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Search resuls for: "Evelyn Cheng Is A Senior Correspondent With Cnbc."


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☆ China announces $1.4 trillion over five years to tackle local governments’ hidden debt
  + stars: | 2024-11-08 | by ( Evelyn Cheng | Evelyn Cheng Is A Senior Correspondent With Cnbc. | ) www.nbcnews.com   time to read: +3 min
BEIJING — China on Friday announced the central government would allocate an additional 6 trillion yuan ($840 billion) to local governments for tackling hidden debt issues. The policies will reduce hidden debt from 14.3 trillion yuan to 2.3 trillion yuan by 2028, Lan said. At the parliamentary meeting, officials had reviewed a plan to increase the limit on how much debt local governments can issue, according to state media. The additional quota would go toward swapping out local governments’ hidden debt. Nomura estimates that China has 50 trillion yuan to 60 trillion yuan ($7 trillion to $8.4 trillion) in such hidden debt, and said it expected that Beijing could allow local authorities to increase debt issuance by 10 trillion yuan over the next few years.
Persons: of Finance Lan Fo’an, Lan, Xi Jinping, Donald Trump —, —, Nomura Organizations: Friday, of Finance, People’s Bank of, People’s Congress, U.S, Nomura, International Monetary Fund Locations: BEIJING, China, Beijing, People’s Bank of China, Covid
☆ ‘No challenges can stop China’s progress,’ Xi Jinping says in 75th anniversary speech
  + stars: | 2024-10-01 | by ( Evelyn Cheng | Evelyn Cheng Is A Senior Correspondent With Cnbc. | ) www.nbcnews.com   time to read: +3 min
BEIJING — Chinese President Xi Jinping said Monday that no challenges can stop the country from moving forward and reiterated Beijing’s reunification aims with Taiwan. “The path ahead will definitely see challenges,” Xi said, before calling on the country to overcome uncertainties and risks. “No challenges can stop China’s progress.”The comments were translated by CNBC from a Chinese state media broadcast. Xi did not mention specific countries or trade conflicts in his Monday speech, instead portraying China as upholding globalization. In a 2019 speech commemorating the PRC’s 70th anniversary, Xi had said that no force could sway China’s development, amid festivities involving a military parade and large-scale celebrations.
Persons: Xi Jinping, ” Xi, Xi, Beijing’s, “, ” Organizations: CNBC, Communist Party’s, Macao —, People’s Bank of, Ministry of Finance Locations: BEIJING, Taiwan, People’s Republic of China, Beijing, China, U.S, Europe, Greater China, Hong Kong, Macao, People’s Bank of China
☆ China central bank releases slate of support measures amid a deepening economic slump
  + stars: | 2024-09-24 | by ( Evelyn Cheng | Evelyn Cheng Is A Senior Correspondent With Cnbc. | ) www.nbcnews.com   time to read: +6 min
Lynn Song, chief economist for greater China ING, called the repo rate cut announcement “the most important” move made during the news conference. “If we see a large fiscal policy push as well, momentum could recover heading into the fourth quarter.”The headquarters of the People’s Bank of China in Beijing. During his first news conference as central bank governor in January, Pan said the PBOC would cut the reserve requirement ratio. Unlike the Fed’s focus on a main interest rate, the PBOC uses a variety of rates to manage monetary policy. Pan has indicated he would like the 7-day rate to become the main policy rate.
Persons: Pan Gongsheng, Pan, Lynn Song, ”, “, Jiang Qiming, ” Edmund Goh, Goldman Sachs, Li Yunze, Li, Nomura Organizations: People’s Bank of China Gov, China ING, “, U.S . Federal Reserve, People’s Bank of China, China News Service, Getty, Pan, National Financial Regulatory Administration Locations: BEIJING, China, Beijing, abrdn
☆ China reports 3% GDP growth for 2022 as December retail sales, industrial production beat estimates
  + stars: | 2023-01-17 | by ( Evelyn Cheng | Evelyn Cheng Is A Senior Correspondent With Cnbc. | ) www.nbcnews.com   time to read: +5 min
BEIJING — China reported GDP growth for 2022 that beat expectations as December retail sales came in far better than projected. The GDP growth number did miss the official target of around 5.5% set in March. Retail sales drop far less than expectedRetail sales fell by 0.2% for the year. Those online sales accounted for 27.2% of total retail sales. and U.S.China’s leaders are set to announce the full-year GDP growth target in March at an annual parliamentary meeting.
☆ Risk of a dangerous new Covid variant in China is ‘quite low,’ U.S. health expert says
  + stars: | 2022-12-30 | by ( Evelyn Cheng | Evelyn Cheng Is A Senior Correspondent With Cnbc. | ) www.nbcnews.com   time to read: +3 min
Murray, director of the Institute for Health Metrics and Evaluation, pointed out there were likely billions of omicron infections worldwide this year, but no new Covid variant has emerged, only subvariants of omicron. “That’s why I would put the risk as quite low that there is a dangerous new variant in China,” he said. The U.S., Japan and a few other countries this week subsequently announced new Covid testing requirements for travelers from China. China’s National Health Commission said Sunday it would stop releasing daily information on Covid infections and deaths. Covid testing is no longer mandatory in China.
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