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South China Morning Post

China’s job market improves a year after coronavirus shock, but young people still face ‘pressure’

[unable to retrieve full-text content]China’s job market has improved steadily since the height of the coronavirus pandemic early in 2020, but it is still struggling with a shortage of labour and a high number of unemployed graduates.In the first quarter of the year, China’s official surveyed unemployment rate stood at 5.4 per cent, down 0.4 percentage points from a year earlier when the outbreak first began, the National Bureau of Statistics (NBS) said on Friday.It will take some...

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China’s carbon-neutrality plans now in the hands of central bank, which will ramp up green financing and establish carbon-trading market

[unable to retrieve full-text content]China’s central bank is now spearheading the country’s carbon-neutrality initiative, with plans to provide low-cost capital, boost green financing and invigorate the carbon-trading market to fund the ambitious undertaking.Its involvement comes after President Xi Jinping vowed in September to make China carbon neutral by 2060.The People’s Bank of China (PBOC) will create carbon-reduction-facilitation tools to provide funding support, and...

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New home prices in China’s big cities lose momentum as cooling measures bite, paving way for tougher restrictions in smaller ones

[unable to retrieve full-text content]The growth of new home prices in China’s biggest cities slowed amid tighter regulation, potentially paving the way for more stringent cooling measures in lower-tier cities that saw higher growth, analysts said.Prices of new homes in the four first-tier cities, namely Beijing, Shanghai, Guangzhou and Shenzhen, crept up by only 0.4 per cent in March from the previous month, slightly less than the 0.5 per cent increase seen in February, according to...

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China renews appetite for gold with US$8.5 billion set to arrive as central bank relaxes quotas

[unable to retrieve full-text content]China has given domestic and international banks permission to import large amounts of gold into the country, according to five sources familiar with the matter, potentially helping to support gold prices after a months-long decline.China is the world’s biggest gold consumer, gobbling up hundreds of tonnes worth tens of billions of US dollars each year, but its imports plunged as the coronavirus spread and local demand dried up.With China’s...

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China’s economy shakes off coronavirus ‘hiccups’, but outlook clouded by Beijing’s stimulus plans

[unable to retrieve full-text content]China’s first quarter growth rate of 18.3 per cent from a year earlier shows its economy has fully recovered to pre-pandemic levels, analysts said, but there is lingering uncertainty over the outlook due to Beijing’s plans to withdraw policy support.In the first three months, the Chinese economy expanded at its fastest rate since records began being published in 1993, but that masked a significant slowdown compared to the fourth quarter of...

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China’s digital currency won’t topple US dollar ‘so easily’, senior Bank of Japan official says

[unable to retrieve full-text content]A senior Bank of Japan (BOJ) official downplayed the potential for China’s digital yuan to threaten the US dollar’s position as the world’s main reserve currency.“The dollar’s status as the key global currency won’t change so easily,” said Kazushige Kamiyama, head of the BOJ’s payment systems department and the person in charge of looking into a virtual Japanese currency. “In fact, the dollar’s...

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China GDP: economy surged record 18.3 per cent in first quarter compared to a year earlier, but slowed versus fourth quarter

[unable to retrieve full-text content]China’s economy grew by 18.3 per cent in the first quarter of 2021 compared with a year earlier, the National Bureau of Statistics (NBS) announced on Friday. This is the highest quarterly year-on-year growth rate since data first began being published in 1993.This was just below expectations in the median survey of Bloomberg analysts, which had predicted 18.5 per cent growth between January and March. It marks a remarkable turnaround from the first...

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China’s aviation capabilities stuck at ‘low-end’ as military-civil fusion weighs on innovation: official report

[unable to retrieve full-text content]China’s commercial aviation industry is lagging behind international competitors, with the country’s military-civil fusion strategy stifling innovation and state dominance of the sector hampering efficiency, according to a report from the Shanghai government.Shanghai has been at the forefront of China’s commercial aviation sector, which was identified as one of the key industries set for heavy investment in the 14th five-year plan for...

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Xinjiang cotton ban uncertainties weigh on Chinese farmers, smaller textile firms

[unable to retrieve full-text content]Mr Zhang runs a cotton-processing plant in the middle of Xinjiang province. Every year, from September to November, he purchases raw cotton locally and processes it into ginned cotton – separating the seeds and the fibres – and then sells it to traders and yarn plants. And as a member of the Better Cotton Initiative (BCI) for more than five years, his business in Yuli county has benefited quite a lot from the Switzerland-based network.However,...

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Growing China human rights concerns risk curbing foreign investment needed to support economy

[unable to retrieve full-text content]International criticism of China’s alleged human rights violations has grown louder in recent months, putting downward pressure on Beijing’s efforts to attract foreign capital into its financial markets to support the economy, analysts said.Social issues and corporate governance have become important factors for North American and European fund managers screening their securities investments, and this is taking place amid increasing scrutiny...

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