Politics
China's economic slowdown looks even worse in some provinces BNN Bloomberg
(Bloomberg) — Chinese provinces that account for about a third of the economy are having a worse year than the country as a whole, succumbing to a slowdown that likely prompted the government to move forward with a series of stimulus measures last month.
Only five provinces on the continent are seeing their real gross domestic product grow faster this year than last, according to Bloomberg calculations based on official figures. Among the 26 provinces that released data for the third quarter, 11 experienced a more pronounced deceleration than the national slowdown.
The worst performing countries so far this year are Tibet, Jilin and Hainan, whose gain of 3.2% is 6 percentage points lower than in 2023. Even economic powerhouses such as Zhejiang, Shanghai and Jiangsu saw their GDP growth slow.
Guangdong, which accounted for more than 10% of the economy last year, grew just 3.4%, the weakest result since the pandemic and down 1.4 percentage points from the whole of 2023. National GDP increased by 4.8% in the first nine months, up from 5.2. % last year.
The sharp slowdown evident in China's main regions has left large parts of the $18 trillion economy growing well below the official target of around 5%. In response, Beijing reversed course in late September and rolled out a series of measures that marked President Xi Jinping's boldest recovery since the pandemic.
The problems facing China's economy are widespread, with industrial production falling this year in Heilongjiang, Qinghai and Shanxi and retail sales falling in Beijing and Shanghai, two of the country's richest cities. .
Underscoring how personal consumption never really rebounded from the pandemic, restaurant and hotel sales fell 5.1% this year in Beijing and more than 11% in Shanghai.
Local governments across China also face a deteriorating financial situation, as debts pile up and revenues decline due to falling land sales. Although the central government has promised to do more to help them repay their debt, their deficits continue to widen.
The overall budget deficit of all local governments increased by nearly 3 percent this year from a year earlier, reaching 11.2 trillion yuan ($1.6 trillion) through the end of September, data shows of the Ministry of Finance published last week.
–With the help of Yujing Liu.
2024 Bloomberg LP
|
Sources 2/ https://www.bnnbloomberg.ca/business/international/2024/10/28/chinese-economic-slowdown-looks-even-worse-across-some-provinces/ The mention sources can contact us to remove/changing this article |
What Are The Main Benefits Of Comparing Car Insurance Quotes Online
LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos
to request, modification Contact us at Here or [email protected]
 |
 |
 |
