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South China Morning Post

Shipping container prices tumble for first time this year as China’s Christmas exporting season slows

[unable to retrieve full-text content]Shipping container prices have declined for the first time this year after skyrocketing to historic highs as China’s Christmas exporting season slows, creating a temporary respite for exporters.The average sale price of a 40-foot container in China has plunged by 22.5 per cent since the end of September, to US$6,598 this week, according to Container xChange, an online platform for the leasing and trading of shipping containers.For container leasing,...

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China’s ‘unfair trade practices’ draw heavy fire at WTO trade review

[unable to retrieve full-text content]China was accused of a laundry list of trade felonies and economic bullying during a series of attacks by other nations at the World Trade Organization (WTO) in Geneva on Wednesday, laying bare growing geopolitical rifts and widening schisms in the multilateral trading system.The United States, European Union, Japan, Britain, Australia and Canada took part in the pile-on at China’s first WTO trade policy review since 2018, according to a...

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China signs huge LNG deals with US supplier Venture Global

[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...

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

[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...

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China’s tech crackdown will see ‘more substantial progress’ by year’s end, Beijing vows

[unable to retrieve full-text content]Chinese authorities say progress is being made in their efforts to clean up the financial irregularities created by privately run tech giants and other industrial capitalists, while doubling down on vows to ensure that funding is available to struggling private businesses amid rising costs and a broad economic slowdown.Guo Shuqing, party chief of the People’s Bank of China, pointed to promising “initial results” in the ongoing clampdown...

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China’s power crisis: Beijing draws up plans to increase coal output, lower energy prices as temperatures plunge

[unable to retrieve full-text content]Beijing has stepped up its control over the nation’s power market amid a crunch, pledging to intervene in the coal market, investigate pricing mechanisms and crack down on the speculative fuel trade as China tackles the ongoing problem that is threatening energy security and economic growth.A flurry of statements late on Tuesday and earlier comments by Chinese Vice-Premier Han Zheng highlighted the urgency, with the power crunch already having...

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China’s September home price index falls, the first monthly drop in 6 years and sign of the coming winter for the real estate market

[unable to retrieve full-text content]China’s monthly benchmark price index of new homes fell for the first time in more than six years, confirming the real estate slump that dragged the nation’s economy to its slowest quarterly growth pace since September 2020.The average cost of a new home in China fell by 0.1 per cent in September from last year, according to the price data of 70 major cities tracked by the National Bureau of Statistics (NBS) released on Wednesday. The monthly...

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Canada’s canola farmers hope Meng Wanzhou release ‘lowers the temperatures’ with China amid trade spat

[unable to retrieve full-text content]The resolution of US criminal charges against the chief financial officer of Huawei Technologies Co. is boosting optimism that China and Canada can resolve a trade spat over canola.Canada is the world’s largest grower of canola, an oilseed used in everything from salads to deep-frying, but the commodity is stuck in the crosshairs of a dispute between the nation, China and the United States.China suspended the licences of two major Canadian shippers,...

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China’s Canton Fair wraps up, but exporters lament the lack of foreign buyers

[unable to retrieve full-text content]Canton Fair participants said global inflation was the biggest risk for their businesses as they attended the biannual trade event in person for the first time in three exhibitions.The five-day fair – the largest of its kind in China – kicked off last Friday in Guangzhou, but many Chinese exhibitors said they were disappointed at the lack of foreign buyers, with some packing up and leaving early on the last day of the fair on Tuesday.Many...

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

[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,...

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