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China economy

China economy
Breaking news and analysis on China’s economy, including its opening up, the US-China trade war, the impact of tariffs and trade talks, growth rates and other key economic data, the Belt and Road Initiative, and Greater Bay Area plan.
A major indicator of China’s factory activity returned to expansion in December, after eight straight months of contraction. Photo: AFP
China manufacturing

China’s factory activity breaks 8-month contraction, but headwinds persist

China’s manufacturing PMI rose to 50.1 in December, but analysts said it was too early to point to a sustained recovery.

China-EU relations

Airbus scores major win in China with orders for 145 A320 aircraft

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China food security

Xi renews call to boost grain output after trade war sharpens food security push

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China property

Beijing trims property resale tax in fresh push to stabilise housing market

Under new rules, sellers will pay just 3 per cent VAT if they offload a property within two years of purchase, down from 5 per cent.

Under new rules, individuals who sell a residential property within two years of buying it will pay VAT at 3 per cent instead of 5 per cent. Photo: Getty
Banking & finance

How China is upgrading its digital yuan for the stablecoin era

Beijing is upgrading its digital currency in response to the rise of stablecoins, but the goal is to create a fundamentally different system.

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US-China trade war

China’s Shenzhen targets AI in ‘every household’ as US tech rivalry heats up

Local officials want to embed cutting-edge tech across society in coming five-year plan.

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India

India overtakes Japan as world’s fourth largest economy, eyes top 3 in 2026

Government data shows India’s GDP at US$4.18 trillion, with projections it will surpass Germany by 2026 despite global trade challenges.

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People buy vegetables at a market in the old quarters of New Delhi on Tuesday. Photo: AFP
US-China tech war

China’s lagging basic research calls for core tech pivot, economic adviser urges

Wang Yiming says Beijing must innovate from the ground up to create deterrents against foreign supply cuts, citing missed R&D spending target.

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China consumption

China’s Hainan hosts duty-free shopping spree under new customs regime

A flurry of activity accompanied the official establishment of the island’s tariff and tax exemptions - but will the frenzy last?

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Made in China 2025

Chinese firms flock to Dubai free zones to navigate trade barriers, expand reach

JD.com, CNBM, carmakers and hundreds of other Chinese companies use the hub to reach consumers across Asia, Africa and Europe.

The Jebel Ali Free Zone at the western end of Dubai. Photo: Handout
China trade

China has logged a US$1 trillion trade surplus. Where is all that money going?

Trade surplus growth has not been matched in foreign exchange reserves – a gap analysts said can be explained by private sector outflows.

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China’s status as the world’s manufacturing leader has helped it record a record trade surplus in 2025. Photo: VCG via Getty Images
Year in Review

SCMP Plus year in review 2025: China economy

As 2025 comes to a close, SCMP Plus highlights the year’s biggest stories on China’s economy.

Infrastructure

No more empty trains: China tightens rules on subway expansions to curb debt

Rich hubs, including Ningbo and Suzhou, are hitting regulatory roadblocks as the central government prioritises fiscal discipline over infrastructure-led growth.

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Aerospace: Geopolitics

Why are rich Chinese moving private jets offshore, slumming it in budget seats?

Strict flight rules and economic headwinds are forcing scrutiny-wary tycoons to rebase aircraft in places such as Singapore or downgrade to commercial cabins.

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Two crew members walk past business jets in Shanghai. Photo: AFP
Greater Bay Area

Greater Bay Area assets poised to lead surge in China’s expanding C-REIT market

By the end of last month, China had nearly 80 C-REITs, raising a total of over US$28.3 billion, according to Cushman & Wakefield.

A view of skyscrapers from a pedestrian bridge in Shenzhen, the southern tech hub in Guangdong province. Photo: Xinhua
Electric & new energy vehicles

Dozens of Chinese EV makers under pressure to fold or trim operations: analysts

Grappling with expiring cash subsidies and tax incentives, China’s car market is forecast to see deliveries slump next year.

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China’s C919 passenger plane

Soaring to the top: China appoints first female captain for C919 flights

Promotion of former Boeing 737 pilot Yu Yue, who holds a ‘zero error’ record, called an inspiration to women across the nation.

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China consumption

Wild goose chase? France works to rouse China’s appetite for foie gras imports

French producers hope their famed pate can win a slice of China’s market, but price sensitivities and domestic competition could mean their goose is cooked.

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Illustration: Lau Ka-kuen
Banking & finance

China launches venture capital fund to lead the charge on tech investment

The fund, which will put state-backed money behind early tech bets, could guide trillions of yuan in private capital to chosen sectors.

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China manufacturing

China bolsters e-cigarette regulations to smoke out non-compliance

The draft policy would cut down on excess capacity within e-cigarette sector and tighten enforcement of standards in production and export.

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China property

Beijing municipality eases home purchase curbs to shore up sluggish market

China’s property sector, once a pillar of economic growth, has been on a downward trajectory since the second half of 2021.

A cyclist rides past a residential construction site in Beijing on November 13, 2025. Photo: Getty Images
Open Questions series

Open Questions | Political scientist Ivan Krastev on Europe’s ‘China shock’, US snub

China’s challenge to Europe’s industrial might and the end of coalition with US has plunged continent into crisis. Can it recover, asks Bulgarian expert Ivan Krastev.

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Illustration: Henry Wong
China's economic recovery

China broadens foreign investment list in renewed pitch for overseas capital

The catalogue, which lists the sectors carrying policy incentives for overseas investors, has hundreds of new entries, many in advanced manufacturing.

Consumers

From Shein to Labubu, French shoppers are buying Chinese for Christmas

This year’s wave of popularity for Chinese brands has not waned in France’s capital, with Shein’s store packed and Labubu dolls dotting trees.

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Electric & new energy vehicles

Chinese SUV maker Jetour pushes localised offerings to hasten go-global drive

Jetour is already present in more than 100 countries and regions after seven years in operation.

Jetour International president Ke Chuandeng speaks at a fan gathering in Abu Dhabi on December 20,2025. Photo: Handout
Yuan

China’s offshore yuan breaks major benchmark as appreciation momentum builds

For the first time since 2024, the currency strengthened past the threshold of seven per US dollar – and did it again the next day.

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China’s yuan has appreciated considerably against the US dollar in recent months. Photo: AFP
China-Latin America relations

Brazil weighs visa-free entry for Chinese tourists and business travellers

Brazil saw nearly 80 per cent growth in Chinese tourists in 2024 and would join only two neighbours offering visa-free entry.

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China consumption

Hard work, long hours fuelled China’s rise. Now, it weighs longer breaks

China, one of the world’s hardest-working countries, is adopting incentives to increase time off – and potentially boost consumer spending.

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