Page 11 - China Economy

China's industrial profit growth swings back to decline in August

Profits plunged 17.8 per cent in August from a year earlier following a 4.1 per cent increase in July

China to give one-off cash handouts for poor people in rare use of aid

While amount is unknown, deployment of one-time handouts within such a short period of time appears to be a departure for a government that has long eschewed what President Xi Jinping calls welfarism

China plans to add capital at big banks for first time in a decade

The plan included a broad-based cut to existing mortgage rates, adding to pressure on banks by lowering annual interest expenses by about 150 billion yuan ($21 billion)

Hard brake: Why have China's car dealers lost nearly $20 billion this year?

The mounting losses have created severe cash flow issues for car dealerships in China, who are struggling to sell large inventories of unsold vehicles

Economists urge China to ramp up housing rescue package to propel growth

The years-long real estate slump that's wiped out an estimated $18 trillion in wealth from households has been the single biggest challenge faced by the Chinese economy

Taiwan questions head of pager firm linked to recent Hezbollah blasts

Another person also seen leaving the prosecutors office was Teresa Wu, the sole employee of a company called Apollo Systems Ltd, who did not speak to reporters as she left the prosecutors

China's deepening economic slowdown tests Xi's tolerance for growth miss

Pressure is growing on Chinese authorities to quickly ramp up fiscal and monetary stimulus to hit this year's growth target

China's economy softens in August as Beijing struggles with weak demand

China's economy softened in August, extending a slowdown in industrial activity and real estate prices as Beijing faces pressure to ramp up spending to stimulate demand. Data published by the National Bureau of Statistics Saturday showed weakening activity across industrial production, retail sales and real estate this month compared to July. We should be aware that the adverse impacts arising from the changes in the external environment are increasing, said Liu Aihua, the bureau's chief economist in a news conference. Liu said that demand remained insufficient at home, and the sustained economic recovery still confronts multiple difficulties and challenges. China has been grappling with a lagging economy post-COVID, with weak consumer demand, persistent deflationary pressures and a contraction in factory activity. Chinese leaders have ramped up investment in manufacturing to rev up an economy that stalled during the pandemic and is still growing slower than hoped. Beijing also h

China warns carmakers of risks of making overseas investment: Report

It also encouraged carmakers to use overseas factories for final vehicle assembly with knock-down components exported from China to mitigate potential risks stemming from geopolitical issues

Taiwan detects 29 Chinese aircraft, eight naval vessels near its territory

In response to Chinese incursions, Taiwan sent aircraft and naval ships and deployed coastal-based missile systems to monitor PLA activity

US businesses' optimism in China falls to record low, shows survey

Only 47 per cent of US firms were optimistic about their five-year China business outlook, a drop of five percentage points from last year, according to the survey

Should build manufacturing economy greener than China's: Tata Steel CEO

India should build a manufacturing economy which is greener than China's, with a holistic approach that involves both the government and the private sector, Tata Steel CEO T V Narendran said on Wednesday. While addressing a panel discussion at AIMA Convention here, Narendran stressed the need to make the transition to a green manufacturing economy at a fast pace, else India would lose market share. "Unlike China which built a large manufacturing economy and now is trying to make it green, India can build a large manufacturing economy which is greener than the one that China built over the last 20-30 years," he said while replying to a question on the energy transition from fossil fuel to a cleaner future driven by two sectors cement and steel. "So that's an opportunity for India. It is also a risk for India. If India does not make the transition fast enough, we will find that large economic blocks like the US, Europe and China have already made the transition and India gets locked o

Huawei's tri-foldable phone stirs Chinese pride but $2,800 price tag panned

The launch of the Mate XT follows Huawei's re-emergence in the 5G premium smartphone market last year with its Mate 60 series

China's exports beat forecasts, but imports weak amid slow domestic demand

Outbound shipments from the world's second-largest economy grew 8.7 per cent year-on-year in value last month, customs data showed on Tuesday

China's August exports grow 8.7%, beating forecasts while imports soften

China's exports grew for a fifth consecutive month, in a sign of growing demand abroad even as imports fell amid a slowing Chinese economy. Exports in August expanded by 8.7 per cent to USD 308.65 billion compared to the same period last year, according to data released by China's customs office Tuesday, beating economists' estimates of about 6.5 per cent. The export figures for August were also up from the 7 per cent rise in July. The reading in August is the strongest in 18 months, thanks in part to a low base in August 2023, when exports declined 8.8 per cent. By comparison, imports grew just 0.5 per cent compared to a year ago, falling short of the approximately 2 per cent estimate by economists. Chinese leaders have ramped up investment in manufacturing to rev up an economy that stalled during the pandemic and is still growing slower than hoped. Export values grew year-on-year at the fastest pace in 17 months, with export volumes hitting record highs. We expect exports to rem

China's deflation spiral now entering dangerous stage, needs policy action

We are definitely in deflation and probably going through the second stage of deflation, said Robin Xing, chief China economist at Morgan Stanley, citing evidence from wage decreases

China's central bank sees room to cut reserve buffers to boost economy

The central bank would watch developing economic trends before making any adjustments, Zhou said, adding that the bank was closely monitoring policy changes in major economies

China property developer Country Garden makes PwC resign as auditor

PwC has been in focus over its role in auditing China Evergrande Group which was accused of a $78 billion fraud, triggering a client exodus, cost cuts and layoffs

China's Xi boosts Africa financing by $51 billion, offers a million jobs

China and Africa account for one-third of the world population, without our modernisation, there will be no global modernisation, Xi said

Asian factories show tentative signs of recovery as China's PMI improves

Factory activity in South Korea and Taiwan also expanded in August, while Japan saw a slower rate of contraction due in part to solid global demand for semiconductors