Federal Ethics Commissioner Mario Dion’s office says it is not planning to investigate the appointment of former ambassador to China Dominic Barton as the incoming chair of mining giant Rio Tinto, after two NDP MPs had asked the commissioner to look into the matter. “I can confirm Commissioner Dion is not launching an examination into Dominic…
No Plans for Investigation Into Rio Tinto Appointment of Ex-China Ambassador: Ethics Commissioner
Beijing Gears Up to Make Its 2022 Growth Target
News Analysis Even after reporting (some would say dubiously) strong 8.1 percent growth for 2021, Beijing knows that after last year’s power shortages and new waves of COVID-19, it will have to work hard to get even the minimum targeted 5 percent real growth in 2022. America’s movement toward monetary restraint will make the effort…
What Happens If China Hits 5 Percent Growth?
News Analysis As China prepares for the muted Lunar New Year celebrations due to Omicron, it faces its largest challenges to economic growth. With 2022 the Communist Party version of an election year—a time when growth is typically boosted and credit loosened—China faces some of the deepest challenges to growth it has faced in some…
China Cuts Key Interest Rates as Economic Growth Wanes
January 17, 2022
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China has unexpectedly cut rates on policy loans for the first time since April 2020 in the face of lowered economic performance owing to critical power shortages, defaults in the property market, a crackdown on major companies, and repeated COVID-19 outbreaks. The interest rate on 700 billion yuan ($110.2 billion), one-year, medium-term, lending facility (MLF)…
China Q4 GDP Records Slowest Growth in 18 Months: Official Data
January 17, 2022
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China’s economy saw the weakest expansion in a year-and-a-half during the last quarter, official data show. Gross domestic product (GDP) grew 4 percent in the final quarter of 2021 from a year earlier, China’s National Bureau of Statistics announced on Jan. 17, down from the 4.9 percent gain in the third quarter—a further deceleration from…
Price Drop Slows in December for New Homes in China
China’s new home prices tumbled at a slower pace at the end of 2021, after hitting a six-year low in November, official data show. According to the latest new home price indices released by the National Bureau of Statistics (NBS) on Jan. 15, new home prices in 70 tracked Chinese cities slipped 0.2 percent month-on-month…
Evergrande Faces Huge Debt Maturity as Sales Fall by Nearly 40 Percent in 2021
Evergrande’s sales in 2021 fell by nearly 40 percent, and the crisis is still brewing. At the beginning of 2022, Evergrande withdrew its lease and moved out of its Shenzhen headquarters. Evergrande faces huge debt maturities in 2022, including a total of $3.5 billion in bonds due in March and April. At present, Evergrande is…
China’s Real Estate Crisis Sheds Light on More Debt Problems
News Analysis China’s real estate sector defaults are now spreading to other parts of the economy, with commercial paper and local government debts set to become the next crises. Shanghai Commercial Paper Exchange reported that companies controlled by real estate developers—Shimao Group Holdings, Kaisa Group Holdings, and Greenland Group—have been “consistently overdue” on commercial paper…
Chinese Land Sales Falls Significantly, Deepening Local Government Debt Stress
Chinese government land sales fell significantly through 2021, reversing a six-year streak of gains, as a cash crunch gripped the country’s most indebted developers and worsening local governments’ debt stress. Land sales in 2021 declined over 20 percent on average from a year earlier, with a deeper fall in the main development force of second-…
Conservatives Want Security Review of Chinese Takeover of Canadian Mining Company
The Conservative Party is calling for a national security review of the purchase of a Canadian lithium mining company by a Chinese state-owned enterprise. Zijin Mining Group Co. Ltd announced it would be purchasing Neo Lithium in October, opening a 45-day period during which the federal government could conduct a review. However, no review took…
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