Tag: China

China’s lenders cut the country’s benchmark five-year loan prime rate for the first time since June, extending Beijing’s efforts to revive the country’s anemic property market.

Some 474 million domestic trips were made during the eight-day festival, rising 34.3% year on year, according to data released by the country’s Ministry of Culture and Tourism on Sunday.

China’s consumer prices fell at their steepest pace in more than 14 years in January while producer prices also dropped, ramping up pressure on policymakers to do more to revive an economy low on confidence and facing deflationary risks.

China has ousted the head of its securities watchdog, the official Xinhua news agency said, replacing him with a veteran regulator with a reputation for tough action as policymakers struggle to stabilise the country’s stock markets.

Chinese stocks staged their biggest rally in years Tuesday, after the country’s sovereign wealth fund said it would step up buying shares as officials scramble to draw a line under a three-year market rout.

The official manufacturing purchasing managers’ index rose slightly to 49.2 in January, according to data from the National Bureau of Statistics released Wednesday, in line with the median forecast in a Reuters poll.

“For projects that are in difficulty but whose funds can be balanced, we should not blindly withdraw loans, suppress loans, or cut off loans,” said Xiao Yuanqi, deputy director of China’s National Financial Regulatory Administration.

 Chinese authorities are considering measures to stabilise a slumping stock market, Bloomberg News reported, opens new tab on Tuesday citing people familiar with the matter, drawing a sceptical response from underwhelmed investors.

China’s gaming regulator has removed from its website rules it proposed last month aimed at curbing spending and rewards that encourage playing video games, checks by Reuters on Tuesday showed, in a move that boosted gaming company shares.

Moody’s Investors Service has a negative outlook for sovereign creditworthiness in Asia-Pacific this year, due to China’s slower economic growth as well as tight funding and geopolitical risks.

China’s economy grew 5.2% in 2023, slightly more than the official target, but the recovery was far shakier than many analysts and investors expected, with a deepening property crisis, mounting deflationary risks and tepid demand casting a pall over the outlook for this year.

Chinese Premier Li Qiang said on Tuesday in Davos the Chinese economy was open for business and highlighted its potential for foreign investment as its vast population becomes rapidly more urban and its middle class is forecast to grow.

Chinese government- and military-linked institutions bought small amounts of Nvidia Corp. semiconductors over the past year, evading export bans implemented by the US, Reuters reported citing tender documents.

Exports rose by 2.3% year on year in U.S. dollar terms last month, more than the 1.7% increase forecast by a Reuters poll.

China removed an official at a government body overseeing its press and publications regulator, five sources who were briefed on the matter said, days after Chinese gaming stocks were hit by proposed rules to curb spending on video games.

A survey of factory managers in China shows manufacturing contracted in December in the latest sign the world’s second-largest economy remains sluggish.

China, the world’s top processor of rare earths, on Thursday banned the export of technology to extract and separate the strategic metals, in a further step towards protecting its dominance in several strategic metals

U.S. Treasury Secretary Janet Yellen underscored her priorities aimed at stabilizing frigid ties between the United States and China late Thursday.

China reported Friday its industrial output expanded at the fastest pace since February 2022 in November, though retail sales growth missed expectations, pointing to a patchy recovery in the world’s second-largest economy.

Alibaba, JD.com and other Chinese tech stocks were rising early Friday as investors digested a fresh stimulus boost and weighed up the prospect of further measures.