Page 29 - China Economy

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

All weather ally China approves $1.3 billion for cash-strapped Pakistan

Cash-Strapped Pakistan sees a ray of hope as the Industrial and Commercial Bank of China (ICBC) approved the rollover of USD 1.3 billion facilities.

Growth and glory: Might the two Asian cheetahs end up in another dead heat?

Most forecasters had it that India would do significantly better than China in FY24, but the scenario has undergone a change in recent weeks, as China has altered course dramatically, writes T N Ninan

China's Covid Zero policy broke the system that keeps its factories running

The slow return of migrant workers shows how China's economic outlook remains uncertain, despite Beijing's desire to put the chaos of Covid Zero behind it

India calls on China to take losses on loans in poor-nation debt rework

China needs to come out openly and say what their debt is and how to settle it," said Amitabh Kant, the sherpa for India during its presidency of the Group of 20 forum of the world's biggest economies

Metals eye up to 15% gain amid China reopening, likely capex push in Budget

Over half of the stocks in Nifty Metal Index are trading with a bullish sentiment ahead of Budget 2023,

China's realty magnate Hui Ka Yan loses 93% wealth amid slowdown in sector

Hui, once one of China's richest and most influential titans, bridging business and high-level politics lost 93 per cent of his fortune

Chexit, in parts: Reshoring, friend-shoring and billions of dollars in sops

Good or bad, India's current policy thrust on PLIs, capital subsidies, etc, is in line with the East Asian trend, if not global, notes T N Ninan

China introduces IceBurial tech amid rising number of Covid deaths

Amid the rising number of deaths in China due to COVID-19, it has introduced IceBurial technology which covers first-hand info and unique insights about China and the Chinese Communist Party

China's Covid deaths expected to hit 36,000 a day during holiday

"China will likely experience "one longer, more severe Covid wave," rather than repeat peaks and valleys"

China's economic growth falls to 3% in 2022, not even half 2021's rate

China's economic growth fell to 3 per cent last year under pressure from antivirus controls and a real estate slump but is gradually reviving after restrictions that kept millions of people at home were lifted. Growth of the world's second largest economy slid to 2.9 per cent over a year earlier in December from the previous month's 3.9 per cent, government data showed Tuesday. Forecasters say activity is reviving but wary consumers are returning only gradually to shopping malls and restaurants amid a surge in COVID-19 infections. The government says the peak of that wave appears to have passed. Last year's expansion was less than half of 2021's 8.1 per cent growth.

China's 'economic reboot' to offer boost to flagging world economy

A domestic recovery in China will lend itself to firmer import demand and the purchases of foreign brands

The year's biggest question mark: China

Investors have responded well to bits of optimistic news since late October, but no one can be certain that there is money to be made in China

China's exports slump 9.9% in December as global demand continues to drop

Export growth was robust for most of 2022, providing some support for the world's second-largest economy as it was hit by a housing market slump and weak consumer demand

China consumer inflation accelerates in Dec; PPI falls with soft demand

China abandoned its strict zero-Covid measures last month, lifting lockdowns, removing quarantine and halting regular testing. As a result, economists expect inflation to continue to accelerate

China economy recovering but hampered by repeated coronavirus outbreaks

Wang Jian is anxious to get back to work teaching basketball to children now that China has lifted anti-COVID-19 restrictions. But his gym in the eastern city of Shenyang has been closed for a month because all its coaches are infected. The most optimistic forecasts say China's business and consumer activity might revive as early as the first quarter of this year. But before that happens, entrepreneurs and families face a painful squeeze from a surge in virus cases that has left employers without enough healthy workers and kept wary customers away from shopping malls, restaurants, hair salons and gyms. I hope the situation will turn around in March or April with no more COVID shocks, said Wang, 33, who went without a paycheck for four months when the gym closed during virus outbreaks. If parents worry about possible reinfection, they simply won't send their children for training. The abrupt decision by President Xi Jinping's government to end controls that shut down factories and ke

Prez Xi warns China officials to avoid 'collusion' with big business

He also warned against "any infiltration of capital into politics that undermines the political ecosystem or the environment for economic development"

China's open borders mark an end to covid zero, spark homecoming rush

While the Covid zero policy managed to keep the virus at bay for much of the pandemic as it killed millions elsewhere, they became increasingly irrelevant with emergence of more infectious variants