Page 4 - China

China's fiscal revenue down 4.8% YoY in January-April, shows data

China's fiscal revenue dropped 4.8 per cent year on year in the first four months of this year, a new data showed.The country's fiscal revenue amounted to about 7.43 trillion yuan (about 1.1 trillion U.S. dollars) during the period, according to the Ministry of Finance.Excluding the impact of value-added tax (VAT) credit refunds, the fiscal revenue, however, grew 5 per cent from a year earlier.The central government and local governments collected 3.46 trillion yuan and 3.97 trillion yuan in fiscal revenue, down 5.7 per cent and 3.9 per cent, respectively, as per Xinhua News Agency.Tax revenue came in at 6.23 trillion yuan in the January-April period, down 7.6 per cent year on year.Fiscal spending rose 5.9 per cent year on year to 8.09 trillion yuan in the first four months.China started to issue VAT credit refunds on a large scale in April. The total value of such refunds reached about 800 billion yuan last month, as per the media portal.In 2022, tax refunds and cuts are expected to .

Xi Jinping's Global Security Initiative

China's new worldview eschews triumphalism in favour of a more cautious external posture

Flight data from China Eastern jet points to intentional nosedive: Report

In March, a Boeing 737-800 en route from Kunming to Guangzhou crashed in the mountains of Guangxi, killing 123 passengers and 9 crew members in mainland China's deadliest aviation disaster in 28 yrs

Yellen warns EU of working with China, urges unity amid Russia-Ukraine war

We have a common interest in incentivizing China to refrain from economic practices that have disadvantaged all of us," Yellen said in a speech to the Brussels Economic Forum.

China's Covid exit hinges on vaccinating its vulnerable elderly people

China is now paying a price for this vulnerability, with its economy struggling under the weight of chaotic lockdowns and increasingly unpredictable measures aimed at snuffing out all cases and shield

China's economic activity in April collapses under Covid Zero policy

Industrial output unexpectedly fell 2.9 per cent in April from a year ago, while retail sales contracted 11.1 per cent in the period, weaker than a projected 6.6 per cent drop

Hopes for China demand revival boost base metal prices; copper rises 1%

Benchmark copper on the London Metal Exchange was up 1% at $9,254 a tonne at 1602 GMT, while aluminium was 1.4% higher at $2,828 a tonne after earlier touching a one-week high of $2,865 a tonne

Oil prices rise on China's demand recovery, gasoline at an all-time high

In line with the unexpected industrial output decline, China processed 11% less crude oil in April, with daily throughout the lowest since March 2020.

China's semiconductor output shrinks 12.1% to 25.9 bn units in April

According to the Shanghai Automobile Dealers Association, not a single vehicle was sold for the whole month of April while in the normal course, about 4,000 vehicles are sold daily in the city.

Shanghai says lockdown to ease as Coronavirus spread slows down

Most of Shanghai has stopped the spread of the coronavirus in the community and fewer than 1 million people remain under strict lockdown, authorities said Monday, as the city moves toward reopening

Chinese economy skids as Covid lockdowns hit factories, retailers

Full or partial lockdowns were imposed in major centres across the country in March and April, including the most populous city Shanghai, hitting production and consumption

After six weeks of Covid-induced lockdown, normalcy to return in Shanghai

Data on Monday showed China's industrial output fell 2.9% in April from a year earlier, down sharply from a 5.0% increase in March

China logs 140 new local Covid-19 cases; 69 in Shanghai, 39 in Beijing

Shanghai also reported four new deaths due to the infection in last 24 hours

Tesla delays plan to restore Shanghai output to pre-lockdown levels: Report

Companies in Shanghai are only allowed to reopen if they can operate under such an arrangement, which requires workers to be isolated

India to host Regional Anti-Terror Structure talks under SCO today

All members of the SCO will be attending the meeting which will include a three-member delegation from Pakistan

IMF increases weighting of dollar, yuan in SDR basket amid weakness

The IMF raised the yuan's weighting to 12.28 per cent from 10.92

Xi Jinping's signature 'Zero Covid' policy obstructs growth curve in China

Xi's renewed commitment to zero COVID highlights his willingness to deprioritize economic growth in favour of political and social issues that he considers more urgent, The Diplomat reported.

G7 urges China not to undermine sanctions imposed on Russia amid war

The group of seven industrialized nations, representing the world's richest nations, on Saturday urged China not to undermine the sanctions imposed on Russia for its attack on Ukraine

China not to host 2023 AFC Asian Cup due to surging Covid-19 cases

China will not host the AFC Asian Cup final round next year in view of the surging COVID-19 cases in the country, the continent's football governing body said on Saturday.

Smartphone demand drops 'like a rock', 200 million less handsets this year

The SMIC predicted a gloomy outlook for consumer electronics demand, saying it sees no sign of a recovery anytime soon