Tag: Economic Conditions and Trends

Yellen Sees ‘More Work to Do’ as China Talks End With No Breakthrough

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Four days of top-level economic meetings between the United States and China concluded in Beijing on Monday with no major breakthrough, but the world’s two largest economies agreed to hold more discussions to address rising friction over trade, investment and national security. The conversation is poised to become even more difficult, however, as hopes of greater economic cooperation collide with a harsh political reality: It is an election year in the United States, and antipathy toward China is running high. At the same time, Chinese officials appeared unmoved by Treasury…

‘Reglobalization’ to the Rescue?

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Russia, China, Iran and their allies, by contrast, tend to use the term to describe a new world order in which they play a greater role, said Benedikter, who first heard “reglobalization” at a 2017 conference in Russia. Since then, he said, the term has gained traction as the global supply chain has experienced shocks from the pandemic, Russia’s war on Ukraine and attacks by Houthi rebels on commercial ships in the Red Sea. To Harold James, a Princeton economic historian, the term describes the constantly shifting relations in global…

China’s Exports Surge Are Drawing a Global Backlash

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China’s factory exports are powering ahead faster than almost anyone expected, putting jobs around the world in jeopardy and setting off a backlash that is gaining momentum. From steel and cars to consumer electronics and solar panels, Chinese factories are finding more overseas buyers for goods. The world’s appetite for its goods is welcomed by China, which is enduring a severe downturn in what had been the economy’s biggest driver of growth: building and outfitting apartments. But other countries are increasingly concerned that China’s rise is coming partly at their…

China’s Growth Slows but Xi Jinping Keeps to His Vision

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Even with growth faltering in China, Xi Jinping appears imperiously assured that he possesses the right road map to surpass Western rivals. China’s economy has lurched into a slower gear. Its population is shrinking and aging. Its rival, the United States, has built up a lead in artificial intelligence. Mr. Xi’s pronouncement several years ago that the “East is rising and West is declining” — that his country was on the way up while American power shrank — now seems premature, if not outright hubristic. The problems have brought growing…

How China Came to Dominate the World in Solar Energy

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China unleashed the full might of its solar energy industry last year. It installed more solar panels than the United States has in its history. It cut the wholesale price of panels it sells by nearly half. And its exports of fully assembled solar panels climbed 38 percent while its exports of key components almost doubled. Get ready for an even bigger display of China’s solar energy dominance. While the United States and Europe are trying to revive renewable energy production and help companies fend off bankruptcy, China is racing…

Big American Tech Profits From Chinese Ad Spending Spree

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The trade relationship between China and the United States has plenty of friction. But at least one area is booming: Chinese start-ups looking to establish a presence in the West are spending billions of dollars for advertisements on services owned by some of Silicon Valley’s biggest technology companies. Temu, the international arm of the Chinese e-commerce giant Pinduoduo, is flooding Google with ads for absurdly inexpensive goods. With an initial public offering looming, the fast-fashion merchant Shein is inundating Instagram with ads for clothes and accessories at rock-bottom prices. Developers…

China Cancels a News Conference, Shutting a Window for Its People

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For more than 30 years, the Chinese premier’s annual news conference was the only time that a top leader took questions from journalists about the state of the country. It was the only occasion for members of the public to size up for themselves China’s No. 2 official. It was the only moment when some Chinese might feel a faint sense of political participation in a country without elections. On Monday, China announced that the premier’s news conference, marking the end of the country’s annual rubber-stamp legislature, will no longer…

China’s Big Political Show Is Back to Normal. Sort of.

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Finally, it appeared, things were back to normal. As nearly 3,000 delegates filed into Beijing’s Great Hall of the People on Tuesday for the opening of China’s annual legislative meeting, none wore face masks. Officials pressed together to shake hands and pose for photos. Around them, reporters and diplomats from around the world milled about the cavernous lobby, many invited back for the first time since the outbreak of the coronavirus pandemic four years earlier. It was one of China’s highest-profile political stages, and the message being sent was clear:…

China’s New Economic Agenda, a Lot Like the Old One: Takeaways

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Beijing was abuzz with politics on Tuesday. China’s annual legislative meeting — the National People’s Congress, when Communist Party leaders promote their solutions for national ills — opened for business. The event is a chance for the leaders to signal the direction of the economy and outline how and where the government will spend money in the coming year. Yet while aiming high, they offered little. Officials signaled that they were not ready for any showstopping moves to revive an economy battered by a property crisis, the loss of consumer…

China Sets Economic Growth Target of About 5%

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China’s top leaders on Tuesday set an ambitious target for growth as its economy is laboring under a steep slide in the housing market, consumer malaise and investor wariness. Premier Li Qiang, the country’s No. 2 official after Xi Jinping, said in his report to the annual session of the legislature that the government would seek economic growth of around 5 percent. That is the same target that China’s leadership set for last year, when official statistics ended up showing that the country’s gross domestic product grew 5.2 percent. Some…