Page 46 - China

China frees up $70 bn for banks to underpin economy hit by Covid lockdowns

The central bank hopes to spur more lending into the economy but analysts are sceptical it could achieve quick results, as new COVID outbreaks throw factories and households into lockdown

Global shares mixed as investors eye China covid crisis, Japan inflation

Global shares were mixed Friday as worries deepened about the regional economy and Japan reported higher-than-expected inflation. France's CAC 40 was little changed, inching down less than 0.1 per cent to 6,704.00. Germany's DAX slipped 0.1 per cent to 14,524.48. Britain's FTSE 100 gained 0.1 per cent to 7,473.46. The future for the S&P 500 gained 0.2 per cent while that for the Dow industrials was up 0.1 per cent. Investors have their eyes on China's lockdowns and restrictions to curb the spread of coronavirus infections, as the direction China takes will have great impact on the rest of Asia. China has been expanding pandemic lockdowns, including in a city where factory workers making Apple's iPhone clashed with police this week, as its number of COVID-19 cases hits a daily record. Across China, the number of new cases reported Thursday was 31,444, the highest since the virus was first detected in late 2019. Reopening policies have pivoted in China, which will be a gradual ...

China's Xi pledges support for Cuba on 'core interests', to boost ties

Chinese President Xi Jinping and his Cuban counterpart pledged mutual support over their fellow communist states' core interests Friday at a meeting further hailing a return to face-to-face diplomacy by Beijing. In comments to Miguel Diaz-Canel Bermudez, Xi said China hoped to strengthen coordination and cooperation in international and regional affairs with Cuba. The two will go hand in hand down the road of building socialism with each's own characteristics," Xi was quoted as saying in a Chinese government news release. China generally defines core interests as the defence of its economic and political development aims, along with control over territory it claims, especially self-governing Taiwan. No specific issues or other countries were mentioned in the Chinese government news release. Diaz-Canel's visit is a further sign of how China is trying to jump-start its in-person diplomacy after a virtual shutdown of such exchanges during the pandemic. Xi, who is also the leader of t

Tesla recalling more than 80,000 cars, says Chinese market regulator

U.S.-based electric car maker has recalled 67,698 Model S and Model X cars imported to China between Sept. 25, 2013 and Nov. 21, 2020, due to software problems affecting the battery management system

ICBC leads big banks to offer $179 bn aid to China's real estate developers

China's priority has been to ensure that unfinished homes get completed, while supporting the stronger firms that have so far survived the crisis

China's daily Covid-19 cases hit record high at 32,695; curbs tightened

China on Friday reported another record high of daily Covid-19 infections, as cities across the country enforce measures and curbs to control outbreaks

China may not pay for climate change despite being 'biggest annual emitter'

Chinese policymakers do not agree with the suggestion that China should be considered a developed nation; according to Chinese policymakers, China continues to have extreme poverty in the country

10 killed, 9 injured in apartment fire in northwest China's Xinjiang region

A fire in an apartment building in northwestern China's Xinjiang region has killed 10 people and injured nine, authorities said Friday. The fire broke out Thursday night in the regional capital of Urumqi, where temperatures have dropped to below freezing after dark. The blaze took around three hours to extinguish. The injured were all expected to survive and the cause of the fire is under investigation, the local government said. The tragedy comes days after 38 people died in a fire at an industrial trading company in central China caused by welding sparks that ignited cotton cloth. Four people have been detained over the fire in the city of Anyang and local authorities ordered sweeping safety inspections. Aging infrastructure, poor safety awareness and, in some cases, government corruption has led to series of recent fires, explosions and building collapses around China, which continues to grapple with new COVID-19 outbreaks, prompting lockdowns and rigid travel restrictions ...

Covid surge in Beijing triggers panic buying, lockdown-like restrictions

The case increase, which has escalated from under 100 infections a day a fortnight ago, is leading to stepped-up controls in Beijing, a city of 22 million

China's single-day Covid tally hits record high with 31,444 new cases

That number broke China's previous record set on April 13, when local cases hit 29,317

Apple supplier Foxconn apologises, offers new hires $1,400 to quit

'We apologize for an input error in the computer system and guarantee that the actual pay is the same as agreed and in the official recruitment posters'

China's tension with West 'very good opportunity' for India: Stellantis CEO

India will stay ahead of the curve amid the global economic slowdown and it offers a lot of potential for growth, according to multinational auto major Stellantis CEO Carlos Tavares. The country is also the best placed "superpower" that can leverage the opportunity arising out of the tension between the Western world (US and Europe) and China, he said here in an interaction. The company, which is gearing up to launch the electric version of its compact car C3 early next year, is also working on the possibility of exporting compact electric vehicles from the country to markets like Europe. "We all see that the global economy is going to slow down in 2023. That's also what all the competent administrations are predicting. They're also saying that India will be somewhere between 6 per cent and 7 per cent GDP growth. That's a lot," Tavares said. He further said, "So, if there was to be a concern, globally, ahead of the curve will be India, (with) 6 to 7 per cent growth." While reports

HRW urges China, Japan, India to help restructure Sri Lanka's debts

International human rights organisation, Human Rights Watch (HRW) urged Sri Lanka's major foreign creditors, including China, Japan, and India to help restructure debts

Foxconn apologises for pay dispute at China factory in Zhengzhou

The company that assembles Apple Inc.'s iPhones apologised on Thursday for what it said was a technical error that led to protests by employees over payment of wages offered to attract them to a factory that is under anti-virus restrictions. Protests erupted on Tuesday in the central city of Zhengzhou after employees complained Foxconn Technology Group required they do extra work to receive the higher pay promised by recruiters. Foxconn is trying to rebuild its workforce after thousands of employees walked out last month over complaints about unsafe conditions. Videos on social media showed police in white protective suits kicking and clubbing protesting workers. Foxconn, the biggest contract assembler of smartphones and other electronics for Apple and other global brands, blamed the dispute on a technical error in the process of adding new employees. It promised they would receive the wages they were promised. "We apologise for an input error in the computer system and guarantee

China expands lockdown as Covid cases hit record high, mass testing ordered

China is expanding lockdowns, including in a cental city where factory workers clashed this week with police, as its number of COVID-19 cases hit a daily record. People in eight districts of Zhengzhou with a total of 6.6 million residents were told to stay home for five days beginning on Thursday, except to buy food or get medical treatment. Daily mass testing was ordered in what the city government called a war of annihilation against the virus. During clashes on Tuesday and Wednesday, Zhengzhou police beat workers protesting over a pay dispute at the biggest factory for Apple's iPhone. Across China, the number of new cases reported in the past 24 hours was 31,444, the National Health Commission said Thursday. That is the highest daily figure since the coronavirus was first detected in the central Chinese city of Wuhan in late 2019. The daily average of reported cases is steadily increasing. This week, authorities reported China's first COVID-19 deaths in six months, bringing the

IMF asks China to boost vaccination, recalibrate strategy to fight Covid

The IMF has asked China to ramp up Covid-19 vaccination and recalibrate its strategy to deal with the virus and address the challenges arising from a slowing global demand

Foxconn offers staff $1,400 to leave after protests in China's iPhone city

Apple Inc.'s main global production partner said in an online notice the sum, to be paid out in two installments, will help smooth the journey home for employees

Protesting workers beaten over pay dispute at Chinese iPhone factory

Police beat workers protesting over a pay dispute at the biggest factory for Apple's iPhone, whose new model is delayed by controls imposed as China tries to contain a surge in COVID-19 cases. Foxconn, the biggest contract assembler of smartphones and other electronics, is struggling to fill orders for the iPhone 14 after thousands of employees walked away from the factory in the central city of Zhengzhou last month following complaints about unsafe working conditions. China's status as an export powerhouse is based on factories such as Foxconn's that assemble the world's consumer electronics, toys and other goods. The ruling Communist Party is trying to contain the latest wave of outbreaks without shutting down factories and the rest of its economy as it did in early 2020. Its tactics include closed-loop management, under which workers live in their factories with no outside contact. Foxconn offered higher pay to attract more workers to the Zhengzhou factory to assemble the iPhone

JD.com announces pay cuts of 10-20% for managers amid China slowdown

JD's decision came a few days after Chinese President Xi Jinping reiterated "common focus" as the government's aim

China proposes tough penalties for unfair practices adopted by tech firms

The move is another regulatory response to big tech companies' use of market dominance and advanced technology to undermine competition