Tag: Economic Conditions and Trends

China’s Economy is Slowing, Posing a Challenge for Global Growth

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China’s high-quality growth challenge When China finally lifted Covid restrictions last year, policymakers and companies hoped that it would help lift the global economy out of its post-pandemic doldrums. But data released on Monday shows that the hoped-for recovery in the world’s second-biggest economy still hasn’t materialized, raising wider questions about global growth, the implications for international business and China’s dealings with the outside world. Gross domestic product grew just 0.8 percent in the second quarter compared to the first three months of the year, according to official statistics, as…

China’s Economic Rebound Hits a Wall

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Daisuke Wakabayashi contributed reporting. The Daily is made by Rachel Quester, Lynsea Garrison, Clare Toeniskoetter, Paige Cowett, Michael Simon Johnson, Brad Fisher, Chris Wood, Jessica Cheung, Stella Tan, Alexandra Leigh Young, Lisa Chow, Eric Krupke, Marc Georges, Luke Vander Ploeg, M.J. Davis Lin, Dan Powell, Dave Shaw, Sydney Harper, Robert Jimison, Mike Benoist, Liz O. Baylen, Asthaa Chaturvedi, Rachelle Bonja, Diana Nguyen, Marion Lozano, Corey Schreppel, Anita Badejo, Rob Szypko, Elisheba Ittoop, Mooj Zadie, Patricia Willens, Rowan Niemisto, Jody Becker, Rikki Novetsky, John Ketchum, Nina Feldman, Will Reid, Carlos Prieto,…

One Reason China Is Willing to Engage Again: Its Troubled Economy

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Three months ago it appeared that China’s economy was on track to recover relatively quickly after being closed off to the world during the pandemic. Consumers were spending again. Exports picked up. Even China’s beleaguered housing market gave hints it was stabilizing. That is no longer the case. Official data released Monday revealed that the annual pace of growth in China’s economy tumbled to just a little over 3 percent in the spring, well below the government’s target. Now the faltering economy appears to have helped prompt a shift in…

China’s Second-Quarter G.D.P. Shows Post-Covid Rebound Faltered

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Because of the huge impact of the closure of Shanghai, which has 25 million people, comparing this spring and last spring provides “a misleading picture of China’s economic performance,” said Diana Choyleva, the chief economist at Enodo Economics in London. Instead, analysts said, a more accurate measure of the economy emerges by comparing the second quarter of 2023 with the previous three months, after the “zero Covid” policy was scrapped. And by that measure, output was only 0.8 percent higher in the second quarter than the first quarter. When projected…

Uruguay Saw Opportunity in China. It Got Schooled in the Hazards of Trade.

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Word that Uruguay was seeking a trade deal with China prompted exultation at El Álamo ranch, a lush expanse of grass punctuated by cactus and herds of cattle on the eastern plains of Uruguay. Most of the cattle are destined for buyers in China, where they confront tariffs of 12 percent — more than double the rate applied to meat from Australia, the largest exporter of beef to China. Ranchers in New Zealand, the second-largest exporter, enjoy duty-free access to China. “Bring on the trade agreement,” said Jasja Kotterman, who…

Germany Says China Trade Could Create Perilous Dependence

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The German government approved its first national strategy on China on Thursday, defining the Asian superpower as “a partner, competitor and systemic rival” and calling for a significant reduction of dependency on Chinese goods while still maintaining economic ties worth hundreds of billions of dollars. The new policy calls for export controls and the screening of investments by German companies doing business in China to protect the flow of sensitive technology and know-how. Chancellor Olaf Scholz’s government adopted the 64-page document on Thursday, after months of discussions and delays stemming…

Biden Bets High-Level Diplomacy Can Cool Fiery Relations With China

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After three years of self-isolation by China, President Biden’s top aides are flying into Beijing throughout the summer to try to convince and cajole Chinese officials, including Xi Jinping, the nation’s leader, on building a new foundation for relations. It could amount to the most consequential diplomatic push of Mr. Biden’s presidency. He is betting that high-level dialogue can itself act as a ballast in a relationship that has been in a dangerous free fall for years. “I think there is a way to resolve, to establish a working relationship…

Janet Yellen’s Trip to China: 3 Takeaways

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The deep chill between the United States and China moderated a little over the past few days as Treasury Secretary Janet L. Yellen held marathon talks with a new group of top economic policymakers in Beijing. Ms. Yellen used softer language for America’s economic strategy toward China, disavowing a term that had caught on in Washington but offended Beijing. Yet even though more talks are a likely outcome of Ms. Yellen’s trip to China, neither she nor Chinese officials retreated from their policy positions. That left the two sides facing…

Janet Yellen’s Trip to China: No Breakthroughs But 10 Hours of Talks

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Treasury Secretary Janet L. Yellen came to China amid hopes that the United States could restart a relationship that has been deteriorating for years and had gotten off the rails recently over significant points of tension — including the war in Ukraine, a Chinese spy balloon that flew over U.S. territory and was shot down by the American military, and the two countries’ escalating exchange of restrictions on trade. After 10 hours of meetings over two days in Beijing, Ms. Yellen said at a news conference on Sunday that she…

How Much Debt Does China Have?

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China, which has lent nearly $1 trillion to some 150 developing countries, has been reluctant to cancel large debts owed by countries struggling to make ends meet. That is at least in part because China is facing a debt bomb at home: trillions of dollars owed by local governments, their mostly off-the-books financial affiliates, and real estate developers. One of the main issues for Treasury Secretary Janet L. Yellen during her visit to Beijing this week is whether she can persuade China to cooperate more to address an evolving debt…