First snow in Beijing brings city closer to highly anticipated Winter Games (GT)
2022-01-20
Delta and Omicron Spook Beijing on Eve of Winter Olympics (Caixin)
2022-01-19
Beijing has become China's latest Covid-19 battle zone, as cases of both the delta and omicron variants of the disease have emerged at the same time, a fortnight before the city is scheduled to open the Winter Olympics. The Chinese capital on Tuesday reported two cases of the omicron variant and one case of the delta variant, after the city's first local omicron case was reported on Saturday. Local health commission on Wednesday confirmed the delta case as an asymptomatic case. The residential compound of the confirmed delta case and neighbouring communities in the city's Chaoyang district have been sealed off, according to local health authorities. The two new omicron cases confirmed in Haidian district are close contacts of the first omicron case, who authorities say may have been infected by international mail. The new local cases make Beijing the third region to face a double threat from both highly transmissible variants, following Central China's Henan province and the southern city of Shenzhen in Guangdong province that reported outbreaks earlier this month. "The new local cases again remind us of the complexity, arduousness and challenges of disease prevention and control works," city government spokesperson Xu Hejian said at a Tuesday press briefing. "All departments must be ready for any emergency response and fend off [Covid] with all-round measures." The person who tested positive for delta lives in Shigezhuang village in the city's Chaoyang district, according to local health authorities. The person took a nucleic acid test on Monday after getting cold symptoms days earlier, and was quarantined after being notified of a positive result on Tuesday while on a high-speed train bound for Weihai in the eastern province of Shandong. The two people newly confirmed with the omicron variant are the first local omicron case's mother and colleague. They both developed symptoms including fever on Monday, and were diagnosed with Covid-19 in quarantine. Xu, the city government spokesperson, reiterated on Tuesday that people entering Beijing from this Saturday to the end of March must undergo a nucleic acid test within 72 hours of arrival. This requirement has been added to a negative test result from the 48 hours preceding travel and a green digital health code. Inbound travellers who left the city within 72 hours are not required to take the additional test. Outside Beijing, other regions in China have recorded local omicron flare-ups, with Anyang in Henan province seeing the worst outbreak it has had since the beginning of the pandemic. The city reported 60 and 94 new cases on Sunday and Monday respectively. According to the National Health Commission, case numbers in China are going down, with 55 locally transmitted cases recorded on Tuesday, down from 127 cases the previous day. Most were found in Henan, of which 29 cases were reported in Anyang, three in Xuchang and one in Zhengzhou.
No sales of tickets to the public for Beijing 2022 Winter Games, designated audience to be selected (GT)
2022-01-18
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China cuts mortgage reference rate for first time in nearly 2 years, benchmark lending rate for second straight month (SCMP)
2022-01-20
PBOC Signals Easing With Pledges of More Pro-Stability Policies (Caixin)
2022-01-19
China's central bank pledged to roll out more monetary policy measures to help stabilize the economy, sending an easing signal as the world's second-largest economy faces mounting downward pressures. The central bank will "open the monetary policy toolbox wider, maintain stable overall money supply and avoid a collapse in credit," Liu Guoqiang, deputy governor of the People's Bank of China (PBOC), said Tuesday at a briefing in Beijing. Liu said the policy efforts should be targeted and preemptive. "The key goal at the moment is stability, requiring policies to set forth strength," Liu told the press conference. There is growing caution about China's 2022 economic outlook as the country struggles with a property downturn and disruptions caused by recent flare-ups of the omicron variant of Covid-19. China's GDP grew 8.1% in 2021, well above the government target but partly reflecting a low comparison base in 2020. Growth slowed dramatically in the fourth quarter. "Before the downward pressure on the economy is fundamentally relieved, we should introduce more policies that are conducive to stability," Liu said. "We need to hurry up, make forward-looking operations, move ahead of the market curve, and respond to the general concerns of the market in a timely manner." On the same day, China's National Development and Reform Commission (NDRC), the top economic planning body, also pledged "upfronted" policies to support the economy. China will advance infrastructure investment and steadily push forward construction of major projects planned during the 14th Five Year Plan period to bolster the economy and counter rising uncertainties in the first quarter, said Yuan Da, an NDRC spokesman. Economists have forecast much slower growth in 2022. Nomura projected China's GDP growth at 2.9% year-on-year in the first quarter and 4.3% for the full year. Louis Kuijs, head of Asia economics at research firm Oxford Economics Ltd., said he expected the government's front-loaded policy support to prevent growth from falling significantly below 5% in 2022. Larry Hu, head of Greater China economics at Macquarie Group Ltd., maintained a 5% forecast for the whole year. China's central bank Monday cut its policy interest rate for the first time in almost two years, signaling an easing cycle while other major central banks are moving to hike rates to contain inflation. The rate on its one-year policy loans was cut by 10 basis points, or a 10th of a percentage point, to 2.85%, and the rate on the seven-day reverse repurchase agreements was slashed by the same magnitude to 2.1%. China's macro leverage ratio, or the debt-to-gross domestic product ratio, declined for the fifth straight quarter to 272.5% by the end of last year, creating room for further policy action, Liu said at the Tuesday briefing. The rate is expected to stay stable in 2022, he said. Analysts project that following the rate cuts Chinese banks will lower loan prime rate (LPR) quotes Thursday when they submit monthly updates. The LPR, the de facto benchmark lending rate, is based on 18 banks' quotes for their best customers. The rate was trimmed by 0.05 of a percentage point in December, the first reduction in 20 months. The LPR will fully reflect market rate changes in a timely manner, guide down borrowing rates for companies and push for reduced financing costs, said Sun Guofeng, head of the PBOC's monetary policy department, at the same event. China's average corporate borrowing rate was 4.61% in 2021, down 0.1 of a percentage point from 2020 and the lowest level in more than four decades, according to the central bank. There has been speculation that the PBOC would further cut policy rates or lower the reserve requirement ratio for banks to bolster liquidity. But Liu said space for further reserve requirement cuts has narrowed as the average ratio of 8.4% reached a relatively low level compared with other developing countries. China cut the reserve requirement twice over the past year by a combined 1 percentage point. Despite the narrowing room, there is still space for further reduction, Liu said. The central bank will cut the reserve requirement ratio depending on the economy and the needs of macro policies, he said.
China stocks defy slump in Asian markets amid policy easing bets while Hang Seng surrenders gain (SCMP)
2022-01-18
China's pilot digital yuan hits 87.57 billion yuan (Xinhua)
2022-01-18
China-EU trade, investment growing rapidly (China Daily)
2022-01-18
China GDP: economy beats 2021 growth target but slowdown underlined in fourth quarter (SCMP)
2022-01-17
Returning firms on the horns of IPO dilemma (China Daily)
2022-01-17
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