CX Daily: Bailouts Multiply as Pressure Mounts to Stabilize China’s Housing Market
Efforts to halt the slump in China’s housing market are gathering pace as local governments
Photo: VCG
Bailouts /
In Depth: Bailouts multiply as pressure mounts to stabilize China’s housing market
Efforts to halt the slump in China’s housing market are gathering momentum as local governments, banks, state-owned enterprises (SOEs), asset management companies and shareholders pump money into unfinished projects and cash-strapped developers.
A meeting of the Politburo July 28 called for action to “stabilize the real estate market” and the use of “city-specific policies.” It also told local governments they would be responsible for ensuring the “timely delivery” of homes under construction that have already been paid for.
Climate /
China’s climate envoy blames U.S. for Beijing’s decision to halt climate talks
China’s special climate envoy Xie Zhenhua said the U.S. is “fully responsible” for the suspension of bilateral climate talks in response to U.S. counterpart John Kerry’s criticism that the decision by Beijing after Nancy Pelosi’s Taiwan visit “punishes the world,” according to state media.
Although such talks with the U.S. have been suspended, China has consistently been “a proactive contributor to the global climate process by persistently supporting other developing nations” in addressing the issue, according to Xie in an interview with China Daily.
Taiwan /
China declares end to military drills around Taiwan
The Chinese People’s Liberation Army (PLA) concluded the high-profile military drills it initiated last week in the sea and airspace around Taiwan in response to U.S. House Speaker Nancy Pelosi’s visit to the island.
The Chinese military has “successfully completed all tasks” and “effectively tested the integrated combat capabilities of the troops,” Eastern Theater Command spokesman Senior Colonel Shi Yi said Wednesday in a brief statement (link in Chinese).
FINANCE & ECONOMY
The central bank said consumer inflation is likely to exceed 3% in some months during the second half of the year.
Inflation /
China’s central bank warns of inflation risks as CPI climbs
The People’s Bank of China (PBOC) said it will safeguard the economy against inflation threats, pledging to avoid massive stimulus and excessive money printing to spur growth.
The central bank will support economic growth and ensure stable prices, the PBOC said in its quarterly monetary policy report released Wednesday. At the same time, it will provide stronger and higher-quality support to the real economy, it said.
Quick hits /
China’s provinces vow to meet GDP targets despite growth slump
BUSINESS & TECH
The CHIPS and Science Act of 2022 is displayed after it was signed by U.S. President Joe Biden on the South Lawn of the White House in Washington on Aug. 9, 2022.
Chips /
Analysis: How will Biden’s CHIPS bill alter the global landscape?
The $280 billion measure to bolster the American semiconductor industry is already sending ripples through the global computer-chip business. U.S. President Joe Biden signed the bill into law Tuesday.
Encouraged by the CHIPS and Science Act, businesses this week announced nearly $50 billion in additional investments in American semiconductor manufacturing,bringing total business investment to nearly $150 billion since Biden took office, according to the White House.
Cloud /
Kuaishou dives into cloud services and chipmaking
Kuaishou Technology Co. Ltd., the operator of China’s second-largest short video app, unveiled the new video cloud brand StreamLake and a self-developed intelligent video processing chip Wednesday in key moves to expand its business.
The launch of StreamLake, the first enterprise-facing product from Kuaishou, marks the short-video platform operator’s official entry into the cloud services market and a shift from its original consumer-focused businesses.
Oil /
China’s refined oil exports fall by half even as demand spikes
China’s refined oil exports plunged by more than half in the first six months of 2022 as domestic refineries slowed output despite global gasoline and diesel prices rising, according to an industry group.
Shrinking export quotas significantly contributed to the 54.7% year-on-year decline, said Fu Xiangsheng, vice chairman of the China Petroleum and Chemical Industry Federation. He said roughly 30% of the country’s refining capacity went unused, compared with a global average of about 10%.
Quick hits /
SoftBank set to gain $34 billion from cashing out a third of its Alibaba stake
Long Read /
The truth behind Chinese exports and global value chains
GALLERY
