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☆ China has U-turned on almost all major policies it put in place in the last 3 years — and it's not surprising, given the state of its economy
▼ + stars: | 2023-02-16 | by ( Huileng Tan | ) www.businessinsider.com time to read: +10 min

But the country reversed some major policies in response to the abysmal GDP growth. China's GDP grew by 3% in 2022 — the worst since the chaotic Cultural Revolution ended. Most recently, after three years of pandemic lockdowns and isolation, China abruptly reversed course and abolished its zero-COVID policy — leaving the world guessing why. China's GDP grew only 3.0% in 2022 — the worst in nearly half a century since the chaotic Cultural Revolution ended. China's GDP growth is vital because it is the world's second-largest economy after the US, so it's a driving force for global investment and trade.

☆ Fitch raises China's growth forecast to 5% for 2023
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +2 min

Feb 8 (Reuters) - Rating agency Fitch has revised its forecast for China's economic growth in 2023 to 5.0% from 4.1% previously as consumption and broader activity are recovering faster than initially anticipated after the end of the "zero-COVID" regime. Despite the forecast upgrade, the rating agency expected the economic rebound this year to be less vigorous than that in 2021, when the economy posted GDP growth of 8.4%. Fitch was the first major rating agency to upgrade China's 2023 economic growth forecast. S&P Global expected the economy to remain on track for 4.8% GDP growth in 2023, in line with its November baseline while Moody's has retained its November forecast of 4.0% expansion. In addition, net trade may become a drag on economic growth in 2023, Fitch added, with export demand being depressed by economic slowdowns in the United States and the Europe.

The 8.4 trillion yuan ($1.24 trillion) decrease in profits in 2022 followed a 34.3% rise in 2021. Frequent and widespread COVID disruptions hit production at industrial firms, hurting both supply and demand sides and putting huge upward pressure on costs, said Bruce Pang, chief economist at Jones Lang Lasalle. In 2022, profits at foreign firms slumped 9.5%, while those at private-sector firms shrank 7.2%, NBS data showed. Industrial profits data covers firms with annual revenue above 20 million yuan from their main operations. Liabilities at industrial firms rose 8.6% in 2022 from a year earlier, compared with 9.0% growth as of end-November.

☆ Tourism is roaring back in China. But the $6 trillion consumer market is digging itself out of a deep slump
▼ + stars: | 2023-01-30 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

He's hopeful business improves this year – and allows Rêver to recoup the roughly 35% in revenue it lost last year. Within a retail sales slump of 0.2% to 43.97 trillion yuan ($6.28 trillion), catering sales dropped by a steeper 6.3%. He expects 7% year-on-year growth in retail sales. Hainan's recovery plansHainan, a tropical province aiming to be a duty free shopping destination, announced a goal for 10% growth in retail sales this year. That's after its retail sales fell by 9.2% last year.

☆ China aims to boost consumption and imports as global demand cools
▼ + stars: | 2023-01-28 | by ( ) www.reuters.com time to read: +2 min

BEIJING, Jan 28 (Reuters) - China's cabinet said on Saturday it would promote a consumption recovery as the major driver of the economy and boost imports, state broadcaster CCTV reported, at a time of cooling global demand as major economies teeter on the brink of recession. It also discussed measures to support farmers to start spring planting, including subsidies for soybean sowing, CCTV reported. But they said households were likely to be moderate in releasing pent-up demand. Chinese exports shrank sharply in December as global demand cooled, but a more modest decline in imports led economic analysts to forecast a slow recovery in domestic demand in the coming months. Growth is expected to rebound to 4.9% in 2023, before steadying in 2024, according to a Reuters poll of economists.

☆ Asia markets to trade mixed ahead of Chinese economic data
▼ + stars: | 2023-01-17 | by ( Jihye Lee | ) www.cnbc.com time to read: +1 min

People take photographs against a backdrop of the Shenzhen skyline at Lianhuashan Park in Shenzhen, China, on Friday, Nov. 20, 2020. Photographer: Yan Cong/Bloomberg via Getty ImagesAsia-Pacific markets were set for a mixed session Tuesday as investors await a slew of Chinese economic data. Economists are expecting a quarterly contraction of 0.8% in the nation's gross domestic product and 1.8% annualized growth, according to a poll by Reuters. China's industrial output is expected to expand 0.2% on an annualized basis, while retail sales are estimated to contract by 8.6%, according to economists polled by Reuters. In Australia, the S&P/ASX 200 fell 0.2% in its first hour of trade as the nation's Westpac consumer confidence rose 5% in December from 3% in November, Refinitiv data showed.

[1/3] Philippines' President Ferdinand "Bongbong" Marcos Jr. and First Lady Liza Araneta Marcos are photographed with China President Xi Jinping and his wife Peng Li Yuan during a welcoming ceremony at the Great Hall of the People in Beijing, China, January 4, 2023. Office of the Press Secretary/Handout via REUTERSSummary Philippines, China sign 14 bilateral dealsXi pledged solution on plight of Filipino fishers -MarcosChina promised cooperation, investmentBEIJING/MANILA Jan 4 (Reuters) - China is ready to resume oil and gas talks and manage maritime issues "cordially" with the Philippines, China President Xi Jinping said on Wednesday, according to Chinese state television. Xi was speaking to his Philippines counterpart Ferdinand Marcos Jr, who was on a three-day visit to Beijing. The Philippines had previously raised concerns over reported Chinese construction activities and the "swarming" of Beijing's vessels in disputed waters of the South China Sea. While the Philippines is a defence ally of the United States, under previous leader Rodrigo Duterte it set aside a territorial spat over the South China Sea in exchange for Chinese investment.

☆ China's Xi solidified grip on power during tumultuous 2022
▼ + stars: | 2022-12-29 | by ( Tony Munroe | ) www.reuters.com time to read: +5 min

It was a rare highlight for Xi in 2022, a tumultuous year capped by unprecedented street protests followed by the sudden reversal of his zero-COVID policy and coronavirus infections rampaging across the world's most populous country. Xi travelled abroad for the first since the start of the pandemic, meeting with Russian President Vladimir Putin in September. Later that month, protesters in cities across China took to the streets in opposition to nearly three years of stifling COVID-19 controls that were a signature Xi policy. Since the congress, China has reversed zero-COVID and said it will focus on stabilising its $17 trillion economy in 2023. The World Bank expects reopening of China's economy will lift growth to 4.3% in 2023 from its forecast of 2.7% for the current year.

☆ China steps up support for private sector to boost Covid-hit economy
▼ + stars: | 2022-12-19 | by ( Laura He | ) edition.cnn.com time to read: +5 min

Hong Kong CNN —Beijing has vowed to go all out next year to save its Covid-hit economy by boosting consumption and loosening control over private industry, including the struggling tech and property sectors. Covid infections are surging in China after leaders unexpectedly eased its restrictive Covid policy earlier this month. Stabilizing economic growth is the top priority for 2023, according to an official readout following the conclusion of the Central Economic Work Conference (CEWC), a key annual meeting of top leaders, which ended Friday. “We need to encourage and support the private sector economy and private enterprise in terms of policy and public opinion,” the statement said. A shopping mall is decorated with rabbit stickers to welcome the Lunar New Year, the Year of the Rabbit, on December 10, 2022 in Beijing, China.

☆ China expands hospitals and ICUs as it faces Covid surge
▼ + stars: | 2022-12-11 | by ( ) www.cnbc.com time to read: +5 min

Medical workers wear PPE as they stand next to people waiting in line outside a fever clinic on Dec. 9, 2022 in Beijing, China. A Cabinet meeting called Thursday for "full mobilization" of hospitals including adding staff to ensure their "combat effectiveness" and increasing drug supplies, according to state media. Officials were told to keep track of the health of everyone in their area aged 65 and older. It isn't clear how much infection numbers have increased since Beijing last week ended mandatory testing as often as once a day in many areas. But interviews and social media accounts say there are outbreaks in businesses and schools across the country.

☆ IMF chief Georgieva cites 'fruitful exchange' with China on debt issues
▼ + stars: | 2022-12-10 | by ( Andrea Shalal | ) www.reuters.com time to read: +2 min

WASHINGTON, Dec 9 (Reuters) - International Monetary Fund chief Kristlina Georgieva said she had a "fruitful exchange" with her Chinese counterparts this week on her repeated calls for accelerating debt treatments for countries like Zambia and Sri Lanka. Georgieva, World Bank President David Malpass and other financial leaders met in person in China's Anhui province this week with officials from the People's Bank of China, China's finance ministry and its EXIM Bank and China Development Bank. Georgieva said the discussions touched on the common framework for debt treatment set up in late 2020 by China, the United State and other Group of 20 major economies, as well as some specific cases of countries seeking debt relief. Implementation of the common framework process has been halting, with only one country, Chad, having completed the debt treatment process, and its agreement not resulting in any actual reductions of the country's debt. Georgieva said she saw "space for a platform for more systematic engagement on debt issues, where China can play an active role," but gave no further details.

☆ European markets set to inch higher with China reopening, economic outlook in focus
▼ + stars: | 2022-12-09 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

LONDON — European markets are set to nudge higher on Friday, tracking global sentiment as investors hope for a Chinese economic recovery as Covid-19 curbs are relaxed. After a relatively muted week for European stock markets, a host of significant risk events are coming down the pike next week, including the U.S. Federal Reserve and Bank of England's next monetary policy meetings. Shares in Asia-Pacific were higher overnight, with Hong Kong's Hang Seng index leading gains, as Chinese November inflation data came in roughly in line with expectations. In remarks published by state media on Thursday, Chinese Premier Li Keqiang said the country's easing of Covid policy would allow the economy to gather momentum. U.S. stock futures were modestly higher in early premarket trade on Friday as traders look ahead to fresh wholesale inflation data due later in the day.

☆ Asian shares higher as dollar retreats, risk events abound
▼ + stars: | 2022-12-09 | by ( Stella Qiu | ) www.reuters.com time to read: +4 min

SYDNEY, Dec 9 (Reuters) - Asian shares tracked Wall Street higher amid hopes that China's economy would pick up pace as COVID-19 curbs ease, although caution ahead of a week full of risk events, including the Federal Reserve's policy meeting, could cap sentiment. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) rose 0.9% in early trade, edging closer to a three-month high hit earlier in the week. "This slowing is not a signal that the central bank's job is nearly done...the slower pace of hikes starts a new phase of the Fed's tightening cycle," said Brian Martin, head of G3 economics at ANZ. The U.S. dollar slid 0.2% against a basket of major currencies on Friday, on top of a drop of 0.4% overnight. U.S. West Texas Intermediate (WTI) crude futures surged 0.9% to $72.11 per barrel, while Brent crude settled at $76.15 a barrel, 1% higher.

☆ Stocks rise on hope of revived China demand, oil slips
▼ + stars: | 2022-12-08 | by ( Herbert Lash | ) www.reuters.com time to read: +4 min

Wall Street rose on enthusiasm over a rally in U.S.-listed shares of Chinese companies, while copper climbed on hopes of increased demand from China, its biggest consumer. "The realization that China is going to be back online and producing product will help bring down inflation and that's a good thing. Treasury yields rose as investors awaited a report next week on inflation and the Fed meeting. Global bond yields, which move inversely to price, have tumbled in recent weeks on expectations of slower growth or recessions will curb the rise in rates. Gold prices edged higher as the dollar eased and investors positioned themselves ahead of the U.S. inflation data and the Fed's policy announcements.

☆ Stocks rise on hope of revived China demand, oil wobbles
▼ + stars: | 2022-12-08 | by ( Herbert Lash | ) www.reuters.com time to read: +4 min

Wall Street rose on enthusiasm over a rally in U.S.-listed shares of Chinese companies, while copper climbed on hopes of increased demand from China, its biggest consumer. "The realization that China is going to be back on-line and producing product will help bring down inflation and that’s a good thing. "The bulls can spin the narrative that both inflation expectations and real yields are coming down. Treasury yields rose as investors awaited a report next week on inflation and the Fed meeting. Gold prices edged higher as the dollar eased and investors positioned themselves ahead of the U.S. inflation data and the Fed's policy announcements.

☆ China's economy will pick up pace following new COVID rules: CCTV cites Premier Li
▼ + stars: | 2022-12-08 | by ( Reuters Staff | ) www.reuters.com time to read: +1 min

FILE PHOTO: People walk across a street during morning rush hour, following the outbreak of the coronavirus disease (COVID-19), in the Central Business District (CBD) in Chaoyang District, Beijing, China November 21, 2022. REUTERS/Tingshu Wang/File Photo(Change the number of meetings in last paragraph from one to multiple)BEIJING (Reuters) - China’s economic growth will keep picking up pace with the implementation of the newly-announced anti-COVID adjustment measures, state media CCTV quoted Premier Li Keqiang as saying on Thursday. China will also keep the yuan exchange rate basically stable, and this is also conducive to safeguarding global supply chain stability, CCTV said. Li made the remarks during meetings with World Bank President David Malpass, IMF Managing Director Kristalina Georgieva and WTO Director-General Ngozi Okonjo-Iweala, CCTV said. (This story has been refiled to change the number of meetings in last paragraph from one to multiple.)

☆ China's Xi thanks late leader Jiang Zemin for ensuring party's survival from 'storms'
▼ + stars: | 2022-12-06 | by ( ) www.reuters.com time to read: +3 min

Li Xueren/Xinhua via REUTERSBEIJING, Dec 6 (Reuters) - Chinese President Xi Jinping paid tribute to former leader Jiang Zemin on Tuesday for ensuring the Communist Party's survival from "political storms" and reforming it to inject new vitality and modernise the country's economy. "In the late 1980s and early 1990s, serious political storms occurred at home and abroad, and world socialism experienced severe complications. Some Western countries imposed so-called 'sanctions' on China," Xi told an audience including China's top leadership and Jiang's direct successor Hu Jintao. But Jiang stepped forward to press reform and opening up, strengthen the party's ties with the people, engage in "diplomatic struggles" and upheld China's independence, dignity, security and stability, Xi added. Attendees at the ceremony all stood as Xi spoke, and wore white chrysanthemums, a traditional Chinese symbol for mourning.

☆ China hopes for fair, transparent environment for companies in EU - Xi
▼ + stars: | 2022-12-01 | by ( ) www.reuters.com time to read: +1 min

[1/7] European Council President Charles Michel attends a meeting with Chinese President Xi Jinping at the Great Hall of the People in Beijing, China December 1, 2022. European Union/Handout via REUTERSBEIJING, Dec 1 (Reuters) - China will strengthen strategic communication and coordination with the European Union, President Xi Jinping told the president of the European Council, Charles Michel, on Thursday. "China will remain open to European companies, and hopes the EU can eliminate interference to provide a fair and transparent business environment for Chinese companies," Xi told Michel. Xi said China and the EU should strengthen macroeconomic policy coordination and complementary advantages, jointly create new growth engines and ensure safety, stability, and reliability of industrial supply chains. His visit comes after European leaders expressed concern at a meeting in October about economic reliance on China.

BRUSSELS, Nov 24 (Reuters) - European Council President Charles Michel will meet Chinese President Xi Jinping in China on Dec. 1 to discuss a range of global challenges including the war in Ukraine, tensions over Taiwan and EU concerns about imbalanced economic ties. The visit comes after European leaders jointly expressed concern at a meeting last month about economic reliance on China. Michel was likely to stress the need to rebalance the EU-China economic relationship and the importance of abiding by global trading rules. Since 2019, the European Union has regarded China more warily, describing it then as a partner, an economic competitor and a system rival. Reporting by Marine Strauss @StraussMarine, Benoit Van Overstraeten; Editing by Alex Richardson, Alexandra HudsonOur Standards: The Thomson Reuters Trust Principles.

☆ China will use timely RRR cuts to keep liquidity ample -state media cites cabinet
▼ + stars: | 2022-11-23 | by ( Reuters Staff | ) www.reuters.com time to read: +4 min

BEIJING (Reuters) -China will use timely cuts in banks’ reserve requirement ratio (RRR), alongside other monetary policy tools, to keep liquidity reasonably ample, state media on Wednesday quoted a cabinet meeting as saying. Chinese Yuan banknotes are seen in this illustration taken February 10, 2020. The cabinet will send officials to provinces this month to check the implementation of policy measures that have been rolled out this year, state media said. The cabinet also called for speeding up investment and construction of major infrastructure projects, and called for stabilising and expanding consumption and vowed to support sound development of the platform economy, state media said. Deputy PBOC governor Pan Gongsheng said the bank would provide 200 billion yuan ($27.93 billion) in loans to six commercial banks for housing completions, state media Economic Daily said on Monday.

☆ China Premier Li emphasised 'irresponsibility' of nuclear threats at Asia summit -U.S. official
▼ + stars: | 2022-11-14 | by ( Simon Lewis | ) www.reuters.com time to read: +2 min

NUSA DUA, Indonesia, Nov 14 (Reuters) - Chinese Premier Li Keqiang emphasised the "irresponsibility" of nuclear threats during a summit in Cambodia, suggesting Beijing is uncomfortable with strategic partner Russia's nuclear rhetoric, a senior U.S. official said on Monday. Li participated in the East Asia Summit on Sunday along with U.S. President Joe Biden. The Chinese premier "spoke rather extensively about China's policy towards Ukraine," said a senior U.S. administration official, who briefed reporters ahead of a summit between Biden and Chinese President Xi Jinping on Monday. Li "put clear emphasis on sovereignty, on the irresponsibility of nuclear threats, the need to ensure that nuclear weapons are not used in the way that some have suggested," said the official, speaking on condition of anonymity. The West has accused Russia of making irresponsible statements on the possible use of nuclear weapons since its February invasion of Ukraine.

☆ Biden discusses security pact, Taiwan Strait with Australian PM
▼ + stars: | 2022-11-13 | by ( Kanishka Singh | ) www.reuters.com time to read: +2 min

Nov 13 (Reuters) - U.S. President Joe Biden on Sunday met Australian Prime Minister Anthony Albanese and discussed their security pact and issues surrounding the Taiwan Strait, the White House said. The AUKUS security pact between the United States, the United Kingdom and Australia is seen as an effort by the Western allies to push back against China's growing power and influence, particularly its military buildup, pressure on Taiwan and deployments in the contested South China Sea. The two leaders met on the margins of the East Asia Summit in Cambodia and also discussed Russia's invasion of Ukraine, the White House said in a statement. "The leaders recognized the imperative of maintaining peace and stability across the Taiwan Strait," the White House said. Beijing staged war games in August after U.S. House of Representatives Speaker Nancy Pelosi visited Taipei, and has since continued military activities nearby including almost daily fighter jet crossings of the sensitive median line in the narrow Taiwan Strait.

☆ Biden says won't veer into conflict with China, as first summit ends in Asia
▼ + stars: | 2022-11-13 | by ( Nandita Bose | ) www.reuters.com time to read: +3 min

Addressing the East Asia Summit in Cambodia, Biden said the United States would compete with China and speak out over its human rights record, but stressed the importance of peace in the Taiwan Strait and ensuring freedom of navigation in the South China Sea. On China, Biden told the summit that "the United States will compete vigorously.... while keeping lines of communication open and ensuring competition does not veer into conflict," the White House said in a statement. Eighteen countries accounting for half the global economy attended Sunday's East Asia Summit, including the ASEAN nations, Japan, South Korea, China, India, the United States, Russia, Australia and New Zealand. "The United States and its NATO allies are trying to master this space," Lavrov told a news conference in Phnom Penh. Like ally the United States, Australia's ties with China have also deteriorated in recent years.

☆ Australia's Albanese talks briefly with China's Li, prompting talk of summit -media
▼ + stars: | 2022-11-13 | by ( ) www.reuters.com time to read: +1 min

SYDNEY, Nov 13 (Reuters) - Australia's Prime Minister Anthony Albanese spoke briefly with Chinese Premier Li Keqiang at a regional summit in Cambodia, Australian media said on Sunday, sparking some expectations of a formal summit with President Xi Jinping. Albanese and Li spoke on arrival at a gala on the sidelines of the summit in Phnom Penh of the Association of Southeast Asian Nations (ASEAN), the Australian Broadcasting Corporation reported. The discussion raised the prospect of a potential Albanese-Xi meeting at the summit of the Group of 20 big economies in Indonesia on Monday. The last bilateral summit was in 2019 when Albanese's predecessor, Scott Morrison, met Xi at a G20 meeting, according to Australia's foreign ministry. Albanese's office said last week he will attend that meeting and a subsequent summit in Bangkok of the Asia-Pacific Economic Cooperation group.

☆ Chinese premier says economy on 'upward trend', vows further support
▼ + stars: | 2022-11-13 | by ( ) www.reuters.com time to read: +2 min

BEIJING, Nov 13 (Reuters) - China's economy has grown 3% over the past three quarters and is stabilising on an "upward trend", Chinese Premier Li Keqiang said, vowing to continue to support the economy with policy measures. Premier Li also said China was working hard to keep market operations, employment and prices stable, the statement said. read moreChina has created more than 10 million new urban jobs in the first 10 months of the year, Li said. China aims to keep the urban jobless rate below 5.5% and to create more than 11 million new urban jobs this year. "Countries should strengthen cooperation and macroeconomic policy coordination, so as to form synergy to maintain the stability of the world economy and prevent recession," Li said.

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