Tag: China

BEIJING, Aug 1 (Reuters) – Chinese ministries, regulators and the central bank on Tuesday pledged more financing support to small businesses, suggesting an urgency among policymakers to revive the private sector amid a flagging economic recovery.

China’s factory activity contracted for a fourth consecutive month in July, while non-manufacturing activity slowed to its weakest this year as the world’s second-largest economy struggles to revive growth momentum in the wake of soft global demand.

China’s leaders have vowed to spur consumer spending, tackle unemployment and give more support to the ailing property sector as the world’s second-largest economy makes a “tortuous” recovery from the coronavirus pandemic.

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China’s economic planner said Thursday that two new policies for supporting non-state-owned businesses will be launched soon.

China’s cautious consumer confidence spending has been a “a dampener” for its fragile recovery, according to Albert Park, chief economist at the Asian Development Bank.

Fears are growing that China’s economy is tethering on the verge of deflation after another slate of underwhelming economic data provided more evidence of stagnating growth, renewing calls for more meaningful policy intervention.

The 6.3% GDP print for the second quarter marked a 0.8% pace of growth from the first quarter, slower than the 2.2% quarter-on-quarter pace recorded in the first three months of the year.

China’s consumer prices will likely decline in July before recovering, Liu Guoqiang, deputy governor of the People’s Bank of China, told reporters Friday.

Dollar value of China’s exports plunged 12.4% in June from a year ago, a far bigger drop than expectations for a 9.5% decline in a Reuters poll and the 7.5% annual decline in May.

BEIJING/SHANGHAI, July 10 (Reuters) – China’s passenger vehicle sales fell in June, data from the China Passenger Car Association (CPCA) showed on Monday, as a stumbling economic recovery led to more consumer caution on big-ticket spending.

China’s annual producer prices sank for a ninth-straight month in June, while consumer prices remain unchanged, official data showed Monday, underscoring the depth of the challenges that beset the world’s second-largest economy in reviving demand and revitalizing growth.

Yellen will discuss with China officials the importance of responsibly managing their bilateral relationship, communicating directly about areas of concern, and working together to address global challenges.

US Treasury secretary Janet Yellen will visit Beijing this week, marking the second trip by a cabinet official to China since ties between the world’s top two economies deteriorated earlier this year.

China’s artificial intelligence stocks fell Wednesday after the Wall Street Journal reported that the U.S. is planning to impose new curbs on shipments of AI chips to China.

Chinese Premier Li Qiang said Tuesday his country was still on track to reach its annual growth target of around 5%.

China unveiled on Wednesday a 520 billion yuan ($72.3 billion) package of tax breaks over four years for electric vehicles (EVs) and other green cars, its biggest yet for the industry as it seeks to boost slower auto sales growth.

U.S. Secretary of State Antony Blinken said Monday he failed to revive military-to-military talks with China, despite earlier hopes of reopening that communication channel.

ecretary of State Antony Blinken reiterated the U.S.’ position on its One China policy as he met with China’s leader Xi Jinping Monday, saying it does not support Taiwanese independence and that containing China’s economy was not an American goal.

China and the United States agreed on Monday to try and stabilise their intense rivalry to avoid veering into conflict, but did not announce any major breakthroughs during a rare visit to Beijing by U.S. Secretary of State Antony Blinken.

China is widely expected to cut key lending benchmarks on Tuesday in the first such easing in 10 months, a Reuters survey showed, as authorities seek to shore up a slowing recovery in the world’s second-largest economy.