Business
China’s Green Future Implodes as Economy Hits Stall Speed
News Analysis
China’s transition to a green economy is imploding as the economic growth needed to pay for the massive state-funded subsidies hits its slowest pace in three decades.
Vice Premier Liu He was praised for his January 2018 keynote speech at the World Economic Forum (WEF) in Davos, Switzerland for stating that in addition to spending $4 trillion on its “One Belt One Road” (OBOR, also known as Belt and Road) initiative to build the infrastructure to lift a billion people in 70 countries out of poverty across the planet, China had declared “war on pollution and introduced a number of green initiatives” to “dismantle coal-fired power plants, reduce overall emission levels and cut particulate-matter emission rates.”
WEF stated in April 2018 that to subsidize sustainable energy, vehicles and buildings for its global “transition to a greener economy,” China’s Environmental Risk Management Initiative (ERMI) would sell between $6.4 trillion to $19.4 trillion (40.3 yuan to 123.4 trillion yuan) of “Green Bonds” that would be a “win-win for investors and developing countries.”
China sold $167.3 billion of OBOR long-term Green Bonds in 2018, with most of the proceeds mostly used to buy sustainable solar panels, wind turbines, electric and hydrogen powered vehicles, and building materials from Chinese companies. The 30-year bonds committed developing nations to pay the debt through environmental taxes.
But over the last eighteen months as the Sino-U.S. trade war ratcheted up, China’s after-inflation “real” gross domestic product growth withered from 8.8 percent in the first quarter of 2018 to 3.7 percent in the third quarter of 2019. During the same period, industrial production growth fell from 5.5 percent to -1.1 percent, according Endo Economics.
As cash flow withered, China’s annualized fixed asset investment growth plunged from 12 percent growth in the first quarter of 2018 to a stunning -40.4 percent, and retail car sales growth tanked from 8.6 percent to -13.3 percent.
China has been offsetting the $100 billion cost in U.S….
Business
China’s Golden Rooster Film Festival Kicks Off in Xiamen – Thailand Business News
The 2024 China Golden Rooster and Hundred Flowers Film Festival began in Xiamen on Nov 13, featuring awards, cultural projects worth 31.63 billion yuan, and fostering international film collaborations.
2024 China Golden Rooster and Hundred Flowers Film Festival Opens
The 2024 China Golden Rooster and Hundred Flowers Film Festival commenced in Xiamen, Fujian province, on November 13. This prestigious event showcases the top film awards in China and spans four days, concluding with the China Golden Rooster Awards ceremony on November 16.
The festival features various film exhibitions, including the Golden Rooster Mainland Film Section and the Golden Rooster International Film Section. These showcases aim to highlight the achievements of Chinese-language films and foster global cultural exchanges within the film industry.
On the festival’s opening day, a significant milestone was reached with the signing of 175 cultural and film projects, valued at 31.63 billion yuan ($4.36 billion). Additionally, the International Film and Television Copyright Service Platform was launched, furthering the globalization of Chinese film and television properties.
Source : China’s Golden Rooster film festival opens in Xiamen – Thailand Business News
Business
China’s New Home Prices Stabilize After 17-Month Decline Following Support Measures
China’s new home prices fell for the 17th month in October, declining 0.5% from September, but slowing, indicating potential market stabilization amid supportive measures. Second-hand home prices showed mixed trends.
Decline in China’s Home Prices Stabilizes
China’s new home prices continued to decline in October for the 17th consecutive month, although the drop showed signs of slowing. Recent support measures from Beijing appear to be inching the market toward stabilization, as evidenced by a lighter decline compared to earlier months.
Monthly and Yearly Comparisons
According to the latest data from the National Bureau of Statistics, new home prices across 70 mainland cities fell by 0.5% from September, marking the smallest decrease in seven months. Year-on-year, prices dropped by 6.2%, slightly worse than the September decline of 6.1%. In tier-1 cities like Beijing and Shanghai, prices decreased by 0.2%, a smaller fall than 0.5% in the previous month.
Second-Hand Home Market Trends
Second-hand home prices in tier-1 cities experienced a 0.4% increase in October, reversing a 13-month downward trend. Conversely, tier-2 cities observed a 0.4% drop in second-hand prices, while tier-3 cities faced a similar 0.5% decline. Overall, recent trends indicate a potential stabilization in China’s property market.
Source : China’s new home prices slow 17-month decline after support measures kick in
Business
Business Update: Southern Sun Reports Earnings Growth; China Stimulates Property Market – News24
Southern Sun reports increased earnings, attributed to growth in the hospitality sector, while China’s property market receives a boost, reflecting economic recovery and renewed investor confidence.
Southern Sun Earnings Surge
Southern Sun has reported a significant increase in its earnings, showcasing solid financial performance amid evolving market conditions. This growth highlights the company’s resilience and adaptability to changing consumer demands, positioning it well for future opportunities in the hospitality industry.
China’s Property Market Recovery
In a bid to rejuvenate its economy, China has introduced measures to boost its property market. These initiatives aim to stabilize real estate prices and encourage investment, which is crucial for maintaining economic momentum. The government’s commitment to supporting the sector reflects its understanding of the industry’s importance in overall economic health.
Broader Economic Implications
The rise in Southern Sun’s earnings and China’s proactive approach to revitalizing its property market indicate broader economic trends. Investors and stakeholders are keenly observing these developments, as they may signal recovery and growth opportunities in both the hospitality and real estate sectors. The collaboration between local businesses and governmental actions will be pivotal in shaping future economic landscapes.
Source : Business brief | Southern Sun sees earnings rise; China boosts its property market – News24
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