Page 37 - China Economy

China budget deficit hits record high amid tax rebates, Covid pain

The drop in revenue just as more spending is needed will force local authorities to either boost their already heavy debt burden or accept weaker economic growth

China's economy shows mixed recovery in May with consumers under strain

The recovery of China's industrial output was helped by a rebound in the car sector as auto production centers like Jilin and Shanghai reopened

High prices drag India discounts to 7-week low; China demand sluggish

High prices have slumped Indian discounts and the Chinese market has also remained unpromising for the time being

China May services activity contracts for third straight month: Survey

Analysts say weakness in the services sector, which accounts for about 60% of China's economy and half of urban jobs, is likely to persist under the government's zero-Covid policy

China in danger of exporting fresh inflation turmoil, shows survey

China's Covid-zero strategy is set to stay in place for the rest of the year, intensifying the world's supply-chain woes and challenging efforts by central bankers to rein in inflation

China's Premier offers bleak outlook as hope of meeting GDP target fades

Latest official data showed a contraction in industrial output for the first time since 2020 and a jump in the surveyed jobless rate to 6.1% in April, close to a record

China's economy worse off in some ways than 2020, says Premier

Li Keqiang tells officials to lower nation's unemployment rate; economists expect China to miss growth target this year

China cuts borrowing rate more than expected to revive housing sector

China, in a monthly fixing, lowered the five-year loan prime rate (LPR) by 15 basis points to 4.45%, the biggest reduction since China revamped the mechanism in 2019

China's stimulus tops $5 trillion as Covid zero policy batters economy

"The mainstay of policy this year is fiscal spending and government investment, while the central bank is only playing a supportive role so far," said David Qu, China economist

Chinese economy continues to face pressure due to Covid, Ukraine crisis

Investment management Morgan Stanley has forecast that global economic growth would be less than half of 2021 due to the Russia-Ukraine conflict and the surge of Covid-19 in China

China's zero-Covid policy dashes global hopes for quick return to normal

Calculations based on International Monetary Fund projections show China's expected average annual contribution to global economic growth through to 2027 at about 29%

Oil prices climb in early trade on hopes of China demand recovery

Oil prices rose more than $1 a barrel in early Asian trade on Wednesday on hopes of demand recovery in China as the country gradually eases some of its strict Covid measures

China's fiscal revenue down 4.8% YoY in January-April, shows data

China's fiscal revenue dropped 4.8 per cent year on year in the first four months of this year, a new data showed.The country's fiscal revenue amounted to about 7.43 trillion yuan (about 1.1 trillion U.S. dollars) during the period, according to the Ministry of Finance.Excluding the impact of value-added tax (VAT) credit refunds, the fiscal revenue, however, grew 5 per cent from a year earlier.The central government and local governments collected 3.46 trillion yuan and 3.97 trillion yuan in fiscal revenue, down 5.7 per cent and 3.9 per cent, respectively, as per Xinhua News Agency.Tax revenue came in at 6.23 trillion yuan in the January-April period, down 7.6 per cent year on year.Fiscal spending rose 5.9 per cent year on year to 8.09 trillion yuan in the first four months.China started to issue VAT credit refunds on a large scale in April. The total value of such refunds reached about 800 billion yuan last month, as per the media portal.In 2022, tax refunds and cuts are expected to .

China says economy reviving as stringent anti-virus curbs ease in Shanghai

About half of the 9,000 biggest industrial enterprises in Shanghai are back at work after controls that shut down most of the city starting in late March eased

Chinese economy skids as Covid lockdowns hit factories, retailers

Full or partial lockdowns were imposed in major centres across the country in March and April, including the most populous city Shanghai, hitting production and consumption

Chinese govt fights economic slump, prioritises costly 'zero Covid'

China kept infection numbers low until early this year with a strategy that shut down cities, but entailed soaring costs

China risks 1.6 mn deaths if 'Covid Zero' is abandoned: Shanghai univ study

The research comes as WHO chief Tedros Adhanom Ghebreyesus called on China to rethink its strategy.

Chinese yuan down 567 pips to 6.68 against US dollar amid economic slowdown

Amid the COVID-19 induced slowdown, the Chinese economy faces twin challenges of the shrinking job market and an aging population, according to a report

China to provide 300 mn yuan loan to Sri Lanka amid economic crisis

China has decided to provide a loan of 300 million yuan to Sri Lanka amidst the unprecedented economic crisis in the island nation.The total amount of emergency grants provided by China has increased to 500 million Chinese Yuan, which is USD 76 million.The Chinese Embassy in Sri Lanka, in a tweet, said that to "support Sri Lankan people at this trying times, China has decided to provide another 300 million RMB of aid to Sri Lanka for the urgently needed drugs, food and fuels etc., which increases the total emergency grant from China to 500 million RMB (approximately 76 million USD)."Currently, Sri Lanka is grappling with food and electricity shortages, affecting many people. Such an economic crisis has forced Sri Lanka to seek help from its neighboring countries to provide them with basic amenities.While Sri Lanka faces its worst economic crisis since independence, many believe that China's "debt-trap diplomacy" is behind the crisis.China has always kept its interests at the forefront

China's stringent Covid curbs threatens to derail world's emerging markets

Fresh Covid outbreaks are spooking global investors who fear shutdowns in China will echo across the world by lowering demand and disrupting supply chains