China’s economic slowdown has largely been a self-inflicted headache
, spurred by President Xi Jinping’s clampdown on private enterprises
, a campaign to contain excessive borrowing by real estate developers
, and a relentless adherence to zero-Covid policy.
But there are some signs that the regulatory nightmare for tech firms may be coming to an end
. 今週はじめ, ウォールストリートジャーナル reported that Beijing’s cybersecurity review of Didi was about to wrap up
. The move would allow the ride-hailing giant to return to app stores in mainland China
, almost a year after Didi was 削除されました over data privacy violations
Didi’s shares climbed
24% Monday on Wall Street after the report
Other media reports this week have signaled an easing of the crackdown
. 木曜日に, ブルームバーグ said Chinese regulators have started early stage discussions on a potential revival of Ant Group’s IPO
, citing people familiar with the matter
報告 on Thursday that Ant — owner of the hugely popular Alipay app — aims to file a preliminary prospectus for the offering as soon as next month
Jack Ma was about to make history with a planned $ 37 billion IPO of the Alibaba affiliate in Shanghai and Hong Kong in November
2020. But China abruptly halted the Ant deal days before the stock was due to start trading
, a move that marked the start of a regulatory offensive that engulfed the internet industry in the year that followed
Ant Group said Thursday that it “currently doesn’t have any plan to initiate an IPO.” The China Securities Regulatory Commission added that it has not conducted any research work regarding a new Ant IPO.
アリババ (ババ) shares have been whipsawed by the news but are still up
18% this week on Wall Street
In Hong Kong, その間, the stock has risen for five straight sessions and is up 22% this week — the best weekly performance since Alibaba’s secondary listing there in 2019.
The Chinese government has brought further relief to the tech sector in recent weeks. Regulators have said that they would support overseas listings of tech companies.
And on Tuesday
, authorities issued
60 new game licenses following a months-long freeze
. Tencent (TCEHY)
, China’s largest gaming firm
, soared more than
6% after the news
The Hang Seng Tech Index, which tracks インクルード 30 largest Chinese tech stocks in Hong Kong, is up 10% 今週.
China also released strong trade data for the month of May, after a slump in April. The country’s exports jumped 16.9% in May from a year ago, compared with only 3.9% growth in April.
Imports, その間, rose for the first time in three months.
“The increase in both exports and imports was mainly due to the reopening of the port of Shanghai, China’s largest port, in the last week of May,” said Iris Pang, chief economist for Greater China at ING Group.
Shanghai had been under a strict lockdown since late March
, forcing factories to close and causing significant shipping delays
Congestion at the Shanghai port is almost “back to normal,” VesselsValue, a shipping data firm, said earlier this week. Average waiting times have now shortened to 28 時間, に比べ 66 hours in late April.
水曜日に, Premier Li Keqiang urged local government officials to help smooth transportation and logistics and protect supply chains. China would strive to achieve reasonable economic growth in the second quarter and reduce unemployment, 彼は言った, reiterating previous calls.
先週, the State Council
, the country’s cabinet
, unveiled a new package of 33 stimulus measures to shore up growth
, including tens of billions of dollars of additional tax cuts and infrastructure spending
Is this enough?
But analysts remain cautious.
The May trade data does not change “the consensus view that China’s trade surplus is going to narrow,” as demand for Chinese exports weakens because of a slowing global economy, HSBC analysts said Thursday.
今週はじめ, インクルード World Bank warned that stagflation risks are rising in the global economy
. It now expects global growth to slump from
5.7% に 2021 に 2.9% に 2022, significantly lower than
4.1% that was anticipated in January
. Global inflation
, その間, is likely remain above target in many economies
, the bank said
HSBC analysts said that Beijing’s investment push in infrastructure and property is set to increase China’s commodity imports
, adding to its inflation problems
“As commodity prices remain elevated, these imports will be costly for China,” 彼らは言った.
中国の adherence to a policy of tough Covid restrictions also remains a significant risk.
President Xi Jinping
前記 Wednesday that the country must stick
” to its zero-Covid strategy
, while urging officials to bolster the economy
, according to state-owned Xinhua News Agency
A growing number of neighborhoods in Shanghai face another temporary lockdown this weekend, as authorities launch mass testing days after Covid restrictions were eased for most of its 25 百万人の住民.
Authorities in Beijing’s largest Chaoyang district also announced Thursday the closure of all entertainment venues, just days after allowing their reopening.
“Markets have naively assumed that China was one and done with Beijing and Shanghai,” said Jeffrey Halley, senior market analyst for Oanda, 木曜日に.
“Covid-zero is going nowhere in China, and nor is the virus. したがって、, the chances of extended restrictions returning, with the ensuing drop in China’s economic activity, remain as high as ever,” 彼が追加した.
— CNN’s Beijing bureau contributed to this report.