![]() ![]() ![]() ![]() Increasingly, 2023 is looking like a year to forget for China. "But that extra support won’t be a silver bullet. "We expect to see monetary policy easing in coming months and targeted fiscal supports given to key industries, including real estate and construction," Harry Murphy Cruise, economist at Moody’s Analytics, said in a note. Some China observer have blamed the "scarring effects" caused by years of strict COVID measures and regulatory curbs on the property and technology sectors - despite recent official efforts to reverse some curbs to support the economy.Ī few economists have flagged the risk of a balance sheet recession, as Chinese households and private firms build up savings and reduce borrowing and spending after three years of COVID curbs. Last month, the central bank cut its benchmark lending rates by a modest 10 basis points. Property investment slumped 20.6% in June year-on-year after a 21.5% drop in May, according to Reuters calculations.Ī senior central bank official said on Friday that the bank will use policy tools such as the reserve requirement ratio(RRR) and medium-term lending facility to weather economic challenges. Youth jobless rate climbed to 21.3% in June from 20.8% in May, a new record high, as graduates scrambled for limited offers during the job hunting season.Ĭhina's property sector, which accounts for about a quarter of the economy, remains firmly in a downtrend, with new home prices for June stalling. However, a deeper slowdown could stoke more job losses and fuel deflationary risks, further undermining private-sector confidence, they said. Most analysts say policymakers are unlikely to deliver any aggressive stimulus due to worries about growing debt risks. So I think this does raise greater urgency for more policy support soon."Ĭhina's economy grew just 3% last year due to COVID curbs, badly missing the official target. "At this pace of deceleration, there's now actually a risk that the growth target may not be achieved - this 5% may not be achieved if the economy continues to decelerate at this pace. "It was quite a disappointing number at just 6.3%, so clearly the momentum is slowing down," said Alvin Tan, head of Asia FX strategy at RBC Capital Markets in Singapore. While China is seen on track to hit its modest 2023 growth target, there are risks of the annual goal being missed for the second year in a row. NO 'SILVER BULLET'Īsia shares slipped, while the Chinese yuan eased after the underwhelming data. The weak overall momentum and global recession risks have raised expectations policymakers will need to do more to shore up the world's second-biggest economy.Īuthorities are likely to roll out more stimulus steps including fiscal spending to fund big-ticket infrastructure projects, more support for consumers and private firms, and some property policy easing, policy insiders and economists said.īut a quick turnaround is unlikely, analysts say.Īll eyes are on an expected Politburo meeting later this month, when top leaders could chart the policy course for the rest of the year. Recent data showed a rapidly faltering post-COVID recovery as exports declined the most in three years due to cooling demand at home and abroad while a prolonged downturn in the key property market has sapped confidence. See details below.Private fixed-asset investment shrank 0.2% in the first six months, a sharp contrast to the 8.1% growth in investment by state entities, suggesting weak private business confidence. US Coronavirus Deaths Per Day is at a current level of 590.00, down from 730.00 yesterday and down from 2019.00 one year ago. The institution remains committed to maintaining a leadership role in providing the public and policymakers with cutting edge insights into COVID-19. US Coronavirus Deaths Per Day (I:USCDPD) 590.00 for Overview Interactive Chart More. This does not mean Johns Hopkins believes the pandemic is over. From the start, this effort should have been provided by the U.S. In addition, the federal government has improved its pandemic data tracking enough to warrant the CRC’s exit. Why did we shut down?Īfter three years of 24-7 operations, the CRC is ceasing its data collection efforts due to an increasing number of U.S. By March 3, 2020, Johns Hopkins expanded the site into a comprehensive collection of raw data and independent expert analysis known as the Coronavirus Resource Center (CRC) – an enterprise that harnessed the world-renowned expertise from across Johns Hopkins University & Medicine. But the map of red dots quickly evolved into the global go-to hub for monitoring a public health catastrophe. 22, 2020 as the COVID-19 Dashboard, operated by the Center for Systems Science and Engineering and the Applied Physics Laboratory. The Johns Hopkins Coronavirus Resource Center established a new standard for infectious disease tracking by publicly providing pandemic data in near real time. ![]()
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