Tag: economy
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GBA’s GDP totals RMB13t in 2022
The gross domestic product (GDP) in the Greater Bay Area (GBA) exceeded RMB13 trillion last year. The data from the Bureau of Statistics of Guangdong Province ... -
Economy bouncing back from Covid, prosperity ahead
The local economy, as reflected by the Prosperity Index, has swiftly bounced back up to 3.6 points in January and is expected to reach 4 points ... -
Economy recovering to over 60% of pre-pandemic era: Pansy Ho
As at Chinese New Year, Macau’s economy has recovered to 60–70% of the pre-pandemic era, said Pansy Ho, CPPCC member, vice president of the All-China Federation ... -
China’s trade contracts as Western demand weakens
China’s trade contracted again in January and February as U.S. and European demand weakened in the face of interest rate hikes, adding to pressure on official ... -
Chinese planners promise 12 million jobs, economic rebound
Chinese economic officials expressed confidence yesterday they can meet this year’s growth target of “around 5%” by generating 12 million new jobs and encouraging consumer spending ... -
GDP plunges 27% in 2022
The economy of Macau declined by 26.8% year-on-year in real terms in 2022, data from the Statistics and Census Service (DSEC) showed. In 2022, Gross Domestic ... -
UM forecasts up to 44% GDP growth in 2023
The University of Macau (UM) projects that the economy will grow between 20.5% and 44.1% this year, with recovery being more obvious in the second half ... -
China’s growth falls to 3%, gradually reviving
China’s economic growth fell to its second-lowest level in at least four decades last year under pressure from anti-virus controls and a real estate slump, but ... -
Group expects Prosperity Index to improve this month
The city’s Prosperity Index is estimated to increase by almost a whole point this month, the Macau Economic Association (MEA) announced in a statement. The index ... -
China’s trade surplus swells to $877.6b as exports grow
China’s trade surplus swelled to a record $877.6 billion last year as exports rose despite weakening U.S. and European demand and anti-virus controls that temporarily shut ... -
Chinese regulators approve capital expansion for Ant Group
Chinese regulators have said e-commerce giant Alibaba’s finance affiliate Ant Group can raise $1.5 billion for its consumer finance unit in an important step forward after ... -
Prosperity expected to remain ‘low’ 2023Q2
The city’s prosperity index will likely bounce out of low rankings during or by the second quarter next year, the Macau Economic Association (MEA) has estimated. ... -
Fitch estimates 46% rebound in 2023 amid ‘lack of clarity’ on timing of policy shifts
Heightened policy uncertainty and a lacklustre recovery in mainland China, coupled with the global monetary tightening cycle and recessions in the US and Eurozone, will affect ... -
SAR’s bleak scenario continues as GDP contracts 33% in Q3
The SAR’s gross domestic product (GDP) plunged 33.4% year-on-year in the third quarter of this year as the city battled its largest outbreak since 2020. Due ... -
UK inflation accelerates to 41-year high of 11.1%
Britain’s inflation rate rose to a 41-year high in October, fueling demands for the government to do more to ease the nation’s cost-of-living crisis when it ... -
China consumer, factory activity down as virus controls rise
Chinese consumer spending contracted in October and factory activity weakened as anti-virus controls following a rise in infections weighed on the economy. Retail sales sank 0.5% ... -
Association identifies economy as central public concern
With the economy at the center of public discussion, a survey has discovered that residents want adjustments to the cash handout policy. The Choi In Tong ... -
Renault, Geely announced powertrain joint venture
Renault SA and China’s Geely announced plans yesterday for a jointly owned venture to produce gasoline-powered and hybrid powertrains, adding to a series of partnerships between ... -
Trade down on weak global demand, virus curbs
China’s trade shrank in October as global demand weakened and anti-virus controls weighed on domestic consumer spending. Exports declined 0.3% from a year earlier to $298.4 ... -
Huawei says revenue down 2.2% so far this year
Chinese tech giant Huawei’s revenue rose in the latest quarter as infrastructure sales helped to offset damage to its smartphone business under U.S. sanctions, according to ... -
China to further encourage foreign investment, push globalization
China will further intensify its efforts to encourage foreign investment, an official with the country’s top economic planner said yesterday. Zhao Chenxin, deputy director of the ... -
Hong Kong shares soar 5%, leading Asian market gains
Hong Kong’s share benchmark soared more than 5% yesterday as Asian shares tracked gains on Wall Street. New Zealand’s share benchmark rose 0.7% after its central ... -
OPEC+ weighs large oil cutback to boost sagging prices
The OPEC+ alliance of oil-exporting countries yesterday will debate a potentially large cut in the amount of crude it ships to the global economy — a ... -
UM forecasts economic growth to drop up to 29% in 2022
The University of Macau (UM) estimates that economic growth will drop between 26.4% and 29.2% this year. This is followed by a drop between 31.3% and ... -
High inflation in sight, US Federal Reserve to signal more rate hikes ahead
Last month, when Federal Reserve Chair Jerome Powell spoke at an economic conference in Jackson Hole, Wyoming, he issued a blunt warning: The Fed’s drive to ... -
Group expects Prosperity Index to remain low from August to November
The Macau Economic Association has announced that it expects the city’s Prosperity Index to remain at a low level – 1.8 or 1.9 points – from ... -
Premier Li highlights central role of consumption
Premier Li Keqiang has underlined efforts to promote the role of consumption as the major driver of economic growth and to expand effective investment in order ... -
Buffett’s company trims its stake in Chinese EV maker BYD
Warren Buffett’s company has trimmed its stake in Chinese electric car and battery maker BYD for the first time since it bought the shares in 2008, ... -
Economy shrinks by nearly 40% amid pandemic woes
The city’s economy contracted 39.3% year-on-year in the second quarter of 2022 amid the pandemic outbreak in the neighboring regions, which affected the city’s border restrictions, ... -
Beijing cuts interest rate to shore up stagnation
China’s central bank trimmed a key interest rate yesterday to shore up sagging economic growth at a politically sensitive time when President Xi Jinping is trying ... -
German FinMin pitches usd10b tax cut plan to dampen inflation
Germany’s finance minister said yesterday that the government plans to make tax cuts worth more than 10 billion euros ($10.2 billion) to benefit broad sections of ... -
Near 150 ex-offshore companies convert to normal operations
According to the government, 147 former offshore companies have retained their existing business names and started operating without an offshore license. The disclosure was made by ... -
Inflation surges to new 40-year high of 9.4%
Inflation in the United Kingdom has accelerated to a new 40-year high, driven by rising food and fuel prices that are contributing to a cost-of-living crisis. ... -
Economic group expects Prosperity Index to reach trough this month
As the city faces economic challenges amid the present Covid-19 outbreak, its Prosperity Index will likely see its lowest point in July, the Macau Economic Association ... -
Trade surplus surges to record as exports accelerate
China’s monthly trade surplus soared to a record $97.9 billion in June as export growth picked up after anti-virus controls that shut down Shanghai were lifted ...
