China will provide debt relief, Sri Lankan envoy says

Opinion 04/12/22, 23:26

Bloomberg reported on April 12 that Sri Lankan ambassador Palitha Kohona felt very confident about 2.5 billion dollar credit support from China to help his nation get through the spiraling economic crisis. Sri Lanka's top diplomat said he had received reassurances last week from the Chinese government that procedures for loans ...

US overcomes China, reclaims the world’s busiest airport title

Economy 04/12/22, 22:29

According to Airports Council International World, Hartsfield-Jackson Atlanta International Airport in the United States overcame Guangzhou Baiyun International Airport in China to reclaim the world's busiest airport title in 2021. Airports Council International World published a report listing the top 10 busiest airports worldwide for 2021 on Monday, Apr 11. The Georgia-based ...

477 container ships stranded outside Chinese ports

Economy 04/12/22, 22:04

Nearly 480 container vessels are queuing outside China's ports to deliver metal ores, grains, and other resources into the country amid the resurgence of the COVID-19 pandemic. The strict two-phase lockdown in Shanghai to combat the fast-spreading Omicron variant that started late last month has resulted in a shortage of port ...

Zhenro Properties misses payments for 20 million dollars due notes

Economy 04/11/22, 23:30

Zhenro Properties Group failed to pay approximately 20.4 million dollars of interest on two-dollar notes by Saturday's grace period. In a filing sent to the Hong Kong Stock Exchange on Sunday, April 10, the developer said that it missed interest payments for 8.35 million dollars under the May 2020 Notes and ...

Strict lockdowns and Ukraine war add to China’s inflation risks

Economy 04/11/22, 22:36

The National Bureau of Statistics of China (NBS) released data on Monday, Apr 11, saying the producer price index (PPI) in March increased 8.3% year-on-year. PPI reflects the prices that factories charge wholesalers for products, down from 8.8% growth in February. This was above the 8.1% growth expectations in a Bloomberg ...

Chinese shipping giant dethroned by a newly merged entity

Economy 04/10/22, 23:23

Frontline Ltd. of Bermuda and Euronav NV of Belgium announced their merger on April 7 to create the world's largest oil tanker operators. This merger pushed China’s Cosco Shipping Energy Transportation out of the top position that it has held for more than three years. The merged shipping company would continue ...

China’s Tesla rival halts production as COVID curbs disrupt supply

News 04/10/22, 23:18

China’s electric vehicle maker Nio Incorporated said on Saturday, April 9, that it has stopped manufacturing as suppliers were unable to sustain normal operations due to COVID-19 curbs in the country. According to Reuters, the firm stated that “Since March, due to reasons to do with the epidemic, the company's supplier ...

Chinese major highways closed nationwide, leaving large-scale logistics interrupted

Economy 04/10/22, 22:46

Timednews reported on April 8 that many Chinese highways in more than ten cities and provinces have taken Covid-19 control measures, temporarily closing entrances and exits of highway toll stations. Consequently, China's domestic logistics is falling into an unprecedented crisis, posing severe impacts on the nation's economy this year. Hangzhou announced ...

Goldwind: China’s wind turbine prices hit bottom

News 04/10/22, 22:30

According to Bloomberg, Goldwind, China’s biggest wind turbine manufacturer, there is no more room for price reductions in the largest market after a significant drop in expenses. In addition, Fitch said the average turbine bidding prices dropped by approximately 26% year on year by the end of 2021. The price reduction ...

China’s foreign exchange reserves hit one-year low in March

Economy 04/10/22, 00:53

China's State Administration of Foreign Exchange announced on April 7 that China's foreign exchange reserves stood at 3.188 trillion dollars at the end of March, a one-year low, down 25.8 billion dollars, or 0.8%, from the end of February. This is the third consecutive month of decline in China's foreign exchange ...

Containers pile up at Shanghai port due to the lockdown policy

Economy 04/08/22, 23:14

According to Bloomberg, containers are stacking up at Shanghai's largest port as truckers couldn't pick up boxes at docks due to the mass testing and the city's lockdown. Bloomberg cited Japanese carrier Ocean Network Express (ONE) that the limited number of outbound containers from the port delays clearance imports. The Japanese carrier ...

Tencent to close game streaming site under China’s crackdown

Economy 04/08/22, 22:37

Tencent Holdings, a Chinese social media and gaming giant, announced on April 7 that it would shut down its game streaming platform Penguin Esports by early June. This move shows its effort to streamline the businesses following a regulatory crackdown. Tencent said the closure of the six-year-old platform is set to ...

China pays for Russian energy in Chinese yuan

Economy 04/08/22, 22:32

Chinese consultancy Fenwei Energy Information Service Co. said that Russia accepted yuan in coal trading in March, and the first shipments will arrive in China this month. Russian crude oil sellers have also offered Chinese refiners the option of paying in yuan. Bloomberg reported that such transactions were conducted in dollars before ...

China’s JD.com founder Richard Liu steps down as CEO

Economy 04/08/22, 22:32

The billionaire founder of China's second-biggest online retailer JD.com Inc., Richard Liu, stepped down as chief executive officer on Thursday, April 7, amid Beijing's ongoing tech crackdown. The Chinese tech tyrant announced that Richard Liu would pass the baton to current president Xu Lei, the former head of JD.com's retail business ...

China’s lockdowns leave production disrupted, EU trade group warns

Economy 04/08/22, 00:03

The European Union Chamber of Commerce in China warns of fractured supply chains resulting from the zero-COVID approach, saying that European companies operating in the country are struggling to cope with lockdowns, and their business confidence diminished. At a media event held on April 6, Jörg Wuttke, the Chamber’s president, said ...

China’s Qingming Festival travelers slump by almost two-thirds from 2021

Economy 04/08/22, 00:01

State-media Economic Daily reported on Tuesday, April 5, that the number of travelers during China's three-day Qingming holiday travel plunged by almost two-thirds from 2021 due to strict COVID-19 prevention measures. According to China's Transport Ministry, during the Festival, which lasts between April 3 and 5, commuters traveling by rail, road, ...