims Trump currently has only a 30 per cent chance of being re-elected in November against Democratic presidential…

Read More »

China turns to ‘street vendor economy’ to help manage unemployment crisis

June 5, 2020

[unable to retrieve full-text content]China has turned to a “street vendor economy” – encouraging people to set up open-air stalls as full or part-time jobs – amid an unprecedented wave of unemployment caused by the economic fallout following the coronavirus outbreak.The policy change, promoted by Premier Li Keqiang, came as tens of millions of workers have lost their jobs due to the business closures and transport disruptions over the last few months. It also marks a U-turn from the Communist Party’s previous efforts to clamp down…

Read More »

Is China rich or poor? Nation’s wealth debate muddied by conflicting government data

May 29, 2020

[unable to retrieve full-text content]A long-standing debate over whether China is a rich or poor nation has been reignited in recent weeks after the government released a series of diverging data sets on wealth in the world’s second biggest economy.Premier Li Keqiang added fuel to the discussion on Thursday, saying that China has 600 million people living on a monthly income of 1,000 yuan (US$140).“It’s barely enough to cover monthly rent in a mid-sized Chinese city,” Li told a press conference in Beijing.Li’s comments add weight…

Read More »

China, EU join 19-member temporary global trade dispute system, but US, UK, Japan, India not included

May 4, 2020

[unable to retrieve full-text content]China has joined 18 other members including the European Union, Canada, Australia, Singapore and Hong Kong in launching a temporary system for trade disputes at the World Trade Organisation, with the agency’s appeal body having ceased to function in December after the United States blocked appointments of new judges to the top trade court.The new system, which took effect on Thursday, also includes Brazil, Chile, Colombia, Costa Rica, Guatemala, Iceland, Mexico, New Zealand, Norway, Pakistan,…

Read More »

Coronavirus: how will China’s role in the global economy change when faced with pandemic backlash?

April 27, 2020

[unable to retrieve full-text content]This is the third in a series of five stories exploring the global backlash that China may face as a result of its actions and rhetoric during the coronavirus pandemic. This story examines the outlook for China’s economy as it recovers from the outbreak, including the risk that its place in the global value chain may be fundamentally altered as a result of the pandemic.Consensus is growing in Beijing that the coronavirus pandemic is set to make the world more hostile towards China, undermining…

Read More »

Coronavirus: China oil titan warns of gathering ‘black swan’ risks for Beijing after pandemic

April 17, 2020

[unable to retrieve full-text content]The world is set to become more hostile for China after the coronavirus as the risk of “black swan” events gathers for Beijing, a heavyweight in China’s state oil industry has warned, reflecting growing wariness about the geopolitical environment among political and business elites.Fu Chengyu, the former chairman of both China National Offshore Oil Corporation (CNOOC) and Sinopec Group, painted an ominous picture of increasing antagonism from the United States and damaging unforeseen events,…

Read More »

Coronavirus: Why did Xi Jinping choose this port city for his economy fact-finding trip?

March 30, 2020

[unable to retrieve full-text content]Chinese President Xi Jinping’s surprise visit to the port city of Ningbo in Zhejiang province on Sunday – his first outside the capital since his tour to the coronavirus epicentre Wuhan on March 10 – sent a strong signal that Beijing is ramping up efforts to protect the domestic economy and its role in global value chains.It is becoming increasingly clear that the spread of the coronavirus pandemic will deal China’s export-oriented economy a heavy blow, threatening China’s economic stability,…

Read More »

Coronavirus: China’s stranded citizens offered medical advice via free service from Alibaba founder Jack Ma

March 24, 2020

[unable to retrieve full-text content]Chinese citizens stranded overseas by flight cancellations and lockdowns caused by the coronavirus outbreak will have access to advice from medical professionals at hospitals in China under a free consulting service launched by Alibaba Jack Ma.Ma’s service will be provided to Chinese citizens overseas via Alipay, a payment application owned by Alibaba, which owns the South China Morning Post.The service has been launched as China has come under a growing pressure from imported cases of…

Read More »

Coronavirus: why is China keeping its powder dry on interest rates as economic contagion grows?

March 20, 2020

[unable to retrieve full-text content]China’s central bank kept its main policy interest rate unchanged on Friday, dashing expectations that it would join widespread interest rate cuts in other countries and sending a clear sign that Beijing is taking a more conservative approach in aiding its coronavirus-battered economy than other major nations.Beijing’s refusal to lower the loan prime rate (LPR) – the new benchmark for the country’s lending rates that it rolled out late last year – comes as major central banks are rushing to…

Read More »

Coronavirus: will China’s economy shrink for the first time since the Cultural Revolution in 1976?

March 3, 2020

[unable to retrieve full-text content]The odds are rising that China will report a sharp deceleration in growth – or even a contraction in the first quarter as a result of the impact of the coronavirus epidemic.The outbreak has paralysed the country’s manufacturing and service sectors, putting Beijing in the difficult position of either forgoing its economic growth goal for 2020 or returning to its old playbook of massive debt-fuelled economic stimulus to support growth.The larger-than-expected deterioration in the official and…

Read More »

Coronavirus: China reports surprising rail freight growth in February despite factory activity tumbling

March 2, 2020

[unable to retrieve full-text content]China’s official railway operator has said that rail freight rose in February, despite the coronavirus outbreak forcing large parts of the country into lockdown, and the official purchasing managers’ indices for manufacturing and services tumbling to all-time lows.China Railway, the state-owned railway operator, said in a statement on Sunday that total railway freight amounted to 310 million tonnes in February, a rise of 4.5 per cent from a year earlier, just a day after the National Bureau of…

Read More »

Coronavirus: Doubts raised over whether Chinese companies can use force majeure to counter risks

February 25, 2020

[unable to retrieve full-text content]Chinese firms are rushing to invoke force majeure – or an unforeseeable act of God – to shield themselves from contract obligations they cannot meet due to the coronavirus outbreak, but many may be unsuccessful in their efforts, lawyers and experts said.A government-backed agency issued more than 3,000 certificates to Chinese companies in the first three weeks of February certifying that they were victims of unexpected external circumstances that prevented them from fulfilling contracts signed…

Read More »

Coronavirus: China likely overestimating economic recovery by leaving out hard-hit small businesses

February 24, 2020

[unable to retrieve full-text content]China’s economic recovery amid the coronavirus outbreak has likely been overstated as data only covers larger companies and excludes the vast majority of the smaller workshops and manufacturers.Authorities have responded to calls from President Xi Jinping to restore China’s economic and social activity to pre-coronavirus levels by publishing a new indicator on the ratio of production that has resumed operation.On Monday, National Development and Reform Commission spokesman Cong Liang said that…

Read More »

Huawei pushes US to release secret files on HSBC-Meng Wanzhou ties as legal battle broadens

February 21, 2020

[unable to retrieve full-text content]Huawei Technologies has asked the US government to release a long list of documents related to the extradition case against chief financial officer Meng Wanzhou, according to a letter filed by the company’s US lawyers to the Court for the Eastern District of New York.In the letter, seen by the South China Morning Post, Huawei’s lawyers wrote that the US government possesses documents that “appear certain” to prove that Meng did not dupe HSBC into handling Iran-related transactions – a core…

Read More »

China lifts import ban on live poultry from US as bird flu threatens local farms

February 16, 2020

[unable to retrieve full-text content]China lifted an import ban on live poultry products from the United States from February 14 – the date when a partial trade deal between the two countries took effect.The move came after China reported cases of the deadly H5N1 bird flu in chickens in two provinces in the first 10 days of February, a development that could threaten the domestic poultry industry.Bans on American live poultry and poultry products imposed in 2013, 2014 and 2015 were all lifted, according to an announcement on…

Read More »