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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
6
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

videocam
5
Illustration: Lau Ka-kuen

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

videocam
18
Illustration: Lau Ka-kuen

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

videocam
93
Illustration: Henry Wong
MORE FROM THIS SERIES
Photo: Reuters
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.

China inflation

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

China Three Gorges Corporation

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

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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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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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Welding robots weld a heavy truck cab at an industrial park of Sany, China’s leading heavy equipment manufacturer. A report has revealed Chinese companies are heavily backed by government subsidies which is fuelling their global market expansion. Photo: Xinhua
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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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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An electronic board shows Shanghai stock indices as people walk on a pedestrian bridge in the Lujiazui financial district in Shanghai on March 2. Photo: Reuters
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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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.

A drink and several meals from KPRO’s menu. Photo: Handout
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.

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.

Investor sentiment towards equities remains broadly positive in China, with about 63.8 per cent of respondents to a new CKGSB survey expecting A-shares to rise over the next year. Photo: Getty Images
China trade

Ex-mayor calls for stronger yuan, tariff cuts to reduce China’s trade surplus

Huang Qifan says coordinated policies, including gradual yuan appreciation and lowering of tariffs, are needed to address trade imbalances.

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China consumption

China’s unexpected retail slowdown shows Hormuz strains

Retail sales growth slumped in April, industrial output cooled and fixed-asset investments tumbled as high oil prices hit China’s economy.

China property

Ex-adviser urges China to tackle inequality with higher taxes on ultra-rich

Raising taxes on assets, incomes of high earners will add to state revenues and incentivise protecting property rights, economist says.

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China should tax the ultra-rich’s property and income streams to align government incentives with protecting property rights and stabilising expectations, a prominent economist has said. Photo: Reuters
China's population

China’s marriage numbers plunge to Covid-era low as population woes deepen

Fewer than 1.7 million couples tied the knot in the first quarter, the lowest total for the same period since lockdown-dominated 2020.

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A newlywed couple takes a selfie with their marriage certificates at a marriage registration office in China’s northern Henan province. Photo: Getty Images
China inflation

China’s producer, consumer inflation up in April as Iran war pressures persist

Factory-gate prices increased 2.8 per cent last month and consumer prices were up 1.2 per cent, surpassing expectations as fuel costs rise.

China economy

Opinion | Can China engineer a price recovery that doesn’t make people feel poorer?

The producer price uptick offers a policy window: if reinforced by household demand and expectations, it could kick off a broader recovery.

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Banking & finance

Wall Street giants lead China-profit surge despite market polarisation

Major investment banks expand market share in China, with Goldman reclaiming the revenue lead while Shengang keeps its asset crown.

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People walk along Wall Street near the New York Stock Exchange. Photo: Reuters
China travel

China’s record travel volume meets cautious spending in May Day holiday surge

Thousands of domestic train services added on last day of ‘golden week’ to meet record demand, and high energy costs affect consumer spending.

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Dozens of yachts are seen in waters off the coast of China’s Hainan province on Sunday, during a five-day national holiday. Photo: Xinhua
China's population

‘It’s a new crowd’: how Shanghai’s expat population is recovering – and changing

Four years ago, Shanghai’s draconian lockdown sparked an exodus of foreigners. Now, there are signs the city’s expat community is slowly bouncing back.

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China consumption

Shenzhen’s economic dilemma: soaring GDP, stagnant consumption

Shenzhen’s retail sales barely rose in the first quarter despite strong GDP growth, a sign of the Chinese tech hub’s unbalanced development.

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