Page 17 - China Economy

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

China's factory activity growth hits 2-year high, shows Caixin PMI

Production was underpinned by higher new work inflows, as stronger domestic and global demand supported client interest in new products, according to respondents

China factory activity contracts in May in surprise hit to growth outlook

The official manufacturing purchasing manager index fell to 49.5 in May, the National Bureau of Statistics said on Friday. That compares with a reading of 50.4 in April

China plans CO2 emission cuts in key industries by 1% of 2023 level

The plan said China would 'strictly' control coal consumption, 'reasonably' control petroleum consumption and promote use of biofuel and sustainable aviation fuel

IMF upgrades China's 2024, 2025 GDP growth forecasts after 'strong' Q1

The global lender now expects the world's second-largest economy to grow 5 per cent in 2024 and to slow to 4.5 per cent in 2025

China's yuan hits 6-month low against strong dollar despite state bank aid

The move comes as US Treasury yields pushed to a near four-week peak lifting the greenback higher

China's Qiang praises 'restart' of engagement with Japan, South Korea

They may also agree to resume three-party free trade agreement negotiations, which have been stalled since 2019, according to Japanese media reports

China's middle class remains cautious on property spending, reveals survey

Despite the Xi Jinping govt's efforts to stimulate spending, a recent study indicated that families' expectations for future expenditures are even lower than pre-Covid pandemic time

China sets up third fund with $47.5 bn to boost semiconductor industry

This commitment has taken on renewed urgency after the US imposed a series of export control measures over the last couple of years

China accelerates construction of automated, efficient, intelligent ports

/ -- A report from People's Daily: As one steps into the fully automated container terminal at Rizhao Port in east China's Shandong province, a remarkable sight unfolds - remote-controlled quay cranes precisely grabbing and releasing containers, automated rail-mounted cranes and unmanned container trucks working in coordination... Human operators are scarcely visible at the terminal, yet operations run smoothly and efficiently. As the first side-loading and parallel-layout fully automated container terminal in the world, the terminal employs China's BeiDou Navigation Satellite System and 5G technology, and has launched six domestically developed and industry-first innovative technologies, including a scheduling system for autonomous container trucks. The pioneering facility has made remarkable progress since it was put into use on Oct. 9, 2021 - its single-crane operational efficiency improved by 50 percent and overall costs lowered by 70 percent. Besides, the single-crane handling .

China's industrial profits swung back to positive in April: NBS data

For April alone, profits were up 4.0 per cent, versus a 3.5 per cent slide in March

Asset famine in China limits central bank's bond trading ambitions

People's Bank of China (PBOC) pledged recently to add treasury bond buying and selling to its toolkit, to improve an increasingly flawed monetary policy transmission mechanism

Trilateral talks: South Korea, Japan push China on SCS, Taiwan issues

Chinese and Japanese leaders were set to arrive in Seoul and meet with South Korea's president separately on Sunday, a day before they gather for their first trilateral meeting in more than four years. No major announcement is expected from Monday's trilateral South Korea-China-Japan meeting. But just resuming their highest-level, three-way talks is a good sign and suggests the three Asian neighbours are intent on improving their relations. A trilateral leaders' meeting was supposed to take place annually following their inaugural gathering in 2008. But the meeting has stalled since the last one in December 2019 in Chengdu, China because of the COVID-19 pandemic and complex ties among the three countries. After their arrivals in Seoul on Sunday, Chinese Premier Li Qiang and Japanese Prime Minister Fumio Kishida are to hold bilateral talks with South Korean President Yoon Suk Yeol to discuss ways to promote cooperation and other issues, according to South Korean officials. Li and ...

Taiwan detects Chinese military aircraft, vessels encircling nation

According to Taiwan's MND statement, seven PLA aircraft, 14 PLAN vessels, and four China Coast Guard (CCG) vessels were tracked operating in the island's vicinity

Boeing deliveries to China delayed due to regulatory review of batteries

The US planemaker said in a statement it is working with Chinese customers on the timing of their deliveries

Wealthy self-exiled Chinese bizman goes on trial in $1 bn fraud scheme

A wealthy Chinese businessman who left China a decade ago and became a U.S.-based outspoken critic of his homeland's Communist Party went on trial in New York on Wednesday for what prosecutors say were multiple frauds that cheated hundreds of thousands of people worldwide of over $1 billion. Guo Wengui, 57, once believed to be among the richest people in China, sat with his lawyers in Manhattan federal court as jury selection began for a trial projected to last seven weeks. He pleaded not guilty after his March 2023 arrest for what prosecutors say was a five-year fraud scheme that began in 2018. Judge Analisa Torres told dozens of prospective jurors crowded into a courtroom that they were being considered for a jury that will decide the fate of 12 criminal charges alleging that Guo operated four fraudulent investment schemes. By lunchtime, half of them had been dismissed after they provided reasons why a lengthy trial would create a hardship. Still, it was likely that opening ...

Asia shares touch two-year top buoyed by China's property boost plans

Late last week, partly in response to some policymakers' comments, global bonds retraced a rally that had followed an encouraging fall in US CPI data