China’s property sales will likely continue to fall this year and weakness in the housing market will exacerbate debt pressures on local governments and weaker banks, according to a report by Moody’s Investors Service, reports the South China Morning Post. The international credit rating agency said on Wednesday that the mainland property sector—still teetering under […]
Category: Economics & Trade
China’s January factory gate prices fell more than economists expected, suggesting that flashes of domestic demand that had stoked consumer prices after the zero-COVID policy ended are not yet strong enough to rekindle upstream sectors, reports Reuters. The producer price index (PPI) was down 0.8% on a year earlier, extending the 0.7% drop the prior month […]
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China GDP grows 3% in 2022
China’s economy grew by just 3% in 2022, underscoring the heavy costs of the government’s longstanding zero-COVID strategy before it was abruptly abandoned last month, reports the Financial Times. The country’s gross domestic product figures missed Beijing’s official growth target, which at 5.5% was already the lowest in decades. Other than in 2020 at the beginning of the […]
China’s exports suffered the sharpest decline in almost three years in December, piling on further economic pressure as policymakers in Beijing grapple with sluggish economic growth and a nationwide outbreak of COVID-19, reports the Financial Times. Exports declined 9.9% year on year in dollar terms in December, according to official data released on Friday by China’s […]
Economic activity is rebounding in several Chinese cities where Covid infections likely already peaked, although many parts of the country are still grappling with soaring cases and mobility is still far below levels reached a few months ago, reports Bloomberg. The number of passengers using subways in Beijing, Chongqing, Chengdu and Wuhan rose about 40% […]