In July of this year, official Chinese data showed that the country's economic growth had fallen behind the government's economic target.
Aside from its weak GDP performance, China showed that there was a drastic fall in consumer confidence and a massive downturn in property prices that has caused some of the largest state companies to default on their loans.
The Chinese government, which really means the Communist Party, has taken drastic steps to reignite its economic growth. Many Western observers have pointed out that the steps taken by Xi Jinping have actually exacerbated the situation. It seems that China's main solution is to increase its industrialization and investments in more infrastructure. Beijing's industrial policies have led to over-investment in manufacturing, which has led to huge debt burdens for Chinese local governments and business firms.
China is producing far more output than the domestic economy can absorb. As in the past, it has turned to foreign markets to absorb its excess production.
However, in the last few years, foreign nations, especially the relatively rich Western countries, have started countering the overflow of Chinese exports of cheap products, many of them even being sold for below the break-even point.
In December 2023, European Commission President Ursula von der Leyen warned that excess Chinese production was causing unsustainable trade imbalances and accused Beijing of engaging in unfair trade practices by exporting ever greater quantities of Chinese products into the European market at cutthroat prices.
Denne historien er fra October 03, 2024-utgaven av The Philippine Star.
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Denne historien er fra October 03, 2024-utgaven av The Philippine Star.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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Coron, Siargao airports up next for PPP
The government has started evaluating the offers made by the Udenna and Gokongwei groups to operate the airports in Coron and Siargao, respectively, signaling that more gateways will be transferred to private hands under the Marcos administration.
10 firms gearing up for IPOs next year
Some 10 companies are seen undertaking their initial public offerings (IPO) next year on the back of better market conditions, BDO Capital & Investment Corp.president Eduardo Francisco said.
'Power crisis looms without balanced energy mix”
The country needs a balanced approach toward energy transition, as overdependence on a single power source could lead to a dire energy crisis, according to Aboitiz Power Corp.
Slower-than-expected Sept inflation buoys stocks
The stock market soared to a new high in more than two years as the country's inflation dropped to over four-year low in September.
Inflation slows to 1.9% in Sept
Inflation eased further in September to its lowest level in more than four years, driven by the slower increase in food prices, according to the Philippine Statistics Authority (PSA).
CONVERGE FORCES GAME 5
Fired up by its 114-112 steal in Game 3, Converge sprang another ambush on mighty San Miguel Beer.
Gov't eyes $25-B investment to boost energy sector
The country aims to unlock up to $25 billion in investments from a coalition of global investors as the government rallies to secure the entire funding to power the energy sector.
Arellano stuns CSB, boosts hopes
Arellano University added another big fish to its growing NCAA Season 100 catch after it shocked leader St.
Phl Xls set friendlies
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Regional bets dominate PGT match play
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