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Chinese New Year. Always a special occasion in China. This year as it is the first since Covid Zero back in 2019. So quick a news round up.
Although most of China won’t even begin to come back to usual work patterns until Monday, our friends Caixin Global offer an overview of the major China business headlines for the beginning of the year of the Rabbit.
So, today we take a quick look with excerpts from their site. Remember, if you are serious about business in China, serious about knowing what is really happening in China, at Gvt, business, marketing, technology, finance, economics and social levels, then Caixin and Aim2D are your best combination.
Caixin offers various subscription models, from a full, yearly membership to a monthly subscription – it just costs an email address for updates. Caixin is a well respected business publication which should be on the reading list of anyone interested in China business
Today’s Top China Business Headlines
China Stock Exchange Delistings
In Depth: China boots record number of companies from its bourses. A record number of companies got the boot from Chinese mainland stock exchanges last year, and the total could double in 2023 as regulators ramp up efforts to cull poorly performing businesses and those that violate the rules or break the law. A total of 42 companies were kicked off either the Shanghai or the Shenzhen stock exchange in 2022, more than double the figure in the previous year, according to public information compiled by Caixin. The vast majority were delisted due to poor financial performance.
Covid-19
Covid deaths fall nearly 80% from January peak. The number of Covid deaths in China dropped nearly 80% from a peak this month and the number of critically ill Covid patients fell 72% from the daily peak, according to the Chinese Center for Disease Control and Prevention (CDC).In a statement published Wednesday, the CDC said Covid deaths in Chinese hospitals declined to 896 Monday from a peak of 4,273 Jan. 4. Meanwhile, the number of seriously ill patients in hospitals fell to 36,000 Monday from a high of 128,000 Jan. 5.
Record Extreme Cold in Beijing
China shivers through freezing Lunar New Year as temperature records tumble. A cold snap that began last week and is coinciding with the Lunar New Year holiday caused temperatures in parts of China, including the capital Beijing, to plunge to record lows, with business and financial hubs Shanghai and Guangzhou shivering through their chilliest days so far this winter.On Wednesday morning a weather station in Beijing’s Mentougou district recorded its lowest-ever temperature of minus 22.4 degrees Celsius, the National Meteorological Center (NMC) said.
China’s Population Falls
Charts of the Day: Gloomy outlook for China’s population. China’s population fell in 2022 for the first time since 1961, but the drop shouldn’t have come as a surprise. A string of other data trends over the past few years, from marriages and births to fertility rates, all presaged the decline.At the end of 2022, the Chinese mainland had 1.412 billion people, 850,000 fewer than a year earlier, according to data issued by the National Bureau of Statistics (NBS) Jan. 17. The bureau’s calculation was based on a survey of households, although the number involved was not disclosed.
CATL -Lithium
Bolivia picks CATL-led consortium to develop untapped lithium deposits. The Bolivian government chose a Chinese consortium led by battery giant Contemporary Amperex Technology Co. Ltd. (CATL)to invest upwards of $1 billion in developing local untapped lithium deposits, with the ambitious goal of producing lithium batteries in the country by 2025.Bolivia has the largest lithium reserves in the world but little local means to develop them. Its state-owned Bolivian Lithium Deposits (Yacimientos de Litio Bolivianos), known as YLB, signed agreements with the consortium, CBC, to jointly exploit, refine, process and market lithium resources, the country’s Ministry of Hydrocarbons and Energy said Jan. 20.
To end today we take another quick look at what seems to be one of the busiest China New Year holidays since the start of Covid Zero in 2019. Again, images courtesy of Caixin.
Lunar New Year Travel Rebounds
China’s domestic tourism sector enjoyed a spike in visitors over the Spring Festival holiday starting from Jan. 21. Popular destinations across the country, such as the Temple of Heaven in Beijing and the Longmen Grottoes in Henan province, received millions of visitors. For safety reasons, crowd control measures were implemented in many attractions.
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