As China’s markets crash, its consumers cower
10 months, 2 weeks ago

As China’s markets crash, its consumers cower

Live Mint  

MOST EMERGING economies struggle to live within their means; China struggles to live up to them. “The Chinese market, with its vast space and growing depth, will play an important role in boosting aggregate global demand," Li Qiang, China’s prime minister, told the World Economic Forum in Davos last month. A new IMF review of China’s prospects published on February 2nd contains 61 references to the word “consumption". For China to successfully rebalance its economy, consumption would need to rise by about ten percentage points of GDP, according to calculations by Mr Pettis. Cai Fang of the Chinese Academy of Social Sciences thinks giving migrant workers urban hukou could raise their consumption by as much as 30%, although other studies report less dramatic results.

China Consumption Chinese Mr Chen  mr  gdp  hukou  crash  markets  growth  cower  consumers  consumption  chen  china  world  spending  chinas

History of this topic

Targeted measures to boost consumption
5 days, 7 hours ago

Targeted measures to boost consumption

China Daily  

Consumers check out festive products in Nanjing, Jiangsu province, on Friday. LIU JIANHUA/FOR CHINA DAILY China will roll out an array of targeted measures to simultaneously boost consumption and deliver tangible benefits to the people after policymakers signaled a shift in prioritizing the expansion of domestic demand amid external uncertainties during a recent tone-setting meeting, officials and analysts said. "Boosting …

Moves seen helping boost consumption
1 month, 2 weeks ago

Moves seen helping boost consumption

China Daily  

Consumer products on display at the ongoing China International Import Expo in Shanghai. ZHANG WEI/CHINA DAILY China's recent introduction of a potent stimulus policy package, including dedicated efforts to shore up consumer spending, will provide massive opportunities for global businesses keen to tap into its super-sized market and facilitate the transition toward a consumption-led growth model, global executives said on …

IMF Chief: Shift to Domestic Consumption-Led Growth for China to Propel Growth
2 months ago

IMF Chief: Shift to Domestic Consumption-Led Growth for China to Propel Growth

China Daily  

IMF Managing Director Kristalina Georgieva emphasizes the importance of boosting domestic consumption in China to achieve sustainable growth. She believes that China's reliance on exports has led to a slowdown in consumer confidence, which is hindering economic activity. Georgieva suggests that China focus on stimulating domestic consumption through measures such as social security and pension reforms, which would give people …

IMF Chief: Shift to Domestic Consumption-Led Growth for China
Trending News
2 months ago

IMF Chief: Shift to Domestic Consumption-Led Growth for China

China Daily  

IMF Managing Director Kristalina Georgieva emphasizes the importance of boosting domestic consumption in China to achieve sustainable growth. She believes that China's reliance on exports has led to a decline in consumer confidence, which is a major obstacle to growth. The IMF projects China's GDP to grow by 4.8 percent in 2024 and 4.5 percent in 2025, down from its …

Stimulus Measures to Ignite Chinese Economy
2 months, 1 week ago

Stimulus Measures to Ignite Chinese Economy

China Daily  

China's economy is expected to pick up pace in the fourth quarter, supported by a slew of bolder-than-expected stimulus measures. The focus will be on tackling issues faced by enterprises, spurring consumption, and stabilizing the real estate sector to achieve the country's annual growth target of 5 percent.

Stimulus Measures to Rev Up China's Economy
2 months, 1 week ago

Stimulus Measures to Rev Up China's Economy

China Daily  

China's economy is expected to pick up pace in the fourth quarter, supported by a combination of monetary and fiscal stimulus measures. The focus will be on tackling issues faced by enterprises, spurring consumption, and stabilizing the real estate sector to achieve the country's growth target of 5 percent.

Top Chinese economist disappears after criticising Xi Jinping
3 months ago

Top Chinese economist disappears after criticising Xi Jinping

The Telegraph  

But Xi’s efforts to prop up China’s economy cheered investors on Tuesday, with the Shanghai Shenzhen CSI Index rising 4.3pc – its biggest jump since July 2020. Mr Yu added: “Given the confidence issues among households and corporates, we doubt the measures are sufficient to jump-start the credit engine.” Lynn Song, ING’s chief economist for Greater China, said without extra …

China steps up efforts to boost domestic demand
3 months ago

China steps up efforts to boost domestic demand

China Daily  

A consumer learns about trade-in plans for home appliances at a store in Chongqing in July. SUN KAIFANG/FOR CHINA DAILY BEIJING -- The National Development and Reform Commission, China's top economic planner, said Thursday that it is intensifying efforts to spur investment and consumption in its bid to bolster domestic demand. Specifically, the NDRC will continue to support government investment …

Efforts to boost consumption urged
3 months, 4 weeks ago

Efforts to boost consumption urged

China Daily  

A growing number of economists are calling on Chinese policymakers to ramp up efforts to revive consumer sentiment and stabilize expectations, in a bid to address the pressing challenges of still-weak domestic demand and to bolster the world's second-largest economy. Among the traditional trio driving China's economic development — exports, investment and consumption — the economists emphasized that boosting consumption …

China on track to reach economic growth goal
4 months 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 …

Former IMF official foresees China's rise as service powerhouse, warns of external challenges
4 months, 1 week ago

Former IMF official foresees China's rise as service powerhouse, warns of external challenges

China Daily  

Former IMF Deputy Managing Director Zhu Min delivers a speech at the 3rd Understanding China Conference in Beijing, China. Official data show that in the first six months of this year, China's retail sales of services increased 7.5 percent from a year ago, 4.3 percentage points higher than that of goods, while service consumption accounted for 45.6 percent of the …

Economists advocate direct support to consumers
4 months, 1 week ago

Economists advocate direct support to consumers

China Daily  

Tourists visit a cultural block in Xiangyang, Hubei province, June 10, 2024. China's central government should consider additional direct support to consumers worth at least 1 trillion yuan — either cash or vouchers — in the rest of the year to effectively address the pressing challenge of lackluster domestic demand, economists from government-backed think tanks said. Consumption — which contributed …

Economists advocate direct support to consumers
4 months, 1 week ago

Economists advocate direct support to consumers

China Daily  

Tourists visit a cultural block in Xiangyang, Hubei province, June 10, 2024. China's central government should consider additional direct support to consumers worth at least 1 trillion yuan — either cash or vouchers — in the rest of the year to effectively address the pressing challenge of lackluster domestic demand, economists from government-backed think tanks said. Consumption — which contributed …

Economists advocate direct support to consumers
4 months, 1 week ago

Economists advocate direct support to consumers

China Daily  

By ZHOU LANXU and OUYANG SHIJIA | China Daily | Updated: 2024-08-13 09:25 Tourists visit a cultural block in Xiangyang, Hubei province, June 10, 2024. China's central government should consider additional direct support to consumers worth at least 1 trillion yuan — either cash or vouchers — in the rest of the year to effectively address the pressing challenge of …

China sees mild price growth as consumer demand expands
4 months, 1 week ago

China sees mild price growth as consumer demand expands

China Daily  

BEIJING - China's consumer prices gained mild growth in July as the domestic consumer demand continued to expand, official data showed Friday. The consumer price index, a main gauge of inflation, was up 0.5 percent year-on-year in July, slightly higher than the 0.2 percent increase in June, according to the National Bureau of Statistics. NBS statistician Dong Lijuan said that …

China sees mild price growth as consumer demand expands
4 months, 2 weeks ago

China sees mild price growth as consumer demand expands

China Daily  

BEIJING - China's consumer prices gained mild growth in July as the domestic consumer demand continued to expand, official data showed Friday. The consumer price index, a main gauge of inflation, was up 0.5 percent year-on-year in July, slightly higher than the 0.2 percent increase in June, according to the National Bureau of Statistics. NBS statistician Dong Lijuan said that …

Consumption boost requires society's buy-in
4 months, 2 weeks ago

Consumption boost requires society's buy-in

China Daily  

People visit the fourth China International Consumer Products Expo in Haikou, capital city of South China's Hainan province, April 18, 2024. China will work to further develop consumer services to support high-quality economic development and meet people's demand for personalized, diversified and quality services, according to a guideline made public on Saturday. The guideline, issued by the State Council, China's …

IMF praises China for its resilient growth
4 months, 2 weeks ago

IMF praises China for its resilient growth

China Daily  

The International Monetary Fund welcomes China's "resilient economic growth and the post-pandemic recovery in private consumption", according to a new report. Driven by China's strong economic data from the first quarter, the IMF increased its forecast for the nation's annual economic growth to 5 percent this year, an upward revision of 0.4 percentage points compared with the projections released in …

Consumption boost requires society's buy-in
4 months, 2 weeks ago

Consumption boost requires society's buy-in

China Daily  

People visit the fourth China International Consumer Products Expo in Haikou, capital city of South China's Hainan province, April 18, 2024. China will work to further develop consumer services to support high-quality economic development and meet people's demand for personalized, diversified and quality services, according to a guideline made public on Saturday. The guideline, issued by the State Council, China's …

To revive the economy, China wants consumers to buy better stuff
4 months, 3 weeks ago

To revive the economy, China wants consumers to buy better stuff

Live Mint  

Everywhere you look, the world’s politicians face tough economic choices. A survey by China’s central bank in April showed that over 60% of city-dwellers want to increase the amount in their savings accounts. America’s cash-for-clunkers programme, introduced in 2009 during the global financial crisis, prompted 360,000 extra car purchases in two months, according to Atif Mian of Princeton University and …

Improve consumption for high-quality growth
4 months, 3 weeks ago

Improve consumption for high-quality growth

China Daily  

Shoppers pick fruit at a supermarket in Beijing, May 12, 2024. The central authorities have recently called on boosting consumption, namely enhancing the purchasing power and willingness of middle-and low-income groups. This cannot be separated from increased income, as income growth directly enhances residents' purchasing power and stable income growth increases people's willingness to consume. Further, since low-income groups in …

Consumption growth points stimulated and nurtured
5 months, 4 weeks ago

Consumption growth points stimulated and nurtured

China Daily  

A booth promotes Huawei's HarmonyOS during an expo in Shanghai. CHEN YUYU/FOR CHINA DAILY A circular, jointly issued by some central departments on Monday, stated that China is moving to foster new consumption scenarios in multiple sectors, including tourism, automobiles and electronics, aiming to boost consumer demand and promote the steady growth of consumption. The circular also detailed measures on …

Consumption's big role in focus
5 months, 4 weeks ago

Consumption's big role in focus

China Daily  

Zhu Min, former deputy managing director of the International Monetary Fund, at the Reinvigorating Consumption forum on Tuesday. ZOU HONG/CHINA DAILY Despite the pressure of lackluster domestic demand, China still has the capability and conditions to further tap consumption potential to sustain high-quality growth, experts and entrepreneurs said at the 15th Annual Meeting of the New Champions, also known as …

Consumption growth points stimulated and nurtured
5 months, 4 weeks ago

Consumption growth points stimulated and nurtured

China Daily  

A booth promotes Huawei's HarmonyOS during an expo in Shanghai. CHEN YUYU/FOR CHINA DAILY A circular, jointly issued by some central departments on Monday, stated that China is moving to foster new consumption scenarios in multiple sectors, including tourism, automobiles and electronics, aiming to boost consumer demand and promote the steady growth of consumption. The circular also detailed measures on …

IMF upgrades its forecast for China’s economy, but says reforms are needed to support growth
6 months, 3 weeks ago

IMF upgrades its forecast for China’s economy, but says reforms are needed to support growth

Associated Press  

The International Monetary Fund has upgraded its forecast for China’s economy, while warning that consumer-friendly reforms are needed to sustain strong, high-quality growth. The IMF’s report, issued late Tuesday, said the world’s second-largest economy will likely expand at a 5% annual rate this year, based on its growth in the first quarter and recent moves to support the property sector. …

Roaring consumption engine powers China's economy ahead
8 months ago

Roaring consumption engine powers China's economy ahead

China Daily  

Customers try smartphones in the Pura 70 series at a Huawei retail store in Shanghai on Thursday. BEIJING - China's consumption played a vital role in bolstering economic growth in the first quarter of the year, underscoring the country's steady transformation toward a domestic consumption-driven economy. China's GDP expanded 5.3 percent year-on-year in the first quarter, with domestic consumption contributing …

Year of the Dragon: China faces critical moment in push to revive economy
10 months 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 to remain top contributor to global growth in 2024: IMF
10 months, 3 weeks ago

China to remain top contributor to global growth in 2024: IMF

China Daily  

Despite a moderate slowdown, China's economy will remain the largest contributor to global growth in 2024, said Steven Barnett, senior resident representative of the International Monetary Fund in China. "China would still be the single-largest contributor to contribute over one-quarter of global growth this year," Barnett said in an exclusive interview with China Daily, adding that the over-a-quarter contribution is …

IMF: China to stay big contributor to growth
10 months, 3 weeks ago

IMF: China to stay big contributor to growth

China Daily  

Despite a moderate slowdown, China's economy will still contribute more than a quarter of global economic growth this year and remain the largest contributor to worldwide growth, said a senior official at the International Monetary Fund. The country's real estate sector is undergoing a needed adjustment to address oversupply, which can ultimately help stabilize economic growth, with more supportive policy …

China to remain top contributor to global growth in 2024: IMF
10 months, 3 weeks ago

China to remain top contributor to global growth in 2024: IMF

China Daily  

Despite a moderate slowdown, China's economy will remain the largest contributor to global growth in 2024, said Steven Barnett, senior resident representative of the International Monetary Fund in China. "China would still be the single-largest contributor to contribute over one-quarter of global growth this year," Barnett said in an exclusive interview with China Daily, adding that the over-a-quarter contribution is …

Chinese shudders: Fewer people is bad news
11 months, 1 week ago

Chinese shudders: Fewer people is bad news

Live Mint  

For an economy already caught in a slowdown, Wednesday’s release of China’s population data made it a double whammy. China’s covid toll was estimated at about 11.1 million last year and 10.4 million in 2022. It now faces an adverse demographic turn, with fewer people who can contribute to economic activity even as an elderly bulge adds to its welfare …

China expected to maintain steady growth
11 months, 3 weeks ago

China expected to maintain steady growth

China Daily  

Employees work on the assembly line of a carmaker in Qingdao, Shandong province. Experts say consumption will remain primary driver of economy in 2024 China's economy is set to maintain robust and steady growth in 2024 as domestic demand further recovers, driven by ramped-up macroeconomic policy support and the deepening of industrial upgrading, senior experts said. Traditional consumption areas such …

China expected to maintain steady growth
11 months, 3 weeks ago

China expected to maintain steady growth

China Daily  

A view of the Huangpu River in Shanghai. Experts say consumption will remain primary driver of economy in 2024 China's economy is set to maintain robust and steady growth in 2024 as domestic demand further recovers, driven by ramped-up macroeconomic policy support and the deepening of industrial upgrading, senior experts said. Traditional consumption areas such as vehicles and electronics are …

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 …

Why Xi Can No Longer Brag About the Chinese Economy
1 year, 1 month ago

Why Xi Can No Longer Brag About the Chinese Economy

Live Mint  

In 2021, Chinese President Xi Jinping popularized a slogan signifying China’s expected displacement of the U.S. as the world’s leading economic power: “The East is rising, the West is declining." China’s GDP may one day reach 90% or even 100% of the U.S.’s, but there’s no realistic scenario in which it reaches 150% or 200%, he said. He was signaling, …

Boosting consumption seen as key to reviving economy
1 year, 3 months ago

Boosting consumption seen as key to reviving economy

China Daily  

Visitors check out new energy vehicles during an event in Zibo, Shandong province, in August. Despite the continued recovery trend, consumption lacks momentum amid slowing personal income growth, the upgrade of the consumption structure and adjustments in specific sectors, said Hong Yong, an associate research fellow at the Chinese Academy of International Trade and Economic Cooperation's e-commerce research institute. Policymakers …

China's economic resilience: Beyond Western misconceptions
1 year, 4 months ago

China's economic resilience: Beyond Western misconceptions

China Daily  

Containers are unloaded from a ship at a port of Qingdao, East China's Shandong province. Recent claims by some Western politicians and media outlets alleging that China's economic slowdown could jeopardize global growth deeply misconstrue realities. Furthermore, propagandized portrayals of looming "China collapse" theories reveal more about internal Western anxieties than actual Chinese economic conditions. Objective examination of China's durable …

Explained: Why China's economic meltdown is making the world nervous
1 year, 4 months ago

Explained: Why China's economic meltdown is making the world nervous

India Today  

China, the world's second-largest economy, is going through a tough time. For starters, China is a dominant global player across most global sectors, with the International Monetary Fund's latest World Economic Outlook predicting the country to contribute over 22 per cent of the global gross domestic product. Therefore, a decline in China's economic activity can severely throw off the global …

China Announce New Measures to Boost Consumption Amid Economic Slowdown
1 year, 4 months ago

China Announce New Measures to Boost Consumption Amid Economic Slowdown

News 18  

Chinese authorities announced new measures to boost consumption on Monday, as fresh economic data suggested that the country’s post-Covid recovery is running out of steam and growth is slowing. Official figures released Monday showed factory activity contracting for the fourth straight month in July, adding to a run of dismal economic data that has ramped up calls for government support …

China's GDP expected to grow 6.2% in H1
1 year, 5 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 …

Policy support set to boost consumption
1 year, 7 months ago

Policy support set to boost consumption

China Daily  

People choose products in a duty-free shop in Haikou, South China's Hainan province on Jan 26, 2023. The policy push, including the removal of administrative restrictions in the housing and automobile markets, is among China's priorities in order to revive the vibrancy of its consumer market because the central leadership has identified insufficient domestic demand as an acute challenge facing …

Policy support set to boost consumption
1 year, 7 months ago

Policy support set to boost consumption

China Daily  

People choose products in a duty-free shop in Haikou, South China's Hainan province on Jan 26, 2023. The policy push, including the removal of administrative restrictions in the housing and automobile markets, is among China's priorities in order to revive the vibrancy of its consumer market because the central leadership has identified insufficient domestic demand as an acute challenge facing …

Policy support set to boost consumption
1 year, 7 months ago

Policy support set to boost consumption

China Daily  

Nation will deepen reforms to increase incomes, bridge urban-rural wealth gap China will step up its policy support to increase consumer spending and unleash the country's purchasing potential, a key force that propels the nation's economic recovery and underpins its endeavors toward modernization and prosperity, experts said. The policy push, including the removal of administrative restrictions in the housing and …

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'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, 9 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, …

MNCs plug into China recovery theme
1 year, 9 months ago

MNCs plug into China recovery theme

China Daily  

A cargo ship docks at a container terminal in Zhoushan, Zhejiang province, on Jan 28. "China's economy is expected to grow by 5.7 percent this year, contributing to around 40 percent of the global economic growth," said Robin Xing, Morgan Stanley's chief China economist. "Both the United States and Europe may face a year of subdued growth, and China, with …

Consumption upgrade promises growth momentum
1 year, 10 months ago

Consumption upgrade promises growth momentum

China Daily  

Tourists throng Cross Street in Luoyang, Henan province, to experience the charm of the ancient capital that was decked up for the Spring Festival holiday on Jan 26. Holiday in late Jan heralds spending spree, demand surge as green, smart goods rise The hustle and bustle of marketplaces have returned to China, especially during the Spring Festival holiday in late …

Explained: How China's economic slowdown could affect the rest of the world
1 year, 10 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 …

Discover Related