Page 14 - Chinese Economy

Chinese economy at 'critical stage of stabilisation': Premier Li Keqiang

China's economy, hit by the stringent zero-COVID policy, is currently passing through a critical stage of stabilisation, Premier Li Keqiang has said as he asked the provinces to tighten their belts and put existing assets to better use to consolidate the recovery. Li's call on Tuesday came as the world's second-largest economy showed signs of stress due to periodic COVID lockdowns in top Chinese cities like Shanghai and Shenzhen as well as China's travel restrictions limiting travel with the rest of the world to control the pandemic within the country. The second-ranking leader of the ruling Communist Party of China (CPC) who is set to retire this year after a 10-year stint, presided over a symposium on the economic situation at Shenzhen, China's top industrial city, in which leading officials of six major economic provinces -- Guangdong, Jiangsu, Zhejiang, Shandong, Henan and Sichuan -- took part via video link. Li stressed efforts to shore up market entities, stabilise employment

Oil prices fall as recessionary worries weigh on energy demand outlook

Oil prices fell on Tuesday, extending losses from the previous session, after economic data from China spurred fresh concerns about a potential global recession that could hit energy demand

China hits 'liquidity trap' as low lending rates fail to spur bank loans

China's Central bank data showed a sharp slowdown in aggregate financing, a broad measure of credit, in July, as new loans and corporate bond issuance weakened

China's largest chipmaker warns of rapid freeze as smartphone demand skids

China's largest chipmaker reported revenue rose 42% to $1.9 billion in the second quarter, generally in line with expectations

China consumer inflation in July reaches 2-year high as pork costs surge

The consumer price index in China rose 2.7% last month from a year earlier as pork prices surged 20.2%

Property crisis threatens to drag down a third of China's steel industry

Almost a third of China's steel mills could go into bankruptcy in a squeeze that's likely to last five years

Asia shares off to sluggish start, China data soft on Wall Street

Asian share markets got off to a slow start on Monday as disappointing Chinese economic data fed doubts last week's rally on Wall Street could be sustained in the face of determined policy tightening

Chinese factory activity sinks in July, weighing on weak economy: Survey

Chinese manufacturing's recovery from anti-virus shutdowns faltered in July as activity sank, a survey showed on Sunday

China backs away from growth goal target, sticks to Covid control measures

China acknowledged the struggling economy won't hit its official 5.5% growth target this year and said they will try to prop up sagging consumer demand but will stick to strict anti-Covid tactics

China banks rush to raise debt as slowdown hikes potential bad loans

A record amount of fresh money has come from financial markets in China, with banks selling 29% more bonds in the first half of the year compared to last year

China's appetite for commodities is wavering after years of growth

Energy imports in particular plunged in June, capping a weak first half that may foreshadow a rare annual decline in purchases across many commodities

China's economy strengthens in July despite housing crisis, covid woes

The center of China's covid outbreak has shifted over the last month, with cases low in Shanghai and surrounding provinces but rising elsewhere, with some new lockdowns and restrictions being imposed

China raises loan-support efforts for developers amid mortgage boycott

Asks banks to meet financing needs; officials consider temporary waivers

China property sector major drag on economy; contracts for 4th straight qtr

Output in the real estate industry, a key economic contributor, contracted 7% in the second quarter from a year ago, the National Bureau of Statistics said in a report Saturday

China's exports bounce back, but global risks darken trade outlook

China June export grows at fastest pace in 5 months; trade surplus at record, but export outlook still faces uncertainty

Chinese currency weakens 260 pips to 6.7246 against dollar in early trade

The central parity rate of the yuan against the US dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day

IMF warns of risks from China's slowing Covid-19 vaccination rates

About 375 million people over the age of 15 in China have yet to receive three doses of a vaccine, while the daily vaccination rate has fallen below 800,000 per day

Xi Jinping reaffirms growth target that analysts say is out of reach

Chinese President Xi Jinping pledged to meet economic targets for the year even as the government's zero tolerance approach to combating Covid outbreaks

Desperate Chinese property developer willing to 'swap wheat for house'

Property developers are scrambling to boost sales after a nosedive in transactions in January to May amid China's strict Covid-19 curbs

Even without a lockdown, Beijing's economic activity declined in May

Industrial output in the capital city dropped nearly 40% in May, worse than Shanghai's almost 28% drop