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☆ China’s Economy Slows as Housing Troubles Squeeze Spending
▼ + stars: | 2024-07-14 | by ( Keith Bradsher | ) www.nytimes.com time to read: +1 min

China’s economy slowed markedly through the spring after a strong start this year, according to official data released on Monday, as a real estate crash caused consumers and companies to spend more cautiously. In a country known for strict controls on the flow of information, the Chinese government is maintaining a particularly tight grip ahead of the party gathering, known as the Third Plenum, which typically takes place every five years. China’s statistical bureau canceled its usual news conference that accompanies the release of economic data and Chinese companies are mostly avoiding the release of earnings reports this week. China’s National Bureau of Statistics said that the economy grew 0.7 percent in the second quarter over the previous three months, a little below the expectations of most economists in the West. When projected out for the entire year, the data indicates that China’s economy grew during the spring at an annual rate of about 2.8 percent — less than half its growth rate in the first three months of this year.

Organizations: Communist Party, China’s National Bureau of Statistics Locations: Beijing

☆ China’s biggest policy meeting in six years kicks off this week. How investors can play it
▼ + stars: | 2024-07-14 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

The more dire predictions for China's highly anticipated "Third Plenum" that kicks off Monday hint at constraining the financial sector, despite slowing economic growth. Policy has long been an important guide for investors in China's top-down economy. The official English summary listed four measures, the third of which called for developing the "real economy," and "guarding against a shift from the real economy toward the financial economy." Goldman Sachs on July 11 published a lengthy report on China solar in anticipation the industry is nearing a bottom. One of the Goldman Sachs analysts' newly initiated, buy-rated China solar stocks is Daqo New Energy , a U.S.-listed manufacturer of polysilicon for solar power companies.

Persons: it's, Dan Wang, Han Wenxiu, Goldman Sachs, bode, Jacqueline Du, Daqo, Si Fu, Wang Organizations: Hang Seng Bank, ” Finance, Central Committee's Office, Financial, Economic Affairs, CNBC, Communist Party's, Committee, Bank of America, Energy, Goldman Locations: China, Beijing, China's, U.S, Shanghai

☆ China's Third Plenum won't reverse market sentiment, strategist says
▼ + stars: | 2024-07-12 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina's Third Plenum won't reverse market sentiment, strategist saysJasmine Duan, senior investment strategist at RBC Wealth Management Asia, says investors aren't expecting too much from the event.

Persons: Jasmine Duan, aren't Organizations: RBC Wealth Management Asia

☆ China gears up for next week's Third Plenum meeting. Here's why real estate isn't likely the main focus
▼ + stars: | 2024-07-12 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +7 min

Bloomberg | Bloomberg | Getty ImagesBEIJING — China's real estate problems may be massive, but analysts expect the upcoming Third Plenum to focus on other areas — such as high local government debt levels and a push for advanced manufacturing. "For real estate markets, I don't think it should be a focus of the plenum, because it's already [in a] state that everyone has a consensus [on]," Wang said. watch nowIn his view, excessive growth of the financial sector was behind the hollowing out of the U.S. industrial sector. "Consequently we must constrain the financial industry, including real estate. That's the underlying reason for tightened regulations on both real estate and finance."

Persons: Larry Hu, Hu, Xi Jinping, Deng Xiaoping's, Dan Wang, She'll, it's, Wang, hasn't, Yao Yang, Yao, Goldman Sachs Organizations: Chinese Communist Party, Bloomberg, Getty, BEIJING, Communist Party of, Macquarie, CNBC, Central Committee, Communist Party, Party, President, Hang Seng Bank, HSBC, HSBC It's, Committee, China Center for Economic Research, Peking University, U.S, China Morning Post, Financial Regulatory Administration, World Bank, Big Data Locations: Communist Party of China, Beijing, China, United States, Big Data China

☆ China needs to add consumer stimulus at the Third Plenum, says portfolio manager
▼ + stars: | 2024-07-10 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina needs to add consumer stimulus at the Third Plenum, says portfolio managerMalcolm Dorson of Global X outlines his expectations for consumer support at China's Third Plenum. He also explains why he believes India is the "the best structural opportunity in emerging markets, if not the world".

Persons: Malcolm Dorson Organizations: China, China's Locations: India

☆ China's inflation is likely to stay 'very low' for an extended period, strategist says
▼ + stars: | 2024-07-08 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina's inflation is likely to stay 'very low' for an extended period, strategist saysBecky Liu, head of China macro strategy at Standard Chartered Bank, discusses the outlook for the country's economy ahead of the Chinese Communist Party's third plenum.

Persons: Becky Liu Organizations: Standard Chartered Bank, Communist Locations: China

☆ Why hurricane-stricken Jamaica can't tap into $150 million of natural-disaster insurance
▼ + stars: | 2024-07-07 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

Jamaica can't tap into catastrophe-bond funds despite Hurricane Beryl's devastation. With climate change on the rise, cat bonds have grown into a hotter investment. But in this case, investors in the country's $150 million asset won't have to pay a dime, the outlet said. The structure of the cat bonds was such that they paid investors 7% above the US Treasury rate. Climate disasters are not always strong enough to trigger cat bond payouts, an expert told Business Insider in October.

Persons: —, That's Organizations: Service, Bloomberg, Investments, Treasury, World Bank, Swiss Re Locations: Jamaica, Switzerland

☆ China sets mid-July for highly anticipated ‘Third Plenum’ meeting to discuss 'deepening reform'
▼ + stars: | 2024-06-27 | by ( Evelyn Cheng | ) www.cnbc.com time to read: 1 min

NINGBO, China — China's top leaders will gather from July 15 to 18 for a highly anticipated meeting known as the Third Plenum, state media said Thursday. He said his analysis of an annual government meeting in December found the readout had twice as many mentions of policy implementation than the prior year, highlighting its importance. The Communist Party of China selected a new group of leaders in October 2022 at its 20th National Party Congress. Its third plenary session will run from July 15 to July 18, state media said. The plenum will discuss "further comprehensively deepening reform and advancing Chinese modernization," English-language state media said.

Persons: Pang Ming Organizations: Communist Party of, National Party Congress Locations: NINGBO, China, Communist Party of China

Washington CNN —American officials are hoping to gain a better understanding of Israel’s war plans in meetings this week with the country’s defense minister, who arrived in Washington as the rift widened between the Biden administration and Prime Minister Benjamin Netanyahu. “We will not end the war until we return all of our hostages – 120 hostages, the living and the deceased. Netanyahu said that once the “intense phase” of the Gaza conflict is over Israel will continue “mowing the grass” in Gaza, which US officials oppose. But Netanyahu ignored the demand from his defense minister, refusing to make such a public statement. And former Defense Minister Benny Gantz, who resigned from a unity government with Netanyahu two weeks ago, accused Israel’s longest-serving leader of putting political considerations ahead of a post-war strategy.

Persons: Biden, Benjamin Netanyahu, Yoav Gallant, Netanyahu, ”, —, that’s, Matt Miller, Gallant, Bill Burns, Amos Hochstein, ” Gallant, Benny Gantz, Israel’s, Israel, Lloyd Austin, Antony Blinken, Jake Sullivan, Miller, “ vexing, “ Organizations: Washington CNN —, Biden, CIA, Defense, National, State Department, White, Washington Locations: Washington, Gaza, Israel, United States, ”, Lebanon

☆ China’s property prices are still plunging despite government efforts to rescue the market
▼ + stars: | 2024-06-17 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Prices in 70 major cities were down 0.7% in May from April, National Bureau of Statistics (NBS) figures showed on Monday. According to separate calculations by the Macquarie Group, prices of existing homes in those cities fell by 7.5% year-on-year last month, marking the biggest decline on record. A month ago, Beijing unveiled wide-ranging measures to rescue the crisis-hit property market, including asking local governments across the country to buy unsold homes from beleaguered developers and easing rules on purchases. Measures, including efforts to provide cheap loans to state-owned enterprises for buying unsold homes from distressed developers, will “take time” to have an impact on the property market, the analysts said. Property investment for the first five months of the year dropped 10.1% from a year ago, according the NBS on Monday.

Persons: ”, “ Organizations: Hong Kong CNN, National Bureau of Statistics, Macquarie Group, Societe Generale, NBS, Labor, Macquarie, HSBC, Communist Party Locations: China, Hong Kong, Beijing

☆ 'Don't see a next leg up' for Chinese equities from China's third plenum: Strategist
▼ + stars: | 2024-06-12 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email'Don't see a next leg up' for Chinese equities from China's third plenum: StrategistBrian McCarthy of Macrolens shares his expectations for China's third plenum.

Persons: Brian McCarthy, Macrolens

☆ China's Xi meets U.S. executives as businesses navigate bilateral tensions
▼ + stars: | 2024-03-27 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +8 min

The forum this year coincided with other efforts to attract foreign business. However, a combination of geopolitical tensions, regulatory uncertainty and slower economic growth have made it more challenging for foreign businesses in China. ... foreign companies share the same lack of confidence and worries about an uncertain future that is felt amongst much of China's domestic industry. Looking for economic clarityFor businesses considering China investment plans, the country's near-term growth outlook is another factor. He emphasized China's large market, industrial supply chain, and pointed out how China has worked on issues such as data exports and equal market treatment for foreign businesses.

Persons: Tim Cook, Management Dean Bai Chong, Xi Jinping, Stephen Schwarzman, Cristiano Amon, Mark Carney, Rajesh Subramaniam, Joe Biden, Carlos Gutierrez, Sean Stein, Gutierrez, Biden, Scott Kennedy, Peter Bachmann, Bachmann, Kennedy, Stephen S, Roach, Yale Law School's Paul Tsai, he's, China's, Han Zheng, Amin H, Nasser Organizations: Apple, China Development Forum, Tsinghua University School of Economics, Management, China News Service, Getty, U.S . Blackstone, Qualcomm, Bloomberg, FedEx, China, Cyberspace Administration, U.S, American Chamber of Commerce, of Commerce, Scott, Scott Kennedy Center for Strategic, Studies, China Centre, University of Applied Sciences, Arts Northwestern Switzerland, Center for Strategic, International Studies, Yale Law, Yale Law School's Paul Tsai China, Communist Party, Invest, CNBC, Aramco Locations: China, BEIJING, U.S, San Francisco, Beijing, Shanghai, Washington ,, Saudi

☆ Yale's Stephen Roach says China may have run out of imaginative solutions to its tough problems
▼ + stars: | 2024-03-04 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailYale's Stephen Roach says China may have run out of imaginative solutions to its tough problemsStephen Roach, senior fellow at Yale Law School, discusses the significance of China's Third Plenum delay and what that means for its "Two Sessions."

Persons: Stephen Roach Organizations: Yale Law School Locations: China

☆ Chinese leaders to hold annual 'Two Sessions' meeting as debate about bazooka-like stimulus swirls
▼ + stars: | 2024-03-04 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

Edgar Su | ReutersBEIJING — China is set this week to kick off its annual parliamentary meetings, which investors are watching closely for signals on economic stimulus. China's economic policy is typically set at an annual meeting in December by leaders within the ruling Communist Party of China. GDP and other economic targetsThe Chinese People's Political Consultative Conference, an advisory body, is set to kick off its annual meeting on Monday. "On balance, the additional fiscal impulse this year, assuming a bazooka-like fiscal package is not forthcoming, is unlikely to be particularly large." China's foreign minister and premier typically hold press conferences during the parliamentary meetings, which generally end in mid-March.

Persons: Edgar Su, Wang Jun, Wang, Zong Liang, Louise Loo, Loo, Goldman Sachs, Bank of China's Zong Organizations: of, Initiative, Reuters, Huatai Asset Management, CNBC, Communist Party of China, U.S, Political Consultative Conference, National People's, Oxford Economics, Industry, Information Technology, Science, Technology, Housing, Bank of, Communist Party's, Communist Party of Locations: Beijing, China, Reuters BEIJING, U.S . Federal, RMB3.8tn, Bank of China's

☆ China's policy support is a 'stop-gap' measure — not stimulus, SocGen economist says
▼ + stars: | 2023-12-05 | by ( Clement Tan | ) www.cnbc.com time to read: +4 min

Close up of Chinese Yuan notes, with Mao Tse-tung Peter Dazeley | The Image Bank | Getty ImagesChina's recent policy support is aimed at fixing its system and shouldn't be seen as economic stimulus, according to Societe Generale's Asia chief economist and head of research. PMI divergenceExpansion in China's services sector climbed to its strongest since August, a private survey on Tuesday showed. However, the private survey diverged from China's official PMI. The moderating manufacturing PMI and contracting services PMI, along with other November data point to the fragility of the Chinese economy and a faster deceleration of growth momentum last month, they added. The official PMI includes more companies engaged in heavy industries compared with the Caixin PMI, which covers more consumer-focused firms, Barclays economists said.

Persons: Yuan, Mao Tse, Peter Dazeley, Wei Yao, Yao, Jian Chang Organizations: Bank, Getty, Societe Generale's, CNBC, Economic Work Conference, China Communist, PMI, National Bureau of Statistics, NBS, Barclays Locations: Societe Generale's Asia, China

☆ Goldman Sachs expects China stocks to make first annual gain in 4 years in 2024
▼ + stars: | 2023-11-22 | by ( Clement Tan | ) www.cnbc.com time to read: +4 min

"Our view is very clear," Kinger Lau, Goldman Sachs chief China equity strategist, told CNBC's "Squawk Box Asia" on Tuesday. China rebalancingWith just under six weeks of the year remaining, the MSCI China and CSI 300 indexes are both poised for third-straight annual losses. Goldman Sachs noted both mutual and hedge fund mandates globally are running with multi-year low allocations in Chinese stocks. Key changesIn their latest outlook paper, Goldman Sachs strategists upgraded the food and beverage sector to overweight from market weight and technology hardware sector to overweight from underweight. Real estate has been a key driver of the downturn in the Chinese economy after Beijing started cracking down on the debt levels of mainland developers in 2020.

Persons: Goldman Sachs, Kinger Lau, CNBC's, it's, Lau Organizations: Getty, 20th Central Committee, Chinese Communist Party, CSI Locations: Beijing, China

☆ After hurricane, Mexican president urges insurers to hurry payouts
▼ + stars: | 2023-10-27 | by ( ) www.reuters.com time to read: +2 min

[1/2] Hospital worker Jesus Rojas fixes his damaged house in the aftermath of Hurricane Otis in Acapulco, Mexico, October 27, 2023. REUTERS/Alexandre Meneghini/File Photo Acquire Licensing RightsMEXICO CITY, Oct 27 (Reuters) - Mexican President Andres Manuel Lopez Obrador on Friday urged insurance companies to speed up payouts after powerful Hurricane Otis wreaked havoc on Acapulco's beach resorts and surrounding impoverished communities. The storm intensified with unexpected speed just prior to making landfall on Wednesday, becoming the most powerful storm to ever strike Mexico's Pacific coast. In Acapulco, Otis claimed at least 27 lives according to the local governor's tally issued on Thursday, which has not been updated. The investment manager calculated "a high probability" Mexico will get half of the bond's $125-million payment earmarked towards Pacific hurricanes.

Persons: Jesus Rojas, Alexandre Meneghini, Andres Manuel Lopez Obrador, Otis, Lopez Obrador, CoreLogic, Bond, Stefanie Eschenbacher, David Alire Garcia, Rod Nickel Organizations: REUTERS, MEXICO CITY, Hurricane, Investments, Pacific, World Bank, Thomson Locations: Hurricane, Acapulco, Mexico, MEXICO

☆ Analysis: China to choose fiscal muscle over big reforms to revive economy
▼ + stars: | 2023-10-24 | by ( Kevin Yao | ) www.reuters.com time to read: +5 min

The foundation of economic recovery is not solid," said an adviser to the cabinet who spoke on condition of anonymity. The debate about economic policy in China has heated up in recent months with some government advisers advocating reforms to help unleash new growth engines beyond property and infrastructure investment. For those looking for structural reforms, the focus is on policies that spur urbanisation and household spending power, reduce the reliance on investment and level the playing field between state-owned enterprises and private firms. "Fiscal policy should still play the leading role next year," said Xu Hongcai, deputy director of the economic policy commission at the state-backed China Association of Policy Science. "We should push reforms as many problems are structural, but reforms are difficult to implement and require political will," said one policy insider.

Persons: Xu Hongcai, Xu, Guan Tao, Kevin Yao, Sam Holmes Organizations: Reuters, China Association of Policy, BOC International, State Administration of Foreign Exchange, Communist, Thomson Locations: China, BEIJING, Beijing

☆ China to choose fiscal muscle over big reforms to revive economy
▼ + stars: | 2023-10-24 | by ( Kevin Yao | ) www.reuters.com time to read: +5 min

☆ China’s GDP allows room for stimulus waiting game
▼ + stars: | 2023-10-18 | by ( Chan Ka Sing | ) www.reuters.com time to read: +3 min

HONG KONG, Oct 18 (Reuters Breakingviews) - For any major economy, 5% growth ought to be respectable. Yet anxiety over the attainability of that official target this year is one reason China's policymakers have faced growing calls from global stakeholders for more stimulus. The country’s GDP has grown 5.2% in the first nine months of this year. The world’s second-biggest economy grew 5.2% in the first nine months of 2023. The Chinese government has set a 5% growth target for this year.

Persons: Una Galani, Thomas Shum Organizations: Reuters, Services, National Bureau, Statistics, Thomson Locations: HONG KONG, Beijing, China

☆ CNBC Daily Open: Long-term prospects are uncertain
▼ + stars: | 2023-09-29 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

People walk outside of the New York Stock Exchange (NYSE) in the financial district in Manhattan on June 14, 2022 in New York City. This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Big population but small labor forceEven though India's population of 1.428 billion has surpassed that of China's, according to UN estimates, the country's labor force is only at 51%, trailing behind China's 75%. When that happens, this simple bond trade can earn you 40% in returns, said investment analysts.

Persons: Hong, Bill Ackman, Rick Rieder, Katie Koch Organizations: New York Stock Exchange, CNBC, Nikkei, Alpha, Pershing, Capital Management, Treasury, BlackRock, Federal, TCW, China's, Oxford Economics Locations: Manhattan, New York City, Asia, Pacific, Tokyo, U.S, China

☆ Can China's economy reverse a sluggish 2023 in the last quarter? Here's what to watch
▼ + stars: | 2023-09-29 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +7 min

In 2020, Beijing tried to rein in real estate developers' high reliance on debt with new restrictions on financing. "The decline in the real estate sector was the result of the government's intentional measures to correct the bubbles in the market," Yao said. But he and other economists mostly don't expect real estate to return to significant growth in the future. Morgan StanleyThis week, worries about China's real estate sector persisted with highly indebted Evergrande running into more liquidity problems — along with reports Wednesday its chairman has been put under surveillance. This month, weekly data from Nomura indicate the real estate sales slump has moderated.

Persons: Stringer, Yao Yang, Yao, Dan Wang, Morgan Stanley, Clifford Lau, William Blair, China's, Robin Xing, there's, Bruce Pang, Pang doesn't Organizations: Afp, Getty, National School of Development, Peking University, Hang, China Center for Economic Research, Communist Party, Financial Work, Communist Party of, Nomura, CNBC Locations: Chongqing, China, BEIJING, Covid, Beijing, Shanghai, Hang Seng China, Communist Party of China, JLL

☆ No decision on European Investment Bank presidency expected this week, German finance minister says
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: +1 min

German Finance Minister Christian Lindner speaks during a plenum session of the lower house of parliament, Bundestag, to present the 2024 budget and financial planning of the Federal Government, in Berlin, Germany September 5, 2023. REUTERS/Annegret Hilse/File Photo Acquire Licensing RightsSANTIAGO DE COMPOSTELA, Sept 15 (Reuters) - German Finance Minister Christian Lindner said at the informal EU finance ministers meeting on Friday that a decision is not expected this week on who will become European Investment Bank (EIB) president. "There are several well-qualified candidates, for example our host today, Nadia Calvino," Lindner said before the meeting of euro zone finance ministers. Lindner said the German government hasn't made a decision yet on which candidate to back, "but we have a clear picture of how the EIB should develop." Lindner said the bank should keep its AAA rating: "Sound banking is essential for us."

Persons: Christian Lindner, Annegret, Nadia Calvino, " Lindner, Lindner, hasn't, Maria Martinez, Miranda Murray Organizations: Bundestag, Federal Government, REUTERS, SANTIAGO DE, German Finance, European Investment Bank, AAA, Thomson Locations: Berlin, Germany, SANTIAGO, SANTIAGO DE COMPOSTELA

German Chancellor Olaf Scholz speaks during a plenum session of the lower house of parliament, Bundestag, for a general debate on the Federal Government policy in Berlin, Germany September 6, 2023. The chancellor announced a new "Germany pact" with a bundle of measures aimed at reducing bureaucracy, speeding up approval processes for new construction and digitising citizens’ access to key government services. The chancellor rejected the idea of fresh stimulus to boost an economy battling high inflation, financing costs and a drop in exports. Such sums showed Germany was holding its own vis-à-vis the U.S. and the $430 billion U.S. Inflation Reduction Act, he said. For a special Reuters World News podcast on what is ailing the German economy please click here .

Persons: Olaf Scholz, Annegret, Scholz, Sarah Marsh, Andreas Rinke, Thomas Escritt, Miranda Murray, Friederike Heine Our Organizations: Bundestag, Federal Government, REUTERS, Scholz's Social Democrats, Deutsche, Reuters, Thomson Locations: Berlin, Germany, BERLIN, Europe's

☆ China may 'miss the 5%' growth target this year as downside risks spread
▼ + stars: | 2023-08-16 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

Greg Baker | Afp | Getty ImagesBEIJING — Without more stimulus, China is increasingly likely to miss its growth target of around 5% this year, economists said. "In such a case, economic momentum may stay subdued in the rest of the year and China may miss this year's growth target of around 5%," she said. China is the world's second-largest economy, and accounted for nearly 18% of global GDP in 2022, according to World Bank data. "We also see bigger downside risk to our 4.9% y-o-y growth forecast for both Q3 and Q4, and it is increasingly possible that annual GDP growth this year will miss the 5.0% mark," the report said. Growth vs. national securityChinese authorities' initial crackdown on real estate developers in 2020 was an attempt to curb their high reliance on growth.

Persons: Greg Baker, Tao Wang, spender, Nomura Ting Lu, Ting Lu, haven't, Louise Loo, Loo, that's, Xiangrong Yu, Gabriel Wildau, Teneo, Wildau Organizations: Afp, Getty, UBS Investment Bank, Bank, China, People's Bank of, Oxford Economics, Zhongrong International Trust, Information, Beijing, CNBC, Baoshang Bank, Anbang Locations: Beijing, BEIJING, China, Asia, People's Bank of China

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