China press review

China’s industry ministry gives itself more power over data transfers in updated rules: Regulation makes MIIT another powerful player alongside the Cyberspace Administration of China in the governance of cross-border data flows.

Is the deglobalisation writing on the wall? How China is reversing cultural openness with the West

China housing market: no respite for Fantasia, Modern Land and Sunac as they lead sales declines in January. Shenzhen-based Fantasia sold 510 million yuan (US$80.2 million) worth of homes in January, a decline of 78 per cent compared with last year

China’s Slowdown to Limit Global Growth but Not Undermine World Economy: A prolonged slowdown in China’s economic growth could hurt some multinational companies and commodity producers for years to come, casting a shadow over the global recovery from the pandemic—but likely not derailing it entirely.    

China’s economy to endure another Covid New Year: China is reporting more confirmed Covid cases per day as its population prepares to celebrate the Chinese New Year.

How India and Southeast Asia can save global growth as US and China stagnate: Both China and the United States, the two biggest engines of global economic activity, face severe slowdowns.

EU to outline tech standards plan to counter China influence: The EU will on Wednesday outline a more aggressive approach to setting global standards for cutting-edge and green technologies in a concerted effort to counter the influence of China.

China economy starts the year with a wobble: Manufacturing and service sector surveys show retreat in January as latest Covid-19 outbreaks hit domestic demand.

Lunar New Year lull to make supply chain ‘even worse’ amid factory closures, port delays in China: Start of the Beijing Winter Olympics in early February and the possibility of power cuts are further clouding the ability of manufacturers to predict output levels.

Here’s why Morgan Stanley is cutting its forecast for China’s first quarter GDP: The economic costs of China’s zero-Covid policy is increasingly expected to outweigh its benefits, according to investment bank Morgan Stanley. 

Trade Outlook 2022: Clogged supply chains won’t hold trade back. Demand for consumer goods rose strongly last year despite the profound disruption to supply chains due to the pandemic. We expect global trade not only to nomalise in 2022 but to grow further despite still challenging circumstances.

Slowdowns in the U.S. and China will hold back global growth. The International Monetary Fund forecasts that the growth rate of the world economy will slow to 4.4 percent in 2022.

Is China Putting ‘Wolf Warriors’ on a Leash? Recent signs indicate that Beijing wants to moderate – but not abandon – the assertive tone of its diplomats. 

China’s economy poised to grow around 5.5% in 2022: China will be able to achieve economic growth of around 5.5 per cent in 2022, an adviser to the government’s Cabinet said on Friday, making a rosier prediction than markets expect as recent data have pointed to slowing momentum.

Exports could be key driver for China’s growth as Covid drags down spending, say analysts: Exports will continue to drive China’s economy for the rest of the year as the domestic market remains sluggish, according to analysts. 

China ‘not interested’ in becoming world’s No 1 economy or global hegemony, says vice foreign minister. Le Yucheng says Communist Party more interested in ‘people’s desire for a better life’ than status as the next superpower. Comments come a day after China published 2021 growth figure of 8.1 per cent, moving its economy closer to the size of that of the US.

2022 Chinese New Year: How Foreign Businesses Should Prepare in the COVID Context. The 2022 Chinese New Year will not see the country mark a return to normal due to the COVID-19 pandemic and implementation of disease control measures. The traditional holiday period, unpredictable COVID flareups, and China’s “zero COVID” policy may hinder business travel and interprovincial business events for longer than usual. Moreover, China has stepped up its COVID prevention and control in its port cities, which could pressure supply chains.

China’s global trade surplus surges in 2021: China’s global trade surplus surged to US$676.4 billion in 2021, likely the highest ever recorded by any country, as exports jumped 29.9 percent over a year earlier despite semiconductor shortages that disrupted manufacturing. 

China GDP: Five Things To Watch Ahead Of Xi’s Push For A Third Term. China will release its estimates for fourth quarter and full-year gross domestic product growth on Monday at a critical economic and political juncture for President Xi Jinping, who is seeking an unprecedented third term as head of the Communist party, military and government.

Can  “good emperor” Xi ride over factional fights into a third term? As 2022 begins to unfold, mainstream global media – including the “gossipy” Chinese language Asian press, are agog with news commentaries and op-ed pieces speculating how difficult it is going to be for Xi Jinping to “win” a third term.

Goldman Lowers China 2022 Growth Forecast to 4.3% on Omicron: Goldman Sachs Group Inc. cut its forecast for China’s economic growth this year to 4.3% due to the increased difficulty of containing the more-contagious omicron coronavirus variant.

China urges its consumer goods firms to make more ‘innovative’ products: China’s industry ministry on Monday proposed guidelines that it said it hoped could encourage its consumer goods enterprises to be more innovative with their products, giving examples such as smart rice cookers and robot vacuum cleaners. 

Is China decoupling from the global economy? Evidence shows otherwise
The divergence of China’s economic policies and performance from the rest of the world, particularly the West, has fed the decoupling narrative.

China’s pandemic-hit businesses see tax cuts and fee reductions extended in bid to kick off new year on a high note: Premier Li Keqiang has been outspoken about the need to protect what is considered the ‘backbone’ of China’s economy, and he vows support measures will continue.