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China was the first major economy to emerge from the impact of the coronavirus, posting an economic growth rate of 2.3 per cent in 2020. China’s economy had shrunk by 6.8 per cent in the first quarter of 2020 after the coronavirus shut down large swathes of the country, but the following three quarters returned positive growth, highlighted by 6.5 per cent growth in the last three months of 2020. Beijing has set an economic growth target of “above 6 per cent” for 2021, with a record first-quarter growth rate of 18.3 per cent followed by growth of 7.9 per cent in the second quarter of 2021. China's retail sales, industrial production and fixed asset investment have also rebounded from the impact of the coronavirus in 2020.
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.
Caixin/S&P Global manufacturing purchasing managers’ index (PMI) fell to 50.5 in June, down from 50.9 in May, data released on Monday showed.
People’s Bank of China promises ‘comprehensive measures’ to prevent wild swings in the exchange rate as the yuan approaches a key psychological threshold.
The leap in profits came with a nearly 3 per cent uptick in revenue for China’s internet industry, improving from the 1 per cent decline for 2022.
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.
China’s official manufacturing purchasing managers’ index (PMI) rose in June, but remained in contraction for a third straight month amid an overall slowing economic recovery, data released on Friday showed.
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.
But in the wake of an aborted mutiny, buyers and sellers are keeping an even more vigilant eye on Russia’s political and economic situation as they weigh whether this is their ‘best chance’ to gain market share.
But foreign business representatives tell Li at World Economic Forum in Tianjin that they are still waiting for further reassurances from Beijing, over long-held concerns.
Arnault kicked off his tour of China with a visit to a high-end shopping centre, with the billionaire’s efforts to woo Chinese consumers coinciding with the government’s push to build ties with foreign companies.
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.
Chinese president says both countries should improve the environment for business and investment as he welcomes New Zealand leader to Beijing.
Prominent economic and financial writer Wu Xiaobo and two other users are suspended by Chinese social media platform Weibo for ‘disseminating negative and harmful information’ and having ‘hyped up the unemployment rate’.
Premier Li Qiang gave the opening address to the World Economic Forum’s 14th Annual Meeting of the New Champions in the northern port city of Tianjin on Tuesday.
Meituan co-founder Wang Huiwen’s resignation marks one of the latest in a series of senior executive reshuffles at China’s Big Tech companies.
Premier Li Qiang is expected to address the World Economic Forum’s 14th Annual Meeting of the New Champions on Tuesday in the northern Chinese city of Tianjin at a time China’s economy is facing prolonged challenges.
Coronavirus worsened the employment woes for middle-aged workers in China, and while unemployment figures for the 25 to 59 age group are low, many face challenges to find work.
Think tank calls for Beijing to issue 1.5 trillion yuan in treasury bonds to prop up consumption as country faces uneven economic recovery despite Dragon Boat Festival tourism boost.
Science majors, men and graduates from well-known universities are having a better time finding employment in China, Zhaopin CEO Guo Sheng says.
Africa has managed to elevate its status among Chinese traders seeking to expand their overseas business, but safety and stability concerns may still outweigh the benefits of low costs and fewer trade barriers.
Shanghai is inviting foreign businesses to invest in high-quality projects through an ‘global investment partner’ scheme, but the number of European firms with Asia-Pacific headquarters in China’s economic hub has dropped.
Chinese airlines still face complicated domestic and external challenges, and a leading industry association suggests that supportive policies implemented in previous years should be extended until the end of 2024.
European Union Chamber of Commerce in China survey showed less than half of the firms expressed optimism for the Greater Bay Area, which had an economy of 13 trillion yuan (US$1.8 trillion) last year.
Chinese consumers remain cautious on loosening their purse strings, with many inclined to hunt for value for money goods amid a gloomy economic outlook, according to a study by Bain & Co and Kantar Worldpanel.
Jobless rate for China’s 16-24 age group hit a new high in May and is expected to rise further in July and August, with youth unemployment seen to be facing the most difficult time since the ‘reform and opening up’ in 1978.
