Chinese Economics Thread

[Strangelove]

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China plans to build 2,500 km new high-speed railways in 2023, extending world’s longest rail transport system

By Global Times Published: Jan 29, 2023 03:19 PM Updated: Jan 29, 2023 11:03 PM

Passengers line up to borad a train at Fuyang West Railway Station in east China's Anhui Province, Jan. 27, 2023. Railway stations, highways and airports across China are bracing for a fresh travel peak as a growing number of travelers hit the road and return to work after a week-long Spring Festival holiday which ends on Friday. Photo: Xinhua

China plans to build more than 3,000 kilometers of railways in 2023, including 2,500 km of high-speed lines, to upgrade the system into an advanced transport network, China Railway Co announced on Sunday.

In 2023, China Railway Co will enhance the links among different levels of railways and fill gaps along railway routes in order to accelerate the construction of rail infrastructure that will help the economy and benefit all of society.

Construction of multiple key projects including the Sichuan-Xizhang Railway in the country's southwest will be accelerated, the company said.

China Railway Co completed 710.9 billion yuan ($104.8 billion) of fixed-asset investment in 2022, and it built 4,100 km of new railways, including 2,082 km of high-speed lines, achieving its goals.

At the end of 2022, the length of China's operational railways exceeded 155,000 km, including 42,000 km of high-speed railways.

Last year, 102 railway-related projects were under construction, with 26 projects being commenced and 29 projects entering commercial operation. China Railway Co also issued a development outline for the 14th Five-Year Plan period (2021-25).

Data from the National Bureau of Statistics showed that China's annual investment in fixed assets reached 57.21 trillion yuan in 2022, up 5.1 percent year-on-year.

Investment in infrastructure construction grew 9.4 percent year-on-year, with a 3.7 percent rise in roads and a 1.8 percent increase in railways.

The National Development and Reform Commission, the government's leading economic planner, announced during a regular press conference on January 18 that relevant authorities will provide fiscal support for key infrastructure projects in remote areas of China's middle and western regions, and encourage more social investment to those projects.

 

[Stierlitz]

China Manufacturing Sector Returns to Growth
The official NBS Manufacturing PMI unexpectedly increased to 50.1 in January of 2023 from 47.0 in the previous month, pointing to the first expansion in the sector since October last year, and beating market consensus of 49.8, amid lifting zero- Covid policy.

China Services Grows the Most in 7 Months
The official NBS Non-Manufacturing PMI for China increased sharply to 54.4 in January 2023 from 41.6 a month earlier. This was the first expansion in the service sector in four months and the strongest growth since June last year, due to lifting zero-Covid policy.

source: National Bureau of Statistics of China​

 

[Stierlitz]

 

[han1289]

The so called growth in advanced economies are just inflation

 

[zbb]

Projection of 5.2% growth for China in 2023 seems very low. Even with all the lockdowns, China had 3% growth in 2022.

 

[Overbom]

Projection of 5.2% growth for China in 2023 seems very low. Even with all the lockdowns, China had 3% growth in 2022.

IMF's China GDP projections are always wrong and some months later, without a fail, they have to revise the figures so they don't get exposed as clowns

This thread actually makes more accurate calls on China's gdp growth than IMF itself

 

[abenomics12345]

IMF's China GDP projections are always wrong and some months later, without a fail, they have to revise the figures so they don't get exposed as clowns

This thread actually makes more accurate calls on China's gdp growth than IMF itself

Did people make any projections re: 2022 growth back in Jan 2022? I'd love to see how those forecasts turned out. (Btw I don't think even the policymakers at NDRC knew that 2022 growth would've been a 3.x handle vs. a 5.x handle - how do I know? Because I was on a call with one such person in early 2022.)

I think the point is that predictions are hard and you can only make educated guesses - and that it is much more important to be approximately right than precisely wrong. This is especially true in social sciences like economics where behaviour is complex and adaptive - in contrast to hard sciences where things are much more controlled. ("They can make 70 j-20s a year" is a lot easier to ascertain than "Chengdu GDP will grow 7% in 2023")

 

[gadgetcool5]

It looks like the rumors DiDi was going to be replaced were false:

https://twitter.com/i/web/status/1620443008826216450

 

[Overbom]

That's a huge reform

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China expands IPO reform to help companies raise capital​

China published draft rules on Wednesday to broaden the registration-based initial public offering (IPO) system, marking a big step towards reforming the world's second-biggest stock market.

The registration-based IPO system, first adopted by the tech-focused STAR Market, was later rolled out to start-up board ChiNext and the Beijing Stock Exchange. It will now be expanded to the main boards in Shanghai and Shenzhen, the China Securities Regulatory Commission (CSRC) said.

 

[sunnymaxi]

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A recruitment event organized by the Chinese government to connect job seekers with employers will resume this year, after a three-year hiatus due to the Covid-19 pandemic, and it is expected to fill 30 million positions.

Known as Chunfeng Xingdong, the job fair is held nationwide with different provinces holding the event at different times during the year. Co-organized by the State Council, the Ministry of Human Resources and Social Security, the Ministry of Industry and Information Technology and seven other central government bodies, it mainly targets rural laborers, those having difficulty finding jobs and employers with strong recruitment needs.

Many industry events will be held at the job fairs in tandem with online recruitment, Zhang Ying, director of the MHRSS’ department of employment promotion, said at a press conference before the week-long Chinese New Year holiday started on Jan. 22.

The smart manufacturing, new energy-related equipment, electronic information and automobile sectors are all actively hiring, according to Yicai Global research.

And the manufacturing industry in particular is short of labor. Almost 300 firms based in Dongguan, a manufacturing hub in southern Guangdong province, are advertising for 16,000 factory workers and many are offering a starting salary of between CNY5,000 (USD740) and CNY6,000 per month.

Many of the economic hubs in the east of the country, such as Beijing and Shanghai as well as southeastern Zhejiang and Fujian provinces, are having to offer incentives to lure workers, such as by offering free transport back to the city after the Spring Festival break and subsidizing the hiring of staff by big companies. Provinces where migrant workers are based are in talks with those provinces that are hiring, Zhang said.

Just over half of those polled by Zhilian Zhaopin said the companies where they work plan to expand their headcount this year, according to a survey by the recruitment platform. Some 19.8 percent of them said their firms will boost staff numbers by between 25 percent and 50 percent and 18.8 percent said by up to 25 percent. While 31.3 percent said their firms will keep hiring on the same scale and 13.5 percent said they will offer fewer new jobs.