Page 19 - China Economy

Nobel literature laureate Mo Yan accused of insulting China's heroes

His writing won China's first Nobel Prize for Literature, but is it patriotic enough for Xi Jinping's China? That's the question at the center of a high-profile lawsuit now driving a debate about nationalism in China. Patriotic campaigns have become more common in recent years in China, as online nationalists attack journalists, writers or other public figures they say have offended the country's dignity, but it is unusual for a figure as prominent as Mo Yan to be targeted. Patriotic blogger Wu Wanzheng, who goes by Truth-Telling Mao Xinghuo online, sued under a law that carries civil penalties and, in some cases, criminal punishments for perceived offenses against China's heroes and martyrs. Wu claimed Mo's books have smeared the Chinese Communist Party's reputation, beautified enemy Japanese soldiers and insulted former revolutionary leader Mao Zedong. The lawsuit filed last month demands that the author apologize to all Chinese people, the country's martyrs and Mao, and pay dama

China's ambitious targets

Growth and inflation likely to undershoot

Hong Kong publishes new national security law bill, raising rights concerns

The bill includes sentences of up to life imprisonment for treason, 20 years for espionage and 10 years for offences linked to state secrets and sedition

China's exports, imports beat estimates, trade surplus of over $125 bn

China's exports and imports for the first two months of the year beat estimates, an indication that demand may be improving as Beijing attempts to boost economic recovery. Exports for the January-February period grew 7.1 per cent from a year earlier, customs data released Thursday showed, higher than the 2.3 per cent rise in December. Imports rose 3.5 per cent from the same time last year, up from a 0.2 per cent growth in December. China posted a trade surplus of USD 125.16 billion. Though China usually releases trade data monthly, the data for the first two months of the year are combined to avoid disruptions from the weeklong Lunar New Year holidays, when many businesses and factories are closed. The world's second-largest economy has struggled to bounce back after the pandemic, as it grapples with weaker demand globally as well as a domestic property crisis that remains a drag on the economy. Demand for Chinese exports has also been weak since the Federal Reserve and central b

Hong Kong court affirms sedition conviction for pro-democracy activist

Criticizing laws or chanting anti-government slogans can be enough to jail someone for sedition in Hong Kong, an appeal court ruled Thursday in a landmark case brought under a colonial-era law increasingly used to crush dissent. Hong Kong's Court of Appeal upheld a 40-month sentence for pro-democracy activist Tam Tak-chi, the first person tried under the city's sedition law since Hong Kong returned to Chinese rule in 1997. Tam's lawyers had argued that his conviction should be overturned because the prosecution did not show he meant to incite violence. The prosecution is widely seen as part of Beijing's clampdown on dissent in the former British colony, following widespread anti-government protests in 2019. Tam was convicted on 11 charges in 2022, including seven counts of uttering seditious words." A judge at the lower court took issue with him chanting the popular protest slogan Liberate Hong Kong, revolution of our times words the government says imply separatism and criticisin

US devising tactics to suppress us despite improvement in relations: China

China's foreign minister accused the US on Thursday of devising tactics to suppress China's rise and criticised the Biden administration for adding more Chinese companies to its sanctions lists. Wang Yi, speaking to media during the annual meeting of China's legislature, said that relations with the US have improved since Presidents Xi Jinping and Joe Biden met in November, but that America has not fulfilled its promises. If the US always says one thing and does another, where is its credibility as a major power? If the US gets nervous and anxious when it hears the word 'China,' where is its confidence as a major power? he said. If the US is obsessed with suppressing China, it will eventually harm itself." Wang, a 70-year-old veteran diplomat who has earned Xi's trust, returned to the foreign minister's post last summer after his successor, Qin Gang, was abruptly dismissed without explanation after a half year on the job. Analysts had speculated the ruling Communist Party might use

China has stepped up grey-zone warfare to exhaust Taiwan: Defence report

Taiwan Defense Ministry this week said it would increase the number of missile drills and begin night-time exercises for pilots

China's exports likely slowed in Jan-Feb period as factories struggle

The head of the state economic planner said on Wednesday that China's exports for January-February rose by 10%, but did not state whether that was in yuan or dollar terms

China to improve childbirth policies, support growing elderly population

China will pursue a "proactive national strategy in response to population aging," the reports said

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