Page 20 - China Economy

Taiwan CAA protests China's unilateral adjustment of flight routes

Taiwan's Civil Aviation Administration (CAA) protested China's unilateral adjustment of flight routes close to the median line of the Taiwan Strait on Tuesday

Evergrande creditors to recover just fraction of debt after liquidation

Almost all of Evergrande's assets are in mainland China, presenting legal hurdles for non-Chinese administrators

India, China banks under pressure from different liquidity stories

The liquidity drought may be deliberate. Unlike Beijing, New Delhi has every reason to be sanguine about growth

China doubles down on moves to mend its economy, fend off financial crisis

China's leaders launched a barrage of new policies this week to prop up languishing financial markets and rekindle growth in the world's second-largest economy. The moves to support lending and spending with billions of dollars of fresh cash gathered pace when the central bank cut bank reserve requirements and issued new rules to encourage banks to lend more to property companies. A collapse in China's real estate market has been one of the key factors hindering the country's recovery from the shocks of the COVID-19 pandemic. What's at stake: stable financial markets and a major driver of global economic growth. HOW IS THE CHINESE ECONOMY DOING? The Chinese economy grew at a 5.2% annual pace in 2023, exceeding the government's target, and many indicators including factory output and retail sales show signs of improvement. But most economists are forecasting a slowdown this year and next that will drag on global growth. Meanwhile, Chinese stock markets have swooned since late 2023,

China cuts bank reserve needs, boost property lending to support economy

China's central bank said Wednesday it will cut the ratio of reserves banks must hold as part of a slew of measures to support the slowing economy. The announcement by the People's Bank of China prompted a surge in share prices, with Hong Kong's benchmark jumping 3.6%. Chinese stock markets have languished in recent months as investors pulled money out, discouraged by a faltering recovery from the shocks of the COVID-19 pandemic. A sell-off earlier in the week was followed by unconfirmed reports that the government planned to get state-owned investment companies to funnel offshore funds into the markets to help staunch the losses. The central bank's moves appear to be part of a concerted effort to stabilize the markets and instill greater confidence in the outlook for the world's second-largest economy. Central bank Gov. Pan Gongsheng said the deposit reserve requirement would be cut by 0.5 percentage points as of Feb 5. Pan said that would inject about 1 trillion yuan (USD 141 ...

China cuts reserve requirements for bank to help boost its slowing economy

China's central bank said Wednesday it will cut the ratio of reserves banks must hold to help boost the slowing economy. The announcement by the People's Bank of China prompted a surge in share prices in Chinese markets, with Hong Kong's benchmark jumping 3.6%. Central bank Gov. Pan Gongsheng said the deposit reserve requirement would be cut by 0.5% as of Feb. 5. Pan said that would inject about 1 trillion yuan ($141 billion) into the economy. He told reporters in Beijing that the central bank also soon plans to issue a policy on lending to property developers to help support the industry.

China establishes diplomatic ties with Nauru after it cuts ties with Taiwan

China's Foreign Ministry said Wednesday that Beijing has formally restored diplomatic relations with Nauru after the tiny Pacific island nation cut its ties with Taiwan earlier this month. Nauru's announcement on Jan. 15 came just two days after Taiwan elected a new president and left the self-governing island republic with just 12 remaining diplomatic allies, although it enjoys strong unofficial relations with the United States, Japan and other nations. China claims Taiwan as its territory and doesn't recognize its government or its right to diplomatic recognition, participation in global bodies such as the United Nations or any official contact with foreign political entities. This policy change is a significant first step in moving forward with Nauru's development, Nauru's government said in a news release announcing the severing of relations with Taiwan. China has been gradually poaching Taiwan's diplomatic allies, partly to punish the ruling Democratic Progressive Party that .

Chinese Communist delegation promises to implement deals signed by Muizzu

A Chinese Communist delegation held talks with Maldives President Mohamed Muizzu to promptly implement 20 agreements signed between the two countries during his recent visit to China, including increasing flights from China to boost tourist numbers to the archipelago nation. The delegation, led by Sun Haiyan, the deputy head of the International Department of the Communist Party of China (CPC), concluded the three-day visit to Male after meeting Muizzu and several other officials. The visit coincides with the permission granted by the Maldives government for the Chinese research vessel Xiang Yang Hong 03 to berth at Male. China was looking for new avenues to berth its controversial research ships frequenting the Indian Ocean on surveillance missions after Sri Lanka banned them for a year following concerns expressed by India. During the visit of the CPC delegation, the two sides agreed to deepen exchanges and cooperation in various fields, state-run Xinhua news agency reported. Su

China, in comic strip, warns of 'overseas' threats to its rare earth

It also banned the export of technology to make rare earth magnets, in addition a ban on technology to extract and separate rare earths

Landslide traps 47 people in southwest China, more than 500 evacuated

At least 47 people were buried in a landslide that struck southwest China's Yunnan province on Monday morning, forcing the evacuation of 500 others in the region. The disaster struck the Liangshui village of Zhaotong city at 5:51 am Beijing time, the state-run Xinhua news agency reported. Efforts were ongoing to rescue the people trapped under the landslide, official media reported. Over 500 residents were evacuated from the landslide-hit areas as the provincial commission for disaster reduction activated a Level-III emergency response for disaster relief, state-run CCTV reported. More than 200 rescuers, along with 33 firefighting vehicles and 10 loading machines, were mobilised to search for the missing. The buried villagers were from 18 households, rescue officials said. There were no immediate reports of deaths or injuries. The cause of the landslide was not immediately known. Local weather forecast said there will be light snow in the town on Tuesday, with the lowest tempera

China orders indebted local govts to halt some infrastructure projects

Beijing has been tightening curbs on debt in recent months to defuse risks to the world's second-largest economy and its financial stability

Govt could ease China investment curbs if border stays calm: Report

In 2020, India tightened scrutiny on investments from companies based in countries it borders, adding a layer of vetting and security clearances

Suspicions arise on accuracy of China's official GDP growth data: Report

One divergence centers around Beijing's investment data, which shows surging manufacturing and infrastructure spending outweighed the drag from property

China's population drops for a second straight year as deaths jump

China's population dropped by 2 million people in 2023 in the second straight annual drop as births fell and deaths jumped after the lifting of COVID-19 restrictions, the government's statistics bureau said on Wednesday. The number of deaths more than doubled to 690,000. Demographers were expecting a sharp rise in deaths because of COVID-19 outbreaks that started at the end of the previous year and continued through February of last year. The total population stood at 1.4 billion, the statistics bureau said. The drop in births reflected a fall in the birth rate that is a long-running economic and societal challenge for China. The population is aging steadily, which could slow economic growth over time and challenge the nation's ability to provide for a larger elderly population with fewer workers. The number of births fell for the seventh year, though by less than in previous years. About 9 million babies were born last year, half of the total in 2016. China, which once sought to .

China's economy expanded 5.2% in 2023, though recovery seems uneven

China's economy for the October-December quarter grew at a quicker rate, allowing the Chinese government to hit its target of about 5 per cent annual growth for 2023 even though trade data and the economic recovery remain uneven. Official data released on Wednesday showed that the Chinese economy grew 5.2 per cent for 2023, surpassing the target of about 5 per cent that the government had set. The growth for 2023 is likely helped by 2022's GDP of just 3 per cent as China's economy slowed due to COVID-19 and nationwide lockdowns during the pandemic. For the fourth quarter, China's gross domestic product also grew at 5.2 per cent compared to the same time last year. On a quarterly basis, the economy rose 1 per cent in Q4, slowing from the expansion of 1.3 per cent in July-September. Officials from China's National Bureau of Statistics said that measures including strengthened macro regulation, and redoubled efforts to expand domestic demand, optimize structure, boost confidence and .

Oil falls as China's recovery misses expectations, dollar strengthens

China's economy in the fourth quarter expanded by 5.2% year on year, missing analysts expectations and calling into question forecasts that see Chinese demand fuelling 2024 global oil growth

Support to Pacific nations with policing shouldn't alarm Australia: China

China's ambassador to Australia, Xiao Qian, sought to reassure on Wednesday that China's increased involvement in the Pacific, particularly in policing efforts, should not be a cause of alarm for Australia. Xiao, speaking at his first news conference of the year in Canberra on Wednesday, maintained that Australia should not harbour anxiety about China's intentions in the region. Pacific Islands countries is an area where China and Australia can cooperate and can contribute together instead of asking them to choose between the two," Xiao said. What China has been doing is to help them to for their social stability, economic development and for bilateral trade relations." Concerns of China's encroachment in the South Pacific had escalated last year when the Solomon Islands signed a security pact with China, raising fears of a military buildup in the region. We're not seeking military strategies, we're not seeking military purposes, and there's no need for any so-called anxiety on the

Davos 2024: Is India's economic growth showing Chinese characteristics?

The talk in Mumbai's financial circles is about a cheery prediction by Goldman Sachs Group Inc. that by 2027 100 million Indians will enjoy incomes of at least $10,000 a year, five times the national

Chinese exports decline 4.6% after seven years amid economic crisis

Amid the economic crisis, Chinese exports saw a downfall for the first time since 2016 after global demand for Chinese-made goods slowed in 2023

China's Harvest Fund cuts Hong Kong staff in pullback from offshore biz

Harvest is one of the first Chinese asset managers to make sizable layoffs in Hong Kong in recent years