The Chinese government "has no intention to boost exports by devaluing the renminbi, not to mention waging a trade war", Premier Li Keqiang told International Monetary Fund chief Christine Lagarde during a telephone call on Thursday morning.Li also said China "is able to maintain continued, steady growth of its economy" in their conversation about the economic and financial situation in China and around the world.Observers said Li’s comments will help dismiss doubts in the market over alleged currency manipulation by China and its future economic prospects. The country’s ec...
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Increasing farmers’ income will stimulate economy: scholarsChina’s agriculture industry and its vast rural population have great potential for economic growth, which could help the country’s sluggish economy, analysts said Wednesday, following the release of a key document aimed at modernizing the sector and improving farmers’ well-being.Implementing reforms to modernize the agricultural sector and improving farmers’ well-being will be the government’s top priority, according to the annual "No.1 document" released Wednesday by the Communist Party of China Central Committee and the St...
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China will release gross domestic product figures for the fourth quarter of 2015 on Tuesday amid rising concern about the health of the country’s economy — which in turn has reverberated through global markets.China’s economy grew 6.9 per cent in real terms in the first three quarters, official data show. That is in line with the government’s full-year target of “around 7 per cent” but would be the slowest full-year growth since 1990. Here are five things to look for in Tuesday’s numbers:Nominal growth. Suspicion surrounds China’s “GDP deflator”, the inflation gauge used to convert nominal GDP...
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Once again, financial markets are painting an oversimplified picture of a very complex story. China is being blamed for everything from the recent rout in global equity markets to the next recession.While China’s scale and cross-border connectivity are not to be minimised, its global impacts are far more subtle. At work is a tug-of-war between two powerful forces: the country’s long telegraphed transition to a new growth model and the necessary development of a robust financial infrastructure.Contrary to widespread opinion, China is making reasonably good progress on the first count, especiall...
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China will impose a reserve requirement on offshore renminbi deposits, the central bank said on Monday, in an effort to soak up liquidity and raise the cost of speculating on renminbi depreciation.The move marks an escalation of efforts by the People’s Bank of China to discourage capital outflow and curb renminbi weakness in both the onshore and offshore markets.The spread between onshore and offshore renminbi widened to a record early this month before the PBoC intervened in the offshore — or CNH — market in Hong Kong to narrow the gap. The onshore renminbi has fallen 2.7 per cent against the...
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