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China's progress in building a modern economy, evident in its kung-fu fighting robots and self-parking cars, is hitting limits as a downturn in its housing industry drags on, small businesses suffer and young people struggle to find jobs. The gap between Chinese leader Xi Jinping's high-tech, artificial intelligence-driven ambitions and the hard realities of slowing growth is the backdrop for the annual meeting of the country's largely ceremonial national legislature, the National People's Congress, which begins Thursday. During the meetings, which draw about 3,000 deputies to Beijing, top leaders will outline China's annual target for growth and the congress will endorse a five-year blueprint of policy priorities until 2030. "What we'll see is the trade-off between whether it's going to be industry and tech, or looking after domestic demand," said Alexander Davey, an analyst at the Mercator Institute for China Studies. "These are the two priorities that are juggling for Xi Jinping

• Business Standard
• 3 months 3 weeks ago

China's coronavirus lockdowns in major cities has affected trade and daily life causing the country to report a grim performance in the second quarter and increasing concerns of a global recession.China's economy may have contracted in the three months ending in June, The Washington Post newspaper reported citing experts, adding that it is likely that Beijing will report modest growth.Mercator Institute for China Studies' chief economist Max Zenglein said, "The government will not acknowledge a contraction.""The further growth is from zero, the less credible the official figure will be," Zenglein added.China's grim performance in the second quarter will be a setback for the country.Several countries including the United States reopened and lifted their restrictions in their rebound from the pandemic.However, China doubled down their "zero covid" policy stating that too many will die if the restrictions were lifted and the country was reopened.The approach eventually became...

• Business Standard
• 3 years 11 months ago

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• Moneycontrol
• 5 years ago