China

26Jun By Online DeskNo Comments
Asia, China, Market

Address by China Premier Li Qiang to the Annual Meeting of New Champions 2024

This is a transcript from China Premier Li Qiang's speech at the Opening Plenary of the Annual Meeting of the New Champions. Premier Li Qiang underscored the importance of global cooperation and innovation to drive economic growth and identifies artificial intelligence, green energy and biomedicine as potential multitrillion-dollar pillar industries. The 15th Annual Meeting of the New Champions takes place 25-27 June in Dalian under the theme, "Next Frontiers for Growth". Your Excellency President Andrzej Duda, Your Excellency Prime Minister Pham Minh Chinh, professor Klaus Schwab, your excellencies heads of international organizations, distinguished guests, ladies and gentlemen, friends. It is a great pleasure to join friends, old and new, here in the beautiful city ...
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<strong>CHINESE CHIP PRODUCTION AT RISK AS EQUIPMENT BAN LOOMS</strong>
26Jun mmBy Michael SmithNo Comments
Asia, China, Market, USA

CHINESE CHIP PRODUCTION AT RISK AS EQUIPMENT BAN LOOMS

The United States is intensifying its measures to restrict China's access to cutting-edge chip technologies capable of manufacturing gate-all-around (GAA) transistors and high-bandwidth memory (HBM) chips. ChangXin Memory Technologies Inc (CXMT), a Hefei-based company that manufactures DRAM for computer servers and smart vehicles, is likely to be a significant focus of Washington's potential restrictions, as per media reports. Samsung Electronics, SK hynix, and Micron are among the major competitors of CXMT. Alan Estevez, who heads the Bureau of Industry and Security (BIS) at the US Commerce Department, recently embarked on a trip to the Netherlands. The purpose of his visit, as reported by Reuters on Tuesday, was to discuss the inclusion of an additional 11 Chinese chip manufacturi...
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25Jun By Online DeskNo Comments
Asia, China, Market, USA, World

OECD Economic Surveys: United States 2024

The United States economy has continued to expand at a solid pace and price pressures have eased somewhat. However, a sustained fiscal deficit has contributed to raising public debt as a share of GDP to its highest level since World War II, with a further substantial increase in prospect over coming decades as the population ages. To put the public finances on a more sustainable path, a multi-year fiscal adjustment should be enacted that achieves savings on pensions and healthcare and raises taxation, including on capital incomes. A more medium-term oriented and less complicated federal budgeting process would support this. At the same time, economic growth would benefit from productivity enhancing reforms that promote competition, including through maintaining international trade opennes...
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25Jun By Online DeskNo Comments
China, Market

In pictures: Leaders talk global economy, China, climate, AI and more at AMNC24

As geopolitical tensions and economic uncertainty continue to impact the global economy, around 1,600 leaders from business, government, civil society, academia and international organizations are gathering at the World Economic Forum's Annual Meeting of the New Champions. The event–taking place in Dalian, People’s Republic of China, from 25-27 June 2024–features dozens of public sessions focusing on the critical issues facing the world. The topics of discussion include new avenues of economic growth, the proliferation of artificial intelligence and advanced technologies, China's role in the global economy, the climate crisis and the clean energy transition, among others.
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18Jun By Online DeskNo Comments
Asia, China, Market

Measurement of health human capital and its economic effect in China

Improving individual health not only enhances labor productivity but also boosts the productivity of society as a whole. China’s economic development is in urgent need of transitioning from being driven by factors to being driven by innovation, which places higher demands on Health Human Capital (HHC). An evaluation system consisting of 18 indicators across four dimensions—basic health, preventive healthcare, medical resources, quality, and healthy environment—was used to calculate the HHC index of 31 provinces and cities in China from 2005 to 2019 using the entropy method. Following that, this study assessed the influence of HHC on economic growth using endogenous growth theory and the Corgis production function. Firstly, we discovered that the level of home healthcare services in China ...
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13Jun By Online DeskNo Comments
Asia, China, Market, World

June 2024 Fed meeting: Fed maintains current policy rate and sees only one rate cut in 2024

Key takeaways During its June meeting, the Federal Reserve (Fed) unanimously voted to hold policy rates steady for the seventh consecutive time, leaving the Fed Funds Target Rate unchanged at 5.25% to 5.50%. The much-anticipated Summary of Economic Projections (SEP) broadly met expectations with a higher inflation forecast for 2024 and less easing this year; The median FOMC member called for one 25 basis point cut by the end of this year and four 25 basis point cuts in 2025. Within the Fed’s economic projections, the most significant update was the expectation that core inflation will move to 2.8% for year-end from 2.6%. This increase is likely due to strong first quarter inflation. Chair Powell underscored that the Fed’s decision on the direction of rates continues to b...
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<strong>The chip war is stealing the residual thunder from the Chinese economy</strong>
12Jun mmBy Mike TrudellNo Comments
China, USA

The chip war is stealing the residual thunder from the Chinese economy

The Chinese economy is in the doldrums. The post-pandemic bounce back was too brief to sustain. Consumer sentiments are low. The common Chinese are investing in gold instead of stocks and other financial instruments in an apparent show of distrust in the country’s economic trajectory. Beijing reported 5.2% growth in 2023 but the Rhodium Group analysts questioned the credibility of the numbers. Rhodium offers China-specific research. On top of all, China’s plan to be a technology superpower is seriously harmed by tough restrictions imposed by the US-led West in denying Beijing access to cutting-edge microchip technology. Microchips are the nerve centre of any modern machinery. From mobile phones, and automobiles to aeroplanes everything runs on those printed circuits on a small piece of...
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<strong>MERICS report claims Chinese investments in Europe in 2023 fell to the lowest in 13 years</strong> 
12Jun mmBy Joe RodriguezNo Comments
Asia, China

MERICS report claims Chinese investments in Europe in 2023 fell to the lowest in 13 years 

Chinese investment in Europe last year dropped to the lowest in 13 years since 2010, according to an annual report published on June 6 jointly by independent research provider Rhodium Group and German think tank e Mercator Institute for China Studies (MERICS). As per the report, Chinese direct investment (FDI) in Europe (defined here as the EU-27+UK) slipped again to EUR 6.8 billion last year (2023), from EUR 7.1 billion in 2022, and it was the lowest level since 2010. The report shows that Chinese corporate investors faced challenges and uncertainties last year from a mix of political and economic factors in Europe and globally, while uncertainty about the global economy impacted the investment environment for Chinese firms, amid rising geopolitical tensions that inc...
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<strong>Business closures surge as Foreign Capital flees China</strong>
6Jun mmBy Michael SmithNo Comments
Asia, China, Market

Business closures surge as Foreign Capital flees China

China is currently facing a significant economic challenge. Foreign capital, once a major driver of the country’s growth, is rapidly withdrawing. This shift is triggering a domino effect, leading to widespread business closures. Furthermore, salary cuts across various sectors are becoming increasingly common, adding to the mounting economic pressure.Foreign capital is withdrawing and a wave of business closures is sweeping across the country accompanied by a further spread of salary cuts and wager arrears within the system throughout China. By late May public servants in various parts of the Mainland told new Tang Dynasty television that waves of layoffs, salary cuts or job losses have become common place in State owned Enterprises leaving many without a guaranteed livelihood. Miss Xiao, ...
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31May By Online DeskNo Comments
Asia, China, Market, World

Has investment banking lost its appeal among graduates from China’s elite schools?

In April, six months into an internship at an investment firm in Beijing, 24-year-old Wang Xuan (pseudonym) was told by Human Resources (HR) that he would not be offered a full-time position. Wang was unexpectedly calm when he got the news, remarking: “I anticipated this.” Signs of trouble emerged last year. He had come across reports of job cuts within the sector and got wind of discussions in the pantry regarding unpaid bonuses from the previous year. Senior colleagues openly expressed a desire to “lie flat” and resign themselves to the possibility of being laid off. Wang sighed, “Longtime employees might receive a retrenchment package of up to a million RMB. With that sum, they can afford to take a gap year and recharge. But for fresh graduates like us, it’s all about facing the ...
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