Economists boost China outlook on easing trade tensions
China’s economic growth will show at 5.9% in 2020, according to analysts and traders. The forecast comes as easing trade tensions and the prospect of lower bank borrowing costs had boosted confidence.
This comes as an upgrade from the November’s forecast of 5.8%, before the U.S. and China agreed a ‘Phase One’ dealt to lower tariffs and boost agricultural trade between the two nations. The economy will grow by 6.1% this year and by 5.8% in 2021, according to the median estimate of around 70 economists in a Bloomberg survey.
The latest results suggest sentiment on China’s outlook has started to turn around, boosted by better-than-expected output data in November.
“With the announcement of a trade deal, we now have greater conviction that the Chinese economy is on a mini-cycle recovery path in 2020,” wrote Robin Xing, chief China economist at Morgan Stanley Asia in Hong Kong in a note. Policy makers will continue with “defensive easing,” and monetary policy will remain accommodative to facilitate fiscal easing, he said.
On Friday, the Chinese technology company ByteDance said that it would consider listing its domestic businesses in Hong Kong or Shanghai due to rising Sino-U.S. tensions. The company's standalone listing in Hong Kong or Shanghai might value ...
June had seen Japan’s industrial output breaking its four-month slump. The recuperation could be attributed to a modest recovery seen in broader business and consumer activity after the world’s third-biggest economy suffered from ...
European shares traded lower earlier on Thursday after underwhelming earnings reports dampened a U.S. Fed vow to continue rolling out stimulus plans in a bid to soften the economic blow of the COVID-19 pandemic. The pan-European STOXX lost ...
The second quarter had seen Australian consumer prices dropping by a record. This could be attributed to the coronavirus crisis dragging child care cost and petroleum prices, inflicting a serious damage to years of growth toward higher inflation. Last ...
European stocks traded slightly higher on Tuesday ahead of a U.S. decision to roll out additional stimulus plans despite the underwhelming quarterly earnings reports from the luxury goods market. The pan-European STOXX index inched higher ...