CX Daily: Hong Kong cases top 55,000, but Lam rules out full lockdown

Covid-19 /

Hong Kong cases top 55,000, but Lam rules out full lockdown

Hong Kong won’t resort to a wholesale city lockdown, although a certain level of movement restriction may be adopted as the city struggles to contain a surge of Covid-19 cases, Hong Kong Chief Executive Carrie Lam said Wednesday.

The special administrative region reported a record 55,353 daily new infections Wednesday, up 70% from 32,597 a day earlier. Health authorities said there were 117 deaths, mostly people in care facilities, and 64 patients were in critical condition in hospitals.

The Asian financial hub has been struggling to tame a fifth wave of Covid-19 outbreak, the worst in the city since the pandemic started. The flare-up has been largely caused by the omicron variant.

South China city tightens Covid curbs as cases rise

Russia-Ukraine /

Wounded Chinese citizen in Ukraine ‘out of danger,’ ministry says

China’s Foreign Ministry confirmed Thursday that a Chinese citizen was shot while evacuating Ukraine March 1 but said the injured person is “out of danger for the time being.”

The Chinese embassy in Ukraine immediately contacted the person to provide assistance, said Wang Wenbin, a spokesperson for Foreign Ministry during a press conference. No further details of the incident were provided, though Wang said the embassy will continue to monitor the situation.

China can play key role in Ukraine, French ambassador says

FINANCE & ECONOMY

Photo: VCG

'Two Sessions' /

GDP target, budget deficit, housing controls: What to watch for at China’s ‘Two Sessions’

Thousands of lawmakers and political advisers from across the country are converging on Beijing this week for key meetings, known as the “Two Sessions,” that will map out the direction of China’s political, legislative and economic work over the coming year.

The National People’s Congress (NPC), China’s top legislature, will kick off its annual session Saturday with Premier Li Keqiang delivering the government work report for 2022. The document will lay out China’s development priorities for the year including targets for GDP growth, employment, the fiscal deficit, local government special bond quotas and more. The annual session of the Chinese People’s Political Consultative Conference’s national committee, a political advisory body that puts forward proposals to the government, will start Friday.

RCEP /

Chinese local governments unveil plans to implement RCEP mega free trade pact

Several local governments in China unveiled plans to implement the Regional Comprehensive Economic Partnership (RCEP), a sign that the country is taking steps to further open up its market to other Asia-Pacific member countries of the free trade pact.

Inked in November 2020, RCEP aims to reduce tariffs to zero on more than 90% of the goods traded among its members — 10 Southeast Asian countries and five other Asia-Pacific nations including China, Japan and South Korea. The 15 member countries account for about 30% of global GDP, making the free trade pact the world’s largest. The agreement has taken effect for most of the 15 countries, including China, since the beginning of the year.

Survey /

More surveyed companies in China failed to turn a profit in 2021 amid Covid, AmCham says

Fewer surveyed companies operating in China turned a profit in 2021 than the pre-epidemic level in 2019, a business group’s survey found, pointing to the adverse impact of Covid-19 flare-ups on business operations.

Of the 230 surveyed companies, 82% said they made a profit in China last year, a drop of 13 percentage points from 2019, when 240 companies were studied, according to the survey report released by the American Chamber of Commerce in South China Tuesday.

PMI /

China’s services growth slows to six-month low, Caixin PMI shows

China’s services sector expanded at the slowest pace in six months in February as new orders shrank due to Covid-19 flare-ups, a Caixin-sponsored survey showed.

The Caixin China General Services Business Activity Index, which gives an independent snapshot of operating conditions in the sector, fell to 50.2 in February from 51.4 the previous month, according to the survey report released Thursday. Readings greater than 50 signal expansion.

The Caixin China Composite PMI, which covers both manufacturing and service companies, came in at 50.1 last month, unchanged from the reading in January, the Thursday survey showed.

Quick hits /

Top banking regulator warns against a ‘too dramatic’ real estate correction

Singapore’s Temasek invests in forest fund as carbon tax looms

BUSINESS & TECH

No mainland TMT company went public in the U.S. in the second half of 2021.

IPOs /

China’s tech, media and telecom companies flock to domestic markets

Chinese technology, media and telecommunications companies increasingly turned to raising capital on domestic stock markets in the second half of 2021 amid headwinds on selling shares abroad, global consulting firm PricewaterhouseCoopers said Wednesday in a report.

Initial public offerings (IPOs) in Hong Kong and overseas by the sector, known as TMT companies, declined to 25% of total financing in the second half from 82% in the first, PwC said. Meanwhile, 89% of the 74 second-half share flotations by mainland TMT companies took place on China’s markets, the consulting group found.

Batteries /

Carmaking tycoon calls for more government support for NEV battery swapping

On the eve of China’s “Two Sessions,” the head of the nation’s biggest private carmaker called for more to be done to support electric-vehicle battery swapping.

Li Shufu, chairman of automaker Zhejiang Geely Holding Group Co. Ltd., suggested that the government should deepen its collaboration with related parties to accelerate the construction of battery-swapping stations.

Haidilao /

Tip sheet: Hot pot heavyweight Haidilao gets a new CEO after warning of huge losses

High-end hot pot chain Haidilao, one of China’s best-known restaurant brands, reshuffled its top leadership with founder Zhang Yong departing as CEO. He will remain chairman of the board.

Chief Operating Officer Yang Lijuan, who has been leading the firm’s downsizing strategy, has been tapped for the top job.

Quick hits /

Huawei pivots to renewable energy as smartphones slump

Crispr ruling invalidates some biotech company licenses

GALLERY

Hong Kongers flock to stores on lockdown fears

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