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BEIJING (AP) — China's factory activity in September recorded its first expansion in six months, an official survey said Saturday, providing another sign that the world's second-largest economy is gradually improving following its post-pandemic malaise. The composite index rose to 52 from 51.3. Zhao said the improvement indicated by the latest indexes suggest the level of economic activity is rebounding. However, China's economic rebound remained uneven. China's economy grew at a 6.3% annual pace in the second quarter of this year, much slower than the 7%-plus growth that analysts had forecast based on the anemic pace of activity the year before.

Persons: —, Zhao Qinghe, Zhao, Hui Ka Yan Organizations: BEIJING, National Bureau of Statistics, China Federation of Logistics, Purchasing, China Evergrande, Investment Locations: China, Hong Kong

☆ Fixing China's property sector could take years — if not a decade, says economist
▼ + stars: | 2023-09-26 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +2 min

watch nowChina's urbanization drive may be drawing to a close — and that could further hurt the already ailing property sector, according to China economist Hao Hong. "Fixing the property sector may be a multi-year or even a decade's work in front of us. China's property market has been embattled by faltering consumer confidence, as property giants Evergrande and Country Garden are mired in debt problems. Not having an overbearing Chinese property sector actually is good for the Chinese economy going forward. Hong noted that 18 trillion yuan ($2.46 trillion) worth of Chinese property were sold two years ago.

Persons: Hao Hong, Hong, Hao, Qilai Shen, Keng, China's Organizations: Grow Investment, Hao Hong Grow Investment, Bloomberg, Getty Locations: China, Shanghai's, Shanghai

☆ A former Chinese official is telling property developers to 'transform' their businesses as there are more than enough empty homes to house all of China
▼ + stars: | 2023-09-25 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

A former China statistics official said the country's property developers need to "transform" their businesses. The crisis came to a boiling point this summer when other Chinese real-estate developers ran into similar issues, and the sector started to default on its bond payments. The market was so hot that Chinese developers were taking on massive borrowings to build apartments ahead of demand. In fact, property developers built so many apartments that one-fifth of the homes in China were empty, Insider's Lina Batarags reported in October 2021. There are now fears China's property troubles could spill into the broader domestic economy and the international markets.

Persons: Keng, —, Lina Batarags Organizations: Service, China News Service, US, Reuters, Washington DC Locations: China, Wall, Silicon, China's, Washington

☆ China's 1.4 billion population isn't enough to fill the country's empty homes, former official says
▼ + stars: | 2023-09-24 | by ( Marta Biino | ) www.businessinsider.com time to read: +3 min

A former Chinese official said the country's entire population couldn't fill its empty homes. He Keng said China's 1.4 billion population was likely insufficient to fill all its vacant houses. AdvertisementAdvertisementChina has long relied on real-estate development as a safe investment to bolster economic growth. Today, farmers have taken over the ghost town, plowing the land and letting cattle roam free around the empty mansions. But by 2016, its population was only around 100,000, and it has been described as "the largest ghost town in the world."

Persons: Keng, Evergrande, that's, Li Gan, Shenyang . Jade Gao Organizations: Service, Reuters, China News Service, Texas, M University, Greenland Group, Getty, Nikkei Locations: China, Wall, Silicon, France, City's, Shenyang, Shenyang ., AFP, Mongolia, Inner Mongolia, Ordos, Nikkei Asia

☆ Even 1.4 billion people 'probably can't fill' all of China's vacant homes, ex-official admits
▼ + stars: | 2023-09-23 | by ( ) edition.cnn.com time to read: +2 min

Big-name developers such as Country Garden Holdings continue to teeter close to default even to this day, keeping home-buyer sentiment depressed. As of the end of August, the combined floor area of unsold homes stood at 648 million square meters (7 billion square feet), the latest data from the National Bureau of Statistics (NBS) show. That would be equal to 7.2 million homes, according to Reuters calculations, based on the average home size of 90 square meters (970 square feet). “How many vacant homes are there now? Each expert gives a very different number, with the most extreme believing the current number of vacant homes are enough for 3 billion people,” said He Keng, 81, a former deputy head of the statistics bureau.

Persons: ”, Keng Organizations: China Evergrande, Garden Holdings, National Bureau of Statistics, China News Service Locations: China, Dongguan

☆ Even China's 1.4 billion population can't fill all its vacant homes, former official says
▼ + stars: | 2023-09-23 | by ( ) www.reuters.com time to read: +2 min

As of the end of August, the combined floor area of unsold homes stood at 648 million square metres (7 billion square feet), the latest data from the National Bureau of Statistics (NBS) show. That would be equal to 7.2 million homes, according to Reuters calculations, based on the average home size of 90 square metres. "How many vacant homes are there now? Each expert gives a very different number, with the most extreme believing the current number of vacant homes are enough for 3 billion people," said He Keng, 81, a former deputy head of the statistics bureau. "All sorts of comments predicting the collapse of China's economy keep surfacing every now and then, but what has collapsed is such rhetoric, not China's economy," a spokesperson at the foreign ministry said at a recent news conference.

Persons: Keng, Albee Zhang, Ryan Woo, Jan Harvey Organizations: China Evergrande, HK, Garden Holdings, National Bureau of Statistics, China News Service, Thomson Locations: BEIJING, China, Dongguan

☆ Italy sees 2023 budget deficit overshoot at around 5.5% of GDP, sources say
▼ + stars: | 2023-09-22 | by ( Giuseppe Fonte | ) www.reuters.com time to read: +2 min

Italian Prime Minister Giorgia Meloni reacts at a news conference for her government's first budget in Rome, Italy November 22, 2022. REUTERS/Remo Casilli/File Photo Acquire Licensing RightsROME, Sept 22 (Reuters) - Italy sees its 2023 budget deficit overshooting at around 5.5% of gross domestic product (GDP) from the current 4.5% target, sources told Reuters, pushed up by high interest rates and accounting adjustments regarding costly tax credits. The 3.7% target currently established for next year's fiscal gap is also set to be revised upwards, two sources close to the matter said. However, national statistics bureau ISTAT said any revisions to GDP data for the first and second quarter of this year are likely to be no more than marginal. Italy will unveil its new economic projections next week in the Treasury's annual Economic and Financial Document (DEF).

Persons: Giorgia Meloni, Remo Casilli, Giorgia, Gavin Jones, Toby Chopra Organizations: Italian, REUTERS, Rights, Reuters, Eurostat, Treasury, ISTAT, Thomson Locations: Rome, Italy

☆ China's real estate sector is still in a period of 'adjustment,' says statistics bureau
▼ + stars: | 2023-09-15 | 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 real estate sector is still in a period of 'adjustment,' says statistics bureauHowever, the National Bureau of Statistics of China said the country's advanced manufacturing and services sectors are growing. CNBC's Evelyn Cheng reports.

Persons: CNBC's Evelyn Cheng Organizations: National Bureau of Statistics Locations: China

☆ China’s retail sales surprise with faster growth, up 4.6% in August
▼ + stars: | 2023-09-15 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

BEIJING — China's retail sales and industrial production picked up pace in August with better-than-expected growth, according to National Bureau of Statistics data released Friday. Retail sales grew by 4.6% in August from a year ago, beating expectations for 3% growth forecast by a Reuters poll. The increase was also faster than the 2.5% year-on-year pace in July. Industrial production grew by 4.5% in August from a year ago, better than the 3.9% forecast and faster than the 3.7% increase reported for July. That missed expectations for a 3.3% increase and was slower than the 3.4% pace reported as of July.

Persons: Fu Linghui Organizations: National Bureau, Statistics Locations: Chongqing, China, BEIJING

☆ China cuts banks' reserve ratio for second time in 2023 to aid recovery
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: +2 min

The headquarters of the People's Bank of China, the central bank, is pictured in Beijing, China, February 3, 2020. The People's Bank of China (PBOC) said it would cut the reserve requirement ratio (RRR) for all banks, except those that have implemented a 5% reserve ratio, by 25 basis points from Sept. 15. The central bank said the weighted average reserve requirement ratio (RRR) for financial institutions stood at around 7.4% after the cut. Dan Wang, chief economist at Hang Seng Bank China, cautioned to watch for a cut in Medium-term Lending Facility (MLF) on Friday off the back of the RRR cut. "That would be more significant than the RRR cut and suggest central bank is up to something," said Wang.

Persons: Jason Lee, Wen Bin, Xu Tianchen, Dan Wang, Wang, Liangping Gao, Joe Cash, Ellen Zhang, Kevin Yao, Kevin Liffey, Alison Williams, Christina Fincher Organizations: People's Bank of China, REUTERS, Rights, Minsheng Bank, Xinhua, Economist Intelligence Unit, Hang Seng Bank China, Thomson Locations: Beijing, China, Rights BEIJING

But analysts say more policy support is needed to shore up consumer demand in the world's second-biggest economy, with a labour market recovery slowing and household income expectations uncertain. "In general the inflation (rate) still points to weak demand and requires more policy support for the foreseeable future." DEFLATION PRESSURESCompared with the previous month, CPI rose 0.3%, picking up from 0.2% in July, the statistics bureau said. Pork prices rose 11.4% month-on-month, versus no change in July, due to the impact of extreme weather in some areas. Factory-gate deflation moderated in August due to improving demand for some industrial products and rising international crude oil prices, the statistics bureau said.

Persons: Tingshu Wang, Zhou Hao, Bruce Pang, Jones Lang Lasalle, Premier Li Qiang, Kevin Yao, Joe Cash, Sam Holmes, William Mallard Organizations: REUTERS, National Bureau of Statistics, Reuters, Guotai, ANZ, Jones, Premier, Thomson Locations: Beijing, China, BEIJING, Ukraine

From a survey data perspective, the countries’ moves up the Best Countries list come as they gained in some of the project’s 10 subrankings. In the Best Countries rankings, Neelam points to Australia performing well on an assessment of whether a country is perceived as corrupt. While she announced her resignation in January – before the Best Countries survey was fielded – Neelam says he “wouldn’t discount the Ardern factor” in New Zealand’s rankings rise. New Zealand does have other things going for it that mirror Australia in some ways. Murray, of Karamea, says the country – considered the most scenic among respondents to the Best Countries survey, with Australia at No.

Persons: Paul Murray, I’ve, he’s, ., –, Austin Billimack, he’d, “ Oz ”, ” Billimack, Zealand’s, Murray, Ryan Neelam, it’s, “, ”, Allan Behm, “ We're, Anthony Albanese, Scott Morrison, Albanese, Behm, Morrison, Morrison . New, Jacinda Ardern, – Neelam, Barack, Obama, Eric Crampton, Crampton, Ardern’s, Karamea Organizations: ” Global, U.S . News, FIFA, Australia, New Zealand, Lowy Institute, The Australia Institute, Labor Party, Best, New Zealand Initiative, Zealand Locations: Karamea, New, New Zealand, . Murray, Auckland, Wellington, Australia, Melbourne, Wisconsin, Australia’s, Oceania, Sydney, Australian, Canberra, Nauru, Morrison ., Christchurch , New Zealand, –, Canada

That was within Bank Indonesia's 2023 inflation target range of 2% to 4%. A deeper look at the data showed that while headline inflation only rose modestly, annual rice inflation accelerated to 13.76% in August, the highest since June 2012. Myrdal Gunarto, economist with Maybank Indonesia, said he expected a limited increase in rice prices going forward due to planned imports from Southeast Asian countries, predicting headline inflation would remain manageable. As for rice inflation, Irman said: "As a staple, the (rice) inflation will affect purchasing power. But generally, food commodities are showing a moderation trend that is offsetting (rising) rice prices' impact."

Persons: Rice, Myrdal Gunarto, Irman Faiz, Irman, Stefanno Sulaiman, Gayatri Suroyo, Kanupriya Kapoor Organizations: Bank, Maybank, Bank Danamon, Thomson Locations: JAKARTA, Indonesia, Maybank Indonesia

Analysts see this more than 7 percent increase in the number of drivers as a manifestation of the subdued job market. At least four others have issued warnings of overcapacity, with some saying drivers get fewer than 10 orders a day as a result. Cai said he earns 200-300 yuan a day, driving for Didi Global - China's answer to Uber - from 8.00 am until close to midnight. Up until recently, he made 400 yuan a day plus bonuses, going home before 8.00 pm. Shanghai driver Li Weimin's rationale for working underscores the shrinking job market.

Persons: Zhu Zhimin, Zhu, Wang Ke, James Cai, Cai, Didi, Wang, Nanxun Li, It's, Li, Casey Hall, Xihao Jiang, Marius Zaharia Organizations: Transport, Thomson Locations: SHANGHAI, Shanghai, China, Cities, Sanya, Changsha, Haikou, Hainan, Analysys, Beijing

☆ China stats bureau sees no deflation risks, plays down property woes
▼ + stars: | 2023-08-15 | by ( ) www.reuters.com time to read: 1 min

A customer shops for vegetables at a wet market in Beijing, China August 10, 2023. REUTERS/Yew Lun TianBEIJING, Aug 15 (Reuters) - There is no deflation in China and there will be no deflation in the future, a spokesman of China's statistics bureau said on Tuesday. China's economic recovery faces challenges, National Bureau of Statistics spokesperson Fu Linghui told a press conference in Beijing. Still, the bureau expects a decline in producer price index to moderate further, according to Fu. Fu also said that risks for property developers could be gradually resolved due to policy optimisation.

Persons: Lun Tian, Fu Linghui, Fu, Muralikumar Organizations: REUTERS, National Bureau of Statistics, Beijing, Thomson Locations: Beijing, China, Lun Tian BEIJING

☆ China reports big data miss in July, stops releasing youth unemployment numbers
▼ + stars: | 2023-08-15 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

Retail sales rose by 2.5% in July from a year ago, below expectations for a 4.5% increase, according to analysts polled by Reuters. Within retail sales, catering saw the biggest increase of 15.8%, while sports and entertainment products saw a 2.6% year-on-year increase. Retail sales posted the slowest growth since a decline in December, according to official data. Top leaders in late July signaled a shift away from its crackdown on real estate speculation. But the overall approach to additional stimulus has been cautious, especially in real estate.

Organizations: Bloomberg, Getty, National Bureau, Statistics, Reuters, National Bureau of Statistics, CNBC, Authorities Locations: BEIJING, 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

Feeling the pinch of rising housing costs and a slowing economy, the jobless graduates are forfeiting cities that have traditionally provided a stepping stone to middle-class wealth. The numbers varied by region, with 59% of graduates in the well-developed east heading home. To keep costs down as they stay longer in hope of finding a job, some young mega-city drifters even share their beds with strangers. One such post was looking for a roommate to share one bed in a room "with a huge balcony" in Beijing. ($1 = 7.2004 Chinese yuan renminbi)Reporting by Ella Cao and Ryan Woo; Additional reporting by Beijing newsroom; Editing by Conor HumphriesOur Standards: The Thomson Reuters Trust Principles.

Persons: Stringer CHINA, Joyce Zhang, I've, Zhang, China's, Ella Cao, Ryan Woo, Conor Humphries Organizations: Central China Normal University, REUTERS, China News Service, China's, Xinhua, Reuters, Beijing, Thomson Locations: Wuhan, Hubei province, China, BEIJING, Beijing, Guangzhou, Shenzhen, Inner Mongolia, Hangzhou, Zhejiang

On a quarterly, non-seasonally adjusted basis, GDP expanded 3.86%, compared with the poll's prediction of 3.72% growth. Meanwhile, exports contracted 2.75% in the second quarter on a yearly basis, in stark contrast to last quarter's growth of more than 10%. Myrdal Gunarto, economist with Maybank Indonesia, said he might raise his bank's full-year 2023 GDP growth outlook of 5.05%, but described the second quarter data as "a sign that economic activities had peaked". The better-than-expected data may spur monetary policymakers to shift their focus from growth to the current account, as strong domestic demand typically leads to rising imports, said Fakhrul Fulvian, economist with Trimegah Securities, who maintained his full-year 2023 GDP growth outlook at 5%. The government is targeting the same growth rate for 2023.

Persons: Eid, Joko Widodo's, Myrdal Gunarto, Myrdal, Fakhrul Fulvian, Radhika Rao, Stefanno Sulaiman, Fransiska Nangoy, Gayatri Suroyo, Martin Petty, Sonali Paul Organizations: Asia's, Statistics, Reuters, Maybank, Trimegah Securities, U.S ., Bank, DBS Bank, Thomson Locations: JAKARTA, Statistics Indonesia, Maybank Indonesia, Indonesia, Bank Indonesia

Companies International Monetary Fund FollowISLAMABAD, Aug 1 (Reuters) - Pakistan announced an increase in petrol and diesel prices on Tuesday to better reflect rising international prices and to raise revenue to meet the objectives of an International Monetary Fund (IMF) bailout. In a recorded video statement, Finance Minister Ishaq Dar said gasoline, or petrol, prices would be raised by 19.95 Pakistani rupees to 272.95 Pakistani rupees ($0.952) per litre and diesel by 19.90 rupees to 273.40 rupees per litre, an increase of 7.8% for both fuels. Fuel prices have increased sharply in global markets in the last 15 days, Dar said, adding his government had tried to minimise the hike. The IMF has also called on Pakistan to maintain a tight monetary policy. The central bank on Monday, however, kept the policy rate steady at 22%, with its governor saying the lender's requirement of tight policy didn't necessarily mean raising the rate.

Persons: Ishaq Dar, Dar, Asif Shahzad, Kim Coghill, Jamie Freed, Christian Organizations: International Monetary, International Monetary Fund, Brent, IMF, Thomson Locations: Pakistan, Islamabad

Gross domestic product (GDP) contracted by 0.3% on a quarterly basis between April and June and was up 0.6% year-on-year, national statistics bureau ISTAT said. ISTAT gave no numerical sector breakdown of its preliminary second-quarter GDP estimate, but said industry and agriculture output decreased whereas services grew marginally. The 0.3% contraction left Italy with so-called "carryover" growth of 0.8% this year, assuming GDP would be flat in the remaining two quarters. "Italy is an advanced industrial country and the weakness in industry is much more important than the tourism sector for the economy's health," said Lorenzo Codogno, head of LC Macro Advisors and former chief economist at Italy's Treasury. ISTAT also said annual inflation slowed to 6.4% in July from 6.7% in June, on a EU-harmonised consumer prices.

Persons: Giorgia Meloni, Franziska Palmas, Intesa, Lorenzo Codogno, Alvise Armellini, Elvira Pollina, Sharon Singleton, Alistair Bell Organizations: Gross, Reuters, Capital Economics, ISTAT, LC Macro Advisors, Italy's Treasury, Thomson Locations: ROME, Italy, Rome, Milan

ReutersBEIJING – International investment firms have changed their China GDP forecasts nearly every month so far this year, with JPMorgan making six adjustments since January. Here are some winners to watch The U.S. investment bank most recently cut its China GDP forecast in July to 5%, down from 5.5% previously. In June, the World Bank raised its forecast for China's growth this year to 5.6%, up from 4.3% previously. The International Monetary Fund in April raised its forecast for China's GDP to 5.2%, up from 4.4% previously. Among the six investment firms CNBC looked at, the highest China GDP forecast so far this year was JPMorgan's 6.4% figure — when the bank adjusted for the second time in April alone.

Persons: Morgan Stanley, Nomura, Goldman Sachs, Logan Wright, Shehzad Qazi, Qazi Organizations: Reuters, Reuters BEIJING – International, JPMorgan, CNBC, Citi, Beijing, Citi's, UBS, National Bureau, Statistics, U.S, Chinese Communist Party . Investment, Bank, International Monetary Fund, Monetary Fund Locations: Lianyungang, Jiangsu province, China, Reuters BEIJING, U.S, Beijing, New York

☆ China's youth unemployment rate just hit a new high and its GDP growth missed analysts' expectations
▼ + stars: | 2023-07-17 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

China's youth unemployment rate hit a new high, and its GDP grew by 6.3% in the second quarter. Analysts polled by Reuters expected China's economy to have grown by 7.3%. After an initial spurt, China's economy is struggling to recover from three years of COVID-19 restrictions. Economists polled by Reuters expected China's GDP to grow by 7.3% during the second quarter of the year. China's economy grew 3% in 2022 and Beijing has set a 5% GDP growth target this year.

Persons: Vishnu Varathan, Varathan Organizations: Reuters, Service, Privacy, Mizuho Bank Locations: Wall, Silicon, China, Beijing

Summary June headline inflation at 3.52% vs 3.64% in Reuters pollCore inflation at 2.58% vs 2.64% in pollSome economists forecast interest rate cut in Q3JAKARTA, July 3 (Reuters) - Indonesia's annual inflation rate in June eased to 3.52%, settling into the central bank's target range for a second straight month, data from the statistics bureau showed on Monday. Headline inflation dropped to its lowest since April 2022 and came in below the 3.64% expected in a Reuters poll and below the 4.00% seen in May. Transportation fares, food prices and rents rose in June, Pudji Ismartini, deputy head of Statistics Indonesia, said in a press conference. The core inflation rate, which strips out government-controlled and volatile food prices, eased to 2.58% in June from 2.66% a month before. The poll had expected 2.64% core inflation.

Persons: Pudji Ismartini, Fakhrul Fulvian, Radhika Rao, Stefanno Sulaiman, Fransiska, Kanupriya Kapoor Organizations: Reuters, Bank, Statistics, BI, Trimegah Securities, DBS, Thomson Locations: JAKARTA, Asia's, Statistics Indonesia

☆ S&P cuts China GDP forecast as calls for stimulus intensify
▼ + stars: | 2023-06-26 | by ( ) www.reuters.com time to read: +3 min

BEIJING, June 26 (Reuters) - S&P Global cut its forecast for economic growth in China this year, underscoring the uneven nature of the country's post-reopening recovery that is spurring more calls for further stimulus. S&P now expects China to log GDP growth of 5.2% in 2023, down from an earlier estimate of 5.5%. Forecasts for China GDP growth this year range between 4.4% and 6.2%. Last week, China cut its key lending benchmarks, the first such reductions in 10 months. Further highlighting pessimism over the economy, China and Hong Kong stocks slumped on Monday after disappointing domestic tourism figures for last week's three-day Dragon Boat Festival, while the yuan also weakened against the dollar.

Persons: Goldman Sachs, Ning, Nie Wen, Liangping Gao, Ryan Woo, Edwina Gibbs Organizations: People's Bank of China, Times, Communist, Hwabao Trust, Thomson Locations: BEIJING, China, Beijing, Shanghai, Hong Kong

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