China

Leading Chinese chipmaker SMIC revenues rise 21.8 percent to $1.9 billion in Q2 2024

The company's capital expenditure reached $2.25 billion in the second quarter

China’s 1,000-km/h high-speed flying train completes successful full-scale test

The train may be deployed on commuter routes in mega-cities, reducing the Beijing-Shanghai travel time to 90 minutes

China’s foreign trade hits $3.46 trillion in Jan-Jul 2024, defying economic headwinds

The country's exports rose 6.7 percent year-on-year to 14.26 trillion yuan during the period

China’s 20 key tasks aim to revive consumer spending across entertainment, tourism and more

The tasks urged increased credit support for critical areas of service consumption to reinvigorate weak domestic demand

Stock markets tumble on U.S. recession fears: Nikkei falls 12.4 percent, European shares near six-month low

Goldman Sachs analysts have increased their 12-month U.S. recession odds by 10 percentage points to 25 percent

China broils under record-breaking temperatures, data reveals hottest July since 1961

Weathercasters warn the intense heat is far from over and is expected to persist into August

Key economic data releases and decisions this week: GDP, inflation, PMI and interest rates

This week, the U.S. Federal Reserve, the Bank of Japan and the Bank of England are holding monetary policy meetings

China boosts global gold demand as purchases surge 46.02 percent in H1 2024

National gold consumption in China declined 5.61 percent annually to 523.75 metric tons

China’s fiscal revenue fell 2.8 percent YoY to $1.62 trillion in H1 2024

A breakdown of the data showed that the central government collected around 5 trillion yuan in fiscal revenue

PetroChina joins COP28’s oil & gas decarbonization charter

With the addition of PetroChina, the charter's signatories now represent more than 42 percent of global oil production

China cuts lending rates to boost economic growth following weaker Q2 GDP data

One-year loan prime rate (LPR) declined to 3.35 percent, while the five-year LPR was reduced to 3.85 percent

China sees surge in foreign tourism with visa-free policies, diverse payment options

14.64 million foreign nationals entered China through various ports during the first six months of the year

China launches its first e-visa in Shanghai

The e-visa, or electronic visa, is the digital version of the traditional paper visa

Global oil demand growth slows in Q2 as EVs, economic headwinds impact consumption

The IEA has forecast an oil demand growth of 970,000 barrels per day (bpd) in 2024

China’s foreign direct investment plunges 28 percent to $57.94 billion in 5-month period

The manufacturing sector attracted 28.4 percent, or 117.1 billion yuan, of the total FDI inflow

Chinese financial sector sees 8.5 percent increase in total assets, reaching $66.93 trillion

The assets of the banking sector reached 429.58 trillion yuan, up 8.1 percent YoY

People’s Bank of China keeps interest rates unchanged in line with expectations

The one-year LPR was kept at 3.45 percent, while the five-year LPR was maintained at 3.95 percent

China’s industrial output rises 5.6 percent in May, signaling continued economic expansion

China's retail sales grew 3.7 percent in May, up from 2.3 percent in April

Japan’s exports reach $53 billion in May amid weak yen, robust global demand

The country's trade deficit narrowed to $7.7 billion, down nearly 12 percent from a year earlier

China pledges $20 million to UNCTAD to boost sustainable development efforts

The contribution is aimed at supporting the implementation of the UN's 2030 Agenda for Sustainable Development

China’s natural gas YoY consumption surges 11.9 percent to 143.73 billion cubic meters in January-April period

In April alone, consumption rose by 11.8 percent compared with the same period last year to total 35.46 billion cubic meters

China reclaims top spot with $196.5 billion in international tourism spending in 2023: Report

This reflects the continued recovery of the Asia and Pacific (APAC) region from the impacts of the COVID-19 pandemic

$1.3 trillion to lift China’s tourism sector as domestic travelers flock back

In 2019, Chinese tourists spent $248 billion abroad, accounting for 14 percent of global tourism spending

China’s Xinjiang begins operating world’s largest solar plant

The solar plant will generate about 6.09 billion kilowatt hours of electricity each year