Page 27 - China Economy

China skips update on surging youth unemployment as economic slump deepens

China's government skipped giving an update on a politically sensitive spike in unemployment among young people as official data Tuesday showed an economic slump deepened in July. Meanwhile, the central bank unexpectedly cut a key interest rate in a sign of growing official urgency about shoring up economic growth that fell sharply in the three months ending in June. Youth unemployment is sensitive after a survey in June found a record 21.3 per cent of potential urban workers aged 16 to 24 couldn't find work after an economic rebound following the end of anti-virus controls fizzled out. Publication of unemployment by age group is suspended while the National Bureau of Statistics considers how it measures data, according to a bureau spokesperson, Fu Linghui. Fu said a survey found overall unemployment among urban workers was 5.3 per cent, up 0.1 percentage points from June. The employment situation is generally stable, Fu said at a news conference. Growth in consumer spending ...

Oil prices up as China cuts rates twice in 3 months to support economy

Brent crude futures rose 11 cents, or 0.1%, to trade at $86.32 per barrel at 0414 GMT. U.S. West Texas Intermediate crude was up 7 cents, also 0.1%, to $82.57 a barrel

Dollar hits highest in more than a month on China economy concerns

Analysts said investors bought the dollar as shelter from concerns about the health of the global economy, particularly China

China engineers attacked in Pakistan, two militants killed: Report

No injuries were reported within the convoy, China's Global Times said, citing unidentified "Chinese personnel" in Gwadar

China's economic stress deepen with property market slump: Report

Official data on Tuesday will likely show modest gains in industrial output, retail sales, fixed-assets investment in July from year ago, although growth rates are still well below pre-pandemic level

'A ticking time bomb', says US President Joe Biden on China's economy

The United States, the world's largest economy, has fought high inflation and seen a robust labor market

The Big State and its discontents

It is disheartening that India sees its place in the sun only in the context of a Chinese economic sunset

China suffers new blow as exports see biggest drop in three years

China's economic recovery this year was expected to be buoyed by strong domestic demand, but a housing market slump has hit construction while consumption growth is slowing

Major global firms warn of slow China sales as post-pandemic surge fades

Caterpillar, global firms have warned of slowing earnings in China as the world's second-largest economy loses its post-pandemic bounce

Missing the real achievements: Why India needs introspection, not bluster

Neither is India the fastest-growing large economy any longer, nor the prime beneficiary of 'China Plus One', but it is surely a key emerging player with a market larger than others, notes T N Ninan

Oil prices up on China economic support pledge, tighter Russian supply

Brent futures rose 9 cents, or 0.1%, to $79.72 a barrel at 0010 GMT, while U.S. West Texas Intermediate (WTI) crude was steady at $75.75 per barrel

China's economy grew 6.3% in Q2, lower than expected as momentum slows

China's economy grew 6.3% in the second quarter of the year after near-stagnant growth a year earlier, missing analyst expectations even as momentum is expected to weaken in the coming quarters. The 6.3% growth in China's gross domestic product from April to June compared to the same period in 2022 was the fastest in the past year, and outpaced the 4.5% growth in the previous quarter, according to government data released Monday. The GDP in the second quarter was up 0.8% compared to the first three months of the year. The surge in growth is largely due to China's GDP growing just 0.4% a year ago, amid strict lockdowns in cities like Shanghai during China's worst COVID-19 outbreak of the pandemic. Analysts had forecasted growth for the quarter ended June to exceed 7%. China's GDP in the first quarter beat expectations and grew by 4.5%, as consumers flocked to shopping malls and restaurants after nearly three years of zero-COVID restrictions were removed at the end of 2022. But ana

Prices of Chinese gallium steady after rush to beat export curbs eases

Inquiries from foreign buyers have dissipated, researcher Shanghai Metals Market said, citing market participants. Risks rising as shipments may not able to leave before curbs kick in next month

The China traps

India must learn from China's botched recovery

China's consumer inflation rate slows to zero, slides to brink of deflation

Core inflation, which excludes volatile food and energy costs, slowed to 0.4 per cent from 0.6 per cent

India may be world's 2nd-largest economy by 2075, says Goldman Sachs

The report projected India's GDP at $52.5 trillion by 2075, behind China's $57 trillion but ahead of the US' $51.5 trillion

Excess of made-in-China plastic likely to dent oil's growth machine

The construction of more than 20 petrochemical projects - to produce raw materials that go into making everything from plastic packaging to clothing and detergents

Why China may not challenge Western strategic dominance anytime soon

While the earlier facile assumption of China becoming a larger economy than the US may need revision, a re-balancing of global power seems more likely than a substantial power shift, notes T N Ninan

As China's reopening euphoria fizzled out, India saw strong FPI flows

What is fuelling the strong overseas flows and fundamental factors supporting the market at the current levels? Kunal Vora, head, India equity research, BNP Paribas explains

Oil prices fall on concerns of slow fuel demand, weak China industrial data

Brent crude futures declined 40 cents, or 0.5%, to $73.63 a barrel by 0444 GMT. U.S. West Texas Intermediate (WTI) crude futures fell 32 cents, or 0.5%, to $69.24 a barrel