Page 7 - China Economy

China's economy grows 5% in 2024, driven by exports, stimulus measures

China's economy expanded at a 5% annual pace in 2024, slower than the year before but in line with Beijing's target of around 5% growth, helped by strong exports and recent stimulus measures. In quarterly terms, the economy grew 5.4% in October-December, the government reported Friday. Exports accelerated as companies and consumers rushed to beat potential tariff hikes incoming President-elect Donald Trump may impose on Chinese goods. The national economy was generally stable with steady progress and new achievements were made in high-quality development, according to the report by the National Bureau of Statistics on Friday. Particularly, with a package of incremental policies being timely rolled out, the social confidence was effectively bolstered and the economy recovered remarkably, it said. Manufacturing was a strong engine for growth last year, with industrial output jumping 5.8% from a year earlier. Total retail sales of consumer goods grew 3.5% at an annual rate. Exports

Bessent criticises China's economic practices, proposes sanctions on Iran

During the Senate confirmation hearings, Bessent called China an 'unbalanced economy,' and described the nation as being in a 'severe recession'

China likely to cut pay by half for staff at its top 3 financial regulators

Staff at the People's Bank of China (PBOC), National Financial Regulatory Administration (NFRA) and China Securities Regulatory Commission (CSRC) will see total income slashed by about hal

China's exports grew 10.7% in Dec amid uncertainty over trade tariffs

Imports surprised to the upside with 1.0 per cent growth, the strongest performance since July 2024

Britain's Treasury chief in China to revive economic, financial talks

Britain's Treasury chief is travelling to China this weekend in a bid to boost economic and financial cooperation between the countries, as the UK's Labour government seeks to reset strained ties with Beijing. Rachel Reeves will seek stability in the United Kingdom's relationship with China and aim to help grow Britain's lackluster economy, the Treasury said on Friday. She will travel to Beijing and Shanghai and meet with her Chinese government counterpart, Vice Premier He Lifeng. A focus of Reeves' trip is reviving the China-UK Economic and Financial Dialogue annual bilateral talks that have been suspended since 2019 due to the COVID-19 pandemic and deteriorating relations in recent years. The British side wants the dialogue to help bring down barriers that UK businesses face when looking to export or expand to China. The talks were shelved after ties soured following a series of spying allegations from both sides, China's support for Russia in the Ukraine war and a crackdown on

China expands consumer trade-in programme to revive consumer spending

With billions in subsidies, the initiative aims to attract new consumers, but experts are divided on whether it will drive lasting change or just provide a short-term economic boost

China's consumer prices stall in 2024 due to feeble domestic demand

A combination of job insecurity, a prolonged housing downturn, debt and tariff threats from the incoming administration of US President-elect Donald Trump has hit demand

China's service sector rises to 7-mth high, but overseas orders decline

The growth pace was the fastest since May 2024, driven by the surge in domestic demand

China service activity hits 7-month high but US fears dent hope: Caixin PMI

The growth pace was the fastest since May 2024, surpassing the 50-mark that separates expansion from contraction on a monthly basis

China to expand subsidies on smartphone purchases in bid to lift spending

The move is part of China's efforts to encourage consumption to offset the effects of any new US tariffs on Chinese exports, which have been a key growth driver

China's central bank warns mutual funds against feeding bond frenzy

The pressure on fund managers comes as Beijing faces the daunting task of reviving consumption and the economy after a real estate crisis put a damper on growth

Oil set for weekly gains as market eyes US, Chinese policy support

Signs of Chinese economic fragility heightened expectations of policy measures to boost growth in the world's top oil importer

China gives govt workers first big pay hike in a decade to boost economy

On a combined basis, the immediate payout would amount to a one-time shot to the economy of between about $12 billion and around $20 billion

Why India and China should admit that their economies are intertwined

A lot has changed. Both nations are more than a little concerned about how they will revive slowing growth

China's manufacturing activity growth slows as recovery remains bumpy

The Caixin manufacturing purchasing managers index fell to 50.5 from 51.5 in November, according to a statement released by Caixin and S&P Global on Thursday

Factors behind China's declining productivity and economic slowdown

One key issue contributing to this downturn is the country's declining total factor productivity (TFP), a measure of how efficiently inputs like labour and capital are used to generate output

China's Dec residential property sales stay flat in sign of stabilisation

The value of new-home sales from the 100 biggest real estate companies for the month remained unchanged from a year earlier at 451.4 billion yuan

Record Chinese youth flock to civil services on prospect of job security

Applicant numbers, which surged by over 400,000 from last year and have tripled since 2014, reflect the huge demand for stability

India, China to Germany and UK: How major economies performed in 2024

While India and US have optimistic outlooks going into 2025, Germany and UK may see sluggish growth

China urges more aid for people in need as economic challenges persist

China's economy has struggled to gather steam this year, mainly due to a protracted property crisis and weak domestic demand