Page 5 - Chinese Economy

China backs away from growth goal target, sticks to Covid control measures

China acknowledged the struggling economy won't hit its official 5.5% growth target this year and said they will try to prop up sagging consumer demand but will stick to strict anti-Covid tactics

China banks rush to raise debt as slowdown hikes potential bad loans

A record amount of fresh money has come from financial markets in China, with banks selling 29% more bonds in the first half of the year compared to last year

China's appetite for commodities is wavering after years of growth

Energy imports in particular plunged in June, capping a weak first half that may foreshadow a rare annual decline in purchases across many commodities

China's economy strengthens in July despite housing crisis, covid woes

The center of China's covid outbreak has shifted over the last month, with cases low in Shanghai and surrounding provinces but rising elsewhere, with some new lockdowns and restrictions being imposed

China raises loan-support efforts for developers amid mortgage boycott

Asks banks to meet financing needs; officials consider temporary waivers

China property sector major drag on economy; contracts for 4th straight qtr

Output in the real estate industry, a key economic contributor, contracted 7% in the second quarter from a year ago, the National Bureau of Statistics said in a report Saturday

China's exports bounce back, but global risks darken trade outlook

China June export grows at fastest pace in 5 months; trade surplus at record, but export outlook still faces uncertainty

Chinese currency weakens 260 pips to 6.7246 against dollar in early trade

The central parity rate of the yuan against the US dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day

IMF warns of risks from China's slowing Covid-19 vaccination rates

About 375 million people over the age of 15 in China have yet to receive three doses of a vaccine, while the daily vaccination rate has fallen below 800,000 per day

Xi Jinping reaffirms growth target that analysts say is out of reach

Chinese President Xi Jinping pledged to meet economic targets for the year even as the government's zero tolerance approach to combating Covid outbreaks

Desperate Chinese property developer willing to 'swap wheat for house'

Property developers are scrambling to boost sales after a nosedive in transactions in January to May amid China's strict Covid-19 curbs

Even without a lockdown, Beijing's economic activity declined in May

Industrial output in the capital city dropped nearly 40% in May, worse than Shanghai's almost 28% drop

China plans support for industrial firms hit by high raw materials cost

China's Ministry of Industry and Information Technology is studying measures to enhance the structure of supply-side policies, boost consumer demand and incentivise investments in technology

China budget deficit hits record high amid tax rebates, Covid pain

The drop in revenue just as more spending is needed will force local authorities to either boost their already heavy debt burden or accept weaker economic growth

China's economy shows mixed recovery in May with consumers under strain

The recovery of China's industrial output was helped by a rebound in the car sector as auto production centers like Jilin and Shanghai reopened

China's factories perk up, but weak consumption show slow economic recovery

China's economy showed signs of recovery in May after slumping in the prior month as industrial production rose unexpectedly, but consumption was still weak

As FDI gets pricey, China rushes to calm frustrated foreign investors

In recent weeks, Chinese leaders, while denying that there is an exodus of foreign firms, are putting more emphasis on the concerns of foreign investors and have pledged to support them

China issues 4.5 MT of quotas for fuel exports to ease demand: Report

The new issue will bring the total of refined fuel export quotas this year to 17.5 million tonnes, still significantly lower than the 29.5 million tonnes allotted under the first issue of 2021

Chinese banks overflow with cash that nobody wants to borrow amid lockdowns

Struggling to find enough clients, banks have been swapping bills with each other just so they can meet regulatory requirements for corporate lending

China's Covid outbreak wanes as curbs eased to boost faltering economy

China reported the fewest new Covid-19 cases in almost three months, with the easing of outbreaks in Beijing and Shanghai emboldening authorities to relax some of the strictest virus controls