Page 8 - Chinese Economy

China Evergrande soars after property developer's stocks resume trading

Shares of debt-laden property developer China Evergrande Group soared Tuesday after they resumed trading in Hong Kong following a suspension last week. By midday, Evergrande's shares were up nearly 16 per cent after jumping more than 60 per cent early in the session. Evergrande is the world's most heavily indebted real estate developer and is at the center of a property market crisis that is dragging on China's economic growth. The company's stock was suspended from trading last week as it confirmed Chinese police were investigating its chairman, Hui Ka Yan, on suspicion of illegal crimes. An affiliate, Evergrande Property Services, also resumed trading Tuesday, according to a notice on the Hong Kong Stock Exchange. However, trading of shares in China Evergrande New Energy Vehicle Group remained suspended pending the release of an announcement in relation to inside information of the firm, a notice to the Hong Kong exchange said. Both units halted trading last week. China Evergra

China central-bank adviser proposes structural reforms to revive economy

Fiscally, Chinese governments at various levels are under stress, he told the annual Bund Summit conference

China exports decline slower than expected in Aug as economy under pressure

China's exports declined at a slower pace in August, even as the world's second-biggest economy remains under pressure from weaker demand both domestically and abroad. Exports for August slumped 8.8 per cent from the same time last year, totalling USD 284.87 billion, and were slower than the 14.5 per cent last month, according to customs data on Thursday. Imports slid 7.3 per cent from a year ago to USD 216.51 billion, but beat consensus estimates of a 9 per cent decline. China's trade surplus contracted 13.2 per cent to USD 68.36 billion, lower than the USD 80.6 billion in July. Chinese leaders have in recent months rolled out several policy measures to shore up the economy after a post-COVID rebound fizzled earlier than expected. China's central banks have eased borrowing rules, relaxing borrowing rules and lowering mortgage rates for first-time home buyers as well as implementing some tax relief measures for small businesses. However, authorities have yet to announce large-sca

China's slowdown means it may never overtake US economy, forecast shows

That's according to Bloomberg Economics, which now forecasts it will take until the mid-2040s for China's gross domestic product to exceed that of the US

Top headlines: India's economy 16.5 yrs behind China, Inflation a key issue

Business Standard brings you the top headlines at this hour

India's economy 16.5 years behind China's, says Bernstein research report

According to International Monetary Fund (IMF) estimates, India should move into fourth place by 2025 and third by 2027 with an economy size of $5.4 trillion

China's economic slowdown alarms international leaders, investors: Report

For the first time in decades, the world's second economy is itself in trouble

Rating agency Fitch cuts China's 2023 GDP growth forecast by 80 bps

Beijing eases down payments, mortgage rates in fresh stimulus move

China's worsening economic slowdown is sounding alarm bells across globe

Policymakers are bracing for a hit to their economies as China's imports of everything from construction materials to electronics slide

Unpaid workers, silent sites: China's property woes hit Country Garden

We are all worried," said a labourer surnamed Wang, 50, who said he had stopped work at the Yunhe Shangyuan site last week

How China's faltering growth threatens to derail commodities markets

Commodities have so far held up better than other assets as the economy has worsened. Freed from the constraints of the pandemic, fuel consumption has risen

China's economy in distress, its successful growth model 'broken': Report

China's economy, the world's second-largest, is now in deep distress and its successful model of growth for 40 years stands broken, a prominent American financial publication has said, noting that signs of trouble extend beyond China's dismal economic data to distant provinces. The Wall Street Journal in a major Sunday story wrote that economists now believe China is entering an era of much slower growth, made worse by unfavourable demographics and a widening divide with the US and its allies, which is jeopardising foreign investment and trade. Rather than just a period of economic weakness, this could be the dimming of a long era, it commented. "Now the (economic) model is broken," the financial daily said. We're witnessing a gearshift in what has been the most dramatic trajectory in economic history, Adam Tooze, a Columbia University history professor who specialises in economic crises, was quoted as saying by the Wall Street Journal. According to the report, the total debt, ...

China urges banks to boost loans to support recovery, cut debt risks

Major financial institutions, especially big state-owned banks, must increase loan disbursements and avoid big fluctuations in lending

Evergrande's bankruptcy highlights China's real estate crisis: Experts

The filing for bankruptcy by Evergrande, Chinese real estate giant signals the beginning of Beijing's real estate crisis, CNN reported on Friday.

Dollar set for fifth straight week of gains as China stays top of mind

The People's Bank of China (PBOC) set a much stronger-than-expected daily fixing, lifting the yuan from a 9-month low hit on Thursday

Slowing economy, credit crunch: What's ailing China's real estate sector?

On Thursday, one of the biggest Chinese real estate groups, Evergrande, filed for bankruptcy protection under Chapter 15 in New York

Chinese banks challenged as economy wobbles, property market woes mount

Exposure to local government financing vehicles and a deflationary economy is compounding the pressure, Bloomberg Intelligence analyst Francis Chan said

Oil rises on strong travel demand, China's move to soothe economic woes

Brent crude futures rose $1.24, or 1.5% to $84.70 a barrel by 11:18 a.m. ET (1518 GMT). U.S. West Texas Intermediate crude (WTI) was up $1.48, or 1.8% at $80.86 a barrel

Xi calls for patience as Communist Party tries to reverse economic slump

Chinese leader Xi Jinping has called for patience in a speech released as the ruling Communist Party tries to reverse a deepening economic slump and said Western countries are increasingly in trouble because of their materialism and spiritual poverty. Xi's speech was published by Qiushi, the party's top theoretical journal, hours after data Tuesday showed consumer and factory activity weakened further in July despite official promises to support struggling entrepreneurs. The government skipped giving an update on a politically sensitive spike in unemployment among young people. Xi, the country's most powerful leader in decades, called for China to build a socialist ideology with strong cohesion and to focus on long-term goals of improving education, health care and food supplies for China's 1.4 billion people instead of only pursuing short-term material wealth. Since taking power in 2012, Xi has called for restoring the ruling party's role as an economic and social leader and has ..

China dragging global smartphone market to worst year in a decade

"Asia is one of the major hurdles to positive growth, as headwinds halt the economic turnaround anticipated for China," the report said