Page 10 - China Economic Growth

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

China increases its defence budget 7.2% as it pushes for global heft

China on Tuesday increased its defence budget by 7.2 per cent to USD 232 billion as it continues with the massive modernisation of its military amid prevailing tensions over Taiwan, the disputed South China Sea as well as border frictions with India. China, which is the second highest spender on defence after the US, has allocated 1.67 trillion yuan (about USD 232 billion) for defence spending. The increase in terms of the percentage was the same as last year. China last year hiked its defence budget by 7.2 per cent to 1.55 trillion yuan (about USD 225 billion), marking the eighth consecutive year of increase in its military spending. Like its previous budgets, this year's defence budget of China was almost three times higher than that of India. India's defence allocation this year amounted to Rs 6,21,541 crore (about USD 74.8 billion). China has simmering territorial disputes with some of its neighbours. China views Taiwan as a rebel province that must be reunified with the ...

China targets 2024 economic growth around 5%, on par with last year's rate

China's official growth target for this year is around 5 per cent, Premier Li Qiang said Tuesday in an annual report on the government's plans and performance that prioritized both security and the economy. Li also said the government would issue 1 trillion yuan (about USD 139 billion) in "ultralong special treasury bonds" in 2024 and over each of the coming several years a long hoped-for extra promise of government spending to help support flagging growth. The ruling Communist Party has been emphasizing the need to raise consumer spending to help drive the economy. But the consumer-led recovery it was counting on after anti-pandemic controls ended in late 2022 faltered midway through last year. Falling housing prices and worries over jobs left many families either reluctant or unable to spend more. Last year, the economy grew at a 5.2 per cent pace, but that was after a very slow 3 per cent annual growth rate in 2022, when the country was enduring the worst disruptions from the .

China, Myanmar likely to be on agenda at Asean-Australia Special Summit

An increasingly assertive China and a humanitarian crisis in Myanmar are likely to be high on the agenda when Southeast Asian leaders meet in Australia for a rare summit this week. The ASEAN-Australia Special Summit that starts in Melbourne on Monday marks 50 years since Australia became the first official partner of the Asian bloc. Leaders of nine of the 10 Association of Southeast Asian Nations are expected to attend the three-day summit, with Myanmar excluded from political representation over its failure to stem violence in that country since a military junta seized control in 2021. East Timor's leader has been invited as an official ASEAN observer and Australian Prime Anthony Albanese invited his New Zealand counterpart to Melbourne to meet regional leaders. "Australia sees ASEAN at the center of a stable, peaceful and prosperous region," Albanese said in a statement on Friday. "Strengthening our relationship ensures our shared future prosperity and security," he added. Austr

China's factory activity slows for 5th month as weak demand hampers growth

A gauge of non-manufacturing activity rose to 51.4, versus an estimate of 50.7, helped by a pickup in travel and tourism during a recent long holiday

China's factory activity rises on expansion in output, orders: Caixin PMI

The upbeat results, however, contrasted with an official survey released earlier in the day showing factory activity contracted for a fifth straight month

CCP Politburo vows to meet growth targets amid China's slow recovery

The Politburo also pledged to speed up development of 'new productive forces,' a vague new slogan favored by Xi that refers to fresh engines of economic growth

Over 80% of Taiwanese favour maintaining status quo with China: Survey

The fastest growing category of people were those who want to maintain the status quo indefinitely; it rose from 9.8 per cent in 1994 to 33.2 per cent last year, rising sharply since 2020

China's 'dragon' baby boom may increase population in 2024: Report

Many young people, however, are opting to stay single or put off getting married due to poor job prospects, record youth unemployment and chronically low consumer confidence