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TOPIC

China's economic recovery

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China's economic recovery
This topic charts China's economic recovery as it, in 2023, enters an era of slower growth, along with an ageing and shrinking workforce, weak consumer demand and a property market downturn.
Open Questions series

Economist James Heckman on the value of risk-taking, and China’s ‘common goal’

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Illustration: Lau Ka-kuen

Zheng Yongnian on what US’ ‘neocolonialism’, Venezuela operation mean for China

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Illustration: Victor Sanjinez

Liu Qian on Chinese innovation, the US rivalry and women holding up half the sky

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Illustration: Victor Sanjinez Garcia

Fuchsia Dunlop tells how she fell for China’s cuisine and names her perfect dish

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Illustration: Lau Ka-kuen

80 years on from WWII, China’s interests lie in peaceful Asia-Pacific: Mitter

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Illustration: Lau Ka-kuen

‘Delusional’: Jeffrey Sachs on why Western hegemony has ended

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Illustration: Henry Wong

Economist James Heckman on the value of risk-taking, and China’s ‘common goal’

videocam
7
Illustration: Lau Ka-kuen

Zheng Yongnian on what US’ ‘neocolonialism’, Venezuela operation mean for China

videocam
15
Illustration: Victor Sanjinez

Liu Qian on Chinese innovation, the US rivalry and women holding up half the sky

7
Illustration: Victor Sanjinez Garcia

Fuchsia Dunlop tells how she fell for China’s cuisine and names her perfect dish

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5
Illustration: Lau Ka-kuen

80 years on from WWII, China’s interests lie in peaceful Asia-Pacific: Mitter

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18
Illustration: Lau Ka-kuen

‘Delusional’: Jeffrey Sachs on why Western hegemony has ended

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93
Illustration: Henry Wong
MORE FROM THIS SERIES
Analysts say a pilot trading system equips China’s central bank with a new lever to influence the offshore market while raising the yuan’s international profile. Photo: Shutterstock
Banking & finance

China’s policy blitz at Lujiazui Forum – what the monetary overhaul means

Regulators are leveraging currency strength to formalise outbound routes, granting fresh quotes for global assets while narrowing the interest-rate corridor.

Hong Kong

Mainland China climbs 4 spots in global competitiveness ranking

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Yuan

Shanghai to lead ‘financial superpower’ push as China unveils plan to boost yuan

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China travel

China is cruising to become the world’s top tourism market, analysts say

Visa waivers for over 70 countries and an increase in domestic travel may mean Chinese tourism overtakes the US in market size, analysts say.

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Italian tourists (front) pose for a selfie at the Temple of Heaven in Beijing, China. Photo: Xinhua
China consumption

China’s retail sales fall for first time since Covid

A decline in retail sales in May and weakening investments stand in contrast to China’s booming exports.

China consumption

China credit data shows demand dip, household deleveraging amid weak investment

But while traditional industries are mired in a downturn, hi-tech firms look to expand – many through direct financing.

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China jobs

Why more Chinese university graduates turn to flexible work, skip higher degrees

China’s graduates recast career choices, trading tradition for flexible paths as salary growth lags and postgraduate ambitions fade: MyCOS.

Recruiters talk to jobseekers at a job fair in China’s eastern Jiangsu province on May 22. Photo: AFP
Artificial intelligence

AI has boosted the US economy. Why isn’t it doing the same for China?

AI might be an economic panacea for the US, but it may not be one for China and the recovery of its real estate industry, one analyst says.

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Regulation

‘Not a crackdown’: China regulators eye neutral enforcement in shift from 2021

Increased scrutiny of tech giants and finance firms seen as end to the era of administrative restraint as officials move to curb monopolies and price wars.

Mainland China

Citic Securities breaks ceiling with first ‘A’ class rating for China brokerage

Award of an A-minus rating seen as a milestone in China’s efforts to build globally competitive investment banks.

The logo for Fitch Ratings, one of the “big three” credit ratings agencies, in Canary Wharf, London. Photo: Shutterstock
China inflation

China’s factory price jump contrasts with muted consumer inflation

Higher oil costs and the AI boom are driving up producer prices, while weak domestic demand is weighing on consumer prices.

Photo: Reuters
China inflation

China’s consumer prices see May uptick as oil shock inflates factory-gate costs

The mild increase in consumer inflation, attributed to higher AI demand and global price fluctuations, fell short of market expectations.

China Three Gorges Corporation

China starts building ‘water staircases’ at Three Gorges to double river cargo

New mega locks will double freight capacity at the world’s largest dam, linking China’s inland industrial hubs to coastal ports with a feat of complex engineering.

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China property

China provinces see worst first-quarter fiscal stress since 2020. Can SOEs help?

Guangdong and Jiangsu are among those looking to tap state capital returns to shore up budgets.

Residential high-rise buildings under construction are seen with tower cranes on May 1 in Shenzhen, Guangdong province. China’s ailing property sector has severely curtailed revenue for local administrations in recent years. Photo: Getty Images
China economy

‘Distorted views’: why China is clamping down on ‘lowbrow’ micro dramas

China has launched a two-month campaign to clean up its massive micro drama industry, targeting violent, sexual and ‘wealth-flaunting’ content.

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Actors rehearse on the set of a micro drama during filming in central China’s Henan province. Photo: Reuters
Open Questions series

Open Questions | Nobel economist on China’s chance to upskill youth for AI age

James Heckman, Nobel laureate, points to the economic benefits for China of making changes to education, especially in rural areas.

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China manufacturing

China’s overseas expansion fuelled by government subsidies: OECD report

While OECD figures suggest subsidies have driven Chinese firms’ rapid growth abroad, a Chinese chamber of commerce questioned the report’s standards.

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Banking & finance

Why are Asia’s families eyeing liquid assets to secure their children’s wealth?

More of the continent’s parents are providing share portfolios and other assets for their offspring as confidence in property begins to wane.

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Illustration: Davies Christian
China property

China’s property market shows more positive signs with price, sales upticks

Sector has ‘weathered its most severe adjustment’, with overall market sentiment ‘turning noticeably positive’, analyst says.

Banking & finance

‘Tell the story well’: China pushes brokerages to shape stock market narrative

Regulators are moving to tighten oversight of brokerage research, aligning assessment criteria more closely with policy goals.

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Yuan

For a yuan in deeper markets, Fed ex-head cites dollar playbook, flags risks

Meanwhile, surging costs are ‘likely to hit US inflation data a bit harder and perhaps longer’ than expected, according to the former central bank official.

US dollar and Chinese yuan notes are seen with national flags in the backdrop. Photo: Reuters
China debt

Struggling Chinese regions mine ledgers for dormant riches in ‘idle’ property

Localities battling debt, such as Jilin and Chongqing, pivot to ‘asset revitalisation’ as land revenue remains weak, but analysts flag new risks.

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The skyline is seen in Changchun, the capital of Jilin province, where authorities are trying to repurpose idle properties. Photo: Shutterstock
Migrant workers in China

China expands migrant workers’ access to public services

SCMP Plus annotates the State Council’s 13-point guidelines for easing restrictions under the nation’s hukou household registration system.

China’s private sector

A new battlefront for KFC and its Chinese rivals: the lighter meal

Big-name fast-food chains are seeking to capitalise on a surge in demand in China for lighter meals.

Banking & finance

Millions of Chinese consumers ditch their credit cards amid weak retail spending

Banks report there are 120 million fewer active credit cards in China with 687 million customer accounts, a dramatic drop from 2022’s peak.

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Chinese consumers are spending cautiously with 120 million fewer active credit cards users than a peak in 2022 as the nation experiences a slow economy. Photo: AFP
China consumption

HSBC cuts China retail sales forecast by nearly half on property, job pressures

Consumption is facing renewed pressure as a weak labour market and diminishing returns from subsidies cloud outlook, the bank says.

People are seen at a shopping mall in Beijing on May 2. Photo: AFP
China trade

Asia-Pacific trade risks loom large as Apec official warns of protectionism

China is urged to evolve as a world buyer, ahead of ministers’ gathering in Suzhou where a raft of far-reaching trade issues will be discussed.

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China stock market

China’s corporate earnings lag behind stock market gains, survey finds

Equities post strong gains driven by improved market sentiment and tech optimism, though profit growth lags, a new survey shows.

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