News briefing for Monday, August 29, 2022

Here’s what else you need to know about China today:

China’s COVID rules continue to jam up global supply chains: The world’s largest electronics market in the subdistrict of Huaqiangbei, which sells microchips, telephone parts, and other components to manufacturers, will temporarily close down until September 2 as authorities in Shenzhen try to contain an outbreak of COVID-19. The city has also suspended operations at 24 subway stations as of today.

• Beijing is ramping up pandemic prevention measures in the surrounding areas ahead of the Communist Party’s big meeting of top officials this fall.
• A Beijing-based think tank, the Anbound Research Center, issued a rare public disagreement with the country’s COVID-zero policy: The report, titled “It’s Time for China to Adjust Its Virus Control and Prevention Policies,” was posted on the center’s social media before being removed on Monday afternoon.
• Meanwhile, the United States has suspended 26 flights from Chinese airlines initially scheduled for next month — the latest spat over air services after China earlier restricted the number of flights by U.S. carriers.

Two U.S. warships sailed through the Taiwan Strait, the first such passage since China conducted extensive military drills in response to U.S. House Speaker Nancy Pelosi’s visit to Taiwan.

• “The troops of the PLA Eastern Theatre Command always stay on high alert and get ready to thwart any provocation,” per a Chinese Ministry of Defense statement released on Sunday.

China will join Russia’s military exercises this week: Beijing has said that its participation in the Vostok war games, held every four years in eastern Russia, are “unrelated to the current international and regional situation,” as the war in Ukraine continues into its seventh month.

Geely to sell first car with new CATL battery: On the first day of the World New Energy Vehicles Congress in Beijing on Friday last week, Contemporary Amperex Technology Limited (CATL) announced that the Zeekr 001, a Geely brand, will be the first electric vehicle to be mass-produced with CATL’s new Qilin battery. For details, click through to today’s business briefs, where you can also find more on:

• Industrial profits down: Profits at industrial enterprises were 4.89 trillion yuan ($711.49 billion), a year-on-year decrease of 1.1%.
• Oil profits way up: Sinopec has reported a net profit of 43.53 billion yuan ($6.32 billion), a year-on-year increase of 10.4%.

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