Caixin
May 20, 2022 08:41 AM
CX DAILY

CX Daily: China Eases Covid-19 Test Rules for Air Travelers From More Countries

Police officers check the documents of travelers from overseas at an airport in Qingdao, East China’s Shandong province, on Oct. 2. Photo: VCG
Police officers check the documents of travelers from overseas at an airport in Qingdao, East China’s Shandong province, on Oct. 2. Photo: VCG

Covid-19 /

China eases Covid-19 test rules for air travelers from more countries

A growing number of Chinese embassies around the world relaxed Covid-19 test requirements for local travelers flying to China, a sign that the country could be changing its attitude toward the highly transmissible omicron variant.

The U.K. and Afghanistan were among the latest to announce Thursday that they were updating the requirements for travelers heading to China from local airports, following the Chinese embassies in Italy, Greece, Switzerland, Sweden, Thailand, and the United Arab Emirates a day earlier.

The embassies in the U.S., Spain, Poland, Ireland, Denmark, and Serbia, announced they updated local requirements Tuesday.

China’s Covid pill works against omicron, trial shows

Bonds /

Global investors continue to dump yuan bonds as Treasurys, dollar rise

Capital outflows from the Chinese interbank bond market continued for the third consecutive month in April as the vanishing yield premium over U.S. Treasurys and a weakening yuan drew foreign investors away from yuan-denominated assets.

Overseas institutional investors held 3.77 trillion yuan ($558 billion) of Chinese interbank bonds at the end of April, a reduction of 108.5 billion yuan from a month earlier, according to the latest data from China Central Depository and Clearing Co. Ltd. and the Shanghai Clearing House.

FINANCE & ECONOMY

Policy /

Chinese President Xi Jinping pledges to open door wider to world

China’s commitment to opening up will not change, and the country will only open its door wider to the outside world, Chinese President Xi Jinping said Wednesday.

The president delivered the message in a video speech to celebrate the 70th anniversary of the China Council for the Promotion of International Trade and the Global Trade and Investment Summit in Beijing. China is still relatively closed in many parts of the country as it battles the worst pandemic outbreak in two years.

“We should pursue dialogue rather than confrontation, demolishing walls rather than building them, integration rather than decoupling, and inclusiveness rather than exclusion,” Xi said.

Economy /

Li Keqiang urges ‘decisive’ action on growth policies

Premier Li Keqiang told local governments to “act decisively” on measures to support growth in the coming weeks in an effort to bring the economy back on track as soon as possible.

Everyone should “add a sense of urgency” to their actions to counter “further intensified new downward pressure” on the economy, he said Wednesday during a trip to Yunnan province in southwestern China, according to a report in the official Xinhua News Agency.

Banking /

Chinese banking watchdog says it’s looking into rural lenders that froze online services

China’s top banking regulator and central bank are paying close attention to the case of four Henan province village lenders that stopped offering online banking services, leaving nonlocal customers unable to transfer funds out of their accounts, a representative of the China Banking and Insurance Regulatory Commission (CBIRC) said Wednesday.

The Henan office of the CBIRC and the Zhengzhou sub-branch of the central bank have been instructed to work with local authorities on the matter, the representative said.

Quick hits /

Goldman cuts China’s growth forecast to 4% on Covid policy

Opinion: Three ways China-West economic ties could play out post-pandemic

BUSINESS & TECH

Tencent's office in Beijing on April 3. Photo: VCG

Tencent /

Covid helps cut Tencent’s profits in half

Tencent Holdings Ltd.’s profits halved and revenue barely grew in the first quarter of 2022 as ad sales plummeted, the country’s economy stumbled amid Covid-19 outbreaks and Beijing’s tech sector crackdown weighed on its business.

Net profit attributable to shareholders nosedived 51% year-on-year to 23.4 billion yuan ($3.46 billion), according to the internet titan’s Wednesday financial report. That figure included 18.5 billion yuan the company earned from selling down its stake in Southeast Asian internet company Sea Ltd.

Vaccines /

Shanghai speeds up customs clearance of Covid vaccines and materials

Shanghai will open a “green channel” to speed up health quarantine approval procedures for Covid-19 vaccines, treatment drugs and other anti-epidemic materials, a customs official said Wednesday.

Shanghai is the center of China’s biomedical research and development industry, and most of the research and development of advanced mRNA vaccines are taking place in the city, which has been battling a surge of Covid cases since March.

Why China’s seniors hesitate to get vaccinated

Energy /

China’s imports of natural gas fall amid sluggish domestic demand

China’s imports of natural gas dropped 19.6% year-on-year to 8.1 million tons in April, the General Administration of Customs (GAC) said Wednesday. Meanwhile, imports of liquefied natural gas (LNG) fell 34.5% year-on-year.

Importers have been less willing to place spot trade orders this year due to high energy prices and the impact of the Covid-19 pandemic, the GAC said. The average price of imported LNG was 4,423 yuan ($654) per ton last month, up 87% year-on-year.

Quick hits /

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GALLERY

India’s brutal heatwave

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