Page 28 - China Economy

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

China's economic recovery worsens with weak consumer spending data

Domestic travel spending during the recent holiday for the dragon-boat festival was lower than pre-pandemic levels, according to official data released this weekend

Beijing to cover IVF, fertility treatments to boost China's birth rate

Starting July 1, services ranging from sperm optimisation to in-vitro fertilisation will be reimbursed in 16 medical facilities, CCTV reported, citing the Beijing Municipal Medical Insurance Bureau

Four major western banks cut China's 2023 GDP forecast as recovery falters

UBS, Standard Chartered, Bank of America (BoA) and JPMorgan now expect China's GDP growth to be between 5.2% and 5.7% this year, down from an earlier range of 5.7% to 6.3%

The Chinese govt wants the youth to marry, but they don't see the point

There was a downfall of 800,000 in the number of weddings in 2022 when compared with 2021

India to overtake China in oil demand growth by 2027: IEA report

Annual global demand to decline from 2024, says multilateral agency's report

Chinese power companies accuse Pakistan govt of defaulting on pay

The Chinese independent power producers (IPPs) say that by not paying billions of rupees of dues, it is Islamabad that has defaulted

China's youth faces record high unemployment at 20.4% in April: Report

President Xi tells youth to "eat bitterness" and to value the suffering, while the youth struggle to find employment in a shrinking job market

China's factory activity falls faster than expected on weak demand

China's economy is emerging from three years of pandemic lockdowns, but the recovery has been uneven with services spending outperforming activity in the factory, property and export-oriented sectors

China worries spur $56-billion luxury rout; Arnault loses $11 billion

On Tuesday, he gave back some of those gains. LVMH shares fell 5% in Paris - the most in more than a year - amid a broader decline that erased about $30 billion from the European luxury sector

China recovery faces pressure after April activity weak, unemployment rises

Chinese leaders face pressure to shore up a slowing economic recovery and generate jobs after consumer spending and other activity in April were weaker than expected and a survey found 1 in 5 young workers in cities was unemployed. Retail sales accelerated following the end of anti-virus restrictions in December but were below forecasts, official data showed Tuesday. Factory output edged down compared with March. Chinese economic activity has improved while the US and European economies are cooling after interest rate hikes to extinguish inflation. But consumers, uneasy about possible job losses, are returning to shops and restaurants less quickly than expected. The pace of recovery has slowed sharply, said Larry Hu and Yuxiao Zhang of Macquarie in a report. Growth in retail sales accelerated to 18.4% over last year's depressed level in April, but that was below private sector expectations of up to 35%. Factory output rose 5.6% over a year ago but was off 0.5 percentage points fro

China exports up 8.5% in Apr in unexpected climb despite weakening demand

Chinese exports grew 8.5 per cent in April, showing more unexpected strength despite weakening global demand, customs data showed Tuesday. Exports grew to USD 295.4 billion compared with a year earlier, although at a slower pace, building on momentum seen in the March data when exports rose 14.8 per cent. But imports shrank at a faster pace, with the total slumping 7.9 per cent to USD 205.2 billion compared to the same time last year, according to data from the General Administration of Customs on Tuesday. It was down 1.4 per cent in March. China's trade surplus in April widened, growing 82.3 per cent as compared to the same period last year. In the first four months of the year, exports edged up 2.5 per cent over the same period of 2022 to USD 1,117 billion, the General Administration of Customs of China reported. Total imports contracted 7.3 per cent to USD 822 billion. Despite that, forecasters say exports should weaken this year. Global consumer demand weakened after the Fede