Chinese Economy

China’s Medisun enters into partnership deal with Mayo Clinic in United States

The famed Mayo Clinic in Minnesota, which entered into a partnership agreement with Medisun in China. Photo: AP

US hospital Mayo Clinic has entered into a partnership agreement with Chinese healthcare firm Medisun Holdings to collaborate on patient services and regenerative treatment research, a statement posted Monday morning to the stock exchange said.

Monday, 26 January, 2015, 9:45am

Shanghai takes China lead as annual report ignores GDP growth target

In the past two years, Shanghai has lowered its growth target from 8 per cent to 7.5 per cent. Photo: Reuters

Shanghai has become the first big city or provincial government to drop economic growth targets from its annual work report, a landmark break from the country's decades-long obsession with GDP.

26 Jan 2015 - 6:25pm

China’s bad loan ratio jumps at end of 2014, much higher than expectations

A bank employee counts Chinese yuan notes. The ratio of bad loans held by banks in China jumped at the end of 2014. Photo: Bloomberg

The mainland banking sector’s non-performing loan ratio jumped to 1.64 per cent at the end of 2014, according to China’s banking regulator, up from 1.16 at the end of the third quarter of the year and marking the biggest quarter-on-quarter jump in the official bad-loan count on record.

23 Jan 2015 - 3:48pm

China’s Ping An Insurance buys Tower Place in London

Chinese insurance conglomerate Ping An has bought Tower Place in London. Photo: Bloomberg

Ping An Insurance bought the Tower Place in London from Deutsche Asset & Wealth Management for £327 million, in its second purchase in the city’s financial district in less than two years.

The mainland’s second-largest insurer bought London’s iconic Lloyd’s building for £260 million in its first overseas foray in July 2013.

23 Jan 2015 - 12:32pm

China PMI shows January factory growth stalls, fanning worries over deflation

Chinese workers at a garment factory in Anhui province. Growth in the country's factories stalled for the second month running in January. Photo: AP

Falling prices are a concern for China, which wants to avoid Japan’s fate of sinking into a 20-year deflationary funk that has depressed consumption and economic growth.

24 Jan 2015 - 1:20pm

Slower growth paves way for economic reform

Slower growth paves way for economic reform

Fact and forecast have combined to deliver a double blow to the world's economic prospects. First the mainland's statisticians reported that the country's economy slowed to 7.4 per cent last year, the weakest expansion in 24 years.

21 Jan 2015 - 1:04pm 1 comment

Job gains cushion China's slowest growth in 24 years

The mainland beat the target on job creation last year despite the slowest economic expansion in 24 years. Photo: Reuters

The first miss of a government growth target since 1998 and the mainland's slowest gross domestic product expansion in 24 years were still enough to create more jobs than expected in 2014.

21 Jan 2015 - 8:31am 2 comments

China's workforce shrinks by nearly 4 million amid greying population

A Chinese baby in the arms of his father at a furniture store in Beijing. Photo: AFP

The mainland's working-age population continued to fall last year as Beijing struggled to address a spiralling demographic challenge made worse by its one-child policy.

21 Jan 2015 - 5:05am

Debt and deflation darken China’s economic outlook

A man stands at a construction site in Beijing. Debt and deflation are the two biggest risks to China's economy in 2015. Photo: Bloomberg

Debt and deflation are the two biggest risks facing the mainland economy and may take years to resolve as a slowdown looms.

21 Jan 2015 - 9:03am 6 comments

IMF trims forecast for China’s GDP growth, raises outlook for US

The International Monetary Fund revised downwards its estimate for China's GDP growth in 2015 and 2016. Photo: Reuters

The International Monetary Fund has cut its forecasts for China's economic growth for this year and next as the global economic rebound plateaus, despite a sharp drop in oil prices.

21 Jan 2015 - 8:14am

China’s economy grows 7.4 per cent, slowest pace in 24 years

A man looks at the Pudong financial district of Shanghai. China's full-year 2014 GDP grew at its slowest pace in 24 years. Photo: Reuters

China’s economy grew 7.4 per cent in 2014, the slowest expansion in 24 years as it missed the annual growth target for the first time since 1998.

20 Jan 2015 - 10:37pm 11 comments

China’s claim to No 1 economy is lacking without global clout

Containers are stacked up in a port in China's Jiangsu province. The country still has a ways to go before it becomes the world's No. 1 economy. Photo: AFP

Critics may say the United States’ days are numbered and China will soon assume America’s crown as the world’s biggest economy. Some optimists say it may happen within the next decade.

But size isn’t everything and China needs to achieve much more in the long run before it can lay claim to being the world’s No.1 superpower and the main engine of global growth.

19 Jan 2015 - 10:42am 6 comments

China’s FDI growth slows while outbound investment soars

New data showed the shift away from investment-heavy industries towards services and consumption is taking hold, with service-sector FDI increasing 7.8 per cent while manufacturing FDI declined 12.3 per cent last year. Photo: AFP

China’s foreign direct investment (FDI) rose an annual 1.7 per cent last year, although the pace slowed from 2013 as a cooling economy and shifting drivers of growth weighed on offshore investment flows.

16 Jan 2015 - 3:04pm

Lenovo ships record global shipment of 16 million units in 4th quarter of 2014

A Chinese customer looks over smartphones at Lenovo's flagship store in Beijing as the company reported record global shipments in the fourth quarter of 2014. Photo: Bloomberg

Lenovo capped a strong year as the world’s largest supplier of personal computers with a record global shipment of 16 million units in the fourth quarter, boosted by solid demand in the United States and its Europe-Middle East-Africa geographic market.

14 Jan 2015 - 7:08am

China’s December exports beat expectations, up 9.7 per cent to US$227.5 billion

China Shipping Container Line owns the world's largest container ship. Exports from the mainland rose 6.1 per cent last year. Photo: Reuters

Exports will remain the key engine of economic growth this year even though the overall trade growth missed the annual target for the third consecutive year.

14 Jan 2015 - 6:19am 1 comment