Chinas foreign exchange reserves dropped $197.74 billion in the first 10 months of 2022, official data showed. (, 5 August 2004 - Opening of the new Guangzhou Baiyun International Airport, currently China's third busiest airport. Charmaine Cozier asks whether government regulations in China are damaging its economy. World Business Report. Our Economic calendar will show you any scheduled economic events and their results in real-time, counting down to each one. The Japanese yen falls to a three-decade low, while US inflation-fighting policy is likely to keep the dollars value high for some time. China wants to be a global talent hub, but what if they dont want to come? Video, 00:03:03, HARDtalk. Chinas economic game of dominoes. If Beijing starts allowing local government debt to go bust, it raises questions over the entire Belt and Road Initiative, which is built on lending for infrastructure development, in the hope that it will be profitable in the longer-term and pull countries into the Chinese economic orbit. Sign up here to get the newsletter sent straight to your inbox every Monday and Friday. To ensure long-term prosperity, China will concentrate on innovation, and further reforms and opening up, while working to ensure a stable global order. Henry Huiyao Wang: Is China exposing its vulnerabilities? Read about our approach to external linking. I found this column very moving, and also sobering its amazing how many of us sort of stumble through life and let decisions happen, rather than actively taking them. Yet foreign firms remain crucial to, and will continue to benefit from, Chinas development. China's hidden foreign lending. It was also China's first 100m tall building. As the world blindly grapples with what Adam Tooze calls the age of polycrisis (Swampians should read his Weekend FT piece on this), Indias vulnerabilities are becoming painfully apparent. (. (, 9 November 2008 - The State Council announced ahuge economicstimulus package to counteract effects ofthe global economic crisis. Trading Economics provides data for 20 million economic indicators from 196 countries including actual values, consensus figures, forecasts, historical time series and news. Janan Ganesh is spot on that knowing what you want in life, not necessarily how to get it, is the most important skill. The fifth CIIE will be held from 5 to 10 November 2022 in Shanghai. A number of local governments in China have begun charging for Covid-19 tests, reflecting the growing financial burden of Beijings zero-Covid policy. See here for a complete list of exchanges and delays. All quotes delayed a minimum of 15 minutes. (, 8 October 1990 - China's first McDonalds restaurant opened in Shenzhen. (, 26 August 1979 - Special Economic Zones (SEZ) established in, 1 May 1980 - The first Sino-foreign Joint Venture (JV), "Beijing Air Catering Co., Ltd." was established. That could be bad news for China relations. Sign up here, The performance of the countrys economy will influence how global regionalisation comes to pass, COP27: US works on plan for companies to fund emerging nations fossil fuel switch, Ukraine seizes control of five strategic companies from oligarchs, Ukraine receives air defence systems as Russia continues air strikes, Indonesias president has strong impression Putin will miss G20 summit in Bali, Italy blocks rescued migrants from landing and orders ship to leave port, Global law firms scale back hiring as slowdown begins, Russias aviation industry defies sanctions to remain airborne, JPMorgan and Goldman Sachs in battle for British customer deposits, Liverpool FC sale explored by US owners Fenway Sports Group, Lithium groups choose Teesside in boost for UK battery industry, Live news updates from November 7: Ukraine receives air defence systems, Apple warns of iPhone shipment delays, US stock hedging strategies backfire during market rout, Oil companies hit out at UKs fiscally unstable and complex regime, Economists see recession coming, so maybe its not, The first global summit of the second cold war, Donald Trumps future looms over the US midterms, Wanjira Mathai: Were only at a 1.2C world. Audio, 00:12:01. The People's Republic of China has an upper middle income developing mixed socialist market economy that incorporates economic planning through industrial policies and strategic five-year The COVID-19 pandemic and accompanying recession rocked the global economy in 2020. That would be hugely costly for everyone, but particularly for China. Fresh guidelines are aimed at improving the financial conditions of local-level governments, and analysts say the directive highlights just how urgent it is to alleviate financial distress across China. (, 12 November 1987 - The first KFC restaurant opened in Beijing. Chinese investors may also believe that the lack of economic expertise in Xis new leadership team, coupled with his more reactionary, nationalistic approach, will lead to conflict in Taiwan sooner rather than later. Regionalisation of the global economy gained further steam as French president Emmanuel Macron took the opportunity to call for a Buy European Act like the Americans, as the EU needs to reserve [our subsidies] for our European manufacturers. Chinas economy is projected to slow in 2022. What we just learned about China's economy, China delays key economic figures as leaders meet. The business class, which shunned politics, is now questioning if there is still a place for it in a system dominated by one ruler, Xi Jinping. While sustainability seems to be the predominant theme at the China International Import Expo in Shanghai, not everyone is on board with the idea of green living. (, 10 December 2005 - Yangshan Deep Water Port, part of Shanghai Port and the world's biggest deep water port, commences operations. Background explainers, news and analysis on Chinas economy, including its opening up, the US-China trade war, the impact of tariffs and trade talks, growth rates and other key economic data, the Belt and Road Initiative, and Greater Bay Area plan. On the eve of Chancellor Olaf Scholzs first trip to Beijing, concerns are growing that economic dependence on China is leaving his country vulnerable again. Why are Chinas state-run co-ops and food kitchens sparking concerns? (, 21 July 2005 - After 8 years at a fixed rate, the People's Bank of China depegged theRenminbi from the US dollar. Assuming the continued suppression of COVID-19, growth is projected to reach 8.5 percent this year. In the first quarter of 2020, China's economy shrank 6.8% due to nationwide lockdowns at the peak of its Covid-19 outbreak. The value of Chinas gold reserves fell to $102.67 billion at the end of October from $104.72 billion at the end-September. More than 60 American companies attend a meeting with Chinas NDRC as rising geopolitical tensions and Covid-related uncertainties hurt business confidence in the Chinese market. (, 1 October 1999 - Opening of Shanghai Pudong International Airport, one of the world's busiest for both passenger and cargo traffic. Why is China struggling to sell fighter jets? In the short term, though, we all know that a new paradigm comes with bumps. And now a word from our Swampians (, 18 January 1992 - Deng Xiaoping reaffirms the program of economic reform during his famous 'Southern Tour' with speeches in Guangzhou, Shenzhen and Zhuhai where he, 25 September 1992 - American International Assurance (AIA) received approval to open a branch in Shanghai, becomingthe first foreign insurance company to operate in modern China. Distressed prices have allowed the firm to establish a beachhead in China. There is, as always, a counter-case. Lawmakers objections to an obscure Chinese semiconductor company and tough Covid-19 restrictions are hurting Apples ability to make new iPhones in China. Much of iPhone 14 is now made in southern India for example (though Apples sales have so far been very disappointing). Argentina, Chile, and Bolivia are discussing a possible agreement on the production and pricing of lithium, although China currently controls over 60 per cent of the worlds refining capacity. Also, since you are an old India hand, Id love to hear your thoughts about how India figures into the new regionalism at some point soon. This article is an on-site version of our Swamp Notes newsletter. Chinas rising costs, COVID-19 restrictions, political crackdowns in Hong Kong, Chinese economy continues its pandemic bounce back. This was held in Shanghai and was APEC's 13th meeting. Advanced users can use our Python/R/Matlab packages. Chinas economy has faced major disruptions through 2021 due to the ongoing China-U.S. trade war, COVID-19 restrictions, and power shortages. Well remind you closer to the date, but you can register here. Our Economic calendar will show you any scheduled economic events and their results in real-time, counting down to each one. Brookfield, a Canadian firm with US$750 billion of assets, is launching its first rental project amid signs of recovery and policy support. On the eve of Chancellor Olaf Scholzs first trip to Beijing, concerns are growing that economic dependence on China is leaving his country vulnerable again. Beijing is looking for alternatives. (, 17 November 2014 - Launch of the Shanghai-Hong Kong Stock Connect which allowed international and Mainland investors to trade securities in each other's markets through the trading and clearing facilities of their home exchange. Launched by Deng Xiaoping in 1978, the decades long process of Chinese economic reform has transformed China beyond recognition. By Tripp Mickle,Chang Che and Daisuke Wakabayashi. (, 3 July 1991 - The Shenzhen Stock Exchange,one of 2, 12 November 1991 - China became a member of the Asia-Pacific Economic Cooperation (APEC). But it is surrounded by countries that are notably Pakistan and Sri Lanka. Chinas chip import decline accelerated in October, falling 13.2 per cent in the first 10 months, as the country grapples with fresh US restrictions and the semiconductor industry faces a slump. Chinese Economic Reform - Timeline of Key Events, 18 December 1978 - Chinese Communist Party (CCP) adopts Deng Xiaoping's new "open door" policy to attract foreign technology and investment, starting the process of Chinese economic reform. 11 Nov Fri. 55 Economic Events. (, 1 October 1994 - Construction of Shanghai's iconic Oriental Pearl TV Tower, the tallest building in China at the time, is completed. Comments from Han Wenxiu come amid worries that focus on high-quality development and common prosperity could sideline Chinas economic growth priorities. A handful of powerful world leaders rallied around Russia and undercut global cooperation. FX Week Ahead - Top 5 Events: China, Germany, US Inflation Rates; US Midterm Elections; UK GDP. In the new millennium, the Chinese economy has kept its growth momentum and become more integrated with the global economy. The economy lost significant steam in early Q2 on widespread Covid-19 lockdowns: In April, retail sales and industrial production Audio, 23 minutes, Why is China struggling to sell fighter jets? Standard users can export data in a easy to use web interface or using an excel add-in. The outbreak particularly affected, 10 July 2003 - Power generation commences at the Yangtze River's Three Gorges Dam, the world's largest hydropower project (, 8 September 2003 - China's Ministry of Commerce (MOFCOM)reported that foreign direct investment (FDI) inflows had surged since their accession to WTO, leading to China being ranked first in the world for the first time. China is still open for business: economic planner tries to reassure US firms, China calls for more risk controls, oversight to tackle financial concerns, China stops reporting data metrics of vast domestic apps market, Chinas costly zero-Covid policy sees another region charge for tests, Chinas top regulators raise alarm on global inflation fight as yuan stumbles, Opportunities to make money in uncertain economic times: top asset managers, Lula requires unity to revive Brazil fortunes, 3 reasons investors shouldnt flee from Chinas plunging markets, A strong dollar and weak yen leave China with a currency dilemma, How to avoid a global recession: tax the rich and Big Oil, Foreign companies should embrace Chinas economic modernisation, How China plans to rise to its economic challenges, China economy needs a shot of confidence from new leadership, Chinas long-term economic security relies on its integration with the world. Mon, Oct 31st 2022. Australia probes claims China recruited ex-air force pilots. While Xi continues to impose stifling zero-Covid restrictions on much of China, India is operating as if the pandemic is in the past. Find the latest economic news, current events and headlines, as well as blogs and video from CNBC.com. It is worth noting that Indias domestic vaccine, Covaxin, produced by Bharat Biotech, is considered more effective than either of Chinas indigenous vaccines. How are inflation, Ukraine and drought linked? Instead, more progressive taxes are needed to make the wealthier help fund welfare reforms, and to rein in excessively profitable energy companies. On paper, India is well positioned to supplant China. (Reporting by Albee Zhang and Kevin Yao; Editing by Sam Holmes). Foreign firms know this, and despite their frustration at Chinas zero-Covid policy, many are not seriously considering leaving the country. (, 12 April 1986 - The Law on Wholly Foreign-Owned Enterprises was adopted for the first time by the National People's Congress Standing Committee, formalizing regulations onforeign companies operatingin China. The bird is free, and so is Swamp Notes! Chancellor Olaf Scholz said during a visit to Beijing that China and the European Union were working toward approval of each others pandemic vaccines. For the nearer term, Beijing plans to focus on stability with practical macro policies to solve current problems and anticipated challenges. (, 20 October 2001 - For the first time, China hosted the annual gathering of APEC leaders. 68 Economic Events. cookies The events of the past few months in Chinas economy have been difficult to comprehend, even for experienced analysts. The Test May Come in China. You can set up an individual notification for each Im actually OK with that; I think the world would ultimately be an economically healthier and more politically balanced place if there were more regionalised and even localised hubs of production and consumption. 29 Sep 2021. Economic policy changes In the late fall of 1976, the CCP leadership tried to bring some order to the country through a series of national conferences. (, 18 April 1994 - First foreign exchange trading center opened in Shanghai, starting Chinas inter-bank foreign exchange market. The US midterms are here. Audio, 00:02:29China's hidden foreign lending. It aims at supporting further access to its market and increasing imports. Chinas foreign exchange reserves dropped $197.74 billion in the first 10 months of 2022, official data showed. Matthew Garrahan wrote a great Lunch with the FT with American comedian Jon Stewart at one of my personal favourite pizza spots in NYC, Johns of Bleecker Street. Im marginally inclined to think the former scenario is more likely (in part because so much business talent is leaving the country). Ed and I will be turning to the midterm contests across the country in our special daily Swamp Notes coverage next week, but in advance of that, Id like to use this note to sound off on the amazing global events of the past week, and in particular the future trajectory of China. Four trends have led to the end of the steady integration of the Chinese economy with the West. (, 16 January 2016 - TheChina-backedAsian Infrastructure Investment Bank,headquartered in Beijing, opens for business. 30 January 2020 - Outbreak of coronavirus in Wuhan, 15 November 2020 - The world's largest free trade agreement, the Regional Comprehensive Economic Partnership (RCEP), is signed by China and other Asian partners. But Im not ruling out the latter. ( source) 1 October 1999 - A new unified Contract Law came into effect, replacing 3 Many mines and factories had been damaged or destroyed. 63 Economic Events. China held 62.64 million fine troy ounces of gold at the end of October, unchanged from the end-September. What do you think about Buy Europe? Is Chinas economy in trouble? Xi Jinpings references to revolutionary spirit underlines his resolve to barter Chinas vast capital and market for tech cooperation to break the US chip ban, and attract talent, including for military modernisation. That will add fuel to the fire. (, 26 December 2009- Trains entered service onthe, 1 May 2010 - Shanghai holdsExpo 2010 for a 6 month period under the theme "Better City Better Life". Back for a third term, the countrys newly elected president is also in a position to reach out to China to help weather a global recession. The profile is both hilarious and extremely sharp. (, 31 August 1993 - Power operation commenced at the Daya Bay Nuclear Power Plant, the first large-scale nuclear power station in China. (, 11 December 2001 - China became a member of the World Trade Organization (WTO). China's six largest state-owned banks vowed they will enhance support to the slowing economy, in response to President Xi Jinping's call for a high-quality economic growth at the opening of a critical Communist Party Congress. Uncertainty over Chinas economic policy direction under the new leadership has roused suspicion of a return to the planned-economy era that experts say is unfounded. Chinas chip imports see biggest drop in 2022 amid US restrictions, weak demand, Chinas forex reserves rise unexpectedly, officials to support stability, Turning point for China trade as exports suffer first drop in over 2 years, Brookfield to launch Shanghai project as China property distress lures funds, Chinas pledge to help Africa with climate response may see renewables boom, No 1 priority for China is still GDP growth, senior economic official asserts, Shein faces new competition from Pinduoduos fast-growing new app, China-backed revival of Bangladeshs Teesta River could start soon, Amid chill in China ties, India and Taiwan look to deeply engage, Opec-style lithium cartel a fools errand, wont undercut Chinas dominance, Technology, talent and a modern military Xi wants it all for China. Chinas policymakers must decide whether to restore the yuans competitiveness against the yen or ensure that dollar-priced goods remain affordable. Whichever turns out to be the case, this is Indias chance to take the lead as the worlds fastest growing economy (a feat it did achieve once before, between 2013 and 2018). Sign up to our mailing list to receive our latest content, updates and more. (, 10 October 2000 - Bill Clinton signed into law the United StatesChina Relations Act which granted China permanent normal trade relations, easing trade barriers and facilitating China's entry into the WTO. The BBC is not responsible for the content of external sites. Attracting top-tier professionals is critical to Chinas economic competitiveness, but lacklustre pay, a utilitarian research environment, and political concerns appear to be impeding the nations ability to recruit from the prime talent pool. The economic fallout from the pandemic has given bond vigilantes a new lease on life, as shown in the response to the turmoil in Britain. Feel free to pick and choose what you want to answer here, and heres hoping you get to rest up for the midterms! This led to the official rate going from 5.8 to 8.7 RMB to the USD overnight, perceived as a major devaluation. 1st Annual Conference on Chinas Economic Development and the U.S. China Relationship. Video, 00:03:58. Video, 00:03:03The people living in half-built homes, Evergrande unit told to pay $1.1bn over unpaid debt, China signals it could miss economic growth target, UK set for slowest growth of all richest countries, China economy shrinks on zero-Covid policy, HARDtalk. For starters, richer Chinese are scared about the more authoritarian, top-down nature of President Xi Jinpings regime. Many events have shaped the extraordinary 40+ years of Chinese economic reform. Audio, 23 minutesHARDtalk. I was on a very interesting conference call about the economic future of China last week, and one participant noted something quite telling during last weeks market rout, both foreign and domestic investors in China dumped a lot of short-term risk assets, but foreign fixed-income investors didnt give up as many longer-dated Chinese bonds, while domestic investors dumped nearly everything. Exports of goods and services were up a strong 14.4% while imports were down 6.9%. If Republicans gain control of House and possibly Senate it may have an impact on China policy, including Taiwan and trade protectionism, according to international relations expert. Audio, 00:12:01Why is China struggling to sell fighter jets? China remains globally important not only as a base for manufacturing, but increasingly for its strengths in research and innovation. These bond investors have less sway in China, but its zero-Covid policy and lockdowns still weigh on sentiment and hopes of a stock rally. Nov 7, 2022 12:00 PM -08:00 Christopher Vecchio, CFA, Senior Strategist. 2022 BBC. (, 12 April 2002 - The first annual meeting of Boao Forum (akathe "Asian Davos") was held in China's, 4 November 2002 - Framework agreement on theASEANChina Free Trade Area, China's most significant free trade agreement, was signed. (, July 2021 -The Chinese Communist Party will celebrate their 100th anniversary. 1. (, 6 February 1983 -China's first international hotel, the White Swan, opens in Guangzhou. Chinas foreign exchange reserves dropped $197.74 billion in the first 10 months of 2022, official data showed. (, 7 September 1990 - The Copyright Law was adopted for the first time by the National People's Congress Standing Committee, whichtogether withTrademark Law (1982) and Patent Law (1984)forms the legal framework for protecting intellectual property in China. World Business Report. API users can feed a custom application. (, 25 September 2019 -Opening ceremonyfor Beijing Daxing International Airport,which featuresthe world's largest terminal in a single building. Beijing's two-step plan to build what it calls a "great modern socialist country in all respects" by 2049, the centennial of the People's 5:24 AM PST. We may feature an excerpt of your response in the next newsletter, FirstFT Americas Our pick of the best global news, comment and analysis from the FT and the rest of the web. All rights reserved. One of the biggest may be regarding how Chinas own economy will perform over the next few years. As most people know, a credit bubble of unprecedented proportions built on the real estate sector is unravelling, and challenging the finances of provincial governments. (, 1 January 1995 - China's basic employment law, the Labour Law, came into effect. In response to Why Democrats are still clueless about Hispanics:The Democrats do seem unable to learn or break out of their entrenched positions. personalising content and ads, providing social media features and to China tells local officials to breathe new life into old state-owned assets, Inflation, Chinas economy to chill Taiwans multibillion-dollar chip sector, Lucky 13? The State Administration of Foreign Exchange (SAFE) said in a statement that the increase in October reserves mainly reflected valuation effects, as the dollar weakened. The UK government had earlier announced it would take "decisive steps" to stop Beijing from headhunting former pilots This number garnered a lot of press on the day the GDP report was released and is seen as evidence of a very weak economy. The battle for technological superiority between the United States and China is the ultimate competition between two radically different systems. for the first time and reached an all-time high of $2,072/oz on August 7, 2020. The economy of China is based on diverse sectors. The countrys emissions of greenhouse gases rose last year at the fastest pace in a decade. Gideon Rachman sums up the state of the new world order well in this column. Unique insights and analysis on the stories that matter to Southeast Asia, German exhibitors at China import trade fair expect business ties to improve, Shanghai expos focus is on sustainability, but visitors have mixed feelings, Amazons new warehouse in eastern China will get shoppers overseas goods faster. New data shows that 42 countries now have public debt exposure to China. The people living in half-built homes. But you should never underestimate its capacity to screw up. It has a much younger age profile than China, which is hitting a demographic middle-income trap. China makes it through this period of turmoil, manages a kind of soft decoupling with the US (with lots of exemptions for various products) and then leverages the speed of decision-making inherent in authoritarian regimes to bolster its own technology needs and ultimately achieve regional supply chain independence. China held 62.64 million fine troy ounces of gold at the end of Henry Huiyao Wang: Is China exposing its vulnerabilities? Newsday. 2716. Temu has become the most-downloaded shopping app in the US this month as it aims to compete in cheap fast-fashion, but higher costs in the competitive consumer market could prove challenging. All of which suggests that things are finally looking up forIndia. The newsletter will be free to read online over the next two weeks, through the US elections. China will keep the yuan stable and increase flexibility of the currency, Yi Gang, governor of the Peoples Bank of China (PBOC), said last week. High global inflation and tightening monetary policy in the West has been highlighted as a significant challenge for China by central bank governor Yi Gang and top banking regulator Guo Shuqing. The economic depression of the 1930s had a terrible impact on the western world but did it also have the same impact in China? China recently pledged to help 19 African nations combat climate change, potentially unleashing a rush of green investment. 0. A blanket ban on products that use US technology being sold to China would not just affect Chinas tech development and hurt US companies with Chinese business. (. 4 April 1999 - Alibaba, now the world's largest retailer and e-commerce company, was founded by Jack Ma. (, 15 April 1989 - The death of CCP leader Hu Yaobang, a prominent reformer, leads to political unrest, slow economic growth and significant uncertainty over the direction of China's economic reforms. Key Messages: China Economic Update June 2022. The omission comes at a time when Chinas internet industry is struggling from decreased consumer spending and a faltering domestic economy, following a series of regulatory crackdowns. 19581962: Great Leap Forward. 6 April 1984 - 14 "Coastal Development Areas" opened to foreign investment: 18 February 1985 -A further 3 "Coastal Open Economic Regions"were established in the Yangtze River Delta, the Pearl River Delta and the "Xiamen-, 12 December 1985 - One million USD was exchanged at the Shenzhen SEZ Swap Center, the first transaction since government Swap Centers were established offering foreign currency at values higher than the official rate.
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