Tag: Economy

Foreign Minister Says Cutting China Out of Trade Would Be Historic Mistake

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MUNICH —  China’s foreign minister told a gathering of international security policy officials Saturday that trying to shut China out of trade in the name of avoiding dependency would be a historic mistake. Wang Yi spoke at the Munich Security Conference. Host Germany wants to avoid over-reliance on trade with an increasingly assertive China and diversify its supply of key goods in an approach it calls “de-risking.” That’s in line with the approach of other industrial powers in the Group of Seven, which has stressed that it doesn’t seek to…

As Economy Slows, China’s Shoppers Look for Affordable Alternatives

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Taipei, Taiwan —  A slowing economy is prompting Chinese shoppers to reassess their free-spending habits during this year’s Lunar New Year, traditionally the country’s most important shopping season. Analysts and shoppers say that this year, young Chinese consumers especially are focusing more on “cost-effectiveness” when buying clothing, accessories, food, and electronic products. Xu, 31, who works for a state-owned airline in Beijing, says that in the past, her income was high and she would spend on travel, entertainment and eating out. But since the pandemic and China’s strict lockdown measures,…

China Appoints ‘Broker Butcher’ in Bid to Boost Struggling Stock Markets  

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Taipei, Taiwan —  China has replaced the head of its securities watchdog with veteran regulator Wu Qing, known as the “Broker Butcher” for his tough enforcement of trading regulations in the past. Wu’s appointment comes as policymakers in China are struggling to stabilize the country’s stock markets. State-run Xinhua news agency announced the replacement on Wednesday. Wu previously served as acting vice mayor of China’s major financial hub, Shanghai, and as chairman of the Shanghai Stock Exchange. The ousted chairman of the China Securities Regulatory Commission or CSRC, Yi Huiman,…

Mexico Overtakes China as Leading Source of Goods Imported to US

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WASHINGTON —  For the first time in more than two decades, Mexico last year surpassed China as the leading source of goods imported to the United States. The shift reflects the growing tensions between Washington and Beijing as well as U.S. efforts to import from countries that are friendlier and closer to home. Figures released Wednesday by the U.S. Commerce Department show that the value of goods imported to the United States from Mexico rose nearly 5% from 2022 to 2023, to more than $475 billion. At the same time,…

US, China Officials Meet to Discuss Economy, Trade, Production

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The Economic Working Group of the U.S. and China met Monday and Tuesday in Beijing to discuss trade concerns and broader economic issues. The meeting was the third since last September and involved senior officials from the U.S. Department of Treasury and China’s Ministry of Finance, among other agencies. According to a statement released Tuesday by Treasury, the U.S. and Chinese officials discussed “views on domestic macroeconomic outlooks,” as well as other shared concerns such as debt in low-income and emerging economies. U.S. officials also voiced their concerns about China’s…

IMF Predicts China Economy Slowing Over Next Four Years

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washington —  The International Monetary Fund says China’s economic decline is likely to continue over the next four years as the world’s second largest economy deals with a range of challenges from a rapidly aging population, higher unemployment and a property crisis. In a report released on Friday, the global financial policy body – also known as the IMF – projected China’s economic growth would drop to 4.6% this year, down from its 5.2% growth in 2023, and fall further to 3.4% by 2028. The property market, which has historically…

Report: Global Carmaker Supply Chains Exposed to Xinjiang Forced Labor

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Taipei, Taiwan —  A new report finds that some global carmakers are applying weaker human rights and responsible-sourcing standards to their joint ventures in China due to pressure from the Chinese government. The lax standards increase the risk of exposing supply chains to forced labor from China’s Xinjiang Autonomous Region, where more than 1 million Uyghurs and other ethnic minorities have been subject to mass internment and other forms of persecution. According to the report from Human Rights Watch, titled Asleep at the Wheel, several major global carmakers, including Volkswagen,…

China Moves to Spur its Slowing Economy and Boost Markets by Cutting Required Bank Reserves

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BANGKOK —  China’s central bank said Wednesday it will cut the amount of reserves it holds for banks as part of a slew of measures to support the slowing economy. The announcement by the governor of the People’s Bank of China prompted a surge in share prices, with Hong Kong’s benchmark jumping 3.6%. Chinese stock markets have languished in recent months as investors pulled money out, discouraged by a faltering recovery from the shocks of the COVID-19 pandemic. A sell-off earlier in the week was followed by unconfirmed reports that…

Dreary Economic Data Suggests Struggles Ahead for China

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A flurry of economic indicators released by the Chinese government on Wednesday paints a picture of an economy that is still struggling to find its footing in the wake of the COVID-19 pandemic, even though it exceeded the modest growth target set by the central government. According to the National Bureau of Statistics, the Chinese economy grew 5.2% in 2023. But with that news came evidence the country is still suffering from persistent deflation, an ongoing crisis in its real estate market, high youth unemployment and long-term population decline. The…