Latest news with #XinhuaNewsAgency
Hindustan Times
6 hours ago
- Business
- Hindustan Times
China Politburo Holds off on Further Stimulus
Chinese leaders signaled they would refrain from rolling out more major stimulus for now, as authorities pivot to addressing excess capacity in the economy. Instead of announcing more policy support to bolster growth, the ruling Communist Party's Politburo, China's top policymaking body, pledged Wednesday to better execute policies that are already in place, according to a readout by state-run Xinhua News Agency. Chinese leaders hinted that they are ready to act should growth falter, as they acknowledged rising uncertainty without mentioning ongoing trade tensions with the U.S. Policymakers said they will double down on efforts to boost domestic demand with plans to expand support to the services sector, on top of the consumer goods trade-in program. China's export sector has come under pressure from President Trump's push to ratchet up U.S. tariffs, though outbound shipments have held up relatively well. The Politburo meeting maintained a cautious policy stance, reiterating macroeconomic guidance offered in April but didn't include new support for housing—signaling limited appetite for fresh stimulus despite fading property momentum, said Louise Loo, head of Asia economics at Oxford Economics. Chinese policymakers also reiterated their intention to curb excess capacity in some key industries that economists say exacerbate deflationary pressures. Over the past month, Chinese authorities have repeatedly warned against 'disorderly' competition that has eaten into businesses' profit margins, stoking speculation that a new wave of supply-side reform could be in the pipeline to reflate the economy. Chinese policymakers promised to step up financing support for struggling exporters and prevent local government debt risks from further spreading. Officials also said they will seek to promote a more attractive and inclusive domestic capital market. The Chinese Communist Party will hold its next key conclave in October to discuss the country's 15th five-year plan covering the 2026-2030 period. Economists widely expect Beijing to focus on enhancing economic resilience in the next five-year plan by boosting technological self-reliance and high-end manufacturing in preparation for a prolonged rivalry with Washington. Write to Singapore Editors at singaporeeditors@
The Advertiser
6 hours ago
- Business
- The Advertiser
China's leaders vow economy help as US talks in limbo
China's top leaders have pledged to help companies slammed by higher US tariffs but are holding back on major moves after trade talks with the US kept businesses and planners in limbo. At their summer economic planning meeting, the powerful politburo of the ruling Communist Party pledged to stabilise foreign trade and investment. "We must assist foreign trade enterprises that have been severely impacted, strengthen financing support, and promote the integrated development of domestic and foreign trade," the official Xinhua News Agency said in reporting the closed-door meeting on Wednesday. It mentioned export tax rebates and free trade pilot zones but gave no other specifics. The inconclusive outcome of two days of trade talks in Stockholm, Sweden, leaves open the question of higher tariffs on Chinese exports to the United States. Chinese Vice-Premier He Lifeng said the two sides had agreed to work on extending a deadline for higher tariffs. The US side said the extension was discussed, but not decided. US Treasury Secretary Scott Bessent told reporters after the talks that President Donald Trump would decide whether to extend the August 12 deadline for an agreement or to let tariffs that have been paused for 90 days return to a higher level. "We haven't given the sign-off," Bessent said, though he emphasised that the talks had been "very constructive". China remains one of the biggest challenges for the Trump administration after it has struck deals over elevated tariff rates with other key trading partners, including Britain, Japan and the European Union. Many analysts had expected the Stockholm talks to result in an extension of current tariff levels, which stand at a US tariff of 30 per cent on Chinese goods and a Chinese tariff of 10 per cent on US products, far lower than the triple-digit percentage rates raised in April. The truce in the tariffs war to allow time for talks allowed exporters and other traders to ramp up shipments in hopes of beating any higher tariffs that might follow. The meeting headed by Chinese leader Xi Jinping mostly reiterated Beijing's priorities for the year, including a need to "unleash domestic demand", which has lagged, leading to a surge of exports by industries unable to find growth at home. It also stressed the need to promote jobs and prevent a "large-scale relapse into poverty". The economy "has demonstrated strong vitality and resilience", the Xinhua report said, but it acknowledged many risks and challenges. That includes reining in brutal competition that has led to damaging price wars among auto makers and some other manufacturers and managing excess capacity in some industries, it said. China's economy expanded at a 5.2 per cent annual pace in April-June, slowing slightly from the previous quarter. Even with the hiatus in higher tariffs, companies are feeling a pinch. Industrial profits in China fell 1.8 per cent in the first half of the year and 4.3 per cent in June, according to data released this week. China's top leaders have pledged to help companies slammed by higher US tariffs but are holding back on major moves after trade talks with the US kept businesses and planners in limbo. At their summer economic planning meeting, the powerful politburo of the ruling Communist Party pledged to stabilise foreign trade and investment. "We must assist foreign trade enterprises that have been severely impacted, strengthen financing support, and promote the integrated development of domestic and foreign trade," the official Xinhua News Agency said in reporting the closed-door meeting on Wednesday. It mentioned export tax rebates and free trade pilot zones but gave no other specifics. The inconclusive outcome of two days of trade talks in Stockholm, Sweden, leaves open the question of higher tariffs on Chinese exports to the United States. Chinese Vice-Premier He Lifeng said the two sides had agreed to work on extending a deadline for higher tariffs. The US side said the extension was discussed, but not decided. US Treasury Secretary Scott Bessent told reporters after the talks that President Donald Trump would decide whether to extend the August 12 deadline for an agreement or to let tariffs that have been paused for 90 days return to a higher level. "We haven't given the sign-off," Bessent said, though he emphasised that the talks had been "very constructive". China remains one of the biggest challenges for the Trump administration after it has struck deals over elevated tariff rates with other key trading partners, including Britain, Japan and the European Union. Many analysts had expected the Stockholm talks to result in an extension of current tariff levels, which stand at a US tariff of 30 per cent on Chinese goods and a Chinese tariff of 10 per cent on US products, far lower than the triple-digit percentage rates raised in April. The truce in the tariffs war to allow time for talks allowed exporters and other traders to ramp up shipments in hopes of beating any higher tariffs that might follow. The meeting headed by Chinese leader Xi Jinping mostly reiterated Beijing's priorities for the year, including a need to "unleash domestic demand", which has lagged, leading to a surge of exports by industries unable to find growth at home. It also stressed the need to promote jobs and prevent a "large-scale relapse into poverty". The economy "has demonstrated strong vitality and resilience", the Xinhua report said, but it acknowledged many risks and challenges. That includes reining in brutal competition that has led to damaging price wars among auto makers and some other manufacturers and managing excess capacity in some industries, it said. China's economy expanded at a 5.2 per cent annual pace in April-June, slowing slightly from the previous quarter. Even with the hiatus in higher tariffs, companies are feeling a pinch. Industrial profits in China fell 1.8 per cent in the first half of the year and 4.3 per cent in June, according to data released this week. China's top leaders have pledged to help companies slammed by higher US tariffs but are holding back on major moves after trade talks with the US kept businesses and planners in limbo. At their summer economic planning meeting, the powerful politburo of the ruling Communist Party pledged to stabilise foreign trade and investment. "We must assist foreign trade enterprises that have been severely impacted, strengthen financing support, and promote the integrated development of domestic and foreign trade," the official Xinhua News Agency said in reporting the closed-door meeting on Wednesday. It mentioned export tax rebates and free trade pilot zones but gave no other specifics. The inconclusive outcome of two days of trade talks in Stockholm, Sweden, leaves open the question of higher tariffs on Chinese exports to the United States. Chinese Vice-Premier He Lifeng said the two sides had agreed to work on extending a deadline for higher tariffs. The US side said the extension was discussed, but not decided. US Treasury Secretary Scott Bessent told reporters after the talks that President Donald Trump would decide whether to extend the August 12 deadline for an agreement or to let tariffs that have been paused for 90 days return to a higher level. "We haven't given the sign-off," Bessent said, though he emphasised that the talks had been "very constructive". China remains one of the biggest challenges for the Trump administration after it has struck deals over elevated tariff rates with other key trading partners, including Britain, Japan and the European Union. Many analysts had expected the Stockholm talks to result in an extension of current tariff levels, which stand at a US tariff of 30 per cent on Chinese goods and a Chinese tariff of 10 per cent on US products, far lower than the triple-digit percentage rates raised in April. The truce in the tariffs war to allow time for talks allowed exporters and other traders to ramp up shipments in hopes of beating any higher tariffs that might follow. The meeting headed by Chinese leader Xi Jinping mostly reiterated Beijing's priorities for the year, including a need to "unleash domestic demand", which has lagged, leading to a surge of exports by industries unable to find growth at home. It also stressed the need to promote jobs and prevent a "large-scale relapse into poverty". The economy "has demonstrated strong vitality and resilience", the Xinhua report said, but it acknowledged many risks and challenges. That includes reining in brutal competition that has led to damaging price wars among auto makers and some other manufacturers and managing excess capacity in some industries, it said. China's economy expanded at a 5.2 per cent annual pace in April-June, slowing slightly from the previous quarter. Even with the hiatus in higher tariffs, companies are feeling a pinch. Industrial profits in China fell 1.8 per cent in the first half of the year and 4.3 per cent in June, according to data released this week. China's top leaders have pledged to help companies slammed by higher US tariffs but are holding back on major moves after trade talks with the US kept businesses and planners in limbo. At their summer economic planning meeting, the powerful politburo of the ruling Communist Party pledged to stabilise foreign trade and investment. "We must assist foreign trade enterprises that have been severely impacted, strengthen financing support, and promote the integrated development of domestic and foreign trade," the official Xinhua News Agency said in reporting the closed-door meeting on Wednesday. It mentioned export tax rebates and free trade pilot zones but gave no other specifics. The inconclusive outcome of two days of trade talks in Stockholm, Sweden, leaves open the question of higher tariffs on Chinese exports to the United States. Chinese Vice-Premier He Lifeng said the two sides had agreed to work on extending a deadline for higher tariffs. The US side said the extension was discussed, but not decided. US Treasury Secretary Scott Bessent told reporters after the talks that President Donald Trump would decide whether to extend the August 12 deadline for an agreement or to let tariffs that have been paused for 90 days return to a higher level. "We haven't given the sign-off," Bessent said, though he emphasised that the talks had been "very constructive". China remains one of the biggest challenges for the Trump administration after it has struck deals over elevated tariff rates with other key trading partners, including Britain, Japan and the European Union. Many analysts had expected the Stockholm talks to result in an extension of current tariff levels, which stand at a US tariff of 30 per cent on Chinese goods and a Chinese tariff of 10 per cent on US products, far lower than the triple-digit percentage rates raised in April. The truce in the tariffs war to allow time for talks allowed exporters and other traders to ramp up shipments in hopes of beating any higher tariffs that might follow. The meeting headed by Chinese leader Xi Jinping mostly reiterated Beijing's priorities for the year, including a need to "unleash domestic demand", which has lagged, leading to a surge of exports by industries unable to find growth at home. It also stressed the need to promote jobs and prevent a "large-scale relapse into poverty". The economy "has demonstrated strong vitality and resilience", the Xinhua report said, but it acknowledged many risks and challenges. That includes reining in brutal competition that has led to damaging price wars among auto makers and some other manufacturers and managing excess capacity in some industries, it said. China's economy expanded at a 5.2 per cent annual pace in April-June, slowing slightly from the previous quarter. Even with the hiatus in higher tariffs, companies are feeling a pinch. Industrial profits in China fell 1.8 per cent in the first half of the year and 4.3 per cent in June, according to data released this week.
Mint
7 hours ago
- Business
- Mint
China promises to help companies slammed by tariffs, as talks with US left in limbo
Bangkok, China's top leaders have pledged to help companies slammed by higher US tariffs but held back on major moves after trade talks with the US this week kept businesses and planners in limbo. At their summer economic planning meeting, the powerful Politburo of the ruling Communist Party pledged to stabilise foreign trade and investment. 'We must assist foreign trade enterprises that have been severely impacted, strengthen financing support, and promote the integrated development of domestic and foreign trade,' the official Xinhua News Agency said in reporting the closed door meeting. It mentioned export tax rebates and free trade pilot zones but gave no other specifics. The inconclusive outcome of two days of trade talks in Stockholm, Sweden, leaves open the question of higher tariffs on Chinese exports to the United States. Chinese Vice Premier He Lifeng said the two sides had agreed to work on extending a deadline for higher tariffs. The US side said the extension was discussed, but not decided. US Treasury Secretary Scott Bessent told reporters after the talks that President Donald Trump would decide whether to extend the Aug 12 deadline for reaching an agreement or to let tariffs that have been paused for 90 days to 'boomerang' back to a higher level. 'We haven't given the sign-off,' Bessent said, though he emphasised that the talks had been 'very constructive.' China remains one of the biggest challenges for the Trump administration after it has struck deals over elevated tariff rates with other key trading partners — including Britain, Japan and the European Union. Many analysts had expected that the Stockholm talks would result in an extension of current tariff levels, which currently stand at a US tariff of 30% on Chinese goods and a Chinese tariff of 10% on US products, far lower than the triple-digit percentage rates raised in April. The truce in the tariffs war to allow time for talks, agreed on in early May to allow time for negotiations, allowed exporters and other traders to ramp up shipments in hopes of beating any higher tariffs that might follow. The meeting headed by Chinese leader Xi Jinping mostly reiterated Beijing's priorities for the year, including a need to 'unleash domestic demand' which has lagged, leading to a surge of exports by industries unable to find growth at home. It also stressed the need to promote jobs and prevent a 'large scale relapse into poverty.' The economy 'has demonstrated strong vitality and resilience,' the Xinhua report said. But it acknowledged many risks and challenges. That includes reining in brutal competition that has led to damaging price wars among automakers and some other manufacturers and managing excess capacity in some industries, it said. China's economy expanded at a 5.2% annual pace in April-July, slowing slightly from the previous quarter. But analysts have said actual growth may have been significantly slower. Even with the hiatus in higher tariffs, companies are feeling a pinch. Industrial profits in China fell 1.8% in the first half of the year and 4.3% in June, according to data released earlier this week. It's unclear what level of tariffs might eventually be imposed on Chinese exports to the United States. Chinese Foreign Ministry spokesman Guo Jiakun said Thursday that Beijing hopes the U.S. side would follow through on the 'important consensus' reached between Trump and Xi in a phone call to promote stable relations between the world's two largest economies. But Guo reiterated China's stance on its US objections to its purchases of oil and gas from Russia, which Bessent raised during the talks in Stockholm, threatening more tariffs. 'China will take reasonable measures to ensure energy security in accordance with its national interests,' Guo said. 'There are no winners in a tariff war. Coercion and pressure will not solve the problem. China will resolutely safeguard its sovereignty, security and development interests.'
Perth Now
7 hours ago
- Business
- Perth Now
China's leaders vow economy help as US talks in limbo
China's top leaders have pledged to help companies slammed by higher US tariffs but are holding back on major moves after trade talks with the US kept businesses and planners in limbo. At their summer economic planning meeting, the powerful politburo of the ruling Communist Party pledged to stabilise foreign trade and investment. "We must assist foreign trade enterprises that have been severely impacted, strengthen financing support, and promote the integrated development of domestic and foreign trade," the official Xinhua News Agency said in reporting the closed-door meeting on Wednesday. It mentioned export tax rebates and free trade pilot zones but gave no other specifics. The inconclusive outcome of two days of trade talks in Stockholm, Sweden, leaves open the question of higher tariffs on Chinese exports to the United States. Chinese Vice-Premier He Lifeng said the two sides had agreed to work on extending a deadline for higher tariffs. The US side said the extension was discussed, but not decided. US Treasury Secretary Scott Bessent told reporters after the talks that President Donald Trump would decide whether to extend the August 12 deadline for an agreement or to let tariffs that have been paused for 90 days return to a higher level. "We haven't given the sign-off," Bessent said, though he emphasised that the talks had been "very constructive". China remains one of the biggest challenges for the Trump administration after it has struck deals over elevated tariff rates with other key trading partners, including Britain, Japan and the European Union. Many analysts had expected the Stockholm talks to result in an extension of current tariff levels, which stand at a US tariff of 30 per cent on Chinese goods and a Chinese tariff of 10 per cent on US products, far lower than the triple-digit percentage rates raised in April. The truce in the tariffs war to allow time for talks allowed exporters and other traders to ramp up shipments in hopes of beating any higher tariffs that might follow. The meeting headed by Chinese leader Xi Jinping mostly reiterated Beijing's priorities for the year, including a need to "unleash domestic demand", which has lagged, leading to a surge of exports by industries unable to find growth at home. It also stressed the need to promote jobs and prevent a "large-scale relapse into poverty". The economy "has demonstrated strong vitality and resilience", the Xinhua report said, but it acknowledged many risks and challenges. That includes reining in brutal competition that has led to damaging price wars among auto makers and some other manufacturers and managing excess capacity in some industries, it said. China's economy expanded at a 5.2 per cent annual pace in April-June, slowing slightly from the previous quarter. Even with the hiatus in higher tariffs, companies are feeling a pinch. Industrial profits in China fell 1.8 per cent in the first half of the year and 4.3 per cent in June, according to data released this week.
Wall Street Journal
10 hours ago
- Business
- Wall Street Journal
China Politburo Holds off on Further Stimulus
Chinese leaders signaled they would refrain from rolling out more major stimulus for now, as authorities pivot to addressing excess capacity in the economy. Instead of announcing more policy support to bolster growth, the ruling Communist Party's Politburo, China's top policymaking body, pledged Wednesday to better execute policies that are already in place, according to a readout by state-run Xinhua News Agency.
