1nwt1n3

dailyPulseTypeUuId

hasNodeId

highlightQueueName

nodeId

plusPageQuery

node

dailyPulseBlockQuery

queueName

highlightBlockQuery

moreOnTopicBlockQuery

articles

queue

query plusPageQuery(
  $dailyPulseTypeUuId: String!
  $highlightQueueName: String!
  $nodeId: ID!
  $hasNodeId: Boolean!
) {
  node(id: $nodeId) @include(if: $hasNodeId) {
    __typename
    ...plusHomeSeoNode
    id
  }
  ...dailyPulseBlockQuery_3abQBm
  ...highlightBlockQuery_3iQMXB
  ...moreOnTopicBlockQuery_3q6Tw9
}

fragment articleCommentArticle on Article {
  ...entityLink
  commentCount
  entityId
}

fragment articleSeoArticle on Article {
  ...hooksArticleSeoArticle
  ...helpersCheckIsPostiesArticle
  entityId
  publishedDate
  updatedDate
  summary {
    text
  }
  subHeadline {
    text
  }
  body(customContents: []) {
    text
  }
  keywords
  sections {
    value {
      name
      id
    }
  }
  topics {
    name
    entityId
    id
  }
  urlAlias
  authors {
    name
    id
  }
  images {
    style(filter: {style: "768x768"}) {
      url
    }
  }
}

fragment authorAvatarAuthor on Author {
  ...entityLink
  entityId
  entityUuid
  name
  types
  image(filter: {type: AUTHOR_IMAGE}) {
    style(filter: {style: "300x300"}) {
      url
    }
  }
}

fragment authorSeoAuthor on Author {
  entityId
  bio
  name
  urlAlias
}

fragment contentActionBarContent on Content {
  __isContent: __typename
  entityId
  createdDate
  updatedDate
  publishedDate
  urlAlias
  ...articleCommentArticle
  ... on Article {
    hasVideoContent
  }
}

fragment contentAuthorImageContent on Content {
  __isContent: __typename
  authors {
    entityId
    ...authorAvatarAuthor
    ...entityLink
    id
  }
  ...hooksContentHelperContent
}

fragment contentAuthorLinkContent on Content {
  __isContent: __typename
  authors {
    entityId
    entityUuid
    name
    ...entityLink
    id
  }
  ...hooksContentHelperContent
}

fragment contentCoverImageContent_4u0lgy on Content {
  __isContent: __typename
  images {
    url
    title
    type
    size540x360: style(filter: {style: "540x360"}) {
      url
    }
  }
}

fragment contentHeadlineContent on Content {
  __isContent: __typename
  headline
  socialHeadline
  ...contentHeadlineTagContent
  ...helpersUseContentSponsorContent
}

fragment contentHeadlineTagContent on Content {
  __isContent: __typename
  ...hooksContentHeadlineTagContent
}

fragment contentPublishedDateContent on Content {
  __isContent: __typename
  publishedDate
}

fragment contentSectionsContent on Content {
  __isContent: __typename
  sections {
    value {
      ...helpersCheckIfNewsSectionInFirstIndexSection
      ...entityLink
      name
      id
    }
  }
}

fragment contentSponsorTagContent on Content {
  __isContent: __typename
  ...helpersUseContentSponsorContent
}

fragment contentSummaryContent on Content {
  __isContent: __typename
  __typename
  summary {
    text
  }
}

fragment dailyPulseBlockQuery_3abQBm on Query {
  dailyPulseQuery: articles(filter: {typeIds: [$dailyPulseTypeUuId]}, first: 1, orderBy: {field: PUBLISHED_DATE, direction: DESC}) {
    edges {
      node {
        ...contentHeadlineContent
        ...hooksArticleDateUtilsContent
        ...hooksPlusArticleLinkHandlerArticle
        body {
          text
        }
        id
      }
    }
  }
}

fragment entityLink on Base {
  __isBase: __typename
  __typename
  entityId
  entityUuid
  urlAlias
  urlRedirect {
    toUrl
    id
  }
  application {
    entityId
    id
  }
  ... on Section {
    fullSectionPath {
      entityId
      id
    }
    parentSection
  }
  ...helpersAppBarVariantBase
  ...helpersApplicationBase
  ...helpersCheckIsPlusArticle
  ...helpersStyleSectionContent
}

fragment helpersAppBarVariantBase on Base {
  __isBase: __typename
  ...helpersCheckIsLongReadArticle
  ...helpersCheckIsMorningStudioArticle
  ...helpersCheckIsPhotoEssayArticle
  ...helpersCheckIsPostiesArticle
  ...helpersCheckIsPostiesPage
  ...helpersCheckIsStyleArticle
  ...helpersSectionContent
  ...helpersStyleSectionContent
  ...helpersCheckIsPlusPage
}

fragment helpersApplicationBase on Base {
  __isBase: __typename
  ...helpersCheckIsPostiesArticle
  ...helpersCheckIsPostiesPage
  ...helpersCheckIsPlusPage
}

fragment helpersCheckArticleIsInSectionsArticle on Article {
  sections {
    value {
      entityId
      id
    }
  }
}

fragment helpersCheckCanShowInPlusPlatformArticle on Article {
  ...helpersCheckArticleIsInSectionsArticle
  ...helpersCheckIsPlusArticle
  ...helpersCheckIsStyleArticle
  ...helpersGetArticleTypeArticle
  ...helpersUseContentSponsorContent
}

fragment helpersCheckIfNewsSectionInFirstIndexSection on Section {
  name
}

fragment helpersCheckIsLongReadArticle on Article {
  articleTypes: types {
    value {
      entityId
      id
    }
  }
}

fragment helpersCheckIsMainTopicContent on Content {
  __isContent: __typename
  topics {
    entityId
    id
  }
}

fragment helpersCheckIsMorningStudioArticle on Article {
  sponsorType
  articleTypes: types {
    value {
      entityId
      id
    }
  }
}

fragment helpersCheckIsPhotoEssayArticle on Article {
  articleTypes: types {
    value {
      entityId
      id
    }
  }
}

fragment helpersCheckIsPlusArticle on Article {
  paywallTypes {
    entityUuid
    id
  }
}

fragment helpersCheckIsPlusPage on Page {
  urlAlias
}

fragment helpersCheckIsPostiesArticle on Article {
  sections {
    value {
      entityId
      id
    }
  }
}

fragment helpersCheckIsPostiesPage on Page {
  urlAlias
}

fragment helpersCheckIsStyleArticle on Article {
  sections {
    value {
      entityId
      id
    }
  }
}

fragment helpersGetArticleTypeArticle on Article {
  types {
    value {
      entityId
      id
    }
  }
}

fragment helpersSanitizeArticleTypeEntityIdsArticle on Article {
  types {
    value {
      entityId
      id
    }
  }
}

fragment helpersSanitizeAuthorTypesArticle on Article {
  authors {
    types
    id
  }
}

fragment helpersSanitizedAuthorEntityIdsArticle on Article {
  authors {
    entityId
    id
  }
}

fragment helpersSectionContent on Section {
  fullSectionPath {
    entityId
    id
  }
}

fragment helpersStyleSectionContent on Section {
  fullSectionPath {
    entityId
    id
  }
}

fragment helpersUseContentSponsorContent on Content {
  __isContent: __typename
  topics {
    entityId
    sponsor {
      ...sponsorTagSponsor
      name
      type
      id
    }
    id
  }
  ... on Article {
    sponsorType
  }
  ...helpersCheckIsMainTopicContent
}

fragment highlightBlockItemContent on Content {
  __isContent: __typename
  entityId
  ...helpersGetArticleTypeArticle
  ...hooksPlusArticleLinkHandlerArticle
  ...plusOpinionContentItemPlusOpinionContent
  ...plusPrimaryContentItemPlusPrimaryContent
  ...plusSecondaryContentItemPlusSecondaryContent
}

fragment highlightBlockQuery_3iQMXB on Query {
  highlightQueue: queue(filter: {name: $highlightQueueName}) {
    items(first: 5) {
      edges {
        node {
          __typename
          ... on Content {
            __isContent: __typename
            entityId
            ...highlightBlockItemContent
          }
          ... on Node {
            __isNode: __typename
            id
          }
        }
      }
    }
    id
  }
}

fragment hooksArticleDateUtilsContent on Content {
  __isContent: __typename
  createdDate
  publishedDate
  updatedDate
}

fragment hooksArticleSeoArticle on Article {
  ...helpersCheckIsPostiesArticle
  ...helpersCheckIsPlusArticle
  entityId
  flag
  knowledgeQuestion
  headline
  socialHeadline
  types {
    value {
      entityId
      id
    }
  }
  authors {
    entityId
    id
  }
  topics {
    sponsor {
      entityId
      id
    }
    id
  }
  sections {
    value {
      entityId
      id
    }
  }
  images {
    generic_og: style(filter: {style: "og_image_scmp_generic"}) {
      url
    }
    styles(filter: {styles: ["og_image_posties_article", "og_image_scmp_analysis", "og_image_scmp_explainer", "og_image_scmp_editorial", "og_image_scmp_fact_check", "og_image_scmp_debate", "og_image_scmp_live", "og_image_scmp_obituary", "og_image_scmp_opinion", "og_image_scmp_review", "og_image_scmp_series", "og_image_scmp_generic"]}) {
      url
      style
    }
    type
  }
  disableOffPlatformContent
  published
  sponsorType
  urlAlias
}

fragment hooksContentHeadlineTagContent on Content {
  __isContent: __typename
  ... on Article {
    types {
      value {
        name
        entityId
        description {
          text
        }
        id
      }
    }
    ...helpersCheckIsStyleArticle
  }
  flag
  sections {
    value {
      name
      id
    }
  }
  ...hooksContentHelperContent
}

fragment hooksContentHelperContent on Content {
  __isContent: __typename
  ...helpersSanitizeArticleTypeEntityIdsArticle
  ...helpersSanitizeAuthorTypesArticle
  ...helpersSanitizedAuthorEntityIdsArticle
  flag
}

fragment hooksContentItemProvidersContent_1w5sgM on Content {
  __isContent: __typename
  ...contentActionBarContent
  ...contentCoverImageContent_4u0lgy
  ...contentHeadlineContent
  ...contentSummaryContent
  ...contentSponsorTagContent
  ... on Video {
    __typename
  }
}

fragment hooksContentItemProvidersContent_2eF4Y0 on Content {
  __isContent: __typename
  ...contentActionBarContent
  ...contentHeadlineContent
  ...contentPublishedDateContent
  ...contentSectionsContent
  ...contentSummaryContent
  ...contentSponsorTagContent
  ... on Video {
    __typename
  }
}

fragment hooksContentItemProvidersContent_3nHfEg on Content {
  __isContent: __typename
  ...contentActionBarContent
  ...contentAuthorImageContent
  ...contentAuthorLinkContent
  ...contentHeadlineContent
  ...contentSectionsContent
  ...contentSummaryContent
  ...contentSponsorTagContent
  ... on Video {
    __typename
  }
}

fragment hooksPlusArticleLinkHandlerArticle on Article {
  ...helpersCheckCanShowInPlusPlatformArticle
  id
  entityId
  urlAlias
}

fragment hooksUseDeepLinkTagsBase on Base {
  __isBase: __typename
  __typename
  urlAlias
  entityId
}

fragment hooksUseDynamicMetaTags on DynamicMetaTags {
  __isDynamicMetaTags: __typename
  metatags {
    key
    value
  }
}

fragment moreOnTopicBlockQuery_3q6Tw9 on Query {
  dailyPulseQuery: articles(filter: {typeIds: [$dailyPulseTypeUuId]}, first: 1, orderBy: {field: PUBLISHED_DATE, direction: DESC}) {
    edges {
      node {
        entityId
        ...contentHeadlineContent
        ...hooksArticleDateUtilsContent
        topics {
          entityId
          id
        }
        id
      }
    }
  }
  highlightQueue: queue(filter: {name: $highlightQueueName}) {
    items(first: 5) {
      edges {
        node {
          __typename
          ... on Content {
            __isContent: __typename
            entityId
          }
          ... on Node {
            __isNode: __typename
            id
          }
        }
      }
    }
    id
  }
}

fragment plusArticleTypeTitleContent on Content {
  __isContent: __typename
  ...helpersGetArticleTypeArticle
}

fragment plusHomeSeoNode on Node {
  __isNode: __typename
  __typename
  ... on Article {
    ...articleSeoArticle
  }
  ... on Topic {
    ...topicSeoTopic
  }
  ... on Author {
    ...authorSeoAuthor
  }
}

fragment plusOpinionContentItemPlusOpinionContent on Content {
  __isContent: __typename
  __typename
  ...entityLink
  authors {
    __typename
    id
  }
  ...hooksContentItemProvidersContent_3nHfEg
}

fragment plusPrimaryContentItemPlusPrimaryContent on Content {
  __isContent: __typename
  __typename
  ...entityLink
  ...plusArticleTypeTitleContent
  ...hooksContentItemProvidersContent_1w5sgM
}

fragment plusSecondaryContentItemPlusSecondaryContent on Content {
  __isContent: __typename
  __typename
  ...entityLink
  ...plusArticleTypeTitleContent
  ...helpersCheckIsPlusArticle
  ...hooksContentItemProvidersContent_2eF4Y0
}

fragment sponsorTagSponsor on Sponsor {
  name
  type
  images {
    url
  }
}

fragment topicSeoTopic on Topic {
  name
  description {
    text
  }
  urlAlias
  metaDescription
  ...hooksUseDeepLinkTagsBase
  ...hooksUseDynamicMetaTags
}


filter

first

orderBy

edges

items

The latest raft of data from China’s statistics bureau painted a mostly pessimistic picture of the state of the country’s economy. The data came in as Russia’s President Vladimir Putin embarked on his second day of a two-day visit to China, with President Xi Jinping welcoming his “old friend” with full military honours at a dawn reception outside the Great Hall of the People in Beijing on Thursday.
Following are some of the main data points:

Retail sales rose by 2.3 per cent on year in April, according to the National Bureau of Statistics. This slowed from a disappointing 3.1 per cent growth rate in March and dipped from the 4.6 per cent growth in the consensus estimate of economists polled by financial information provider Wind. The NBS cited a high base of comparison and holidays for the slowdown.


April industrial output rose 6.7 per cent, outstripping the 5.5 per cent Wind estimate and March’s 4.5 per cent rate of growth. Economist Gary Ng of Natixis said that given soft domestic and international demand, China’s manufacturers may be fuelling a risk of excess capacity.


Property investment fell 9.8 per cent in the first four months of the year, a steeper decline than the 9.5 per cent decline for January-March and missing the 9.3 per cent Wind estimate. See the “Property recue” item below for Beijing’s latest push to help developers come out of the slump.


Fixed-asset investment rose by 4.2 per cent in January-April, short of the 4.7 per cent Wind estimate and slower than the 4.5 per cent on-year reading in the first quarter.

Xi and Putin signed several bilateral agreements on Thursday, including a joint statement on deepening the China-Russia comprehensive strategic partnership. Some highlights from their joint statement:

Xi and Putin reaffirmed that each country was the other’s “priority partner”. The communique did not use the term “no limits partnership” that the pair declared in February 2022, just before Russia’s invasion of Ukraine (and which hasn’t been used since)


They criticised the United States, citing grievances that included provoking North Korea, helping to set Australia up with nuclear submarines and creating economic difficulties in Afghanistan.


They pledged to deepen military cooperation and work together in areas including artificial intelligence, telecommunications, open source technologies and cyber and data security as well as deep space exploration and development of satellite navigation systems.


They committed to deeper cooperation on their energy and financial sectors. They pledged to ensure the stable operation of cross-border infrastructure for unimpeded transport of energy. The communique didn’t mention the Power of Siberia 2 gas pipeline that Russia is eager to make progress on, but which appears to be stalled.


On Ukraine, China renewed its call for a political settlement of the Russia-Ukraine conflict. Xi said following talks with Putin that China is willing to continue to play a constructive role in achieving “peace and stability” in Europe. The statement didn’t mention a three-week “Olympic truce” that French President Emmanuel Macron asked Xi to help engineer when the pair met last week.

Putin went to Harbin in Heilongjiang province on Friday to attend the opening ceremonies of a Sino-Russian trade show, underscoring a strong trade theme of his visit.
The week that was

Tariffs announced: US President Joe Biden unveiled steep tariff increases on a range of Chinese goods including electric vehicles, semiconductors, solar cells, aluminium and steel. Following a public comment period to be announced next week, tariffs are slated to rise to 100 per cent for Chinese EVs, 50 per cent for semiconductors and solar cells, and 25 per cent for EV batteries and battery parts. The new tariffs are needed to protect US industries from Chinese government subsidies, Biden said. A spokesman for China’s foreign ministry responded that the country would take “full necessary measures to safeguard its legitimate rights and interests”.


Inflation inches up: Consumer prices in China rose by 0.3 per cent on year in April, marking a third straight month of price growth. Analysts note that with inflation well below the country’s 3 per cent target, the government is under pressure to raise prices for some sector services, such as train tickets and utilities. A research report estimates that a hike of between 4 and 8 per cent for water, electricity and gas prices in China could push the country’s CPI up by between 0.2 and 0.4 percentage point. Producer prices declined for the 19th consecutive month, falling 2.5 per cent on year.


Property rescue: Chinese Vice-Premier He Lifeng called on local governments to purchased undeveloped land and unsold homes, as the government sought to ease pressures for distressed property developers. The move follows a pledge last month by the Politburo to reduce inventory and boost sales. Coincidentally, Hangzhou said Tuesday that it has begun to buy homes that it plans to rent at affordable rates, with a buying cap of 10,000 square meters. The big question is whether China’s local governments have the capacity to digest the excess inventory.


Property reprieve: Country Garden got a four-week reprieve to reorganise its finances after a judge in Hong Kong adjourned a hearing for a winding-down petition brought against the company in February over a loan worth about HK$1.6 billion (US$204 million). The case has been adjourned to June 11. Elsewhere in the real estate sector, mainland developer Agile Group Holdings missed an interest payment on a US$483 million bond. This came after the company’s aggregate presales fell by 68 per cent in the January-April period.


e-Profit: Two of China’s largest technology companies reported bumper profits, buoyed by increased online consumer spending on retail goods and games. E-commerce giant Alibaba Group Holding, which owns the South China Morning Post, said net profit for the year rose by 10 per cent, making it the most profitable year since 2021. Tencent, the world’s largest game publisher, said profit jumped 62 per cent in the first quarter. Separately, Alibaba said it will push ahead with a plan to file for a primary listing of its shares in Hong Kong by August, paving the way for the company to access mainland Chinese capital through the city’s Stock Connect cross-border investment scheme.


National biosecurity: A US House Committee has passed a bill that would restrict the country’s federal agencies from doing business with five Chinese biotech companies. The House Committee on Oversight and Accountability voted overwhelmingly to approve the Biosecure Act, which will restrict US companies from doing business with biotech firms BGI Group, MGI, Complete Genomics, Wuxi AppTec and Wuxi biologics as well as their clients. The act, which must pass the full house and the Senate and then be signed by the president, would also establish an inter-agency process for identifying additional companies requiring scrutiny.


TikTok bid: The billionaire former owner of the Los Angeles Dodgers is putting together a consortium to bid on TikTok. Frank McCourt said that if the purchase goes through, the goal would be to migrate the platform to an open-source protocol that allows for more transparency. TikTok is required by a federal law to sell its popular platform by January or face a ban in the United States. It has filed a lawsuit to block the law, which was enacted to protect the data of American citizens.


Spy row: Authorities in the UK have arrested three men on spying charges for allegedly carrying out surveillance against Hong Kong dissidents. The three people charged under the UK’s National Security Act include an office manager of the Hong Kong Economic and Trade Office in London, a London police officer and a UK immigration officer. The Chinese embassy in London said it has lodged stern representations with Britain over the case. Observers expect the move will sour relations between China and the United Kingdom.


Bull run: The Hang Seng Index broke through the psychological barrier of 19,000 as overseas investors returned to Hong Kong following a mid-April announcement by China’s market regulator of measures to support the city’s equities market. As of market close, the rally had added more than US$1 trillion in capitalisation back into stocks and pushed the index up 30.7 per cent since the year’s low on January 22. This puts the Hang Seng firmly in bull territory.

The week ahead

Taiwan inauguration: William Lai will on Monday take up his new office after he won the island’s presidential election in January. Lai is expected to adopt a conciliatory tone towards mainland China in his inaugural address, according to Taiwanese media reports. More than 40 foreign delegations are expected to attend, including a US delegation of former US officials dispatched by President Biden.


Customs data: On Monday China will release detailed trade figures for April, with item-by-item and geographical breakdowns on imports and exports. We will look at data on electric vehicles, solar panels and lithium-ion batteries, as well as trade with Russia, especially China’s exports of goods such as integrated circuits and satellite-imaging equipment that could be used by Russia in its war with Ukraine.


Shaw Prize: The Shaw Prize Foundation will on Tuesday announce its winners for 2024. Nicknamed the “Nobel Prize of the East”, the prize was established in 2002 by the late Hong Kong businessman and philanthropist Run Run Shaw, recognising distinguished contributions in the fields of astronomy, mathematical sciences as well as life science and medicine. Each prize carries a monetary award of US$1.2 million.


Investment and tech showcase: On Monday, Hong Kong will host the China Private Equity Summit, which is expected to bring together more than 700 delegates, including senior business leaders, angel investors and venture capitalists. Discussions will focus on topics including family offices as well as private credit and exits. On Wednesday, Macau will kick off the four-day BEYOND Expo 2024, with more than 20,000 tech enthusiasts and industry leaders expected to attend. The theme this year is “Embracing the Uncertainties”, with the event split into three main sections around consumer technology, healthcare and climate tech.


First-quarter earnings: Li Auto and Xpeng, two of China’s biggest EV makers, are set to unveil their first-quarter earnings amid fierce price competition in the industry. Both companies, which announced price cuts on a number of models, previously said that first-quarter deliveries were up on year. On Thursday, smartphone maker Xiaomi, which recently launched its first EV model, will announce its first-quarter results. Also reporting earnings next week: Trip.com, Lenovo and Kuaishou, China’s largest rival to ByteDance in short videos.



China’s mixed data, Putin wraps up state visit, Taiwan inauguration and more

Two sessions by the numbers

The most-watched-for number in Chinese Premier Li Qiang’s maiden government work report was the economic-growth rate, but allocations to other endeavours also shed light on the government’s priorities.


‘No limits’ friendship: a visual guide to China-Russia relations

Xi Jinping’s visit to Russia aims to show the world how strong China and Russia relations are. According to Xi and Putin, it is a friendship with ‘no limits’.


Why China’s diversified economy garners both praise and criticism

China has achieved economic success not just through repurposing Western technology but by rapidly upgrading and adapting it. Top-down management coexists with local autonomy and bottom-up innovation in the Chinese industrial ecosystem.
