According to investment bank Nomura, China’s economy faces its worst downward pressure since the spring of 2020, when it was hit by the first wave of COVID-19.
| Chinese industrial companies’ profit grew at a faster pace in the first two months of the year, despite it being a typically slower production period because of the holiday season.
China’s manufacturers have been squeezed recently by elevated factory inflation, with surging global oil and gas prices due to the Russian invasion of Ukraine clouding the outlook. The slowdown in China’s growth worsened in the first quarter and markets should be concerned about a further slide in the second, Nomura economists, including Lu Ting, wrote in a note at the weekend.
China’s economy had a stronger-than-expected start to the year, with consumer spending, investment and industrial output all beating forecasts. The outlook, however, has turned increasingly grim as the nation battles the COVID-19 outbreak, and Russia’s invasion of Ukraine throws global financial markets and energy prices into turmoil.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Small businesses use tax cut for new tools, profits and wagesBusinesses are using the new 25 per cent company rate to spend more on capital goods and lift wages, but there are calls for Tuesday’s budget to go further.
Read more »
Red tape keeping hemp farmers in 'the dark ages' as stakeholders push for reformAustralian industrial hemp farmers believe crops with no psychoactive properties could be five times more valuable if regulations are relaxed.
Read more »
2GB radio presenter Chris Smith’s Alexandria home sells for $2.5m - realestate.com.au2GB radio presenter Chris Smith’s trendy inner Sydney pad has sold for a jingle-worthy profit of more than $1 million.
Read more »
China Eastern Airlines plane crash killed everyone on board, authorities sayFlight MU5735 was travelling from the city of Kunming, in south-west China, to the port city of Guangzhou when it plummeted from cruising altitude and crashed in a heavily forested area of Guangxi region.
Read more »
Solomon Islands politician 'extremely disappointed' Australia ignored warnings of China military dealThe Solomon Islands opposition leader claims he warned Australian officials last year that China was negotiating a military pact, as a prominent defence analyst predicts that Beijing is now likely to push for a strategic presence in Papua New Guinea.
Read more »