Europe Solidaire Sans Frontières
Many articles on today’s China economy are still in the section “history: in the transition to capitalism”. They will progressively be put in this one.
IN MID-APRIL 2022, four rural banks in Henan Province refused to allow depositors to withdraw their money. This situation was related to how China’s real estate bubble burst, with ominous economic effects rippling throughout people’s lives.
Four hundred thousand depositors have been affected, (...)
Only state intervention can save the day, but the pain is likely to fall on ordinary citizens, say observers.
Alittle more than a year ago, a Chinese property developer largely unknown to the outside world said its cashflow was under “tremendous pressure” and it might not be able to pay back (...)
• The city’s current controls are affecting the logistical chain on land, with drivers from neighbouring provinces reluctant to enter over quarantine fears
• The world’s largest container port has been operating round the clock with workers kept inside a ‘closed loop’ bubble
Shanghai’s (...)
• China could see as much as 10 percentage points shaved off economic growth on a quarterly basis if zero-Covid is maintained, Everbright Securities says
• The world’s No 2 economy is facing its worst virus outbreak in two years and has imposed widespread lockdowns, including in the commercial (...)
• China’s yuan under pressure amid ‘unprecedented’ capital outflows following Russian invasion of Ukraine
• Investors have pulled money out of China on a huge scale even as flows to other emerging markets held up, the Institute of International Finance says
[Photo: Analysts expect fund outflows (...)
• China is the largest trading partner of both Russia and Ukraine, but sanctions are being felt by customers in both countries, and has even spread to other regions
• Commerce Minister Wang Wentao said on Tuesday that China was hoping to ‘promote our normal trade’ with both Russia and Ukraine (...)
China trade unions have in the past mostly been formed by blue-collar workers in traditional manufacturing and construction industries. Those working in newer types of low-paid work, such as “gig economy” workers, have mostly been overlooked by trade unions. A new amendment to China’s Trade Union (...)
The draining 996 work schedule—named for the expectation that employees work 9 a.m. to 9 p.m., six days a week—has persisted in Chinese companies for years despite ongoing public outcry. Even Alibaba co-founder Jack Ma once called it a “huge blessing.”
In early October this year, it seemed the (...)
China has long seen high-speed economic growth tied to property investment. That model is now failing.
The ongoing crisis for Chinese property developer Evergrande has made the giant company the focal point of global concern. Creditors, investors, contractors, customers, and employees of (...)
An otherwise unremarkable government official, Wang Lin, has become an unexpected internet celebrity. A video featuring the middle-aged, bespectacled Wang moonlighting as a driver for food delivery giant Meituan has gone viral and reignited discussion on the pay and conditions of workers in the (...)
Since February, various parts of China has resumed work and production when the COVID-19 pandemic was reportedly under control.
However, due to the serious epidemic in Europe and the United States, orders from abroad have been greatly reduced, which takes another dent into the Chinese economy. (...)
The coronavirus outbreak has led to a steep decline in demand in China’s job market, with employment ads tumbling by 27 per cent in the first quarter. New study shows that export-oriented firms and companies with foreign investment particularly aggressive in cutting new hires.
The coronavirus (...)
Developing countries’ ‘hidden debts’ to China totalled US$380 billion well before the global health and economic crisis, analysts estimate. Montenegro, which has a US$750 million Chinese loan for highway construction, is among the borrowers seeing commodity prices plunge and exchange rates shift. (...)
The Chinese Communist Party has vowed to deepen market-oriented reform in key sectors of the economy, from land management to labour. Policy comes as China faces increasing headwinds, including the possible realignment of global value chains after the coronavirus pandemic.
China has vowed to (...)
China set to feel force of an up to 32 per cent slowdown in global trade, according to World Trade Organisation calculations. Officials in Beijing increasingly open about the coming shock to the Chinese economy from the virus containment efforts elsewhere.
The incoming global trade slump will (...)
Some 460,000 Chinese firms shut in the first quarter amid fallout from the coronavirus. Registration of new firms between January and March fell 29 per cent from a year earlier.
More than 460,000 Chinese firms closed permanently in the first quarter as the coronavirus pandemic pummeled the (...)
A series of data points show where world trade is going, and the picture for air and sea freight is not a pretty one. Supply and demand crises are coalescing on the high seas, as more countries shut their borders.
On Tuesday 31, the Port of Wuhan, a vital cog in China’s heavy industry supply (...)
As companies from Ford to Toyota to Volkswagen shut their global plants amid coronavirus outbreak, the impact resonates in China. In 2019, China exported US$53 billion worth of auto parts, but now firms are having orders cancelled in the US and Europe.
China
After a nationwide shutdown in (...)
Overdue credit-card debt in China rose by about 50 per cent in February, bank executives say. Issues in world’s second-largest economy ‘are a preview of what we should expect throughout the world’, says research fellow at the Peterson Institute for International Economics in Washington.
Like (...)
A welcome critique of global finance is admirably angry but fails to properly identify the crisis brewing in Beijing
The great dividing line in economics – ever since its birth – is how to think about money. Are money and the financial systems through which it flows essentially irrelevant, no (...)
Twitter
Facebook