Tag: Economic Conditions and Trends

China’s Oil and Gas Use Fell in 2022 for First Time in Decades

Chin@Strategy

With its economy severely hampered by stringent measures to curb the spread of Covid-19, China’s oil and gas consumption declined in 2022 for the first time in decades, the International Energy Agency said on Friday. But after China’s recent reversal of its lockdown policies, the agency’s executive director, Fatih Birol, said he expected a sharp rebound in demand, which could mean higher energy prices in other markets. The reduction in Chinese energy use last year kept world prices from soaring even higher after Russia’s invasion of Ukraine, giving relief to…

They Poured Their Savings Into Homes That Were Never Built

Chin@Strategy

To Tang Chao, the apartment in northeast China was where he and his wife were going to start a new life together. They put down tens of thousands of dollars for it. But months past its scheduled completion, a concrete shell with wiring protruding from the walls and piles of dirt on the floor was all there was to show for the expense. Soon, even their marriage unraveled. In another city, a man bought a space for a grocery business he thought would help give his young son a better…

There’s Been a Revolution in How China Is Governed

Chin@Strategy

Produced by ‘The Ezra Klein Show’ There are few stories that are more crucial to the world’s future than what’s happening in China. Take any of the most important issues of our time — climate change, geopolitics, the global economy, advanced technologies — and China is at the center of them. American politics itself has increasingly come to revolve around competition with China. In other words, what happens in China doesn’t stay in China — it reverberates through the global economy, the American political system and the international order. And…

China Returns to Davos With Clear Message: We’re Open for Business

Chin@Strategy

DAVOS, Switzerland — China ventured back on to the global stage Tuesday, sending a delegation to the World Economic Forum to assure foreign investors that after three years in which the pandemic cut off their country from the world, life was back to normal. But the Chinese faced a wary audience at the annual event, attesting to both the dramatically changed geopolitical landscape after Russia’s war on Ukraine, as well as two data points that highlighted a worrisome shift in China’s own fortunes. Hours before a senior Chinese official, Liu…

The Problem(s) With China’s Population Drop

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China’s population declined last year, for the first time since the mass deaths associated with Mao Zedong’s disastrous Great Leap Forward in the 1960s. Or maybe it would be more accurate to say that China has announced that its population declined. Many observers are skeptical about Chinese data; I’ve been at conferences when China released, say, new data on economic growth, and many people responded by asking not “Why was growth 7.3 percent?” but rather “Why did the Chinese government decide to say that it was 7.3 percent?” In any…

China’s Economy Stumbled Last Year With Covid Lockdowns Hobbling Growth

Chin@Strategy

The Chinese economy stumbled in 2022, numbers released Tuesday show, in one of its worst performances in decades as growth was dragged down by numerous Covid lockdowns followed by a deadly outbreak in December that swept across the country with remarkable speed. China grew 3 percent for the year — less than half what it was in 2021 and far short of Beijing’s target of 5.5 percent. Other than 2020, it was the most disappointing showing since 1976, the year after the death of Mao Zedong when the economy declined…

Covid Workers in China Clash With Police Over Unpaid Wages, Layoffs

Chin@Strategy

After China’s abrupt reversal of “zero Covid” restrictions, the nation’s vast machinery of virus surveillance and testing collapsed, even as infections and deaths surged. Now, the authorities face another problem: Angry pandemic-control workers demanding wages and jobs. In the southwestern Chinese city of Chongqing, hundreds of workers locked in a pay dispute with a Covid test kit manufacturer hurled objects at police officers in riot gear, who held up shields as they retreated. Standing on stocks of inventory, protesters kicked and tossed boxes of rapid antigen tests on to the…

The War in Ukraine Upended Energy Markets. What Does That Mean for the Climate?

Chin@Strategy

This article is part of our special report on the World Economic Forum’s annual meeting in Davos, Switzerland. As world leaders, chief executives and nonprofit leaders descend on Davos, Switzerland, for the annual meeting of the World Economic Forum next week, war will be raging about 1,000 miles away. Russia’s invasion of Ukraine almost one year ago has reordered the geopolitical landscape, sent ripples through the global economy and brought trench warfare back to Europe. Yet beyond the enormous human suffering and catastrophic damage inflicted on Ukraine, its people and…

From Disciplinarian to Cheerleader: Why China Is Changing Its Tone on Business

Chin@Strategy

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, Mr. Xi made no direct mention of the economy or business. In the first minute of his most recent address, Mr. Xi extolled the country’s economy, still the world’s second largest, and explained that China had cut taxes and fees as well…

From Zero Covid to No Plan: Behind China’s Pandemic U-Turn

Chin@Strategy

The southwestern city of Chongqing was the latest frontline of Xi Jinping’s “zero Covid” war, until it came to epitomize China’s potentially devastating about-face that has cracked the Communist Party’s edifice of absolute control. The city last month was enduring one of the biggest outbreaks cropping up across China, when the national leader, Mr. Xi, ordered officials to continue mass testing, lockdowns and quarantines. Chen Min’er, the Chongqing party secretary, devoutly complied, closing off neighborhoods and ordering the instant construction of a quarantine hospital designed to hold up to 21,000…