Page 5 - China Gdp

China increasing weapons sales to Russia to support war against Ukraine

China has surged sales to Russia of machine tools, microelectronics and other technology that Moscow in turn is using to produce missiles, tanks, aircraft and other weaponry for use in its war against Ukraine, according to a US assessment. Two senior Biden administration officials, who discussed the sensitive findings Friday on the condition of anonymity, said that in 2023 about 90 per cent of Russia's microelectronics came from China, which Russia has used to make missiles, tanks and aircraft. Nearly 70 per cent of Russia's approximately USD 900 million in machine tool imports in the last quarter of 2023 came from China. Chinese and Russian entities have also been working to jointly produce unmanned aerial vehicles inside Russia, and Chinese companies are likely providing Russia with nitrocellulose needed to make propellants weapons, the officials said. Beijing is also working with Russia to improve its satellite and other space-based capabilities for use in Ukraine, a development

Subsidy investigations by EU trouble Chinese, European cooperation: China

The Chinese commerce official said it would be the fourth investigation initiated by the European Union in the past two months using foreign subsidies legislation against Chinese companies

China rejects Fitch's ratings of its fiscal outlook, says economy 'stable'

China's Finance Ministry denounced a report by Fitch Ratings that kept its sovereign debt rated at A+ but downgraded its outlook to negative, saying Wednesday that China's deficit is at a moderate and reasonable level and risks are under control. Risks to China's public finances are rising, Fitch said, as Beijing works to resolve mounting local and regional government debts and to shift away from heavy reliance on its troubled property industry to drive economic growth. But while slower growth is adding to the challenges of coping with heavy borrowing, Fitch said it kept China's A+ rating due to its large and diversified economy, its vital role in global trade and its huge foreign exchange reserves. The Finance Ministry said it was a pity that Fitch had downgraded its sovereign debt and faulted its methods, saying it had failed to take into account Beijing's moves toward appropriately intensifying, improving quality and efficiency of its government spending. In the long run, ...

BS Manthan: 'India should chart own path to shed West's China-plus tag'

Say foreign companies only shifting incremental investments from China, not uprooting themselves.

China relaxes rules governing cross-border data flows on business pressure

"The relaxations are meaningful. This is the government's response to foreign companies' complaints," said Tom Nunlist, an analyst at consultancy Trivium

Elderly retirees face financial losses after Chinese trust goes bust

Some investors in a troubled trust fund in China are facing financial ruin under a government plan to return a fraction of their money, casualties of a slump in the property industry and a broader economic slowdown. Sichuan Trust, headquartered in the southwest city of Chengdu, announced it was insolvent in 2020, stricken by sketchy accounting and failed investments in shopping malls and other projects. A deadline earlier this month to accept a 20%-60% haircut or loss on their investments has left some investors in deep financial trouble, according to public announcements and AP interviews with five people affected. China's economy, the world's second largest, depends heavily on real estate development to drive growth and create jobs. Property prices and sales have languished after a crackdown on what leaders viewed as dangerous levels of borrowing, causing dozens of developers to default on their debts. At the National People's Congress session in Beijing last week, officials pledg

China to improve childbirth policies, support growing elderly population

China will pursue a "proactive national strategy in response to population aging," the reports said

China's factory activity rises on expansion in output, orders: Caixin PMI

The upbeat results, however, contrasted with an official survey released earlier in the day showing factory activity contracted for a fifth straight month

Chinese firms step up hiring, wages remain sluggish amid high competition

China resumed publication this year, excluding college students from the data, to put youth unemployment at 14.9% in December

CCP Politburo vows to meet growth targets amid China's slow recovery

The Politburo also pledged to speed up development of 'new productive forces,' a vague new slogan favored by Xi that refers to fresh engines of economic growth

India decides to study the proposal for Brics currency, minus China

For India, a currency common with China is a big anathema, primarily because of the adversarial position Beijing has pursued politically and economically with India, which has only hardened

China markets regulator to protect small investors as stocks hit 5 yr lows

Chinese shares gyrated on Monday, sinking to 5-year lows, after stock market regulators sought to reassure jittery investors with a promise to crack down on stock price manipulation and malicious short selling. Shares in Shanghai and the smaller market in Shenzhen, near Hong Kong, swung between big losses and small gains throughout the day. The markets have languished on heavy selling of property shares that have suffered with a slump in the real estate market. Market observers said there were signs the authorities had, as is often the case, ordered big institutional investors to step up buying of state-owned banks and other heavyweights. The Industrial & Commercial Bank of China gained 2.3%, Bank of China was up 2.6% and the Agricultural Bank of China rose 2.2%. But shares still mostly lost ground. The Shenzhen Component index lost 1.1% after dipping as much as 4.4%. The Shanghai Composite index shed 1% to 2,702.19, having lost 3.5% earlier. Wilder swings were seen in the CSI ...

Suspicions arise on accuracy of China's official GDP growth data: Report

One divergence centers around Beijing's investment data, which shows surging manufacturing and infrastructure spending outweighed the drag from property

Blinken meets Chinese, Japanese diplomats, seeks stability in Taiwan

Secretary of State Antony Blinken met a senior Chinese diplomat on Friday, as the Biden administration seeks to mitigate tensions over Taiwan as the island holds its presidential election. Blinken sat down with Liu Jianchao, the Chinese Communist Party's international minister. Hours later, he met with Yoko Kamikawa, the foreign minister of Japan, one of the United States' strongest allies in Asia. The Biden administration is seeking to keep down tensions in the Taiwan Strait if the governing Democratic Progressive Party, known to lean toward independence, should prevail in Saturday's election. Beijing, which considers Taiwan to be part of Chinese territory, has suggested to voters that they could be choosing between peace and war. The U.S. is not supporting any candidate in Taiwan's presidential election and plans to send an unofficial delegation to the island shortly after the election. In addition to Taiwan, Blinken and Kamikawa discussed the wars in Ukraine and the Middle East

India's oil demand growth expected to remain strong in FY24: Analysts

Forecast of higher demand come amid industrial slowdown fears in China

China's economy has become 'more resilient, dynamic', says President Xi

Chinese President Xi Jinping said on Sunday that China's economy has become "more resilient and dynamic than before" as he vowed to consolidate and strengthen the momentum of economic recovery and work to achieve long-term economic development. "We have gone through the test of winds and rains, have seen beautiful scenes unfolding on the way, and have made plenty of real achievements. We will remember this year as one of hard work and perseverance. Going forward, we have full confidence in the future, Xi said in his 2024 New Year message. Xi said that as China achieved a smooth transition in COVID-19 response efforts, its economy has sustained the momentum of recovery, and steady progress has been made in pursuing high-quality development in the outgoing year, state-run Xinhua news agency reported. "Having weathered the storm, the Chinese economy is more resilient and dynamic than before, he said. Xi said that while pursuing its development, China has also embraced the world and ..

US jobs numbers to show payrolls increase by 170k, eases pay growth

The median forecast in a Bloomberg survey of economists also calls for a 3.9% increase in average hourly earnings from a year earlier, the smallest annual gain since mid-2021

People's Bank of China offers record $112 bn of cash as economy struggles

China's economy has struggled this year as a rebound from restrictive Covid Zero policies proved to be weaker than expected and the property crisis deepened

China to run budget gap of 3% of GDP in 2024, issue special debt: Report

"The 2024 deficit ratio is set to be 3% and the insufficient part can be supplemented by special sovereign debt," one of the sources said

China mysterious disease outbreak: Indian exporters fear likely impact

To compound the issue, China, the world's second-largest economy, is already slowing down and grappling with a crisis in its real estate market