China’s economy lost more steam in June as manufacturing activity contracted again and other sectors failed to build momentum, as calls grow for more policy support. The official manufacturing purchasing managers’ index was 49, barely an improvement from May and still in contraction, National Bureau of Statistics data published Friday showed. The non-manufacturing gauge … Read more
Entering 2023, the relentless drumbeat of Wall Street consensuswas pounding out one consistent rhythm: China is back. After years of lockdowns and suppressed output, economists and investors cheered the end of Beijing’s zero-COVID policy and the economic boom that was sure to follow. The colossus-in-waiting that is the Chinese consumer was about to roam freely, … Read more
Alibaba founder Jack Ma has returned to China after staying overseas for more than a year. His prolonged absence was seen by many as a reflection of the cautious mood among China’s private businesses and policymakers who are working to revive the country’s economy. As per a report by Reuters, Ma’s return may help alleviate … Read more
China on Sunday set an economic growth target of “around 5%” for 2023, one of the lowest in decades, as its annual National People’s Congress opened in Beijing. The target was announced in a work report delivered by outgoing Premier Li Keqiang as the rubber-stamp parliament opened at the capital’s Great Hall of the People. … Read more
Beijing claims to have a neutral stance in the war that began one year ago, but has also said it has a “no limits friendship” with Russia and has refused to criticize Moscow’s invasion of Ukraine, or even refer to it as an invasion. It has accused the West of provoking the conflict and “fanning … Read more
Investors poured a record $12.7 billion into emerging-market debt and equity funds in the week to Wednesday, in response to China’s easing of its Covid-19 restrictions on activity, data on Friday from BofA Global Research showed. The sudden shift in Chinese policy has boosted many different asset classes, from commodities and mining stocks to currencies … Read more
Chinese authorities are set to allow Didi Global’s ride-hailing and other apps back on domestic app stores as soon as next week, five sources told Reuters, in yet another signal that their two-year regulatory crackdown on the technology sector is ending. Didi has been awaiting authorities’ approval to resume new user registrations and downloads of … Read more
After protests, China’s government is ending the zero-COVID regime that lasted two years. That should strengthen its economy — but it’s causing an increase in COVID cases first. Mark Haefele of UBS tells investors how to approach Chinese assets as circumstances evolve. In 2022, experts said that the global economy would get a boost after … Read more
More Chinese provincial capitals relaxed Covid restrictions as authorities expand a policy shift toward reopening the economy after anti-lockdown protests erupted across the country. Kunming, in the southwestern province of Yunnan, will effective Sunday allow people to ride public transport without showing a PCR test, while Nanning in the neighboring Guangxi region scrapped such testing … Read more