New data shows China’s post-COVID economic recovery has vanished and is now weakening across a broad range of sectors, leaving it “teetering on the brink of deflation,” CNBC reported.
Tag: China
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SPOTLIGHT: CHINA’S ECONOMIC STUMBLE
China exported 7.5 percent less in May than a year before and imported 4.5 percent less, the General Administration of Customs said, cutting factory output and adding evidence that the country’s delayed post-COVID rebound has sputtered, which we reported in “China’s Post-COVID Recovery Fizzles” (6 Jun 2023).
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SPOTLIGHT ON CHINA
China’s manufacturing and services sector both slowed in May, offering more evidence that the growth spurt early this year after the government lifted anti-COVID restrictions has not lasted.
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SPOTLIGHT: CHINA
China dominates lithium refining but has only 8 percent of the world’s raw lithium, less than Argentina, Bolivia, or Chile. Even the U.S. has more lithium ore than the Asian giant.
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SPOTLIGHT: CHINA
In 2022, Chinese investment in Europe and Britain sank to €7.9 billion, 22 percent below 2021’s level and the lowest since 2013, according to a new study by Rhodium Group and Merics, a German think tank.
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CHINA’S HOLIDAY SPENDING HINTS AT FUTURE ECONOMIC STRENGTH
Chinese consumers spent lavishly through the Labor Day holidays during the first week of this month, a traditional barometer of the consumer economy’s future strength.
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SPOTLIGHT: CHINA
China’s manufacturing economy slumped in April, with the purchasing managers index (PMI) for the sector slipping from 51.9 in March to 49.2 last month.
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SPOTLIGHT: BYE BYE BUCKS – DEATH OF THE DOLLAR
China’s yuan, not the dollar, was the most-used currency in China’s international trade at the end of March, Business Insider reported.
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SPOTLIGHT: CHINA
China’s export economy expanded by 14.8 percent last month, overcoming a sluggish world economy by increasing sales of electric vehicles (EVs) and related items, and also by expanding its trade with Russia, the Financial Times reported.
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BIG SPENDERS, ESPECIALLY IN CHINA, FLOCK BACK TO LUXURY BOUTIQUES
Luxury conglomerate LVMH Möet Hennessy Louis Vuitton reported a 17-percent spike in first-quarter sales, year over year, as well-heeled Chinese shoppers returned to its stores and consumers in Europe and Japan stocked up on the company’s clothing, handbags, and jewelry.