China cuts economic growth goal as it tries to reverse slump
2 years, 10 months ago

China cuts economic growth goal as it tries to reverse slump

Associated Press  

BEIJING — China on Saturday cut its annual economic growth target to its lowest level in decades as Beijing struggles to reverse a slump at a time when Russia’s war on Ukraine is pushing up oil prices and roiling the global economy. The ruling Communist Party will aim for “around 5.5%” growth this year, down from last year’s 8.1% expansion, the country’s No. “Achieving this goal will require arduous efforts,” Li said during a 55-minute speech at the opening of the National People’s Congress in the Great Hall of the People in central Beijing. Turning to COVID-19, Li said China needs to “constantly refine epidemic containment” but gave no indication Beijing might ease its “zero tolerance” strategy. Li affirmed the ruling party’s insistence that Hong Kong “should be governed by patriots,” a key element in a campaign to crush pro-democracy activism in the former British colony.

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History of this topic

Vietnam PM Seeks Steps for Double-Digit GDP Growth Next Year
1 week, 5 days ago

Vietnam PM Seeks Steps for Double-Digit GDP Growth Next Year

Live Mint  

-- Vietnamese Prime Minister Pham Minh Chinh instructed the investment ministry and other authorities to work on development scenarios and measures that will enable the country to attain “double-digit” growth in gross domestic product next year. Cities and provinces have been ordered to develop expansion plans aimed at reaching the national growth goal, while ministries must set targets in their …

China raises its estimate for the size of its economy in 2023
2 weeks ago

China raises its estimate for the size of its economy in 2023

Associated Press  

BANGKOK — China’s economy grew a bit more in 2023 than earlier thought, but the revision has not affected forecasts for “about 5%” growth in the GDP this year, the government said Thursday. The estimate for total economic activity, or GDP, in 2023 for the world’s second largest economy was increased by about 2.7% to 129.4 trillion yuan, based on …

China pledges more borrowing and interest rate cuts to counter Trump’s tariff threats
4 weeks, 1 day ago

China pledges more borrowing and interest rate cuts to counter Trump’s tariff threats

CNN  

China pledged Thursday to increase the budget deficit, borrow more and loosen monetary policy to maintain stable economic growth as it girds for more trade tensions with the United States where Donald Trump is returning as president. A separate readout from state news agency Xinhua, watched by financial markets for references to the yuan currency, kept a pledge to “maintain …

China on track to reach growth targets
1 month, 3 weeks ago

China on track to reach growth targets

China Daily  

A visitor touches the finger of a mechanical hand at a booth at the 26th China High-Tech Fair in Shenzhen, South China's Guangdong province, Nov 15, 2024. China has "full confidence" that it will meet the growth targets for this year and remain the biggest engine of world economic growth, President Xi Jinping said on Friday, reaffirming Beijing's pledge to …

GDP goal to be met on positive cues
1 month, 3 weeks ago

GDP goal to be met on positive cues

China Daily  

The skyline of Beijing. Citing a package of incremental policy measures announced in recent months, Robin Xing, chief China economist at Morgan Stanley, noted that "recent policy dynamics signal a strong turning of overall government policy in trying to bolster economic growth, boost confidence and stabilize expectations." Xing said he expects to see additional fiscal stimulus in the coming months, …

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 …

China's Growth: A Catalyst for Global Prosperity
2 months ago

China's Growth: A Catalyst for Global Prosperity

China Daily  

China's growth is vital for global development, and the country will promote mutually beneficial cooperation and development to counter the zero-sum games being played by some Western economies. The expansion and structural optimization of China's economy will have a significant impact on global economic growth, with every 1 percentage point increase in China's growth rate boosting global economic growth by …

China on track to reach economic growth goal
4 months, 3 weeks ago

China on track to reach economic growth goal

China Daily  

Xu Hongcai, deputy director of the China Association of Policy Science's Economic Policy Committee delivers a speech at a news conference held in Beijing, on Tuesday. China is well poised to achieve its economic growth goal of about 5 percent this year, as the country continues to boost domestic demand, a senior expert said on Tuesday. Xu also said insufficient …

New economic model set to boost strength
5 months, 2 weeks ago

New economic model set to boost strength

China Daily  

China will likely pursue a new economic model to drive a smooth transition in growth engines, potentially providing an alternative solution to the global challenge of low productivity growth, according to leading economists and executives. "I think this is really very unique, what I will call the China model or China economic model," said Zhu Min, former deputy managing director …

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 …

Nation's growth target seen as achievable, appropriate
9 months, 1 week ago

Nation's growth target seen as achievable, appropriate

China Daily  

This aerial photo taken on June 10, 2023 shows the night view of the urban areas in Guangzhou, South China's Guangdong province. A moderately rapid growth of around 5 percent annually is both achievable and appropriate for a country at China's stage of development, a senior economist said. Jeffrey Sachs, a world-renowned professor of economics and director of the Center …

Chinese economy belies scaremongers: China Daily editorial
9 months, 2 weeks ago

Chinese economy belies scaremongers: China Daily editorial

China Daily  

The high growth rate the Chinese economy maintained for the majority part of the past four decades seems to have made some take it for granted. They therefore view the 5.2 percent year-on-year growth of the Chinese economy last year from a glass-half-empty perspective. Yet China's economic growth rate is markedly higher than those of other major economies, including the …

China pushes for 5% GDP growth
10 months ago

China pushes for 5% GDP growth

China Daily  

China aims to see economic expansion at around 5 percent for 2024, unchanged from last year, as the world's second-largest economy will leverage intensified and targeted macro policies to sustain stable growth, according to the Government Work Report released on Tuesday. The country pledged to pursue a proactive fiscal policy that will be intensified as appropriate with improved quality and …

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. …

‘Two sessions’: China sets 5 percent growth target, boosts military budget
10 months ago

‘Two sessions’: China sets 5 percent growth target, boosts military budget

Al Jazeera  

Beijing sets one of its lowest targets in decades amid property crisis, slowing exports and population decline. Li said Beijing would push ahead with “transforming the growth model”, including through tax reform, fostering talent in tech, boosting domestic consumption, removing barriers to private investment, and issuing 1 trillion yuan in special government bonds. China’s economic roadmap, which matches last year’s …

China pushes for 5% GDP growth
10 months ago

China pushes for 5% GDP growth

China Daily  

Premier Li Qiang delivers the Government Work Report at the opening meeting of the second session of the 14th National People's Congress at the Great Hall of the People in Beijing on Tuesday. FENG YONGBIN / CHINA DAILY China aims to see economic expansion at around 5 percent for 2024, unchanged from last year, as the world's second-largest economy will …

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 …

Year of the Dragon: China faces critical moment in push to revive economy
10 months, 3 weeks ago

Year of the Dragon: China faces critical moment in push to revive economy

Al Jazeera  

Analysts say Beijing needs to roll out measures to stimulate greater domestic consumption amid slowing growth. “China didn’t see the boost most people expected after COVID restrictions were removed in late 2022,” Kevin P Gallagher, the director of the Boston University Global Development Policy Centre, told Al Jazeera. Consumption, by contrast, is viewed as indulgent.” Shih added: “There are 1.4 …

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, …

After bumpy recovery, China’s economy faces serious headwinds in 2024
1 year ago

After bumpy recovery, China’s economy faces serious headwinds in 2024

Al Jazeera  

The world’s second-largest economy is heading into 2024 on a precarious footing amid deep-seated structural issues. China’s reopening after the lifting of its harsh “zero-COVID” restrictions in January coincided with challenging economic conditions overseas, as soaring inflation made consumers less inclined to buy Chinese goods. “The all too often near-anarchic environment of the past two decades has led to such …

China: Waiting for policy tailwind
1 year ago

China: Waiting for policy tailwind

China Daily  

A pedestrian walks past the headquarters of PBOC in Beijing. Our base case is the government will likely commit to boost growth by setting a growth target at "above 4.5 percent" for 2024, moderately higher than the 4.1 percent average growth in 2022-23. While the People's Bank of China will continue to ease lending conditions, to bring about recovery in …

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 …

China sees dip in economic growth at 4.9% in third quarter
1 year, 2 months ago

China sees dip in economic growth at 4.9% in third quarter

India TV News  

According to China's trade data, the country's economy has slowed down by 4.9 percent due to muted global demand, deflationary pressures and an ailing property sector. On a quarterly basis, the economy grew by 1.3% in the third quarter, compared to 0.8% growth in the April-to-June quarter. Earlier this year, growth was boosted as people flocked to shopping malls and …

China's economy in ‘deep distress’, its model of growth is ‘broken’: Report
1 year, 4 months ago

China's economy in ‘deep distress’, its model of growth is ‘broken’: Report

Hindustan Times  

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. China's gross domestic product grew 5.5 per cent year-on-year in the first half of 2023, the country's National …

Explainer | How much worse can China's economic slowdown get?
1 year, 4 months ago

Explainer | How much worse can China's economic slowdown get?

The Hindu  

China's economic activity data for July, including retail sales, industrial output and investment failed to match expectations, fuelling concern over a deeper, longer-lasting slowdown in growth. Given China's debt-fuelled investment in infrastructure and property has peaked, and as exports are slowing in line with the global economy, China only has one other source of demand to tinker with: household consumption. …

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 premier says economic growth is accelerating and the country can hit its 5% target this year
1 year, 6 months ago

China’s premier says economic growth is accelerating and the country can hit its 5% target this year

Associated Press  

BEIJING — China’s No. 2 leader said Tuesday that economic growth accelerated in the latest quarter and expressed confidence it can hit the ruling Communist Party’s official target of 5% for the year. Premier Li Qiang, speaking at a conference in the eastern city of Tianjin, gave no figure for the three months ending in June but said it was …

China's GDP expected to grow 6.2% in H1
1 year, 6 months ago

China's GDP expected to grow 6.2% in H1

China Daily  

Workers assemble wind turbine wheels at a factory in Lianyungang Economic and Technological Development Zone, East China's Jiangsu province, Feb 28, 2023. China's economy saw an overall recovery and improvement in the first half of this year, with GDP forecast to expand 6.2 percent year-on-year, The Paper said Monday quoting a report released by the China Macroeconomy Forum. During the …

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 …

China's new Premier Li Qiang says achieving 5% GDP target this year not easy
1 year, 9 months ago

China's new Premier Li Qiang says achieving 5% GDP target this year not easy

The Hindu  

China's new Premier Li Qiang on March 13 said achieving the 5% GDP target for the slowing down economy is not an easy task and requires redoubled efforts but assured the country's tattered private sector better environment, broader space for development. He acknowledged that achieving the 2023 gross domestic product growth target of around 5% for this year on the …

MNCs plug into China recovery theme
1 year, 10 months ago

MNCs plug into China recovery theme

China Daily  

The Dongsi Corridor of Guangzhou Baiyun International Airport is under construction in Guangdong province on Feb 23. Seeing the huge growth potential in China's ultra-large domestic market, Corning's Liu said he believes the China market will continue to serve as a major growth engine for the company's future development. "China's economy is expected to grow by 5.7 percent this year, …

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 sets economic growth target of ‘around 5%’ for 2023, lowest in decades
1 year, 10 months ago

China sets economic growth target of ‘around 5%’ for 2023, lowest in decades

The Hindu  

China on Sunday set an economic growth target of “around 5%” for 2023, one of the lowest in decades, as its annual National People’s Congress opened in Beijing. Mr. Li said China would aim to add “around 12 million new urban jobs” this year and bring the urban unemployment rate to around 5.5%. “China’s economy is staging a steady recovery …

Nation reaffirms pro-growth stance for 2023
1 year, 10 months ago

Nation reaffirms pro-growth stance for 2023

China Daily  

A view of Beijing's CBD area on Aug 19, 2022. In 2022, the government had to under-implement spending to meet the broad budget deficit target of 7.4 percent of GDP, because of revenue shortfalls. The combined total revenue from the general public budget and government funds budget dropped 6.3 percent because of a 23 percent plunge in land sales revenue, …

Explained: How China's economic slowdown could affect the rest of the world
1 year, 11 months ago

Explained: How China's economic slowdown could affect the rest of the world

Firstpost  

Observers have already predicted that China would fall into the middle-income trap, and now evidence has emerged that the country is struggling to maintain its miracle of sustained higher growth rates of 10 per cent or more Beijing: According to China’s National Bureau of Statistics, the annual GDP growth of the country fell to three per cent, much below the …

Chinese Economy Witnesses Slowest Growth Rate in Decades due to Covid Zero
1 year, 11 months ago

Chinese Economy Witnesses Slowest Growth Rate in Decades due to Covid Zero

News 18  

The Chinese economy grew at a slow pace last year, marking the slowest growth rate in decades owing to repeated lockdowns which affected households and businesses adversely. Experts speaking to the news outlet however believe that in 2023 a consumer-led recovery will boost the Chinese and global economy even though the US and Europe fear an oncoming recession. However, they …

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 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 …

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 …

China’s economy is ‘in deep trouble’ as Xi heads for next decade in power
2 years, 2 months ago

China’s economy is ‘in deep trouble’ as Xi heads for next decade in power

CNN  

Hong Kong CNN Business — When Xi Jinping came to power a decade ago, China had just overtaken Japan to become the world’s second largest economy. “For 30 years, China was on a path that gave people great hope,” said Doug Guthrie, the director of China Initiatives at Arizona State University’s Thunderbird School of Global Management, adding that the country …

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 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 …

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