China’s Slowing V-Shaped Economic Recovery Sends Global Warning

China’s V-shaped economic rebound from the Covid-19 pandemic is slowing, sending a warning to the rest of world about how durable their own recoveries will prove to be.

The changing outlook was underscored Friday when the People’s Bank of China cut the amount of cash most banks must hold in reserve in order to boost lending. While the PBOC said the move isn’t a renewed stimulus push, the breadth of the 50 basis-point cut to most banks reserve ratio requirement came as a surprise.

Data on Thursday is expected to show growth eased in the second quarter to 8% from the record gain of 18.3% in the first quarter, according to a Bloomberg poll of economists. Key readings of retail sales, industrial production and fixed asset investment are all set to moderate too.

The PBOC’s swift move to lower banks’ RRR is one way of making sure the recovery plateaus from here, rather then stumbles.

The economy was always expected to descend from the heights hit during its initial rebound and as last year’s low base effect washes out. But economists say the softening has come sooner than expected, and could now ripple across the world.

“There is no doubt that the impact of a slowing China on the global economy will be bigger than it was five years ago,” said Rob Subbaraman, head of global markets research at Nomura Holdings Inc. “China’s ‘first-in, first-out’ status from Covid-19 could also influence market expectations that if China’s economy is cooling now, others will soon follow.”

Group of 20 finance ministers meeting in Venice on Saturday signaled alarm over threats that could derail a fragile global recovery, saying new variants of the coronavirus and an uneven pace of vaccination could undermine a brightening outlook for the world economy. China’s state media also cited several analysts Monday saying domestic growth will slow in the second half because of an uncertain global recovery.

China’s slowing recovery also reinforces the view that factory inflation has likely peaked and commodity prices could moderate further.

“China’s growth slowdown should mean near-term disinflation pressures globally, particularly on demand for industrial metals and capital goods,” said Wei Yao, chief economist for the Asia Pacific at Societe Generale SA.

The changing outlook reflects the advanced stage of China’s recovery as growth stabilizes, according to Bloomberg Economics.

What Bloomberg Economics Says…

“Looking through the data distortions, the recovery is maturing, not stumbling. Activity and trade data for June will likely paint a similar picture — a slower, but still-solid expansion.”

— The Asia Economist Team

For the full report, click here.

Domestically, the big puzzle continues to be why retail sales are still soft given the virus remains under control. It’s likely that sales slowed again in June, according to Bloomberg Economics, as sentiment was weighed by controls to contain sporadic outbreaks of the virus.

Even with the PBOC’s support for small and mid-sized businesses, there’s no sign of a broad reversal in the disciplined stimulus approach authorities have taken since the crisis began.

The RRR cut was partially to “manage expectations” ahead of the second-quarter economic data this week, said Bruce Pang, head of macro and strategy research at China Renaissance Securities Hong Kong.

“It also provides more policy room going forward, as the momentum of the economic recovery has surely slowed.”

— With assistance by Enda Curran, Yujing Liu, and Bihan Chen

Source: China’s Slowing V-Shaped Economic Recovery Sends Global Warning – Bloomberg



The Chinese economic reform or reform and opening-up; known in the West as the Opening of China is the program of economic reforms termed “Socialism with Chinese characteristics” and “socialist market economy” in the People’s Republic of China (PRC). Led by Deng Xiaoping, often credited as the “General Architect”, the reforms were launched by reformists within the Chinese Communist Party (CCP) on December 18, 1978 during the “Boluan Fanzheng” period.

The reforms went into stagnation after the military crackdown on 1989 Tiananmen Square protests, but were revived after Deng Xiaoping’s Southern Tour in 1992. In 2010, China overtook Japan as the world’s second-largest economy.

Before the reforms, the Chinese economy was dominated by state ownership and central planning. From 1950 to 1973, Chinese real GDP per capita grew at a rate of 2.9% per year on average,[citation needed] albeit with major fluctuations stemming from the Great Leap Forward and the Cultural Revolution.

This placed it near the middle of the Asian nations during the same period, with neighboring capitalist countries such as Japan, South Korea and rival Chiang Kai-shek‘s Republic of China outstripping the PRC’s rate of growth. Starting in 1970, the economy entered into a period of stagnation, and after the death of CCP Chairman Mao Zedong, the Communist Party leadership turned to market-oriented reforms to salvage the failing economy.


Asia Becomes Epicenter of Market Fears Over Slowdown in Growth

Asia is emerging as the epicenter for investor worries over global growth and the spread of coronavirus variants. While their peers in the U.S. and Europe remain near record highs, Asian stocks have fallen back in recent months amid slowing Chinese economic growth and a glacial rollout of vaccines. The trend accelerated Friday with the benchmark MSCI Asia Pacific Index briefly erasing year-to-date gains for the second time in as many months.

“Asia was seen as the poster child in pandemic response last year, but this year the slow vaccination rollout in most countries combined with the arrival of the delta variant means another lost year,” said Mark Matthews, head of Asia research with Bank Julius Baer & Co. in Singapore. “I suspect Asia will continue to lag as long as vaccination rollouts remain at their relatively sluggish levels and high daily new Covid counts prevent them from lifting mobility restrictions.”

The growing jitters in the region comes as investor concerns shift from runaway inflation to an early withdrawal of stimulus by central banks. China’s authorities signaled earlier this week they may soon unleash more support for the economy, suggesting the world’s fastest-pandemic recovery may be weaker than it appears.

A fresh regulatory crackdown on Chinese tech stocks this week has also impacted investor sentiment in the region. The Hang Seng China Enterprises Index fell briefly into a technical bear market Friday, led by weakness in the sector.

While Asia bore the brunt of the retreat in global equities, havens in other asset classes from Treasuries to the yen have rallied, and the rotation toward economically-sensitive cyclical stocks from their high-priced growth counterparts continued to unwind.

“It’s a sign of how challenging the reopening process is,” Marvin Loh, State Street senior global market strategist, said in an interview with Bloomberg TV. “What the PBOC is going through as well as these variants that keep popping up around the world shows it’s going to be an uneven process. Maybe a normalization tightening policy is not necessarily going to be as fluid.”

Covid Challenge

Covid 19 remains a key challenge. In Japan, Tokyo has declared a renewed state of emergency to combat the resurgent virus, banning spectators from the Olympics and pushing the Nikkei 225 Stock Average toward a correction. South Korea is intensifying social distancing measures in Seoul while Indonesia is battling a virus resurgence that has crippled its health system.

“Asian equities are being particularly impacted by the rebound in coronavirus cases in the region, fears about the impact of that on regional growth and concern that we may now have seen the best of the rebound globally,” said Shane Oliver, head of investment strategy with AMP Capital Investors in Sydney. “Asian shares may have led the way on this but coronavirus concerns may also weigh on global shares generally.”

For the APAC region, recent trade deals will likely invigorate and deepen economic integration over the coming few years. In late 2020, China, Japan, South Korea, Australia, New Zealand and 10 Association of Southeast Asian Nations (ASEAN) members signed the Regional Comprehensive Economic Partnership (RCEP) agreement after eight years of negotiation.

When fully implemented in 2022, RCEP will represent the world’s biggest trading bloc, covering about 30% of global GDP and trade. In addition, China concluded a Comprehensive Agreement on Investment (CAI) with the EU on the last day of 2020. The EU is China’s second-largest trading partner and the CAI will cover broad market access, including to key sectors such as alternative energy vehicles and medical services.

Although these trade deals will not have an immediate economic impact, in the medium term the treaties should cement Asia as the world’s most dynamic economic bloc embracing free trade, investment and globalization. They should also help to counter the disruptive geopolitical tensions and encourage the post-pandemic economic recovery in Asia.

The economy of Asia comprises more than 4.5 billion people (60% of the world population) living in 49 different nations. Asia is the fastest growing economic region, as well as the largest continental economy by both GDP Nominal and PPP in the world. Moreover, Asia is the site of some of the world’s longest modern economic booms, starting from the Japanese economic miracle (1950–1990), Miracle on the Han River (1961–1996) in South Korea, economic boom (1978–2013) in China, Tiger Cub Economies (1990–present) in Indonesia, Malaysia, Thailand, Philippines, and Vietnam, and economic boom in India (1991–present).
As in all world regions, the wealth of Asia differs widely between, and within, states. This is due to its vast size, meaning a huge range of different cultures, environments, historical ties and government systems. The largest economies in Asia in terms of PPP gross domestic product (GDP) are China, India, Japan, Indonesia, Turkey, South Korea, Saudi Arabia, Iran, Thailand and Taiwan and in terms of nominal gross domestic product (GDP) are China, Japan, India, South Korea, Indonesia, Saudi Arabia, Turkey, Taiwan, Thailand and Iran.
East Asian and ASEAN countries generally rely on manufacturing and trade (and then gradually upgrade to industry and commerce), and incrementally building on high-tech industry and financial industry for growth, countries in the Middle East depend more on engineering to overcome climate difficulties for economic growth and the production of commodities, principally Sweet crude oil.
Over the years, with rapid economic growth and large trade surplus with the rest of the world, Asia has accumulated over US$8.5 trillion of foreign exchange reserves – more than half of the world’s total, and adding tertiary and quaterny sectors to expand in the share of Asia‘s economy.







Chinese Developer Woes Are Weighing on Asia’s Junk Bond Market

Financial strains among Chinese property developers are hurting the Asian high-yield debt market, where the companies account for a large chunk of bond sales.

That’s widening a gulf with the region’s investment-grade securities, which have been doing well amid continued stimulus support.

Yields for Asia’s speculative-grade dollar bonds rose 41 basis points in the second quarter, according to a Bloomberg Barclays index, versus a 5 basis-point decline for investment-grade debt. They’ve increased for six straight weeks, the longest stretch since 2018, driven by a roughly 150 basis-point increase for Chinese notes.

China’s government has been pursuing a campaign to cut leverage and toughen up its corporate sector. Uncertainty surrounding big Chinese borrowers including China Evergrande Group, the largest issuer of dollar junk bonds in Asia, and investment-grade firm China Huarong Asset Management Co. have also weighed on the broader Asian market for riskier credit.

“Diverging borrowing costs have been mainly driven by waning investor sentiment in the high-yield primary markets, particularly relating to the China real estate sector,” said Conan Tam, head of Asia Pacific debt capital markets at Bank of America. “This is expected to continue until we see a significant sentiment shift here.”

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Such a shift would be unlikely to come without a turnaround in views toward the Chinese property industry, which has been leading a record pace in onshore bond defaults this year.

But there have been some more positive signs recently. Evergrande told Bloomberg News that as of June 30 it met one of the “three red lines” imposed to curb debt growth for many sector heavyweights. “By year-end, the reduction in leverage will help bring down borrowing costs” for the industry, said Francis Woo, head of fixed income syndicate Asia ex-Japan at Credit Agricole CIB.

Spreads have been widening for Asian dollar bonds this year while they’ve been narrowing in the U.S. for both high-yield and investment grade amid that country’s economic rebound, said Anne Zhang, co-head of asset class strategy, FICC in Asia at JPMorgan Private Bank. She expects Asia’s underperformance to persist this quarter, led by Chinese credits as investors remain cautious about policies there.

“However, as the relative yield differential between Asia and the U.S. becomes more pronounced there will be demand for yield that could help narrow the gap,” said Zhang.


A handful of issuers mandated on Monday for potential dollar bond deals including Hongkong Land Co., China Modern Dairy Holdings Ltd. and India’s REC Ltd., though there were no debt offerings scheduled to price with U.S. markets closed for the July 4 Independence Day holiday.

  • Spreads on Asian investment-grade dollar bonds were little changed to 1 basis point wider, according to credit traders. Yield premiums on the notes widened by almost 2 basis points last week, in their first weekly increase in six, according to a Bloomberg Barclays index
  • Among speculative-grade issuers, dollar bonds of China Evergrande Group lagged a 0.25 cent gain in the broader China high-yield market on Monday. The developer’s 12% note due in October 2023 sank 1.8 cents on the dollar to 74.6 cents, set for its lowest price since April last year


The U.S. high-grade corporate bond market turned quiet at the end of last week before the holiday, but with spreads on the notes at their tightest in more than a decade companies have a growing incentive to issue debt over the rest of the summer rather than waiting until later this year.

  • The U.S. investment-grade loan market has surged back from pandemic disruptions, with volumes jumping 75% in the second quarter from a year earlier to $420.8 billion, according to preliminary Bloomberg league table data
  • For deal updates, click here for the New Issue Monitor


Sales of ethical bonds in Europe have surged past 250 billion euros ($296 billion) this year, smashing previous full-year records. The booming market for environmental, social and governance debt attracted issuers including the European Union, Repsol SA and Kellogg Co. in the first half of 2021.

  • The European Union has sent an RfP to raise further funding via a sale to be executed in the coming weeks, it said in an e-mailed statement
  • German property company Vivion Investments Sarl raised 340 million euros in a privately placed transaction in a bid to boost its real estate portfolio, according to people familiar with the matter


Source: Chinese Developer Woes Are Weighing on Asia’s Junk Bond Market – Bloomberg



The Chinese property bubble was a real estate bubble in residential and/or commercial real estate in China. The phenomenon has seen average housing prices in the country triple from 2005 to 2009, possibly driven by both government policies and Chinese cultural attitudes.

Tianjin High price-to-income and price-to-rent ratios for property and the high number of unoccupied residential and commercial units have been held up as evidence of a bubble. Critics of the bubble theory point to China’s relatively conservative mortgage lending standards and trends of increasing urbanization and rising incomes as proof that property prices can remain supported.

The growth of the housing bubble ended in late 2011 when housing prices began to fall, following policies responding to complaints that members of the middle-class were unable to afford homes in large cities. The deflation of the property bubble is seen as one of the primary causes for China’s declining economic growth in 2012.

2011 estimates by property analysts state that there are some 64 million empty properties and apartments in China and that housing development in China is massively oversupplied and overvalued, and is a bubble waiting to burst with serious consequences in the future. The BBC cites Ordos in Inner Mongolia as the largest ghost town in China, full of empty shopping malls and apartment complexes. A large, and largely uninhabited, urban real estate development has been constructed 25 km from Dongsheng District in the Kangbashi New Area. Intended to house a million people, it remains largely uninhabited.

Intended to have 300,000 residents by 2010, government figures stated it had 28,000. In Beijing residential rent prices rose 32% between 2001 and 2003; the overall inflation rate in China was 16% over the same period (Huang, 2003). To avoid sinking into the economic downturn, in 2008, the Chinese government immediately altered China’s monetary policy from a conservative stance to a progressive attitude by means of suddenly increasing the money supply and largely relaxing credit conditions.

Under such circumstances, the main concern is whether this expansionary monetary policy has acted to simulate the property bubble (Chiang, 2016). Land supply has a significant impact on house price fluctuations while demand factors such as user costs, income and residential mortgage loan have greater influences.


Five Things You Need to Know to Start Your Day

Delta fears are growing, central banks face challenges and the shape of the U.K. and Europe post-Brexit continues to form. Here’s what’s moving markets.

Delta Fears

Concern about the more contagious Delta coronavirus variant is growing and those fears helped fuel a rise in Moderna shares to a record high after the drugmaker said its vaccine produces protective antibodies against the strain. The medicine was approved for restricted emergency use in India, where little more than 4% of the population is so far fully vaccinated. The variant is rippling through emerging markets, with more curbs in Indonesia and warnings of a potentially “catastrophic” wave in Kenya. A widening gap in vaccination rates in the U.S. also shows the risks faces to certain regions.

Policy Challenges

The major challenge for central banks is going to be how to wean the global economy off the unprecedented support they have deployed to deal with the disruption Covid-19 has caused. U.S. and European confidence data is soaring, underlining the rebound the economy is experiencing, while China’s central bank has also struck a more positive tone. Some more data points will arrive for policymakers to mull over on Wednesday, led by U.K. GDP and European inflation numbers.

Brexit Shifts

Paris is JPMorgan’s new trading center in the European Union post-Brexit as the U.S. banking giant inaugurated a new headquarters in the French capital. It is a victory for France in the ongoing race with other European countries to lure business from London after the referendum to leave the EU. It comes as the U.K. government unveiled a system of overseeing subsidies to companies, promising “more agile” decisions. And the U.K. is expecting to reach a truce in the so-called “sausage wars’’ with the EU over post-Brexit trading rules in Northern Ireland.

OPEC+ Delay

OPEC and its allies have delayed preliminary talks for a day to create more time to find a compromise on oil-output increases. It comes with crude oil prices on track for the best half of a year since 2009. Surging commodity prices are creating all sorts of headaches for policy makers, from rising inflation expectations that could move the hand of central bankers to a higher cost in shifting to more sustainable energy sources. This has initially led to a surge in profit for commodity trading houses but will end up hitting consumers down the road through higher prices.

Asian stocks mostly rose following a record close in the U.S. on signs that vaccines can protect against the delta variant of the coronavirus. European and U.S. stock futures are steady. The earnings calendar is relatively thin but watch for the reaction to two long-running takeover sagas moving toward a conclusion.

EssilorLuxottica, the eyewear giant, decided to go ahead with the acquisition of smaller peer GrandVision and the board of France’s Suez has backed its takeover by rival Veolia. And the Organization for Economic Cooperation and Development meets in Paris to finalize plans to overhaul the global minimum corporate tax.

What We’ve Been Reading

This is what’s caught our eye over the past 24 hours. 

And finally, here’s what Cormac Mullen is interested in this morning

With just one more day of trading in the first half of 2021 to go, global stocks are on track for their second-best performance since 1998. If the MSCI AC World Index’s gain of about 12% through June 29 holds, it would be beaten only by a 15% rise in 2019. The global stock benchmark closed at a record on June 28, and has risen almost 90% since its pandemic low in March 2020.

As we begin the second half, investor focus will soon switch to the upcoming earnings season. The second quarter could well mark peak earnings growth so comments on the outlook will be key for stock performance as will the impact of rising costs on margins. Outside of that, the same themes that dominated the first half will monopolize the second, and whether we get an equally strong next six months will likely depend on the path of other asset classes most notably bonds.

By: and

Source: Stock Markets Today: Delta Variant, Central Banks, Brexit Changes, OPEC+ – Bloomberg



A financial crisis is any of a broad variety of situations in which some financial assets suddenly lose a large part of their nominal value. In the 19th and early 20th centuries, many financial crises were associated with banking panics, and many recessions coincided with these panics. Other situations that are often called financial crises include stock market crashes and the bursting of other financial bubbles, currency crises, and sovereign defaults. Financial crises directly result in a loss of paper wealth but do not necessarily result in significant changes in the real economy (e.g. the crisis resulting from the famous tulip mania bubble in the 17th century).

Many economists have offered theories about how financial crises develop and how they could be prevented. There is no consensus, however, and financial crises continue to occur from time to time. Negative GDP growth lasting two or more quarters is called a recession. An especially prolonged or severe recession may be called a depression, while a long period of slow but not necessarily negative growth is sometimes called economic stagnation.

Some economists argue that many recessions have been caused in large part by financial crises. One important example is the Great Depression, which was preceded in many countries by bank runs and stock market crashes. The subprime mortgage crisis and the bursting of other real estate bubbles around the world also led to recession in the U.S. and a number of other countries in late 2008 and 2009.

Some economists argue that financial crises are caused by recessions instead of the other way around, and that even where a financial crisis is the initial shock that sets off a recession, other factors may be more important in prolonging the recession. In particular, Milton Friedman and Anna Schwartz argued that the initial economic decline associated with the crash of 1929 and the bank panics of the 1930s would not have turned into a prolonged depression if it had not been reinforced by monetary policy mistakes on the part of the Federal Reserve,a position supported by Ben Bernanke.

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China’s GDP Surge Is Chance To Reboot Country’s Image On World Stage

China’s economy had a great 12 months, leading the globe out of the Covid-19 era. Yet the last year has damaged something equally important: Beijing’s soft power.

Beijing’s handling of questions about what happened in Wuhan—and why officials were so slow to warn the world about a coming pandemic—boggles the mind. If China’s handling of the initial outbreak was indeed the “decisive victory” that it claims, why overreact to Australia’s call for a probe?

Harvard Kennedy School students might one day take classes recounting how China’s leaders squandered the Donald Trump era. As the U.S. president was undermining alliances, upending supply chains, losing allies, and playing down the pandemic, Beijing had a once-in-a-lifetime opportunity to increase the country’s influence at Washington’s expense.

And now, many in Beijing appear to understand the extent to which they blew it. Earlier this month, Xi Jinping urged the Communist Party to cultivate a “trustworthy, lovable and respectable” image globally. It’s the clearest indication yet that the “wolf warrior” ethos espoused in recent times by Chinese diplomats was too Trump-like for comfort—and backfiring.

The remedy here is obvious: being the reliable economic engine leaders from the East to West desire.

The Trump administration’s policies had a vaguely developing-nation thrust—favoring a weaker currency, banning companies, tariffs of the kind that might’ve worked in 1985, assaulting government institutions. They shook faith in America’s ability to anchor global finance. The last four years saw a bull market in chatter about replacing the dollar as reserve currency and the centrality of U.S. Treasury debt.

China is enjoying a burst of good press for its gross domestic product trends. Not just for the pace of GDP, but the way Xi’s team appears to be seeking a more balanced and sustainable mix of growth sources. Though some pundits were disappointed by news that industrial production rose just 6.6% in May on a two-year average basis, it essentially gets Asia’s biggest back to where it was pre-Covid-19.

China is getting there, slowly but surely. Far from disappointing, though, data suggest Xi’s party learned valuable lessons from the myriad boom/bust cycles that put China in global headlines since 2008. That was the year the “Lehman shock” devastated world markets and threatened to interrupt China’s meteoric rise.

Instead, Beijing bent economic reality to its benefit. Yet the untold trillions of dollars of stimulus that then-President Hu Jintao’s team threw at the economy caused as many long-term headaches as short-term gains. It financed an unproductive infrastructure boom—one prioritizing the quantity of growth over quality—that fueled bubbles. It generated a moral-hazard dynamic that encouraged greater risk and leverage.

Unfortunately, Xi’s government doubled down on the approach in 2015, when Shanghai stocks went into freefall. The impulse then, as in the 2008-2009 period, was to throw even more cash at the problem—treating the symptoms, not the underlying ailments.

The ways in which Team Xi restored calm—bailouts, loosening leverage and reserve requirement protocols, halting initial public offerings and suspending trading in thousands of companies—did little to build a more nimble and transparent system. The message to punters was, no worries, the Communist Party and People’s Bank of China have your backs. Always.

Yet things appear to be changing. In 2020, while the U.S., Europe and Japan went wild with new stimulus schemes, Beijing took a targeted and minimalist approach. Japan alone threw $2.2 trillion, 40% of GDP, at its cratering economy. The Federal Reserve went on an asset-buying tear.

The PBOC, by sharp contrast, resisted the urge to go the quantitative easing route. That is helping Xi in his quest to deleverage the economy. It’s a very difficult balancing act, of course. The will-they-or-won’t-they-default drama unfolding at China Huarong Asset Management demonstrates the risks of hitting the stimulus brakes too hard.

The good news is that so far China seems to be pursuing a stable and lasting 2021 recovery, not the overwhelming force of previous efforts. And that’s just what the world needs. A 6% growth rate year after year will win China more soft-power points than the GDP extremes. So will China accelerating its transition from exports to an innovation-and-services-based power.

It’s grand that President Joe Biden rapidly raised America’s vaccination game. That means the two biggest economies are recovering simultaneously, reinforcing each other.

China’s revival could have an even bigger impact. Look at how China’s growth in recent months is lifting so many boats in Asia. In May alone, Japan enjoyed a 23.6% surge in shipments to China. Mainland demand for everything from motor vehicles to semiconductor machinery to paper products is helping Japan recover from its worst downturn in decades. South Korea, too.

The best thing Xi can do to boost China’s soft power is to lean into this recovery, and provide the stability that the rest of the globe needs. Xi should let China’s GDP power do the talking for him.

I am a Tokyo-based journalist, former columnist for Barron’s and Bloomberg and author of “Japanization: What the World Can Learn from Japan’s Lost Decades.” My journalism awards include the 2010 Society of American Business Editors and Writers prize for commentary.

Source: China’s GDP Surge Is Chance To Reboot Country’s Image On World Stage



The economy of China is a developing market-oriented economy that incorporates economic planning through industrial policies and strategic five-year plans. Dominated by state-owned enterprises (SOEs) and mixed-ownership enterprises, the economy also consists of a large domestic private sector and openness to foreign businesses in a system described as a socialist market economy.

State-owned enterprises accounted for over 60% of China’s market capitalization in 2019 and generated 40% of China’s GDP of US$15.66 trillion in 2020, with domestic and foreign private businesses and investment accounting for the remaining 60%. As of the end of 2019, the total assets of all China’s SOEs, including those operating in the financial sector, reached US$78.08 trillion. Ninety-one (91) of these SOEs belong to the 2020 Fortune Global 500 companies.

China has the world’s second largest economy when measured by nominal GDP, and the world’s largest economy since 2014 when measured by Purchasing Power Parity (PPP), which is claimed by some to be a more accurate measure of an economy’s true size.It has been the second largest by nominal GDP since 2010, which rely on fluctuating market exchange rates.An official forecast states that China will become the world’s largest economy in nominal GDP by 2028.Historically, China was one of the world’s foremost economic powers for most of the two millennia from the 1st until the 19th century.

The Chinese economy has been characterized as being dominated by few, larger entities including Ant Group and Tencent. In recent years there has been attempts by the Xi Jinping Administration to enforce economic competition rules, and probes into Alibaba and Tencent have been launched by Chinese economic regulators.

The crackdown on monopolies by tech giants and internet companies follows with recent calls by the Politburo against monopolistic practices by commercial retail giants like Alibaba. Comparisons have been made with similar probes into Amazon in the United States.

See also

China’s Xtep Closes At New Record On Hillhouse Investment; Ding Clan’s Fortune Tops $2 Bln


Shares in China sportswear supplier Xtep ended the week at a new record high today after the company announced investment hook-ups with China private equity firm Hillhouse Capital Management, one of China’s largest private equity firms.

Xtep’s Hong Kong-traded shares rose 5.6% to HK$13.16 today; they’ve more than doubled since mid-May.

Xtep said it would raise HK$500 million from the sale to Hillhouse of bonds that can be converted into its own underlying shares. In addition, subsidiary Xtep Global raised $65 million from Hillhouse from the sale of bonds that can be converted into that unit’s shares. (See announcements here and here.) Funds will help boost sales of Xtep-owned brands.

The doubling of Xtep’s stock price has lifted the fortune of company’s controlling Ding family to $2.3 billion.  Trusts held by chairman Ding Shui Bo, executive director Ding Mei Qing (his sister) and executive director Ding Ming Zhong (his brother) collectively own 1.3 billion shares that were worth $2.2 billion today. Xtep’s annual report doesn’t give a clear down of the ownership split among them. Shui Bo has another 60.7 million shares worth another $103 million.

Spending on sportswear in China has picked up amid a continuing economic recovery from the Covid-19 pandemic. Xtep, whose rivals include Anta and Nike, said in April first-quarter sales had a mid-50% increase compared with a year earlier. Nike has faced backlash in China after a statement in March expressed concern about alleged forced labor practices its Xinjiang region.

Hillhouse is led by billionaire Zhang Lei, who is worth $3 billion today on the Forbes Real-Time Billionaires List.

See related story:

Hong Kong Is Gaining On The U.S. As An Alternative For Tech Listings


Send me a secure tip.

I’m a senior editor and the Shanghai bureau chief of Forbes magazine. Now in my 20th year at Forbes, I compile the Forbes China Rich List. I was previously a correspondent for Bloomberg News in Taipei and Shanghai and for the Asian Wall Street Journal in Taipei. I’m a Massachusetts native, fluent Mandarin speaker, and hold degrees from the University of Vermont and the University of Wisconsin at Madison.

Source: China’s Xtep Closes At New Record On Hillhouse Investment; Ding Clan’s Fortune Tops $2 Bln



Xtep International Holdings Limited (SEHK stock code: 1368) is a Chinese manufacturing company of sports equipment based in Kowloon Bay, Hong Kong.[2] Established in 2001, the company was listed on the Main Board of the Hong Kong Stock Exchange on 3 June 2008.[3]

Xtep engages mainly in the design, development, manufacturing, sales, marketing and brand management of sports equipment, including footwear, apparel, and accessories. Xtep is a leading professional sports brand with an extensive distribution network of over 6,300 stores covering 31 provinces, autonomous regions and municipalities across the PRC and overseas.

In 2019, Xtep has further diversified its brand portfolio which now includes four internationally brands, namely K-Swiss, Palladium, Saucony and Merrell. Xtep is a constituent of the MSCI China Small Cap Index, Hang Seng Composite Index Series and Shenzhen-Hong Kong Stock Connect.

In August 2019, Xtep signed on famous Asian basketball player Jeremy Lin as spokesperson, marking its foray into the basketball business realm. Xtep also unveiled its “Basketball Product Co-Creation Plan” to come up with basketball products via product co-creation.

After previously supplying then-Premier League side Birmingham City and La Liga side Villarreal in 2010 and 2014 respectively, Xtep left the major football scene in 2017 and focused on other sports, mainly in running. In mid-2018, Xtep returned again to the football scene by signing a contract with Saudi Professional League side Al-Shabab ahead of the 2018–19 season in a reported three-year contract. On 13 October 2019, Egyptian Premier League side Al Ittihad Alexandria announced Xtep as their new official kit supplier until 2022, replacing German company Uhlsport.


  1. “الاتحاد السكندري يُعلن عن الزى الجديد .. و يتعاقد حصرياً مع شركة سعودية للملابس الرياضية” [Al Ittihad Alexandria reveals new kits for the 2019–20 as they announce new deal with Chinese-Saudi Arabian company Xtep]. Al Ittihad Alexandria Club official website. 13 October 2019. Retrieved 5 January 2020.
  1. Xtep 2019 Interim Report [2019-08-21]
  2. XTEP INT’L Forms JV to Run Merrell, Saucony Brands – AASTOCKS [2019-03-04]
  3. Xtep buys E-Land Footwear to develop series – The Standard [2019-05-03]
  4. Xtep expands its sportswear portfolio into basketball shoes and apparel, signing on star Jeremy Lin as brand spokesman – South China Morning Post [2019-08-09]

China Cracks Down On Crypto Business, Saying ‘Speculative’ Trading ‘Seriously Infringing’ On Financial Order

Bitcoin, cryptocurrency image

Chinese financial officials announced Tuesday that the country would crack down on financial institutions conducting cryptocurrency business or offering related services in light of the market’s recent volatility, marking another blow to the nascent market reeling from one of its biggest sell-offs ever after booming institutional adoption helped lift it to meteoric highs during the pandemic.

In a joint statement Tuesday, three Chinese industry groups overseeing the financial sector announced that bank and payment institutions can not conduct business related to cryptocurrencies, specifically banning a slew of activities including cryptocurrency registration, trading, clearing and settlement.

The guidelines, which reiterate a previous ban from 2017, also bar financial institutions from accepting or using cryptocurrencies in payments or settlements, developing digital currency exchange services and offering any such services to clients.

The group specifically laid into the cryptocurrency’s market massive volatility, saying digital tokens have “no real support value” and prices that are “extremely easy” to manipulate.

The move prohibits Chinese financial institutions, many of which had already shied away from offering crypto services amid the nation’s past crackdown, from issuing cryptocurrency products or services, but it doesn’t ban consumers from owning cryptocurrencies.

The value of the world’s cryptocurrencies dropped about $50 billion, or 2.5% immediately after the announcement, pushing the week’s staggering losses to roughly $500 billion from a Wednesday high above $2.5 trillion.

Crucial Quote

“Recently, crypto currency prices have skyrocketed and plummeted, and speculative trading of cryptocurrency has rebounded, seriously infringing on the safety of people’s property and disrupting the normal economic and financial order,” the Tuesday statement read. “Judging from the current judicial practice in my country, virtual currency transaction contracts are not protected by law.”

Key Background

A wave of early regulatory crackdowns beginning in 2017 sparked a nearly 80% correction in cryptocurrency prices and a yearslong bull market that lasted until inflationary concerns and institutional adoption lifted the market to new highs during the pandemic. In March, Morgan Stanley became the first big bank in the U.S. to give wealthy clients access to cryptocurrency investments, and Goldman Sachs quickly followed suit with its own crypto offerings in April. JPMorgan and a slew of other smaller financial institutions have also reportedly indicated they may be next.

Surprising Fact

Cryptocurrencies soared nearly 500% over the past year as companies like Square, MicroStrategy and Tesla, in particular, started making big cryptocurrency investments, but in a testament to the market’s extreme volatility, prices have plunged by about 30% since Elon Musk said Tesla would stop investing in bitcoin last month.

What To Watch For

Regulation in the U.S. Gensler and Yellen. Earlier this month, new Securities and Exchange Commission Chair Gary Gensler suggested that the agency may be gearing up for a long-awaited crypto crackdown in light of the market’s recent boom, telling CNBC: “To the extent that something is a security, the SEC has a lot of authority, and a lot of crypto tokens—I won’t call them ‘cryptocurrencies’ for this moment—are indeed securities.”

I’m a reporter at Forbes focusing on markets and finance. I graduated from the University of North Carolina at Chapel Hill, where I double-majored in business journalism and economics while working for UNC’s Kenan-Flagler Business School as a marketing and communications assistant. Before Forbes, I spent a summer reporting on the L.A. private sector for Los Angeles Business Journal and wrote about publicly traded North Carolina companies for NC Business News Wire. Reach out at

Source: China Cracks Down On Crypto Business, Saying ‘Speculative’ Trading ‘Seriously Infringing’ On Financial Order



Bitcoin does not share the traits listed above: it does not maintain a stable value and its fixed number of coins means that it can’t keep up with an insatiable global demand for safe assets like the U.S. debt market can. Indeed, investor willingness to fund more than $21 trillion in U.S. public debt, often at negative real interest rates, shows that the U.S. dollar continues to have massive appeal even as cryptocurrencies go mainstream.

Furthermore, China’s actions over the past decade show that it is deeply skeptical of bitcoin and likely sees it as a threat to the power of the Chinese Communist Party. In 2017, the People’s Bank of China and five other ministries banned financings using cryptocurrency, like initial coin offerings, and banned the exchange of fiat money for cryptocurrency, according to Rain Xie of the Washington University School of Law.


Bitcoin Could Churn Out 130 Million Tons Of Carbon, Undermining Climate Action. Here’s One Way To Tackle That

A Bitcoin mining manager checks equipment at a Chinese bitcoin mine in Sichuan.

The power demands and carbon emissions of bitcoin mining could undermine global efforts to combat climate change if stringent regulations are not placed upon the industry, a Chinese study has found. By 2024, mining of the cryptocurrency in China alone could use as much power as the entire nation of Italy uses in a year, with greenhouse gas emissions equalling those of the Czech Republic.

But rather than recommending increased taxation on bitcoin mining to curb emissions, or simply an outright ban on the practice, the paper, published today in the journal Nature, suggests that miners should be encouraged to shift their operations to regions that provide abundant low-carbon electricity.

The research is significant because China carries out at least 65% of the world’s bitcoin operations. Shouyang Wang, one of the report’s authors and chair professor at the Academy of Mathematics and Systems Science at the Chinese Academy of Sciences in Beijing, told “While everyone has focused on bitcoin’s great profitability, we want people to become more aware of its potential issues and start thinking about these questions: is this industry actually worth the associated environmental impact, and how can we make profitable bitcoin mining operation more sustainable in the future?”

Using simulation-based models, the researchers found that, short of any policy interventions, bitcoin mining in China will peak in 2024 consuming 296.59 terawatt hours of electricity—as much as a medium sized country—and generate 130.50 million metric tons of carbon emissions. The authors further note that this consumption and the resulting emissions could derail China’s efforts to decarbonize its own energy system.

“It is important to note that the adoption of this disruptive and promising technique without [taking into account] environmental concerns may pose a barrier to the worldwide effort on GHG emissions management in the near future,” Wang said, adding that the research team was “surprised by the energy consumption and carbon emission assessment results of bitcoin blockchain operation in China.”


Feb.09 — Tesla’s $1.5 billion bitcoin purchase this week sent the cryptocurrency soaring to a record. Nic Carter, founding partner at Castle Island Ventures, speaks with Bloomberg’s Caroline Hyde, Romaine Bostick and Joe Weisenthal on “What’d You Miss?” about mining bitcoins and its effect on the environment.

But the solution to the challenge, the authors argue, is “moving away from the current punitive carbon tax policy to a site regulation policy”—in essence, ensuring that mining operations move to areas that guarantee high rates of renewable electricity. Under such a policy, they found, only 20% of bitcoin miners remained in coal-intensive energy regions, resulting in lower carbon emissions per dollar earned, compared to a higher taxation scenario. Under the site regulation model, the researchers found bitcoin operations generated 100.61 million metric tons at peak, as opposed to 105.19 million tons under an additional taxation scenario.

Wang said government regulation of the industry was needed, but that bitcoin miners would likely be amenable to his team’s proposed solution.

“Site regulation should be carried out by the government, placing limitations on bitcoin mining in certain regions that use coal-based heavy energy,” Wang explained. “That being said, we think that there are enough benefits to this policy which will incentivize the miners to move their operation willingly. For example, since energy prices in clean-energy regions of China are lower than that in heavy-energy regions, the miners can effectively lower their individual energy consumption cost, which would increase their profitability.”

That isn’t to say, however, that regulation is the only method by which China should be reducing the emissions impact from bitcoin mining.

“The government should also focus on upgrading the power generation facilities in clean-energy regions to ensure a consistent energy generation,” Wang said. “That way, the miners would definitely have more incentives to move voluntarily.”

Crunching The Numbers

Bitcoin operates by using blockchain technology—publicly recorded peer-to-peer transfers on encrypted computer networks—which eliminates the need for centralized authorities or banks. Bitcoin miners use arrays of processors to determine results to algorithmic puzzles that verify transactions that are added to the blockchain, for which they are in turn rewarded in bitcoins. With the value of a single bitcoin having risen from $1 in April 2011 to around $60,000 in April 2021, and with yesterday’s news that the value of the cryptocurrency market has exceeded $2 trillion for the first time, the financial incentives to mine bitcoin are obvious.

But there is a finite supply of bitcoins: they are limited to 21 million in total. To control the currency’s circulation, the supply of new bitcoins is halved every four years, which also halves the miners’ rewards. This has helped ignite fierce competition, attracting an increasing number of bitcoin miners to get into the race, utilizing ever more powerful processing arrays requiring more electricity.

This, the authors say, means that after 2024, bitcoin mining—at least in China—will no longer be cost-effective; the costs of mining the currency will begin to outweigh the rewards.

“We have predicted through our model that bitcoin mining operations in China would start to decrease in 2025,” Wang said. “Due to over-competitive and the reward-halving mechanism of bitcoin, many miners would leave China and move their operations elsewhere in hope to improve their profitability. The decrease in mining activities would lower the associated carbon emissions generated in China.”

So, in at least one sense, bitcoin is self-regulating. Or as Wang puts it, “this is the industry’s natural built-in way of phasing itself out.”

Silver Linings?

It has until recently proved difficult to determine the total emissions impact of bitcoin mining. Industry advocates have long claimed that miners tend to rely on low-carbon energy due to its relatively low cost, but those claims have been disputed.

Now, using more advanced modeling techniques, Chinese researchers have been able to more accurately estimate the energy uses of specific industry operations. According to the China Emissions Accounts and Datasets platform (CEAD), for example, bitcoin mining accounts for more than 5.4% of emissions from electricity generation in China.

In response, various policy solutions have been suggested, including heavier taxation of bitcoin mining operations. The new research suggests site regulation could be the preferable option.

But did Wang think this could result in too many miners moving into areas with abundant renewables, gobbling up energy supply?

“There would be an influx of bitcoin miners into clean-energy regions,” he said. “However, we don’t think that this increase in bitcoin mining operations would place burdens on the local energy grid. The energy-generation infrastructures in the clean-energy regions of China are still being improved and developed … we think that increases in energy generation capacity would outpace the increase in bitcoin mining operations in these regions, which would reduce the potential burdens.”

Even so, with a forecast of 100 million tons of carbon emissions at the industry’s peak, would it not simply be better, in environmental terms, to ban the practice outright?


“We think that simply banning bitcoin mining altogether is not ideal,” Wang said. “Even if bitcoin mining is completely banned, its increasing profitability would drive miners to continue their activities through other measures, such as stealing electricity. That is why we are suggesting a push for moving the miners to clean renewable energy regions would be more ideal.”

Asked whether future cryptocurrency operations could potentially result in the same or similar energy demands as bitcoin, Wang offered a note of optimism.

“Cryptocurrency communities have become increasingly aware of the carbon emissions generated through mining activities,” he said. “As a result … we think the development of these new consensus algorithms would improve the energy efficiency of cryptocurrency mining activities, which would be beneficial for China’s sustainability efforts.”

Follow me on Twitter.

I spent much of the past 20 years as a journalist in Asia. Now based in Europe, my key interests are in decarbonization and the circular economy.

Source: Bitcoin Could Churn Out 130 Million Tons Of Carbon, Undermining Climate Action. Here’s One Way To Tackle That



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Is China’s Mysterious $15 Billion Fast Fashion Retailer Shein Ready For Stores

Over 30? Then you had better read on. Shein may not be a household name like e-commerce giants, Alibaba BABA -0.4%, Taobao, or, but as China’s newest retail Decacorn, its mystery-shrouded low profile is matched only by a single-minded ambition to become a global fast-fashion retailer.

Founded in 2008, Nanjing-based Shein is aimed squarely at Gen Z, luring young shoppers via Instagram and TikTok influencers and a barrage of discount codes for low-cost styles – with a dress costing just half that of a Zara equivalent, according to Societe Generale – uploading new products online in their hundreds every week.

Yet beyond its teen audience, ultra-publicity shy Shein remains largely unknown. But that anonymity could all be about to change after the Pearl River-based company became a surprise potential bidder for ailing U.K. fashion group Arcadia. While it failed in that attempt, the message is clear: Shein is ready to take on Main Street.

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The story really starts at the beginning of 2012, when notoriously hard-working founder and CEO Chris Xu (sometimes known as Yangtian Xu) – an American-born graduate of Washington University – gave up his wedding dress business to acquire the domain Initially selling women’s clothing, in 2015 he renamed the company Shein, focused on overseas markets, and began snapping up fashion rivals.

The U.S is now Shein’s largest market, while it also ships to 220 countries, with websites for Europe, the Middle East, Australia, and the U.S. Rapid growth has been propelled by a series of funding rounds, most recently completion of Series E financing in 2020, which gave Shein an eye-watering valuation exceeding $15 billion. Revenues are not disclosed but are locally estimated in excess of $10 billion annually and have continued to soar throughout the pandemic, while it currently counts a number of Asian and international VCs and private equity houses among its backers. MORE FOR YOUFashion’s Nightmare Before Christmas As Debenhams Joins U.K. CarnageAs GameStop Army Goes Global, U.K. Retail And Malls Among Most ShortedDr Martens Puts Best Boot Forward With Year’s First Big IPO

Shein: Fast Fashion, Made Ultra Fast

Remember that age/awareness divide? Well, in the week starting September 27, Shein was apparently the most downloaded shopping app globally on iPhone, according to analytics platform App Annie. It ranked in the top 10 in the U.S., Brazil, Australia, the U.K., and Saudi Arabia.

To service the U.S. market, products are sent from Shein’s warehouse in Foshan, Guangdong province, to a warehouse near Los Angeles, Ca., and fulfillment can take over ten days, glacial by Amazon Prime’s AMZN +0.5% next-day delivery standards. But its affordability has ensured a loyal customer base, lured by an ever-changing roster of women’s clothing and accessories added at an average of 2,000 SKUs every day.

Shein is obsessed with identifying hot searches and trends in different countries to predict the colors, fabrics, and styles that will be popular, with an even faster cycle than Zara owner Inditex. It then promotes heavily with Instagram- and Weibo-friendly imagery, for accessible and attainable fashions across all its social platforms.

However, Shein’s ascent has not been without its problems. In July it was roundly condemned for having a swastika pendant available (an error for which it profusely apologized), while paid-for posts from celebrities and fashion influencers have elevated the brand’s image as well as slowly rebutting its low–cost, low–quality rap. The label even managed to sequester stars like Katy Perry, Lil Nas X, and Rita Ora for its May 2020 #SHEINTogether global streaming event.

The Emergence Of A Global Fashion Player

All this remember for a company that didn’t even have its own supply chain before 2014, preferring to buy directly from Guangzhou’s Shisanhang Garment Wholesale Market. However, faced with soaring demand, Xu created an in-house design team and within two years had assembled an 800-strong army dedicated to designs and prototyping for ultra-fast production. It also garnered a reputation for timely payment, something of a rarity in China, and as a result when Shein moved its supply chain operations center from Guangzhou to Panyu in 2015, almost all of the factories it worked with relocated.

In the same year, Shein entered the Middle East and sales soared, with revenues in 2016 rising to $617 million and exceeding $1.5 billion the year after.

Shein and the hundreds of factories that work with the company have coalesced in a production cluster bearing close similarities to A Coruña in north-east Spain, where Inditex’s headquarters are surrounded by its upstream and downstream suppliers. It has four R&D facilities in Nanjing, Shenzhen, Guangzhou, and Hangzhou, plus six logistics centers in Foshan, Nansha, Belgium, India, and on the East and West Coasts of the U.S. It also has seven customer service centers, based out of Los Angeles, Liege, Manila, Yiwu, and Nanjing, and employs more than 10,000 people.

Future plans are thought to include the development of new businesses in mobile payments, supply chain finance, advertising, and, of course, opening brick-and-mortar stores. Whatever happens, it’s likely to do it ultra-fast.

Follow me on Twitter or LinkedIn. Check out my website

Mark Faithfull

Mark Faithfull

I am a global retail and real estate expert who looks behind the headlines to figure out what makes consumers tick. I work as editor-in-chief for MAPIC and editor for World Retail Congress, two of the biggest annual international retail business events.  I also organise, speak at, and chair conferences all over the world, with a focus on how people are changing and what that means for the retail, food & beverage, and leisure industries. And it’s complicated! Forget the tired mantra that online killed the store and remember instead that retail has always been dog-eat-dog: star names rise and fall fast, and only retailers that embrace the madness will survive. Don’t think it’s not important, your pension funds own those malls!


Randomfacts by Shikhaa

Buy Shein similar style clothing on Amazon from below link:​ Buy Shein similar style footwear on Amazon from below link:​ Buy Shein similar style necklace on Amazon from below link:​ Here are few interesting and quick facts about Shein. SHEIN is an international B2C fast fashion e-commerce platform. It was founded in October 2008. The website offers a large range of women’s wear in apparel, men’ clothings, children’s clothes, accessories, shoes, bags and other fashion items. It has its customers from Europe, America, Asia, Australia, and the Middle East. It has business in more than 230 countries and regions around the world. Its primary office is in England.

Chris Xu is the Founder & CEO of SheIn and has an approval rating of 62 from Owler members. They have over 200 employees. Shipping takes 2-3 weeks. Please refer to customer feedback before taking the item. Sizes may also vary from each clothing item. Track Info: Title: Ukulele Artist: Bensound Genre: Pop Mood: Happy Download:​ Ukulele by BENSOUND​… Creative Commons — Attribution 3.0 Unported— CC BY 3.0​… Music promoted by Audio Library​ ––– • Contact the artist:

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Export Oriented Asian Economies Will Benefit From Strong Chinese Growth

Speaking about the global growth prospects in 2021, Dr. Devasmita Jena, Assistant Professor, Madras School of Economics states that the Chinese economy rebounded from the pandemic earlier than most other markets, thanks to early containment of the virus, and stronger export growth. Consequently, export-oriented economies Asia, particularly the ASEAN nations that are poised to become China’s major trading partners, may benefit from strong Chinese growth.

IBT: After a difficult 2020 which left the world reeling from the impact of the pandemic, how do you see global growth trending in 2021? What will be the key drivers of growth?

Dr. Devasmita Jena: Recovery in global growth has already begun, albeit moderately. In its January 2021 Global Economic Prospects, the World Bank projects global GDP to expand by 4.3% in 2021, predicated on effective vaccination limiting community spread of COVID-19 in many countries. Continued accommodative monetary policy and stimulus packages may be required to boost consumer and business confidence. 

Policymakers across the globe need to support sustained growth recovery by targeting vulnerable sections and sectors of the economy hit hard by the pandemic to help boost demand. This, in turn, may further accelerate global investments and growth in 2021. The key drivers of growth will be sustained consumer demand, investment demand and revival of trade.

IBT: What impact can the emergence of the new strain of COVID-19 virus have on global GDP? What other factors could meddle with the global growth prospects?

Dr. Devasmita Jena: If the vaccines don’t work against the new strains of the virus, this could pose a bigger hurdle to global recovery. Already, the new strain has led to a rise in infections in several advanced economies, which have been forced to extend lockdowns. Some services such as travel and hospitality which have been devastated by the pandemic already will find it difficult to recover if the new virus strain proves to be uncontrollable.

Other factors that can meddle with the global growth prospects are disruptions to trade as a result of protectionist sentiments, piling up of public debt, stressed banking and corporate sector balance sheets which can drag down investments, and policy uncertainty. Moreover, disruptions in the education system in many parts of the world during the pandemic could also weigh on long-term growth aspects, given the close links between human capital formation and growth.

IBT: Global trade is expected to have dropped by 7% in 2020, according to UNCTAD. How can economies across the world collaborate in the aftermath of COVID to revive trade growth prospects?

Dr. Devasmita Jena: India needs transparent trade negotiations between countries to reduce tariff and non-tariff barriers that impede cross-border trade and disrupt the proper functioning of global supply chains. It also needs multilateral cooperation to resolve trade tensions between countries, and to reform the rules-based multilateral trading system to account for trade in services and technology. The capacity of developing countries to participate in and benefit from global trade needs to be considered so that gains from trade are fairly distributed across countries.

IBT: The US has blocked the appointment of judges to the WTO appellate committee. Do you see the US approach change markedly under Biden towards WTO, US-China trade war and trade negotiations with other countries including India? Why or why not?

Dr. Devasmita Jena: The US approach towards the WTO, under the Biden administration, will depend, to some extent, on its China policy. It is believed that the US, under the Biden administration, may continue Trump’s China policy, but with a difference. The Biden administration has already hinted that it will work with allies to target unfair trade practices by China. It is possible that forums such as WTO will see greater US-EU collaboration to push common interests, including on China-related factors. But this could also mean greater pushback from them on the agenda developing countries want to push at WTO. The Biden administration may also facilitate the appointment of judges to the WTO appellate committee. However, one may have to wait to see how the Biden administration will help in reforming and reviving WTO.

As far as trade negotiations are concerned, Biden has stated that the US will not enter into any new trade agreement till the US has made significant domestic investments. Even though the Biden administration appears keen to have stronger India-US ties, it is too early to predict whether this will translate into a trade deal or reverse the GSP termination setback.

IBT: What is your opinion on the Chinese economy’s estimated growth by 7.9% in 2021 – factors driving it and challenges? Which are the other markets that are expected to show promise in growth terms and why?

Dr. Devasmita Jena: The Chinese economy rebounded from the pandemic earlier than most other markets, thanks to the early containment of the virus, and stronger export growth. In the current fiscal year, China remains one of the few bright spots in the global economy. Export-oriented economies Asia, particularly the ASEAN nations that are poised to become China’s major trading partner, may benefit from strong Chinese growth. In this regard, the significant growth in bilateral trade between China and Vietnam trade is worth noting.  As per the latest data, China’s imports from Vietnam surged in recent times which augur well for the economic growth of Vietnam.

IBT: COVID-19 has highlighted the importance of sustainable economic growth. Do you expect substantial progress on this front, or do you see the world returning to a ‘growth at all costs’ approach? Please elaborate.

Dr. Devasmita Jena: Ramifications of COVID-19 have underscored the importance of sustainable economic growth that is inclusive, as well as that, strikes a fine balance between environment and economy. COVID-19 has impacted the informal sector the hardest. A targeted policy such as extending credit, providing social safety nets and subsistence income could go a long way to alleviate the vulnerabilities in the informal sector. 

Also, investing in health and education will ensure economic resilience in the long run. As the economy is going to be increasingly technology-driven, therefore, it is pertinent that policy perspectives should be such that assist rapid adaptation to technological changes. Finally, addressing climate change, investing in cleaner technology, and encouraging the usage of renewable energy will support long-term growth. 

IBT: What should be the fiscal stance of governments going forward considering high levels of public debt, chances of ballooning NPAs being juxtaposed with the need to fast track growth?

Dr. Devasmita Jena: The policy challenge is to strike a balance between the risks of high public debt and supporting faster economic growth. In this scenario, it will be important to protect health imperatives, prioritize investment in education, infrastructure and technology that will go a long way to ensure growth. Also, the government should announce a fiscal glide path and enhance the transparency of budget numbers to retain the confidence of investors. In addition to this, structural reforms to boost productivity will aid growth. Such structural reforms include reforms in the banking sector which can free state-owned banks from government control, and bring down bad loans sustainably over the long term.


By: Dr. Devasmita Jena

Dr. Devasmita Jena is an Assistant Professor at Madras School of Economics. She completed her Ph.D. in 2019 from Centre of International Trade and Development, Jawaharlal Nehru University, New Delhi. She has also worked with the Reserve Bank of India, Ministry of Finance, University of Delhi and National Council of Applied Economic Research. Her research interests include International Trade and Development, Applied Macroeconomics & Applied Econometrics.

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