Day: January 16, 2024

China EVs: BYD plans US$14 billion investment to develop smart cars, seen as the next battlefield

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BYD, the world’s largest electric vehicle (EV) maker, will invest 100 billion yuan (US$14 billion) in smart cars, as the company expects intelligent new energy vehicles to be the next battlefield for the industry, founder and CEO Wang Chuanfu said. He was speaking at the company’s Dream Day event in Shenzhen on Tuesday to launch its smart car system, Xuanji. The system integrates several technologies BYD has developed in both vehicle intelligence and electrification, including cloud-based artificial intelligence, 5G network connectivity, smart driving and smart-cockpit features, enabling a car to…

Vietnam court starts trial of 100 accused in Dak Lak shootings

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The People’s Court of Dak Lak has started the trial of 100 people in connection with violent raids on two People’s Committee offices in Vietnam’s Central Highlands, state media reported. The first-instance trial began Tuesday and will last until Jan. 26. Of the 100 defendants, 92 are accused of terrorism following the 2023 attack that left nine people dead, including four policemen, two commune officials and three locals. One person is being tried for concealing crimes and one for helping people enter and exit the country illegally. Six defendants living…

China’s population fell by 2mn in 2023 as economy grew 5.2%

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Stay informed with free updates Simply sign up to the Chinese economy myFT Digest — delivered directly to your inbox. China’s economy grew 5.2 per cent in 2023 while its population fell by 2mn, pointing to persistent challenges for the world’s second-largest economy from a property slowdown and demographic pressures. Gross domestic product growth for the year met a forecast of 5.2 per cent from an analyst poll by Reuters and was above the government’s official target of around 5 per cent. It also outpaced growth of just 3 per…

China’s economy grew 5.2% in 2023 to beat official target

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Stay informed with free updates Simply sign up to the Chinese economy myFT Digest — delivered directly to your inbox. China’s gross domestic product grew 5.2 per cent in 2023 while its population dropped for the second year in a row as the world’s second-largest economy grappled with a property slowdown and deflationary and demographic pressures. The GDP figure was equal to a forecast of 5.2 per cent from an analyst poll by Reuters and exceeded the government’s official target of around 5 per cent. It also outpaced growth of…

China’s GDP Grew in 2023, but Economic Strains Lurk

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Car production set records in China last year. Restaurants and hotels were increasingly full. Construction of new factories surged. Yet China’s economic strengths conceal weaknesses. Deep discounts helped drive car sales, particularly for electric cars. Diners and travelers chose cheaper dishes and less expensive hotels. Many factories ran at half capacity or less because of weak demand inside China, and are working to export more to make up for it. China’s economy grew 5.2 percent last year as it rebounded from nearly three years of stringent “zero Covid” pandemic control…

S Korea implements new sanctions amid Pyongyang threats

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South Korea has imposed a new set of unilateral sanctions against North Korea, marking the first of such measures this year, as Pyongyang intensifies its pressure campaign against Seoul. Seoul has identified various entities allegedly involved in aiding ship-to-ship transfers and the smuggling of oil in and out of North Korea, the South’s foreign ministry said in a statement Wednesday. The new sanctions target 11 ships, two individuals, and three institutions for their alleged involvement in Pyongyang’s “illegal maritime activities that support North Korea’s nuclear and missile development,” according to…

China Told Women to Have Babies, but Its Population Shrank Again

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China’s ruling Communist Party is facing a national emergency. To fix it, the party wants more women to more have babies. It has offered them sweeteners, like cheaper housing, tax benefits and cash. It has also invoked patriotism, calling on them to be “good wives and mothers.” The efforts aren’t working. Chinese women have been shunning marriage and babies at such a rapid pace that China’s population in 2023 shrank for the second straight year, accelerating the government’s sense of crisis over the country’s rapidly aging population and its economic…

China jobs: youth-unemployment rate returns, adjusted, stands at 14.9%

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Breaking | China jobs: youth-unemployment rate returns, adjusted, stands at 14.9% China resumed the release of its youth jobless rate on Wednesday, after a six-month suspension. The jobless rate for 16 to 24 age group stood at 14.9 per cent in December, according to the National Bureau of Statistics (NBS), but the figure does not include those that are in school, the NBS said. The jobless rate for the 16-24 age group has gradually climbed since 2020, hitting a record high of 21.3 per cent in June 2023, before its…

China’s economy grew 5.2% in 2023

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Stay informed with free updates Simply sign up to the Chinese economy myFT Digest — delivered directly to your inbox. China’s gross domestic product grew 5.2 per cent in 2023, slightly beating Beijing’s official target as the world’s second-largest economy grappled with a property sector crisis, falling exports and deflationary pressure. The GDP figure was equal to a forecast of 5.2 per cent from an analyst poll by Reuters and exceeded the government’s official target of 5 per cent. It also outpaced growth of just 3 per cent in 2022,…

China’s population falls by 2.08 million to 1.4097 billion in 2023 as births tumble, adding to demographic concerns

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The falling number of new babies resulted in the lowest birth rate since records began in 1949, with 6.39 births for every 1,000 people, compared with 6.77 in 2022. Last year, 11.1 million people also died, pushing the national death rate to 7.87 per 1,000 people. Authorities have not disclosed the number of coronavirus-related deaths after China dropped its stringent health control measures at the end of 2022, but the death rate last year was an uptick from 7.37 per thousand the year before. China’s official population data includes its…