Page 16 - China Economic Growth

China skips update on surging youth unemployment as economic slump deepens

China's government skipped giving an update on a politically sensitive spike in unemployment among young people as official data Tuesday showed an economic slump deepened in July. Meanwhile, the central bank unexpectedly cut a key interest rate in a sign of growing official urgency about shoring up economic growth that fell sharply in the three months ending in June. Youth unemployment is sensitive after a survey in June found a record 21.3 per cent of potential urban workers aged 16 to 24 couldn't find work after an economic rebound following the end of anti-virus controls fizzled out. Publication of unemployment by age group is suspended while the National Bureau of Statistics considers how it measures data, according to a bureau spokesperson, Fu Linghui. Fu said a survey found overall unemployment among urban workers was 5.3 per cent, up 0.1 percentage points from June. The employment situation is generally stable, Fu said at a news conference. Growth in consumer spending ...

Oil prices up as China cuts rates twice in 3 months to support economy

Brent crude futures rose 11 cents, or 0.1%, to trade at $86.32 per barrel at 0414 GMT. U.S. West Texas Intermediate crude was up 7 cents, also 0.1%, to $82.57 a barrel

China's premier says economic growth accelerating, can hit its 5% target

China's No. 2 leader said Tuesday that economic growth accelerated in the latest quarter and expressed confidence it can hit the ruling Communist Party's official target of 5 per cent for the year. Premier Li Qiang, speaking at a conference in the eastern city of Tianjin, gave no figure for the three months ending in June but said it was faster than the previous quarter's 4.5 per cent. The world's second-largest economy rebounded from 2022's unusually weak 3 per cent growth following the end of anti-virus controls on travel and business activity. But that faded faster than expected. Consumer and factory activity weakened in May and record-setting youth unemployment spiked up. It is expected that the second quarter will be faster than the first quarter, Li said at the World Economic Forum. We expect to achieve the economic growth rate of about 5 per cent determined at the start of the year. Private sector forecasters expect China's economic output to grow by at least 5 per cent this

Four major western banks cut China's 2023 GDP forecast as recovery falters

UBS, Standard Chartered, Bank of America (BoA) and JPMorgan now expect China's GDP growth to be between 5.2% and 5.7% this year, down from an earlier range of 5.7% to 6.3%

The Chinese govt wants the youth to marry, but they don't see the point

There was a downfall of 800,000 in the number of weddings in 2022 when compared with 2021

Street Signs: IPO market to feel June burn, No mountain too high for Nifty

The initial public offering (IPO) market has yet to benefit from the gains in the secondary market in recent months. The IPOs of IKIO Lighting and JG Chemicals may hit the market next month

China's factory activity contracts as economy struggles to sustain momentum

A non-manufacturing gauge of activity in the services and construction sectors declined to 56.4 from 58.2 in March

China's factory activity contracts as economy struggles to sustain momentum

A non-manufacturing gauge of activity in the services and construction sectors declined to 56.4 from 58.2 in March

US firms prioritize others over China: American Chamber of Commerce China

The survey was conducted between April 18 and 20 and was published in the 2023 American Business in China White Paper on Wednesday

Biden's economic diplomacy push with China sends high risk, low reward

The author, citing officials, said that Biden seeks another meeting with Chinese President Xi Jinping to follow up on their confab last November in Bali, Indonesia

China urges banks to further cut deposit rates to channel savings pool

The guidance comes as banks and the economy groan under the weight of huge inflows of savings and deposits

China's consumer-driven growth gives boost to economy worldwide

Gross domestic product expanded 4.5% last quarter from a year earlier, official data showed Tuesday, beating economists' expectations

China's semiconductor imports drop 23% as US, India bolster manufacturing

As the US and India bolster local semiconductor manufacturing, China's chip imports nosedived 23 per cent in the first quarter of 2023, the media reported on Friday.

Oil mixed amid weak China economic data, sustained hopes for 2023

Oil prices were mixed on Tuesday after China posted its weakest economic growth in nearly half a century, while its late-22 U-turn in Covid policy

China's estimated GDP growth rate out of reach for Beijing: WB report

Amid multiple domestic and international reverses due to its zero-Covid policy and assertiveness, China is unlikely to meet its estimated GDP growth rate, according to World Bank

China markets start 2023 with a bang as Covid policy shift hastens

Beijing has pledged to expand fiscal spending as part of efforts to boost economic growth

Volatile Indian equity markets, flows capping downside: BofA on 2023

Revival in China's economic growth and policies could shrink this premium

China to set economic plans amid shift from Covid Zero policy to growth

China's abrupt ending of its Covid Zero policy injects more uncertainty into an already fragile economy, raising the prospect of looser fiscal and monetary policy

China's politburo shifts focus to boosting economic recovery in 2023

The economy is expected to face bigger pressure from spiking Covid cases in the early stages of China's reopening

China adds risks to global growth as factories take a hit on Covid controls

Manufacturing PMI at 48 for Nov against 49.2 a month ago, services sector activity fell to 46.7