Tao further explained that people need a little bit of happiness in their lives, especially after the pandemic and during the time of economic downturn.
陶进一步解释说，人们的生活需要一点幸福，尤其是在疫情之后和经济低迷时期。
Meanwhile, shares of China Evergrande Property Service Group Ltd — a subsidiary of China Evergrande Group — initially rose by as much as 14 percent during morning trading, but experienced a downturn and closed with a dip of over 3 percent.
与此同时，中国恒大集团旗下的中国恒大物业服务集团有限公司的股价在早盘交易中最初上涨了14%，但经历了低迷，收盘时下跌了3%以上。
Meanwhile, after initially rising by as much as 14 percent, China Evergrande Property Service Group Ltd, a subsidiary of China Evergrande Group, experienced a downturn with a dip of over 3 percent during morning trading.
与此同时，中国恒大集团旗下的中国恒大物业服务集团有限公司在最初上涨14%后，在早盘交易中出现了下跌，跌幅超过3%。
Q: With recent measures to address the property market downturn and boost confidence in the capital market and the private economy, what's your outlook for the Chinese economy for the rest of the year and 2024?
Q： 随着最近采取措施应对房地产市场低迷，增强对资本市场和私营经济的信心，你对今年剩余时间和2024年中国经济的前景如何？
How should the authorities solve the problem of property market downturn combined with local government debt pile-up without aggravating the problems in the long term?
从长远来看，当局应该如何在不加剧问题的情况下解决房地产市场低迷和地方政府债务堆积的问题？
To achieve moderate growth pace, or even potentially higher growth, China needs to provide sufficient countercyclical policy support to boost near-term domestic demand so as to avoid deflation and put an end to the property downturn.
要实现适度增长，甚至可能实现更高的增长，中国需要提供足够的逆周期政策支持，以提振近期国内需求，从而避免通货紧缩，结束房地产低迷。
Q: There are rising discussions of whether China is about to follow Japan's path of “the lost decades” because of the common challenges facing the two economies, such as an aging population, property market downturn and potential deflation risks.
Q： 由于人口老龄化、房地产市场低迷和潜在的通货紧缩风险等两个经济体面临的共同挑战，人们越来越多地讨论中国是否会走上日本“失去的几十年”的道路。
Major machinery manufacturer Guangxi Liugong Group plans to further boost its overseas business to offset the domestic industry downturn, targeting a 50 percent share from the current 43 percent within three to five years.
主要机械制造商广西柳工集团计划进一步扩大其海外业务，以抵消国内行业的低迷，目标是在三到五年内从目前的43%增长到50%。
It said a surge in overseas business performance has offset the domestic industry downturn and contributed to the company's overall growth.
该公司表示，海外业务业绩的激增抵消了国内行业的低迷，有助于公司的整体增长。
Expanding overseas business has become the choice for many machinery engineering companies to discover new growth points amid the downturn in the domestic industry, experts said.
专家表示，在国内行业低迷的情况下，拓展海外业务已成为许多机械工程公司寻找新增长点的选择。
Caterpillar Inc, a global manufacturer of construction and mining equipment, will continue its investments in Chinese subsidiary SEM despite an industry downturn, said a senior executive on Wednesday.
卡特彼勒公司是一家全球建筑和采矿设备制造商，该公司周三表示，尽管行业低迷，但仍将继续投资中国子公司SEM。
However, citing an industry downturn and complex external uncertainties, the company said that revenue could drop between 10 percent and 12 percent in the first quarter of 2023.
然而，该公司表示，由于行业低迷和复杂的外部不确定性，2023年第一季度的收入可能会下降10%至12%。
"The economic downturn that most parts of the world are undergoing now has somehow squeezed out the bubbles created when the market was overheated," he said.
他说：“世界大多数地区现在正在经历的经济衰退以某种方式挤出了市场过热时产生的泡沫。”。
For companies that hope to take the lead when the downturn ends, this is probably the best time to make a strategic change.
对于那些希望在经济衰退结束时发挥领导作用的公司来说，这可能是做出战略转变的最佳时机。
If some companies are still doing business in traditional sectors through high-leverage practices, rather than keeping up with digital and green transitions, they will face challenges amid an economic downturn.
如果一些公司仍通过高杠杆实践在传统行业开展业务，而不是跟上数字化和绿色转型的步伐，那么它们将在经济衰退中面临挑战。
Scoot, the low-cost arm of Singapore Airlines Group, said it has upgraded its services and health and safety measures during the downturn of global air travel market since the COVID-19 pandemic began, and is confident in the future growth potential of its business, especially in Asia.
The A220 is expected to become a bright spot in the downturn of the global aviation market," said Li Min, senior marketing director of Airbus China.
That creates a very positive environment to not only recover from the downturn during the worst time of the pandemic, but also as a springboard for future growth.
The merger will enable China's chemical industry to better withstand and mitigate the impact from the continuing downturn in the global market, he said.
Tsingtao posted an 18.86 percent year-on-year growth in net profit in 2020 despite the economic downturn caused by COVID-19.
Editor's note: Despite global uncertainties and the lingering economic downturn caused by the COVID-19 outbreak, China plans to achieve GDP growth of over 6 percent, create new urban jobs and reduce energy consumption as it enters the 14th Five-Year Plan period this year.
The move came as online education has been one of the few growth areas in the country despite the general economic downturn due to COVID-19.
Despite the general economic downturn due to COVID-19, online education has been one of the few growth areas in the country.
Despite the general economic growth downturn due to the COVID-19 pandemic, online education has been one of the few growth areas in the country.
"Despite the general economic growth downturn due to the COVID-19 pandemic, online education has been one of the few growth areas in the country.
Moreover, the magazine pointed out the list is based on the latest available full-year annual results as of July 7, 2020, so it does not fully reflect the impact from the COVID-19 pandemic-led downturn.
Survey: Companies say they're profitable, plan to remain despite strained relationsDespite an unprecedented downturn in relations between the world's top two economies during the COVID-19 pandemic, United States businesses are not leaving the Chinese market, where most are making profits and optimistic about future growth, the US-China Business Council said in its annual member survey on Tuesday.
While global mobile-phone shipments in 2020 will likely weaken from 2019, both companies have adequate buffers to navigate the downturn, the report stressed.
The agreement was reached amid challenging circumstances given the current economic downturn brought by the COVID-19 epidemic.
Fundraising a major challenge during pandemicStartups in Asia face a battle for survival during the ongoing global economic downturn resulting from the COVID-19 pandemic.
The future landscape is filled with challenges arising from the COVID-19 outbreak, the global economic downturn and the fierce insurance market competition.
com has taken immediate actions to help its partners go through the downturn, including a 1 billion yuan ($142 million) fund which was rolled out on Mar 5 to relieve the cash flow burden of its suppliers.
While the US economy now appears steady, a downturn could squeeze WeWork, because it signed long-term leases for its buildings, but short-term deals with tenants.
Finding new customers in an economic downturn almost certainly would be time-consuming and costly.
NetEase Youdao, online education subsidiary of Chinese tech giant NetEase Inc, made its debut on the New York Stock Exchange late on Friday, despite an overall downturn of the online education sector in the country.
Voser emphasized the importance of the long-term vision of the investment despite the current economic downturn globally, and praised the role of China in helping foster ABB into the successful global technology leader it is today.
The restructuring of the company is not due to attack or a business downturn, but because some areas are not core business and the company wants to focus on key sectors.
Last year's global stock market downturn accelerated the wealth reduction of billionaires, Forbes China said.
It is not immediately known whether it is a seasonal discount or the start of a long-term price downturn.
The company expected the downturn to be temporary because China announced plans to cut import tariffs on new foreign vehicles, from 25 percent to 15 percent, from July.
A wholly owned subsidiary of Shandong Borun Process Industrial Technology Co Ltd, Birtley experienced a downturn in the coal-mining industry right after Borun acquired it in 2013.
"We had to develop our business in the environment protection sector to mitigate the mining industry downturn.
The financial crisis tanked the US economy, caused a global economic downturn and shattered public trust in the banking system.
Jim Powderly, co-owner of the 48-year-old box company, said on Monday that he had to lay off four of the company's temporary workers due to a downturn in business from Mid Continent.
Technology titan Xiaomi has postponed its application for a China depository receipts offering, while the domestic A-share market has seen a continued downturn in the past few days.
In 2015, the automotive industry experienced a downturn.
For the Hong Kong market, after seeing rapid growth between 2013 and 2015, Pandora experienced a correction in 2016 — one of the toughest years for the city's retail industry on record amid a global economic downturn and a sharp slump in tourist arrivals.
It blamed the downturn on a NZ$405 million write-down in the value of its stake in Chinese baby food firm Beingmate and costs arising from a 2013 contamination scare.
"Following the financial crisis in 2008, the shipping market entered a long period of downturn and as a result, many loss-making firms went bankrupt," said Yao.
In the second half of 2016, the chill started to recede, and in 2017, shipping rates saw a rare bull market with continuous rises, ending a seven-year downturn, according to data released by the Beijing-based China Association of the National Shipbuilding Industry in January.
Since the commodity downturn of 2014, major mining companies have been cutting spending and reducing capital debt.
For the past three years, the company has turned a profit even during the downturn of 2015 when coal prices crashed.
The deal between Shandong Mining and Barrick Gold also shows that after a multiyear downturn in the industry, mining companies are looking to spread costs and risks through partnerships and joint ventures, instead of developing new mines and projects on their own.
Considering stronger policy support, pressure from a real estate downturn, and slowing global growth, Orlik anticipates that China's economy will expand by around 4.5 percent in 2024.
Despite pressures from a property downturn, lackluster demand both at home and abroad and a more complicated external environment, China's economic prospects this year remain bright; therefore, global business executives and economists said their confidence and optimism are undented.
As the broader economy is still facing pressures from a property downturn, lack of effective demand and risks associated with local government debts, economists said the country needs to set an annual GDP growth target of around 5 percent to boost business confidence, and the policy easing should focus on housing and fiscal measures.
"We have been in quite a hard time since the COVID-19 pandemic and then a global downturn in consumer electronics over the past year hit us hard.
With all these efforts and policies, though SMEs may face a tough period amid the economic downturn, they are expected to overcome difficulties and play a bigger role in the years to come.
However, the outlook could be vulnerable to the significant challenges of a lingering property downturn and lagging demand, they warned, underscoring the pressing need for and the rising possibility of more easing in macroxadeconomic policies.
At the same forum, Xu Gao, chief economist at BOC International, said that tepid demand remains the biggest challenge for the Chinese economy amid the lingering property downturn, suggesting that the central government should take on more debt to fund infrastructure investment and shore up demand.
Affected by the COVID-19 pandemic, the market experienced a slight downturn in 2022.
Experts said the property market downturn has had a negative spillover effect on the nation's economic health due to the sector's extensive links to upstream and downstream industries, and local government revenue.
It is anticipated that next year will see a downturn in economic growth in developed economies — such as the United States and Japan — with growth rates likely to be less than half of China's predicted upswing.
There has been a discernible downturn in the growth rate of fixed-asset investments in 2023, especially in the real estate sector.
The recent downturn in consumer spending and the end of double-digit growth in China's retail sector, evidenced by a modest 3 percent increase in third-quarter retail sales and a mere 2 percent rise in the "Double 11" shopping festival sales, reflect a market in transition rather than in decline.
To offset softer external demand and a prolonged property downturn, policy support is expected to continue, it added.
Citing the recently concluded tone-setting Central Economic Work Conference, Zhou said, "China will likely adopt a more expansionary fiscal policy next year to boost the economy amid lackluster demand, a property downturn and a cloudy global outlook, including lifting its 2024 budget deficit and further tax and fee reductions.
In its Asian Development Outlook December 2023, the ADB said that strong services continue to be the main driver of growth in China, offsetting a downturn in the property sector.
xa0In its latest Asian Development Outlook released on Wednesday, the development bank said policy support is expected to continue in China to offset softer external demand and a prolonged property downturn.
In recent years, Dongguan Jingbo Photoelectronic Co Ltd has faced operational difficulties due to factors like the pandemic and a downturn in the mobile phone market.
Fulinmen Shijia, an intelligent home furnishing company in Guangdong, has used digital transformation as a means to tackle the downturn in the real estate industry.
The ministry said the impact of a real estate market downturn on the fiscal conditions of local governments is "controllable and structural".
China can adopt a more expansionary fiscal policy next year to underpin economic recovery amid multiple challenges including the downturn in the property market and stress from local government debts, experts said on Monday.
Experts have also called for better management of risks stemming from hidden debts of local governments raised by their funding vehicles and the real estate downturn.
"As China continues to expand domestic consumption, accelerate industrial upgrading and promote high-level opening-up, I believe that China has ample policy space to counter economic downturn pressures and explore new growth opportunities in sectors such as new energy, artificial intelligence and green low-carbon industries," Chen added.
As China continues to expand domestic consumption, accelerate industrial upgrading, and promote high-level opening-up, I believe that China has ample policy space to counter economic downturn pressures and explore new growth opportunities in sectors such as new energy, artificial intelligence and green low-carbon industries.
"As China continues to expand domestic consumption, accelerate industrial upgrading, and promote high-level opening-up, I believe that China has ample policy space to counter economic downturn pressures and explore new growth opportunities in sectors such as new energy, artificial intelligence and green low-carbon industries," Chen added.
Q: With recent measures addressing the property market downturn and boosting confidence in the capital market and the private economy, what's your outlook for the Chinese economy for the rest of the year and into 2024?
Ultimately, authorities' most powerful and high-profile easing tools, such as a mobilization of central government balance sheet at scale or PBOC's use of the PSL (pledged supplementary lending), have yet to be deployed and could possibly be turned to as authorities attempt to put a floor to the cyclical downturn without aggravating longer-term structural problems.
Q: There are rising discussions of whether China is about to follow Japan's path of "the lost decades" because of the common challenges facing the two economies, such as the aging population, property market downturn and potential deflation risks.
However, when global trade experiences a downturn, the growth rate of trade in services tends to surpass that of trade in goods.
"While comparisons with Japan's "lost decades" have surfaced due to shared challenges such as an aging population, property market downturn and potential deflation risks, Beirne highlighted key distinctions.
Q: There are rising discussions of whether China is about to follow Japan's path of "the lost decades" because of the common challenges facing the two economies, such as an aging population, property market downturn and potential deflation risks.
Additionally, the global economy has experienced a widespread downturn due to the nagging impact of the pandemic, resulting in reduced fiscal revenues and increased debt burdens.
It was highlighted in the annual Central Economic Work Conference last December that efforts to restore and expand consumption should be high on government work agendas, and it was also pointed out that the current economic downturn is related to structural issues with China's long-standing investment and export-driven economic growth model, as well as cyclical issues of insufficient demand.
Nevertheless, the NBS data pointed to the lingering challenge of the property market downturn, with NBS spokesman Fu Linghui acknowledging that the real estate market is still undergoing a correction.
A property market downturn is seen as one of the key drags on domestic demand.
Also, fiscal policy support would need to be increased to counter the property market downturn and fall in external demand, Wang said, adding that the government may accelerate special local government bond issuance and expand policy bank lending to boost infrastructure investment.
Nicholas Lardy, a senior fellow at the Peterson Institute, a US think tank, said that it was "premature" to make a judgment of deflation based on single monthly data, while a thorough assessment of the situation also "does not support the view that China's economic growth is in a severe cyclical downturn.
Analysts said that China's slower-than-expected GDP growth in the second quarter showed that the recovery has slowed amid pressures from the real estate downturn and weakening external demand, shoring up the case for policymakers to take more steps to boost domestic demand.
Lloyd Chan, senior economist at British think tank Oxford Economics, said that with the real estate downturn persisting and external demand weakening, "we think policymakers will be keen to prop up domestic demand in the coming months".
"If the private economy shrinks further, the national economy may accelerate its downturn," he said.
Last November, Chinese authorities rolled out a raft of 16 measures to step up financing support to real estate developers facing significant liquidity pressure amid a market downturn, among which two were time-limited.
Also, at the beginning of this year, there were fears that the global economic downturn, geopolitical deterioration, coupled with the establishment of US industrial and supply chain alliances and the consolidation of diplomatic alliances, will inevitably make China's external situation deteriorate comprehensively, leading to a further downtrend in China's foreign trade.
The current challenges, such as an economic downturn, inflationary pressures, lack of geopolitical cohesion, and lingering impacts of the pandemic cannot be resolved by any single country, said Prime Minister of Vietnam Pham Minh Chinh.
The rapid slump of the PMI for three consecutive months, as well as an overall downturn in subsector readings, is sending an explicit message that the momentum of economic growth is waning in the short term.
The economic downturn will weaken people's confidence in terms of income and employment stability, which will subsequently inhibit consumption.
Decisive measures, forward-looking and bold actions should be taken to stem the economic downturn, reverse deflationary expectations and shore up overall consumer and business confidence.
Wu, from iDigital, said that while China's games market experienced a downturn last year due to the sluggish economic situation and weakened desire to buy games during the pandemic, it will likely rebound and see strong growth this year amid the resumption of production and the rapid recovery of consumption.
China's gross domestic product expanded 4.5 percent year-on-year in the first quarter of this year, beating economists' expectations and helping to cushion the global economy against a downturn.