China

The night before China's civil service exam, Melody Zhang anxiously paced up and down the corridor of her dormitory, rehearsing her answers. Only when she got back to her room did she realise she had been crying the whole time.Zhang was hoping to start a career in state propaganda after more than 100 unsuccessful job applications in the media industry. With a record 2.6 million people going for 39,600 government jobs amid a youth unemployment crisis, she didn't get through."We were born in the wrong era," said the 24-year-old graduate from China's top Renmin University."No one cares about their dreams and ambitions anymore in an economic downturn. The endless job-hunting is a torture."A crisis of confidence in the economy is deterring consumers from spending and businesses from hiring and...

GILLIAN TETT in Fool’s Gold, her fabulous book on the Global Financial Crisis, wrote that “silo thinking” was behind the collective failure to see the scale of the looming disaster. The regulators worked in silos and were thus unable to see the big picture, as they were also hoodwinked the Masters of the Universe. The same silo behaviour applied to the buyers and sellers of credit derivatives, who spectacularly failed to see the wood for the trees. The river flowing through the wood was, of course, polluted by highly toxic debt. When the river burst its banks, the trees were almost completely submerged. Several major petrochemical companies were close to bankruptcy in late 2008 and early 2009 because of the sudden collapse of petrochemical pricing happened, which left them with very...

Fosun Group founder Guo Guangchang says the ‘days of runaway growth have gone’, with China’s private firms suffering from high debt and heavy asset loadsJuneyao Group chairman Wang Junjin also says entrepreneurs should ‘refuse lying flat’, and instead follow China’s going global strategy Some of China’s most prominent tycoons have been committed to reining in debt, and are also eying the overseas market for increased growth this year, despite Beijing’s attempt to play up domestic economic prospects and calls for more private investment. “The economic recovery last year was not as fast as we expected. Private firms are still facing huge pressure,” said Guo Guangchang, founder of Fosun Group, one of China’s largest private conglomerates. The 56-year-old is a respected voice in Chin...

Amid the economic crisis, Chinese exports saw a downfall for the first time since 2016 after global demand for Chinese-made goods slowed in 2023, CNN reported citing the Customs data released on Friday.According to CNN, the Chinese economy is struggling to stem deflationary pressures and consumer price inflation in 2023 was the weakest it has been in 14 years. Chinese exports were measured at USD 3.38 trillion in 2023, down by 4.6 per cent compared to the year before. In 2022, Chinese exports increased by 7 per cent from the year earlier. The last time China registered a decline in overseas shipments was in 2016 when exports fell 7.7 per cent.Imports also fell last year, by 5.5 per cent to USD 2.56 trillion, CNN reported, adding that it left the world's second-largest economy with a tr...