Topic
China’s gross domestic product (GDP) is the value of all goods and services produced within the country during a specific time. Its GDP, and in particular its GDP growth rate, have come under particular focus during the US-China trade war as the export-driven economy struggles under American tariffs. China’s quarterly growth rate averaged 9.4 per cent from 1989 until 2019, reaching an all time high of 15.4 per cent in the first quarter of 1993. But under pressure from the trade war with the United States, China’s growth rate slowed to 6.0 per cent in the third quarter of 2019, which was the slowest since China records began in 1992.
With the unemployment rate of China’s 15-to-24-year-olds at a record high, support for the business sector so it can provide work is paramount.
First-quarter GDP rise of 4.5 per cent may have beaten expectations, but it remains to be seen whether an apparent recovery is on solid footing and sustainable.
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In recent days China’s leaders have been going all out to reassure investors that it is committed to reform and opening up. There are reasons to believe Beijing is serious this time, having realised the crucial role the private sector must play to revitalise the economy.
- Unemployment among China’s youth rose above 20 per cent for the first time in April, data released in May confirmed, while exports grew at a slower pace
- Trade ministers from China and Australia also met, while Hainan is readying for its first durian harvest this year and the C919 completed its first commercial flight
China Nuclear Energy Association report outlines ambitions and hurdles facing an important driver of gross domestic product, with more innovation needed to bolster the nation’s self-reliance in nuclear technologies.
Yang Weimin, vice-chairman of the Beijing-based China Centre for International Economic Exchanges, says China faces seven long-term challenges as it aims to have the same per capita gross domestic product of a mid-level developed country by 2035.
China’s construction sector reported the longest payment delays in 2022, even as Beijing eased restrictions on financing for the sector following a years-long crackdown, Coface report says.
For new-energy vehicles, China will ‘optimise purchase and usage policies’ to further tap the market and drive consumption, especially in rural areas, Li vows during his inspection tour in Shandong province.
The world’s debt nearly set a record high in the first quarter of 2023, with sharp increases in mature markets such as the US, according to the Institute of International Finance.
Shenzhen, the home of electric vehicle manufacturer BYD, tech giant Huawei Technologies, internet services firm Tencent and drone maker DJI, reported higher economic growth than Shanghai and Beijing in the first quarter.
Internet giant Tencent is assisting Heilongjiang’s economic development through a series of collaborations that include the digital economy, transport, energy and agriculture.
Traders will be looking for policy clues from the Politburo meeting headed by President Xi Jinping in Beijing this week as the Communist Party’s top decision-making body reviews the country’s first-quarter economic performance.
TikTok parent ByteDance remains the world’s most valuable unicorn, topping Elon Musk’s SpaceX in the second spot, but China appears to have lost the edge it held before the pandemic.
As the jobless rate among those aged 16-24 hit 19.6 per cent in March, analysts say the lack of a strong labour market makes China’s consumers hesitant to spend, creating a ‘chicken-and-egg situation’ with slow organic job growth.
China’s economy beat expectations in the first quarter amid Beijing’s all-out recovery measures, although the recovery remains uneven after fixed-asset investment growth slowed and employment pressures remained.
Market concerns persist over the scale of China’s post-pandemic consumption rebound and the prognosis for exports amid a weak global recovery.
The commercial hub is offering cash awards of up to 100 million yuan (US$14.53 million) to attract manufacturing projects in key sectors such as artificial intelligence and biotechnology, in a bid to reignite economic growth after China’s reopening.
Chinese companies are facing growing difficulties in hiring skilled factory hands. This reflects a broader trend that has resulted in a mismatch between the jobs young people are looking for and the jobs that are in dire demand.
Rise in first-quarter registrations reflects bounce-back in small businesses, particularly among economy-boosting sectors such as catering and tourism that were crippled during the pandemic.
A turnaround in China’s housing market appears to be under way, but recovery will be slow and uneven amid income insecurity and consumer reluctance to trust indebted developers, according to analysts.
Major Chinese economic hubs are already seeing more flights than during the same period in 2019, and others such as Beijing are not far behind.
In his debut as vice-premier, Ding Xuexiang tells economists and executives the country will expand external access to the economy.
