Page 25 - China Economy

Profits at China's industrial companies rise as deflation persists

For the first 10 months of 2023, profits fell 7.8 per cent from the same period a year earlier, moderating slightly from the 9 per cent fall through the first nine months.

China to allow visa-free entry to five European countries and Malaysia

China announced on Friday that it will allow visa-free entry for citizens of five European countries and Malaysia as it tries to encourage more people to visit for business and tourism. Starting December 1, citizens of France, Germany, Italy, the Netherlands, Spain and Malaysia will be allowed to enter China for up to 15 days without a visa. The trial programme will be in effect for one year. The aim is to facilitate the high-quality development of Chinese and foreign personnel exchanges and high-level opening up to the outside world, Foreign Ministry spokesperson Mao Ning said at a daily briefing. China's strict pandemic measures, which included required quarantines for all arrivals, discouraged many people from visiting for nearly three years. The restrictions were lifted early this year, but international travel has yet to bounce back to pre-pandemic levels. China previously allowed citizens of Brunei, Japan and Singapore to enter without a visa but suspended that after the ...

China weighs unprecedented builder support with first-ever unsecured loans

Implementation would require regulators to exempt bankers from being held accountable for possible bad loans given the high risks involved

China economy shows sparks of life despite weakness in real estate sector

China's economy showed more signs of reviving in October as retail sales and manufacturing picked up though the property sector remained sluggish, the government said Wednesday. Factory output rose 4.6% from a year earlier in October, while retail sales jumped 7.6%, helped by robust spending during the weeklong National Day holidays. But real estate investment sank 9.3%, and officials acknowledged that the industry was still in the midst of adjustment, after a crackdown on excessive borrowing by developers two years ago, coupled with the pandemic, plunged the industry into crisis. Disruptions to manufacturing, transport, travel and virtually every other aspect of life during the pandemic ended nearly a year ago when China's leaders abandoned their zero-COVID policies aimed at preventing infections. So improved economic data from October also reflect lower rates of growth a year earlier. Overall, China's recovery from the pandemic has been fitful, though recently activity has revive

China plans to allocate $137 bn of new funds to aid housing market

The outstanding amount of funds lent through the PSL program stood at 2.9 trillion yuan as of October.

China's economy likely struggled to gain traction despite stimulus

That dynamic will be most evident in retail sales data, which is expected to show a 7 per cent jump year-on-year as it compares to pandemic and lockdown-hit 2022

China lends over $21 bn more than previously thought to Pakistan: Report

A major portion - $ 28.4 billion of China's loan to Pakistan was in the energy sector, according to the data found by AidData

Chinese auto sales surged 10% in Oct, records fastest growth since May

Sales of passenger cars rose 10.2% in October over a year earlier, an industry association said Wednesday, as makers ramped up promotions and customers opted for electric and hybrid vehicles. Sales of electric and hybrid vehicles climbed 37.5% from a year earlier, accounting for 767,000 of the 2.03 million vehicles sold in October, the China Passenger Car Association said. Exports of passenger cars jumped nearly 50% to 391,000 units in October and have risen 66% this year, to just over 3 million units. The robust improvements partly reflect slow growth a year earlier, when China was grappling with factory shutdowns and other disruptions from the COVID-19 pandemic. Demand for vehicles also tends to be stronger in September and October, which are dubbed the nine silvers and 10 golds," the report said. So far this year, auto sales in China have climbed 3.2% to just under 17.3 million units. The report said Tesla delivered 47,164 Model Y vehicles and 24,951 Model 3s made at its Shangh

China's services activity picks up slightly in October, sales grow: Data

An official survey showed on Tuesday that services PMI dropped to 50.1 from 50.9 in September

China's male leaders signal to women that their place is at home

In a departure from a two-decade tradition, Xi's deputy, Ding Xuexiang, failed to mention in an opening address at the congress a standard phrase: That gender equality is a basic national policy

China's factory activity 'unexpectedly' contracts in October: Caixin PMI

The Caixin/S&P Global manufacturing PMI fell to 49.5 in October from 50.6 in September, marking the first contraction since July and missing analysts' forecasts of 50.8 by a large margin

China's manufacturing activity returned to contraction in Oct, shows data

Policymakers have since June unveiled a raft of measures to shore up growth, including modest interest rate cuts, increased cash injections and more aggressive fiscal stimulus

Huawei Technologies reports modest revenue growth for first three quarters

For the third quarter, revenue rose 1.5% to 145.7 billion yuan, according to Reuters calculations

Tracking China's warships moving to engage with Pakistan Navy: Officials

The 45th APEF entered the Indian Ocean Region in the IOR in October and has been there since then

Chinese research ship docks at Colombo port, US raises security concerns

A Chinese research ship on Wednesday docked at Sri Lanka's Colombo port, officials here said, amid security concerns raised by the US over its visit. "Shi Yan 6 was given permission to enter the (Colombo) port for replenishment, a Sri Lankan foreign ministry spokesperson told PTI. According to sources, Sri Lanka was delaying granting permission for the arrival of Shi Yan 6 due to security concerns raised by India. However, there is no official confirmation of the same. It was not clear how long the vessel would remain docked at the Colombo port. The arrival of Shi Yan 6 followed President Ranil Wickremesinghe's visit to China last week. In August, Colombo had announced that the Chinese research vessel is scheduled to arrive in October for marine research activities in collaboration with Sri Lanka's National Aquatic Resource Research and Development Agency (NARA). Described as a Research/Survey Vessel with a carrying capacity of 1,115 DWT, the vessel is reported to be 5.3 metres i

Miners race to realise graphite projects as China controls exports

To stay ahead in a fast-changing industry, carmakers have been investing directly in mining projects to ensure future supplies of battery inputs

China's graphite curbs will accelerate plans for alternatives, say analysts

China's decision may escalate trade disputes globally and spur other countries to prioritize research into alternative sources and materials, industry executives said

China building nuclear weapons faster than previous projection: Report

A Pentagon report on China's military power says Beijing is exceeding previous projections of how quickly it is building up its nuclear weapons arsenal and is almost certainly learning lessons from Russia's war in Ukraine about what a conflict over Taiwan might look like. The report released on Thursday also warns that China may be pursuing a new intercontinental missile system using conventional arms that, if fielded, would allow Beijing "to threaten conventional strikes against targets in the continental United States, Hawaii and Alaska. The China report comes a month before an expected meeting between Chinese leader Xi Jinping and President Joe Biden on the sidelines of next month's Asia-Pacific Economic Cooperation summit in San Francisco. The annual report, required by Congress, is one way the Pentagon measures the growing military capabilities of China, which the US government sees as its key threat in the region and America's primary long-term security challenge. But after .

China tells banks to roll over local government debts as risks mount

Local government debt reached 92 trillion yuan ($12.58 trillion), or 76% of the country's economic output in 2022, up from 62.2% in 2019

Multilateral action needed to fight economic coercion by China: Report

Former Australian foreign minister Julie Bishop at the Ditchley conference, stressed the importance of major powers' taking joint action to fight its pressure