Page 12 - China Economy

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

China home sales slump continues despite government's rescue efforts

The sector continues to be a drag on China's economy, which needs more stimulus to meet the government's 5 per cent growth target this year, according to reports

IBM to revoke ops from China amid tussle between Washington-Beijing: Report

The current shift in IBM's business structure is reportedly due to the rising tensions between China and the US along with an ongoing decline in the Chinese economy

Bank of China announces first interim dividend even as profits fall

The state-owned lender will distribute 1.208 yuan ($0.17) per 10 shares in interim payouts, according to a Thursday exchange filing

Protests on rise in China amid sluggish economy, housing crisis: Report

Country records 18% rise in dissent cases in 2nd quarter of this year

UBS lowers China growth forecasts on deeper-than-expected property downturn

With China's economic momentum subdued since March amid the real estate downturn and a tight fiscal policy stance, the investment bank now expects gross domestic product to expand 4.6 per cent

China's two richest people lose billions in record-breaking stock selloffs

China's wealthiest person, Nongfu Spring Co. founder Zhong Shanshan, lost some $3 billion as the beverage giant's shares fell by a record 10 per cent

China's PDD suffers $55 bn market cap wipeout on uncertainties in market

The e-commerce retailer operates discount-focused platforms Pinduoduo in China and Temu for the international market