"
data-check-event-based-preview=""
data-is-vertical-video-embed="false"
data-network-id=""
data-publish-date="2022-04-29T14:16:37Z"
data-video-section="business"
data-canonical-url="https://www.cnn.com/videos/business/2022/04/29/shanghai-covid-lockdown-china-economy-lu-stout-vpx.cnnbusiness"
data-branding-key=""
data-video-slug="shanghai covid lockdown china economy lu stout vpx"
data-first-publish-slug="shanghai covid lockdown china economy lu stout vpx"
data-video-tags="asia,business, economy and trade,china,continents and regions,coronavirus,diseases and disorders,east asia,east china,economic indicators,economy and economic indicators,health and medical,infectious diseases,kristie lu stout,life forms,microscopic life,misc people,respiratory diseases,shanghai,viruses"
data-details="">
Video Ad Feedback
Analyst: 'Lockdown in Shanghai will rock China's economy'
"
data-check-event-based-preview=""
data-is-vertical-video-embed="false"
data-network-id=""
data-publish-date="2022-02-01T17:18:13Z"
data-video-section="business"
data-canonical-url="https://www.cnn.com/videos/business/2022/02/01/soros-on-china-and-xi-jinping-orig.cnn-business"
data-branding-key=""
data-video-slug="Soros on China and Xi Jinping orig"
data-first-publish-slug="Soros on China and Xi Jinping orig"
data-video-tags=""
data-details="">
Video Ad Feedback
"China is facing an economic crisis": Soros on China and Xi Jinping
"
data-check-event-based-preview=""
data-is-vertical-video-embed="false"
data-network-id=""
data-publish-date="2022-01-17T16:40:30Z"
data-video-section="business"
data-canonical-url="https://www.cnn.com/videos/business/2022/01/17/china-gdp-economy-patrick-chovanec.cnnbusiness"
data-branding-key=""
data-video-slug="china gdp economy patrick chovanec"
data-first-publish-slug="china gdp economy patrick chovanec"
data-video-tags="asia,business and industry sectors,business, economy and trade,china,continents and regions,east asia,economic conditions,economy and economic indicators,real estate"
data-details="">
Video Ad Feedback
Covid and the real estate crisis weigh on China's economy
"
data-check-event-based-preview=""
data-is-vertical-video-embed="false"
data-network-id=""
data-publish-date="2022-01-14T09:17:09Z"
data-video-section="business"
data-canonical-url="https://www.cnn.com/videos/business/2022/01/14/hong-kong-zero-covid-supply-chain-lu-stout-pkg-intl-hnk-vpx.cnn"
data-branding-key=""
data-video-slug="Hong Kong zero covid supply chain lu stout pkg intl hnk vpx"
data-first-publish-slug="Hong Kong zero covid supply chain lu stout pkg intl hnk vpx"
data-video-tags="asia,border control,china,communicable disease control,continents and regions,coronavirus,coronavirus pandemic,diseases and disorders,east asia,epidemics and outbreaks,health and medical,hong kong,infectious diseases,international relations,international relations and national security,kristie lu stout,life forms,microscopic life,misc people,national security,public health,respiratory diseases,territorial and national borders,viruses"
data-details="">
Video Ad Feedback
Pandemic empties one of the world's busiest airports
"
data-check-event-based-preview=""
data-is-vertical-video-embed="false"
data-network-id=""
data-publish-date="2021-12-29T22:45:55Z"
data-video-section="business"
data-canonical-url="https://www.cnn.com/videos/media/2021/12/29/hong-kong-news-outlet-closes-police-raid-stand-news-pkg.cnnbusiness"
data-branding-key=""
data-video-slug="hong kong news outlet closes police raid stand news pkg"
data-first-publish-slug="hong kong news outlet closes police raid stand news pkg"
data-video-tags="activism,arrests,asia,business and industry sectors,business, economy and trade,china,continents and regions,crime, law enforcement and corrections,criminal law,democracy,east asia,forms of government,government and public administration,hong kong,ivan watson,journalism and news media,law and legal system,law enforcement,media industry,misc people,policing and police forces,politics,society"
data-details="">
Video Ad Feedback
Hong Kong independent news outlet closes after police raid and arrests
"
data-check-event-based-preview=""
data-is-vertical-video-embed="false"
data-network-id=""
data-publish-date="2021-12-28T21:58:37Z"
data-video-section="business"
data-canonical-url="https://www.cnn.com/videos/business/2021/12/28/space-x-china-satellite-elon-musk-starlink.cnnbusiness"
data-branding-key=""
data-video-slug="space x china satellite elon musk starlink"
data-first-publish-slug="space x china satellite elon musk starlink"
data-video-tags="asia,aviation and aerospace industry,business and industry sectors,business figures,business, economy and trade,china,companies,continents and regions,east asia,elon musk,government and public administration,government bodies and offices,government departments and authorities,international relations,international relations and national security,ivan watson,misc people,north america,roads and traffic,satellite industry,space and astronomy,space exploration,space industry,space stations,spacecraft and satellites,spacex,state departments and diplomatic services,technology,telecommunications industry,the americas,transportation and warehousing,transportation infrastructure,united states"
data-details="">
Video Ad Feedback
China slams Elon Musk and US claiming SpaceX satellites endangered Chinese
"
data-check-event-based-preview=""
data-is-vertical-video-embed="false"
data-network-id=""
data-publish-date="2021-12-21T14:59:39Z"
data-video-section="business"
data-canonical-url="https://www.cnn.com/videos/business/2021/12/21/china-government-fines-livestreamer-viya-tax-evasion-lkl-intl-vpx.cnn"
data-branding-key=""
data-video-slug="china government fines livestreamer viya tax evasion lkl intl vpx"
data-first-publish-slug="china government fines livestreamer viya tax evasion lkl intl vpx"
data-video-tags="arts and entertainment,asia,broadcasting industry,business and industry sectors,business, economy and trade,celebrities,celebrity and pop culture,china,consumer behavior,continents and regions,crime, law enforcement and corrections,criminal offenses,digital and streaming video,east asia,economic indicators,economy and economic indicators,fines and penalties,fraud and financial crimes,government and public administration,internet and www,internet broadcasting,law and legal system,media industry,movie and video industry,newspapers,public finance,publishing industry,social media,streaming media,tax avoidance,tax fraud,taxes and taxation,technology,trial and procedure"
data-details="">
Video Ad Feedback
Chinese 'live-streaming queen' hit with huge tax evasion penalty
Troubles in China’s vast real estate sector could spill over to the global economy — including the United States, according to the Federal Reserve.
The US central bank warned Monday that China’s ongoing property woes could elevate “financial stresses in China, [which] could further strain global financial markets and negatively affect the United States.”
In its biannual report on financial stability, the Fed pointed specifically to the crisis at Evergrande, China’s most indebted developer. The company has sparked fears of contagion since September, upon warning that it could default on its debts of more than $300 billion. Several other real estate developers are also in trouble.
Though “Chinese authorities have introduced measures to cool down property markets,” there is a risk that “financial vulnerabilities will continue to rise,” the Fed noted.
The central bank warned that given the size of China’s economy and financial system, and its global ties, “financial stresses in China could strain global financial markets through a deterioration of risk sentiment, pose risks to global economic growth, and affect the United States.”
Evergrande is one of China’s largest real estate developers. The company is part of the Global 500, meaning that it’s also one of the world’s biggest businesses by revenue.
Stocks in Hong Kong, New York and other major markets have previously been swayed by fears of contagion from Evergrande and a slowdown in Chinese growth.
Those worries have receded in recent weeks as Evergrande managed to find enough money to meet international debt repayments, including raising about $144 million over the last few days from selling a small stake in media company HengTen Networks Group. But it faces much bigger bills in the coming months.
The conglomerate’s ongoing fiasco is seen as a big test for Beijing. Initially, some even raised the possibility that a default by the company could turn into China’s “Lehman Brothers moment,” though many analysts later said it’s unlikely the government would let that happen.
The People’s Bank of China has previously said that Evergrande had mismanaged its business, but risks to the financial system were “controllable.” And Chinese Vice Premier Liu He has stressed that risks are generally under control, despite what he calls “individual problems” in the property market.
Last month, authorities also called on companies to pay their debts — and redeem the principal and interest payments on their overseas bonds, according to a government statement. It did not specify which firms the message was directed at. But in recent weeks, a slew of real estate developers have disclosed their own cash flow issues, asking lenders for more time to repay them or warning of potential defaults.
The stakes are high: Real estate — and related industries — account for as much as 30% of Chinese GDP.
