Page 29 - China Economy

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

Xi Jinping pivot fails to stop exodus by leading investors in China tech

SoftBank Group is preparing to hasten its exit from Alibaba Group Holding Ltd. - the e-commerce leader that made Masayoshi Son's name

China's weak inflation fuels calls for ease in policy to aid recovery

While the economy has been recovering post-Covid, the figures indicate domestic demand remains weak, giving authorities space to roll out more supportive policies

China sanctions groups, Taiwan official in US in response to meet

China announced sanctions Friday against two Asia-based organisations and Taiwan's representative in the US in response to the closely watched meeting this week between the US House Speaker and Taiwan's president. The Prospect Foundation and the Council of Asian Liberals and Democrats were being sanctioned for their involvement in promoting Taiwan independence under the guise of academic and research exchanges," China's Taiwan Affairs Office spokesperson, Zhu Fenglian, said. Republican House Speaker Kevin McCarthy held talks with Taiwanese President Tsai Ing-wen in California this week in a rare high-level, bipartisan meeting on US soil. The meeting came as US-China relations have sunk to historic lows and as tensions between Taiwan and China have risen. China views any official exchanges between foreign governments and Taiwan as an attempt to raise Taipei's global status, and thus an infringement on Beijing's claims of sovereignty over the island. China had vowed countermeasures .

China is the most prolific perpetrator of transnational repression: Report

The Chinese government is the worlds most prolific perpetrator of transnational repression, accounting for 253 incidents, or 30 per cent of all recorded cases

India has trade deficit with China in electronics, computer hardware

The major commodities in which India has a trade deficit with China include electronic components, computer hardware, telecom instruments, industrial machinery for dairy and organic chemicals, Parliament was informed on Wednesday. Some of the services in which India has a trade deficit with China include construction, telecommunication, computer and information services, maintenance and repair services, Minister of State for Commerce and Industry Anupriya Patel said in a written reply to the Lok Sabha. She said the commodities exhibiting trade deficit with China constituted 86.7 per cent of the total trade in 2014-15, which has reduced to 83.8 per cent of the total trade with China in 2021-22. "Similarly, the services exhibiting trade deficit with China contributed 30.3 per cent to the total trade with China in 2014, which has reduced to 18.5 per cent in 2019," she said. Replying to a separate question, she said India has signed 13 Free Trade Agreements (FTAs) with its trading ...

East Asia, Pacific growth to accelerate to 5.1% in 2023 as China rebounds

Growth in developing East Asia, Pacific is forecast to accelerate in 2023 as China's economy reopens, while the pace of growth in most of the economies in the rest of the region is anticipated to ease

China's post-Covid rebound gets off to unbalanced start, says CNBS

Industrial output was less impressive in the January-February period - expanding a slower-than-expected 2.4 per cent year on year

China economy rebounds from Covid slump as consumer spending picks up

Retail sales rose 3.5% from the same period last year, figures from the National Bureau of Statistics showed Wednesday, in line with forecasts and reversing from a 1.8% drop in December

China's zero Covid response 'completely right', highly effective: Li Qiang

China's new Premier Li Qiang on Monday strongly defended the much-hated 'zero COVID' strategy followed by the country for over three years which hurt its economic growth also led to public protests, saying the policy was completely right and delivered highly effective outcomes. Addressing his first press conference, Li said it took less than two months for China, a highly populous country, to achieve a smooth transition in COVID-19 response and resume normal economic and social order, which is indeed remarkable. "For over three years, under the leadership of the Communist Party, the Chinese people have united in fighting COVID-19, and now we have achieved a major and decisive victory against the disease, Li said and avoided using the term zero COVID. "China is a country with a large population and unbalanced development. It took less than two months for it to achieve a smooth transition in its response to the disease and to restore normal socioeconomic order. It is indeed a remarkab

Global mkts fully pricing in Fed hike to 5.5%; Indian equities at risk: UBS

India, according to them, is among the more sensitive markets to US rates, and demonstrates the most sensitivity to local rates given higher influence of domestic flows into the market

Chinese planners promise 12 million jobs, economic rebound following Covid

Chinese economic officials expressed confidence Monday they can meet this year's growth target of around 5 per cent by generating 12 million new jobs and encouraging consumer spending following the end of anti-virus controls that kept millions of people at home. The Cabinet planning officials announced no details of spending or other initiatives to revive growth that slumped to 3 per cent last year, the second-lowest in decades. But they said they plan an array of measures to meet goals announced Sunday by Premier Li Keqiang by raising incomes and encouraging innovation. Efforts to revive the Chinese economy have global implications after weak retail, auto and housing sales depressed demand for imports. The country is the biggest export market for its Asian neighbours and an important revenue source for Western companies. There are many policy tools in our toolbox, the deputy chairman of the National Reform and Development Commission, Li Chunlin, said at a news conference held durin