Li Xuanmin
Reporter, Beijing
Business reporter following China's macroeconomy, high-tech industries, and China-US relations.
LATEST STORIES
  • Trump's decoupling with China hurts Europe's supply line: business chamber

    European companies are increasingly concerned about the impact of US-China economic decoupling – facilitated by the trade and tech war launched by the Trump administration against China – on their supply chain, telecom equipment supplies, as well as market access, some of which could inflict considerable damages on their investment in China in post-virus era, a business report showed on Thursday.

    By Li Xuanmin | 2021/1/14 16:08:39
  • China's luxury sales estimated to grow 48% in 2020, fueled by online sales and a consumption 'comeback'

    Bucking the global downward streak amid the fallout from the COVID-19 pandemic, China's luxury sales last year rose by a stunning 48 percent to around 350 billion yuan ($54 billion), buoyed by a consumption comeback as travelers were unable to shop overseas, a boost in online sales and duty-free policies in South China's Hainan Province, observers and industry reports said.

    By Li Xuanmin | 2021/1/13 12:08:39
  • China's luxury market set to become world's largest

    Bucking the global downward streak amid the fallout from the COVID-19 pandemic, China's luxury sales last year rose by a stunning 48 percent to about 350 billion yuan ($54 billion), buoyed by a consumption comeback as travelers were unable to shop overseas, a boost in online sales and duty-free policies in South China's Hainan Province, observers and industry reports said.

    By Li Xuanmin | 2021/1/11 21:48:39
  • Biden's Commerce Secretary pick expected to ease China-US trade tensions, yet confrontation will persist: analysts

    US President-elect Joe Biden has announced Rhode Island governor Gina Raimondo as the secretary of US Commerce Department - a key agency at the forefront of handling a batch of policies with China, ranging from managing trade policy to formulating tech strategy.

    By Li Xuanmin | 2021/1/8 14:08:13
  • China should strengthen genome editing and GM seeds to break Western monopoly, ensure food safety: experts

    China should beef up research and development of cutting-edge seed breeding biotechnology in the next five years, such as genome editing, breeding by design and genetically modified variants, to protect the nation's agricultural progress and grain security, said leading agricultural specialists on Tuesday.

    By Li Xuanmin and Li Sikun | 2020/12/29 16:54:17
  • Shanghai estimated to have attracted more than $20 b foreign investment in 2020

    Shanghai city is estimated to have attracted more than $20 billion in foreign investment in 2020, which is a record high, Shanghai officials said on Monday.

    By Du Qiongfang in Shanghai and Li Xuanmin in Beijing | 2020/12/28 20:18:39
  • China to show a continuance of monetary and fiscal policy next year: analysts

    China will maintain its prudent monetary policy and proactive fiscal policy in 2021 as uncertainties over pandemic fallout persist, but the overall tone will return to neutral with a gradual exit from a targeted easing policy, economists said, after the country's central bank made its biggest-ever injection of medium-term funds on Tuesday to boost liquidity.

    By Li Xuanmin | 2020/12/15 20:13:40
  • Biden could break the ice on trade, economic issues: analysts

    China and the US may restart communication in the area of trade and economics - making it one of the first sectors for the world's two largest economies to break the ice amid a downward spiral in bilateral relations - when US President-elect Joe Biden takes office, observers said, after Chinese Foreign Minister Wang Yi called on Monday for the two sides to open dialogue at all levels.

    By Li Xuanmin and Xu Keyue | 2020/12/7 21:13:40
  • Export control law to affect rare earths, UAVs

    A new Chinese law that takes effect on Tuesday will restrict exports of controlled items, which experts said will increase market supply volatility of some products and technologies, like rare earths and unmanned aerial vehicles (UAVs), although a plunge in exports is unlikely in the near term.

    By Xie Jun and Li Xuanmin | 2020/11/30 19:38:40
  • Spending boom in US Black Friday not 'sustainable'

    Although this year's Black Friday online sales are expected to set a record high, as the US economy tanks and offline traffic sees a significant reduction amid coronavirus case spikes, it is likely that Black Friday sales could remain flat compared to last year, or even post a small drop, analysts said.

    By Li Xuanmin and Tu Lei | 2020/11/27 21:48:40
  • China-ASEAN relations 'most successful, vibrant model' for cooperation in Asia-Pacific: Xi

    With Chinese President Xi Jinping crediting China-ASEAN relationship as "the most successful and vibrant model for cooperation" in the Asia-Pacific, the bilateral relations between the two economies will navigate toward a diamond decade after 10 years of "golden era" - during which China and ASEAN had successfully managed differences and built political trust, in particular on stabilizing the South China Sea (SCS).

    By Hu Yuwei and Zhang Dan in Nanning and Li Xuanmin in Beijing | 2020/11/27 21:17:51
  • TikTok US assets still face uncertainty as Trump government winds down

    The US has reportedly granted ByteDance — the parent company of TikTok — a new seven-day extension of an order that directs the Chinese technology company to divest its short video-sharing app in the US.

    By Li Xuanmin | 2020/11/26 19:48:40
  • Global early starters are in a race to commercialize extendable smartphone

    After foldable smartphones and dual-screen phone-tablets, what is the next bandwagon that could lead to an industrial revolution?

    By Li Xuanmin in Shenzhen | 2020/11/22 18:48:40
  • China and US should negotiate BIT after Joe Biden takes office: analysts

    China and the US should work together to negotiate a Bilateral Investment Treaty (BIT) after president-elect Joe Biden takes office, said economists and analysts, amid China's ongoing push for greater opening-up and post-virus global economic recovery which needs closer cooperation among major powers.

    By Li Xuanmin in Guangzhou | 2020/11/21 16:13:13
  • Oppo launches new concept smartphone, demonstrating Chinese tech firms' innovation ability

    Chinese smartphone vendor Oppo on Tuesday launched the Oppo X 2021 rollable concept smartphone, which allows users to adjust the size of the display. Analysts said the launch shows Chinese tech firms' increasing innovation ability despite the US-led tech crackdown.

    By Li Xuanmin in Shenzhen | 2020/11/18 4:43:33
  • Biden can't ignore cooperation with China

    While Democrat Joe Biden, declared victory for the US presidential election over the weekend, may unite the country's allies in setting rules for global trade and continue to confront China after he assumes the presidency, he can't neglect cooperation with the world's second-largest economy, experts say.

    By Ma Jingjing and Li Xuanmin | 2020/11/10 20:13:40
  • China lifts technology innovation to new national height

    With technology self-reliance and basic scientific research capacity elevated to a national strategic level in a freshly released blueprint for China's development, Beijing is set to break through the Washington-led technology blockade in the coming years and become a leading player in many high-tech sectors such as semiconductors, artificial intelligence (AI) and quantum computing, observers said.

    By Li Xuanmin | 2020/11/4 17:58:40
  • Uncertainty lingers despite markets rally on Election day

    The final results of the US election are expected to come through in about 24 hours if it goes smoothly, but the uncertainty of the country's domestic situation has raised concerns among some Chinese experts and economists that a potential constitutional crisis could further disrupt international relations and markets, with some of them calling the election a "black swan" event.

    By Li Xuanmin and Yang Sheng | 2020/11/3 13:56:34
  • Capital market opening at 'surprising speed'

    China's capital market is opening up at a “remarkable and surprising” speed, helping enmesh foreign financial institutions to a rising market, executives of foreign financial institutions told the Global Times, while stressing their long-term commitment to the world's second-largest economy – the only major economy expected to achieve positive growth in 2020.

    By Xie Jun in Shanghai and Li Xuanmin in Beijing | 2020/11/2 20:58:40
  • Tesla exports China-made Model 3s to Europe

    About 10 months after Tesla Shanghai delivered the first batch of locally made Tesla 3s, the US-based electric car company announced that it will export China-made Tesla 3s to a dozen European countries.

    By Xie Jun and Li Xuanmin | 2020/10/26 20:03:40
  • Sea shipping rates to US soar as China's foreign trade revives

    Container rates from China to the US have soared in recent weeks, driven by the US' high demand to restock amid the COVID-19 pandemic, the upcoming holiday season and China's pick-up in foreign trade in the fourth quarter.

    By Qi Xijia and Li Xuanmin | 2020/10/26 17:58:40
  • SK Hynix to acquire Intel's NAND business, likely to pressure China

    US chipmaker Intel is selling its NAND flash business to SK Hynix in a $9 billion deal that would give the South Korean company, together with Samsung, roughly 60 percent of the world's memory chip market.

    By Li Xuanmin | 2020/10/21 21:08:40
  • US move against Ant won't be big blow

    After months-long tech war the US waged against the China, Chinese tech entrepreneurs have got accustomed to malicious assault from the US government, with more taking a "wait-and-see" attitude on whether the claimed US restrictions will merely be a bluff or are impactful, the Global Times learned.

    By Li Xuanmin in Shenzhen | 2020/10/15 15:53:02
  • Shenzhen granted new role in 'one country, two systems'

    President Xi Jinping on Wednesday further elevated the role of Shenzhen a pioneer of China's decades of reform and opening-up policy that has lifted the country from poverty to global profile in the country future development, giving the city an important mission to further implement the "one country, two systems" through integrated development with the Hong Kong and Macao special administration regions.

    By Li Xuanmin in Shenzhen, Chen Qingqing and Bai Yunyi in Beijing | 2020/10/14 23:02:33
  • Xi charts Shenzhen's new mission

    With a new blueprint laid out by Chinese President Xi Jinping, Shenzhen, the southern city that has been viewed as a paragon of China's economic miracle over the past 40 years, is now embarking on another historic mission - to lead the country's process of socialist modernization, build a new pattern to deepen reform, and expand opening-up on all fronts.

    By Li Xuanmin in Shenzhen, Shen Weiduo and Liu Xin in Beijing | 2020/10/14 20:44:40
  • Digital yuan test draws 2m applicants

    "We received a notice in mid-September to upgrade our point-of-sale gear to add Digital Currency Electronic Payment (DCEP) functions. We got the idea that public trials of the digital currency might land in our district, but we didn't expect that to happen so quickly," a vendor at a mall in Shenzhen, South China's Guangdong Province told the Global Times on Wednesday.

    By Li Hao and Li Xuanmin in Shenzhen and Ma Jingjing in Beijing | 2020/10/14 20:42:34
  • HK to receive boost from Shenzhen's development in a new chapter: entrepreneurs

    For many Hong Kong youth and entrepreneurs, Qianhai district in southern Shenzhen - which is designed to facilitate greater cooperation between the Hong Kong Special Administrative Region (HKSAR) and the Chinese mainland - is the place where they began to chase dreams.

    By Li Xuanmin in Shenzhen | 2020/10/14 18:23:40
  • Shenzhen success lights future path

    At midnight on Tuesday, the port of Shekou in southern Shenzhen, Guangdong Province, which faces Hong Kong across Shenzhen Bay, was bustling and aglow with lights. Container trucks shuttled back and forth, cranes hummed and port employees were busy guiding container ships as they docked at the terminal one after another.

    By Li Xuanmin in Shenzhen and Ma Jingjing in Beijing | 2020/10/13 23:31:24
  • CCTV to restore NBA broadcasts a year after controversy caused by Houston Rockets GM

    China Central Television (CCTV) will resume broadcasts of NBA games on Saturday after a one-year suspension, after Houston Rockets General Manager Daryl Morey's tweet in support of Hong Kong rioters.

    By Leng Shumei and Li Xuanmin | 2020/10/9 22:33:40
  • Economy moves to second half with Golden Week boom

    Nearly half of China was on the move during the recent eight-day "Golden Week."

    By Li Xuanmin and Zhang Hongpei | 2020/10/9 19:18:40
  • China joins COVAX, to provide vaccines to developing countries first

    China has officially joined COVAX. China pledged to make vaccines developed and deployed by China a global public good, and will be provided to developing countries as a priority: Hua Chunying

    By Leng Shumei and Li Xuanmin | 2020/10/9 9:01:50
  • China to downplay GDP growth target in new five-year plan: economists

    Ahead of a key meeting that will determine China's development path in the next five years, Chinese economists predicted that the country's policymakers will downplay the country's GDP growth target in its new economic plan, keeping it at a lower level of around 5 percent, or even scrap the specific target since the world's second-largest economy is set to drop the quantity-oriented growth model and focus on structural and quality optimization in the face of what could be the "toughest years" ahead.

    By Shen Weiduo and Li Xuanmin | 2020/9/29 22:23:40
  • China to combine two major inbound investment scheme in Nov

    Chinese regulators announced rules on Friday to combine two major inbound investment schemes and expand the investment scope for foreign investors, a move which observers said represents an important step in the country's efforts to continue opening up its capital market to attract foreign investors amid the backdrop of global low-interests rates and strained China-US relations.

    By Li Xuanmin | 2020/9/26 13:53:07
  • Qualcomm may be next to get permission to supply Huawei: analysts

    Qualcomm may become the next company after Intel and Advanced Micro Devices Inc (AMD) to obtain a license from the US government to continue supplying some products to Huawei, considering the US semiconductor maker's huge investment in lobbying and the negative impact on its revenue, but any approval may come after the US presidential election in November, analysts said.

    By Zhang Dan and Li Xuanmin | 2020/9/22 19:52:22
  • Trump in stark turnabout on TikTok deal

    In a stark turnabout from a tough tone on TikTok ahead of a forced sale of its US operations, US President Donald Trump on Saturday approved a partnership deal between TikTok's parent company ByteDance and Oracle "in concept." The deal reportedly does not involve the sales of algorithms and technology to US firms while allowing ByteDance to be a majority owner of its US business.

    By Li Xuanmin | 2020/9/20 20:03:40
  • Xi to meet European leaders

    Chinese President Xi Jinping is scheduled to attend a video conference with European leaders on Monday, the second such meeting between Chinese and European leaders in two months.

    By Leng Shumei and Li Xuanmin | 2020/9/13 21:23:40
  • Warnings after failure of Wuhan chip project

    Amid industry zeal for technology advances in China's semiconductor sector, it is time to call for rational investment and top-down design by the government to avoid “expensive” failures, analysts told the Global Times on Monday.

    By Zhang Hongpei and Li Xuanmin | 2020/9/7 20:53:42
  • Trial to give foreign financial firms national treatment in Beijing

    The State Council of China agreed on Monday on a guideline on deepening and expanding trials on the opening of services sector in Beijing, with most opening-up measures rolled out for the first time, which will enable foreign financial institutions to enjoy pre-establishment national treatment in pilot programs.

    By Li Xuanmin | 2020/9/7 20:43:41
  • Semiconductor as natl plan a 'counterattack' on US

    The inclusion of the third-generation semiconductor industry into China's 14th Five-Year Plan (2021-25) - which led to an across-the-board rally in chip shares on Friday - is expected to give China an "upper hand" in the next battlefield of global chip technology, providing Beijing with more leverage to Washington's restrictions and malicious crackdown on Chinese tech firms.

    By Li Xuanmin | 2020/9/4 20:59:00
  • US extends some tariff exclusions on Chinese smart watch, medical products till year-end

    The US Trade Representative Office (USTR) announced that it will extend tariff exclusions on a wide range of products including smart watch and medical mask through December 31, 2020, a move observers said shows that the world's two largest economies are living up to their promise to create conditions for the implementation of the hard-won phase one trade agreement after holding a call last week.

    By Li Xuanmin | 2020/9/2 10:38:40
  • Huawei smartphones equipped with Kirin chipset see price hikes amid supply concerns

    Huawei's high-end smartphones equipped with its self-developed Kirin chipset have seen price hikes in non-franchised stores, a source familiar with the matter told the Global Times on Monday.

    By Li Xuanmin and Zhang Hongpei | 2020/9/1 0:22:28
  • More exports from Chinese mainland processed at ports in Guangdong instead of HK

    About 60-70 percent of the Chinese mainland-made goods for export that originally transited at Hong Kong are now instead processed at Shenzhen and Guangzhou, South China's Guangdong Province, due to the soaring human costs in the special administrative region (SAR) and new circumstances that have affected foreign traders' confidence, industry insiders told the Global Times.

    By Li Xuanmin in Shenzhen | 2020/8/31 16:13:40
  • Shenzhen becomes a tech powerhouse

    It's lunchtime on Yue Hai Street in Shenzhen's Nanshan district, home to a number of big-name Chinese tech giants including Tencent, ZTE, DJI and Skyworth Group, as restaurants and coffee shops on Thursday were crowded and buzzing with tech employees, who sit around in groups, still debating the latest ideas and digital gadgets as they enjoyed their food.

    By Li Xuanmin and Chen Qingqing in Shenzhen | 2020/8/27 18:59:00
  • A tale of two Chinese cities

    Forty years ago, when some local villagers in Shenzhen, which was then composed of deserted farmlands, looked beyond the river, they often imagined a different lifestyle: the hustle and bustle of a metropolis, eagerness to learn and create new things, charming celebrities who shape the entertainment culture of Hong Kong, a neighboring city with free market values.

    By Chen Qingqing and Li Xuanmin in Shenzhen | 2020/8/26 22:03:41
  • Four decades on, Shenzhen-HK ties deepen

    Shenzhen, the pioneer city in South China's Guangdong Province that was designated as China's first special economic zone (SEZ), will continue working with neighboring Hong Kong and deepening their financial cooperation against the backdrop of the US dollar-dominated financial system and the implementation of the national security law that helped Hong Kong restore a normal social order.

    By Li Xuanmin in Shenzhen | 2020/8/26 22:03:40
  • Shenzhen thrives amid US tech war

    Late Monday night, almost all the interior lights were on at a 50-story skyscraper in the Nanshan district of Shenzhen, South China's Guangdong Province.

    By Chen Qingqing and Li Xuanmin in Shenzhen | 2020/8/25 22:50:35
  • US sanctioning measure backfires on itself

    The US Department of State decided to terminate three agreements with Hong Kong on Wednesday, including an agreement concerning tax exemptions from the income derived from international shipping.

    By Chi Jingyi and Li Xuanmin | 2020/8/20 20:33:40
  • Huawei accelerates smartphone HarmonyOS launch as US license expires

    Chinese tech company Huawei is poised to speed up the launch of its own HarmonyOS operating system on its smartphones at the year end, after the expiration Thursday of a US temporary license that could potentially cut off Huawei's access to Google's Android updates, analysts said.

    By Li Xuanmin | 2020/8/18 19:03:40
  • From 'Made in HK' to 'Made in China'

    Imports from Hong Kong to the US will be labeled "Made in China" instead of "Made in Hong Kong" from September 25, according to a notice published on Tuesday by the US Customs and Border Protection, Department of Homeland Security.

    By Chi Jingyi and Li Xuanmin | 2020/8/11 22:23:40
  • China's four largest banks trial digital currency payments

    Major Chinese commercial banks in Shenzhen, South China's Guangdong Province, have started testing the application of the central bank-backed digital currency in recent days among their internal employees, under which the Digital Currency Electronic Payment (DCEP) is used for payments and transfers, industry observers confirmed with the Global Times.

    By Li Xuanmin | 2020/8/6 18:23:41
  • Early start on blockchain prevents West from kicking China out of digital currency race

    Shares of digital currency-related Chinese companies edged up on Tuesday's opening, with some rising by the daily limit of 10 percent. Investors were encouraged by a tone-setting central bank meeting on Monday which paved the way for the steady development of China's Digital Currency Electronic Payment (DCEP) in the second half of 2020.

    By Li Xuanmin | 2020/8/4 20:38:41
  • China aims to make BeiDou application best among peers

    China aims to make the application of Beidou Satellite Navigation System (BDS) the best among all other navigations, and be more inclusive to provide value-added services including short messaging, satellite based augmentation and international research-and-rescue services, the spokesperson of BDS and director general of China Satellite Navigation Office Ran Chengqi said Monday.

    By Li Xuanmin and Zhang Dan | 2020/8/3 19:38:40
  • US Q2 GDP projected to see double-digit contraction, steepest quarterly decline since 1940

    The US' GDP could see a double-digit contraction in the second quarter, economists predicted, with some anticipating the slide will be more than 30 percent.

    By Li Xuanmin and Ma Jingjing | 2020/7/30 12:38:40
  • Australian agricultural sector likely to lose Chinese market

    There have been calls in China to boycott Australian products in response to Australia's ongoing anti-China campaign. If the boycott intensifies further, Chinese importers may consider alternative sources, for example, Australia's neighbor New Zealand, said analysts, industry practitioners and enterprises.

    By Chi Jingyi and Li Xuanmin | 2020/7/27 22:33:40
  • China's central bank issues rules for blockchain uses in financial industry

    The People's Bank of China (PBC), the central bank, has issued documents and evaluation rules regarding the application of blockchain in financial institutions including banks, security companies and insurance firms, industry insiders confirmed with the Global Times Wednesday.

    By Li Xuanmin | 2020/7/22 22:13:41
  • China, Cambodia reach free trade agreement after 6 months of talks

    Chinese Commerce Minister Zhong Shan and his Cambodian counterpart Pan Sorasak jointly announced on Monday the completion of China-Cambodia Free Trade Agreement (FTA) talks, half a year after the two sides launched the negotiations.

    By Li Xuanmin and Ma Jingjing | 2020/7/20 21:53:40
  • Tourism service sites see soaring visits as Beijing lowers virus response level

    Beijing residents' search for tourism destinations and flights spiked by 400 percent at tour service platforms Sunday afternoon, after the capital city announced it will lower its emergency response to COVID-19 from level II to III starting Monday.

    By Li Xuanmin | 2020/7/19 19:23:06
  • China very likely to achieve 2-3 percent GDP growth for 2020: economists

    China's economy is likely to grow 2-3 percent in 2020 and above 5 percent growth in the second half, riding on the momentum of a speedy economic rebound that propelled China's second-quarter GDP to return to an expansion of 3.2 percent, Chinese economists said.

    By Li Xuanmin and Chu Daye | 2020/7/16 16:22:35
  • China's GDP up 3.2% in Q2, becomes 1st major economy to return to growth in wake of COVID-19

    China's GDP contracted 1.6 percent for the first time in the first half of a year in nearly three decades, battered by COVID-19 headwinds. But in the second quarter, the economy grew 3.2 percent, reversing from a 6.8-percent contraction in the first quarter, a sign of the resilience deeply rooted in China's economy amid a global freefall when the coronavirus pandemic has plunged most major economies into a near standstill.

    By Li Xuanmin and Chu Daye | 2020/7/16 10:00:53
  • 5nm laser lithography breakthrough may lift Chinese chip-making

    A Chinese research institute has made a breakthrough in a new type of 5 nanometer (nm) laser lithography technology, which industry insiders believe could lay the foundation for research into a self-developed advanced lithography machine, a field in which China lags behind some developed Western countries.

    By Li Xuanmin | 2020/7/9 18:58:40
  • Chinese consumers turn to duty free as outbound tourism halted

    Chinese consumers have been embarking on a new shopping spree, but without the bother of having to fly overseas to buy luxury goods.

    By Li Xuanmin | 2020/7/8 19:53:40
  • China-Germany talks set positive tone for bilateral relation, ignoring US bombast

    Chinese Premier Li Keqiang held a video meeting with German Chancellor Angela Merkel on Thursday, during which Li urged both sides to expand two-way opening-up and fully utilize the "fast-track" channel to provide conveniences for enterprise cooperation, work resumption and maintain the stability of the industrial chain.

    By Li Xuanmin and Chi Jingyi | 2020/6/11 23:29:24
  • No sign of China, EU decoupling: chamber

    There has been no sign of decoupling between Europe and China, which remains a very important market for European companies in the post-virus era, and few of them are considering shifting their investments to other markets, European business representatives told the Global Times Wednesday.

    By Li Xuanmin | 2020/6/10 21:38:41
  • China speeds up digital currency trials to blunt US financial hegemony

    Contrary to market expectations, China may not launch its central bank-backed sovereign digital currency DC/EP this year, industry insiders said. But relevant tests are running in a full swing as there is a widespread sense of urgency amid Beijing's efforts to challenge the US-dominated global financial order.

    By Li Xuanmin | 2020/6/3 15:40:14
  • SMIC's Shanghai IPO to accelerate R&D

    Domestic chipmaker Semiconductor Manufacturing International Corp (SMIC)'s planned IPO on the Sci-Tech Innovation Board may give it a much-needed shot in the arm to speed up research and development into 7-nanometer chips and assume the role of leading player Taiwan-based TSMC in supplying Huawei in the coming two to three years, industry insiders say.

    By Li Xuanmin and Zhang Hongpei | 2020/6/2 21:01:05
  • China's recovering market deemed a 'lifesaver' for European airlines

    China's market could be a “lifesaver” for European airlines, some of whom have been pushed to the brink of bankruptcy under the fallout of COVID-19 that has grounded most planes, industry insiders said.

    By Li Xuanmin | 2020/6/2 15:58:40
  • Consumption-driven growth to stabilize China's economic fundamentals

    One of the biggest tasks for Chinese lawmakers and political advisors as they convene the annual two sessions is to offer the right prescription for the Chinese economy hit hard by COVID-19. This is the first of a multi-part series covering suggestions and proposals that stand out during the occasion about how to boost various growth drivers, including consumption, investment and exports, as well as areas related to livelihoods such as jobs.

    By Zhang Hongpei and Li Xuanmin | 2020/5/21 22:28:40
  • China-Europe sea-land express transport takes shape

    The parliament of Hungary approved the upgrade of a rail link between Budapest and Belgrade, Serbia, after Hungary secured loans from a Chinese policy bank, a move that industry insiders could pave the way for a new, more cost-effective sea-land transport route under the Belt and Road Initiative (BRI) which will assist China to ship goods to Europe from Piraeus, Greece.

    By Li Xuanmin | 2020/5/21 18:38:40
  • China's rare earth exports drop 20-30%, crippled by COVID-19 outbreaks abroad

    China's rare earth industry faces rising pressure due to overseas COVID-19 outbreaks, with exports falling 20 to 30 percent since April, while domestic demand has yet to return to pre-crisis levels, industry insiders told the Global Times.

    By Li Xuanmin | 2020/5/14 19:08:42
  • China's rare earth exports drop 20-30%, crippled by COVID-19 outbreaks abroad

    China's rare earth industry faces rising pressure due to overseas COVID-19 outbreaks, with exports falling 20 to 30 percent since April, while domestic demand has yet to return to pre-crisis levels, industry insiders told the Global Times.

    By Li Xuanmin | 2020/5/14 13:55:37
  • China could set GDP growth target at 3% during Two Sessions

    With the Two Sessions - a major event on China's political calendar -- opening next week in Beijing - what rate policymakers will pick for this year's GDP growth target, and whether they will set one at all, is drawing close scrutiny amid the global coronavirus pandemic that has put the world economy in the intensive care unit.

    By Li Xuanmin and Shen Weiduo | 2020/5/13 19:33:41
  • China-EU bilateral investment treaty likely to be signed in 2021

    China and the EU may not be able to sign a proposed bilateral investment treaty (BIT) this year as scheduled, due to border control measures for pandemic prevention, which pose barriers in arranging face-to-face negotiations that are deemed vital in addressing many issues, industry insiders said.

    By Li Xuanmin | 2020/5/12 19:53:40
  • Chinese companies aim for chip self-sufficiency

    Many Chinese companies - including chipmakers, smartphone makers and even automakers - have redoubled efforts to build up their semiconductor capabilities in recent months, as the coronavirus assault and an emerging technology battle with the US have shaken global supply chains, prompting domestic players to ramp up production and reduce imports.

    By Li Xuanmin | 2020/5/7 18:08:40
  • Blockchain to nurture China-Australia trade ties

    Despite recent efforts by Australian businesspeople to forge closer ties with China to cushion the Australian economy from the fallout of the global pandemic, Canberra's recent posturing by hyping up a coronavirus conspiracy against China will backfire, seriously damaging its relations with China, industry observers said.

    By Li Xuanmin | 2020/5/6 17:43:40
  • Shanghai witnesses shopping frenzy during May Day holidays

    Young consumers made a 100-meter queue outside Shanghai's iconic New World City mall on Monday night, buying everything from lipstick to sneakers and cars, part of the city's shopping campaign in which more than 10 billion yuan ($1.42 billion) of consumer goods were sold within 18 hours.

    By Chen Shasha in Shanghai and Li Xuanmin in Beijing | 2020/5/5 18:08:40
  • Huawei partners with European chipmaker, diversifying supply chains amid US' crackdown

    Chinese technology giant Huawei Technologies is working with French-Italian chipmaker STMicroelectronics (STMicro) to design chips for mobile devices and auto vehicles, a move industry analysts said will help secure its global supply chain as the US tightens export controls on the company.

    By Zhang Hongpei and Li Xuanmin | 2020/4/29 18:43:13
  • Foxconn furloughs workers as orders from abroad shrink

    Although the coronavirus has been largely contained in China, it is still spreading overseas, and that's causing a drop in export orders, leaving many workers in China's contract factories facing layoffs, pay cuts and furloughs.

    By Yin Yeping and Li Xuanmin | 2020/4/28 20:27:24
  • Every country should find its Patient Zero: Chinese experts

    Chinese medical experts on Monday urged all countries to find their Patient Zeros of the novel coronavirus disease (COVID-19), which is a challenging but very necessary task.

    By Li Xuanmin and Zhao Juecheng | 2020/4/27 17:39:48
  • Beijing's Xicheng district issues digital vouchers to boost spending

    Beijing's Xicheng district will issue digital vouchers worth 150 million yuan ($21.2 million) in the three months starting from Wednesday, the first district in the Chinese capital to do so, in a bid to unleash local residents' pent-up demand and to speed up the recovery of an economy battered by COVID-19.

    By Li Xuanmin and Shen Weiduo | 2020/4/22 22:43:40
  • US' blocking pensions fund from investing in Chinese firms to backfire

    A push from some US politicians to block the US federal pension fund from investing in Chinese companies such as ZTE and Hikvision is another attempt by Washington to politicize rational economic cooperation between the two countries.

    By Li Xuanmin | 2020/4/22 16:23:50
  • China scales up strategic oil reserves amid coronavirus-driven global price slump

    The unprecedented crude oil price collapse on the global market is good news for China, a major oil importer, which will enable the country to build up strategic reserves at favorable prices, Chinese analysts said.

    By Zhang Hongpei and Li Xuanmin | 2020/4/21 19:08:41
  • 5G rollout at Mount Qomolangma marks a milestone of China's telecom prowess

    The peak of Mount Qomolangma (Mount Everest), the world's highest point at 8,848 meters above sea level, is expected to be covered by 5G signal on Saturday, according to Chinese telecom operators, marking a significant step in China's 5G capability.

    By Li Xuanmin | 2020/4/21 16:03:40
  • Global oil price collapse a historic opportunity for China to 'bottom out' energy assets: analysts

    China's crude oil futures edged down 3 percent on Tuesday's opening, following an overnight slide from a major US oil benchmark into unprecedented negative territory. Analysts say the historic drop in oil prices offers China, a major source of oil imports, a good opportunity to “bottom out” certain oil assets and scale up strategic reserves.

    By Li Xuanmin and Zhang Hongpei | 2020/4/21 11:43:00
  • Experts give jobs priority over GDP growth in China

    The urban unemployment rate in China hit 5.9 percent in March, official data revealed on Friday, highlighting the widespread repercussions of the coronavirus pandemic, which has created fatal challenges for the country's economy and job market, with experts urging policymakers to prioritize the employment above all economic targets.

    By Zhang Dan and Li Xuanmin | 2020/4/17 19:28:13
  • Multinational companies apply for 212 blockchain-related patents in China

    A total of 35 foreign companies including Microsoft, Oracle, Mastercard, Sony, Intel and Walmart have applied for 212 blockchain-related patents in China as of the end of March 2020, the Global Times have learned.

    By Li Xuanmin | 2020/4/9 14:43:12
  • China's foreign trade may drop 20 percent in Q2: analysts

    Foreign trade companies in China are gradually returning to normal as more than 75 percent of China's major importers and exporters having recovered over 70 percent of their operational capacity, data released by the Ministry of Commerce (MOFCOM) revealed on Thursday.

    By Xie Jun and Li Xuanmin | 2020/4/2 22:23:40
  • China moves to help overseas Chinese students in need

    By mobilizing resources in the public health, civil aviation and diplomatic sectors, China is taking concrete measures to provide support to overseas Chinese students at a time when many of them are facing difficulties abroad due to the COVID-19 pandemic, officials said on Thursday.

    By Li Xuanmin and Liu Xuanzun | 2020/4/2 13:00:33
  • China's mask exports not as promising as expected

    Despite the spread of the coronavirus, which has killed more than 30,000 people globally, Chinese face mask makers are faced with a bumpy road in exporting medical equipment.

    By Zhang Hongpei and Li Xuanmin | 2020/3/31 17:58:40
  • PBC closer to digital currency as global interest rates drop

    China's central bank is one step closer to issuing its official digital currency. It seems the People's Bank of China (PBC), in collaboration with private companies, has completed development of the sovereign digital currency's basic functions and is now drafting relevant laws to pave the way for its circulation, industry insiders said.

    By Li Xuanmin | 2020/3/24 21:43:40
  • China's central bank moves closer to issuing digital currency: insiders

    China's central bank is one step closer to issuing its official digital currency. It seems the People's Bank of China (PBC), in collaboration with private companies, has completed development of the sovereign digital currency's basic function and is now drafting relevant laws to pave the way for its circulation, industry insiders said.

    By Li Xuanmin | 2020/3/24 14:44:18
  • Telecom networks to be tested in US, EU amid coronavirus pandemic

    Internet in the US and #EU runs into problems after people work from home amid the #coronavirus outbreak. Without #Huawei's technology, would the situation worsen?

    By Li Xuanmin | 2020/3/23 16:36:19
  • China supports firms with targeted financing policies

    Unlike a flood-style stimulus that US and some European countries have taken to mute the impact of the coronavirus pandemic, China's stimulus remains measured and incrementally progressing.

    By Li Xuanmin | 2020/3/22 18:27:51
  • Indicators drop to record low amid epidemic

    China's major economic indicators, including retail sales, industrial output and fixed-asset investment, posted double-digit contractions from January to February, as factories were shut down for prolonged periods and consumers were forced to stay home and cut spending amid the nation's top-down efforts to fight the outbreak of coronavirus.

    By Li Xuanmin and Ma jingjing | 2020/3/16 23:38:40
  • Coronavirus wipes $250 million from New Zealand's tourism revenue

    The coronavirus outbreak has wiped $250 million from New Zealand's tourism revenue as Chinese tourists freeze their globe sightseeing plans.Coronavirus wipes $250 million from New Zealand's tourism revenue

    By Li Xuanmin | 2020/3/12 17:32:37
  • Stagnation risks on the rise: analysts

    Commodity price hikes as high as 20-30 percent are looming large in China - from electronics and home appliances to daily necessities and major industrial materials - a distressful trend that Chinese experts say could inhibit domestic consumption, even though the coronavirus epidemic is receding.

    By Li Xuanmin | 2020/3/5 21:43:40
  • Caixin services PMI plunges to record low of 26.5 in February

    China's Caixin/Markit services Purchasing Managers' Index (PMI) in February plunged to 26.5 from 51.8 in January amid the coronavirus outbreak, the first time that the reading was below the 50 beak-even point that separates expansion from contraction since the survey started in 2005.

    By Song Lin and Li Xuanmin | 2020/3/4 18:38:47
  • Some Xinjiang textile exports to Europe freeze as virus cases rise abroad

    About 60 percent of the textile manufacturers in Northwest China's Xinjiang Uygur Autonomous Region have resumed production, yet many of their export orders to European clients are in limbo due to logistics issues following fast-growing confirmed coronavirus cases overseas.

    By Li Xuanmin | 2020/3/4 18:38:29
  • Caixin manufacturing PMI hits historic low of 40.3 in February

    China's Caixin manufacturing purchasing managers' index (PMI), a gauge of small and medium-sized manufacturers' activity, hit a record low of 40.3 in February amid the COVID-19 outbreak, but industry insiders and economists are optimistic about a rebound in March as workers are going back and firms are restarting production.

    By Li Xuanmin and Shen Weiduo | 2020/3/2 21:33:42
  • IKEA, UNIQLO, Galeries Lafayette reopen in China on large scale

    Foreign retailers in China, including IKEA and UNIQLO, are reopening on a massive scale as the coronavirus epidemic has in recent days shown signs of abating despite soaring cases in other countries.

    By Li Xuanmin | 2020/2/28 15:31:19
  • Online plague-themed game removed from App store in China amid coronavirus outbreak

    A plague-themed game developed by a UK game studio has been removed from Apple's App Store in China amid the coronavirus epidemic

    By Li Xuanmin | 2020/2/28 13:50:44
  • Research into China's sovereign digital currency is delayed amid epidemic

    China's research into its sovereign digital currency has been delayed from the first quarter due to the outbreak of the coronavirus, sources close to the matter told the Global Times.

    By Li Xuanmin | 2020/2/25 18:28:40
  • Sinophobia to dent US tourism by 10% in Q1

    A wave of discrimination against Chinese in the US will eventually cut 10 percent of the country's tourism revenue in the first quarter, while rocking US foundations in all possible spheres, experts said Monday.

    By Ma Jingjing and Li Xuanmin | 2020/2/24 22:53:40
  • Foreign auto makers suffer rising losses in crisis-hit Wuhan city: industry insider

    Foreign auto and auto parts makers like Honda, Nissan, General Motors and Renault, operating in Wuhan, Central China's Hubei Province, each may suffer 40 million yuan ($5.69 million) in losses a day due to the production pause amid the coronavirus outbreak, industry insiders told the Global Times.

    By Yin Yeping and Li Xuanmin | 2020/2/23 15:43:39
  • Some European firms consider moving production out of China: business group

    Amid the outbreak of COVID-19 in China, some European companies are facing tremendous challenges in their operations in China – ranging from difficulty in returning production to a disruption in the global supply chain that weighs on their output, a European business group told the Global Times over the weekend.

    By Li Xuanmin | 2020/2/23 12:48:13
  • Uncertain outlook for China-EU BIT

    The onslaught of the coronavirus may delay planned China-EU bilateral investment treaty (BIT) talks due to difficulties in scheduling face-to-face negotiations, industry insiders said. China may also re-evaluate how it wants to open its economy to European firms based on the impact of the coronavirus.

    By Li Xuanmin | 2020/2/20 23:58:49
  • Travel ban to dent Russian economy

    Russia's economy will be hurt to some extent following a ban on Chinese nationals from entering and other restrictive measures, with the country's tourism industry ?? the first to digest such fallout ??estimated to suffer $200 million in losses in the first quarter, industry insiders say.

    By Li Xuanmin | 2020/2/19 19:59:40
  • Xinjiang companies' plan to resume production amid coronavirus hindered by labor shortage, delayed logistics

    Local companies in Northeast China's Xinjiang Uygur Autonomous Region are gradually resuming work on a large scale as the region has not been severely hit by the onslaught of the coronavirus, yet some local businesses still face daunting challenges including labor shortage issues, delayed logistics services and difficulties procuring raw materials.

    By Li Xuanmin | 2020/2/18 13:58:40
  • Closed Chinese firms face lengthy approval procedures

    It has been a week since February 10, the date most Chinese companies had previously set to resume production amid the coronavirus outbreak, yet most small and medium-sized manufacturers across China still find themselves trapped in lengthy and complicated government approval procedures.

    By Li Xuanmin | 2020/2/17 21:48:40
  • Blockchain industry 'least affected' by virus, insiders say

    China's booming blockchain sector seems to be sustaining limited impact from the fallout of the coronavirus, as most blockchain projects are collaborated on by engineers online, and the onslaught of the epidemic is opening up new fronts for the technology's application in financing and charity donations, industry insiders said.

    By Li Xuanmin | 2020/2/16 20:38:40
  • China's rare-earth sector at 20% capacity as companies face shortfalls on logistics, labor fronts

    China's rare-earth industry has gone into dormant mode following the outbreak of novel coronavirus pneumonia (NCP), and industry insiders said if production did not resume within a month, exports to the US, Japan and Europe would be affected, along with the global supply chain.

    By Li Xuanmin and Ma Jingjing | 2020/2/12 21:18:40
  • China's online exercise apps receive a boost amid NCP outbreak

    As more Chinese people shun outdoor activities amid the outbreak of novel coronavirus pneumonia (NCP), subscribing to online exercise classes and exercising indoors are becoming popular.

    By Li Xuanmin | 2020/2/11 17:50:49
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