“China’s economic rebound has been in an apparent positive direction since the beginning of this year.”

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Premier Li Qiang plays up China’s economic prospects at World Economic Forum’s ‘Summer Davos’

Premier Li Qiang plays up China’s economic prospects at World Economic Forum’s ‘Summer Davos’

Li admitted that China’s domestic development was not yet “balanced”, but blamed external factors for causing “enormous destruction” to the world’s development.

“We know that there are some in the West calling for ‘de-risking’ and ‘reducing reliance’, I think these two phrases are false propositions,” he said.

“Even if a certain industry faces supply-chain risks, it should not be up to the government or any organisations to decide what to do. Enterprises are the most sensitive towards economic risks and industrial challenges, so they should have the say.”

2. China’s first home-grown large cruise liner undocks

Regarded as a breakthrough in the nation’s shipbuilding and high-end manufacturing, Adora Magic City is a 135,500-tonne liner built by Shanghai Waigaoqiao Shipbuilding – a subsidiary of the state-owned China State Shipbuilding Corporation.

It represents a significant technological advancement for China, being the last type of high-end ship that the country had yet to produce, but some of the parts are still sourced from overseas.

All you need to know: timeline of China’s first home-built large cruise liner

Over 93 per cent of the construction and over 85 per cent of the interior work for the 323-metre-long (1,060-foot) ship has been completed and it is expected to be delivered by the end of the year.

Adora Magic City will make two trial trips in July and August, Waigaoqiao confirmed.

3. Youth unemployment hits new heights

The rate is expected to rise further in July and August, with a record 11.58 million university graduates set to leave campus.

4. Rate cuts aplenty

The moves by the central bank fuelled further hope of broader economic stimulus to shore up China’s headline growth, and stabilise market confidence, after international investment banks slashed their 2023 gross domestic product forecasts for the country.

The five-year loan prime rate (LPR) – which is a reference rate for mortgages – was cut from 4.3 to 4.2 per cent at the June fixing, while the one-year loan prime rate – the medium-term lending benchmark for corporate loans – was cut from 3.65 to 3.55 per cent.

Is bigger policy loosening close? China cuts mortgage rate to prop up economy

5. Tumbling trade

China’s weak exports confirmed the need to rely on domestic demand, said Zhang Zhiwei, president and chief economist at Pinpoint Asset Management, as the global economy slows.

“There is more pressure for the government to boost domestic consumption in the rest of the year, as global demand will likely weaken further in the second half,” he said.

Imports, meanwhile, declined to US$217.7 billion after narrowing from a fall of 7.9 per cent in April.

6. Marriages hit lowest level on record

Wedding registrations have declined for nine straight years, and last year’s 6.83 million newlyweds were almost half as many as in 2013, when a record high 13.47 million couples tied the knot.

The last time so few people got married in China was more than four decades ago, when 6.37 million couples registered to wed in 1979.

However, China still had fewer than a billion residents back then, compared with 1.41 billion in 2022, which means the marriage rate is considerably lower now.

7. Time for Chinese durian?

In the tropical island province of Hainan, farmers were gearing up for the nation’s first large-scale domestic durian harvest after more than four years of cultivation. They are keen to cash in on the growing domestic demand for what has quickly become China’s most popular imported fruit.

Can China bring down local durian prices as it reaps first large-scale harvest?

But Feng Xuejie, director of the Institute of Tropical Fruit Trees at the Hainan Academy of Agricultural Sciences and a researcher at the Hainan Academy of Agricultural Sciences, expected that Hainan would produce only about 50 tonnes (110,000 pounds) of durian this year. That would account for only about 0.005 per cent of all the durian eaten in China this year.

8. China’s millionaires keep leaving

Advisory firm Henley & Partners estimated that mainland China will lose 13,500 high-net-worth individuals – those with investable wealth totalling more than US$1 million – followed by India’s 6,500. The UK, in third, will lose 3,200 such individuals, predicts the London-based investment migration consultancy.

As China’s millionaires keep leaving, outflows may be ‘more damaging than usual’

In 2022, China lost 10,800 high-net-worth individuals, followed by Russia’s 8,500 and India’s 7,500.

Among the countries considered most attractive to wealthy individuals, Australia took the report’s No 1 spot and is expected to see an inflow of 5,200 high-net-worth individuals in 2023, followed by the United Arab Emirates at 4,500.