Page 19 - China Economy

China increases its defence budget 7.2% as it pushes for global heft

China on Tuesday increased its defence budget by 7.2 per cent to USD 232 billion as it continues with the massive modernisation of its military amid prevailing tensions over Taiwan, the disputed South China Sea as well as border frictions with India. China, which is the second highest spender on defence after the US, has allocated 1.67 trillion yuan (about USD 232 billion) for defence spending. The increase in terms of the percentage was the same as last year. China last year hiked its defence budget by 7.2 per cent to 1.55 trillion yuan (about USD 225 billion), marking the eighth consecutive year of increase in its military spending. Like its previous budgets, this year's defence budget of China was almost three times higher than that of India. India's defence allocation this year amounted to Rs 6,21,541 crore (about USD 74.8 billion). China has simmering territorial disputes with some of its neighbours. China views Taiwan as a rebel province that must be reunified with the ...

China targets 2024 economic growth around 5%, on par with last year's rate

China's official growth target for this year is around 5 per cent, Premier Li Qiang said Tuesday in an annual report on the government's plans and performance that prioritized both security and the economy. Li also said the government would issue 1 trillion yuan (about USD 139 billion) in "ultralong special treasury bonds" in 2024 and over each of the coming several years a long hoped-for extra promise of government spending to help support flagging growth. The ruling Communist Party has been emphasizing the need to raise consumer spending to help drive the economy. But the consumer-led recovery it was counting on after anti-pandemic controls ended in late 2022 faltered midway through last year. Falling housing prices and worries over jobs left many families either reluctant or unable to spend more. Last year, the economy grew at a 5.2 per cent pace, but that was after a very slow 3 per cent annual growth rate in 2022, when the country was enduring the worst disruptions from the .

In surprise announcement, China eliminates annual conference by premier

The Chinese government said Monday it is eliminating an annual news conference by the premier that was one of the only times a top Chinese leader took questions from the news media. Lou Qinlan, the spokesperson for the National People's Congress, said on the eve of the opening of the annual session of the legislature that Premier Li Qiang would not hold a news conference at the conclusion of the meeting, as has been customary. Lou said that the congress would increase opportunities for journalists to ask questions of government ministers and other officials, as well as with the nearly 3,000 delegates to the congress. If there are no special circumstances, the premier's press conference will not be held in the next few years, he said, without further explanation. The weeklong meeting of the largely ceremonial congress, which opens on Tuesday, is being closely watched for any indications of what steps the government will take to boost the struggling economy. Qiang, the premier, will

Here's what to watch for as China's major political meeting gets underway

One burning issue dominates as the 2024 session of China's legislature gets underway this week: the economy. The National People's Congress annual meeting, which opens Tuesday, is being closely watched for any signals on what the ruling Communist Party might do to reenergise an economy that is sagging under the weight of expanded government controls and the bursting of a real-estate bubble. That is not to say that other issues won't come up. Proposals to raise the retirement age are expected to be a hot topic, the state-owned Global Times newspaper said last week. And China watchers will parse the annual defense budget and the possible introduction of a new foreign minister. But the economy is what is on most people's minds in a country that may be at a major turning point after four decades of growth that propelled China into a position of economic and geopolitical power. For many Chinese, the failure of the post-COVID economy to rally strongly last year is shaking a long-held ...

Three out of five large economies recorded slow growth, shows data

Some larger economies are doing better than others. The United States (US) and China in particular have shown a stronger growth rate in the fourth quarter of the calendar year 2023

Chinese firms step up hiring, wages remain sluggish amid high competition

China resumed publication this year, excluding college students from the data, to put youth unemployment at 14.9% in December

China's 'dragon' baby boom may increase population in 2024: Report

Many young people, however, are opting to stay single or put off getting married due to poor job prospects, record youth unemployment and chronically low consumer confidence

StanChart lowers income target as China weighs, launches $1 bn buyback

StanChart also said it would aim to increase returns on tangible equity, a key profitability metric, "steadily" from the current 10% to 12% by 2026

Report claims China spying on exiled Tibetans to collect personal info

TCHRD's spokesperson, Tenzin Dawa, remarked that the whole process of the report took about two years, and they have tried to get in touch with around one hundred Tibetan people

Best of BS Opinion: China's geo-economic pivot, Reprieve in Qatar & more

Here is the best of Business Standard's opinion pieces for today

China's geo-economic pivot

Amid economic troubles, China's changing geopolitical outlook opens the door for renewed engagement with India

US presidential polls: In Trump-Biden rematch, the only sure loser is China

Tariffs were Trump's weapon of choice early on, but as China policy hardened he expanded the arsenal

Nissan shares plummet 11.7% as Q3 earnings highlight China worries

That helped the automaker increase sales by 19% year-on-year to 247,000 vehicles in the final three months of last year, he said

China's central bank projects 'modest' rebound for consumer prices

In its policy report, the PBOC vowed to step up policy coordination and support consumption as well as investment, so prices stay within a reasonable range

India, China have strong economic, cultural connections says Chinese envoy

Chinese Consul General in Mumbai Kong Xianhua has said the economic and cultural connections between the people of China and India are so strong that nothing and nobody could push them apart. Kong was addressing a gathering on Friday on the occasion of the Chinese New Year Reception and Chinese Cultural Festival in Mumbai. He said that 2023 marked a year of achievements and harvest for both China and India. "It is the extensive cooperation between our people that makes it happen," he said. The China-India trade volume surpassed 136.2 billion dollars in 2023, he said. The Chinese Embassy and its Consulates-General in India have issued more than 1.8 lakh visas in the last year, showing a new high of Indian visitors to China after the pandemic, he said. One of the biggest news in Mumbai these days is that the Coastal Road is set to open this month, he said. "It is worth noting that the tunnel under Malabar Hill (in south Mumbai), the hardest part of the project, was built with a Ch

IMF predicts China to witness economic decline over next 4 years: Report

In a report released on Friday, the IMF projected that China's economic growth will reduce to 4.6 per cent this year, down from its 5.2 per cent growth in 2023

China unveils property support measures amid Evergrande fallout concerns

The latest measures add to a string of policies deployed by the world's second-largest economy over the past year to help revive the property sector, which accounts for a quarter of China's GDP

China merges hundreds of rural banks amid looming financial crisis

After engineering mergers of rural cooperatives and rural commercial banks in at least seven provinces since 2022

China's factory activity shrinks again in January, demand still weak

The composite PMI, which includes manufacturing and services, was at a four-month high of 50.9 in January compared with 50.3 the previous month

Oil prices fell due to weak economic activity in leading importer China

Brent crude futures for March, which expire today, fell 90 cents, or about 1.1%, to $81.97 a barrel by 1530 GMT. The more actively traded April contract was down $1.17, or about 1.2%, at $81.33