China’s economy: What next for the Asian powerhouse?
01 December 2021 | 10:16 am
China's post-COVID recovery has been hurt by Beijing's crackdown on real estate and tech giants. Strong exports have, until now, saved the economy but what happens when global demand for Chinese goods slows?
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The Chinese Communist Party is expected to unveil its lowest economic growth target in decades amid an ongoing slump in the country's real estate market. Also on the show: Mexico plans food tariff cuts to confront high inflation, and Franco-Angolan business ties take centre stage as President Emmanuel Macron visits Luanda.
As the National People's Congress opened this year's session, China set an economic target of "around 5%" — one of the lowest in decades — and announced a 7.2% increase in its defense budget.
In recent years, China has rigorously criticized unilateral sanctions as a foreign policy mechanism. At the same time, there are multiple examples of China doing the very same thing.
In his first press conference as China's top diplomat, Qin Gang said US policies risk "conflict and confrontation" with Beijing. From the "spy balloon" spat to Russia's war in Ukraine, Qin outlined where China stands.
UN Human Rights Council head Volker Turk has highlighted the scale of Russia's war in Ukraine and Moscow's crackdown on internal dissent. He also warned about the rights of minorities in China — and some Western nations.
The European Union is looking at how to boost ammunition supplies in both the short and long term at a meeting in Stockholm. A top EU official has called for "a war economy."
The iPhone maker's top supplier Foxconn plans to boost production in India, with a new facility in Bengaluru. But the move westward could be beset by red tape and quality control issues.
A number of countries, from Japan and South Korea to the Philippines, have been increasingly wary of Beijing's growing assertiveness and influence in the region.
In a letter to the Dutch parliament, the country's trade minister has said exporters of chip technology will have to ask for licences to do business abroad, citing concerns over international security. The Netherlands is home to one of the leaders in chipmaking equipment, ASML.
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Taipei has agreed to resume flights to multiple cities across China, saying it hoped this might help improve ties. Reintroducing the flights will make the situation more comparable with the pre-coronavirus norm.
Xi Jinping, China's most powerful leader since Mao Zedong, could be on track to remain in power for life.
US President Joe Biden unveils a $6.8 trillion budget proposal with key provisions aimed at boosting American competitiveness against China, while Beijing rails against economic containment and suppression. Plus, a sell-off in US bank shares sparked by a run on a small California lender spreads to Asia and Europe as markets tumble.
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The Russian leader said he struck a deal with his Belarusian counterpart to station tactical nuclear weapons on its territory, making it the first time Moscow has based the arms outside the country since the mid-1990s.
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Berlin and Brussels have reached a deal in a dispute over a ban on new cars with internal combustion engines. The agreement relates to the future use of e-fuels in cars.
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Thousands of Mexicans have protested against the bill, saying it undermines democracy and tips the balance of power in favor of the ruling party of President Lopez Obrador ahead of the 2024 presidential elections.
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The West African nation is facing one of its worst economic crises in decades. Soaring inflation is compounding the sufferings of many Ghanaians who now have to dig deeper into their pockets to afford essential goods.
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Remittance flows to Africa are a driver of recovery in the continent. Such transactions are still expensive but digital services are spurring on the market.
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The US dollar dominates the world of international trade and has a leading position in global foreign reserves. But could the Chinese Yuan or cryptocurrencies pose a challenge? This edition of Business Beyond considers the pros and cons of having a single currency with so much power.