china economy

As it happened: China’s ‘two sessions’ 2024 – Beijing defends realistic GDP goal, vows to crack down on financial market irregularities

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As it happened: China’s ‘two sessions’ 2024 – Beijing defends realistic GDP goal, vows to crack down on financial market irregularities

This story has been made freely available as a public service to our readers. Please consider supporting SCMP’s journalism by subscribing in our spring flash sale. China’s finance and commerce ministers, as well as the heads of the People’s Bank of China, National Development and Reform Commission and China Securities Regulatory Commission, met the press … Read more

China’s Country Garden Holdings on brink of defaulting on $11 billion overseas debt: Report

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China’s Country Garden Holdings on brink of defaulting on $11 billion overseas debt: Report

Country Garden Holdings, China’s biggest private property developer, is hours away from defaulting on its $11 billion in overseas debt, yet to make a coupon payment due on Wednesday to its bond investors. The looming default, which would be the latest in scores of Chinese developers who have defaulted, would deepen the crisis roiling the … Read more

China’s economic growth target of 5% for 2023 at risk due to property crisis

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China’s economic growth target of 5% for 2023 at risk due to property crisis

China will just about meet its economic growth target of around 5% for this year, the latest Bloomberg survey shows, although the ongoing property crisis is raising the risk of a miss. The economy is projected to expand 5% in 2023, according to the median estimate in a new Bloomberg survey of 78 economists — … Read more

China Evergrande files for protection in US court as part of $32 billion debt overhaul | Business News

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China Evergrande files for protection in US court as part of $32 billion debt overhaul | Business News

News Business Companies China Evergrande files for protection in US court as part of $32 billion debt overhaul Embattled developer China Evergrande Group has filed for protection from creditors in a US bankruptcy court as part of its debt restructuring process, as anxiety grows over China’s worsening property crisis and a weakening economy. Evergrande announced … Read more

The dollar shouldn’t be the reserve currency, but neither should the renminbi

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The dollar shouldn’t be the reserve currency, but neither should the renminbi

Authors: Matthew Harrison, HKIIF and Geng Xiao, PKU With the renminbi used for only around 2 per cent of international transactions and reserve holdings, it’s still far from supplanting the US dollar as the currency of choice and its use lags far behind what China’s 16 per cent share of the global economy would suggest. … Read more