Latest news with #FuLinghui
South China Morning Post
2 days ago
- Business
- South China Morning Post
China's youth unemployment stays stubbornly high ahead of crunch summer
China's youth unemployment rate fell for the third consecutive month in May, but remained higher than at the same point last year, suggesting the job market is still under intense pressure ahead of a critical graduation season. The youth jobless rate, which covers those aged 16 to 24 living in urban areas, excluding students , stood at 14.9 per cent last month, down from 15.8 per cent the previous month, according to data released by the National Bureau of Statistics (NBS) on Wednesday. But the rate remains higher than the 14.2 per cent reading recorded last May, and is likely to shoot up once again when a record 12.2 million university students graduate and enter the job market this summer. 'China still faces pressure in maintaining stable employment, mainly due to complex changes in the external environment,' said NBS spokesperson Fu Linghui on Monday. 'The coexistence of recruitment difficulties in some domestic industries and great employment pressures for certain groups persists, with ongoing issues regarding a mismatch between human resource supply and demand.' Beijing has launched a string of policies in an attempt to support youth employment in recent years.
Yahoo
3 days ago
- Business
- Yahoo
China Retail Sales Saw May Bump in Spite of Tariff Firestorm
China's retail sales rose in May in spite of long-simmering tariff tensions with its largest consumer export market, with in-country retail spending growing at the highest rate since December 2023. Newly released data from China's National Bureau of Statistics (NBS) showed that total sales of consumer goods reached 4,132.6 billion yuan ($575.44 billion) in May, beating the same period last year by 6.4 percent. More from Sourcing Journal China's Cosco Eyes Stake in MSC-BlackRock Panama Ports Deal Port of LA Imports Dip 9% in May After Tariff Shock Vietnam's Ready For High Stakes US Trade Talks To Avoid Steep Tariffs Despite the disruptions caused by the trade war with the U.S., which began heating up earlier this year, sales within China have been on an upswing. Between January and May, the total retail sales of consumer goods grew 5 percent, reaching 20,317.1 billion yuan ($2,829.05 billion), and sales of goods other than cars increased by 5.6 percent. NBS spokesperson and director of the Comprehensive Statistics Department of the National Economy Fu Linghui said the data points to China's steadfastness in 'expanding high-level openness' against a backdrop of 'rising protectionism and unilateralism, as well as obstacles to global economic and trade exchanges.' China has been focused on fostering symbiotic trade relationships with nations across the globe outside of the U.S., and the positive impacts of that strategy have become 'increasingly evident,' he added. From January to May, China's total import and export volume grew 2.5 percent from the same period in 2024, while trade of services grew 8.2 percent. The Asian superpower has also sought to increase its influence across continents, while taking in new talent, too. Fu said China has opened up its visa-free entry scope in order to promote 'economic exchanges and cultural communication.' That change resulted in a 72.7-percent increase in foreign arrivals who entered the country under the visa-free policy during the May Day holiday this year. The data presents an interesting dichotomy when compared to China's industrial output, which hit a six-month low in May, growing 5.8 percent from the same period last year and slowing from April's 6.1-percent rate. Growth was projected to hit about 5.9 percent, but instead backslid to the slowest rate seen since November 2024, when President Donald Trump was elected. Nonetheless, the country's consumer economy showed notable signs of recovery in May after months of stagnation due to weak demand and deflationary pressures. The sale of retail goods increased 6.5 percent from the year prior for a total of 3674.8 billion yuan ($511.83 billion), and the January-to-May timeframe generated 18,039.8 billion yuan ($2,512.59 billion)—an increase of 5.1 percent from 2024. Specialty stores saw gains of 6.3 percent while brand stores saw modest growth (1.8 percent) along with department stores (1.3 percent). But online sales were the winner, demonstrating 8.5-percent growth year over year. Clothing, shoes, hats and textile sales increased by 4 percent in May from the year prior, and 3.3 percent between January and May compared with the same period in 2024. Throughout the month of May, Beijing and Washington made plodding progress toward a trade deal, both agreeing to lower and suspend duties on each other for a period of 90 days on May 12. That agreement devolved in early June when the Trump administration accused China's government of 'slowrolling' compliance with the terms of the deal. Last week, U.S. and China trade officials traveled to London to hash out new terms, settling on a 55-percent duty rate for China-originating imports into the U.S. market. Goods making their way into China will face far lower tariffs of just 10 percent. In April, tariffs on U.S. apparel imports hit their highest point in decades, with China-made clothing bearing the brunt of the duty hikes. Such imports faced an unprecedented tariff markup of 55 percent, up from 37 percent in March and 22 percent in January—data that likely skews lower due to the fact that many importers frontloaded orders before the steepest duties took effect.
Fibre2Fashion
4 days ago
- Business
- Fibre2Fashion
China records 5.8% industrial growth in May, 6.3% in Jan-May period
China's value-added industrial output of major enterprises, whose annual primary business revenue reaches or exceeds 20 million yuan (~$2.79 million), rose by 5.8 per cent year-on-year (YoY) and 0.61 per cent compared to April, according to the National Bureau of Statistics (NBS). Within key sectors, manufacturing output increased by 6.2 per cent, while mining expanded by 5.7 per cent. Equipment manufacturing saw a robust 9 per cent YoY growth, 3.2 percentage points (pp) higher than the overall industrial average. High-tech manufacturing followed closely, up by 8.6 per cent—2.8 pp faster than the broader industrial sector. China's industrial sector grew 5.8 per cent year-on-year in May, led by high-tech and equipment manufacturing. Manufacturing and mining rose 6.2 and 5.7 per cent, respectively. Cumulative value added rose 6.3 per cent over Januaryâ€'May. Industrial profits reached 2.12 trillion yuan (~$295.26 billion). Despite steady gains, the NBS urges continued innovation amid external and domestic challenges. Over the January-May period, the cumulative value added by large industrial enterprises climbed by 6.3 per cent YoY. Business sentiment showed marginal improvement as the manufacturing purchasing managers' index (PMI) edged up to 49.5 per cent in May, a 0.5-point rise from April. Meanwhile, the production and operation expectation index reached 52.5 per cent, increasing by 0.4 pp. Profits of industrial enterprises with annual revenues above 20 million yuan totalled 2.12 trillion yuan (~$295.26 billion) in the first four months of 2025, marking a 1.4 per cent annual increase. The industrial sector displayed resilience and potential, supported by ongoing structural upgrades and targeted policy measures, NBS spokesperson Fu Linghui said. He emphasised strong gains in high-end manufacturing, the digital economy, and clean energy sectors, which are driving long-term transformation. However, Fu also cautioned about persistent external uncertainties and domestic pressures, calling for sustained efforts to enhance innovation and ensure high-quality development, as per Chinese media reports. Fibre2Fashion News Desk (SG)
Yahoo
19-05-2025
- Business
- Yahoo
China's economy slows in April as trade war blues hit retail sales, housing and investment
China's economy showed signs of slowing in April as President Donald Trump's trade war took a toll, with retail sales, property and investment coming in weaker than economists had forecast. Industrial production slowed as Trump's painfully high tariffs of up to 145%, and 125% retaliatory duties imposed by Beijing, took effect and shipments were curtailed. National Statistics Bureau spokesperson Fu Linghui said the general trend was positive though he pointed to 'external shocks' that had gained intensity. 'It should also be noted that there are still many outside unstable and uncertain factors, and the foundation for the continued recovery and improvement of the national economy needs to be further consolidated,' Fu said. Here are a few key indicators reported Monday. Retail sales Chinese consumers have been holding back after the shocks of a prolonged downturn in the housing market that is the source of much household wealth. Retail sales rose 5.1% from a year earlier in April, below economists' expectations for a 6% increase. Fu said Beijing would continue to focus on supporting job creation and spurring more domestic demand. He also said China must stop prices from falling. The consumer price index fell 0.1% in April. Such deflation is both a symptom of weak demand and also a factor behind shoppers' reluctance to spend, in hopes of getting better deals later. 'The current overall price level is low, which puts pressure on production and companies' operations and affects jobs and incomes, so it's important to promote a reasonable recovery of prices,' Fu said. On the U.S. side, consumer sentiment has fallen slightly in May for the fifth straight month, with Americans increasingly worried that the trade war will worsen inflation. Manufacturing Industrial production rose 6.1% from a year earlier, slowing from 7.7% in March as tariffs and other trade barriers bit into exports. The truce in Trump's trade war with China has helped, Fu said, calling it 'conducive to the growth of bilateral trade and the recovery of the world.' With tariffs paused for 90 days to allow time for talks, shipments have revived as businesses rush to meet back-to-school and other seasonal deadlines. But even before Trump took office for the second time in January, China was under pressure from its trading partners for relying too heavily on exports to absorb its excess industrial production. And if output continues to outpace demand from businesses and consumers, prices will keep falling. 'Export-driven gains in factory output could continue given China's manufacturing competitiveness and frontloaded orders before the end of the 90-day truce, but this is coming at a persistent deflationary cost,' Louise Loo of Oxford Economics said in a report. Investment and property sales The government reported that fixed asset investment in such things as factories and equipment rose 4% in April in the first four months of the year. However, property investments fell 10.3% year-on-year in January to April. New home prices also edged lower. While manufacturing held up better than expected, the pressures from trade are complicating Beijing's effort to keep turn the housing market around and keep the economic recovery on track. 'Establishing a trough on a national level is taking some time, as the recovery of the property market remains uneven and gradual. It's possible that tariff-related pessimism and uncertainty kept more buyers on the sidelines in April,' Lynn Song, chief economist for Greater China at ING Economics said in a report.
Yahoo
19-05-2025
- Business
- Yahoo
China's economy slows in April as trade war blues hit retail sales, housing and investment
China's economy showed signs of slowing in April as President Donald Trump's trade war took a toll, with retail sales, property and investment coming in weaker than economists had forecast. Industrial production slowed as Trump's painfully high tariffs of up to 145%, and 125% retaliatory duties imposed by Beijing, took effect and shipments were curtailed. National Statistics Bureau spokesperson Fu Linghui said the general trend was positive though he pointed to 'external shocks' that had gained intensity. 'It should also be noted that there are still many outside unstable and uncertain factors, and the foundation for the continued recovery and improvement of the national economy needs to be further consolidated,' Fu said. Here are a few key indicators reported Monday. Retail sales Chinese consumers have been holding back after the shocks of a prolonged downturn in the housing market that is the source of much household wealth. Retail sales rose 5.1% from a year earlier in April, below economists' expectations for a 6% increase. Fu said Beijing would continue to focus on supporting job creation and spurring more domestic demand. He also said China must stop prices from falling. The consumer price index fell 0.1% in April. Such deflation is both a symptom of weak demand and also a factor behind shoppers' reluctance to spend, in hopes of getting better deals later. 'The current overall price level is low, which puts pressure on production and companies' operations and affects jobs and incomes, so it's important to promote a reasonable recovery of prices,' Fu said. On the U.S. side, consumer sentiment has fallen slightly in May for the fifth straight month, with Americans increasingly worried that the trade war will worsen inflation. Manufacturing Industrial production rose 6.1% from a year earlier, slowing from 7.7% in March as tariffs and other trade barriers bit into exports. The truce in Trump's trade war with China has helped, Fu said, calling it 'conducive to the growth of bilateral trade and the recovery of the world.' With tariffs paused for 90 days to allow time for talks, shipments have revived as businesses rush to meet back-to-school and other seasonal deadlines. But even before Trump took office for the second time in January, China was under pressure from its trading partners for relying too heavily on exports to absorb its excess industrial production. And if output continues to outpace demand from businesses and consumers, prices will keep falling. 'Export-driven gains in factory output could continue given China's manufacturing competitiveness and frontloaded orders before the end of the 90-day truce, but this is coming at a persistent deflationary cost,' Louise Loo of Oxford Economics said in a report. Investment and property sales The government reported that fixed asset investment in such things as factories and equipment rose 4% in April in the first four months of the year. However, property investments fell 10.3% year-on-year in January to April. New home prices also edged lower. While manufacturing held up better than expected, the pressures from trade are complicating Beijing's effort to keep turn the housing market around and keep the economic recovery on track. 'Establishing a trough on a national level is taking some time, as the recovery of the property market remains uneven and gradual. It's possible that tariff-related pessimism and uncertainty kept more buyers on the sidelines in April,' Lynn Song, chief economist for Greater China at ING Economics said in a report. Sign in to access your portfolio
