Highlighted links for Thursday, August 18, 2022

Below are links to other noteworthy reports published in the last 24 hours from and about China. Click through to our China NewsBase to see all the other stories we collected today.

BUSINESS AND TECHNOLOGY:

COVID curbs and chip crunch hit Geely
China’s Geely Automobile first-half profit slumps 35% / Reuters
“China’s Geely said on Thursday its first-half net profit fell 35%, as the country’s strict COVID-19 restrictions dented sales and disrupted production.”
Geely Auto earnings squeezed by COVID lockdowns and chip shortage / FT (paywall)

Property giant warns of massive profit plunge as real estate industry tanks
China’s largest property group warns of 70% plunge in profit / FT (paywall)
“Chinese property developer Country Garden estimated that first half-profits fell as much as 70% in the first half of the year, as the country’s largest real estate group by sales was drawn into a crisis that has raged through the heavily indebted sector.”
China’s biggest builder warns core profit could plunge 70% / Bloomberg (paywall)
China mutual fund values Evergrande shares at next-to-nothing / Bloomberg (paywall)
“Shares of some of China’s largest property developers are now considered almost worthless by a mutual fund that holds the assets.”

More stimulus coming
China plans more fiscal stimulus as economy outlook darkens / Bloomberg (paywall)
“China’s state media said local governments could sell more than $229 billion of bonds to fund infrastructure investment and plug budget gaps, a further move by Beijing to shore up an economy hit by worsening coronavirus outbreaks and a property slump.”

China is loading up on Swiss gold
Swiss gold exports to China surge to 5-1/2-year high / Reuters
“Swiss exports of gold to China in July rose to their highest since December 2016, Swiss customs data showed on Thursday, as demand in the world’s largest bullion market improved.”

SCIENCE, HEALTH, AND ENVIRONMENT:

Fishy COVID tests
Live fish take COVID-19 tests in Xiamen / Sixth Tone
“Officials in Xiamen confirmed that the city is giving PCR tests to newly caught fish for COVID-19 following a viral video of medical workers giving a throat swab to a yellow croaker.”
City in China orders fish swabbed for COVID / Guardian
Fresh off the boat, Xiamen fish are tested for COVID-19 / What’s on Weibo

Safer and more efficient? China’s new gene-editing tool
Chinese scientists develop new ‘controllable and reversible’ gene-editing technique / SCMP (paywall)

Beijing’s urban management approach revitalizes overlooked river
The key to reviving urban rivers? Recreation, not regulation / Sixth Tone
“Long neglected, Beijing’s Liangma River has made a comeback over the past year, thanks in no small part to an uncharacteristically lax approach to urban management.”

POLITICS AND FOREIGN AFFAIRS:

China hits back at newly passed U.S. CHIPS Act
China opposes U.S. chip act, to take measures to safeguard rights / Reuters
“Some provisions in the U.S. act restricted normal economic, trade and investment activities of relevant firms in China,” according to China’s Commerce Ministry.
China attacks U.S. chip handouts while warning of market slowdown / Bloomberg (paywall)

Bilateral trade talks between U.S. and Taiwan anger China
U.S. and Taiwan announce formal bilateral trade talks / BBC

The U.S. has announced that they will begin formal trade negotiations with Taiwan, weeks after a controversial visit by US House Speaker Nancy Pelosi. The first round of talks are expected to begin in “early fall”, said the Office of US Trade Representative.

China strongly opposes trade talks between U.S. and Taiwan / Reuters
U.S. to hold trade talks with Taiwan, island drills military / AP
U.S., Taiwan to begin formal talks for trade, investment pact this fall / WSJ (paywall)
U.S. and Taiwan to hold trade talks amid China tensions / FT (paywall)

China and Japan officials meet amid rising bilateral tensions
China, Japan officials meet amid Taiwan tensions / AP
“Chinese and Japanese officials have met in northern China amid renewed tensions over Beijing’s military threats against Taiwan and after Tokyo protested China’s firing of missiles into Japan’s exclusive economic zone during recent military drills.”
Earlier this week on The China Project: Wearing a kimono could get you arrested in China, as anti-Japanese sentiment rises.

Beijing’s next rising star?
As China’s secretive Party conclave ends, rising star vice premier in focus / Nikkei Asia (paywall)
“The Chinese Communist Party’s secretive leadership conclave in Beidaihe has apparently wrapped up, and speculation has turned to the party’s plans for key leadership picks at its upcoming congress. One name is receiving particular attention: Vice Premier Hú Chūnhuá 胡春华.”

China pledges maternity support for single moms to boost dismal birth rate
China vows to ensure unmarried mothers get equal maternity leave / Bloomberg (paywall)
“China has vowed to ensure unmarried mothers receive maternity benefits, as the world’s second-largest economy revamps a slew of policies in a bid to boost its falling birth rate.”

Earlier this month on The China Project: China’s desperate struggle for more babies.

SOCIETY AND CULTURE:

Cat shelter “lying flat” merchandise gets banned from Taobao
Taobao bans ‘lie flat’ cat cartoon / Sixth Tone
“A Shanghai cat shelter raised money with slacker-themed T-shirts. China’s biggest ecommerce platform says they threatened ‘public order and morality.’”

Modern cave painting
Painter sets up art studio in natural karst cave in Guizhou, China / Xinhua
“A 73-year-old painter has set up his art studio in a natural karst cave in China’s Guizhou, and worked there for more than 30 years.”