Page 27 - China Economy

China's factory activity shrinks, maintains pressure for policy support

The official purchasing managers' index (PMI) rose to 49.7 from 49.3 in July, according to the National Bureau of Statistics, staying below the 50-point level demarcating contraction from expansion

No room to negotiate on national security with China: US commerce secy

Raimondo, who is holding three days of talks with Chinese and business leaders to boost ties, met with Commerce Minister Wang Wentao on Monday for just over two hours

China's worsening economic slowdown is sounding alarm bells across globe

Policymakers are bracing for a hit to their economies as China's imports of everything from construction materials to electronics slide

Analysts turn cautious on Asian markets; India remains an outlier

Indian markets, analysts believe, are an outlier and can still justify expensive valuations amid a likely recovery in corporate earnings going ahead

China's economy in distress, its successful growth model 'broken': Report

China's economy, the world's second-largest, is now in deep distress and its successful model of growth for 40 years stands broken, a prominent American financial publication has said, noting that signs of trouble extend beyond China's dismal economic data to distant provinces. The Wall Street Journal in a major Sunday story wrote that economists now believe China is entering an era of much slower growth, made worse by unfavourable demographics and a widening divide with the US and its allies, which is jeopardising foreign investment and trade. Rather than just a period of economic weakness, this could be the dimming of a long era, it commented. "Now the (economic) model is broken," the financial daily said. We're witnessing a gearshift in what has been the most dramatic trajectory in economic history, Adam Tooze, a Columbia University history professor who specialises in economic crises, was quoted as saying by the Wall Street Journal. According to the report, the total debt, ...

Building stress

China's real estate sector totters on the brink

China's investment firm misses payments amid concerns of financial crisis

The scale of payments missed exceeded 110 million yuan ($15 million), according to their statements

Morgan Stanley cuts China's 2023 economic growth forecast to 4.7%

Earlier this week, J.P.Morgan cut China's 2023 GDP growth forecast to 4.8 per cent from 5 per cent earlier, while Barclays cut it to 4.5 per cent

China tries to defuse fears after real estate developer's debt struggle

China's government is trying to reassure jittery homebuyers after a major real estate developer missed a payment on its multibillion-dollar debt, reviving fears about the industry's shaky finances and their impact on the struggling Chinese economy. There is no indication Country Garden's problems might spread beyond China, which seals off its financial system from global capital flows, economists say. But they highlight the industry's struggle under pressure from the ruling Communist Party to reduce soaring debt that is seen as an economic threat. That has bankrupted hundreds of small developers and depressed China's economic growth. The Country Garden episode has echoes of Evergrande Group, which is trying to restructure more than USD 340 billion owed to banks and bondholders. Fears of a possible Evergrande default in 2021 rattled global markets, but they eased after the Chinese central bank said its problems were contained and Beijing would keep credit markets functioning. A centra

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