Page 12 - China Economic Growth

Chinese workers witness biggest decline in hiring salaries on record

It's also the third straight quarter of decline, the longest run since data on yearly changes were first available in 2016

China's factory activity slows in Dec, indicating economy is still sluggish

A survey of factory managers in China shows that manufacturing contracted in December in the latest sign the world's No. 2 economy remains sluggish. The official purchasing managers index, or PMI, fell to 49 last month in what officials said was evidence of weak demand, the National Bureau of Statistics reported on Sunday. It was the third straight month of contraction. The PMI is on a scale up to 100 where 50 marks the cutoff between expansion and contraction. The index has fallen in eight of the past nine months, with an increase only in September. In November, the index was at 49.4, down from 49.5 the month before. Despite unexpectedly prolonged weakness after the pandemic, China's economy grew at a 5.2 per cent pace in the first three quarters of the year and showed signs of improvement in November, with factory output and retail sales rising. In recent months, the government has raised spending on construction of ports and other infrastructure, cut interest rates and eased cur

US companies picky about investing in China, but keen on burgers, lattes

There's been no shortage of tough news for China's economy as some of the world's biggest brands consider or take action to shift manufacturing to friendlier shores at a time of unease about security controls, protectionism and wobbly relations between Beijing and Washington. Count Adidas, Apple and Samsung among those looking elsewhere. But as a tumultuous 2023 for the Chinese economy comes to a close, there has been at least one bright spot for Beijing when it comes to foreign investment: American fast-food chains have decided a market of 1.4 billion people is simply too delicious to pass up. KFC China's parent company opened its 10,000th restaurant in China last month and aims to have stores within reach of half of China's population by 2026. McDonald's is planning to open 3,500 new stores in China over the next four years. And Starbucks invested $220 million in a manufacturing and distribution facility in eastern China, its biggest project outside the U.S. This is surely not wh

China's top political advisory body CPPCC removes 3 defence executives

CASIC is a state-owned enterprise that makes spacecraft and missile systems, while Norinco is a weapons producer for the People's Liberation Army

China gaming companies unveil share buybacks after govt curbs cause rout

It remains to be seen how shares of Tencent Holdings , the world's biggest gaming company and its closest rival, NetEase, will fare this week after the apparent softening in stance from the regulator

Whisky woos young Chinese as top distillers target growing market

A distillery in southwestern China is aiming to tap a growing taste among young Chinese for whisky in place of the traditional baijiu liquor used to toast festive occasions. The more than USD 100 million distillery owned by Pernod Ricard at the UNESCO World Heritage site Mount Emei launched a pure-malt whisky, The Chuan, earlier this month. The French wine and spirits group says it is produced using traditional whisky-making techniques combined with Chinese characteristics including locally grown barley and barrels made with oak from the Changbai mountains in northeastern China. Chinese terroir means an exceptional and unique environment for aging, including the water source here top-notch mineral water. The source of water at Mount Emei is very famous," says Yang Tao, master distiller at the distillery. A centuries-old drink, whisky is relatively new to China, but there are already more than 30 whisky distilleries in the mainland, according to the whisky website Billion ...

China to run budget gap of 3% of GDP in 2024, issue special debt: Report

"The 2024 deficit ratio is set to be 3% and the insufficient part can be supplemented by special sovereign debt," one of the sources said

Millions of Chinese blacklisted for debts as loan default hits record: Rpt

As China's economy struggles to recover and unemployment remains high, the indebted population is growing, the report added

China's economy may slow sharply in 2024, recovery fragile: World Bank

China's economy will slow next year, with annual growth falling to 4.5% from 5.2% this year despite a recent recovery spurred by investments in factories and construction and in demand for services, the World Bank said in a report issued Thursday. The report said the recovery of the world's second-largest economy from setbacks of the COVID-19 pandemic, among other shocks, remains fragile, dogged by weakness in the property sector and in global demand for China's exports, high debt levels and wavering consumer confidence. The estimate that growth would be around 5% this year but then fall in coming months was in line with other forecasts. Growth is expected to slow further in 2025, to 4.3% from 4.5% next year, the World Bank said. The economy has yoyoed in the past few years, with growth ranging from 2.2% in 2020 to 8.4% in 2021 and 3% last year. Stringent limits on travel and other activities during the pandemic hit manufacturing and transport. Job losses due to those disruptions an

Air passenger traffic continues to grow, reaches 98.2% of pre-Covid levels

Domestic traffic for Oct '23 was also up 33.7% when compared with the same period last year. This was driven by the triple-digit percentage growth in China

China's exports grow for the first time in six months in November

In the short run, however, the pressure on Chinese manufacturers show little sign of easing off completely

No changes to China credit rating, economic outlook: S&P Global Ratings

We last affirmed our A+ long term ratings on China in June with stable outlook and there has been no changes to that yet," said S&P in an emailed response to queries from Reuters

India to drive Asia Pacific growth as China's fortunes wane, says S&P

On the other hand, China's growth is projected to slow to 4.6 per cent in 2026 from 5.4 per cent in 2023

Gold bars and Tokyo apartments: How money is flowing out of China

Chinese are using their savings to buy overseas apartments, stocks and insurance policies

China economy shows sparks of life despite weakness in real estate sector

China's economy showed more signs of reviving in October as retail sales and manufacturing picked up though the property sector remained sluggish, the government said Wednesday. Factory output rose 4.6% from a year earlier in October, while retail sales jumped 7.6%, helped by robust spending during the weeklong National Day holidays. But real estate investment sank 9.3%, and officials acknowledged that the industry was still in the midst of adjustment, after a crackdown on excessive borrowing by developers two years ago, coupled with the pandemic, plunged the industry into crisis. Disruptions to manufacturing, transport, travel and virtually every other aspect of life during the pandemic ended nearly a year ago when China's leaders abandoned their zero-COVID policies aimed at preventing infections. So improved economic data from October also reflect lower rates of growth a year earlier. Overall, China's recovery from the pandemic has been fitful, though recently activity has revive

China's economy likely struggled to gain traction despite stimulus

That dynamic will be most evident in retail sales data, which is expected to show a 7 per cent jump year-on-year as it compares to pandemic and lockdown-hit 2022

Worried Chinese shoppers' restraint dims singles' day shopping extravaganza

Shoppers in China have been tightening their purse strings, raising questions over how faltering consumer confidence may affect Saturday's annual Singles' Day online retail extravaganza. Singles Day, also known as Double 11, was popularized by e-commerce giant Alibaba. In the days leading up to the event, sellers on Alibaba and elsewhere often slash prices and offer enticing deals. Given prevailing jitters about jobs and a weak property market, it's unclear how this year's festival will fare. A Bain & Company survey of 3,000 Chinese shoppers found more than three-quarters of those who responded plan to spend less this year, or keep spending level, given uncertainties over how the economy is faring. That includes people like Shi Gengchen, whose billiard hall business in Beijing's trendy Chaoyang district has slowed. The current economic situation is lousy and it has affected my business, there are fewer customers than before, said Shi, adding that his sales are just 40% of what ...

Chinese auto sales surged 10% in Oct, records fastest growth since May

Sales of passenger cars rose 10.2% in October over a year earlier, an industry association said Wednesday, as makers ramped up promotions and customers opted for electric and hybrid vehicles. Sales of electric and hybrid vehicles climbed 37.5% from a year earlier, accounting for 767,000 of the 2.03 million vehicles sold in October, the China Passenger Car Association said. Exports of passenger cars jumped nearly 50% to 391,000 units in October and have risen 66% this year, to just over 3 million units. The robust improvements partly reflect slow growth a year earlier, when China was grappling with factory shutdowns and other disruptions from the COVID-19 pandemic. Demand for vehicles also tends to be stronger in September and October, which are dubbed the nine silvers and 10 golds," the report said. So far this year, auto sales in China have climbed 3.2% to just under 17.3 million units. The report said Tesla delivered 47,164 Model Y vehicles and 24,951 Model 3s made at its Shangh

Southeast Asia woos Indians with more flight seats and free visas

What was striking about Q3 2023 was that the number of airline seats between China and southeast Asia was 53 per cent of the 2019 levels, or 4.24 million seats

China's manufacturing activity returned to contraction in Oct, shows data

Policymakers have since June unveiled a raft of measures to shore up growth, including modest interest rate cuts, increased cash injections and more aggressive fiscal stimulus