Tag: Economic Conditions and Trends

China’s Male Leaders Push to Get Women to Stay Home for Family

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At China’s top political gathering for women, it was mostly a man who was seen and heard. Xi Jinping, the country’s leader, sat center stage at the opening of the National Women’s Congress. A close-up of him at the Congress was splashed on the front page of the Chinese Communist Party’s newspaper the next day. From the head of a large round table, Mr. Xi lectured female delegates at the closing meeting on Monday. “We should actively foster a new type of marriage and childbearing culture,” he said in a…

Migrant Workers Propelled China’s Rise. Now Many See Few Options.

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“My ideal country is one where the people live in peace and prosperity, where there is food safety, freedom of speech, justice, a media that can expose injustices, a five-day, eight-hour workweek for workers,” said Mr. Zhang, the unemployed welder. “If these can be achieved, I will support whoever is in power, regardless of their party or how long they govern.” The other reality facing migrant workers is that returning to their villages to earn money farming is not an option, as Mr. Xi said it was. There is not…

How China Mourned Li Keqiang Online, Until the Censors Stepped In

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They posted videos on social media of the time he promised that China would remain open to the outside world. They shared photos of him, standing in ankle-deep mud, visiting victims of a flood. They even noted the economic growth target for the first year of his premiership: 7.5 percent. The death Friday of Li Keqiang, 68, prompted spontaneous mourning online. Mr. Li served as premier, China’s No. 2 official, for a decade until last March. Among many Chinese, Mr. Li’s death produced a swell of nostalgia for what he…

China’s Economy Grew More Than Expected Over the Summer

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China’s economy grew more than expected over the summer, as the government offset some of the harm from a real estate crisis by pouring money into infrastructure construction projects, like building rail lines. Data released on Wednesday showed that gross domestic product grew from July through September compared with the prior three months. Industrial production of everything from chemicals to steel began to stabilize as the government built more roads, sewage lines and other public works. China’s economy, the world’s second largest, has struggled since the spring, as housing sales…

What is China’s Belt and Road Initiative and How Is It Changing?

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China’s top leader, Xi Jinping, founded the Belt and Road Initiative a decade ago to use the country’s economic might to enlarge its geopolitical heft and counter the influence of the United States and other industrialized democracies. China has since disbursed close to $1 trillion to mostly developing countries, largely in loans, to build power plants, roads, airports, telecommunications networks and other infrastructure. Mr. Xi has used China’s cash and infrastructure expertise to tie together countries across Asia, Africa, Latin America and parts of Eastern and Southern Europe. Belt and…

China Bet It All on Real Estate. Now Its Economy Is Paying the Price.

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When China’s housing boom seemed like a one-way bet, Gary Meng’s parents bought an apartment from China Evergrande, the country’s biggest developer. Soon the company called with another pitch: to manage their wealth. It was a good deal with little risk, the family thought. Evergrande had global recognition and was a politically important company at the heart of China’s growing economy. They invested all their savings. Then the unthinkable happened. In 2021, Evergrande defaulted, representing the start of a real estate meltdown that has shaken China’s economy, felled some of…

In China Businesses Cut Prices as Consumers Spend Less

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To understand today’s penny-pinching Chinese consumers, behold the vicious price war playing out among the country’s coffee store giants. Luckin Coffee, a popular Chinese chain, rose to prominence and opened 10,800 stores by successfully undercutting Starbucks’s prices. But now, Cotti Coffee, an upstart rival started by the same two people who founded Luckin, is undercutting Luckin’s prices. Cotti has opened stores near Luckin shops, and it is charging — in some cases — 1 yuan, or 15 cents, less than its rival for the same drink. Earlier this year, Cotti…

Fragile Global Economy Faces New Crisis in Israel-Gaza War

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The International Monetary Fund said on Tuesday that the pace of the global economic recovery is slowing, a warning that came as a new war in the Middle East threatened to upend a world economy already reeling from several years of overlapping crises. The eruption of fighting between Israel and Hamas over the weekend, which could sow disruption across the region, reflects how challenging it has become to shield economies from increasingly frequent and unpredictable global shocks. The conflict has cast a cloud over a gathering of top economic policymakers…

Country Garden, Chinese Real Estate Giant, to Miss Debt Payments

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The embattled property developer Country Garden said it was unable to repay a loan and that it expects to miss upcoming overseas debt payments as a result of plunging sales from China’s spiraling property crisis. The announcement, made Tuesday on the Hong Kong Stock Exchange, is effectively a statement from Country Garden, once China’s largest homebuilder, that it has now defaulted with roughly $187 billion in liabilities. Country Garden is one of the biggest causalities of China’s collapsing real estate market that has sent Evergrande, another giant property developer, into…

China Evergrande Suspends Trading as New Trouble Roils Property Market

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Just a few weeks ago, China Evergrande, the world’s most debt-saddled property developer, was writing its final chapter and working to resolve financial disputes with its creditors. Then a stream of bad news came and the pages were torn up. Staff at the company’s wealth management arm have been detained by the authorities. Two former top executives are reportedly being held and its billionaire chairman is under police surveillance. Investors have fled, selling off their shares and sending the company’s already depressed stock down more than 40 percent over the…