As China’s leaders get ready to release their national development plan for the next five years, some government advisors emphasize the priority is building up China’s domestic strength. Chinese authorities have stepped up their efforts to shift the economy from one reliant on exports to one driven by domestic consumption. The country faces the shock […] Read more
Not all of China is recovering from the economic hit from coronavirus at the same rate, survey finds
The economic recovery in China from the shock of the coronavirus is only happening in part of the country, according to an independent survey by the China Beige Book released Thursday. The world’s second-largest economy was the first country to get hit by the coronavirus pandemic. More than half the country shut down in early February […] Read more
Chinese developers are facing the biggest liquidity test in more than four years, exacerbating challenges brought on by stringent funding restrictions and a prolonged profitability drop. Cash reserves of the nation’s 50 largest-listed homebuilders were just enough to cover short-term debt as at June 30, the least since 2016 when China began deleveraging its economy, […] Read more
Over $50 billion of cryptocurrency moved from China-based digital wallets to other parts of the world in the last year, pointing to possibilities that Chinese investors are transferring more money than allowed out of the country, a new report claims. Chinese citizens are only allowed to buy up to $50,000 of foreign currency a year […] Read more
Walmart’s online shopping strategy is paying off in China, arguably one of the most developed e-commerce markets in the world. The giant discount retailer reported Tuesday that net e-commerce sales in China grew 104% from a year ago in the three months ended July 31. That’s a faster pace than the 97% growth posted for net e-commerce […] Read more
China reported that the country’s GDP grew by 3.2% in the second quarter of this year, compared to a year ago — beating analysts’ expectations and rebounding from the first quarter’s contraction. It comes as lockdowns to contain the coronavirus outbreak in China eased, and as Beijing rolled out stimulus measures to prop up its economy. Economists […] Read more
The Luckin Coffee fraud scandal was a “great morality tale” for markets, and more needs to be done to protect American investors from such cases, said an analyst, who said a bill to delist Chinese companies in the U.S. is essentially toothless. “It’s a great morality tale. It seems to me that those of us […] Read more
A Chinese aviation firm has said it hopes to start testing a new jet next year, prompting speculation that it may be working on a naval version of the FC-31. The fifth generation fighter, also known as the Gyrfalcon, has so far failed to attract buyers from the Chinese air force or foreign militaries, but […] Read more
China has hit back at what it calls Washington’s “suppression of Chinese media” by demanding that four US news organizations declare details of their finances and staffing in the country. The Associated Press, United Press International, CBS News and NPR News must submit relevant paperwork to the Chinese government within seven days, Foreign Ministry spokesman […] Read more
Australians’ trust in China has dropped to a record low amid the coronavirus crisis, according to an annual nationwide poll conducted by think tank, Lowy Institute. Only 23% of Australians surveyed said they “trust” China “somewhat or a lot to act responsibly in the world,” compared to 52% in the same poll conducted in 2018. […] Read more
