Though 2023 started on a weak note for stock investors, the outlook is expected to be bright globally as the year proceeds, fueled partly by the reopening of the Chinese economy after the Covid-induced lockdown.
China's exports to its largest trading partner, the US, fell by 12.6 per cent in October, a third-straight month of decline. Exports to the EU were down by 9 per cent.
This was well below forecast and seems to have been caused by lockdowns associated with its Zero Covid policy, the London-based consultancy said in a report.
The Chinese economy was already struggling when Beijing abruptly relaxed its stringent zero-Covid policy. Retail sales had contracted in November because of widespread lockdowns, and unemployment had surged to the highest level in six months.
As Chinese leader Xi Jinping kicks off his third term as general secretary of the Chinese Communist Party (CCP), Beijing is reeling under economic stress due to the real estate crisis and zero-Covid policy, deeply affecting its manufacturing units.
Beijing [China], October 15 (ANI): Surge in covid cases in the Tibet Autonomous Region (TAR) has given a severe blow to Chinese authorities to achieve their annual growth targets as the impact is seen on the already slowing Chinese economy, media reports said.
Beijing [China], October 4 (ANI): At the upcoming 20th National Congress, the Chinese regime led by Xi Jinping, will look to provide answers to key challenges facing China, including Covid-19, economy, and Taiwan issue.