Home / World Economy

World Economy

China importers seek to lift tariffs on US farm goods

Chinese importers are applying to their government to lift tariffs on some US agricultural imports, state media reported on Sunday (Jul 21), three weeks after the two sides reached a truce in their trade war. The unnamed importers were talking to US suppliers about potential pricing and have applied to a Chinese government body with oversight of tariffs to lift the levies, the nearly identical reports in various media outlets said. The importers were acting “according to the needs of the domestic market,” the reports said. No further details were ...

Read More »

Europe Plans to Use the U.S. Election to Beat Trump’s Trade War

The European Union is legendary for moving slowly — and that may be just the right pace for confronting President Donald Trump’s trade wars. While the daunting threat of U.S. tariffs on Europe’s auto industry and other measures is very much alive, one line of thinking in the EU is that Trump will be less trigger-happy the closer he gets to the 2020 election. The logic is that he’d risk a voter backlash if the EU retaliated by targeting U.S. exports, notably farm products. Right now, the awkward EU-U.S. truce ...

Read More »

China: Annual growth target within reach

Despite external instabilities and domestic downside risks, the Chinese economy is likely to record a steady full-year GDP growth of 6.2 percent or higher in 2019, with policy measures at the ready to combat any challenges, economists said. China announced 11 measures on Saturday to further open up the financial sector in the latest move to help bolster and stabilize growth. The country will allow foreign institutions to conduct credit rating business with all types of bonds in China’s interbank and exchange bond markets, said the State Council’s Office of ...

Read More »

China-ASEAN trade has great potential to boost world economy, Thai expert says

Trade between China and the Association of Southeast Asian Nations (ASEAN) has great potential in growth to boost world economy, which faces challenges and uncertainties, said Wichai Kinchong Choi, senior vice president of Thailand’s Kasikorn Bank. ASEAN became China’s second-largest trading partner in the first half of 2019, overtaking the United States for the first time since 1997. China’s customs data showed that China’s trade with ASEAN rose 10.5 percent to 1.98 trillion yuan (288 billion U.S. dollars) in the first half of this year, as China’s trade with the ...

Read More »

Economic Watch: Burgeoning nighttime economy highlights China’s consumption potential

Tourists coming to Wuhan, central China’s Hubei Province, now have a unique destination on their list of must-see attractions: a 20th-century design cruise ship on the Yangtze River with four decks and 98 cabins, where a drama set in 1920s Wuhan is performed. Paying about 200 yuan (about 29 U.S. dollars) for a ticket, tourists can go aboard the ship Zhiyin Hao at around 7:30 p.m. and immerse themselves in the drama where performers wear vintage clothing. As Wuhan’s flagship night tour program, the cruise has attracted a total of ...

Read More »

Guangdong keeps building on its economic lead

Emitting a quiet hum, 22 Kuka robots move their “arms” on a production line, transporting, assembling, loading, inspecting and packaging goods. Only about 10 people monitor the orange automatons. Welcome to the smart factory of Midea Group in the Nansha Economic and Technological Development Zone in southern Guangzhou, capital of Guangdong province. The machines have replaced 22 types of jobs on the production line, which produces high-end air conditioners for Midea. Sixty-five percent of the factory’s air conditioner production lines have been automated, and monthly output has doubled from about ...

Read More »

China’s $40 Trillion Banking System Learns a Lesson on Risk

Two months after China shocked investors with the first government seizure of a bank in two decades, market confidence in the nation’s smaller lenders has yet to fully recover. That may be just what the country needs. When it took control of Baoshang Bank Co. on May 24 and imposed losses on some creditors, China’s government upended the long-held assumption that it would always provide banks with a 100% backstop. The result has been a wholesale repricing of risk for all but the largest Chinese lenders, a development that analysts ...

Read More »

Japan’s Abe vows flexible steps in case of downside economic risks

Japan stands ready to take all possible steps flexibly and without hesitation when downside risks to the economy emerge, Prime Minister Shinzo Abe said, as a simmering Sino-U.S. trade war clouds the outlook for the export-reliant economy. Speaking on Monday after his ruling coalition kept a solid majority in upper house elections, Abe pledged to continue to make the economy his top priority, to put a decisive end to roughly two decades of deflation. China’s slowing economy, its trade war with the United States and spreading protectionism have led to ...

Read More »

Euro zone banks watchdog tells lenders not to pause Brexit plans

EU banks should press ahead with preparations for Britain’s departure from the European Union despite Brexit being postponed to October, the head of the euro zone’s banks resolution board said on Monday. “My message is there is no reason to postpone. Get prepared, be organised,” Elke Koenig told the European Parliament. Source: Reuters (Reporting by Huw Jones; Editing by Kevin Liffey)

Read More »

Most profitable 500 Chinese companies earnings reach 4.43t yuan

The total profits of the most profitable 500 Chinese companies reached about 4.43 trillion yuan in 2018, with a year-on-year growth rate of 11 percent, which was equivalent to 95 percent of the total profits (about 4.68 trillion yuan) of all listed companies on the Shanghai Stock Exchange and the Shenzhen Stock Exchange, according to this year’s China Business Top 100 Company List, or the CBT100 list, which has been released by the Shanghai-based Warton Economic Institute annually since 2001. The top 500 companies’ revenues in 2018 totalled more than ...

Read More »

Stalling UK economy risks recession as Brexit nears: NIESR

Economic growth in Britain has stalled and chances are one-in-four that the Brexit crisis has already tipped the country into a recession, a leading think tank said on Monday. The National Institute of Economic and Social Research (NIESR) said risks to growth were “heavily weighted to the downside” given that the chances Britain would leave the European Union without a deal were now roughly 40%. Boris Johnson, the front-runner to become prime minister this week, has said he will ramp up preparations for a no-deal exit to try to force ...

Read More »

UAE’s non-oil trade with China amounted to $43bln in 2018

Sultan bin Saeed Al Mansouri, Minister of Economy, stated that China is the UAE’s leading trade partner in terms of non-oil commodities, accounting for 9.7 percent of its total non-oil trade in 2018, valued at over US$43 billion. The UAE’s non-oil foreign trade with China in 2018 represented 16 percent of its total non-oil foreign trade with Asian countries, he added. He then stressed that the UAE is in the list of 25 leading countries that attract Chinese exports and the first in the Arab world, accounting for 29 percent ...

Read More »

Indicators point to sustained period of German industrial weakness – ministry

Germany’s manufacturing industry and exports are suffering from a slowing global economy, the finance ministry said in its monthly report on Monday, warning that weak order numbers suggested the industrial slowdown could be lengthy. But the domestic demand picture seemed healthier, with employment levels still growing as companies took on new staff, if at a slower pace, though the ministry expected the pace to slacken still further there as well. “Leading indicators as well as shrinking order books point to a lasting period of economic weakness in the industrial sector,” ...

Read More »

Trump’s Tarrifs Are Hurting the Economy. Here’s How to Get Rid of Them For Good.

What if the president could define what constitutes a national security threat and enact policy concurrent with that determination? And what if, because of that, he were allowed to levy indirect taxes on the America people from his seat in the Oval Office? By way of the Cold War-era Section 232 of the 1962 Trade Expansion Act, both of those realities exist. Under Section 232, any U.S. head or agency has the authority to initiate investigations of imports as they relate to national security threats. It’s a process that can ...

Read More »

Economic Watch: Platform economy to power ahead in China on policy dividends

The platform economy, one of the new growth drivers backed by the fast-expanding Internet sector, is expected to continue robust growth in China as the government pledged more facilitating measures. At the latest executive meeting of the State Council, authorities vowed another basket of measures to beef up the growth of the sector, which analysts believe will benefit the upgrading of the industry and consumption, serve the supply-side structural reform and promote the establishment of a strong domestic market. China will foster new growth models of the platform economy, promote ...

Read More »

Recent Videos

Hellenic Shipping News Worldwide Online Daily Newspaper on Hellenic and International Shipping