Goldman Cuts China’s Growth Forecast to 4% on Covid Policy
Goldman Sachs Group Inc. cut its economic growth forecast for China for this year to 4% as the government doubles down on a Covid Zero policy that’s forced major cities Continue Reading
North Korea Receives Aid From China as Covid Outbreak Spreads
North Korea, battling its first major Covid-19 outbreak, has reached out for help to its closest ally, China, while ignoring offers of vaccines from South Korea. Three North Korean cargo Continue Reading
China diverts anti-poverty funds to Covid testing as crisis deepens
China’s cash-strapped local governments have been forced to divert funds from poverty alleviation and infrastructure to finance mass coronavirus testing as President Xi Jinping’s zero-Covid policy causes growing financial strains. Continue Reading
How China Is Attempting To Control Middle East Oil Chokepoints
The geographical location of Oman makes it one of the most strategically important countries in the world when it comes to energy and trade. China, notably through its relationship with Continue Reading
China’s Economic Distress Deepens as Lockdowns Drag On
China’s economy descended deeper into a Covid-19-induced doldrums last month, raising questions about whether Beijing’s planned stimulus measures can prevent a prolonged downturn. Consumer spending and factory output tumbled in Continue Reading
CHINA DATA: April crude throughput hits two-year low of 12.66 mil b/d
China’s crude throughput slumped 10.5% year on year to a two-year low of 12.66 million b/d, or 51.81 million mt in April, as COVID-19 resurgence hurt oil demand, the National Continue Reading
N.Korea mobilises army, steps up tracing amid COVID wave
North Korea has mobilized its military to distribute COVID medications and deployed more than 10,000 health workers to help trace potential patients, as it fights a sweeping coronavirus wave, state Continue Reading
Climate Change Threatens China With Yet Another Deadly Flood Season
As China’s rainy season starts, National Climate Center forecasts show that flooding in the north and south of the country could be as bad as last summer when torrential rain Continue Reading
Yen, Supply Chain Chaos Send Japan Manufacturers Home
Japanese manufacturers are increasingly looking to move offshore operations to their home market, according to a Tokyo Steel Manufacturing Co. executive. The rapidly weakening yen that boosts the competitiveness of Continue Reading
China’s thermal coal futures mute as Beijing reins in commodity inflation
Trade in China’s thermal coal futures has almost come to a halt after Beijing stepped up its control of coal prices to rein in the soaring costs of energy and Continue Reading
China’s April oil refinery output plunges to 2-year low as COVID curbs bite
China processed 11% less crude oil in April than a year earlier, with daily throughput falling to the lowest since March 2020 as refiners slashed operations on weaker demand due Continue Reading
China’s April coal output leaps 11% on year, but demand downturn looms
China’s daily coal output in April jumped 11% from the same month a year earlier, boosted by Beijing’s order to increase supply to ensure security of the country’s energy supply, Continue Reading
Shanghai aims for June 1 return to normal as COVID lockdown batters economy
Shanghai set out plans on Monday for the end of a painful COVID-19 lockdown that has lasted more than six weeks, heavily bruising China’s economy, and for the return of Continue Reading
Not a Single Car Was Sold in Shanghai Last Month
For evidence of just how tight Shanghai’s lockdown has been, consider this: not a single car was sold in the city last month. The majority of the city’s 25 million Continue Reading
China’s economic activity plummets as Covid lockdowns hit growth
China’s economic activity contracted sharply in April as a wave of lockdowns across the country posed the most significant challenge to its growth prospects since Covid-19 emerged more than two Continue Reading
Shanghai aims to reopen more COVID-shut businesses, Beijing battles on
Shanghai will gradually begin reopening businesses such as shopping malls and hair salons in China’s financial and manufacturing hub from Monday after weeks in strict COVID-19 lockdown, while Beijing battles Continue Reading
North Korea’s Kim says COVID ‘great turmoil’, 21 new deaths reported
North Korean leader Kim Jong Un said on Saturday that the spread of COVID-19 had thrust his country into “great turmoil” and called for an all-out battle to overcome the Continue Reading
Medical scans are latest casualty of China supply chain breakdowns – The Washington Post
Doctors in the United States are prioritizing only the most critical patients and hospitals are rationing supplies of a crucial drug after a covid lockdown in China temporarily closed a GE Healthcare Continue Reading
April runs in China decline on lockdowns
China’s crude throughput is set to reach a two-year low in April as state and independent refiners have slashed runs because of the latest COVID-19 resurgence that has hurt the Continue Reading
Global Covid-19 Summit upstaged by Ukraine war, inflation
When the United States brought world leaders together last year to discuss how to end the pandemic, President Biden emphasized the historic scale of the problem. “This is an all-hands-on-deck crisis,” Continue Reading
North Korea confirms 1st COVID outbreak, Kim orders lockdown
North Korea imposed a nationwide lockdown Thursday to control its first acknowledged COVID-19 outbreak after holding for more than two years to a widely doubted claim of a perfect record-keeping Continue Reading
China’s Economic Slowdown Is Rippling All Around the World
China’s lockdowns could cost the company between $4 billion and $8 billion in lost sales. For decades, the world has depended on China as a massive factory floor and market. Continue Reading
CHINA DATA: Shandong independent refiners’ throughputs hit 26-month low
Low throughputs generate high feedstock inventory ZPC, Hengli cut throughputs by 21.8% on month Feedstock consumption at Shandong’s independent refineries continued to fall and hit a 26-month low in April Continue Reading
WHO chief says China’s zero-COVID policy not ‘sustainable’
The head of the World Health Organization said on Tuesday China’s zero-tolerance COVID-19 policy is not sustainable given what is now known of the virus, in rare public comments by Continue Reading
Exclusive: Tesla halts most output at Shanghai plant, April sales dive
Tesla Inc (TSLA.O) has halted most of its production at its Shanghai plant due to problems securing parts for its electric vehicles, according to an internal memo seen by Reuters, Continue Reading
Xi Jinping Scrambles as China’s Economy Stumbles
If Xi Jinping was hoping for an uneventful and stable 2022 before his planned “re-election” this fall, he must be disappointed. In January I wrote that “China’s economic future isn’t Continue Reading
Half of Shanghai achieves ‘zero COVID’; city presses on with ‘unsustainable’ fight
Shanghai officials said on Wednesday that half the city had achieved “zero COVID” status, but uncompromising restrictions had to remain in place under a national policy that the head of Continue Reading
WHO chief’s remarks on China’s COVID policy blocked on country’s social media
A United Nations Weibo post on the World Health Organization chief’s comments that China’s zero-tolerance COVID-19 policy is not sustainable was removed from the Chinese social media platform on Wednesday Continue Reading
CHINA DATA: January-April crude imports fall nearly 5% on year despite April inflow boost
China’s crude oil imports in January-April fell 4.8% year on year despite inflows rising 6.6% to 10.51 million b/d in April as a recovery from the previous lows in March Continue Reading
China Tightens Covid Noose as Shanghai, Beijing Cases Linger
A survey showed U.S. firms in China are lowering revenue projections amid Beijing’s stringent Covid Zero strategy. Enda Curran reports. China is tightening pandemic restrictions in Shanghai and expanding a Continue Reading
China Car Sales Plunge as Shanghai Lockdown Takes Toll
China car sales plunged the most in two years in April as Covid-19 lockdowns in the auto industry hubs of Shanghai and Jilin province smashed production and kept buyers out Continue Reading
Shanghai disinfects homes, closes all subways in COVID fight
Teams in white protective suits are entering the homes of coronavirus-infected people to spray disinfectant as Shanghai tries to root out an omicron outbreak under China’s strict “zero-COVID” strategy. City Continue Reading
Shanghai tightens lockdown despite falling COVID cases
Authorities in Shanghai have again tightened anti-virus restrictions, just as the city was emerging from a month of strict lockdown due to a COVID-19 outbreak. Notices issued in several districts Continue Reading
China’s April soybean imports slide on year
Jan-Apr imports down 1% on year to 28.36 mil mt Crush margins negative on poor hog margins China’s soybean imports in April fell 8.5% year on year to 8.08 million Continue Reading
China’s April steel exports miss trade estimates, unlikely to improve in May
Exports at 4.9 mil mt, down from estimated 6 mil-7 mil mt Logistics hurdles to weigh on buyers’ enthusiasm China’s finished steel exports rose 0.7% on the month to 4.977 Continue Reading
China’s Iranian oil imports ease on poor margins, lure of Russian oil
April imports estimated at 650,000 bpd – Vortexa Q1 Iran exports average 840,000 bpd, almost all to China – Kpler Independent refiners face shrinking margins Displaced Russian Urals crude heading Continue Reading
‘Go home!’ COVID-hit Shanghai, Beijing tell residents to avoid social contacts
China’s two biggest cities tightened COVID-19 curbs on their residents on Monday, raising new frustration and even questions about the legality of its uncompromising battle with the virus. As authorities Continue Reading
Analysis: Shanghai COVID crisis puts political spotlight on key Xi ally
If Shanghai Communist Party chief Li Qiang has been politically bruised by the city’s struggle to tame a COVID-19 outbreak that has infuriated residents and caused severe economic damage, there Continue Reading
China’s Imports From Russia Hit Record on Energy Price Rises
Chinese imports from Russia surged to a record in April, likely due to soaring global energy prices, while exports fell to the lowest level since the early months of the Continue Reading
Beijing Residents Keep Faith With Government’s Zero-Covid Strategy
For weeks, Beijing has teetered on the edge of a hard, Covid-induced lockdown. For the most part, citizens are unruffled, confident that the restrictions that have paralyzed Shanghai for six Continue Reading
CIA director says China ‘unsettled’ by Ukraine war
The director of the CIA said that Chinese President Xi Jinping has been “unsettled” by the war in Ukraine, which had demonstrated that the friendship between Beijing and Moscow had Continue Reading
China’s Covid Lockdowns Disrupt Global Supply Chains: Eco Week
China’s lockdowns to contain Covid have snarled operations at the world’s largest port in Shanghai and stalled activity in major cities, affecting the supply chains of businesses from Tesla Inc. Continue Reading
‘Stop asking why’: Shanghai tightens COVID lockdown, Beijing keeps testing
Shanghai authorities were tightening the city-wide COVID lockdown they imposed more than a month ago, prolonging into late May an ordeal that China’s capital Beijing was desperate to avoid by Continue Reading
China builds permanent COVID testing stations for life after lockdown
China is setting up thousands of permanent PCR testing stations, with 9,000 already completed in Shanghai alone, as authorities seek to “normalise” tough pandemic controls even after the current round Continue Reading
Chinese Tech Giants Quietly Retreat From Doing Business With Russia
Chinese tech companies are quietly pulling back from doing business in Russia under pressure from U.S. sanctions and suppliers, despite calls by Beijing for companies to resist overseas coercion. Several Continue Reading
Coronavirus pandemic far deadlier than official count, WHO estimate suggests
The number of people who died as a result of the coronavirus pandemic by the end of last year may be nearly three times higher than thought, according to estimates Continue Reading
COVID led to 15 million deaths globally, not the 5 million reported – WHO
Almost three times as many people have died as a result of COVID-19 as official data show, according to a new World Health Organization (WHO) report, the most comprehensive look Continue Reading
China stares at slower steel demand from manufacturing sector in May
Highlights China’s manufacturing activity further contracts in April Overseas demand for Chinese manufactured goods shrinks More easing expected in infrastructure, property sectors Steel demand from China’s manufacturing sector is expected Continue Reading
China’s Oil Giant Says It’s Not Seeking Discounted Russian Fuel
PetroChina said it plans to boost its exploration and production efforts. Bloomberg News PetroChina Co. isn’t seeking any discounted Russian oil and gas and is only purchasing fuel from the Continue Reading
Xi Jinping’s renewed commitment to zero-Covid rattles markets in China
Xi Jinping has reaffirmed his commitment to China’s controversial zero-Covid strategy, warning against “any slackening” in the effort and vowing to crack down on criticism of the policy despite signs Continue Reading