In most respects china had an advanced economy in 1800

Share to Twitter Share to Linkedin China’s economy grew just 3% last year, well below the government’s previous target of around 5.5% as headwinds including stringent Covid restrictions and a crackdown on the real estate sector took a heavy toll. The much-awaited gross domestic product figure, unveiled Tuesday during a televised press conference held by the National Bureau of Statistics, also marks one of the worst growth rates seen since the 1970s. Although the data showed a marked slowdown in economic activity, it was slightly better than estimates including the World Bank’s earlier forecast of 2.7%. Officials expressed a note of optimism by saying that the economy held up under pressure from a volatile international environment as well as the difficult task to reform and maintain stability domestically. At the end of last year, the central government quickly dismantled its signature “Covid-zero” policy, which will certainly give a strong boost … [Read more...] about China’s Economy Fails To Meet Government Target, Expanding 3% In 2022

People look on near cranes standing at a construction site in Beijing, China January 12, 2023. REUTERS/Tingshu Wang/File photo BEIJING  – China’s economy slowed sharply in the fourth quarter due to stringent COVID curbs, dragging down 2022 growth to one of its worst in nearly half a century and raising pressure on policymakers to unveil more stimulus this year. Gross domestic product (GDP) grew 2.9 percent in October-December from a year earlier, data from the National Bureau of Statistics (NBS) showed on Tuesday, slower than the third-quarter’s 3.9 pace. The rate still exceeded the second quarter’s 0.4 percent expansion and market expectations of a 1.8 percent gain. percent On a quarterly basis, GDP came in at 0.0 percent in the fourth quarter, compared with growth of 3.9 percent in July-September. Beijing last month abruptly lifted its strict anti-virus measures that had severely restrained economic activity in 2022, but the relaxation has also led to a sharp rise in COVID … [Read more...] about China’s economy slows sharply in Q4, 2022 growth one of the worst on record

Chief Economic Advisor V Anantha Nageswaran (Illustration: Moneycontrol) Chief Economic Advisor V Anantha Nageswaran said on Monday that the Indian economy will be $3 trillion by the end of the current 2022-23 fiscal and is expected to be $7 trillion in the next seven years. The government had previously said India would become a $5 trillion economy by 2025. Speaking at a session organised by MCCI, Nageswaran said virtually that the calendar year 2023 began in the context of the continuing conflict between Russia and Ukraine, which will "create geo-political and geo-economic uncertainties". The other major aspect is the opening up of China after two years of the pandemic and its impact on the world economy, particularly on retreating oil and commodity prices and also on the growth of the advanced economies of the US and Europe. "In these contexts, the Indian economy will be of the size of $3 trillion at the end of March 2023 and USD 7 trillion in the next seven years, … [Read more...] about India expected to become $7 trillion economy in seven years: CEA Anantha Nageswaran

Chinese President Xi Jinping President Xi Jinping said tough challenges remain in China’s fight against Covid-19 and acknowledged divisions in society that led to rare spontaneous protests, after weeks of silence on a virus policy pivot that’s infected hundreds of millions and delivered a severe blow to economic activity. In a New Year’s address on Saturday, Xi said the country is in a new phase of Covid control and has adapted after following a science-based and targeted approach. The day before, he said the nation’s strategy had been “optimized” to protect people’s lives and minimize economic costs. The government on December 7 took definitive easing steps from its harsh zero-tolerance approach to containing Covid, which had included snap lockdowns, frequent mass testing and largely closed borders. Xi had repeatedly defended the strategy despite mounting economic costs, including as late as mid-October. But on Saturday, the Chinese leader addressed the hardships endured … [Read more...] about Xi warns of tough Covid fight, acknowledges divisions in China

Xi Jinping (File photo) President Xi Jinping said China has entered a new phase in its fight against the coronavirus and tough challenges remain, his most frank public comments on the reversal of the Covid Zero policy that’s resulted in nationwide outbreaks and tested the health system and economy. “Following a science-based and targeted approach, we have adapted our Covid response in light of the evolving situation, to protect the life and health of the people to the greatest extent possible,” Xi said in his New Year’s speech Saturday. On Friday, Xi made his first comments on the Covid Zero policy since his government took its first easing steps on Dec. 7. He said the strategy was “optimized” to protect people’s lives and minimize economic costs. China’s sudden exit from Covid Zero — which for almost three years had required mass testing, snap lockdowns and mostly closed borders — has sparked a surge of infections. “With extraordinary efforts, we have prevailed over … [Read more...] about Xi says China in new phase of Covid fight, warns of challenges

Share to Twitter Share to Linkedin China diplomat Qin Gang won plaudits at a time of difficult Washington-Beijing relations for getting out to meet the American public as the country’s ambassador to the United States from mid-2021 until earlier this year. Stops in 2022 included a Washington Wizards NBA game, where he shot a basket last month, as well as Garland High School in in Dallas in May, where he wore a cowboy hat. Qin’s success helped to get him promoted to his current job as China’s Foreign Minister. Now based in Beijing, Qin spoke to Americans anew on Saturday by pre-recorded video, using a NBA match between the Wizards and Orlando Magic to express good wishes on the eve of the Chinese New Year. “Happy Chinese New Year to D.C. family!” Qin said. “Today I am glad to join you again in celebrating the Chinese New Year,” Qin said. “I wish the Chinese and American people a prosperous Year of the Rabbit and a bright future! Good luck to everyone … [Read more...] about “Imaginative” China Minister Sends New Year’s Greetings To Americans Via NBA Game

Share to Twitter Share to Linkedin China’s rise to a leading economy in recent decades has been “a huge win for the world,” but the U.S. and China currently face a lose-lose mentality in their relations, Microsoft co-founder and billionaire Bill Gates said at a forum in Australia on Monday. “I do think the current mentality of the U.S. to China — and which is reciprocated — is kind of a lose-lose mentality,” Gates said. “If you ask U.S. politicians: ‘Hey, would you like the Chinese economy to shrink by 20% or grow by 20%?’ I'm afraid they would vote that ‘Yeah, let’s immiserate those people,' not understanding that for the global economy, the invention of cancer drugs (and) the solution of climate change, we're all in this together. We’re humans. We innovate together, and we have to change the modern industrial economy together in a pretty dramatic fashion." “I’m very aligned with (Australia’s former prime minister) Kevin Rudd on this,” Gates … [Read more...] about Bill Gates Sees China’s Rise As “A Huge Win For The World”

Chinese President Xi Jinping (file image) China’s leader, Xi Jinping, used his annual New Year’s Eve address in 2021 to laud the patriotic achievements of the Chinese people. In a year marked by crackdowns on tech companies, curbs on borrowing by the country’s property firms, and a refusal to budge on restrictive COVID policies, Xi made no direct mention of the economy or business. In the first minute of his most recent address, Xi extolled the country’s economy, still the world’s second largest, and explained that China had cut taxes and fees as well as introducing measures “to ease the burden on businesses.” A few weeks earlier, at a meeting to lay out policy objectives for 2023, Xi and other top leaders expressed the need to bolster the economy and pledged support for the private sector. The disciplinarian of China Inc. has turned cheerleader. “The Chinese economy enjoys strong resilience, tremendous potential and great vitality. The fundamentals sustaining its … [Read more...] about From disciplinarian to cheerleader: Why China is changing its tone on business

Share to Twitter Share to Linkedin Beijing has at last begun to acknowledge its deep financial problems. A few weeks ago, after dithering for more than a year, it took steps to reliquefy its troubled property sector. More recently, it announced a new financial stability law that according to Vice Chair of the People’s Bank of China (PBOC) Liu Guoqiang, aims to control risk. Such measures may offer temporary relief, but they cannot address China’s deeper economic troubles and their reflection in financial markets. The size of China’s debt problem is truly staggering. At last measure, debt of all sorts – public and private and in all sectors of the economy — amounted to the equivalent of $51.9 trillion, almost three times the size of China’s economy as measured by the country’s gross domestic product. This is the highest level recorded in the 27 years since Beijing first began to track such statistics. Matters seem set only to get worse. According to the … [Read more...] about China’s Overwhelming Debt Burden Points To Still Deeper Problems

GDP China’s key economic data this week will likely show a marked weakening in growth at the end of last year after the Covid Zero policy was abruptly ended, although attention is quickly shifting to a strong rebound in 2023. A surge in infections in December took a toll on the economy, with official data Tuesday likely to show a slump in activity to levels comparable to when Shanghai was locked down in the spring last year. That means gross domestic product growth in the final quarter of 2022 likely slowed to 1.6%, according to the median estimate in a Bloomberg survey of economists — less than half the pace recorded in the third quarter. Full-year GDP probably grew just 2.7% last year, according to the survey, well below the government’s ambitious goal of “around 5.5%” and slightly above the 2.2% increase posted in 2020, when the pandemic first hit. COVID-19 Vaccine Frequently Asked Questions View more How does a vaccine work? A vaccine works … [Read more...] about China’s GDP likely hit by lockdowns, Covid zero exit