SOURCE >> Economy

China-US trade down 12.8% in Jan-April amid souring ties and pandemic

China's trade with the US continued to drop from January to April amid the COVID-19 pandemic, with the total value of China-US trade down 12.8 percent to 958.46 billion yuan ($135.07 billion). China's imports from the US slid 3 percent, while exports plunged 15.9 percent, official data showed on Thursday.
Source: Global Times | 2020/5/7 13:42:58

China's exports unexpectedly increase 8.2% in April as imports shrink

China's yuan-denominated exports increased 8.2 percent year-on-year to 1.41 trillion yuan ($199 billion) in April, beating market expectations of double-digit negative growth.
Source: Global Times | 2020/5/7 12:08:43

China Caixin services PMI rebounds in April but still in contraction territory

The Caixin services Purchasing Managers Index (PMI) in, a gauge of China's services sector activity, showed a slight rebound in April from March though it is still stuck in the contraction territory as China experienced great stress from sluggish overseas orders and impacted domestic industries while it tried to return its economy to normal.
Source: Global Times | 2020/5/7 11:53:40

European Commission forecasts historic recession for 2020

The European Commission said in an economic forecast that despite a policy response at both the European Union (EU) and national level, the EU economy will experience a recession of historic proportions this year due to the coronavirus pandemic.
Source: Xinhua | 2020/5/6 21:42:07

US fashion brand Unif angers Chinese consumers

US fashion brand Unif angered Chinese netizens by listing the Hong Kong Special Administrative Region (HKSAR) on par with China on its website and app information. Some Chinese consumers criticized the listing as disregarding the one-China principle and called for a large-scale boycott to make the company pay for its wrongdoing.
Source: Global Times | 2020/5/6 19:49:10

China-US phase-1 deal may not be carried out 100%, but won't return to square one: expert

Full implementation of the phase one trade agreement between China and the US is highly unlikely, despite China's efforts to carry out its end of the bargain, due to obstacles posed by the coronavirus pandemic, which could undercut the US' ability to supply relevant products, but it won't return to square one, Chinese trade experts close to the government said on Wednesday.
Source: Global Times | 2020/5/6 18:48:40

Blockchain to nurture China-Australia trade ties

Despite recent efforts by Australian businesspeople to forge closer ties with China to cushion the Australian economy from the fallout of the global pandemic, Canberra's recent posturing by hyping up a coronavirus conspiracy against China will backfire, seriously damaging its relations with China, industry observers said.
Source: Global Times | 2020/5/6 17:43:40

Chinese stock market opens lower, as investors are spooked by US-China divergence

The Chinese stock market saw a moderate drop on Wednesday following the five-day May Day holidays, with investors weighing optimism over improving global COVID-19 prevention and control.
Source: Global Times | 2020/5/6 11:23:40

HSBC Life becomes first to buy out partner in mainland unit

HSBC Holdings announced on Monday that its indirect subsidiary in Asia HSBC Insurance (Asia) will buy out the 50-percent stake in HSBC Life Insurance Co (HSBC Life China), its life insurance joint venture in China, from the company's life assurance partner in China National Trust, making HSBC Life the first foreign life assurance entity in the Chinese mainland to move from a joint venture to a sole proprietorship.
Source: Global Times | 2020/5/5 19:38:40

RCEP may be signed by year-end, probably without India: experts

The downward pressure posed by COVID-19 on the member countries of the proposed Regional Comprehensive Economic Partnership (RCEP), as well as China's relatively early economic recovery, may encourage progress on regional economic cooperation and lead to an agreement being signed by year-end, according to experts, but the process might not include India.
Source: Global Times | 2020/5/5 19:28:40

How will COVID-19 change the world economy?

The world has rarely seen, if ever, four market circuit breakers and negative oil prices during the same period, while numerous planes are grounded in some of the world's busiest airports and production has stopped in plants across the world.
Source: Xinhua | 2020/5/5 19:08:40

Shanghai witnesses shopping frenzy during May Day holidays

Young consumers made a 100-meter queue outside Shanghai's iconic New World City mall on Monday night, buying everything from lipstick to sneakers and cars, part of the city's shopping campaign in which more than 10 billion yuan ($1.42 billion) of consumer goods were sold within 18 hours.
Source: Global Times | 2020/5/5 18:08:40

First batch of Korean workers fly back to Wuhan on chartered flights

On Friday, two chartered flights carried by China Southern Airlines departed from Seoul, South Korea, taking 136 Korean technicians and supplier representatives back to Wuhan, Central China's Hubei Province, the city that was hit hardest by COVID-19, reported.
Source: Global Times | 2020/5/5 16:13:40

HK Q1 economy posts biggest contraction since 1974

Hong Kong's economy fell 8.9 percent in real terms in the first quarter from the year be-fore, the most significant drop since the first quarter of 1974. That's when the quarterly numbers became available, according to official estimates on Monday, illustrating the economic shock of the COVID-19 outbreak that has pushed the local economy deeper in the red.
Source: Global Times | 2020/5/4 16:46:27

Foreign investment in Shanghai up 4.5% in Q1 despite economic impact caused by COVID-19

Shanghai has attracted $4.67 billion in foreign investment in the first quarter, up 4.5 percent year-on-year, despite the economic impact caused by COVID-19, Economic Daily reported on Monday.
Source: Global Times | 2020/5/4 15:51:08

Mainland stocks could embrace turbulence in May

H shares started Monday's trading session sharply lower with mainland firms listed in the city's stock market plunging in the morning session, hinting at the start of a turbulent month for mainland stocks when the market reopens Wednesday after an unprecedented five-day May Day holiday.
Source: Global Times | 2020/5/4 12:34:29

China Merchants Bank net profit up 10.12 pct

China Merchants Bank, one of the largest lenders in China, posted a net profit growth of 10.12 percent in the first three months of 2020.
Source: Xinhua | 2020/5/3 22:07:24

Trump's tariff threat on China a farce: experts

Chinese analysts said on Sunday China does not consider US President Donald Trump's new tariffs threats credible, and regarded the threats more of a distrac-tion to deflect blame over his incompetence in the face of the coronavirus epidemic and part of his reelection bid.
Source: Global Times | 2020/5/3 21:48:40