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Is China’s economic miracle nearing its end? | Mint Primer | Mint

China's economy is facing challenges due to authoritarian policies, lockdowns, and economic shifts. GDP growth, while at 6.3%, is losing momentum, and youth unemployment is high. Exports, imports, and consumer spending are down, and manufacturing and service sectors are struggling. The country's traditional growth engines of exports, real estate, and infrastructure projects are sputtering. China's attempt to boost domestic consumption hasn't yielded expected results. The appointment of Pan Gongsheng as the new central bank governor reflects Beijing's firm approach to economic challenges. Despite setbacks, China's economic power remains substantial, with a head-start over India in terms of GDP growth, per-capita income, life expectancy, and education.

22 Aug 2023
Videos

Why China’s government might struggle to revive its economy | Mint Primer | Mint

China's post-Covid economic recovery has turned out to be shaky rather than robust. Initial pent-up demand was followed by economic data for April falling below expectations. China's stocks, government bond yields, and currency declined in response. The purchasing-managers indices (PMIs) for May showed slower growth in services output and consecutive shrinkage in manufacturing activity. Falling input and output prices are hurting industrial profits, hampering manufacturing investment, and raising concerns of deflation. The economy is facing a double-dip risk, potentially with close to zero growth from one quarter to the next. China may resort to easier monetary policy and looser fiscal measures, but some worry the government's response might be inadequate.

18 Aug 2023
Videos

How can China contain its $8.3 trillion fiscal crisis? | Mint Explains | Mint

Explore the precarious financial situation in China as we delve into the country's extensive debt crisis, focusing on the growing concern surrounding local government financing vehicles (LGFVs). With LGFV debt reaching a staggering 57 trillion yuan, almost half of China's GDP, questions arise about China's ability to avoid a full-blown financial disaster. Join us as we analyze the impact of tightened regulations, investor confidence, and the alarming risks associated with LGFVs' inability to service their debt. Discover the potential consequences of municipalities relying on LGFVs to address fiscal problems and the mounting pressure on wealthier provinces to trigger a financial scare. As China's economy matures, find out how Beijing must carefully navigate this critical situation to ensure stability and avoid a long-anticipated financial crisis.

21 Jul 2023
Economy

Falling oil prices may not ease inflation

According to economists, falling crude oil prices can, however, help the government on the fiscal and macroeconomic front, with the country being heavily dependent on imports to meet its energy needs.

2 min read13 Jul 2023
Economy

Unemployed population may rise in 2023; Nearly 21 cr may become jobless: Report

The current slowdown means that many workers will have to accept lower quality jobs, often at very low pay, sometimes with insufficient hours

2 min read16 Jan 2023
News

World Bank to warn of global recession risk in economic outlook

Even without another crisis, global growth this year ‘is expected to decelerate sharply, reflecting synchronous policy tightening aimed at containing very high inflation, worsening financial conditions’

1 min read7 Jan 2023
Markets

Runaway equity rally rerun unlikely this year

In 2022, equity investors need to brace for a scenario of interest rate hikes and lesser liquiditySome emerging economies, including Brazil and China, have raised key lending ratesInvestors cannot ignore the risks of Omicron-led curbs if it becomes a severe health threat

2 min read3 Jan 2022
Industry

IEA says oil demand recovery set to slow for rest of 2020

‘The economic slowdown will take months to reverse completely ... in addition, there is the potential that a second wave of the virus (already visible in Europe) could cut mobility once again’

1 min read15 Sep 2020
News

Reforms not always slow in democracies

Media chatter on reforms peaks during economic downturns in democracies and is often followed by actual policy changes, finds new research

1 min read1 Sep 2020
News

Postal slowdown sparks claims of plot to undermine US vote

The United States Postal Service is popularly known for delivering mail despite snow, rain or heat, but it faces a new foe in President Donald Trump

4 min read16 Aug 2020
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Budget

The Union Budget contains details about the estimated receipts and the expenditure of the government for a particular fiscal year. The Budget is allotted for the upcoming fiscal year, which runs from 1st April to 31st March of the next year. Here is a quick guide on how the Union Budget is prepared

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