China

China’s central bank governor has offered to deepen cooperation with emerging economies on a series of issues and to help them gain a greater voice in global financial governance during a series of speeches in Saudi Arabia. Pan Gongsheng, governor of the People’s Bank of China, pledged to work with the Gulf states to promote currency stability, expand bilateral financial investment, and create integrated payment systems during a meeting with central bank governors from the region. China would also work with Gulf Cooperation Council (GCC) members on digital currency and anti-money-laundering efforts, Pan added, according to a news release issued by the PBOC on Tuesday. China has long sought to internationalise its currency, reduce its reliance on the US dollar, and enhance its fin...

The 25 percent tariff imposed on steel imports by the US government is set to worsen the prospects of the struggling metal sector of China. The shares of major steel companies fell by up to 3 percent soon after US President Donald Trump announced the tariff. It is expected to hurt exports from China, which so far was a promising area amid lower domestic consumption and the real estate crisis. "If the tariffs were to be implemented stringently, both direct exports and transit trade would feel some impact," analysts at consultancy Fubao. China's steel industry has been bleeding. It incurred losses of USD 5 billion in the first nine months of 2024 even as the total output fell by 1.7 percent to roughly 1 billion tonnes—the lowest in five years. According to industry insiders, as many ...

Pernod Ricard and Carlsberg warned on Thursday they see few signs of a pick-up in consumer demand in China, the world's second-biggest economy, adding to a gloomy outlook for 2025 as executives try to navigate growing global trade tensions. Weak consumer spending in China, which is grappling with youth unemployment and a real-estate crisis, has been a major concern for industries including luxury goods, consumer products and clothes manufacturers over the past year. In the second half of 2024, Beijing rolled out multiple rounds of stimulus to lift the property sector from a prolonged slump, but executives see no significant recovery. Carlsberg chief executive officer Jacob Aarup-Andersen said demand in its largest market remained subdued last year, driving down volumes, and that ...

The Chinese government has rebuffed bold consumption stimulus policy. But boosting domestic household spending is precisely what the country needs to achieve healthy growth. The China boom has ended. The country’s annual economic growth rate has decelerated from a height of more than 14 percent in 2007 to less than 6 percent in 2023. Total indebtedness (including both internal and external debt) surpassed an alarming 365 percent of GDP as of the first quarter of 2024, according to the Institute of International Finance—much higher than comparable middle-income countries like Brazil (208 percent), Argentina (152 percent), and Indonesia (86 percent). The collapse or near collapse of real estate giants like Evergrande, which just a few years ago was the poster child for China’s economic m...

China has accused the US of making "unfounded and false allegations" about its role in the fentanyl trade to justify tariffs on Chinese products. The complaint was lodged with the World Trade Organization (WTO) one day after US President Donald Trump raised border taxes on Chinese goods by 10%, a measure he said was intended to address an influx of illegal drugs. In the filing, China said the measures were "discriminatory and protectionist" and violated trade rules. But experts have warned that China is unlikely to secure a ruling in its favour as the panel that settles trade disputes remains unable to function. One former WTO official told the BBC it has "no possibility of succeeding". The dispute comes as Trump's plans for tariffs - a tax he has said he wants to see imposed ...

The first punches have been thrown between the United States and China in what could amount to a short-lived trade dispute with limited economic fallout or the start of yet another lengthy and painful trade war reminiscent of President Donald Trump’s first term. Immediately after a new 10% tariff on all Chinese goods shipped to the US went into effect on Tuesday at 12:01 a.m. ET, China responded by announcing a 15% tariff on some goods it imports from the US: certain types of coal and liquefied natural gas and a 10% tariff on crude oil, agricultural machinery, large-displacement cars and pickup trucks. Those tariffs are set to take effect on MondayChina’s Commerce Ministry also added two American firms — biotech company Illumina and fashion retailer PVH Group, owner of Calvin Klein and...

China announced a range of different measures on Tuesday targeting US businesses such as Google, plus more in other sectors almost immediately after new Trump’s tariffs on Chinese goods took effect. Beijing hit back with 15% tariffs on US coal and natural gas, plus measures on some autos in a rapid response to the duties President Trump put on Chinese goods days earlier, ratcheting up trade tensions between the world’s two biggest economies. Several US corporations such as PVH Corp, the holding company for brands like Calvin Klein and Tommy Hilfiger, plus US biotechnology firm Illumina were put on Beijing’s “unreliable entity” list. It said the two companies took what it called “discriminatory measures against Chinese enterprises” and “damaged” the legitimate rights and interests...

China is not taking the Trump administration's tariffs sitting down. On Tuesday, shortly after the 10% tariffs took effect just past midnight on the U.S. East Coast, Beijing announced a raft of countermeasures. Those include 15% tariffs on American coal and liquefied natural gas and 10% tariffs on crude oil, farm equipment and certain other vehicles. The Chinese counter-tariffs are slated to take effect on Feb. 10. In a statement, the Chinese finance ministry said the U.S. tariffs "severely violate World Trade Organization (WTO) rules, and not only fail to address [America's] own problems but also disrupt normal economic and trade cooperation between China and the United States." In addition, China's market regulator announced an anti-monopoly investigation into Google. And th...

China's rapid industrial expansion is reshaping the global economic order. According to the Economic Survey 2025, UNIDO projects that China will account for 45% of all global manufacturing by 2030, surpassing the United States and its allies combined. "Just thirty years later, UNIDO projects that China will account for 45 per cent of all global manufacturing, singlehandedly matching or outmatching the US and its allies. This is a level of manufacturing dominance by a single country seen only twice before in world history—by the UK at the start of the Industrial Revolution and by the US just after World War 2. It means that in an extended war of production, there is no guarantee that the entire world united could defeat China alone." China's rise is not just about production volume—i...