Page 28 - China Economy

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

China's debt-to-GDP ratio rises to record 279.7% on credit boom

The debt ratio held by non-financial corporates rose 5.8% points. Leverage ratios for the household and government sectors were each up by around 1% point

China censors poverty videos in a bid to promote prosperous image

Due to propaganda and censorship, many people in China are not aware of how prevalent poverty is in the country, The New York Times reported.Recently, a video of a retiree went viral that showed what groceries she could buy with 100 yuan, or USD 14.50, roughly her monthly pension and sole source of income. The video was later deleted by Chinese authorities.A singer vented the widespread frustration among young, educated Chinese about their dire finances and gloomy job prospects, like gig work. "I wash my face every day, but my pocket is cleaner than my face," he sings. "I went to college to help rejuvenate China, not to deliver meals." His song was banned and his social media accounts were suspended, as per The New York Times.Last year, a migrant worker labouring hard to support his family, gained widespread sympathy and attention after he tested positive for COVID-19, and officials released extensive details of his movements. He became known as the hardest-working person in China. ...

China to avoid stimulus injection to boost post-Covid economy: Macquarie

"China's economic experience after abandoning Covid Zero restrictions is following a similar trajectory to that of western economies when they reopened"

China manufacturing activity contracts, but consumer spending strong

A non-manufacturing gauge of activity in the services and construction sectors declined to 56.4 from 58.2 in March. Economists had forecast the index to hit 57. A reading above 50 indicates expansion

China Jan-Mar industrial profit slump underlines slow economic recovery

The economy expanded by 4.5% year-on-year in the first three months of the year, beating market expectations and marking the strongest growth in a year but its resilience looks likely to be tested

China urges banks to further cut deposit rates to channel savings pool

The guidance comes as banks and the economy groan under the weight of huge inflows of savings and deposits

China embassy removes interview transcript on ex-Soviet State

It wasn't clear why the transcript was taken down. At a regular press briefing Monday, Mao Ning, Foreign Ministry spokeswoman, said she was unaware of the situation

Taiwanese trade, investment firms exiting China amid mounting tensions

Taiwanese investment in China fell by over 50 per cent from 2018 to 2019 alone. The timing strongly indicates that changing US trade policies toward China played a significant role

China's GDP grew by 4.5% in quarter, boosted by consumption

China's gross domestic product grew 4.5% in the first quarter of the year, boosted by increased consumption and retail sales, after authorities abruptly abandoned the stringent zero-COVID strategy. The growth in the world's No. 2 economy from January to March compared to the same period in 2022 was the fastest in the past year, and outpaced the 2.9% growth in the previous quarter, according to government data released Tuesday. The growth in GDP comes amid a rebound in consumption, as people flocked to shopping malls and restaurants after harsh COVID-19 restrictions were removed. In March, total retail sales of consumer goods went up by 10.6% year on year, and grew 7.1 percentage points compared to the first two months of the year. Industrial production output, which measures activity in the manufacturing, mining and utilities sectors, grew by 3.9% in March compared to the same time last year. Fixed-asset investment in which China invests in infrastructure and other projects to dr