Page 22 - China Economy

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

China's factory activity contracts more than expected for 3 months in a row

The official manufacturing purchasing managers index declined to 49 in December, from 49.4 in November, the National Bureau of Statistics said in a statement on Sunday

US companies picky about investing in China, but keen on burgers, lattes

There's been no shortage of tough news for China's economy as some of the world's biggest brands consider or take action to shift manufacturing to friendlier shores at a time of unease about security controls, protectionism and wobbly relations between Beijing and Washington. Count Adidas, Apple and Samsung among those looking elsewhere. But as a tumultuous 2023 for the Chinese economy comes to a close, there has been at least one bright spot for Beijing when it comes to foreign investment: American fast-food chains have decided a market of 1.4 billion people is simply too delicious to pass up. KFC China's parent company opened its 10,000th restaurant in China last month and aims to have stores within reach of half of China's population by 2026. McDonald's is planning to open 3,500 new stores in China over the next four years. And Starbucks invested $220 million in a manufacturing and distribution facility in eastern China, its biggest project outside the U.S. This is surely not wh

China's 'reunification' with Taiwan is 'inevitable', says Xi Jinping

Taiwan remains a sensitive issue in US-China relations. During a recent summit with US President Joe Biden, Xi asserted that China's "reunification" with Taiwan is "unstoppable"

Beijing records longest cold wave since 1951; snowfall, temperature ease

China's Beijing recorded the longest cold wave since records began in 1951 as the freezing temperature and snowfall experienced in the Chinese capital and elsewhere began to ease

Taiwan's presidential frontrunners clash over future of trade with Beijing

Taiwan's presidential candidates clashed over future trade agreements with China on Tuesday, as the two leaders presented contrasting opinions regarding the same

College graduates doing two jobs to manage monthly expenses in China

"The work is meaningless, and the process is very painful," he said

China shuts down 34,000 online accounts to stem rumours, ensure stability

In a bid to ensure sustained social stability, security officials across China have shut down 34,000 online accounts for spreading rumours and punished more than 6,300 people since the start of a crackdown campaign in April. Over 4,800 cases have been handled, with more than 6,300 people punished, Li Tong, an official with the Ministry of Public Security said. Officials across the country have shut down 34,000 online accounts for spreading rumours, Li said. To ensure social stability, the ministry has decided to carry out a yearlong crackdown on online rumours spanning 2024, Li told the media here on Friday. The campaign will employ multiple measures to make sure it is effective and delivers solid outcomes, he said. In 2023, Chinese police have also taken strong measures against criminal acts of cyber violence such as online smearing, insulting and privacy infringement, handling 110 cases so far, the state-run Xinhua news agency reported.

Chinese govt drafts new rules proposing restrictions on online gaming

China released draft guidelines on Friday aimed at curbing excessive spending on online gaming in the latest move by the ruling Communist Party to keep control of the virtual economy. The proposal caused shares in the biggest Chinese gaming companies, Tencent and NetEase, to plunge in Hong Kong. China's gaming regulator, the National Press and Publication Administration, issued guidelines saying online games cannot offer incentives for daily log-ins or purchases. Other restrictions include limiting how much users can recharge and issuing warnings for irrational consumption behaviour. Shares in Tencent, China's largest gaming company, dived about 16 per cent before recovering some ground to close 12 per cent lower. Rival NetEase's stock price lost about 25 per cent. Beijing has taken various measures against the online games sector in recent years. In 2021, regulators set strict restrictions on the amount of time children could spend on games to just three hours a week. A state med

China turns up heat on trade with rare earth tech export restrictions

The US is spearheading a drive to reduce China's stranglehold over flows of these minerals, from rare earths to lithium and cobalt.

MUFG looking to expand India operations amid economic slowdown in China

Japan's largest lender has been building up its operations in India in recent years. In August last year, it opened a branch in the Gujarat International Finance Tec-City

US considering hiking tariffs on China EVs, solar products: Report

US is considering raising tariffs on Chinese electric cars and other goods as it tries to limit reliance on Asia's biggest economy and shield its own green industry, the Wall Street Journal reported

Earthquake in China kills at least 134 people; deadliest in 9 years

A strong overnight earthquake rattled a mountainous region of northwestern China, authorities said on Tuesday, reducing homes to rubble, leaving residents outside in a below-freezing winter night and killing 131 people in the nation's deadliest quake in nine years. The magnitude 6.2 earthquake struck just before midnight on Monday, injuring more than 700 people, damaging roads and knocking out power and communication lines in Gansu and Qinghai provinces, officials and Chinese media reports said. As emergency workers searched for the missing in collapsed buildings and at least one landslide, people who lost their homes spent a cold winter night in tents at hastily erected evacuation sites. I just feel anxious, what other feelings could there be? said Ma Dongdong, who noted in a phone interview that three bedrooms in his house had been destroyed and a part of his milk tea shop was cracked wide open. Afraid to return home because of aftershocks, he spent the first night in a field wit

Midnight earthquake kills 118 people, injures over 500 in northwest China

At least 111 people were killed in a magnitude 6.2 earthquake in a mountainous region in northwestern China, the country's state media reported on Tuesday. The official Xinhua News Agency said that 100 people died in the province of Gansu and another 11 in the neighbouring province of Qinghai in the quake, which occurred just before midnight on Monday. More than 200 people were injured, Xinhua said, 96 in Gansu and 124 in Qinghai. The quake struck in Gansu's Jishishan county, about 5 kilometers (3 miles) from the provincial boundary with Qinghai. The US Geological Survey put the quake's magnitude at 5.9. State broadcaster CCTV reported that there was damage to water and electricity lines, as well as transportation and communications infrastructure. The earthquake was felt in Lanzhou, the Gansu provincial capital, where university students rushed out of their dorms, according to a social media post that had images showing young people standing outside. Tents, folding beds and quil

WTO's proposed reforms leave question of appeals court unanswered

"In addressing the issue of appeal, delegates are actively exploring potential resolutions that can reconcile the diverse perspectives expressed by Members," he said

Taiwan reports Chinese balloons near its territory amid pressure from China

Two Chinese balloons flew north of Taiwan, the island's Defense Ministry said Monday, as China increases pressure on the self-ruled territory it claims as its own ahead of a presidential election in January. The balloons crossed the sensitive Taiwan Strait separating the island from China and were detected about 110 nautical miles (204 kilometres) northwest of the northern port city of Keelung on Sunday, the ministry said. It was the second time this month Taiwan reported a Chinese balloon near its territory, after one crossed southwest of Keelung on December 7. China's potential for using weather balloons to spy on other governments came into focus earlier this year, when the United States shot down a suspected Chinese spy balloon over the Atlantic Ocean, drawing China's ire. Taiwan's Defense Ministry did not say whether it suspected the balloon could have been used for spying. China's Foreign Ministry did not immediately comment. Beijing has increased pressure on Taiwan by send