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.
Domestic consumption
Economy
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.
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?
Economy
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.
Politics
China’s annual Two Sessions or Lianghui kicks off on 4 March. With issues from GDP growth to unemployment to leadership changes, Lianhe Zaobao correspondent Yu Zeyuan takes us through the likely highlights of this year’s edition.
Society
Amid a challenging economic landscape, China’s youths (aged 16-24) are grappling with a 14.9% unemployment rate as of December 2023. Feeling the impact, the younger generation has made saving a top priority and are reevaluating their spending habits. This shift has seen them transition from "wild spending" to "reverse spending", from "impulsive consumption" to "rational spending", and from "revenge spending" to "experiential consumption". Here's a glimpse into how they are navigating this change.
Economy
One of Shanghai’s commercial areas has seen a boost in consumption since the New Year, partly driven by the popularity of the Blossoms Shanghai television series. Even as consumption returns to pre-pandemic levels, officials will need to do more to ensure that this recovery remains sustainable over the long term. Lianhe Zaobao correspondent Chen Jing tells us more.
Economy
Chinese academic Han Heyuan notes that amid longstanding challenges, an emerging issue could sink China’s capital market further in dire straits: a declining population.
Economy
The People’s Bank of China (PBOC) left a key interest rate unchanged on 15 January, leading the country’s major lenders to keep their benchmark interest rates on hold a week later. The PBOC has been constrained in its ability to cut interest rates over concerns that such a move would drive more capital out of China in search of higher returns. Even so, analysts say the next window of opportunity for a rate cut is likely to be in March or in the next quarter.