China

In the World, World politics 11th August 2023

US limits American investment in Chinese tech companies

BancaMarch| US President Joe Biden on Wednesday signed an executive order that effectively limits US investment in several Chinese tech firms. According to Biden, China’s strategy facilitates and supports “advances in sensitive technologies and products that are critical to the military, intelligence, surveillance or cyber capabilities of other countries”. The ban is limited to three key sectors of the Asian giant: semiconductors, quantum computing and artificial intelligence. At the same…

In the World 2nd August 2023

China imposes new export controls on drones and related equipment to take effect in September

BancaMarch: China responds to the United States. As one of the world’s leading producers, China is imposing new export controls on drones and related equipment. Yesterday, the Chinese government announced new controls that will take effect from September.

World economy 18th July 2023

China’s GDP data point to need for stimulus, but will it come?

China published its second-quarter GDP data on Monday with a big – but disappointing – number, 6.3% growth year on year. The reason for the disappointment comes from the hugely positive base effect, as last year’s second-quarter GDP growth was virtually because of the severe lockdowns happening in Shanghai and elsewhere in the country. The underwhelming growth in the second quarter is not all about the lack of external demand….

In the World 28th June 2023

Li Qiang says China remains on track to achieve its growth target of around 5% by 2023

Link Securities| In his speech to the Summer Davos Forum, Chinese Premier Li Qiang said China is still on track to achieve its annual growth target of close to 5%, with 2Q2023 expected to grow faster than 1Q2023. The Chinese Premier acknowledged that China’s development still has imbalances and is inefficient, and that economic output per capita still remains low. He argued that companies, not governments, must decide how to…

In the World, World economy 2nd June 2023

China manufacturing PMI unexpectedly rises to 50.9 in May from 49.5 in April

Link Securities| China’s advance manufacturing activity index, the manufacturing PMI compiled by media group Caixin unexpectedly rose to 50.9 in May from 49.5 in April. The FactSet consensus of analysts had expected a lower reading of 49.4. An index reading above 50 points indicates expansion in activity from the previous month, while a reading below that level indicates contraction in activity. Production increased at its fastest pace in eleven months,…

World economy, World politics 24th May 2023

China-Russia trade ties enhanced in response to Western sanctions

Alicia García herrero (Natixis) | During the past fifteen months after the outbreak of the Ukraine war, China and Russia’s trade value increased by 36.5% compared to pre-war levels, showing their much-enhanced ties in merchandise trade. Meanwhile, in addition to the upswing of the headline amount, some new patterns in their trade structure are also worth watching. For example, Russia has moved up rapidly in the rank of China’s external…

In the World 17th May 2023

China: industrial production and retail sales up 5.6% and 18.4% in April, respectively

Banca March: Activity accelerates in China, but at a slower pace than expected. The April set of activity indicators showed a rebound in growth, as industrial production accelerated to 5.6% while retail sales advanced 18.4%. Although these data are very positive and confirm that the reopening of the economy is boosting activity, they fell short of expectations (10.9% and 21% respectively). On the consumer spending side, the best performing components…

World economy, World politics 16th May 2023

China and the US might not be decoupling but their technologies are bifurcating

Alicia García Herrero (Natixis) | The strategic competition between the US and China started in early 2018 when the Trump administration implemented untargeted import tariffs and reoriented most of its trade efforts towards widening the technology gap between China and the US with a special focus on deep tech, such as semiconductors. The Biden administration has pushed even further in that direction. However, one should not forget that well before…

In the World, World economy 19th April 2023

China GDP expands 4.5% year-on-year in 1Q2023, largest increase since 1Q2022

Link Securities | China’s Gross Domestic Product (GDP) expanded by 4.5% year-on-year in 1Q2023, beating FactSet’s analyst consensus reading of 3.4%, and following a 2.9% rise in the previous quarter. The reading represents its largest increase since 1Q2022, amid the government’s post-pandemic economic recovery momentum, although the growth is somewhat lower than the government’s forecast of 5% growth for the year as a whole. Meanwhile, China’s industrial production rose by…

World economy, World politics 12th April 2023

Will Lula find his El Dorado in China?

Alicia García Herrero (Natixis) | Brazilian President Luiz Inácio Lula da Silva is currently in Beijing with a huge official and business delegation. His goals are clear: first and foremost, bringing growth opportunities to Brazil, whose economy has been battered by the Covid pandemic. Brazilian exports of commodities into China have ballooned since Beijing’s fiscal binge in 2008 that led to pent-up demand for commodities. More recently, Brazil’s large lithium reserves,…

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