China Press Review – November 27, 2019

Press review

If Trump’s interest in the US-China trade war is flagging and a deal is near, what will the future look like?
The US president, preoccupied by domestic politics, and China, determined to persist in its deleveraging campaign, both seem ready for a trade-war truce     While fears of deglobalisation and global decoupling are overblown, the US may still divert trade away from China, at a cost to American consumers
www.scmp.com

US-China deal is ‘imminent’ due to Beijing’s upcoming policy meeting, economist says
The Economic Work Conference is a closed meeting of policymakers typically held in the second or third week of December, and sets the national agenda for China’s economy for the following yea
www.cnbc.com

US-China trade deal is closer but we’re watching Hong Kong, Donald Trump says
Talks on phase one deal ‘in final throes’ after phone conversation between China’s Liu He and US’ Robert Lighthizer and Steven Mnuchin    ‘But we want to see it go well in Hong Kong,’ US president says
www.scmp.com

China’s October industrial profits post biggest fall since 2011 amid trade war and sliding producer prices
Profits at China’s industrial enterprises shrank 9.9 per cent in October from a year earlier, the biggest fall since 2011  The contraction shows continued problems for the world’s second largest economy as it battles slow growth amid a trade war with the United States
www.scmp.com

China’s economy slows for seventh month, early indicators show
The earliest-available indicators of China’s economic performance point to a continued slowdown in November.     Economic growth was already the slowest in almost three decades in the third quarter, and the Bloomberg Economics gauge aggregating the earliest data from financial markets and businesses shows that continuing, with a worsening picture for trade, sales manager sentiment, and factory prices.
www.thehindubusinessline.com

China’s industry profit data is scary, but look past the headlines
China’s headline industrial profit numbers unexpectedly fell deeply on a yearly basis, despite the help of a low base effect. However, looking at the details, we see there’s a significant divergence on profitability between infrastructure-related manufacturers and those related to trade. The picture reflects how China has grown its economy in 2019
think.ing.com

China suffers economic blues amid US trade war
Even Trump’s upbeat assessment of signing off on a phase-one deal fails to lift Beijing’s gloom
www.asiatimes.com

Europe needs China’s billions. But does it know the price?
From steel to railways, Beijing is spending billions in EU countries. But are there strings attached?
www.theguardian.com

Alibaba’s Hong Kong listed shares are high on the shopping list of Chinese investors
Alibaba’s shares must trade for some seven months in Hong Kong before being eligible for stock connect scheme    Many institutional investors expect Alibaba stock to become an essential part of their portfolio
www.scmp.com

Ali earnings: E-commerce is the crown jewel, but services need polish
Investors and markets have long seen Alibaba as a bellwether for China’s economy-at-large. However, Alibaba’s Investor Day presentation and subsequent quarterly earnings show that mental shortcut must be rejected. In fact, Alibaba’s marketplaces substantially outperform the “real economy.” China retail sales have grown only 8.2% year to date, and online sales 17%—while Ali’s (not entirely comparable) year-on-year core commerce revenue growth is a whopping 40%. Try chewing on that and see how the market looks.
technode.com

Ant Financial’s mutual-aid platform Xiang Hu Bao attracts 100 million users, boosts insurers’ sales by 60 per cent in first year
More than 10,000 people have obtained financial aid through the platform as of November    About 60 per cent of its users come from third or lower tier cities, counties and rural areas
www.scmp.com

Goldman Expects China’s Growth to Slow to 5.8% in 2020
Andrew Tilton, chief Asia economist at Goldman Sachs, talks about the outlook for the region’s economies and policies. He speaks with Yvonne Man, David Ingles and Tom Mackenzie on “Bloomberg Markets: China Open.”
www.bloomberg.com

What Luxury Needs to Know about China’s Slasher Generation
On a cultural level, the slasher phenomenon demonstrates what Chinese millennials value — individuality, flexible work hours, and self-entrepreneurship. Illustration: Haitong Zheng/Jing Daily.
In millennial China, the coolest identity today is to have more than one. The conventional road to success — an upscale office desk, business suits, and a “work your way up” linear career path — sounds so five years ago. Instead, more and more Chinese millennials have started to adopt a freelance lifestyle that enables them to have more than one job — or identity. They are called the “slasher generation (斜杠青年),” a term referring to people who enjoy having multiple work identities and the “/” symbol in their title. This past June, the state-own Xinhua News officially adopted this term while covering the slasher phenomenon. According to a Xinhua’s report, China’s slashers have exceeded 80 million, in which the majority are highly-educated, urban-dwelling millennials.
jingdaily.com

Hang Seng Index ekes out small gain; Alibaba, MTR, Meituan Dianping among day’s gainers in Hong Kong
Liquor and Apple AirPods on the minds of northbound traders   Mediocre returns predicted for Chinese stocks in 2020
www.scmp.com

Alibaba’s Hong Kong shares get fast entry into Hang Seng Composite Index in boon for city’s stock market trading indicator
Alibaba’s Hong Kong shares, trading under the stock code 9988, will be included in the Hang Seng Composite Index on December 9  The Hangzhou-based technology giant is admitted less than two weeks after its secondary listing because it qualifies under a fast entry rule, Hang Seng said
www.scmp.com

As Hong Kong suffers, China risks losing its financial window on the world
The territory’s recession is getting deeper and the US is threatening its special trading status, bringing serious consequences for Beijing
www.theguardian.com

What Luxury Needs to Know about China’s Slasher Generation
On a cultural level, the slasher phenomenon demonstrates what Chinese millennials value — individuality, flexible work hours, and self-entrepreneurship. Illustration: Haitong Zheng/Jing Daily.
In millennial China, the coolest identity today is to have more than one. The conventional road to success — an upscale office desk, business suits, and a “work your way up” linear career path — sounds so five years ago. Instead, more and more Chinese millennials have started to adopt a freelance lifestyle that enables them to have more than one job — or identity. They are called the “slasher generation (斜杠青年),” a term referring to people who enjoy having multiple work identities and the “/” symbol in their title.
jingdaily.com

U.S.-China Ties Grow Stronger, If Only in the Bond Market
China’s record sale of dollar-denominated debt suggests a limit to tensions between the countries.
www.bloomberg.com

Man Has the Toughest Job in Global Finance
As banking regulator, Guo Shuqing is tasked with eliminating excess risks without stifling growth.
www.bloomberg.com

Guo Shuqing, the watchdog of China’s US$40 trillion banking and insurance industry, has the toughest job in global finance
China’s banking system is twice the size of America’s    The task of managing that system is getting harder by the day, as China faces its most uncertain economic environment since the global recession a decade ago, a state of affairs further complicated by the civil unrest in Hong Kong
www.scmp.com

China completes merger of CSIC and CSSC to create shipbuilding firm
China has completed the merger of China State Shipbuilding Corporation (CSSC) and China Shipbuilding Industry Company (CSIC) to create a new shipbuilding company.
www.ship-technology.com

Small subdivided flats in Shanghai’s European heritage homes a hit among young homebuyers looking for central location
About 150 subdivided units are changing hands every month in the former French Concession, agent says    Sales of heritage houses still a niche market
www.scmp.com

China needs ‘class action system with Chinese characteristics’ to woo investors, securities chief says
Yi Huiman said that class action across investment classes should be accelerated in China, amid a flurry of activity aimed at attracting foreign investors    Class action is possible in China, but rarely used in practice since it requires the recommendation of a court
www.scmp.com

EU’s carbon border tax will damage global climate change efforts, China says
Countries ‘need to prevent unilateralism and protectionism from hurting global growth expectations’, China’s vice-minister for the environment says    The new tax is aimed at protecting European firms from unfair competition by raising the cost of products from countries that fail to take action on climate change
www.scmp.com

China: developed countries lack will on climate
Report specifically criticizes the US – currently in the process of pulling out of the 2015 Paris Agreement
www.asiatimes.com

EU Says China May Be Dodging Levies on Corrosion-Resistant Steel
The EU opened an inquiry into whether Chinese exporters of this kind of steel, which is used in the construction industry and for domestic appliances, altered the characteristics to avoid the levies as high as 27.9%. The trade protection is meant to punish producers for allegedly having sold in the EU below cost, a practice known as dumping.
news.yahoo.com

China and Russia to turn on gas pipeline tap as neighbours forge stronger energy ties
Supply diversifies China’s sources of energy as it switches to cleaner fuels, analyst says
www.scmp.com

Pacific islands avoid China’s ‘debt-trap’ diplomacy for now
Beijing’s interest in region sparks fears it is making unsustainable loans
asia.nikkei.com

China’s GEM, the world’s biggest battery recycler, is helping fuel the future of cars
The Shenzhen-based firm aims to collect and process 30 per cent of China’s discarded electric vehicle batteries
www.scmp.com

American democracy group slams Beijing’s claim it is ‘black hand’ behind Hong Kong protests, as National Democratic Institute head calls it ‘patently false’
National Democratic Institute head says suggestions that it is promoting Hong Kong independence are false and amount to misinformation    Claims are ‘misinformation’ and don’t recognise ‘organic activity stemming from genuine grievances’, says NDI’s president
www.scmp.com

27 Companies Drafting China’s First National Facial Recognition Standard
A new working group led by artificial intelligence company SenseTime has been tasked with setting China’s first national guideline for applications of facial-recognition technology.
www.sixthtone.com

German firms defend business in China
Volkswagen is defending its car factory in the Chinese province of Xinjiang, saying all of its workers there have contracts and that it regularly monitors working conditions. Leaked documents show that the government maintiains detention camps in the region to repress Muslim minorities. Other German companies are also under fire by human rights groups
www.dw.com

China’s divorce rate is spiking because women no longer have to accept unsatisfying marriages. This should be celebrated, not stifled
Due to amended laws and declining stigmas, women are the main initiators of China’s climbing divorce rate    Alarmed authorities are now taking countermeasures, but women’s freedom should not be sacrificed for ‘social stability’
www.scmp.com

The New Geography of Global Diplomacy
As China’s rise has become a central force in global politics, analysts and policymakers have tracked its path to potential preeminence on a number of fronts: the size of its economy, the scale and reach of its investment and commercial relationships, the budget and capabilities of its military forces. But as of 2019, China has surpassed the United States in an underappreciated but crucial measure of global influence: the size of its diplomatic network.
www.foreignaffairs.com

Back to the Future: China is Putting Hypersonic Missiles on a 1950s Bomber
Chinese H-6Ks—a knockoff of the 1950s Soviet Tu-16 bomber—are getting an upgrade.
nationalinterest.org

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