America's North Shore Journal » Entries tagged with "Chinese economy"
China’s Exports Drop
China’s exports fell more than expected in January, down 17.5% from a year earlier, marking the biggest drop in more than 10 years, figures have shown. Imports were down 43.1% in the month compared with a year ago, as China’s economy continued to be hit by the global economic slowdown. Analysts say the slowdown could prompt more factory closures and job losses. China’s global trade surplus widened to $39.1bn last month, after recording a surplus of $39bn in December. BBC The Ponzi scheme that is the Chinese economy is gravely threatened. Exports cannot fall for any length of time or the cash flow necessary to keep the economy super stimulated dies. Commodity prices must remain low and supply high. And the tens of millions of rural Chinese who work in the “new” economy must … Read entire article »
Filed under: China, China's Economy
More Chinese Job Losses
China says 20 million migrant workers have lost their jobs during the economic downturn – three times greater than had been suggested previously. A survey carried out in 15 provinces suggests around 15% of the total migrant labour pool is now unemployed. Each year between five and seven million new workers from rural areas come to China’s biggest cities looking for work. They join a migrant worker labour pool estimated at around 130 million. There are fears that large numbers of unemployed workers could lead to social unrest. BBC … Read entire article »
Filed under: China, China's Economy
China’s Money Pipeline Going Dry
China has used its trade surplus with the US to fund its military expansion and to pay for the 10% plus growth it claims for its economy. What happens when the money dries up? China’s exports have dropped into their biggest decline in a decade. Exports in December were down 2.8% from the same time last year, a bigger decline than November’s 2.2% drop, the China Daily said. The numbers provided fresh evidence of a serious trade slump that has caused a wave of factory closures and staff layoffs, analysts said. The communist leadership has expressed fears of social unrest as economic problems worsen. BBC … Read entire article »
Filed under: China, China's Economy
China Preparing for Internal Turmoil
Organised crime is on the rise in China, and courts across the country saw a 160% annual increase in gang-related crime in 2007. “Gang-related crimes have become a threat to our social stability and the economy,” one un-named official from the Public Security Bureau told the China Daily. “Murder, rape, robbery, kidnapping, assault… they dare do anything,” the official said. He said the construction, transport and mining sectors were all areas that attracted gang crime, but warned that other industries were also increasingly being affected. With the economic downturn, Chinese authorities are worried that the problem will get even worse, and the new campaign aims to make sure this does not happen. The official said the authorities would “keep a close eye” on crime resulting from the slowing economy. Migrant workers are the backbone of China’s … Read entire article »
Filed under: China, China's Economy
Chinese Economy Threatened By Deflation
It is foolish to accept Chinese economic figures at face value. China remains a centralized communist state. It has no incentive to produce honest data on its economy, nor do the people in the trenches have any incentive to report the economic truth up the line to their superiors. Everything about the economy of China should be treated with suspicion. As the risk of deflation looms large on top of weaker exports and declining private real estate investment, China’s economy may continue to slow down in the quarters immediately ahead but regain growth momentum in the second half of next year, according to a Morgan Stanley report released on Wednesday. In its China Economics Outlook for 2009, the Hong Kong-based Morgan Stanley Asia forecast China’s baseline GDP growth would be around 7.5 … Read entire article »
Filed under: China, China's Economy
Protest Violence in China
More news about violence and turmoil in China. Beijing officials routinely cite 8% GDP growth as the level needed to sustain employment. China’s growth rate is currently hovering around 9%, its lowest in seven years, and many expect next year’s figure to be lower. Efforts to boost GDP include Sunday’s announcement that the country will spend $1.4 trillion to stimulate the economy. Reliable unemployment figures are not available, but factory closures appear to be up: 67,000 small- and medium-size enterprises have shuttered in the first half of this year, according to government statistics. Thousands of workers at a diesel factory in Jiangsu province protested this month because of concerns over potential layoffs. A closer look at what happened in Longnan last week shows why protests are likely to intensify as people become … Read entire article »
Filed under: China, China's Economy
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