Page 10 - China Economic Growth

Souring China dreams force Western financial firms to cut down on costs

More companies are expected to follow suit soon as a tepid deals pipeline and lacklustre asset generation weigh on expenses and revenues

China leaves benchmark lending rates unchanged in line with expectations

The one-year loan prime rate (LPR) was kept at 3.45 per cent, while the five-year LPR was unchanged at 3.95 per cent

China's Q1 GDP growth likely to slowdown, policymakers plan stimulus

The People's Bank of China (PBOC) has pledged to step up policy support for the economy this year and promote a rebound in prices

Hong Kong must hold national security line to ensure development: China

Hong Kong in March enacted a new national security law, also known as article 23, that updates or introduces new laws to prohibit treason, sabotage, sedition

Five things China's economists are watching to track sustainable recovery

Power production has been rebounding since China reopened from Covid-related restrictions more than a year ago

China's consumer prices rise for 2nd month, factory deflation persists

Persistent declines in factory-gate prices and export prices, meanwhile, have added to tensions with China's biggest trading partners

Goldman, Morgan Stanley raise China's 2024 growth outlook as exports rise

The world's second-largest economy has struggled to regain momentum as the property sector and consumer spending remain weak

China vows strong support for equipment, consumer goods trade-in plans

Last month, China's cabinet issued an action plan containing detailed measures to promote an initiative designed to boost investment and consumption

Subsidy investigations by EU trouble Chinese, European cooperation: China

The Chinese commerce official said it would be the fourth investigation initiated by the European Union in the past two months using foreign subsidies legislation against Chinese companies

China rejects Fitch's ratings of its fiscal outlook, says economy 'stable'

China's Finance Ministry denounced a report by Fitch Ratings that kept its sovereign debt rated at A+ but downgraded its outlook to negative, saying Wednesday that China's deficit is at a moderate and reasonable level and risks are under control. Risks to China's public finances are rising, Fitch said, as Beijing works to resolve mounting local and regional government debts and to shift away from heavy reliance on its troubled property industry to drive economic growth. But while slower growth is adding to the challenges of coping with heavy borrowing, Fitch said it kept China's A+ rating due to its large and diversified economy, its vital role in global trade and its huge foreign exchange reserves. The Finance Ministry said it was a pity that Fitch had downgraded its sovereign debt and faulted its methods, saying it had failed to take into account Beijing's moves toward appropriately intensifying, improving quality and efficiency of its government spending. In the long run, ...

As India's GDP growth speeds up, can it drive the global economy?

With China's growth slowing, India could become the new engine of global economic growth, but it will take strategic investments, increased labour participation, and more to achieve its ambitions

China solar industry faces challenges, but rock-bottom prices to persist

Overcapacity in China's solar industry is emblematic of the challenges facing the world's second-biggest economy

China's services activity growth accelerates in March as new biz rise

Taken together with the upbeat Caixin manufacturing PMI, the Caixin/S&P's composite PMI rose to 52.7 last month from 52.5 in February. It marked the highest reading since May 2023

China's manufacturing activity increases for first time in six months

China has set a target to increase gross domestic product by about 5% this year

India unlikely to match China's past 8-10% growth: Morgan Stanley

Even so, Morgan Stanley remains upbeat about India's prospects, and said in a recent report that the current expansion resembles that of the mid-2000s boom, fueled by rising investment

Elderly retirees face financial losses after Chinese trust goes bust

Some investors in a troubled trust fund in China are facing financial ruin under a government plan to return a fraction of their money, casualties of a slump in the property industry and a broader economic slowdown. Sichuan Trust, headquartered in the southwest city of Chengdu, announced it was insolvent in 2020, stricken by sketchy accounting and failed investments in shopping malls and other projects. A deadline earlier this month to accept a 20%-60% haircut or loss on their investments has left some investors in deep financial trouble, according to public announcements and AP interviews with five people affected. China's economy, the world's second largest, depends heavily on real estate development to drive growth and create jobs. Property prices and sales have languished after a crackdown on what leaders viewed as dangerous levels of borrowing, causing dozens of developers to default on their debts. At the National People's Congress session in Beijing last week, officials pledg

US to revitalise relations with allies like India amid China's rise: Biden

The US is standing up against China's unfair economic practice, standing up for peace and stability across the Taiwan Strait and revitalising its partnership with allies like India, US President Joe Biden has said. In his last State of the Union address before the November election, Biden said the US wants competition with China, but not conflict. Biden on Thursday told Americans that the country is in a stronger position to win the competition for the 21st Century against Beijing. "We are standing up against China's unfair economic practice, standing up for peace and stability across the Taiwan Strait but revitalising our partnership with allies and the Pacific, India. Australia, Japan, South and Korea," he said. For years, all I've heard from my Republican friends and so many others is that China's on the rise and America is falling behind. They've got it backwards. America is rising," he said. The US has the best economy in the world, Biden said in his third State of the Union

China's exports, imports beat estimates, trade surplus of over $125 bn

China's exports and imports for the first two months of the year beat estimates, an indication that demand may be improving as Beijing attempts to boost economic recovery. Exports for the January-February period grew 7.1 per cent from a year earlier, customs data released Thursday showed, higher than the 2.3 per cent rise in December. Imports rose 3.5 per cent from the same time last year, up from a 0.2 per cent growth in December. China posted a trade surplus of USD 125.16 billion. Though China usually releases trade data monthly, the data for the first two months of the year are combined to avoid disruptions from the weeklong Lunar New Year holidays, when many businesses and factories are closed. The world's second-largest economy has struggled to bounce back after the pandemic, as it grapples with weaker demand globally as well as a domestic property crisis that remains a drag on the economy. Demand for Chinese exports has also been weak since the Federal Reserve and central b

China to improve childbirth policies, support growing elderly population

China will pursue a "proactive national strategy in response to population aging," the reports said

China's services activity growth momentum softens in Feb: Caixin PMI

Despite robust activity during the eight-day Lunar New Year holidays, the expansion rate of new business was little-changed from January, the Caixin survey showed