Page 14 - China Economy

Facing budget crunches, China's tax authorities descend on companies

Chinese authorities are chasing unpaid taxes from companies and individuals dating back decades, as the government moves to plug massive budget shortfalls and address a mounting debt crisis. More than a dozen listed Chinese companies say they were slapped with millions of dollars in back taxes in a renewed effort to fix local finances that have been wrecked by a downturn in the property market that hit sales of land leases, a main source of revenues. Policies issued after a recent planning meeting of top Communist Party officials called for expanding local tax resources and said localities should expand their tax management authority and improve their debt management." Local government debt is estimated at up to $11 trillion, including what's owed by local government financing entities that are off balance sheet, or not included in official estimates. More than 300 reforms the party has outlined include promises to better monitor and manage local debt, one of the biggest risks in ..

China's commodity imports show economy struggling for momentum: Report

China, world's biggest importer of crude, has seen arrivals slump this year, with imports of 10.90 mn bpd in first seven months of year, down 2.9 per cent from 11.22 mn bpd over same period in 2023

China's export growth slows to 3-month low in July, but imports up solidly

Outbound shipments climbed 7.0 per cent in July from the year earlier, a slower pace of growth than June's 8.6 per cent rise and missing forecasts of a 9.7 per cent increase

China's exports likely expanded in July lifted by global trade upturn: Poll

Trade data on Wednesday is expected to show exports grew 9.7 per cent year-on-year by value, according to the median forecast of 30 economists in a Reuters poll

Customs, banking rules level with China, help boost e-com exports: GTRI

Reforms in certain customs and banking rules, access to credit, and incentives at par with China will be key for India to boost its exports through e-commerce medium to USD 350 billion by 2030, think tank GTRI said on Monday. The Global Trade Research Initiative (GTRI) report also suggested creation of separate regulations and ecosystems to support two different types of e-commerce exports - direct export and overseas warehouse models; supporting firm to open warehouses in key foreign cities; export incentives at par with physical shipments; marketing support; and creation of regional hubs for MSMEs. "Over 60 per cent of Chinese e-commerce exports (USD 330 billion in 2023) use foreign warehouses for faster delivery. They have special rules and support systems that help their e-commerce sector grow. If we do not adopt similar measures, our e-commerce exports might only reach USD 25 billion by 2030, despite having the potential to reach USD 350 billion," GTRI Founder Ajay Srivastava ..

China's services activity expands further, external demand slows: PMI data

The world's second-biggest economy grew much more slowly than expected in the second quarter

China central bank adviser calls for greater stimulus, inflation target

China should quicken fiscal spending and policymakers should shift their stance from prioritising investment over consumption, said Huang

China's factory activity shrinks for first time in 9 months: PMI data

Caixin/S&P Global manufacturing PMI fell to 49.8 in July from 51.8 the previous month, the lowest reading since October

China's mfg activity seen extending decline for 3 straight month in July

The world's second-largest economy grew much slower than expected in the second quarter, with the consumer sector a particular cause for concern

China's factory activity shrinks in July, service sector grow more slowly

The official purchasing managers' index (PMI) fell to 49.4 in July from 49.5 in June

Why is China turning its back to gold jewellery? Chris Wood explains

In dollar terms, gold prices hit $2,331/oz at the end of H1-CY24, according to WGC data, rising 12.1 per cent during this period

China's ultra-long treasury bonds' use fuels expectations for more stimulus

After unshackling the economy from three years of Covid-19 restrictions, Chinese officials had hoped that stimulating the industrial sector would stabilise the job market

BASIC bloc slams rich countries for 'leadership void' on climate change

They called on developed countries to set ambitious new targets to reach net-zero "significantly ahead of 2050 (and) preferably by 2030" and to achieve "net-negative" emissions immediately after that

Myanmar violence tops discussion as Southeast Asian diplomats meet in Laos

Southeast Asian foreign ministers and top diplomats from key partners including the United States and China were gathering in the Laotian capital on Thursday for the start of three days of talks expected to focus on the increasingly violent civil war in Myanmar, tensions in the South China Sea and other regional issues. U.S. Secretary of State Antony Blinken and Chinese Foreign Minister Wang Yi are expected to hold one-on-one talks on the sidelines of the meetings of the Association of Southeast Asian Nations in Vientiane, which come as both Beijing and Washington are looking to expand their influence in the region. Lao Foreign Minister Saleumxay Kommasith thanked ASEAN members and partners for their unwavering collective effort that has led to its past achievements and emphasized the importance of the bloc's continuous work to promote peace and stability. In light of the rapid and complex geopolitical and geoeconomic changes, we need to further enhance ASEAN centrality and unity so

Nvidia preparing variant of new flagship AI chip for Chinese market

China accounted for around 17 per cent of Nvidia's revenue in the year to end-January in the wake of US sanctions, sliding from 26 per cent two years earlier

Chinese officials expect bumpy road in economic policy implementation

Officials made a raft of pledges, from modernising the industrial complex to expanding domestic demand

China at the crossroads

Geopolitical equations as seen by China do not, as yet, seem to justify a more accommodating posture towards India

'Luxury shame' hits China's luxury market as elites dial down on austerity

The elite in the Land of the Dragon are refraining from ostentatious purchases, putting the nation's luxury market under strain

China unveils plans to tackle property crisis, focus on affordable housing

Cities across China have only just started to release statements on their efforts to implement the May directive, with details of the targeted population groups emerging for the first time

China's Q2 growth misses expectation, prompts urgent economic policy review

China's economic growth in the second quarter fell short of expectations at 4.7%, with weak consumption and property data prompting policymakers to convene a key economic meeting