Economy

People cross an intersection in the Central business district of Hong Kong, China, on 27 February 2024. (Peter Parks/AFP)

Is the Hong Kong economy really in demise?

While naysayers have painted a doomsday scenario for Hong Kong since the plummeting of the Hang Seng Index, EAI senior research fellow Yu Hong points to Hong Kong’s strong fundamentals, the vitality of the Greater Bay Area and the knock-on effects of the recovery of the mainland economy. He notes that as long as the mainland economy continues to grow, the Hong Kong stock market will remain attractive to regional and global investors.
People walk along a shopping street in Beijing on 28 February 2024. (Wang Zhao/AFP)

Can China achieve its 5% growth target in 2024?

Given the current challenges to China’s economy, such as the soft property market and weak domestic demand, how achievable is China’s growth target of 5% for this year? Lianhe Zaobao correspondent Chen Jing tells us more.
Residential buildings under construction by Chinese real estate developer Vanke in Hangzhou, Zhejiang province, China, on 15 March 2024. (AFP)

Chinese property giant Vanke seeks more time to repay debts as market slump lingers

Chinese property giant Vanke has avoided defaulting on its publicly traded bonds so far even during the prolonged market crisis. But its balance sheet has been weakened by falling sales of new homes and fragile market sentiment, and it has resorted to offloading assets to repay its debts on time.
People walk by the New York Stock Exchange (NYSE) on 6 March 2024 in New York City. (Spencer Platt/AFP)

US economy continues to lead the world

Not only did the US manage to stave off a decline in 2023, it even achieved an annual GDP growth of 2.5%, with its stock market soaring to an all-time high. Commentator Jin Jian Guo notes that the history of the development of the US economy proves how crucial the entrepreneurial spirit is for an economy, helping the US keep its spot as the leading economy in the world.
Visitors view a BYD Dolphin EV car at a BYD show room in Bangkok, Thailand, on 17 January 2024. (Athit Perawongmetha/Reuters)

'Made in Thailand' Chinese EVs could fill the auto market

Japanese academic Sukegawa Seiya notes that with the ASEAN-China Free Trade Agreement and the Thai government’s aggressive promotion policies, the Thai auto market and even the global auto market could soon be filled with China EV brands that are made in Thailand.
People walk at a shopping mall in Beijing, China, on 16 January 2024. (Pedro Pardo/AFP)

Xiaohongshu’s push to make users spend on its platform

Launched in 2013 as a place for users to share things like travel and beauty tips, and acting as a conduit for lifestyle reviews, Xiaohongshu is again reshuffling its e-commerce ventures, hoping to transform into an e-commerce platform.
Women pose for pictures on the Bund in front of Shanghai's skyline, on the first day of the Lunar New Year of the Dragon, in Shanghai, China, on 10 February 2024. (Nicoco Chan/Reuters)

China needs economic nationalism, not deeper globalisation

Academic Jianyong Yue notes that if China wants to truly be part of the global economy, and not a semi-periphery nation with outward-oriented, dependent development, practising economic nationalism to protect its industries and people is critical in this process. China can then achieve autonomous development under a strong state.
A crowded street during the Spring Festival in Xunpu village, Fujian province, on 21 February 2024.

[Big read] Red-hot Spring Festival spending brings boom to China's economy?

Red-hot spending data over the recent Spring Festival in China caused the stock market in Hong Kong to rise three days in a row after it resumed trading first, with the country’s A-shares following suit a few days later. How long will this recovery in spending and such positive market sentiments last? Will this allow the Chinese economy to shake off fears of deflation and get over its confidence crisis? What other stabilising measures will the authorities introduce?
Pedestrians ride escalators in Pudong's Lujiazui financial district in Shanghai, China, on 29 January 2024. (Raul Ariano/Bloomberg)

China’s economic transformation: Unbearably painful?

Academic Chen Gang notes that while China needs to reform its current economy to maintain growth, whatever adjustments that are made will have to be bearable for the people. Also, some measures may be painful, but necessary.