Page 15 - China Economy

China's economy grows slower than expected on weak demand, job insecurity

The government is aiming for economic growth of around 5.0% for 2024, a target that many analysts believe is ambitious and may require more stimulus

China's Communist Party to unveil new reforms to halt economic slowdown

China's ruling Communist Party headed by President Xi Jinping will begin its four-day key economic review meeting on Monday to finalise a new set of economic reforms to revitalise the country's economy hamstrung by the persistent slowdown that has sparked concerns at home and abroad. The meeting called the third Plenum to be attended by 376 full and alternate members of the Communist Party of China (CPC) Central Committee will meet from Monday to Thursday to primarily examine issues related to comprehensively deepening reforms and advancing Chinese modernisation, according to an official announcement earlier. The meeting to be presided over by President Xi who also heads the party aroused global attention as the world's second-largest economy worth USD 18 trillion was unable to shake off its slowdown mode, especially after the COVID-19 lockdowns. The party's powerful Politburo presided over by Xi finalised the draft for the discussion at the Plenum, CPC's top economic policy body on

China experiencing dramatic economic slowdown: Indian-American Congressman

Observing that China is experiencing a dramatic slowdown in its economy, an influential Congressman on Wednesday said Beijing has two paths going forward -- continue with its aggression against its neighbours or reform its economy and reduce aggression. "Essentially, China is experiencing a dramatic slowdown in its economy to the point where it might be on the verge of deflation in certain sectors in the economy. Consumer confidence has vanished. You are looking at youth unemployment of upwards of 25 per cent in a country with a one-child policy for decades. That is a very, very bad statistic," Indian-American Congressman Raja Krishnamoorthi told PTI in an interview. "It has racked up tremendous debt, especially at the provincial and local level, and then people's net worth, which is mostly invested in real estate, has fallen significantly. So right now, Xi Jinping, the paramount leader, finds himself in a position where his populist is experiencing severe economic pain," he said. T

China's June consumer inflation misses expectations amid weak demand

Beijing has sought to revive consumption after a stuttering post-Covid recovery, but concerns are lingering over more fundamental issues including a protracted housing downturn

China's car sales slide in June, falling for third straight month

June sales of so-called new energy vehicles including pure electric vehicles and plug-in hybrids accounted for a record 48.1 per cent of domestic car sales

China's central bank tweaks liquidity ops amid strong bond demand

China's 30-year government bond yield rose 2.5 basis points (bps) following the PBOC statement, while 10-year yields were up around two basis points

Xi's China proves a hard sell as officials seek investments overseas

Global investors see the investment pitch with skepticism, partly due to Xi Jinping's policies

What is China's planned financial stability law and how will it work?

The fund would cover systemically important financial firms that are "too big to fail", such as major banks and insurers

China's June new home prices rise at slowest pace in five months: Survey

The value of new home sales at China's top 100 real estate companies slid 41.6% in January-June from the same period a year ago

China's factory activity shrinks for 2nd time in June in warning to economy

Meanwhile, the non-manufacturing measure of activity in construction and services fell to 50.5, the statistics office said. That compares with a forecast of 51, and a May reading of 51.1

Taiwan urges its citizens to avoid travel to China, Hong Kong, Macao

Taiwan has urged its citizens to avoid travel to China and the semi-autonomous Chinese territories of Hong Kong and Macao following threats from Beijing to execute supporters of the self-governing island democracy's independence. Spokesperson and deputy head of the Mainland Affairs Council Liang Wen-chieh issued the advisory at a news conference Thursday. That came amid growing threats from China, which claims Taiwan as its own territory to be annexed by force if necessary. China's threat to hunt down and execute hardcore Taiwan independence supporters follows the election of Lai Ching-te of the pro-independence Democratic Progressive Party as president. China has refused all contact with Taiwan's government since the election in 2016 of former president Tsai Ing-wen of the DPP, who refused to endorse Beijing's demand that Taiwan recognizes itself as a part of China, seen as a prelude to political unification between the sides. In response to the new guidelines related to the ...

A $100 bn bet on China's economy sours as warehouses, industrial hubs empty

Logistics hubs that were built in anticipation of a long-lasting boom in e-commerce, manufacturing and food storage are losing tenants, forcing building owners to slash rents

Unusual crisis in China: Lottery ticket shortage leaves people scrambling

Lottery ticket stores in China are reportedly running out of stock as young people flock to them in hopes of making easy money amid an uneven post-Covid economic recovery

Fitch ups 2024 world growth forecast to 2.6%; cautions on inflation

However, for 2025, Fitch expects world growth to edge down to 2.4 per cent as US growth slows to a below-trend rate of 1.5 per cent and growth in the Eurozone picks up to 1.5 per cent

China's May industrial output lags expectations, retail sales a bright spot

The industrial data released on Monday by the National Bureau of Statistics (NBS) came in below expectations for a 6.0% increase in a Reuters poll of analysts

Asian shares brace for a slew of Chinese economic news, euro pressure

There was also talk the People's Bank of China (PBOC) could cut a key lending rate by 10 basis points, in part due to surprisingly weak bank lending data released on Friday

China's central bank to resume gold buying as prices ease, analysts say

After adding to its gold reserves for 18 consecutive months, official data from the People's Bank of China (PBOC) showed its holdings were unchanged in May

China Evergrande chairman's seized Hong Kong mansion sold for $57 mn

All of Evergrande's properties in Hong Kong have been seized or sold, while the personal assets of Hui are not included in the liquidation process

China's exports grow 7.6% in May, beat expectations amid trade tensions

China's exports for May beat analyst expectations despite trade tensions, though imports shrank, according to customs data released Friday. Exports jumped 7.6% in May from the same time last year to USD 302.35 billion. Imports however rose by 1.8% to USD 219.73 billion, missing estimates of about 4% growth. The uptick in exports is also partly due to a lower base from the same period last year, when exports declined 7.5%. In comparison, imports grew by 1.5% in April compared to the same period last year while April imports rose by 8.4%. Strong exports also saw China's trade surplus widen to USD 82.62 billion, up from April's USD 72.35 billion. China's growth in exports come as it faces escalated trade tensions with the US and Europe. The US is ramping up tariffs on China-made electric cars while Europe is considering levying similar tariffs. Factory activity in China slowed more than expected in May, according to an official survey released last week. The manufacturing purchasin

China sees silver lining in property sector, Japan comparisons still loom

International Monetary Fund estimates fundamental demand for housing in China to average 950 million square metres over the next 10 years