[unable to retrieve full-text content]China may resume the practice of setting annual economic growth targets after dropping the goal for 2020, a Chinese government official involved in drafting the government work report said on Friday.Sun Guojun, a senior member at the State Council’s in-house research office, said that it is “generally better” to set an annual gross domestic product (GDP) growth target as it is a “benchmark” for many other indicators from inflation to income.Sun said China dropped the target for 2020 – the first…Read More »
Articles by Orange Wang
Coronavirus: most US firms in China still struggling with travel disruptions as pandemic fallout continues5 days ago
[unable to retrieve full-text content]More than a third of US companies operating in China plan on scaling back investment in the world’s second largest economy in light of the coronavirus pandemic, while nine in 10 are still facing travel disruptions six months after the virus was identified in the city of Wuhan, a survey showed on Friday.
However, rising tensions between the US and China had not caused “a direct negative” effect on American firms, according to the American Chamber of Commerce (AmCham) in China.
Some 37 per cent…Read More »
[unable to retrieve full-text content]The number of infringement cases involving intellectual property rights violations in China has surged 5,660 per cent over the past two decades, according to the top prosecutor’s office, in a sign of Beijing’s growing seriousness about rights protection as it seeks to boost innovation and appease the United States.Details of the enforcement drive were released by the Supreme People’s Procuratorate of China in an annual work report on Monday, marking the first time the office has provided data…Read More »
[unable to retrieve full-text content]Economists have made few changes to Chinese growth forecasts for this year after Beijing announced details of a new stimulus plan, with many disappointed it was less aggressive than the support package implemented after the global financial crisis in 2008.The world’s second largest economy is now widely expected to grow by between 1.5 per cent to 2.5 per cent in 2020, analysts said, with second quarter data crucial in forecasting annual growth given the uncertain outlook for consumer spending…Read More »
[unable to retrieve full-text content]China will still pursue some economic growth this year, despite not setting a gross domestic product target in the wake of the coronavirus pandemic, the country’s top economic planner said on Sunday.Ning Jizhe, vice-chairman of the National Development and Reform Commission, said that a certain level of growth was still crucial for the economy and to realise a series of economic and social development goals.“Whether it’s ensuring livelihoods, protecting jobs or eradicating poverty, these goals…Read More »
[unable to retrieve full-text content]China has for the first time broken up a criminal ring that was making and selling a fake vaccine for African swine fever, the disease that devastated the country’s pig population over the last two years.Amid a growing number of scams involving fake cures, a group of seven suspects were arrested by police in Sichuan province and the neighbouring municipality of Chongqing for selling a counterfeit vaccine to pig farmers.Overall, the group caused losses of over 18 million yuan (US$2.5 million),…Read More »
[unable to retrieve full-text content]China will not see an exodus of foreign companies from the country following the coronavirus pandemic as no “smart entrepreneurs” would abandon a market of 1.4 billion consumers, the nation’s commerce minister said on Monday.Zhong Shan told a press conference in Beijing that China has “very obvious” appeal for foreign investors, including “abundant and high-quality labour resources” and “complete industrial supporting capabilities”.His comments come as countries and companies begin to reassess…Read More »
[unable to retrieve full-text content]Foreign direct investment in China turned positive in April for the first time since the start of the coronavirus outbreak, according to the data released by the Ministry of Commerce on Thursday.Foreign direct investment (FDI) rose 8.6 per cent from a year earlier to US$10.14 billion. In yuan terms, FDI increased 11.8 per cent to 70.36 billion yuan.The data comes amid an intensifying debate about whether the coronavirus outbreak will accelerate a supply chain exodus from the world’s second…Read More »
[unable to retrieve full-text content]New lockdowns imposed to contain coronavirus outbreaks in China’s north-easterly rust belt region have sparked fears for the economic well-being of some of the country’s poorest provinces.Clusters of new coronavirus cases have sprang up in the provinces of Heilongjiang, Jilin and Liaoning, emphasising the risk facing the wider Chinese economy as Beijing continues its efforts to kick-start the US$14 trillion juggernaut after nationwide shutdowns in the early months of the year.The spate of new…Read More »
Coronavirus: China risks being left out of new global economic order, Beijing’s former trade chief warns23 days ago
[unable to retrieve full-text content]China could face isolation from the global economic order post-coronavirus, warned Beijing’s former chief trade negotiator Long Yongtu, who shepherded the country into the World Trade Organisation in 2001.Long’s warning adds to a chorus of influential domestic voices who are increasingly concerned about the geopolitical isolation that could stem from fallout from the pandemic.As more countries follow the United States in criticising China for its handling of the virus, doubts are growing as to…Read More »
[unable to retrieve full-text content]The China government continued to push its optimistic view of economic recovery on Friday, saying consumer spending on durables such as cars and home appliances received a significant boost during the recent Labour Day holiday.But economists warned that the pace of the economic rebound remained modest, with the grim outlook for the global economy and mounting stress of domestic job losses and income cuts continuing to hold back spending by the nation’s more than one billion consumers.Consumer…Read More »
[unable to retrieve full-text content]The economic damage being caused by the coronavirus, and the war of words over who is to blame for the pandemic, are rapidly increasing the doubts over whether the United States and China can uphold the terms of their phase one trade deal.US President Donald Trump said on Sunday that he would terminate the deal if China does not buy the amount of American products it has promised. It is the first time that Trump has publicly expressed his impatience about the implementation of the deal signed…Read More »
Coronavirus: in a pop-up lab in Beijing, this firm is trying to clean up China’s murky face mask industryMay 1, 2020
[unable to retrieve full-text content]Tucked away in an unassuming residential building at the edge of the bustling Sanlitun shopping area in downtown Beijing, a small start-up has become a magnet for coronavirus-related requests from around the world.Smart Air has converted a nondescript bedroom into a laboratory, where last week it started using its self-developed equipment to test the effectiveness of 2020’s hottest commodity: face masks made in China.With the world in dire need of masks to help contain their own coronavirus…Read More »
[unable to retrieve full-text content]After nearly three months of being quarantined by herself in Beijing, Mary Zhao was looking forward to the upcoming long weekend at the start of May to be able to finally reunite with her parents.But Zhao was forced to abandon her plan for the Labour Day holidays as Beijing’s upmarket Chaoyang district, where she lives, remains the only high-risk zone for coronavirus in the entire country.If she travelled the five hours by car, or two hours via bullet train, to the neighbouring Hebei province,…Read More »
[unable to retrieve full-text content]China’s imports and exports dropped in March, as the coronavirus continued to tear through the world’s second-largest economy.Exports fell by 6.6 per cent in US dollar terms compared to the same period a year earlier, according to data released on Tuesday by the General Administration of Customs. This followed a 17.2 per cent contraction in January and February combined.The March result was above the median forecast of analysts surveyed by Bloomberg for a 13.9 per cent decline from a year…Read More »
[unable to retrieve full-text content]The incoming global trade slump will “add frost to the snow” of China’s economic slowdown, as the country struggles to recover from its coronavirus-led shutdown, government officials said.The World Trade Organisation (WTO) this week laid bare the bleak outlook for the year ahead, predicting a trade slowdown of up to 32 per cent, in its “worst case scenario” model.And while China has been gradually reopening its own economy following a weeks-long lockdown after the Lunar New Year holiday, it is…Read More »
[unable to retrieve full-text content]China’s imports and exports improved in March after the coronavirus outbreak caused a dramatic collapse in the first two months of 2020, the Ministry of Commerce said on Thursday.But the outlook for China’s exports remained gloomy given the economic damage being done by the continued spread of the virus globally.Some Chinese exporters, especially textile, apparel and automotive firms as well as , have been hit particularly hard by shrinking global demand caused by the pandemic, with export…Read More »
[unable to retrieve full-text content]The spring session of the Canton Fair, China’s oldest and largest trade expo, will be held online in the second half of June, the government has announced.
The event, which usually runs between mid-April and early May, was postponed last month over concerns about the spread of the coronavirus.
The government’s decision to shift the expo online marks the first time that the 63-year-old fair will not happen in the Chinese city of Guangzhou, underlining the unprecedented pressure facing the…Read More »
Coronavirus: can China’s economy rebound in 2020 second quarter with the rest of the world still in trouble?April 7, 2020
[unable to retrieve full-text content]Private economists have begun to echo Beijing’s forecast of a second quarter economic rebound, despite doubts over the strength of recovery while the rest of the world is still grappling with the spread of the coronavirus pandemic.
China is expected to suffer a contraction in the first quarter for the first time since the end of the Cultural Revolution in 1976, heaping pressure on the government to steady the economy and ensure the country’s growing unemployment problem does not get worse.
A…Read More »
[unable to retrieve full-text content]China’s urban lockdown may have eased, but deserted streets and stores in the capital Beijing this week suggest that for the services sector, the impact of the coronavirus outbreak could be deeper and longer than expected.
Many restaurants, cafes and pubs remained closed in the city, where vigilance remains high about a second wave of infections. Among those that were open, there were few customers to be seen.
The usually crowded Wangfujing shopping street was quiet on Wednesday, with just a…Read More »
Coronavirus: China central bank to free up US$57 billion for small lenders in latest effort to help economyApril 3, 2020
[unable to retrieve full-text content]China’s central bank on Friday said it would pump two rounds of funds into rural and regional lenders in the latest “targeted” measure to help the economy amid the coronavirus outbreak.The People’s Bank of China (PBOC) said it would cut the required reserve ratio for the banks on April 15 and May 15, releasing 400 billion yuan (US$57 billion) in total and freeing up more money to lend to rural households and small businesses.The central bank also said it would adjust down the interest rates on…Read More »
[unable to retrieve full-text content]China’s economic situation could get worse before it gets better, amid a second wave of demand shock that is set to hit both domestic and foreign trade, a Chinese government official has warned.Addressing a press conference in Beijing on Monday, the day after President Xi Jinping toured businesses in Zhejiang province, vice-minister of industry and information technology Xin Guobin delivered a candid and downbeat assessment of the economy, in a subtle break from recent optimistic rhetoric about…Read More »
[unable to retrieve full-text content]Profits at China’s industrial firms plummeted 38.3 per cent from a year ago in the first two months of 2020, with the biggest loss on record offering fresh evidence of the overwhelming impact of the coronavirus on the world’s second largest economy.Earnings for large companies with annual revenue of more than 20 million yuan from their main operations tumbled to 410.7 billion yuan (US$56 million) for January and February, according to data released by the National Bureau of Statistics on Friday…Read More »
[unable to retrieve full-text content]China’s largest food and drink fair, which was postponed due to the coronavirus outbreak, has been rescheduled for late May, highlighting further optimism over the containment of the pandemic.The twice-yearly China Food and Drinks Fair, originally scheduled for March 26-28, will now take place from May 21-23 in the city of Chengdu, the organising committee announced on Wednesday.Last year, the spring session attracted 400,000 visitors over three days, with around 4,000 companies from over 40…Read More »
Coronavirus: US firms in China struggling with plunging demand, travel disruptions as pandemic fallout continuesMarch 25, 2020
[unable to retrieve full-text content]Nearly two thirds of US companies operating in China are struggling with travel disruptions and many have recorded a sharp deterioration in demand, a new survey showed on Wednesday, as the economic damage from coronavirus pandemic casts an increasingly gloomy spell over the global economy.Some 68 per cent of 119 mostly multinational companies surveyed in March said they were still facing domestic travel disruptions, while half were experiencing significant revenue declines, a rate nearly double…Read More »
[unable to retrieve full-text content]Debate about the impact of the coronavirus pandemic on China’s economy took on a new complexion on Monday after the country’s most prominent investment bank turned pessimistic, slashing its 2020 growth forecast.President Xi Jinping has insisted China will meet its economic and social developments goals this year, including eradicating poverty and building up a “moderately well-off society”, despite the virus outbreak sending the economy into free fall in the first two months of the year and…Read More »
[unable to retrieve full-text content]China is looking to multilateral bodies like the G20 and the International Monetary Fund to coordinate policies managing the fallout from the coronavirus pandemic that has killed nearly 13,000 people and brought the world to the brink of a recession.Chen Yulu, a deputy governor of the People’s Bank of China, on Sunday said the PBOC had been actively using “multilateral, regional and bilateral” channels to exchange views with other central banks.He said Chinese central bank governor Yi Gang had…Read More »
Coronavirus: China, US urged to abandon cold war mentality to unite against ‘common enemy of human beings’March 20, 2020
[unable to retrieve full-text content]China and the United State must abandon their cold war mentality and unite to fight the “common enemy of human beings” in the coronavirus, according to a group of Chinese scholars said.The pandemic has re-escalated tensions that appeared to have cooled somewhat after the signing of the phase one trade deal in mid-January.A claim by a Chinese foreign ministry spokesman that it was the US military who “brought the epidemic to Wuhan” was followed up on Thursday with American President Donald Trump…Read More »
[unable to retrieve full-text content]China’s central government has endorsed efforts by local governments to distribute prepaid vouchers worth billions of yuan to lift consumer spending amid the coronavirus outbreak, although the packages pale in comparison with direct handouts announced by the Hong Kong government and planned in the US.The National Development and Reform Commission (NDRC), the country’s top economic planning agency, said it was closely watching voucher programmes in a number of cities and urged other local…Read More »
Orange Wang covers the Chinese macroeconomy, and has many years of experience with China’s monetary and fiscal policy moves. He also covered global market and financial news for a long time, with a particular focus on new technologies and their influences on economic growth and society. Before joining the South China Morning Post, Orange worked as a Shanghai Correspondent for ET Net, a Hong Kong financial news agency.