China’s leaders vow to fight ‘risks’ plaguing economy
5 months ago

China’s leaders vow to fight ‘risks’ plaguing economy

The Hindu  

Beijing's leaders vowed on July 18 to resolve "risks" plaguing China's economy, but were yet to offer any concrete steps to pull the country out of its financial woes. ‘Market failures’ But Hoo Tiang Boon at Nanyang Technological University in Singapore told AFP the statement "acknowledges certain risks and obstacles to the Chinese economy". With the country facing those headwinds, this week's meeting resolved to "strengthen guidance of public opinion and effectively prevent and resolve ideological risks", according to state media. Officials also formally removed ex-foreign minister Qin Gang from the ruling Communist Party's highest decision-making body, and "confirmed" the party's move to expel former defence minister Li Shangfu.

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History of this topic

Xi digs in with top-down economic plan even as China drowns in debt
1 day, 22 hours ago

Xi digs in with top-down economic plan even as China drowns in debt

Live Mint  

More than 10 years into the Xi Jinping era, it has become clear that much of China’s growth under his watch was driven by unsustainable borrowing, real estate speculation and investments in factories and infrastructure the country didn’t really need. “Xi still believes that the East is rising and the West is in decline," said a foreign-policy adviser in Beijing, …

China Property Flare-Ups Resurface as Crisis Enters Fifth Year
3 days, 5 hours ago

China Property Flare-Ups Resurface as Crisis Enters Fifth Year

Live Mint  

One of China’s leading developers is now on authorities’ radar for default risk. As China’s property debt crisis enters its fifth year, there’s little indication that distressed developers are finding it easier to repay debt as a slump in home sales continues. “Against this backdrop, we can’t rule out the possibility of some more defaults next year, albeit the overall …

China has been plunged into a major financial crisis - this is how it could damage the investments in YOUR pension or Isa: JOHN-PAUL FORD ROJAS
1 month, 3 weeks ago

China has been plunged into a major financial crisis - this is how it could damage the investments in YOUR pension or Isa: JOHN-PAUL FORD ROJAS

Daily Mail  

China is in a major economic crisis - perhaps the most serious since it set out on its dizzying trajectory of economic growth more than four decades ago. The People's Bank of China is taking action against a screeching slowdown in economic growth by cutting interest rates and offering more support to banks and the housing sector 'It is fair …

Here’s How Bad China’s Economy Really Is. Can It Be Fixed?
2 months, 1 week ago

Here’s How Bad China’s Economy Really Is. Can It Be Fixed?

Bloomberg  

China’s economic growth target of 5% this year is looking ambitious, given sluggish consumer spending, an uncertain outlook for the country’s exports and a still shaky property market. Fewer than a fifth of economists surveyed by Bloomberg Terminal Bloomberg were predicting gross domestic product would expand by 5% in 2024, as analysts at lenders such as Bank of America Corp. …

Boost to market confidence, growth momentum
4 months, 2 weeks ago

Boost to market confidence, growth momentum

China Daily  

An employee tests LED lights at a tech company in Ruichang, Jiangxi province. WEI DONGSHENG/FOR CHINA DAILY China's recent decision to deepen economic structural reforms will significantly boost market confidence, revive growth momentum, and facilitate the country's sustainable and high-quality development in the next few years, said officials, experts and entrepreneurs. They estimated that China's economic activity will likely continue …

Boost to market confidence, growth momentum
4 months, 2 weeks ago

Boost to market confidence, growth momentum

China Daily  

An employee tests LED lights at a tech company in Ruichang, Jiangxi province. WEI DONGSHENG/FOR CHINA DAILY China's recent decision to deepen economic structural reforms will significantly boost market confidence, revive growth momentum, and facilitate the country's sustainable and high-quality development in the next few years, said officials, experts and entrepreneurs. They estimated that China's economic activity will likely continue …

Boost to market confidence, growth momentum
4 months, 2 weeks ago

Boost to market confidence, growth momentum

China Daily  

An employee tests LED lights at a tech company in Ruichang, Jiangxi province. WEI DONGSHENG/FOR CHINA DAILY China's recent decision to deepen economic structural reforms will significantly boost market confidence, revive growth momentum, and facilitate the country's sustainable and high-quality development in the next few years, said officials, experts and entrepreneurs. They estimated that China's economic activity will likely continue …

Boost to market confidence, growth momentum
4 months, 2 weeks ago

Boost to market confidence, growth momentum

China Daily  

An employee tests LED lights at a tech company in Ruichang, Jiangxi province. WEI DONGSHENG/FOR CHINA DAILY China's recent decision to deepen economic structural reforms will significantly boost market confidence, revive growth momentum, and facilitate the country's sustainable and high-quality development in the next few years, said officials, experts and entrepreneurs. They estimated that China's economic activity will likely continue …

China’s top leaders vow to improve confidence in its slowing economy
4 months, 3 weeks ago

China’s top leaders vow to improve confidence in its slowing economy

The Hindu  

China’s powerful Polit Bureau has endorsed the ruling Communist Party’s long-term strategy for growing the economy by encouraging more consumer spending and weeding out unproductive companies to promote “survival of the fittest.” A statement issued on July 30 after the meeting of the 24 highest leaders of the party warned that coming months would be tough, perhaps alluding to mounting …

China unveils 'historic' steps to stabilise crisis-hit real estate sector
7 months, 1 week ago

China unveils 'historic' steps to stabilise crisis-hit real estate sector

Hindustan Times  

China on Friday announced "historic" steps to stabilise the crisis-hit property sector, allowing local governments to buy "some" apartments, relaxing mortgage rules and pledging to deliver unfinished homes. China Real Estate Newspaper, a publication managed by the housing ministry, said the "heavyweight policies" marked "a significant historic moment" for the property sector. After waves of support measures over the past …

China rolls out new measures to fix its property crisis, spur growth
7 months, 1 week ago

China rolls out new measures to fix its property crisis, spur growth

Associated Press  

China announced a slate of fresh measures Friday to reinvigorate its ailing property industry after the latest data showed housing prices have slumped nearly 10% since the start of the year. He Lifeng, a vice premier, said officials would roll out policies to suit each city and “fight the tough battle of dealing with the risk of unfinished commercial housing.” …

Stabilizing economy augurs well for global growth
7 months, 1 week ago

Stabilizing economy augurs well for global growth

China Daily  

An employee works on the production line of a textile plant in Fuyang, Anhui province. Erik Berglof, chief economist of the Asian Infrastructure Investment Bank, said: "China has been and will remain an important contributor to global growth in the foreseeable future. A meeting of the Political Bureau of the Communist Party of China Central Committee in April said the …

Stabilizing economy augurs well for global growth
7 months, 1 week ago

Stabilizing economy augurs well for global growth

China Daily  

An employee works on the production line of a textile plant in Fuyang, Anhui province. Erik Berglof, chief economist of the Asian Infrastructure Investment Bank, said: "China has been and will remain an important contributor to global growth in the foreseeable future. A meeting of the Political Bureau of the Communist Party of China Central Committee in April said the …

Chinese leader Xi issues a positive message at a meeting with US business leaders as ties improve
8 months, 3 weeks ago

Chinese leader Xi issues a positive message at a meeting with US business leaders as ties improve

Associated Press  

BEIJING — China’s nationalist leader, Xi Jinping, called for closer trade ties with the U.S. during a meeting on Wednesday with top American business leaders in Beijing that came amid a steady improvement in relations that had sunk to the lowest level in years. Xi emphasized the mutually beneficial economic ties between the world’s two largest economies, despite heavy U.S. …

Vantage | Why even the Chinese don't want to invest in China now
9 months, 2 weeks ago

Vantage | Why even the Chinese don't want to invest in China now

Firstpost  

A woman reacts in front of an electronic screen displaying stock prices at a brokerage house in Hangzhou in east China's Zhejiang province, on 5 February, 2024. Chinese investors rush abroad For decades, China’s economy resembled a glamorous cruise liner, attracting investors from around the globe eager to partake in its prosperity. However, recent headlines from Beijing tell a different …

Order to liquidate property giant China Evergrande is just one step in fixing China’s debt crisis
10 months, 3 weeks ago

Order to liquidate property giant China Evergrande is just one step in fixing China’s debt crisis

Associated Press  

BANGKOK — A Hong Kong court’s order to liquidate China Evergrande, the world’s most heavily indebted real estate developer, is only a tentative step toward resolving a debt crisis that is haunting financial markets and dragging on the Chinese economy. The order by the Hong Kong High Court also is not a remedy for the crisis of confidence haunting China’s …

Desperate Chinese property developers resort to bizarre marketing tactics
11 months ago

Desperate Chinese property developers resort to bizarre marketing tactics

Live Mint  

China’s real-estate crisis has dragged down the economy, caused massive layoffs and pushed multibillion-dollar companies to the point of collapse. A property company in Tianjin ran a video A residential compound in eastern China’s Zhejiang province promised last year to give home buyers a 10-gram gold bar. Earlier this month, Sheng Songcheng, former head of the statistics department at the …

Chinese leaders consider next steps for economy as debt and deflation cloud outlook for coming year
1 year ago

Chinese leaders consider next steps for economy as debt and deflation cloud outlook for coming year

Associated Press  

BANGKOK — Chinese leaders have wrapped up a two-day annual meeting to set economic priorities for the coming year, the official Xinhua News Agency said in a report Tuesday that cited a litany of problems but also said the world’s second-largest economy had “achieved a recovery.” The report gave no details of specific policy changes, but laid out broad goals …

Chinese leaders consider next steps for economy as debt and deflation cloud outlook for coming year
1 year ago

Chinese leaders consider next steps for economy as debt and deflation cloud outlook for coming year

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Chinese leaders have wrapped up …

Chinese President Xi Jinping says economic recovery ‘still at critical stage’
1 year ago

Chinese President Xi Jinping says economic recovery ‘still at critical stage’

The Hindu  

President Xi Jinping said that China’s economic recovery is “still at a critical stage”, state broadcaster CCTV reported on December 8, as sluggish domestic activity and property sector woes drag on a post-pandemic rebound. “At present, the country’s economic recovery is still at a critical stage,” Mr. Xi said at a meeting of China’s Communist Party Politburo, the country’s top …

How a 'sharp deterioration' in China's property market and potential collapse of Evergrande could affect Australia's economy
1 year, 2 months ago

How a 'sharp deterioration' in China's property market and potential collapse of Evergrande could affect Australia's economy

ABC  

China's property market is facing a "sharp deterioration" which could lead to financial stress domestically, and ultimately affect its trade with Australia. Key points: Evergrande is facing liquidation proceedings on October 30 Police have detained its chairman and founder Hui Ka Yan The company has been blocked from raising new debt to fund its survival That is one of the …

China’s economic growth target of 5% for 2023 at risk due to property crisis
1 year, 2 months ago

China’s economic growth target of 5% for 2023 at risk due to property crisis

Live Mint  

China will just about meet its economic growth target of around 5% for this year, the latest Bloomberg survey shows, although the ongoing property crisis is raising the risk of a miss. “The real estate sector will continue to be under mounting pressure” despite recent government efforts to support property, said analysts at Poseidon Partner, a Hong Kong-based investment firm. …

May not be a 'Chinese Century': How Xi Jinping's economic mismanagement can derail Beijing's big dreams
1 year, 3 months ago

May not be a 'Chinese Century': How Xi Jinping's economic mismanagement can derail Beijing's big dreams

Firstpost  

A slower China means less demand for commodities and imports and less geopolitically-driven Chinese investments and influence in places like Africa The at least $17.7 trillion Chinese economy has been facing a slowdown recently, which is hard to miss due to China’s global trade and investment connections. The IMF expects China’s economy to expand 5.2 per cent this year after …

China's miracle economy is grinding to a halt, and the consequences are already affecting the rest of the world
1 year, 4 months ago

China's miracle economy is grinding to a halt, and the consequences are already affecting the rest of the world

ABC  

Its military satellites crisscross the continent, keeping a watchful eye on army exercises with our allies. China's economy is in serious trouble Photo shows a man in a simple black jacket sits behind microphones China's economy is in serious trouble. The Japan example If President Xi Jinping wanted a glimpse of his country's economic future, he need only gaze across …

Skepticism prevails as Chinese leaders promise to back private businesses to spur slowing economy
1 year, 4 months ago

Skepticism prevails as Chinese leaders promise to back private businesses to spur slowing economy

Associated Press  

BEIJING — The Fangbiaogan Real Estate Agency in the southern city of Nanning is still waiting for China’s post-COVID rebound. “They feel safer holding onto their savings instead of spending them.” Chinese leader Xi Jinping’s government is making ambitious promises to drag the economy out of that crisis of confidence aggravated by tension with Washington, wilting exports, job losses and …

China's property meltdown is gathering pace — and it's bad news for Australia
1 year, 5 months ago

China's property meltdown is gathering pace — and it's bad news for Australia

ABC  

It is crunch time for Xi Jinping. ANZ's senior China economist Betty Wang reckons this is the longest downtrend ever in China's property sector and it persists despite significant government support rolled out in the aftermath of the Evergrande crisis. "In the current cycle, the government has announced several rounds of support measures for the sector since November 2021 following …

Top Chinese leaders say economy 'facing new difficulties'
1 year, 5 months ago

Top Chinese leaders say economy 'facing new difficulties'

The Hindu  

China's top leaders said the economy was facing "new difficulties and challenges" in a meeting of the 24-person Politburo on Monday. "The meeting pointed out that the current economic operation is facing new difficulties and challenges, mainly due to insufficient domestic demand, operational difficulties for some enterprises, high risks and hidden dangers in key areas, and a complex and severe …

Can China fix its property crisis?
1 year, 11 months ago

Can China fix its property crisis?

Live Mint  

To judge by the high-rises dotted along the shore in Haiyang, a small coastal city, Country Garden’s prospects are pretty meagre. The volume of floor space sold across the country fell by 24% in 2022, the biggest slump since data became available in 1992; property investment was down 10% year on year, the first drop on record. This is a …

China’s economic growth falls to 3%, gradually reviving
1 year, 11 months ago

China’s economic growth falls to 3%, gradually reviving

Associated Press  

BEIJING — China’s economic growth fell to its second-lowest level in at least four decades last year under pressure from anti-virus controls and a real estate slump, but activity is reviving after restrictions that kept millions of people at home and sparked protests were lifted. Economic growth sank to 2.9% over a year earlier in the three months ending in …

China’s Xi Jinping, secure in power, faces deepening economic challenges
2 years, 1 month ago

China’s Xi Jinping, secure in power, faces deepening economic challenges

Live Mint  

His challenge will now be to show he can just as deftly manage an economy that has weakened considerably this year. Chinese markets tumbled on Monday after Beijing rolled out a party leadership packed with Xi loyalists, and the government said China’s economy expanded by 3.9% in the third quarter of 2022. Mr. Xi’s move to promote numerous allies and …

Real-estate debt, crackdowns and COVID policies throw a spanner in China’s economy
2 years, 2 months ago

Real-estate debt, crackdowns and COVID policies throw a spanner in China’s economy

The Hindu  

There are only a few workers today manning the whirring conveyor belts at the “intelligent logistics park” of the $100 billion Chinese e-commerce giant JD.com, which together with Alibaba dominates the world of Chinese online retail. JD’s recently accelerating push towards automation presents a snapshot of the state of China’s economy, as the country’s leadership pushes forward with ambitious plans …

As China's economy teeters under COVID-19 and housing market in meltdown, President Xi Jinping looks set to become permanent ruler
2 years, 2 months ago

As China's economy teeters under COVID-19 and housing market in meltdown, President Xi Jinping looks set to become permanent ruler

ABC  

By this time next week, China's President Xi Jinping will be well on the way to securing a stunning personal victory. After a decade of leading the world's second-largest economy, lifting China's global influence and positioning the country as a military superpower, Xi next week will cement his own destiny by securing a historic third term as general secretary of …

Explained | How bad is China’s property crisis and how did it get here?
2 years, 3 months ago

Explained | How bad is China’s property crisis and how did it get here?

The Hindu  

The story so far: China, the world’s second-largest economy, is facing a crisis in its once-booming property sector. Meanwhile, July data from China’s National Bureau of Statistics showed that property investment fell in the country by over 12 per cent year-on-year, the steepest fall this year, per a Reuters report. Read also: China property crisis is spiralling with homebuyers’ boycott …

As China’s property crisis grows, is the global economy at risk?
2 years, 3 months ago

As China’s property crisis grows, is the global economy at risk?

Al Jazeera  

China’s house prices are falling as Beijing reins in sector, raising fears for economic growth at home and globally. With property accounting for 15-30 percent of China’s gross domestic product, the market’s woes spell trouble for the world’s second-largest economy – and potentially global growth as well. China’s property woes pose a substantial risk to its economy, which is already …

Pinched by housing downturn, Chinese families rein in spending
2 years, 3 months ago

Pinched by housing downturn, Chinese families rein in spending

Live Mint  

A two-decade boom in real estate made many Chinese families feel richer. “If more people suffer from income loss, the foundation that supports the bubble in the property market will be shaken," said 39-year old Ms. Tang, who works in the finance industry. As fears of declining home values deepen, more people will re-evaluate their spending and investment decisions, said …

China cuts interest rate to shore up sagging economy
2 years, 4 months ago

China cuts interest rate to shore up sagging economy

Associated Press  

BEIJING — China’s central bank trimmed a key interest rate Monday to shore up sagging economic growth at a politically sensitive time when President Xi Jinping is trying to extend his hold on power. The ruling party has effectively acknowledged it cannot hit this year’s official 5.5% growth target after anti-virus curbs disrupted trade, manufacturing and consumer spending. “More efforts …

The Chinese dream of homeownership is crumbling. The economy could go with it
2 years, 4 months ago

The Chinese dream of homeownership is crumbling. The economy could go with it

LA Times  

Last November, hundreds of angry homeowners in Nanchang, the capital of China’s Jiangxi province, gathered on the roof of an unfinished apartment building. And in China, unfortunately, the property sector is huge.” An exacerbated slowdown in China, a major commodities consumer and the world’s second-largest economy, would also have pronounced impact on the global financial system in its fragile state. …

China's next big worry: A mortgage crisis knocking on its doors
2 years, 5 months ago

China's next big worry: A mortgage crisis knocking on its doors

India Today  

China's property sector is causing worry in economic circles as homebuyers of around 100 projects across 50 cities have decided to stop paying mortgages for unfinished homes after prolonged construction suspension. In China, where property has been a key driver of growth for years, ever-rising home prices, surging household debt, and the real estate sector broadly contribute to around one-third …

China’s slowing economy in spotlight as legislature meets
2 years, 9 months ago

China’s slowing economy in spotlight as legislature meets

Associated Press  

BEIJING — China’s ruling Communist Party is temporarily turning away from its longer-term ambitions to focus on pulling the economy out of a slump as the country heads into the annual meeting of its ceremonial legislature. The National People’s Congress, usually used to showcase big initiatives, is overshadowed this year by a “policy pivot” begun in December by President Xi …

Evergrande can’t pay its debts. China is scrambling to contain the fallout
3 years ago

Evergrande can’t pay its debts. China is scrambling to contain the fallout

CNN  

Hong Kong CNN Business — Evergrande has defaulted on its debt. “China’s leadership is attempting to play it cool, but the circumstances surrounding Evergrande’s downward spiral raises serious questions about Xi Jinping’s stewardship over China’s rapidly cooling economy,” said Craig Singleton, an adjunct fellow in the China Program at the Foundation for Defense of Democracies, a research institute based in …

China pumps $188 billion into the economy to counter real estate slump
3 years ago

China pumps $188 billion into the economy to counter real estate slump

CNN  

Hong Kong CNN Business — China has decided it’s time to loosen its purse strings and pump money into the economy in a bid to stave off threats to the recovery. The decision — the second cut to that ratio this year — came on the same day China’s Politburo signaled that it may take more aggressive actions to protect …

Evergrande crisis: US Fed warns China’s property problems could hurt global markets and the US economy
3 years, 1 month ago

Evergrande crisis: US Fed warns China’s property problems could hurt global markets and the US economy

CNN  

Hong Kong CNN Business — Troubles in China’s vast real estate sector could spill over to the global economy — including the United States, according to the Federal Reserve. The US central bank warned Monday that China’s ongoing property woes could elevate “financial stresses in China, could further strain global financial markets and negatively affect the United States.” In its …

Chinese economy slows as government reconfigures growth formula to control debt
3 years, 1 month ago

Chinese economy slows as government reconfigures growth formula to control debt

Firstpost  

For China, the Bank of America cut its full-year forecast from 8 percent to 7.7 percent, and slashed next year’s outlook from 5.3 percent to just 4 percent Beijing: China’s economic rebound from the coronavirus pandemic is stalling as President Xi Jinping’s government cracks down on surging corporate debt. Beijing “doesn’t want growth at all costs, followed by the likely …

China's economy slows as Beijing wrestles with debt
3 years, 1 month ago

China's economy slows as Beijing wrestles with debt

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Beijing “doesn’t want growth at …

Is this the Schadenfreude moment for China sceptics?
3 years, 2 months ago

Is this the Schadenfreude moment for China sceptics?

Live Mint  

The woes of Chinese property development firm, Evergrande, heavily indebted to both domestic and foreign lenders and on the verge of collapse, has engendered a Schadenfreude moment amongst China sceptics: but is it premature? After the crisis broke out, some proclaimed that the imminent failure of Evergrande might just be China’s “Lehman moment”, referring to the 2008 bankruptcy of the …

Why Xi Jinping’s China is Reluctant to Bail out Evergrande
3 years, 2 months ago

Why Xi Jinping’s China is Reluctant to Bail out Evergrande

News 18  

The optics of sit-in protests by irate investors in various offices of one of China’s largest realty firms, Evergrande, and clashes between demonstrators and law-enforcement gave credence to a view that this was a huge challenge to the Chinese Communist Party. EXPLAINED | The Evergrande Crisis And What It Means For Markets Clash of Two Visions As China liberalised its …

The Evergrande crisis and how Xi is remaking China's economy | In Focus podcast
3 years, 2 months ago

The Evergrande crisis and how Xi is remaking China's economy | In Focus podcast

The Hindu  

In this episode, we go deep into the crisis at Chinese real estate giant Evergrande and examine the reasons and fall-out. Are there likely wider ramifications for China's economy, as well as for countries, including India, which counts on China as its largest trading partner with a trading relationship predicated on continued Chinese appetite for commodities? What do the Evergrande …

Chinese risk to Rupee not over yet
3 years, 3 months ago

Chinese risk to Rupee not over yet

Deccan Chronicle  

Mumbai: China Evergrande Group’s debt crisis could lead to the rupee depreciating to the 75 level against the dollar in the worst-case scenario of the Chinese government adopting a hands-off approach, according to a report by economists of HDFC Bank. To calm the market jitters, Evergrande’s onshore property unit agreed to settle interest payments on a domestic bond on Wednesday, …

The Delta Covid variant is hitting China’s economy hard, and a property crunch is looming
3 years, 3 months ago

The Delta Covid variant is hitting China’s economy hard, and a property crunch is looming

CNN  

Hong Kong CNN Business — China’s dramatic steps to contain the coronavirus this summer have taken a toll on consumer confidence inthe country and are fueling concerns aboutthe strengthof the world’s second largest economy. Industrial production rose 5.3% in August from a year earlier, also slower than July and the weakest growth generated by China’s factoriesin a year. “The headwinds …

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