Solar Energy News
TRADE WARS
China poised to approve more help for ailing economy
China poised to approve more help for ailing economy
By Peter CATTERALL
Beijing (AFP) Nov 8, 2024

China is expected to unveil a huge support package for the struggling economy Friday as officials wrap up a key meeting with an eye on the possibility of intensified trade tensions with US president-elect Donald Trump.

Economists predict Beijing will approve hundreds of billions of dollars of help, with a focus on indebted local governments as well as cash for banks aimed at writing off non-performing loans.

Policymakers were keeping tabs on the US vote as they gathered in the Chinese capital this week for a meeting of the country's top lawmaking body.

Trump promised during his campaign of punishing tariffs on Chinese goods that threaten further grief for the world's second-largest economy, which is already grappling with a prolonged housing crisis and sluggish consumption.

Observers say Beijing could seek to cushion that blow with a long-awaited "bazooka stimulus" for the economy -- though caution details might still take time.

The meeting, originally scheduled for late October, was likely pushed back to allow "policymakers a chance to address a possible Trump win", Lynn Song, chief economist for Greater China at ING, said.

"In our view, the odds for a larger policy support package will rise somewhat with a Trump victory," he added.

Trump's victory is "not necessarily bad for China as this may 'pressure' Beijing for a bigger stimulus", Qi Wang, CIO of UOB Kay Hian Wealth Management, said on X.

State media this week reported that officials had reviewed a bill to raise local government debt ceilings.

That move, touted last month, would allow authorities to borrow more to fund the acquisition of unused land for development -- a move aimed at pulling the property market out of a prolonged slump.

Beijing in September began to unveil a raft of measures aimed at boosting economic activity, including rate cuts and the easing of some home purchasing restrictions, but analysts have bemoaned the lack of detail so far.

Trump's re-election provides a need for greater urgency, experts say, though caution may still prevail as officials try to avoid piling on more government debt.

"Any potential stimulus size may be bigger, but so is the pressure," Gary Ng, senior economist at Natixis, said.

"The market may still not get the economic boosters it wants," he warned.

China's Premier Li Qiang this week said he was "fully confident" that the country would hit its growth target of around five percent for 2024, even after figures showed the economy saw its slowest expansion in a year and a half during the third quarter.

And in a rare bright spot, data Thursday showed the nation's exports surged last month at their fastest pace in more than two years.

But Zhiwei Zhang, president and chief economist at Pinpoint Asset Management, warned "we cannot rely on exports to carry China's economy". "I expect fiscal policy will become more proactive next year as a pillar for growth," he said.

oho/pfc/je/dan

ING Groep

NATIXIS

Related Links
Global Trade News

Subscribe Free To Our Daily Newsletters
Tweet

RELATED CONTENT
The following news reports may link to other Space Media Network websites.
TRADE WARS
Equities swing, bitcoin hits record as traders weigh Trump 2.0
Hong Kong (AFP) Nov 7, 2024
Asian equities fluctuated Thursday, while the dollar held gains and bitcoin hit a fresh record as markets try to ascertain the consequences of a second Donald Trump presidency after he pledged to cut taxes and ramp up tariffs with an eye on China. The so-called Trump Trade went into overdrive Wednesday as it emerged that the tycoon would return to the White House after beating Democrat Kamala Harris, while his Republican Party gained control of the Senate and looked set to hold onto the House of Rep ... read more

TRADE WARS
Bio-based fibers may have greater environmental impact than traditional plastics

Cobalt copper tandem catalysts transform CO2 into renewable ethanol

Advanced biodegradable plastics achieve unprecedented toughness and sustainability

Are bioplastics really the wonder alternative to petro plastics

TRADE WARS
Paradigm Shift in Science: From Big Data to Autonomous Robot Scientists

Robot learns flexible cleaning skills by observing humans

AI robot 'art' might fetch $180K through Sotheby's auction

Siemens acquires AI specialist Altair Engineering

TRADE WARS
Sweden blocks 13 offshore wind farms over defence concerns

Sweden's defence concerned by planned offshore wind power

On US coast, wind power foes embrace 'Save the Whales' argument

Renewables revolt in Sardinia, Italy's coal-fired island

TRADE WARS
BMW's profits plunge as China sales slump

Paris banishes through-traffic from city centre

Norway speeds ahead of EU in race for fossil-free roads

Paris to restrict traffic in centre: city hall

TRADE WARS
In search of high-performance materials for fusion reactors

Silk Thread Innovation Powers Smart Textile Technology

Direct Observation of Space Charge Layers Inside Fuel Cell Electrolytes

Texas A&M to train machine learning tools to design materials for fusion power plants

TRADE WARS
Small modular nuclear reactors may drive US energy and emissions progress

Building the materials for the next generation of nuclear reactor

Framatome expands cybersecurity capabilities with acquisition of Allentis

Niger disputes French firm's uranium move

TRADE WARS
Trump's climate denial and green rollbacks poised to fuel warming

Climate finance billions at stake at COP29

China hopes for 'consistency' in US climate policy

EU greenhouse gas emissions saw 'huge' drop in 2023

TRADE WARS
How urban planners can use trees to cool entire cities

Indonesia tribe's homeland at risk after losing final appeal: NGOs

Veea Amazon and AECOM partner to build the Internet of Forests in Colombia

Autumn season science event invites volunteers to track leaf color change

Subscribe Free To Our Daily Newsletters




The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.