Coronavirus Causes A Dramatic Collapse Of China’s Economy
Beijing (Forbes) - A series of newly released economic indicators show a dramatic decline in China’s economy due to the coronavirus outbreak. The collapse in industrial production, retail sales and fixed-asset investment was much more serious than analysts had expected. The data, released Monday, can serve as a warning to other countries as to the coronavirus’ toll on the economy. Industrial production, a gauge of manufacturing, mining and utilities activity, dropped 13.5% in
China’s Factories Are Reeling From Forced Coronavirus Closures
Beijing (Forbes) - China mandated factory shutdowns across most of its provinces last month as it struggled to control a new coronavirus epidemic that started in its central metropolis of Wuhan. Factories were supposed to remain closed for another 10 days after the weeklong Lunar New Year holiday and reopen on February 9. When that day arrived, Cui Kexu, like thousands of factory owners across China, was waiting for an official green light to restart production. None came. Al
Beyond ‘Decoupling’: How China Will Reshape Global Trade In 2020
Beijing (Forbes) - The idea of a “decoupling” between the United States and China started gathering steam earlier this year, as the trade war between the two countries intensified and negotiators on both sides repeatedly failed to reach a solution. In theory, decoupling would mean ripping up global supply chains, freezing foreign investment initiatives and burning down the geopolitical bridges that were built over the past four decades between Washington and Beijing. Decoupli
China to hold massive military parade amid headwinds for leader
China is set to stage its largest military parade ever to celebrate the 70th anniversary of the Communist Party coming to power. But while President Xi Jinping will use the occasion to reassert his position, he faces headwinds on multiple fronts. Beijing (dpa) – On October 1, more than 15,000 troops and 580 sets of military equipment will roll down Beijing's historic Chang'An Avenue, while more than 160 military aircraft will whiz through the air above. The military parade, C
'A heartbreaking place:' Beijing's migrant workers forced to leave
Beijing is driving out large numbers of migrant workers in the name of safety, and demolishing their homes and workplaces. Although they have lived through this before, many are no longer able to see themselves at home in China’s capital. Beijing (dpa) – Chen examines the rubble that used to be the homes of several migrant worker families on the southern outskirts of Beijing. From among pieces of glass, knocked-down walls, items of clothing and stray shoes, he picks out a fla
In China's 'rust belt' province, shaky economy disrupts lives
China's north-eastern Liaoning province was the country's only region to slump into recession last year. A new plan to save the corruption-plagued "rust belt" province is regarded by residents with a mixture of hope and scepticism.
Beijing (dpa) - Xinghai Square in the north-eastern Chinese city of Dalian used to be one of the city's great attractions.
Overlooking the sea and the striking Xinghai Bay Bridge, it was lined with seafood restaurants. A 20-metre-high column in
EU states to refuse to sign trade statement at new 'Silk Road' forum
Beijing (dpa) – EU states voiced reservations over Beijing's ambitious plans to create a new "Silk Road" for intercontinental trade and infrastructure, demanding guarantees from China on free trade, environmental protection and working conditions. Germany's economy minister, Brigitte Zypries, said EU countries are determined not to sign a joint statement on trade unless China meets their demands, speaking at the Belt and Road Forum on Sunday. "So far the demands of the EU cou
China's Belt and Road initiative is pinnacle of president's ambitions
China is preparing to host regional leaders at a summit to promote the "New Silk Road." How far do Beijing's ambitions go? Beijing (dpa) – When Chinese President Xi Jinping takes a group photo with some of Eurasia’s most powerful political leaders later this month in Beijing, it will mark a new milestone in his quest to cement China's position as the top regional power. High-ranking officials from more than 100 countries, including Turkey’s Recep Tayyip Erdogan and the Philip
China desperately needs low-income migrant workers to buy homes and save the economy
BEIJING (Quartz) - In the past few years, China has relied on its astonishingly high number of rural migrant workers to pour into factories and construction sites and fuel its economy. Now, migrant workers are again seen as a solution for sustaining the country’s economic growth—this time by buying houses in China’s cities. China has taken a series of measures in recent years to encourage white-collar workers to buy into its housing glut. But now the upper segment of the mark
