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☆ It's so tough to pay cash in China that the government had to fine a KFC for not accepting banknotes
▼ + stars: | 2024-05-21 | by ( Matthew Loh | ) www.businessinsider.com time to read: +4 min

China has mandated that local businesses leave the door open for cash payments as it tries to attract foreign investment and tourism after the pandemic. AdvertisementHungry for foreign business, China has rushed to bridge the gap. Major payment platforms Alipay and WePay started allowing visitors to link their international bank cards to their Chinese accounts. It's illegal in China to reject cash for purchases, and the central government's crackdown has intensified in the last several years. Investor relations for Yum China, which operates KFC in China, did not immediately respond to a request for comment sent by Business Insider.

Persons: —, WePay Organizations: Service, KFC, People's Bank of China, Business, China Post, New China Life Insurance, PICC, Regulators, Yum Locations: Beijing, Wuxi, Jiangsu, Mongolia, China, Gansu, New, Shanghai, Tourism, Yum China

☆ China is worried about overcapacity, too — but it sees the problem differently than the US
▼ + stars: | 2024-04-11 | by ( Huileng Tan | ) www.businessinsider.com time to read: +6 min

The US treasury secretary raised concerns about China's overproduction in her recent visit to the country. China has hit back at her concerns, but it's also concerned about overcapacity, an economist says. Just like the US and all of China's trading partners, Chinese authorities are concerned about industrial overcapacity and want to curb it. She added that China's trade surplus with the world meant there might be fewer incentives for Beijing to tackle the issue. AdvertisementAnalysts expect the US debate over its trade issues with China to heat up heading into the presidential election season.

Persons: it's, —, Yue Su, Su, Janet Yellen, Janet Yellen's, Yellen, Li Qiang, Mao Ning, Mao Organizations: Service, Economist Intelligence Unit, European Union, EU, Commerce Department Locations: China, Beijing, People's Republic of China, Thailand, EU, —

HONG KONG (AP) — China’s exports and imports for the first two months of the year beat estimates, an indication that demand may be improving as Beijing attempts to boost economic recovery. Exports for the January-February period grew 7.1% from a year earlier, customs data released Thursday showed, higher than the 2.3% rise in December. Imports rose 3.5% from the same time last year, up from a 0.2% growth in December. Demand for Chinese exports has also been weak since the Federal Reserve and central banks in Europe and Asia began raising interest rates last year to cool inflation that was at multi-decade highs. China has set a target of around 5% for economic growth this year, Chinese Premier Li Qiang revealed this week at the annual meeting of the National People’s Congress.

Persons: Li Qiang Organizations: —, Beijing, Federal Reserve, PMI, National People’s Congress Locations: HONG KONG, China, Europe, Asia

☆ China's economy is facing a nightmarish Year of the Dragon
▼ + stars: | 2024-01-30 | by ( George Glover | ) www.businessinsider.com time to read: +4 min

With the Year of the Dragon less than two weeks away, China's economy wobbled again on Monday. Fragile growthIn late 2022, China's Communist Party finally called time on its harsh zero-COVID measures — but the economy hasn't enjoyed the post-lockdown rebound many forecasters had predicted. DeflationFalling prices are another source of China's economic woes. AdvertisementNone of that speaks to a dedication to the free market — so China will likely keep struggling to attract more foreign investment in 2024. The sell-off reflects investor concern about the economy's overall health, as well as Chinese tech companies falling behind their US rivals in the development of AI.

Persons: wobbled, Linda Chan, Evergrande, Liquidators, hasn't, they'll, Li Qiang, John Kerry, Janet Yellen, Elon Musk, Xi Organizations: Hong, Business, China's Communist Party, World Bank, Tesla, Communist Party, Bain, Co, Big Tech, CSI Locations: Hong Kong, Evergrande, Beijing, China, Japan, Shanghai

☆ CNBC Daily Open: The Fed's rude awakening
▼ + stars: | 2024-01-17 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: +2 min

U.S. Federal Reserve Board Chairman Jerome Powell speaks during a news conference at the headquarters of the Federal Reserve on December 13, 2023 in Washington, DC. This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. China shares also fell after the country missed fourth quarter GDP estimates but met its year-end growth target of 5%. [PRO] 'Buy the dip'Morgan Stanley highlights its key picks in Europe's technology hardware sector after a "rollercoaster year" in 2023.

Persons: Jerome Powell, Christopher Waller, Goldman Sachs, Morgan Stanley, Wall, Morgan Stanley's Organizations: Federal Reserve, Washington , DC, CNBC, Federal, Big Bank, Wall Street's Locations: Washington ,, Asia, Hong Kong, China

☆ Time to invest in China? The pros weigh in on what sectors and stocks to play right now
▼ + stars: | 2023-11-15 | by ( Amala Balakrishner | ) www.cnbc.com time to read: +5 min

Chinese stocks too have done poorly. 'High confidence in the tradable value' While the Chinese economy "is not very strong," Wong has "high confidence in the tradable value," of Chinese stocks. Stocks to play Goldman is overweight on several sectors including online retail, media/entertainment, tech hardware, health care equipment and services and food & beverage. Other stocks the investment bank sees outperforming "as the China growth story evolves" include internet services provider NetEase , technology hardware manufacturer Xiaomi , and manufacturing conglomerate BYD . China-focused ETFs Elsewhere, Saxo's Wong has his eye on the new infrastructure (such as 5G technology), industrial technology and agricultural technology themes.

Persons: Redmond Wong, Wong, Goldman Sachs, Stocks, Goldman, Saxo's Wong, — CNBC's Michael Bloom, Clement Tan Organizations: Shenzhen Component, Saxo, CNBC, National Bureau of Statistics, Tech, Baidu, Galaxy Entertainment, Mining, China Resources Beer, Miniso, Hong Kong Exchange, CSI Agriculture, CSI 5G Communications, CSI Technology, Enterprises Locations: Shenzhen, China, Taiwan, India, South Korea, Brazil, Mexico

☆ China's imports unexpectedly grow in Oct, exports extend declines
▼ + stars: | 2023-11-07 | by ( ) www.reuters.com time to read: +2 min

Exports shrank 6.4% from a year earlier in October, customs data showed on Tuesday, faster than a 6.2% decline in September and worse than a 3.3% fall expected in a Reuters poll. The bad exports data may hit market confidence as we had expected the supply chain of exports to recover," said Zhou Hao, economist at Guotai Junan International. "The significant improvement in imports may come from rising domestic demand, in particular a demand to replenish stocks." However, in a sign trade is finding some footing, South Korean exports to China fell at their slowest pace in 13 months in October. China's manufacturing activity unexpectedly contracted in October, data showed last week, complicating policymakers' efforts to revive growth.

Persons: Zhou Hao, Joe Cash, Ellen Zhang, Sam Holmes Organizations: REUTERS, Rights, Imports, Guotai, Analysts, Thomson Locations: Qingdao, Shandong province, China, Rights BEIJING, North American, Korean

While freezing temperatures are not uncommon for the time of year, the sudden change is unusual. A few days ago, uncharacteristically warm weather saw parts of northern China post record high temperatures exceeding 30C. Winter this year, however, could be warmer due to a moderate El Nino, Jia Xiaolong, deputy director of China's National Climate Centre, told a press conference on Friday. El Nino is a natural climate pattern associated with warming of the ocean surface temperatures in the central and eastern Pacific. But statistics showed that winter temperatures could fluctuate greatly during El Nino, Jia warned.

Persons: REUTER, Tingshu Wang, Doksuri, El, Jia Xiaolong, El Nino, Jia, Ethan Wang, Ryan Woo, Simon Cameron, Moore, Robert Birsel Organizations: Business, Rights, El, China Meteorological Administration, CMA, Authorities, El Nino, Climate Centre, 0.5C, Thomson Locations: China, Rights BEIJING, El Nino, Mongolia, Xinjiang, Beijing, Tianjin, Hebei, Mohe, Pacific, El

☆ China Set for Abrupt Switch From Warm to Freezing Weather in Year of Extremes
▼ + stars: | 2023-11-02 | by ( Nov. | At P.M. | ) www.usnews.com time to read: +2 min

BEIJING (Reuters) - Temperatures in northern China are set to plunge as much as 20 degrees Celsius (68 Fahrenheit) after summer-like conditions in the final days of autumn, state forecasters said on Friday, extending a year-long trend of unusual swings in the weather. Parts of northern China posted record high temperatures of more than 30C earlier this week, while also suffering widespread smog. Extreme weather has become more pronounced in China this year, destroying urban infrastructure as well as farmland, leading to hefty economic losses. In the summer, typhoons dumped historic rainfall in parts of inland China less used to tropical storms. Earlier in spring, northern China basked in unseasonal heat with temperatures reaching summer-levels.

Persons: Doksuri, Ethan Wang, Ryan Woo, Simon Cameron, Moore Organizations: National Meteorological Administration, CMA Locations: BEIJING, China, Mongolia, Xinjiang, Beijing, Tianjin, Hebei province, Mohe

☆ China's third-quarter growth exceeds forecast, buoyed by consumer spending and industrial production
▼ + stars: | 2023-10-18 | by ( Clement Tan | ) www.cnbc.com time to read: +3 min

Vcg | Visual China Group | Getty ImagesChina's third-quarter economic growth came in stronger than expected, boosting hopes that the world's second-largest economy will meet or even exceed Beijing's target for about 5% this year. China posted 4.9% growth in the July to September quarter from a year earlier, according to a release from China's National Bureau of Statistics on Wednesday. This follows the 6.3% print for the April-June quarter and 4.5% growth for the January-March quarter. On a quarter-on-quarter basis, China's economy grew 1.3% in the third quarter, stronger than economists' expectations for a 0.9% growth. China's consumer prices were flat in September, on the verge of deflation, while producer price index saw annual declines slow for a third month.

Organizations: Visual China, Getty, China's National Bureau, Statistics, CNBC Locations: Chongqing, China

☆ Apple enforces new check on apps in China as Beijing tightens oversight
▼ + stars: | 2023-10-03 | by ( Josh Ye | ) www.reuters.com time to read: +3 min

People line up while waiting at an Apple Store as Apple's new iPhone 15 officially goes on sale across China, in Shanghai, China September 22, 2023. Apple began last Friday requiring app developers to submit the "internet content provider (ICP) filing" when they publish new apps on its App Store, it said on its website for developers. Chinese regulators last week released names of the first batch of mobile app stores that have completed app filings, but Apple's App Store was not among those on the list. In a post on X, Jinyu Meng, an independent developer, said, "If my apps can't be launched in China without app filing, I will take down my apps [there]." Under the new rule, apps without proper filings will be punished after the grace period that will end in March next year, while newly developed apps need to comply with the rule from September.

Persons: Aly, Apple, Rich Bishop, AppInChina, Jinyu Meng, Josh Ye, Miyoung Kim, Jamie Freed Organizations: Apple, REUTERS, Tencent, HK, Huawei, Twitter, COVID, Reuters, Thomson Locations: China, Shanghai, HONG KONG, U.S, Americas, Europe, Beijing

☆ China's August exports, imports fall less than expected
▼ + stars: | 2023-09-07 | by ( Reuters Staff | ) www.reuters.com time to read: +1 min

REUTERS/Aly Song/File PhotoBEIJING (Reuters) - China’s exports fell 8.8% in August year-on-year, while imports contracted 7.3%, customs data showed on Thursday, increasing pressure on the country’s vast manufacturing sector as demand sags at home and abroad. A Reuters poll of economists had forecast a fall of 9.2% in exports and a drop of 9.0% in imports. The world’s second-largest economy risks missing Beijing’s annual growth target of about 5% as officials wrestle with a worsening property slump, weak consumer spending and tumbling credit growth, leading analysts to downgrade growth forecasts for the year. South Korean shipments to China, a leading indicator of the latter’s imports, dropped just a fifth last month, softening from a decrease of 27.5% a month earlier. China posted a trade surplus of $68.36 billion in August, compared with a forecast $73.80 billion and a July figure of $80.6 billion.

Persons: Aly Organizations: REUTERS Locations: Shanghai, China, BEIJING, Beijing

☆ China's trade slump narrows as stabilisation signs emerge
▼ + stars: | 2023-09-07 | by ( Joe Cash | ) www.reuters.com time to read: +3 min

“The trade data is marginally better, but I don’t think we should be reading too much into that: trade is still contracting,” said Frederic Neumann, chief Asia economist at HSBC. “There is a bit of a sign here of stabilisation, but I think there’s still a long way to go,” he added. “Looking ahead, whether China’s trade growth has already hit the bottom will hinge on several factors, the most important of which is obviously domestic demand.”Governments around the world are nervous about China’s economic slowdown with many exporting nations highly dependent on the country’s market for growth. However, trade with Japan dropped sharply, with outbound shipments from China to its neighbour down 20% in August year-on-year, while imports worsened by 17%. China posted a trade surplus of $68.36 billion in August, compared with a forecast $73.80 billion and a July figure of $80.6 billion.

Persons: Aly, ”, Frederic Neumann, Zhou Hao, it’s, Nie Wen Organizations: REUTERS, HSBC, Guotai, “, Australian, Hwabao Trust Locations: BEIJING, Shanghai, China, Asia, Beijing, United States, Southeast Asia, Australia, Japan, Tokyo, Brazil

☆ China’s exports and imports fall again in August as demand slumps
▼ + stars: | 2023-09-07 | by ( ) edition.cnn.com time to read: +1 min

China’s exports fell by 8.8% in August year-on-year, while imports contracted 7.3%, customs data showed on Thursday, increasing pressure on the country’s vast manufacturing sector as demand sags at home and abroad. A Reuters poll of economists had forecast a fall of 9.2% in exports and a drop of 9.0% in imports. The world’s second-largest economy risks missing Beijing’s annual growth target of about 5% as officials wrestle with a worsening property slump, weak consumer spending and tumbling credit growth, leading analysts to downgrade growth forecasts for the year. South Korean shipments to China, a leading indicator of the latter’s imports, dropped just a fifth last month, softening from a decrease of 27.5% a month earlier. China posted a trade surplus of $68.36 billion in August, compared with a forecast $73.80 billion and a July figure of $80.6 billion.

Locations: Beijing, China

LONDON, Aug 23 (Reuters) - The United States and China may feel some financial detente is wise at this point - even if goading one another plays well domestically. But elements of the once-feared bind of 'mutally-assured financial destruction' (MAFD) still apply. Pulling the rug out from under either - battering U.S. and Chinese demand in effect - seems to make little economic sense at least. America had new markets and investments and a seemingly durable new creditor that kept borrowing rates low and consumption up. Falling China Share of Foreign US Treasury HoldingsChina FX Reserves vs Global ReservesUS Treasury Debt Climbs as Fed Pulls Back'MAFD'But is that where the situation has landed post-pandemic?

Persons: Larry Summers, Summers, Goldman Sachs, Jim O'Neill, O'Neill, Gina Raimondo's, Stephen Jen, Eurizon SLJ, Treasuries, Deepa Babington Organizations: U.S . Treasury Securities, ., Treasury, Foreign US Treasury Holdings China FX, Global Reserves, U.S ., Commerce, U.S, Reuters Graphics Reuters, Reuters, Thomson Locations: United States, China, Washington, Ukraine, Taiwan, Hong Kong, U.S, Beijing, America

☆ China surprises with rate cuts as economy grapples with 'confidence crisis'
▼ + stars: | 2023-08-15 | by ( Sumathi Bala | ) www.cnbc.com time to read: +4 min

Str | Afp | Getty ImagesChina's central bank unexpectedly cut rates on Tuesday, as policymakers continued to ramp up support for its struggling economy. It was the second rate cut in three months. China is facing a "confidence crisis" as Beijing's policy delay is being perceived as "inaction" to spur growth, according to an economist. "In a crisis such as this … you can't really call it a consumption crisis or investment crisis. In addition to the rate cut on Tuesday, the central bank also injected 204 billion yuan through seven-day reverse repos, cutting borrowing costs by 10 basis points to 1.80% from 1.90%.

Persons: we've, Louise Loo, CNBC's, Loo, they've, 15bps, Goldman Sachs, Hao Zhou Organizations: Afp, Getty, People's Bank of China, Oxford Economics, Guotai Locations: China

☆ China made the deepest cut since 2020 to a key interest rate before posting a disappointing July report card
▼ + stars: | 2023-08-15 | by ( Nidhi Pandurangi | ) www.businessinsider.com time to read: +2 min

The PBOC cut its one-year medium-term lending facility rate by 15 basis points to 2.5%, the biggest reduction since 2020. The People's Bank of China slashed its one-year medium-term lending facility rate by 15 basis points to 2.5%, the deepest cut since 2020. Even more surprisingly, China omitted any mention of youth unemployment statistics in its July report card. Youth unemployment had soared to a record high of 21.3% in the second quarter of 2023. China's statistics bureau spokesperson told Bloomberg that the youth unemployment rate won't be released from August until surveying methods are improved.

Organizations: Bureau, Statistics, Service, People's Bank of China, Bloomberg, Reuters, Exports Locations: Wall, Silicon, China

☆ Contraction in China factory activity extends into a fourth month
▼ + stars: | 2023-07-31 | by ( Clement Tan | ) www.cnbc.com time to read: +1 min

The sunset glow is seen over buildings and a ferris wheel on May 13, 2022 in Beijing, China. China's factory activity contracted for a fourth consecutive month in July, while non-manufacturing activity slowed to its weakest this year as the world's second-largest economy struggles to revive growth momentum in the wake of soft global demand. The official manufacturing purchasing managers' index came in at 49.3 in July — compared with 49.0 in June, 48.8 in May and 49.2 in April — according to data from the National Bureau of Statistics released on Monday. Monday's figures also showed China posting its weakest official non-manufacturing PMI reading this year, coming in at 51.5 in July — compared with 53.2 in June, 54.5 in May and 56.4 in April. A PMI reading above 50 points to an expansion in activity, while a reading below that level suggests a contraction.

Persons: Zhao Qinghe Organizations: National Bureau of Statistics, PMI, NBS Locations: Beijing, China

☆ Heat waves in US and Europe would have been ‘virtually impossible’ without climate change, new report finds
▼ + stars: | 2023-07-25 | by ( Laura Paddison | ) edition.cnn.com time to read: +6 min

The “heat hell” searing parts of the United States and southern Europe would have been “virtually impossible” without climate change, while climate change made China’s heat wave at least 50 times more likely, according to a rapid attribution analysis from the World Weather Attribution initiative. They found that “the role of climate change is absolutely overwhelming,” said Friederike Otto, a senior lecturer in climate science at the Grantham Institute for Climate Change and the Environment at Imperial College London. The scientists found that climate change not only drastically increased the likelihood of these heat waves happening, but it is also making them hotter. Planet-heating pollution made Europe’s heat wave 2.5 degrees Celsius hotter, the North American heat wave 2 degrees Celsius hotter and China’s heatwave 1 degree Celsius hotter, according to the report. More than 61,000 people died of heat-related deaths during Europe’s record-breaking heat wave last year, according to a recent study.

Persons: Greg Baker, ”, Friederike Otto, Otto, Lefty Damian, ” Otto, Richard Allan Organizations: CNN, Northern Hemisphere, WWA, Getty, Grantham Institute, Climate, Environment, Imperial College London, Anadolu Agency, University of Reading Locations: United States, Europe, Death, Phoenix, China, Spain, Italy, Beijing, AFP, Mexico, Southern Europe, Greece's Rhodes, Greece

☆ China's quarterly report card is in, and it's bad — but Beijing is unlikely to step in and prop up the economy just yet
▼ + stars: | 2023-07-17 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

China posted GDP growth of 6.3% in the second quarter of 2023, badly missing expectations. Even so, China is unlikely to unleash major stimulus measures to boost the economy because it's already in so much debt. And while the GDP did grow year-on-year, it bears noting that the comparison is with a low base from last year when China's economy was battered by on-off COVID-19 restrictions. "There are growing hopes for 'big bang' stimulus to fire up China's growth," Vishnu Varathan, the head of economics and strategy at Mizuho Bank, wrote in a Monday note before China's second-quarter GDP release. The inherent risk with such high debt levels is that a default threatens a domino impact on the Chinese economy — and even the world.

Persons: Vishnu Varathan, China's, Liu Guoqiang, Zhu Min, Robert Carnell, ING's, Carnell, Nomura Organizations: Service, Reuters, Mizuho Bank, Bloomberg, International Monetary Fund, Asia Pacific Locations: China, Wall, Silicon, Beijing, Tianjin

Tesla, which had previously stopped the referral program as it was too expensive, up to now has focused on real-time adjustments to prices posted on its websites. It revived the referral program recently to boost sales, analysts said. The EV sales market globally has become more competitive, forcing automakers to cut prices or boost incentives in several markets. The automaker has used its industry-leading profit margins as a weapon in the EV price war, putting pressure on both legacy automakers as well as cash-strapped EV startups. A number of Tesla owners in China posted their referral codes online and invited others to use them.

Persons: Tesla, Elon Musk, Garrett Nelson, Nelson, Needham, Chris Pierce, Ford, Chavi Mehta, Hyunjoo Jin, Shounak Dasgupta Organizations: Tesla, Thomson Locations: cashback, U.S, United States, China, Germany, France, Canada, Mexico, Hong Kong, Singapore, Bengaluru, San Francisco

☆ Let's set the table for the second half by reflecting on this year's hated bull market
▼ + stars: | 2023-07-02 | by ( Jim Cramer | ) www.cnbc.com time to read: +18 min

You don't get the best first-half Nasdaq rally in 40 years simply because the Federal Reserve did this, or the yield curve in the bond market did that. It was almost as if it was prosaic to seek profits, like, "How dare you defy the teachings of the yield curve, you foolish soon-to-be- broke apostate." It was the second move, the second week of March, that told the second tale of the first half: the fall of Silicon Valley Bank. Here we had an out-of-nowhere collapse of a well-known seemingly well-run bank that ran afoul, again, of the yield curve. No company could rival Club stocks Apple (AAPL), Alphabet (GOOGL), Amazon (AMZN), Microsoft and Meta Platforms (META) — nice metamorphous there and Tesla , not a Club name.

Persons: William Jennings Bryan, Gandhi, Bud, Altman, Sam Altman, Jensen Huang, Jensen, mutt, Cezanne, Monet, Shakespeare's Henry IV, Carl Quintanilla, David Faber, da, Lisa's, Wendy's, Scylla, Charybdis, ChatGPT, haut, Morgan Stanley's Mike Wilson, aren't, They've, isn't, Goldman Sachs, Tesla, Didn't, Freddie, Lehman, Jerome Powell, We've, it's, Eli Lilly, Jim Cramer's, Jim Cramer, Jim, Mad Organizations: Nasdaq, Federal Reserve, Intel, The New York Times, Veterans, Club, Microsoft, Nvidia, Globe Theatre, Silicon Valley Bank, Fed, Apple, Meta, RCA, US Steel, Washington Mutual, AIG, IBM, Jim Cramer's Charitable, CNBC, NYSE Locations: America, Philadelphia, OpenAI, Oz, Queens, mull, Ithaca, Weimar, Silicon, Republic, Valley, Delray , Florida, Alleghany, China

☆ China’s factory activity shrinks for a third month as recovery momentum stalls
▼ + stars: | 2023-06-30 | by ( Clement Tan | ) www.cnbc.com time to read: +1 min

Factory activity in China in June contracted for a third month, official data released June 30, 2023 show. Weak China economic data in April and May have fanned calls for economic stimulus for the world's second-largest economy. China's factory activity in June contracted for a third month, while non-manufacturing activity was at its weakest since Beijing abandoned its strict "zero Covid" policy late last year. A PMI reading above 50 points to an expansion in activity, while a reading below that level suggests a contraction. It is not clear if the weak economic data would push the government to launch aggressive stimulus measures soon," he added.

Persons: —, Zhang Zhiwei Organizations: National Bureau of Statistics, PMI Locations: China, Beijing

But the dollar and European stocks slipped, dented by uncertainty about whether Congress will approve the deal after a handful of hard-right Republican lawmakers said on Monday they would oppose the bill, though it is expected to pass. The pan European STOXX 600 index (.STOXX) fell 0.2% after recording on Friday its biggest weekly decline in two months. U.S. 10-year bond yields dropped 9.7 basis points to 3.72%, while 30-year yields fell 8 bps to 3.89%. The dollar index , which measures the greenback against six peers, fell 0.26% at 104.03 after rising to a two-month high in earlier trading. Elsewhere, euro zone bond yields fell after Spanish inflation data came in lower than expected, raising hopes that the European Central Bank may raise interest rates less than previously feared.

☆ Americans are spending less money even as the Chinese spend more. Take a look at the 5 major US companies winning on China's spending spree.
▼ + stars: | 2023-05-15 | by ( Huileng Tan | ) www.businessinsider.com time to read: +7 min

As people in China get out of their homes to travel and spend, retail sales have improved in China, rising almost 11% year-on-year in March. In comparison, China's core inflation rose just 0.7% in March from a year ago, according to official data from Beijing. All this means American companies facing a slowdown in US consumption are getting a boost from Chinese demand. He added the MGM China division posted a "swift return to profitability." Net revenues for the MGM China division were also 130% higher from a year ago "amid strong reopening trends," MGM said in its earnings release.

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