China backs away from growth goal, sticks to virus controls
2 years, 5 months ago

China backs away from growth goal, sticks to virus controls

Associated Press  

BEIJING — China’s leaders effectively acknowledged the struggling economy won’t hit its official 5.5% growth target this year and said Thursday they will try to prop up sagging consumer demand but will stick to strict anti-COVID-19 tactics that disrupted manufacturing and trade. The announcement after a Communist Party planning meeting reflected the high cost President Xi Jinping’s government has been willing to incur to stop the virus in a politically sensitive year when Xi is widely expected to try to extend his term in power. It didn’t directly address the growth goal but dropped references in earlier statements about targets, effectively acknowledging the economy will fall short after growing just 2.5% over a year ago in the first half. “We should do a good job in tracking virus mutations and developing new vaccines and drugs.” Forecasters don’t expect Beijing to ease anti-virus controls until at least after a ruling party congress in October or November, when Xi is expected to try to break with tradition and award himself a third five-year term as party leader.

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History of this topic

How COVID-19 Transformed China’s Domestic and International Trajectory
8 hours, 30 minutes ago

How COVID-19 Transformed China’s Domestic and International Trajectory

The Diplomat  

Five years after the novel coronavirus first emerged, China’s major metropolises bear virtually no visible scars of their unprecedented battle with COVID-19. State media acknowledged that the extremely high gross domestic saving rate – over 44 percent in 2023 – reflects “people’s growing insecurity about the future and their inclination to save as a precaution against risks.” Despite Beijing’s efforts …

Will China attempt economic revival markets seek post-COVID with multi-trillion-yuan initiatives?
2 months ago

Will China attempt economic revival markets seek post-COVID with multi-trillion-yuan initiatives?

Live Mint  

China is expected to unveil significant economic measures Friday at the conclusion of the National People's Congress Standing Committee meeting, aiming to revive its struggling economy, AP reported. Analysts believe China may need substantial, multi-trillion-yuan initiatives to reinvigorate growth in the world’s second-largest economy, which has yet to recover fully from the COVID-19 pandemic. Any new spending or economic boost …

Chinese economy advances with steady growth momentum
4 months, 3 weeks ago

Chinese economy advances with steady growth momentum

China Daily  

The skyline of Beijing. Last month, a broad range of key indicators maintained steady expansion, with production and demand on the rise, overall employment remaining stable, and new growth drivers building up, according to the National Bureau of Statistics. Last month, retail sales of consumer goods went up 2.7 percent year on year to nearly 3.78 trillion yuan, accelerating from …

China’s Communist Party charts technology- and security-focused development for reviving the economy
5 months, 3 weeks ago

China’s Communist Party charts technology- and security-focused development for reviving the economy

Associated Press  

BANGKOK — In a year of major elections that will determine the destinies of many countries, China’s ruling Communist Party is holding closed, top-level meetings in Beijing to set strategies for reviving its slowing economy. State broadcaster CCTV said the agenda for this year’s meetings is to study and endorse “all-around deepening reforms.” Nearly a half-century after the late leader …

China's economy beats expectations, grows at 5.3% in first quarter: Top points
8 months, 3 weeks ago

China's economy beats expectations, grows at 5.3% in first quarter: Top points

Hindustan Times  

China’s economy beat expectations in the first quarter receiving a boost from policies and an increase in demand, the government said. China's economy has struggled to bounce back from the Covid pandemic as a slowdown in demand and a property crisis in the country has weighed on its growth prompting policymakers to introduce a raft of fiscal and monetary policy …

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

5 reasons why China's 5% GDP growth target is in the news
10 months ago

5 reasons why China's 5% GDP growth target is in the news

Firstpost  

Analysts have been warning investors to stay away from investing in China. Goldman Sachs chief investment officer Sharmin Mossavar-Rahmani said, ‘Most people think that is not the real growth number—it was actually a lot weaker’ Premier Li Qiang addressed National People's Congress at the Great Hall of the People in Beijing on Monday. Reuters file China is still in the …

China sets an economic growth target of around 5% but acknowledges it will not be easy to achieve
10 months ago

China sets an economic growth target of around 5% but acknowledges it will not be easy to achieve

Associated Press  

BEIJING — China aims to achieve 5% economic growth this year, Premier Li Qiang said Tuesday, acknowledging that it will be a challenging goal in difficult times. In his address to the annual session of the National People’s Congress, Li outlined plans to boost spending on developing advanced technology, fortifying China’s military and supporting the economy, among many other longstanding …

China sets an economic growth target of around 5% but acknowledges it will not be easy to achieve
10 months ago

China sets an economic growth target of around 5% but acknowledges it will not be easy to achieve

New Indian Express  

BEIJING: China aims to achieve 5% economic growth this year, Premier Li Qiang said Tuesday, acknowledging that it will be a challenging goal in difficult times. In his address to the annual session of the National People's Congress, Li outlined plans to boost spending on developing advanced technology, fortifying China's military and supporting the economy, among many other longstanding goals. …

China’s High-Wire Act: Downshifting Growth Without Slipping Into Stagnation
10 months ago

China’s High-Wire Act: Downshifting Growth Without Slipping Into Stagnation

Live Mint  

BEIJING—It is the end of the Chinese growth miracle as we know it, and Chinese leader Xi Jinping seems fine with that. Xi is willing to accept slower growth in return for advancing these goals because he thinks the new priorities will strengthen Communist Party control and bolster China’s ability to stand up to Western powers, helping restore the country …

China’s economy expanded 5.2% last year, hitting the government’s target despite an uneven recovery
11 months, 3 weeks ago

China’s economy expanded 5.2% last year, hitting the government’s target despite an uneven recovery

Associated Press  

HONG KONG — China’s economy for the October-December quarter grew at a quicker rate, allowing the Chinese government to hit its target of about 5% annual growth for 2023 even though trade data and the economic recovery remain uneven. Officials from China’s National Bureau of Statistics said that measures including “strengthened macro regulation, and redoubled efforts to expand domestic demand, …

China's Xi Jinping says economic recovery 'still at critical stage', lists measures for revival
1 year, 1 month ago

China's Xi Jinping says economic recovery 'still at critical stage', lists measures for revival

Firstpost  

“It is necessary to focus on accelerating the construction of a modern industrial system, expand domestic demand, prevent and defuse risks,” said Xi As sluggish domestic activity and property sector woes drag on a post-pandemic rebound, President Xi Jinping on Friday said that China’s economic recovery is at a “critical stage”. “At present, the country’s economic recovery is still at …

Economic policy with Chinese characteristics
1 year, 2 months ago

Economic policy with Chinese characteristics

Hindustan Times  

China’s economy has been a tailspin recently that is the result of politics as much as of objective economic conditions. To take just the case of India, the massive telecom revolution in the country would not have been possible without access to cheap Chinese products – and one might add, China’s unscrupulous economic and trade practices of stealing tech, subsidising …

Chinese factory activity contracts in October as pandemic recovery falters
1 year, 2 months ago

Chinese factory activity contracts in October as pandemic recovery falters

Associated Press  

HONG KONG — An official survey of manufacturers shows China’s factory activity contracted in October, suggesting the economy remains on uneven footing. The purchasing managers’ index, or PMI, fell to 49.5 in October on a 100-point scale, down from 50.2 last month, according to the National Bureau of Statistics and the China Federation of Logistics & Purchasing. The non-manufacturing PMI …

Skepticism prevails as Chinese leaders promise to back private businesses to spur slowing economy
1 year, 5 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 economy misses growth forecasts, raising the odds of more support for its tepid recovery
1 year, 5 months ago

China’s economy misses growth forecasts, raising the odds of more support for its tepid recovery

Associated Press  

HONG KONG — China’s economic growth missed forecasts in the second quarter of the year, adding to worries over surging youth unemployment and a weak property sector and raising the likelihood the government will double down on support for the faltering post COVID-19 recovery. The world’s second largest economy grew at a 6.3% annual pace in the April-June quarter, much …

China’s factory, consumer activity weakens in May, youth unemployment rises
1 year, 6 months ago

China’s factory, consumer activity weakens in May, youth unemployment rises

Associated Press  

BEIJING — China’s consumer and factory activity weakened in May and record-breaking unemployment among young people in cities rose as an economic rebound following the end of anti-virus controls slowed. Growth will have to accelerate in coming quarters to hit the ruling party’s annual target of “around 5%.” “The data published today suggest that the reopening recovery had largely fizzled …

China factory output, consumption highlight frail post-COVID economic recovery
1 year, 7 months ago

China factory output, consumption highlight frail post-COVID economic recovery

The Hindu  

China's April industrial output and retail sales growth undershot forecasts, suggesting the economy lost further momentum at the start of the second quarter and adding pressure on policymakers to shore up a wobbly post-COVID recovery. "Today's weaker-than-expected data show how difficult it is to keep the growth engine running after restarting it," said Bruce Pang, chief economist at Jones Lang …

China’s economic growth accelerates with consumption boost
1 year, 8 months ago

China’s economic growth accelerates with consumption boost

Associated Press  

BEIJING — China’s economic growth accelerated in the latest quarter as consumer flocked back to shops and restaurants following the abrupt end of anti-virus controls. But authorities cautioned that China will likely face import and export pressures in the coming months amid an uncertain international economic environment, and also warned of inadequate domestic market demand in the world’s No. Earlier …

China Premier Warns 2023 Growth Target 'No Easy Task'
1 year, 9 months ago

China Premier Warns 2023 Growth Target 'No Easy Task'

News 18  

China’s new premier warned Monday that the country’s five-percent growth target for 2023 would not be “easy” to achieve, as its rubber-stamp parliament wrapped up over a week of meetings. The government set the economic growth target of “around five percent” this month, one of the lowest in decades as China emerged from strict zero-Covid rules that dragged on its …

Why has China announced its lowest growth target in decades?
1 year, 10 months ago

Why has China announced its lowest growth target in decades?

Al Jazeera  

Beijing is aiming for a moderate growth rate of 5 percent in 2023 amid a host of domestic and external challenges. The conservative target comes as Beijing seeks to rejuvenate the world’s second-biggest economy after scrapping its “zero-COVID” policy of lockdowns, mass testing and quarantine late last year. “If you look at the details, they are announcing less issuance of …

China sets this year’s economic growth target at ‘around 5%'
1 year, 10 months ago

China sets this year’s economic growth target at ‘around 5%'

Associated Press  

BEIJING — China’s government announced plans for a consumer-led revival of the struggling economy as its legislature opened a session Sunday that will tighten President Xi Jinping’s control over business and society. Premier Li Keqiang, the top economic official, set this year’s growth target at “around 5%” following the end of anti-virus controls that kept millions of people at home …

China sets this year's economic growth target at 'around 5%'
1 year, 10 months ago

China sets this year's economic growth target at 'around 5%'

Firstpost  

Beijing: China’s government announced plans to promote a consumer-led revival of the struggling economy as its legislature opened a session Sunday that will tighten President Xi Jinping’s control over business and society. Premier Li Keqiang, the top economic official, set this year’s official growth target at “around 5 per cent” following the end of anti-virus controls that kept millions of …

China’s manufacturing activity storms ahead with fastest growth in a decade post Covid-19 lull
1 year, 10 months ago

China’s manufacturing activity storms ahead with fastest growth in a decade post Covid-19 lull

Firstpost  

Beijing: Manufacturing activity in China expanded last month at the fastest pace in more than a decade, an official index revealed on Wednesday. The country’s factory output stormed ahead as production increased across sectors after stringent Covid-19 curbs were lifted in December last year. China—which is the world’s second-largest economy recorded one of its worst years in nearly half a …

China’s economic activity expands for the first time in months as Covid ‘exit wave’ ends
1 year, 11 months ago

China’s economic activity expands for the first time in months as Covid ‘exit wave’ ends

CNN  

Hong Kong CNN — Economic activity in China has expanded for the first time in four months as disruptions caused by the abrupt end of its zero-Covid policy appears to be fading. Last week, the Chinese Center for Disease Control and Prevention said in a report that China’s current wave of Covid outbreak was “nearing an end.” The official PMI …

West's false COVID narratives hold no water
1 year, 11 months ago

West's false COVID narratives hold no water

China Daily  

A woman receives a booster dose in Chaoyang district of Beijing on July 13, 2022. First, some say that China's COVID-19 death toll does not include those who died as a result of delayed or denied medical treatment because of strict COVID-19 control measures. However, China's excess mortality during the pandemic was a negative number, which means China's COVID-19 policy …

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 economy grew 3 per cent last year, not even half 2021's rate
1 year, 11 months ago

China’s economy grew 3 per cent last year, not even half 2021's rate

Firstpost  

China’s economic growth fell to 3 per cent last year under pressure from antivirus controls and a real estate slump but is gradually reviving after restrictions that kept millions of people at home were lifted. Beijing: China’s economic growth fell to 3 per cent last year under pressure from antivirus controls and a real estate slump but is gradually reviving …

China’s economy grows 3% in 2022, hit by lockdowns, Covid surge
1 year, 11 months ago

China’s economy grows 3% in 2022, hit by lockdowns, Covid surge

The Hindu  

China’s economy grew 3% in 2022, the second-slowest growth rate since the last year of Mao Zedong’s Cultural Revolution in 1976, with the last quarter of the year seeing declining growth as the country dealt with a sweeping COVID-19 surge. The past year, however, has seen China’s “zero-Covid” policy, which was discontinued in early December, extract heavy economic tolls. Kang …

IMF chief's advice to China on reopening economy amid Covid
1 year, 11 months ago

IMF chief's advice to China on reopening economy amid Covid

Hindustan Times  

The head of the International Monetary Fund urged China to move forward with reopening its economy, calling the nation’s transition from a Covid Zero policy to more normal functioning likely the single most important factor for global growth in 2023. Read here: WHO says Covid deaths in China ‘heavily underreported’; praises US transparency The Washington-based financial institution believes that a …

China economy recovering but hampered by virus outbreaks
2 years ago

China economy recovering but hampered by virus outbreaks

Associated Press  

BEIJING — Wang Jian is anxious to get back to work teaching basketball to children now that China has lifted anti-COVID-19 restrictions. “If parents worry about possible reinfection, they simply won’t send their children for training.” The abrupt decision by President Xi Jinping’s government to end controls that shut down factories and kept millions of people at home will move …

Six fallacies and truths about China's epidemic control
2 years ago

Six fallacies and truths about China's epidemic control

China Daily  

A medical worker injects a booster shot of COVID-19 vaccine for a resident at Aoyuncun Subdistrict in Chaoyang District, Beijing, July 13, 2022. Striving to effectively coordinate the epidemic response with economic and social development, China had won the tough battle against poverty on schedule and finished building a moderately prosperous society in all respects, getting off to a good …

China’s economy reels as Beijing lifts ‘zero-covid’ measures
2 years ago

China’s economy reels as Beijing lifts ‘zero-covid’ measures

Live Mint  

BEIJING : Chinese manufacturing and service-sector activity fell to their lowest levels since the initial throes of the coronavirus pandemic in early 2020, highlighting the breadth of the tumult as waves of infections roar through the world’s second-largest economy following Beijing’s abrupt decision to scrap its draconian “zero-Covid" measures. China’s official manufacturing purchasing managers index fell to 47.0 in December, …

China’s economy reels as Beijing lifts ‘Zero-Covid’ measures
2 years ago

China’s economy reels as Beijing lifts ‘Zero-Covid’ measures

Live Mint  

Chinese manufacturing and service-sector activity fell to their lowest levels since the initial throes of the coronavirus pandemic in early 2020, highlighting the breadth of the tumult as waves of infections roar through the world’s second-largest economy following Beijing’s abrupt decision to scrap its draconian “zero-Covid” measures. China’s official manufacturing purchasing managers index fell to 47.0 in December, the lowest …

China economy again on bumpy road as Covid infection surge detracts recovery
2 years ago

China economy again on bumpy road as Covid infection surge detracts recovery

India TV News  

With resurge of Covid cases, China economy once again is staring at downfall trend. "If the virus were highly infectious and everyone's life were in danger, the government wouldn't let go.” On Tuesday, the government announced it would relax restrictions on travel out of China and resume issuing passports for tourist travel for the first time in nearly three years. …

In our 'profound interest' that China reins in latest surge in coronavirus infections: Antony Blinken
2 years ago

In our 'profound interest' that China reins in latest surge in coronavirus infections: Antony Blinken

The Hindu  

It is in America's "profound interest" that China reins in the recent surge in coronavirus infections, U.S. Secretary of State Antony Blinken has said, asserting that there are major implications if the world's second-largest economy remained shut down due to the virus. When asked about the latest surge in COVID-19 cases in China, Mr. Blinken said the U.S. wants to …

China’s fall from grace amid falling GDP growth, Zero Covid policy
2 years ago

China’s fall from grace amid falling GDP growth, Zero Covid policy

Op India  

China had been praised worldwide for lifting its 60 per cent of population out of poverty, according to reports. Decades of rapid economic growth in China helped to lift 748.5 million people out of extreme poverty, dropping the country’s poverty rate from 66.3 per cent to just 0.3 per cent, according to reports. China’s GDP growth target for 2022 is …

World Bank slashes China’s growth outlook to 2.7 percent in 2022
2 years ago

World Bank slashes China’s growth outlook to 2.7 percent in 2022

Al Jazeera  

The World Bank has slashed its growth outlook for China’s economy, as nearly three years of “zero-COVID” curbs and a real estate slump weigh on the world’s second largest economy. Mara Warwick, World Bank country director for China, Mongolia and Korea, said China’s “continued adaptation” of its pandemic policies would be crucial to the country’s economic recovery and public health. …

China’s retail, factory output slump as COVID curbs hit growth
2 years ago

China’s retail, factory output slump as COVID curbs hit growth

Al Jazeera  

China’s economy lost more steam in November as factory output slowed and retail sales extended declines, both missing forecasts and clocking their worst readings in six months, hobbled by surging COVID-19 cases and widespread virus curbs. Industrial output rose 2.2 percent in November from a year earlier, missing expectations for a 3.6 percent gain in a Reuters poll and slowing …

China’s economy plunged before major Covid policy shift. A rebound may be months away
2 years ago

China’s economy plunged before major Covid policy shift. A rebound may be months away

CNN  

Hong Kong CNN — The end of pandemic restrictions in China will eventually usher in a strong economic rebound as the country learns to live with the Covid virus, according to economists, even as a slew of data showed business activity plummeting in November. “We reckon that the incoming migration around the Chinese New Year holiday in late January could …

China consumer, factory activity down as virus controls rise
2 years, 1 month ago

China consumer, factory activity down as virus controls rise

Associated Press  

BEIJING — Chinese consumer spending contracted in October and factory activity weakened as anti-virus controls following a rise in infections weighed on the economy. The performance was even weaker than expected by forecasters who said activity would cool as Chinese anti-virus controls and interest rate hikes by the U.S. Federal Reserve and other central banks weighed on global activity. Chinese …

China’s economic growth accelerates but weak amid shutdowns
2 years, 2 months ago

China’s economic growth accelerates but weak amid shutdowns

Associated Press  

BEIJING — China’s economic growth accelerated in the latest quarter but still was among the weakest in decades as the ruling Communist Party tries to reverse a downturn while enforcing anti-virus controls and a crackdown on debt in its vast real estate industry. The world’s second-largest economy grew by 3.9% over a year earlier in the three months ending in …

China’s economic growth accelerates but is weakened by COVID shutdowns
2 years, 2 months ago

China’s economic growth accelerates but is weakened by COVID shutdowns

LA Times  

Chinese President Xi Jinping’s image is projected on a giant screen in a commercial district of Hangzhou in eastern China. China’s economic growth picked up in the latest quarter but still was among the weakest in decades as the ruling Communist Party tries to reverse a slump while enforcing anti-coronavirus controls and a crackdown on debt in its vast real …

As China's economy teeters under COVID-19 and housing market in meltdown, President Xi Jinping looks set to become permanent ruler
2 years, 3 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 …

‘Ideology trumping economy’: EU body warns firms souring on China
2 years, 3 months ago

‘Ideology trumping economy’: EU body warns firms souring on China

Al Jazeera  

China’s “inflexible” COVID-19 curbs and politicisation of business are eroding its standing as an investment destination, a top European industry group has warned. The European Union Chamber of Commerce said in a report on Wednesday that firms increasingly view China as “less predictable, reliable and efficient” due to the prioritisation of ideology above the economy and pragmatic policymaking. The business …

China’s consumer, factory activity improve but still weak
2 years, 3 months ago

China’s consumer, factory activity improve but still weak

Associated Press  

BEIJING — Chinese consumer spending and factory output edged up in August but still were weak, official data showed Friday, and forecasters warned the second-largest economy is vulnerable to repeated shutdowns of cities to fight virus outbreaks. Housing sales plummeted while prices edged lower, adding to a slide in real estate activity under pressure from a government campaign to control …

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 …

China’s youth face bleak job market as COVID slows economy
2 years, 4 months ago

China’s youth face bleak job market as COVID slows economy

Associated Press  

BEIJING — Liu Qian, job-hunting with a new master’s degree, said two employers interviewed her and then said the positions had been eliminated. “They would prefer those with experience rather than a green hand like me.” Other graduates are putting off work, opting to stay in school or take exams for government jobs that might pay less than the private …

China's manufacturing sector continues to suffer amid COVID curbs, weak global demand
2 years, 5 months ago

China's manufacturing sector continues to suffer amid COVID curbs, weak global demand

Firstpost  

Slowdown raises the risk of politically volatile job losses, adds to challenges for Beijing ahead of a CCP meet where Xi is expected to award himself a third five-year term as party leader Beijing: Chinese manufacturing’s recovery from anti-COVID-19 shutdowns faltered in July as activity sank, a survey showed Sunday, adding to pressure on the struggling economy in a politically …

Chinese factory activity sinks, weighing on weak economy
2 years, 5 months ago

Chinese factory activity sinks, weighing on weak economy

Associated Press  

BEIJING — Chinese manufacturing’s recovery from anti-virus shutdowns faltered in July as activity sank, a survey showed Sunday, adding to pressure on the struggling economy in a politically sensitive year when President Xi Jinping is expected to try to extend his time in power. Factory activity was depressed by weak global demand and anti-virus controls that are weighing on domestic …

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