Page 22 - China Economy

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

Domestic steel vacuum bottle makers urge govt to check imports from China

The All India Steel Bottle Association (AISBA) has urged the government to take immediate measures to check the imports of sub-standard and cheap steel vacuum flasks into India. The imports of vacuum steel bottles from China and other countries are on the rise and the country has seen a 35 per cent increase in imports of the product from 2019-20 to 2022-23, the industry body said citing an official data. Bharat Agarwal, Treasurer of AISBA, also suggested the government not to extend import relaxation under a BIS (Bureau of Indian Standards) order which restricts quality approvals to such products beyond January 14, 2024. As per the order, he said, "January 14 is the last date by when the products getting imported are to be approved by the BIS". The products are not as per the BIS standards, hence the government must not extend the relaxation considering the issues faced by local manufacturers who have invested around Rs 1,500 crore in the Indian market, he said. "We have also not

Taiwan expects China to apply pressure on incoming govt after election

Taiwan goes to the polls to elect a new president and parliament under the shadow of an increasingly assertive China which has called the vote a choice between "peace and war"

Taiwan's election shaped by economic realities, not China's threat: Report

Beijing's threats to use force to claim self-governed Taiwan aren't just about missiles and warships. Hard economic realities will be at play as voters head to the polls Saturday, though the relationship is complicated. The economy has slowed since the pandemic, with growth in 2023 estimated at only 1.4 per cent. That partly reflects inevitable ups and downs in demand for computer chips and other exports, and a slowing of the Chinese economy. But longer-term challenges such as inequality, housing affordability and unemployment are especially vital for younger voters, but often are eclipsed by China's looming presence. The two sides split in 1949 after a civil war and have no official relations but are linked by tens of billions of dollars in trade and investment. Beijing has been courting Taiwan investment, while at the same time flying fighter planes and sailing warships near the island to enforce its stance that the island must eventually unite with the mainland, by force if ...

Singapore looking to recruit APOs from India, China, Philippines & Myanmar

Singapore is considering hiring auxiliary police officers (APOs) from India, China, the Philippines and Myanmar, Law and Home Affairs Minister K Shanmugam told parliament on Wednesday. The city-State is looking to expand the jurisdictions from which it recruits APOs as the number from Taiwan has fallen in recent few years, As a result, the home affairs ministry has been considering expanding the jurisdictions where auxiliary police officers (APOs) can be recruited from. These potentially include Asian ones such as China, India, the Philippines and Myanmar, according to a Channel News Asia report. "We need to allow the Auxiliary Police Forces to recruit foreign APOs, to meet the increasing demand for security services," the Today newspaper also quoted the minister as saying. "(The Auxiliary Police Forces) face challenges in sustaining an adequate pool of APOs, given the shrinking local workforce, requirements such as physical fitness, and the job options Singaporeans have." He was

How does a Taiwan election work? Everything you need to know about it

Taiwan's three main parties contesting the election are the ruling Democratic Progressive Party (DPP), the Kuomintang (KMT) and the Taiwan People's Party (TPP), only set up in 2019

Govt considering anti-dumping duty on circuit boards imported from China

The commerce ministry's arm DGTR has recommended imposition of anti-dumping duty on imports of printed circuit boards imported from China, Hong Kong for five years to protect the domestic industry from cheap inbound shipments. The Directorate General of Trade Remedies (DGTR) has recommended the duty after conducting an investigation on the dumped imports of these boards from these two countries. The PCBs (printed circuit boards) are assembled with electronic components like transistors, resistors, and capacitors. It is used in cars, telephones, ovens, toys, televisions, computers, and lighting solutions. "The authority recommends imposition of anti-dumping duty on the imports of the subject goods originating in or exported from China and Hong Kong for a period of five years...," the DGTR's notification has said. It added that imposition of the duty would not affect the availability of the product to the customers. The Indian Printed Circuit Association has filed an application for

Beijing lodges protest to Myanmar as its artillery fire injures five

China has lodged protests to Myanmar after five people were injured by artillery shells fired during battles between its ruling junta and rebel groups that landed in its small town near their border

Maldivian President Mohamed Muizzu to visit China from January 8-12

New Maldivian President Mohamed Muizzu will pay a state visit to China from January 8 to 12, the Chinese Foreign Ministry announced here on Friday. Muizzu, a close associate of former Maldives President Abdulla Yameen who forged close ties with China during his Presidency from 2013 to 2018, took oath as the eighth President of the Maldives after defeating India-friendly incumbent Ibrahim Mohamed Solih in the presidential runoff held in September. Muizzu is visiting China at the invitation of Chinese President Xi Jinping, Chinese Foreign Ministry spokesperson Hua Chunying said in a press release. Muizzu's predecessors in the recent past visited India first, considering the wide-ranging bilateral ties and the Maldives' proximity to India, followed by China which has expanded its influence in the island nation by investing in major infrastructure projects there. However, Muizzu chose Turkey as his first visit soon after his election followed by the UAE where he met Prime Minister ...

How China's top automobile manufacturer BYD beat Tesla at its own game

The company is able to offer a wide range of affordable EVs at low prices, maximizing sales (if not revenue) while expanding its footprint in new markets

China expects int'l flights reaching 80% of pre-Covid levels by 2024 end

It added that for the year ahead it would continue to promote a "significant" increase in direct flights between China and the United States from 63 flights presently

Chinese workers witness biggest decline in hiring salaries on record

It's also the third straight quarter of decline, the longest run since data on yearly changes were first available in 2016

China's factory activity picks up in contrast with govt data, shows survey

The Caixin manufacturing purchasing managers index rose to 50.8 last month from 50.7 in November, the strongest reading since August and above the estimate in a Bloomberg survey of economists.

China's factory activity slows in Dec, indicating economy is still sluggish

A survey of factory managers in China shows that manufacturing contracted in December in the latest sign the world's No. 2 economy remains sluggish. The official purchasing managers index, or PMI, fell to 49 last month in what officials said was evidence of weak demand, the National Bureau of Statistics reported on Sunday. It was the third straight month of contraction. The PMI is on a scale up to 100 where 50 marks the cutoff between expansion and contraction. The index has fallen in eight of the past nine months, with an increase only in September. In November, the index was at 49.4, down from 49.5 the month before. Despite unexpectedly prolonged weakness after the pandemic, China's economy grew at a 5.2 per cent pace in the first three quarters of the year and showed signs of improvement in November, with factory output and retail sales rising. In recent months, the government has raised spending on construction of ports and other infrastructure, cut interest rates and eased cur

China home sales fall again as policy shifts fail to stem decline

China's prolonged housing downturn has weakened the economy and hurt developers that are struggling to repay debts and complete projects

China's economy has become 'more resilient, dynamic', says President Xi

Chinese President Xi Jinping said on Sunday that China's economy has become "more resilient and dynamic than before" as he vowed to consolidate and strengthen the momentum of economic recovery and work to achieve long-term economic development. "We have gone through the test of winds and rains, have seen beautiful scenes unfolding on the way, and have made plenty of real achievements. We will remember this year as one of hard work and perseverance. Going forward, we have full confidence in the future, Xi said in his 2024 New Year message. Xi said that as China achieved a smooth transition in COVID-19 response efforts, its economy has sustained the momentum of recovery, and steady progress has been made in pursuing high-quality development in the outgoing year, state-run Xinhua news agency reported. "Having weathered the storm, the Chinese economy is more resilient and dynamic than before, he said. Xi said that while pursuing its development, China has also embraced the world and ..

India to be fastest-growing economy in 2024 after withstanding headwinds

India decisively withstood global headwinds in 2023 and is likely to remain as the world's fastest-growing major economy on the back of growing demand, moderate inflation, stable interest rate regime and robust foreign exchange reserves. Despite widespread pessimism witnessed among the developed nations and the worsening geopolitical situation, India recorded a gross domestic product (GDP) expansion of 6.1 per cent in the March quarter. The growth moved up to 7.8 per cent in the June quarter and was 7.6 per cent in the September quarter. For the first six months of this fiscal, the growth was 7.7 per cent. The growth momentum is expected to sustain in the December quarter, making India the fastest-growing major economy in the world much ahead of China. According to the latest growth projections of the Organization for Economic Cooperation and Development (OECD), which appear conservative, India will record a growth of 6.3 per cent in 2023, ahead of China and Brazil at 5.2 per cent