Page 7 - Chinese Economy

India, China discuss full disengagement, resolving issues along LAC

The 29th meeting of the Working Mechanism for Consultation and Coordination on India-China Border Affairs has been held and the two sides had an in-depth exchange of views on how to achieve "complete disengagement" and resolve the remaining issues along the LAC, the MEA said on Thursday. The key meeting was held in Beijing on March 27, it said in a statement. "The two sides had an in-depth exchange of views on how to achieve complete disengagement and resolve the remaining issues along the Line of Actual Control (LAC) in the Western Sector of India-China border areas," the Ministry of External Affairs (MEA) said. Joint Secretary (East Asia) from the MEA led the Indian delegation. The Chinese delegation was led by Director General of the Boundary and Oceanic Department of the Chinese Ministry of Foreign Affairs, the statement said. "In the interim, both sides agreed to maintain regular contact through diplomatic and military channels and on the need to uphold peace and tranquility o

China to promote currency swaps, reinforce cooperation with Asian economies

Bilateral currency swaps can facilitate trade and investment and are a useful addition to the global financial safety net, Governor Pan Gongsheng told the annual gathering of the Boao Forum for Asia

Tim Cook's love for China helps Xi Jinping fight fears of economic slump

The People's Daily newspaper, an official mouthpiece for the Chinese Communist Party, has said that China is an indispensable part of the global supply chain

China must reinvent itself to turn economy around, says IMF's Georgieva

Officials who spoke at the opening of the China Development Forum expressed confidence China would hit its economic targets, including growth of about 5% this year

Exit the dragon: MSCI EM ex-China assets top $11 bn as pessimism grows

India stands to benefit most from increasing flows into index excluding China

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's consumer prices up first time in 6 months on Lunar New Year gains

The consumer price index (CPI) climbed 0.7% year-on-year in February, data from the National Bureau of Statistics (NBS) showed on Saturday

China says it will improve real estate sales in 'forceful', 'orderly' way

Some developers should be allowed to go bankrupt or restructured according to legal and market-based rules, Ni said told press conference on sidelines of the annual meeting of parliament in Beijing

China retains 5% growth target as economy struggles to shake off slowdown

The country expects to create over 12 million jobs in urban areas and keep the surveyed urban unemployment rate at around 5.5 per cent this year, Chinese Premier Li Qiang said

China's services activity growth momentum softens in Feb: Caixin PMI

Despite robust activity during the eight-day Lunar New Year holidays, the expansion rate of new business was little-changed from January, the Caixin survey showed

China's Premier Li Qiang urges stronger economic, trade ties with US

"Strengthening economic and trade cooperation is a win-win situation for both countries," Li told the delegation led by Chamber of Commerce chief Suzanne Clark

China's coast guard to ramp up patrols in Taiwan after two fishermen die

China is stepping up patrols in the waters off the coast of Taiwan's Kinmen archipelago, days after two of its fishermen drowned while being chased by the Taiwanese coast guard, which accused the boat of trespassing. The Chinese coast guard's Fujian division will regularly monitor the waters off the southern coast of the city of Xiamen a few kilometers from Kinmen to strengthen maritime law enforcement, said the coast guard's spokesman, Gan Yu, in a statement Sunday. Fishermen from Taiwan and China regularly sail that stretch of water which has seen a rise in tensions as the number of Chinese vessels including sand dredgers and fishing boats have notably increased in the area. Kinmen residents have complained of both the noise and sound pollution from the vessels, as well as losses to their livelihood in fishing. The fishermen's deaths are unusual despite the level of Chinese activity in the waters near Kinmen, which is closer to China than it is to Taiwan's main island. China

Chinese minister says trying to cut country out of trade would be mistake

China's foreign minister told a gathering of international security policy officials Saturday that trying to shut China out of trade in the name of avoiding dependency would be a historic mistake. Wang Yi spoke at the Munich Security Conference. Host Germany wants to avoid over-reliance on trade with an increasingly assertive China and diversify its supply of key goods in an approach it calls de-risking. That's in line with the approach of other industrial powers in the Group of Seven, which has stressed that it doesn't seek to harm China or thwart its development. Beijing has criticized the strategy. Today ... more people have come to realize that the absence of cooperation is the biggest risk, Wang said through an interpreter. Those who attempt to shut China out in the name of de-risking will make a historical mistake. The world economy is like a big ocean that cannot be cut into isolated lakes, he added. The trend toward economic globalisation cannot be reversed. We need to wor

India narrows gap with China in key MSCI index with weight hitting new high

In comparison, China's weight in the index fell to 25.4 per cent after the February revision, from 26.6 per cent a year ago

Chinese state fund to expand share holdings to help support equity markets

A Chinese state investment fund has promised to expand its purchases of stock index funds to help markets that have been sagging under heavy selling pressure from a property crisis and slowing economy. Shares logged moderate gains on Tuesday after the announcement by Central Huijin Investment, a Chinese sovereign fund that owns China's state-run banks and other big government-controlled enterprises. The fund has stepped up buying of shares in big state-owned banks and other companies to counter heavy selling pressure in the Chinese markets. On Monday, benchmarks in Shanghai and the smaller market in Shenzhen bounced between small gains and big losses, while share prices of state-run banks and other big companies rose. The move followed warnings by the market regulator of a crackdown on market manipulation, insider trading and other abuses and promises to protect smaller investors who usually account for the majority of trading in Chinese markets. The market watchdog, the China ...

China's factory activity shrinks again in January, demand still weak

The composite PMI, which includes manufacturing and services, was at a four-month high of 50.9 in January compared with 50.3 the previous month

Taiwan holds military drills to defend against threat of Chinese invasion

Almost every day, Chinese warships sail in waters around Taiwan and warplanes fly toward the island before turning back. What if they suddenly attacked? Taiwan's military began a two-day drill at sea and in the air on Wednesday to practice defending against such a surprise attack. Journalists observed the training from fast boats that escorted a mine-laying ship. Any unilateral irrational action could very easily escalate tensions and sabotage stability in the Taiwan Strait region, Maj. Gen. Sun Li-fang, a defence ministry spokesperson, told reporters at the Tsuoying Naval Base in southern Taiwan. China claims the self-governing island of 23 million people as its own territory and says it must come under Beijing's control. The long-running divide is a flashpoint in US-China relations. As relations between the rivals have deteriorated in recent years, fears have grown that America could get pulled into a war if hostilities break out. Taiwan's defence ministry, in a daily report, sa

Court orders Evergrande to liquidate after it failed to reach debt deal

A Hong Kong court on Monday ordered property developer China Evergrande Group to liquidate after it was unable to reach a restructuring deal with creditors. Judge Linda Chan said it was appropriate for the court to order Evergrande to wind up its business given a lack of progress on the part of the company putting forward a viable restructuring proposal as well as Evergrande's insolvency. Evergrande was granted an earlier reprieve after it said it was attempting to refine a new debt restructuring plan of more than USD 300 billion in liabilities. Evergrande, the world's most indebted property developer, is one of many property firms that ran into trouble when Chinese regulators cracked down on excessive borrowing in the real estate sector. The company first defaulted on its financial obligations in 2021, just over a year after Beijing clamped down on lending to property developers in an effort to cool a property bubble.

China expands access to loans for developers, acting to end debt crisis

China has rolled out new rules meant to expand access to commercial bank loans for property developers as Beijing doubles down on its effort to end a prolonged crisis in the real estate industry. The policies will allow real estate companies to use bank loans pledged against commercial properties such as offices and shopping malls to repay their other loans and bonds and to cover operating expenses. They were announced late Wednesday by the People's Bank of China, the National Financial Regulatory Administration and the Finance Ministry. Beijing has moved this week to stabilise ailing financial markets and boost the economy by freeing up more money for lending in various ways. That includes cutting required bank reserves. The flurry of new measures and pronouncements from senior Communist Party officials about the need to stabilise financial markets and build confidence in the economy, the world's second largest, appears to reflect a renewed determination to get growth back on ...

Best of BS Opinion: China's long stumble, importance of Asean & more

Here is the best of Business Standard's opinion pieces for today