Topic
China’s gross domestic product (GDP) is the value of all goods and services produced within the country during a specific time. Its GDP, and in particular its GDP growth rate, have come under particular focus during the US-China trade war as the export-driven economy struggles under American tariffs. China’s quarterly growth rate averaged 9.4 per cent from 1989 until 2019, reaching an all time high of 15.4 per cent in the first quarter of 1993. But under pressure from the trade war with the United States, China’s growth rate slowed to 6.0 per cent in the third quarter of 2019, which was the slowest since China records began in 1992.
Mixed signals provide an opportunity for some stimulus when stability is paramount, but concerns of consumers must be allayed.
Key data for May proves disappointing and many challenges remain, but China still has some tools in the shed to turn things around.
- Waning confidence in China’s economic growth has been spreading, with its recovery appearing to have fizzled out after registering 4.5 per cent growth in the first quarter
- Global investment banks have revised down their second quarter sequential growth forecasts, down from over 4 per cent on average to around or less than 1 per cent
China will release its second-quarter gross domestic product data in mid-July, while US Treasury Secretary Janet Yellen will visit and attention this month will also be on the yuan exchange rate and the possibility of stimulus measures.
China’s labour resources may keep growing until at least 2040, and many retirees are still capable of working – if utilised, they could help offset pressure from an ageing population
Premier Li Qiang gave the opening address to the World Economic Forum meeting in Tianjin in June, while China’s first home-grown large cruise liner undocked in Shanghai and youth unemployment rose again.
Panellists on the final day of the World Economic Forum said the impact of the coronavirus cannot be underestimated amid China’s slowing recovery, with a focus on medium-term growth measures key to sustainable growth.
Premier Li Qiang told 1,500 foreign-policy makers and business executives at the World Economic Forum meeting in Tianjin on Tuesday that China’s economic growth in the second quarter will be faster than 4.5 per cent in the first quarter.
Research drawing on lessons from Russia’s invasion of Ukraine and its aftermath finds Western countries struggling to coordinate response.
As Chinese leaders push forward a new stimulus plan, heavily indebted governments across the country are still feeling the effects of a crisis that threaten to stand in the way of an economic recovery.
Propping up demand is key, while direct subsidies should also be distributed to consumers, top economists said, with China’s post-coronavirus economic recovery having been hit by a string of weak data.
China’s State Council says it is considering various macroeconomic policies to boost demand and defuse risks.
China is facing a series of headwinds amid its economic recovery, and despite the central bank lowering a short-term lending rate for the first time in 10 months this week, a major stimulus drive is seen as unlikely.
After ChatGPT burst onto the scene, China is looking to artificial intelligence to reinvigorate its economy that is haunted by a debt mountain, coronavirus-related aftershocks and demographic challenges.
Millionaires are also leaving Russia and India, but which countries are the world’s wealthy most keen on immigrating to?
Disappointing manufacturing activity, exports data and youth unemployment have added to China’s sluggish post-coronavirus economic recovery, forcing manufacturers to cut jobs, reduce operating costs and shut down production lines.
Amid worrisome takes on China’s post-Covid recovery, Beijing should release trade and inflation data later this week, while figures on unemployment, investment, industrial output and retail sales are due June 15.
Beijing released guidelines on accelerating the establishment of a unified domestic market in April 2022, which is intended to enable a more efficient and smooth flow of production factors, including labour, goods, capital and data.
Unemployment among China’s youth rose above 20 per cent for the first time, while Hainan is readying for its first durian harvest this year and the C919 completed its first commercial flight in May.
China Nuclear Energy Association report outlines ambitions and hurdles facing an important driver of gross domestic product, with more innovation needed to bolster the nation’s self-reliance in nuclear technologies.
Yang Weimin, vice-chairman of the Beijing-based China Centre for International Economic Exchanges, says China faces seven long-term challenges as it aims to have the same per capita gross domestic product of a mid-level developed country by 2035.
