China 

China economy reports lowest GDP growth on record for second quarter as US trade war bites

China’s economic growth slowed to a record low of 6.2 per cent in the second quarter of 2019 as the shock from the protracted trade war with the United States continued to resonate through the world’s second largest economy.Gross domestic product (GDP) growth slid from 6.4 per cent in the first quarter, according to data published by the National Bureau of Statistics (NBS) on Monday. Even during the global financial crisis in 2009, China’s quarterly GDP growth did not dip below 6.4 per cent.The… Source link

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Global 

Singapore exports suffer biggest fall in three years as exposure to Chinese economy, US trade war bites

Concerns over Singapore’s exposure to the Chinese economy mounted on Monday after new data showed that its non-oil exports fell by 15.9 per cent in May, the largest decline for more than three years.Exports to China and Hong Kong slumped by 23.3 per cent and 24.8 per cent from a year earlier respectively, showing Singapore’s vulnerability to fluctuations in regional trade as an important trade and shipment hub for Asia-Pacific.Many of the goods bound for China from other nations pass through… Source link

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China 

As trade war bites, China should keep calm and remember Deng Xiaoping, former adviser says

China should remember the words of its late paramount leader Deng Xioaping and “cope with affairs calmly” to avoid any further escalation of its trade and technology war with the United States, a former government adviser has said.Speaking at a seminar at Tsinghua University in Beijing recently, Jia Kang, a former head of research at China’s finance ministry, said the country also needed to be realistic about its ability to prevail in the long-running dispute.“To be honest, China is still far… Source link

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Huawei scraps first product launch as US trade ban bites

In this May 26, 2016, photo, a man walks past a Huawei logo during a launch event for the Huawei Matebook in Beijing. As trade disputes simmer, Chinese telecommunications giant Huawei, the No. 3 smartphone brand, is shifting its growth efforts toward Europe and Asia in the face of mounting obstacles in the US market. (AP Photo/Mark Schiefelbein) Source link

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Stocks Blog: Hong Kong, China benchmarks poised to end May with losses as trade, tech battling bites

Happy Friday, traders. Well, it’s the last trading day of May, a month many traders will be glad to see go. The Hang Seng Index and the Shanghai Composite are poised to end the month with losses. For the Hang Seng, that would be the first monthly loss of this year. For the Shanghai Composite, it would be back-to-back monthly losses. The US isn’t showing signs of backing off on its pressure on Huawei and other tech companies. China manufacturing data is coming. We will keep you up on the……

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China, Hong Kong markets see another week of declines as trade war bites

Chinese markets closed down for the fourth-straight week, while Hong Kong fell for the second-consecutive week, as reignited trade tensions sent investors racing for the doors.On Friday, the Shanghai Composite closed down 2.5 per cent to 2,882.29, leaving its weekly loss at 1.9 per cent. That was better, though, than last week, when it plunged 5.7 per cent, when what had seemed to be a nearing trade deal suddenly unravelled. The week of April 29, Shanghai slipped 0.3 per cent. And the week… Source link

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China 

Orders and visitors down at China’s Canton Fair as US trade war bites

Activity at the Canton Fair, China’s largest trade fair, disappointed, with transaction value and the number of buyers down at its spring session, fair organisers said on Sunday at the end of the three-week gathering.Chinese exporters were unhappy at the fall in the number of deals, activity dented by the trade war with the United States. However, their foreign rivals cheered new orders, thanks in part to demand from countries taking part in the Belt and Road Initiative.Export orders booked at… Source link

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Corporate China hit by worst earnings on record in 2018, as trade war bites

This is the worst annual earnings season ever for China’s corporate sector, with a record 452 out of 3,602 public companies incurring annual losses, as the effects of the year-long US-China trade war seep into corporate earnings.By the end of April, the number of loss-making companies had doubled from 2017, while the proportion of such companies also hit an all-time high of 12.5 per cent, according to data provider Wind. The combined net profit of companies listed on the Shanghai and Shenzhen… Source link

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Global 

China’s private companies making a pig’s ear out of paying their bills as economic slowdown bites

Few companies are more symbolic of the horrible year experienced by China’s private sector in 2018 than Chuying Agro-Pastoral Group.The pig breeder from Henan, a province in Central China’s Yellow River Valley, defaulted on a bond worth a total of 1.5 billion yuan (US$223 billion) last year. It then made headlines in China in November when it offered to repay holders of debt it had defaulted on with ham or pork products.To compound matters, large numbers of its livestock starved to death, with… Source link

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Smartisan-backed Chinese messaging app that aimed to dethrone WeChat bites the bullet

Liaotianbao, formerly known as Bullet Message, once a fast-rising app that some people saw as a potential challenger to China’s dominant messaging app WeChat, dismissed 200 employees on Tuesday, according to a local media report.Once seen as an aggressive new player in China’s social media market, Liaotianbao faced a “David and Goliath” style battle with Tencent Holdings’ WeChat, the report said, citing multiple sources. Smartisan, the Chinese smartphone maker that backs Liaotianbao, did not… Source link

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