Mainland economic growth

'Fake invoice' curbs set to show slowing trade

Outbound shipments may have grown 7.1 per cent year on year last month, less than half April's reported 14.7 per cent. Photo: AFP

The mainland's crackdown on fake export invoices used to disguise money flows is probably cutting its trade figures, revealing subdued global demand that will weigh on economic growth.

Friday, 7 June, 2013, 3:46am

IMF cuts China's growth outlook on weak demand

Analysts say mainland leaders must boost domestic spending to help rebalance the economy. Photo: EPA

The International Monetary Fund has cut its forecast for China's economic growth this year, despite expectations that an expansion of credit and a mild recovery in the global economy will offer solid support to activity in the second half of this year.

30 May 2013 - 3:45am

China's economic recovery hit as profit growth wanes

Industries catering to the consumer, like textiles, seem to be doing well. Photo: AFP

Growth in Chinese industrial firms' profits slowed last month, adding to evidence the mainland's economic recovery is losing steam.

Net income rose 5.3 per cent to 464.9 billion yuan (HK$580 billion) from last March, down from a 17.2 per cent pace in the first two months of this year, the National Bureau of Statistics said yesterday.

28 Apr 2013 - 8:01am

China can afford to let its bubble economy burst

China can afford to let its bubble economy burst

Speculation and corruption have come to dominate China's economy since 2007. The two form a temporary equilibrium to sustain growth, though at increasingly low efficiency, as reflected in the rising inflationary tendency of the economy.

25 Mar 2013 - 2:37am 2 comments

Business Digest, February 28, 2013

BYD's net profit plunged 94.2 per cent to 81 million yuan last year on poor sales of its handset components and solar cells.

China's gross domestic product will grow at an annualised rate of about 8 per cent in the first quarter of this year, while the consumer price index will rise an annualised 2.6 per cent, the China Securities News said, quoting the State Information Centre, a leading government think tank. 

28 Feb 2013 - 5:02am

The puzzle of China's growing wealth and falling happiness

Despite a pace of growth unprecedented in history, urban Chinese rate themselves no happier today than they did 20 years ago.

Economics is well named the dismal science. Only a bunch of real misery-guts could quarrel quite so intensely about happiness. According to one cohort, happiness - or life satisfaction, or subjective well-being as economists prefer to call it - goes hand in hand with material wealth.

21 Feb 2013 - 6:07am 2 comments

John Tsang sees better economy in Year of the Snake

Financial Secretary John Tsang

"The European and US markets seem to be more stable than last year, while there are signs that the mainland economic growth is accelerating," Tsang said on his blog on Sunday. "Hong Kong's economy will improve slightly from the Year of the Dragon."

12 Feb 2013 - 5:07am

Loans by Hong Kong banks to mainland firms drop sharply

Customers of Hong Kong banks such as HSBC face new security measures if they want to use their ATM card abroad.

Total lending to non-bank mainland companies rose 13 per cent in the first nine months of last year over the same period in 2011, less than a third of the 42.9 per cent growth rate seen in 2011, the Hong Kong Monetary Authority said.

7 Feb 2013 - 5:16am

When China's collective vision meets America's individual voice

Xi Jinping, the new Communist Party chief, called for full adherence to the constitution, which guarantees free expression and rule of law. Photo: Reuters

The governing systems of the world's two largest economies are in crisis. As the United States has been grappling with a fiscal cliff, China faces a social cliff. Without major reform, both will falter.

4 Feb 2013 - 3:02am

S&P sounds alarm on China's overinvestment

China may be exposed to the next economic shock. Photo: Bloomberg

"China has the highest investment-to-GDP ratio in the world - a downturn in its investment cycle would not only adversely affect its economy but also those of others, and global commodities prices," S&P said in a report yesterday.

1 Feb 2013 - 5:23am

Guangdong leaders fear they will lose economic pole position to Jiangsu

Hu Chunhua, the new party secretary of Guangdong, says rival Jiangsu province is catching up economically. Photo: Simon Song

In a panel discussion on Friday afternoon, Hu told the provincial legislative congress that the gross domestic product of Jiangsu province was catching up quickly with Guangdong, according to a China News Service report.

28 Jan 2013 - 5:59am

China puts tighter cap on energy use growth

Beijing is renewing efforts to control energy use to cut its dependence on fuel imports. Photo: Reuters

Beijing aims to slow growth in energy use in a drive to contain its rising dependence on imported fuel.

The central government seeks to cap average annual growth in overall energy consumption at 4.2 per cent between 2011 and 2015, down from 6.6 per cent between 2006 and 2010, according to the 12th five-year energy development plan released yesterday by the State Council.

25 Jan 2013 - 4:56am

Beijing can't afford to rein in the shadow financing system

Power play

According to mainland media reports, Beijing has set this year's quota for new bank loans at nine trillion yuan (HK$11.11 trillion).

Now, nine trillion yuan sounds like a lot of money. Certainly it's more than the 8.2 trillion yuan in new local currency loans Chinese banks made last year.

24 Jan 2013 - 5:30am

Ex-minister blames China's pollution mess on lack of rule of law

Pollution in China had run wild as a result of unchecked economic growth under a 'rule of men', as opposed to the rule of law.

China had a chance to avoid environmental disasters some 40 to 30 years ago, the country's first environmental protection chief has lamented amid worsening air and water pollution.

21 Jan 2013 - 5:32am 7 comments

Growth data shows mixed picture

Growth data shows mixed picture

The mainland economy turned the corner in the last quarter by growing faster than expected after seven straight quarters of slowdown, but economists fear weaker investment growth may limit the room for further gains.

19 Jan 2013 - 5:12am