Hardly Evergrande: China's economy seen needing more support as property, tech curbs take toll

  • 📰 rapplerdotcom
  • ⏱ Reading Time:
  • 25 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 13%
  • Publisher: 86%

Philippines Headlines News

Philippines Latest News,Philippines Headlines

Economists downplay the idea that the scale of China Evergrande Group's problems represent a 'Lehman moment' in terms of global contagion risks, but it has certainly complicated matters for Beijing's policymakers.

Bank of America cut its China growth forecast for this year on Tuesday, September 21, to 8% from 8.3%, and its 2022 forecast to 5.3% from 6.2%.More than 20 cities strengthened curbs on the property sector in August, when China's home prices showed the slowest monthly rise since December. New property starts over the first eight months fell 3.2% from the previous year.

Investors should look to the December meeting of China's Politburo for signals on next year's priorities, he added.wiped hundreds of billions of dollars from corporate valuationsWeak loan growth in August was likely in part due to the regulatory clampdown, Iris Pang, chief economist for Greater China at ING, said in a note.

The crackdown on the education and tech sectors also added to exceptionally bad services activity data for August, ING's Pang said.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 4. in PH

Philippines Latest News, Philippines Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

World shares tumble as China Evergrande contagion fears spreadWorld stocks skidded on Monday and the dollar firmed as troubles at property group China Evergrande sparked concerns about spillover risks to the economy, creating a fresh investor worry ahead of a busy week of central bank meetings.
Source: ABSCBNNews - 🏆 5. / 83 Read more »

Stocks tumble as Wall Street's fears turn to ChinaThe Dow and the broader US stock market fell to close sharply lower Monday as Chinese real estate conglomerate Evergrande's debt crisis made American investors uneasy.
Source: CNN Philippines - 🏆 13. / 63 Read more »

Universal Studios Beijing draws eager throngs amid uneasy U.S.-China tiesBEIJING — Universal Studios' Beijing resort opened its doors to the public on Monday after a two-decade wait, including delays because of the COVID-19
Source: interaksyon - 🏆 24. / 51 Read more »

Philippines supports Australia nuclear sub pact to counter ChinaThe Philippines is backing a new defense partnership between the United States, Britain and Australia.
Source: ABSCBNNews - 🏆 5. / 83 Read more »

World shares tumble as China Evergrande contagion fears spreadWorld stocks skidded on Monday and the dollar firmed as troubles at property group China Evergrande sparked concerns about spillover risks to the economy, creating a fresh investor worry ahead of a busy week of central bank meetings.
Source: ABSCBNNews - 🏆 5. / 83 Read more »

Philippines supports Australia nuclear sub pact to counter ChinaThe Philippines is backing a new defense partnership between the United States, Britain and Australia.
Source: ABSCBNNews - 🏆 5. / 83 Read more »