The night before China’s civil service exam, Melody Zhang anxiously paced up and down the corridor of her dormitory, rehearsing her answers. Only when she got back to her room did she realise she had been crying the whole time. Zhang was hoping to start a career in state propaganda after more than 100 unsuccessful … Read more
Victor Li is determined to get married soon, but like many other young Chinese grappling with an uncertain economic outlook, the well-heeled Shanghai entrepreneur isn’t sure he can afford to. “It’s very expensive for us to get married, especially in a big city like Shanghai,” the 32-year-old said, as he took a break from a … Read more
Wages offered to Chinese workers in major cities declined by the most on record, underscoring persisting deflationary pressures and sluggish consumer confidence in the world’s second-largest economy.Average salaries offered by companies to new hires in 38 key Chinese cities fell 1.3% to 10,420 yuan ($1,458) in the fourth quarter of 2023 from a year ago. … Read more
WASHINGTON: As the US marks the 80th anniversary of the repeal of the Chinese Exclusion Act, thousands of Chinese immigrants are crossing the US-Mexico border after witnessing a decline in the Chinese economy, as reported by Voice of America (VOA). Zhongwei Wang, a Chinese national, made that journey this spring through Central America with his … Read more
New Delhi: China has recorded a quarterly deficit in foreign direct investment (FDI) for the first time, while property prices in over two-thirds of its 70 major cities continue to dip and manufacturing indices show a contraction for the month of October – highlighting the challenges facing Beijing in restoring economic growth. Direct investment liabilities … Read more
BEIJING: More than three million people took China’s annual civil service exam on the weekend, state media reported on Monday, a record number that underscores young people’s concerns about getting a secure job in a rocky economy.With stubbornly high youth employment in the world’s second-largest economy, the prospect of a less glamorous career in the … Read more
New Delhi: Chew on this, the entire electric vehicle (EV) industry in India sold 58,000 passenger vehicles in the first nine months of 2023, while in China, a single Chinese EV maker sold more than five times that number in one-third of the time. China has at least 100 companies exclusively making and selling EVs, … Read more
SHANGHAI: China recorded its first-ever quarterly deficit in foreign direct investment (FDI), according to balance of payments data, underscoring Beijing’s challenge in wooing overseas companies in the wake of a “de-risking” move by Western governments.Onshore yuan trading against the dollar also hit record-low volume in October, highlighting authorities’ stepped-up efforts to curb yuan selling.Direct investment … Read more
BEIJING: The head of the International Monetary Fund (IMF) on Monday praised “productive and substantive” talks with top officials in China as she wrapped up a visit to the country.The IMF warned in July that the overall global economic recovery from the pandemic was slowing, despite slightly upgrading its outlook for world growth this year.In … Read more
BEIJING: Country Garden Holdings Co warned that it may default on its debt and raised concerns about staying in business after the embattled Chinese developer posted a record first-half loss of almost $7 billion.The Foshan-based company said that if its financial performance continues to deteriorate, the group might not be able to meet its debt … Read more