• Home
  • Politics
  • Health
  • World
  • Business
  • Finance
  • Tech
  • More
    • Sports
    • Entertainment
    • Lifestyle
What's Hot

Short and Funny Sayings for a Happy Summer with Friends

May 9, 2025

Trump Announces First Post-Tariff Trade Deal

May 8, 2025

100 Funny Father’s Day Quotes for Hilariously Relatable Humor (and Plenty of Love Too)

May 8, 2025
Facebook Twitter Instagram
  • Contact
  • Privacy Policy
  • Terms & Conditions
Friday, May 9
Patriot Now NewsPatriot Now News
  • Home
  • Politics

    Security video shows brazen sexual assault of California woman by homeless man

    October 24, 2023

    Woman makes disturbing discovery after her boyfriend chases away home intruder who stabbed him

    October 24, 2023

    Poll finds Americans overwhelmingly support Israel’s war on Hamas, but younger Americans defend Hamas

    October 24, 2023

    Off-duty pilot charged with 83 counts of attempted murder after allegedly trying to shut off engines midflight on Alaska Airlines

    October 23, 2023

    Leaked audio of Shelia Jackson Lee abusively cursing staffer

    October 22, 2023
  • Health

    Disparities In Cataract Care Are A Sorry Sight

    October 16, 2023

    Vaccine Stocks—Including Pfizer, Moderna, BioNTech And Novavax—Slide Amid Plummeting Demand

    October 16, 2023

    Long-term steroid use should be a last resort

    October 16, 2023

    Rite Aid Files For Bankruptcy With More ‘Underperforming Stores’ To Close

    October 16, 2023

    Who’s Still Dying From Complications Related To Covid-19?

    October 16, 2023
  • World

    New York Democrat Dan Goldman Accuses ‘Conservatives in the South’ of Holding Rallies with ‘Swastikas’

    October 13, 2023

    IDF Ret. Major General Describes Rushing to Save Son, Granddaughter During Hamas Invasion

    October 13, 2023

    Black Lives Matter Group Deletes Tweet Showing Support for Hamas 

    October 13, 2023

    AOC Denounces NYC Rally Cheering Hamas Terrorism: ‘Unacceptable’

    October 13, 2023

    L.A. Prosecutors Call Out Soros-Backed Gascón for Silence on Israel

    October 13, 2023
  • Business

    Trump Announces First Post-Tariff Trade Deal

    May 8, 2025

    Electric Vehicle Sales Nosedive As GOP Takes Buzzsaw To Biden’s Mandate

    May 7, 2025

    Tyson Foods Announces It Will Bend The Knee To Trump Admin’s New Rules

    May 7, 2025

    Federal Reserve Holds Interest Rates Steady Despite Pressure From Trump

    May 7, 2025

    ‘Wait Them Out’: John Kennedy Tells Larry Kudlow One Lie He Suspects China’s Telling US

    May 7, 2025
  • Finance

    Ending China’s De Minimis Exception Brings 3 Benefits for Americans

    April 17, 2025

    The Trump Tariff Shock Should Push Indonesia to Reform Its Economy

    April 17, 2025

    Tariff Talks an Opportunity to Reinvigorate the Japan-US Alliance

    April 17, 2025

    How China’s Companies Are Responding to the US Trade War

    April 16, 2025

    The US Flip-flop Over H20 Chip Restrictions 

    April 16, 2025
  • Tech

    Cruz Confronts Zuckerberg on Pointless Warning for Child Porn Searches

    February 2, 2024

    FTX Abandons Plans to Relaunch Crypto Exchange, Commits to Full Repayment of Customers and Creditors

    February 2, 2024

    Elon Musk Proposes Tesla Reincorporates in Texas After Delaware Judge Voids Pay Package

    February 2, 2024

    Tesla’s Elon Musk Tops Disney’s Bob Iger as Most Overrated Chief Executive

    February 2, 2024

    Mark Zuckerberg’s Wealth Grew $84 Billion in 2023 as Pedophiles Target Children on Facebook, Instagram

    February 2, 2024
  • More
    • Sports
    • Entertainment
    • Lifestyle
Patriot Now NewsPatriot Now News
Home»Finance»China Struggles With Weak Post-COVID Economic Recovery
Finance

China Struggles With Weak Post-COVID Economic Recovery

June 12, 2023No Comments3 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
China Struggles With Weak Post-COVID Economic Recovery
Share
Facebook Twitter LinkedIn Pinterest Email
Advertisement

Sales of Yizhuan Automobile Co.’s trash trucks picked up after China ended anti-virus controls in December, but their growth is in low gear as managers struggle to rebuild business lost during the pandemic.

China’s economy rebounded at the start of 2023, but after a good first quarter, factory output and consumer spending are weakening. An official survey in April found a record 1 in 5 young workers in cities were unemployed.

Yizhuan’s sales are up only by single-digit percentages from last year’s depressed level, according to its deputy general manager, Yu Xiongli. The 300-employee company is in Hubei province, where the first coronavirus cases were detected in late 2019.

“It is still in the process of recovering,” Yu said. “Growth is quite slow.”

China’s economic growth accelerated to 4.5 percent over a year earlier in the three months ending in March from the previous quarter’s 2.9 percent, but forecasters say the peak of that recovery might already be past.

Enjoying this article? Click here to subscribe for full access. Just $5 a month.

Growth would need to pick up further to reach the ruling Communist Party’s target of “around 5 percent” for the year.

“For now, the ongoing momentum seems not that promising,” said UBS economist Zhang Ning.

The economy needs a “domestic demand rebound” with government support to boost confidence for businesses and consumers, Zhang said.

Advertisement

The end of restrictions that isolated cities for weeks at a time and blocked most international travel prompted hopes for a consumer boom. But retail sales are weak. Shoppers are uneasy about the economic outlook and possible job losses and are reluctant to commit to big purchases.

See also  Deutsche Bank beats expectations despite 27% drop in profit, jump in costs

Retail sales in April surged 18.4 percent over last year’s lackluster level, but that was barely half the growth of up to 35 percent called for by private sector forecasts. Factory output fell 0.5 percent compared with March and investment growth slowed.

“I have misgivings about spending money,” said Xue Liang, who works in information technology in Beijing. “COVID-19 and changes in the international situation have made us worry a lot.”

Manufacturing contracted faster in May, according to a survey by the national statistics agency and an industry group. New orders and export orders declined.

Exports in May tumbled 7.5 percent from a year ago after global consumer demand was depressed by interest rate hikes by the Federal Reserve and central banks in Europe and Asia to cool inflation. Exports to the United States plunged 18.2 percent.

That is a challenge for automakers and other manufacturers that are trying to make up for weak demand at home by selling more abroad.

Tenglong Automobile Co., which makes electric buses in the southwestern city of Xiangyang, sent salespeople to Russia, South Korea, and Southeast Asia as soon as travel controls ended to try to revive orders after a three-year gap.

Enjoying this article? Click here to subscribe for full access. Just $5 a month.

“Last year, our foreign customers basically didn’t come,” said Tenglong’s deputy general manager, Zhou Shengming. “But this year, we already have had several batches. In May, we had three.”

Yizhuan in Shiyan, which also sells sanitation, cargo, and dump trucks to city governments and construction companies, says it exports vehicles worth about $20 million a year to Russia and Southeast Asia.

See also  Who Benefits From the Eurasian Economic Union?

Li Yichun, who runs a bodyguard business in Beijing, said his customers are less willing to spend.

Advertisement

“It can be seen from my business that the economy is not recovering very well,” Li said. “A lot of clients who are bosses are not intending to spend on hiring as they did before.”

China Economic PostCOVID recovery struggles weak
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Trump’s Tariffs Trigger Turmoil In China As Country’s Economic Tailspin Intensifies Per New Data

May 6, 2025

American Manufacturers Overwhelmed With Orders After Trump’s Tariff Crackdown On China

May 5, 2025

Trump Closes Tariff Loophole That Let China Flood America With Knockoff Goods, Drugs

May 2, 2025

China Erupts: Furious Workers Riot As Factories Collapse Under Trump’s Tariffs

May 1, 2025
Add A Comment

Leave A Reply Cancel Reply

Top Posts

Scammer Tricked Tesla into Giving Him 5 Free Cars

October 15, 2023

Can Indonesia Achieve Its Electric Vehicle Ambitions?

February 16, 2023

UK Approves New North Sea Oil and Gas

September 29, 2023

Senator Murphy Tries To Ban Trump’s Meme Coin With ‘MEME Act’

May 6, 2025
Don't Miss

Short and Funny Sayings for a Happy Summer with Friends

Lifestyle May 9, 2025

I love the beach. Just looking at the calming sea to relax. Having fun in…

Trump Announces First Post-Tariff Trade Deal

May 8, 2025

100 Funny Father’s Day Quotes for Hilariously Relatable Humor (and Plenty of Love Too)

May 8, 2025

Top 10 Benefits Of Acupuncture

May 8, 2025
About
About

This is your World, Tech, Health, Entertainment and Sports website. We provide the latest breaking news straight from the News industry.

We're social. Connect with us:

Facebook Twitter Instagram Pinterest
Categories
  • Business (4,110)
  • Entertainment (4,220)
  • Finance (3,202)
  • Health (1,938)
  • Lifestyle (1,627)
  • Politics (3,084)
  • Sports (4,036)
  • Tech (2,006)
  • Uncategorized (4)
  • World (3,944)
Our Picks

Sarah Silverman Sues Facebook Parent Company Meta and ChatGPT Firm OpenAI for Copyright Infringement

July 11, 2023

REPORT: ‘One Tree Hill’ Actress Files For Divorce After 13 Months Of Marriage

August 5, 2023

‘A Waste of Time:’ Sam Bankman-Fried Trial Judge Snaps at Lawyers for Bringing in Useless Witnesses

October 19, 2023
Popular Posts

Short and Funny Sayings for a Happy Summer with Friends

May 9, 2025

Trump Announces First Post-Tariff Trade Deal

May 8, 2025

100 Funny Father’s Day Quotes for Hilariously Relatable Humor (and Plenty of Love Too)

May 8, 2025
© 2025 Patriotnownews.com - All rights reserved.
  • Contact
  • Privacy Policy
  • Terms & Conditions

Type above and press Enter to search. Press Esc to cancel.