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☆ China's true military spending in 2022 was likely worth $711 billion, or 'nearly equal' to the US military budget that year: US think tank
▼ + stars: | 2024-05-03 | by ( Matthew Loh | ) www.businessinsider.com time to read: +6 min

A new report says China's $229 billion military budget in 2022 was actually equivalent to $711 billion. AdvertisementIn June 2023, Sen. Dan Sullivan of Alaska warned Congress that China's military was catching up to America's faster than previously imagined. That makes Beijing's spending in 2022 "nearly equal" to the US defense budget of about $740 billion that year, wrote Eaglen, a senior fellow at AEI. Using that factor, Eaglen wrote that it's highly likely China's spending on personnel that year was worth $293 billion of US military spending. US military spending is also often cited as higher than the actual defense budget.

Persons: —, Sen, Dan Sullivan, Mackenzie Eaglen, Sullivan, Eaglen, haven't Organizations: AEI, Service, Republican, American Enterprise Institute, Pentagon, Beijing, United Nations, Labor, US Army, People's Armed Police, Liberation Army's, Publishing, Getty, China's, Guard Locations: Alaska, Beijing, Washington, China, Nanning, South, Guangxi Zhuang Autonomous, United States

☆ China's fiscal stimulus is losing its effectiveness, S&P says
▼ + stars: | 2024-04-19 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

BEIJING — China's fiscal stimulus is losing its effectiveness and is more of a strategy to buy time for industrial and consumption policies, S&P Global Ratings senior analyst Yunbang Xu said in a report Thursday. The analysis used growth in government spending to measure fiscal stimulus. "In our view, fiscal stimulus is a buy-time strategy that could have some longer-term benefits, if projects are focused on reviving consumption or industrial upgrades that increase value-add," Xu said. The head of the top economic planning agency said in March that China would "strengthen macroeconomic policies" and increase coordination among fiscal, monetary, employment, industrial and regional policies. High debt levels limit how much fiscal stimulus a local government can undertake, regardless of whether a city is considered a high or low-income region, the S&P report said.

Persons: Yunbang Xu, Xu Organizations: Global Locations: Nanning, Guangxi Zhuang, China, BEIJING, Shenzhen, Bazhong, Sichuan

☆ A deadly Boeing 737 crash in China is still shrouded in mystery as the government says it found nothing abnormal before the plane nose-dived
▼ + stars: | 2024-03-26 | by ( Matthew Loh | ) www.businessinsider.com time to read: +4 min

Read previewChinese authorities say they've yet to identify the cause of a Boeing 737 crash that killed 132 people two years ago, reporting that investigators found nothing abnormal occurring before the fatal incident. The report, published Wednesday by the Civil Aviation Administration of China, covers the government probe into the crash of flight MU5735, which was operated by China Eastern Airlines. AdvertisementBloomberg reported shortly after the crash, citing flight tracker data, that the plane hit the ground while traveling near the speed of sound. A rescuer ties a safety rope to a tree at the plane crash site in Tengxian County, south China's Guangxi Zhuang Autonomous Region, March 26, 2022. When asked to comment on the report, a Boeing spokesperson referred BI to the Civil Aviation Administration of China.

Persons: —, MU5735, Lu Boan Organizations: Service, Boeing, Civil Aviation Administration, China Eastern Airlines, Business, Staff, Street, Bloomberg, Getty Images, Civil Aviation Administration of China Locations: China, Guangxi Zhuang, Teng County, Tengxian County, Guangxi Zhuang Autonomous Region, Xinhua, Kunming, Guangzhou, Weibo

☆ Unrelenting rain causes more than 100 landslides, traps residents in floodwaters in southern China
▼ + stars: | 2023-09-12 | by ( ) www.reuters.com time to read: +2 min

Typhoon Haikui hit southern China eight days ago and has since been downgraded to a tropical storm, but unrelenting rain continues to deluge southwestern Guangxi. Rescuers were seen treading thigh-deep in waterlogged areas evacuating residents in boats. China Meteorological Administration forecast heavy rains in the south and southeast parts of Guangxi on Tuesday and Wednesday, with storms in the southwest. The national forecaster also warned relevant departments and people in Guangdong and Guangxi to be alert to any delayed effects of disasters from frequent rainfall in recent days. Reporting by Liz Lee and Shanghai newsroom; Editing by Michael PerryOur Standards: The Thomson Reuters Trust Principles.

Persons: Haikui, Liz Lee, Michael Perry Organizations: cnsphoto, REUTERS Acquire, Rights, China Meteorological Administration, Thomson Locations: Shankou, Hepu county, Beihai, Guangxi Zhuang Autonomous Region, China, Rights BEIJING, China's, Guangxi, Yulin, Fujian, Shenzhen, Hong Kong, Guangdong, Shanghai

☆ China's July economic losses from disasters exceed January-June
▼ + stars: | 2023-08-05 | by ( ) www.reuters.com time to read: +2 min

August, when rainfall usually peaks and summer temperatures soar, is set for further economic impact from floods and heatwaves. Rainfall in northeastern provinces could be as much as 50% higher than normal in August, China's national forecaster have warned. In the northern province of Hebei, over 1.2 million people had been evacuated as of Wednesday due to flooding caused by residual rains from Doksuri. China's top economic planner on Friday earmarked an additional 100 million yuan to support post-disaster recovery in Tianjin and Hebei on top of the 100 million yuan announced on Wednesday for Beijing and Hebei. The finance and water resources ministries separately on Friday also offered 450 million yuan to support the overall recovery effort.

Persons: Talim, Ryan Woo, William Mallard Organizations: cnsphoto, REUTERS, Ministry of Emergency Management, Thomson Locations: Beihai, Guangxi Zhuang Autonomous Region, China, BEIJING, Beijing, Hebei, Doksuri, Tianjin

☆ China’s real estate slump predicted to last for years, threatening to spill into the wider region
▼ + stars: | 2023-06-14 | by ( Jihye Lee | ) www.cnbc.com time to read: +3 min

Future Publishing | Future Publishing | Getty ImagesWeakness in China's real estate sector could be a drag on the economy for years to come and could even impact countries in the wider region, Wall Street banks have warned. "We only assume an 'L-shaped' recovery in the property sector in coming years," they said. watch nowGoldman Sachs economists also noted there are expectations for China's government to introduce more housing stimulus packages to support the sector. If the challenges in the property sector deepen and bring risk aversion in the financial system and affect consumer confidence, this will cause a deeper slowdown in China. watch nowHui said the government's push to cap property prices at a certain level could be missing a big chunk of potential buyers.

Persons: Goldman Sachs, Lisheng Wang, Goldman, Tai Hui, Morgan Stanley, Hui, CNBC's, that's Organizations: Future Publishing, Reuters, Market Locations: CHINA, Nanning, South, Guangxi Zhuang, Wall, China, Asia

☆ Can the Zibo barbecue frenzy save China from economic crises?
▼ + stars: | 2023-05-15 | by ( Laura He | ) edition.cnn.com time to read: +8 min

Zhu Zheng/Xinhua/Getty ImagesSo many tourists flocked into Zibo, now dubbed China’s outdoor barbecue capital, that even the local tourism authorities urged visitors to go elsewhere. A few may, but most won’t.”A shop owner shows off grilled meat during a barbecue festival on April 29, 2023 in Zibo, eastern China. The city Zibo became a tourism hot spot after videos of its barbecue went viral online. China’s economy is navigating a growing array of challenges. The informal trade might reduce unemployment temporarily, and give people feeling poorer a boost, but it “won’t save China’s economy,” Tsang said.

☆ China's May Day holiday spending exceeds pre-pandemic levels for the first time
▼ + stars: | 2023-05-04 | by ( Laura He | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —Holiday spending during China’s Golden Week has surged past pre-pandemic levels for the first time in three years, in a sign the country’s travelers have fully emerged from the depths of Covid-related restrictions and are eager to live large to make up for lost time. Alipay, the country’s biggest digital payment app, reported a 200% increase in online holiday spending from a year earlier. “The fact that domestic tourism spending is now back to 2019 levels suggests that the reopening boost to consumer spending has largely run its course,” said Capital Economics analysts in a Thursday report. “The swift recovery in in-person services has been the major driver of China’s post-Covid recovery this year,” they said. However, “the lackluster property recovery, a global slowdown and rising geopolitical conflict remain major challenges for China’s recovery to be sustained.”

☆ This is one metal investors can consider buying on dip 'at any chance' they get, according to an analyst
▼ + stars: | 2023-03-02 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +3 min

The benchmark 62%-grade iron ore last traded at $126.80 per ton. Vincent Mundy | Bloomberg | Getty ImagesFalling prices for global crude steel output could also contribute to lower iron ore prices. "Global crude steel output fell modestly in year-on-year terms last month ... The result was driven by a fall in steel output amongst most of the world's largest steel producers." World crude steel output recorded a 3.3% drop in January compared to the same period last year, according to the World Steel Association.

☆ Asia markets fall amid recession fears; China to report trade data
▼ + stars: | 2022-12-07 | by ( Abigail Ng | ) www.cnbc.com time to read: 1 min

Aerial view of containers sitting stacked at the Qinzhou Port on August 15, 2022 in Qinzhou, Guangxi Zhuang Autonomous Region of China. Shares in the Asia-Pacific slipped on Wednesday after major U.S. indexes fell more than 1% each overnight as recession concerns weigh on markets. China's November trade data is predicted to show a sharp drop in exports and imports, according a Reuters poll. The Nikkei 225 in Japan was down 0.59% in early trade and the Topix also fell 0.44%. South Korea's Kospi shed 0.29%, and the Kosdaq was 0.58% lower.

☆ Manufacturing orders from China down 40% in unrelenting demand collapse
▼ + stars: | 2022-12-04 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +6 min

U.S. manufacturing orders in China are down 40 percent, according to the latest CNBC Supply Chain Heat Map data. HLS expects most carriers to extend their West Coast rates until December 14, holding at $1,300-$1,400 per forty-foot equivalent containers (FEU). The 2M Alliance of Maersk and MSC has suspended almost half of its U.S. West Coast services for December. is also impacting Vietnam, which has been booming as a manufacturing hub as more trade moved away from China. Canceled ocean sailings bound for Vietnam are up 50% for December.

☆ A man who won $30 million on the Chinese lottery says he'll keep it secret from his wife and child in case it makes them lazy
▼ + stars: | 2022-11-02 | by ( Grace Dean | ) www.businessinsider.com time to read: +2 min

A man who won $30 million on the Chinese lottery says he won't tell his wife and child. The man – identified by local newspaper the Nanning Evening News as Mr Li – won 219.4 million yuan on the Guangxi Welfare Lottery on October 20. "I have not told my wife or kid," Li told the publication, per a translation by The South China Morning Post. A woman buys a ticket on a China Welfare Lottery vending machine in in Zhengzhou on April 14, 2022. After tax, he took home around 171.6 million yuan ($23.6 million), per the publication.

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