economy Archives - FINANCIAL POST

<strong>Mold, Metal, and More: China’s Food Safety under Fire</strong>

24Mar

By Walter ParezNo Comments

Asia, China

Mold, Metal, and More: China’s Food Safety under Fire

The troubling reality of China's food safety scandals has reached alarming proportions, with pre-packaged bread and chain restaurants under intense scrutiny. This affordable and convenient staple, a favourite among consumers, has become a breeding ground for food safety disasters. While the market for pre-packaged bakery products is booming, the consequences of its rapid growth are impossible to ignore. The numbers tell a story of skyrocketing demand and a corresponding rise in safety issues. Between 2019 and 2023, China's pre-packaged bakery market doubled, growing from 124.8 billion Yuan (approximately $17 billion) to 243.8 billion Yuan (approximately $33 billion). Projections suggest this market will double yet again by 2028, reaching 773 billion Yuan (approximately $107 bil...

<strong>China’s Shift to Consumption-Driven Economy Faces Significant Hurdles</strong>

22Feb

By Walter ParezNo Comments

China

China’s Shift to Consumption-Driven Economy Faces Significant Hurdles

Despite the Chinese Communist Party's (CCP) success in driving rapid economic growth, the centralized control that enabled this prosperity is now a burden. The CCP's rigid power structure stifles innovation and flexibility, undermining long-term economic stability. The over-reliance on state-owned enterprises (SOEs) and stringent regulations, particularly on the tech sector, hamper competition and deter foreign investment. Efforts to transition to a consumption-driven economy face significant challenges, as households remain cautious spenders. The growing pains, exacerbated by the CCP's policies, pose a significant threat to China's economic future in the year 2025. Critics of the Chinese Communist Party’s economic strategies assert that the centralization of power suppresses c...

China’s Empty Trains: New Year Travel Plummets Amid Economic Crisis

31Jan

By Joe RodriguezNo Comments

China

China’s Empty Trains: New Year Travel Plummets Amid Economic Crisis

This year in China, the Spring Festival lacks its usual glitter, bustling markets, and the throngs of travellers returning to their hometowns. Since the COVID-19 pandemic, China's economic situation has deteriorated significantly, resulting in the loss of hundreds of jobs. Those who are still employed are receiving only half their wages. Consequently, people are spending their limited savings very cautiously. Many have decided not to return home for the Spring Festival. As a result, the number of people traveling by road, rail, and air has been negligible. Some travellers reported that their train cars were completely empty. A passenger found himself alone in an entire first-class train car during the Spring Festival travel rush. Unlike the usual crowded scenes of previous years, t...

Economic Strain Leads Chinese Youth to Abandon Marriage and Family

13Jan

By Joe RodriguezNo Comments

China

Economic Strain Leads Chinese Youth to Abandon Marriage and Family

China is witnessing a significant shift in its social fabric, with an increasing number of young people choosing to remain single. The total number of unmarried individuals in China has now surpassed 230 million. This trend has given rise to a generation that values freedom and autonomy over traditional marriage and family life. For many young Chinese, choosing not to marry offers numerous benefits. Staying single provides freedom, allowing individuals to live as they please without worrying about societal expectations. It also brings a sense of mental and physical liberation, as they aren't weighed down by marital responsibilities. China's sluggish economy, high unemployment rates, and intense workplace competition have made it difficult for many young people to see a hopef...

Pakistan’s economy not managed properly in past: PM Khan admits

9Apr

By Desk TeamNo Comments

Asia

Pakistan’s economy not managed properly in past: PM Khan admits

Pakistan Prime Minister Imran Khan on Thursday admitted that the country’s economy has been mismanaged in the past.Speaking at an event in Islamabad, the Pakistan PM said loans worth billions of dollars were taken in the past which instead of wealth creation further increased the burden of loans.He said the government is focusing on wealth creation projects to retire the country’s debt.Amid the rising number of Covid-19 cases in the country, Khan said that his government would approach the International Monetary Fund (IMF) for another relief package to mitigate the impact of the pandemic.Khan had said his government’s “main concern is to lift our people” out of poverty.“We are going to speak to IMF because we see disruptions ahead. Just when our economy was recovering and all the indicator...

Seamless transport connectivity with India may boost Bangladesh’s income: World Bank

11Mar

By Joe RodriguezNo Comments

Asia

Seamless transport connectivity with India may boost Bangladesh’s income: World Bank

A recent report by the World Bank has estimated that the transport connectivity between India and Bangladesh has the potential to increase the latter's national income by as much as 17 per cent.The report titled 'Connecting to Thrive: Challenges and Opportunities of Transport Integration in Eastern South Asia' analyses the Bangladesh-Bhutan-India-Nepal (BBIN) Motor Vehicles Agreement (MVA), compares it with international best practices and identifies its strengths as well as gaps for seamless regional connectivity.The report states that seamless transport connectivity between India and Bangladesh has the potential to increase national income by as much as 17 per cent in Bangladesh and 8 per cent in India."Thick border slows down transport and economies and easing border restriction generat...

India could regain status of world’s fastest-growing economy this year: Report

10Mar

By Joe RodriguezNo Comments

Asia

India could regain status of world’s fastest-growing economy this year: Report

A recent report has said that India’s economy should be back to life in 2021 after a recession induced by COVID-19 and allow the country to reclaim its status as the fastest-growing major economy if the OECD projection of 12.6 per cent expansion in GDP is realized.“India’s economy plunged into recession for the first time in nearly a quarter of a century. However, it recorded a rise in GDP of 0.4 per cent in the final three months of 2020, ending its recession. For 2020 as a whole, the Indian economy contracted by about 7 per cent,” the report by CNN Business said on Tuesday.India’s gross domestic product is projected to expand by 12.6 per cent during the country’s fiscal year starting in April, according to a forecast released by the Organization for Economic Cooperation and Development (...

IMF projects 11.5% growth rate for India in 2021

27Jan

By Joe RodriguezNo Comments

Asia, China, Market

IMF projects 11.5% growth rate for India in 2021

The International Monetary Fund (IMF) on Tuesday projected a strong rebound in the Indian economy with an impressive 11.5 per cent growth rate in 2021.The IMF’s growth projections for India in its latest World Economic Outlook Update released on Tuesday makes India the only major economy of the world to register a double-digit growth this year amidst the coronavirus pandemic.“In its latest update, the IMF projected an 11.5 per cent growth rate for India in 2021. This makes India the only major economy of the world to register a double-digit growth in 2021,” it said. “China is next with 8.1 per cent growth in 2021 followed by Spain (5.9 per cent) and France (5.5 per cent).”The IMF said that in 2020, the Indian economy is estimated to have contracted by eight per cent. China is the only majo...

China: GDP growth slowest in more than four decades

20Jan

By Joe RodriguezNo Comments

Asia, China

China: GDP growth slowest in more than four decades

Official data released on Monday has showed that China’s GDP grew at the slowest pace in more than four decades in 2020 after the coronavirus pandemic hit the world.Coronavirus, which has ravaged the world economy, first emerged in central China in 2019. But China also became the first country to bounce back after imposing strict lockdowns and virus control measures.The National Bureau of Statistics (NBS) said last year was a “grave and complex environment both at home and abroad” with the pandemic having a “huge impact”.The 2.3 per cent expansion in 2020 was a marked slowdown from 2019’s revised growth of 6.0 per cent — itself already the lowest in decades — with the country hit by weak domestic demand and trade tensions.In the last three months of 2020, China’s economic rebound continued...

China strategically captured entire supply chain of America: US-based advocacy group

28Dec

By Mike TrudellNo Comments

China, World

China strategically captured entire supply chain of America: US-based advocacy group

Over the past year, China has strategically captured the entire supply chain of United States, making dependent on Beijing, and hurting American workers on the job front, said Lucas Kunce, the national security director at the American Economic Liberties Project.In an interview, Kunce said that the business people who testified during the congressional hearings on tariffs revealed that the United States cannot produce essential products including certain weapons systems and US dollars "without some components or resources coming from China.""So, China has strategically captured our entire supply chain," he said. "And it makes us vulnerable, and it hurts American workers too because we are losing skills that we need to try to get back and we're losing good-paying jobs."Kunce noted that the ...