Iori Kawate

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Articles

China work report pledges to tackle local debt, without specifics

Mar 6, 2024 | asia.nikkei.com | Iori Kawate

BEIJING -- China said it will consider "new reforms for the fiscal and tax systems" as it looks to support local authorities struggling with shrinking incomes and heavy debt, but provided no details in its latest government work report. Local governments in China sell usage rights for state-owned land to developers and use the proceeds for infrastructure and other purposes. But as China's real estate market slumped, so did land-use revenue, plummeting 33% between 2021 and 2023.
China congress report mentions 'security' record 29 times

Mar 5, 2024 | asia.nikkei.com | Kohei Fujimura |Shunsuke Tabeta |Iori Kawate

BEIJING -- China's leadership emphasized national security based on political stability and economic growth, and hinted at a rush to tamp down social unrest, using the term "security" a record 29 times in the annual government work report. The report is traditionally read out by the premier at China's annual legislative gathering, summarizing the results of major policies in the past year and plans for the coming year.
China slips further from high-income status as earnings measure dips

Feb 29, 2024 | asia.nikkei.com | Iori Kawate

BEIJING -- China's per capita gross national income declined in dollar terms for the first time in 29 years in 2023, government data released Thursday shows, pulling it further from the World Bank's threshold for a high-income country. The measure edged down 0.1% to $12,597 amid a sluggish economy and a weaker yuan. Gross national income measures what is earned by individuals and companies at home as well as from abroad.
China rate cut shows lack of options for boosting economy

Feb 20, 2024 | asia.nikkei.com | Iori Kawate

BEIJING -- China's move to slash borrowing rates for homebuyers underscores how authorities are trying to prop up a weak housing market with few tools at their disposal. The People's Bank of China lowered the five-year loan prime rate, a mortgage benchmark, by 25 basis points on Tuesday to 3.95% from 4.2%. Shanghai-listed stocks rose in response to the move.
Foreign direct investment in China falls to 30-year low

Feb 18, 2024 | asia.nikkei.com | Iori Kawate |Shunsuke Tabeta

BEIJING -- Investment in China by companies based abroad has sunk to the lowest level in 30 years, according to official data released on Sunday, in a sign that foreign corporations are leaving China due to tougher crackdowns on spying and U.S. sanctions. China's foreign direct investment totaled $33 billion on a net basis in 2023, according to the State Administration of Foreign Exchange, down about 80% from 2022. The figure was positive as new investment surpassed outflows.
U.S., Japan and South Korea scale back trade reliance on China

Feb 7, 2024 | asia.nikkei.com | Iori Kawate |Rintaro Tobita

BEIJING/WASHINGTON -- The U.S., Japan and other major economies have curbed their reliance on China since the trade war between Washington and Beijing began five years ago, casting a shadow over global economic growth. China's combined trade with the U.S., Japan, South Korea and the European Union totals $2 trillion, accounting for 35% of its overall volume, according to data from the Group of 20 nations analyzed by Nikkei.
China's favored state-owned companies squeeze private sector

Feb 5, 2024 | asia.nikkei.com | Iori Kawate

BEIJING -- China's state-owned enterprises are putting pressure on the country's previously dynamic private sector. The combined market capitalization of big private companies has fallen by about 60% in the two and a half years to the end of 2023, a study by a U.S. think tank has found. Many market watchers believe China's tightening of controls, such as the zero-COVID policy and the clampdown on the tech industry, is responsible for the slump in the private sector.
China's land revenue falls 13% in hit to local governments

Feb 1, 2024 | asia.nikkei.com | Iori Kawate

BEIJING -- Revenue from the sale of land-use rights in China, a critical source of income for local governments, fell by 13.2% in 2023 as the country's deep real estate recession hit municipal finances hard. The data, released Thursday by China's Finance Ministry, shows that sales dipped to their lowest since 2017. Sales declined for a second consecutive year for the first time since 2012, the earliest data available.
China forecasts 14% drop in travelers during Lunar New Year

Jan 26, 2024 | asia.nikkei.com | Iori Kawate |Tomoko Wakasugi

BEJING/SHANGHAI -- The Chinese New Year travel rush, known as "Chunyun," started on Friday, with the government projecting a 14% decrease from the year before in the number of people using public transportation for returning home or going on trips. On Friday, Shanghai Hongqiao station was filled with homeward-bound passengers, and tourists with big suitcases. "I will spend a month at my home in Anhui province," said a 30-year-old worker in Shanghai.
China suffers first net outflow of funds in 5 years in 2023

Jan 24, 2024 | asia.nikkei.com | Iori Kawate

BEIJING -- Chinese corporate and household funds crossing the border to other countries exceeded inflows in 2023, marking the first such capital flight in five years. Last year saw $68.7 billion of corporate and household capital leave the country on a net basis, according to monthly data kept by China's State Administration of Foreign Exchange (SAFE).