Orange Wang

Orange Wang

Orange in a contributor to Inkstone. He covers the Chinese macroeconomy for the South China Morning Post.

China’s growth falls to 29-year low. Official says progress ‘unstoppable’
China’s economy grew by 6.1% in 2019, the lowest annual growth rate for 29 years, the National Bureau of Statistics said on Friday. The gross domestic product (GDP) figure came in a year in which the Chinese economy was hammered by US tariffs as a result of the trade war. The new data comes a day after China and the United States signed an initial trade deal on Wednesday, marking something of a ceasefire in the trade dispute between the world’s two largest economies. However, despite falling to a new low since 1990, when political turmoil drove economic growth down to 3.9%, the 6.1% rate met the target range of between 6.0% and 6.5% set by the central government at the beginning of last year
China’s growth falls to 29-year low. Official says progress ‘unstoppable’
China province, population 80 million, says only 17 people live in poverty
A Chinese province of 80 million people has claimed that only 17 residents, from six families, remain in poverty, sparking intense debate about the veracity of official anti-poverty statistics. The coastal province of Jiangsu is the first to declare a near elimination of absolute poverty – which is defined in China as per capita net income of 2,300 yuan ($331) in 2011 prices – as part of President Xi Jinping’s drive to wipe it out and build China into a comprehensive well-off society by 2020. China has yet to publish official statistics for all of 2019, but the government has said the number of people in poverty was cut to 16.6 million at the end of 2018 and an additional 10 million were lif
China province, population 80 million, says only 17 people live in poverty
Why Chinese banks are giving out free pork to new customers
Handing out servings of expensive pork as a reward for opening an account is the latest gimmick being used by a growing number of small local banks across China to lure new depositors. The fact that pork could be seen as a desirable reward for opening a bank account speaks to the country’s massive shortage of its favorite staple meat. On Monday, clients who deposited $1,430 or more in a three-month time deposit at the Linhai Rural Commercial Bank in Duqiao in Zhejiang province were then eligible to enter a lottery to win a portion of pork ranging from one to ten pounds. “The money is still my own, and the interest is good. I’m happy to receive a piece of pork in addition,” one female client,
Why Chinese banks are giving out free pork to new customers
Xi Jinping’s Chinese dream, and the nightmare of a ‘triple threat’
The gigantic bazaar in Baigou, Hebei province has 216 escalators. There, shoppers can browse more than 10,000 stores and, for the cost of a movie ticket, buy a handbag that looks like a Louis Vuitton or Gucci original. The bazaar, officially known as the Hedao International Trade Center for Cases and Bags, symbolizes the northern Chinese town’s dream of finding a place in the global trading landscape. Around two hours south of Beijing, Baigou’s effort to put itself on the map has come a long way. According to the town’s local history archive, the collective commune system in rural China imposed in the 1950s wiped out traditional trading, resulting in famine and catastrophe. The daily grain r
Xi Jinping’s Chinese dream, and the nightmare of a ‘triple threat’
China releases ‘emergency pork’ amid swine virus outbreak
The Chinese government has stepped up efforts to ease an acute pork shortage that is fueling public grievances. African swine fever, which is harmless to humans but deadly to pigs, has spread across the country over the past year, forcing farmers to slaughter their hogs and shutting down loss-making pig farms. As a result, China’s hog herd is now down more than 30% compared with a year ago, according to official data, while pork prices have hit new highs.  Pork is the most popular meat for the majority of the Chinese population. Pork affordability is also one of the indicators people use to gauge their own financial well-being.  With citizens increasingly unhappy over expensive pork, the go
China releases ‘emergency pork’ amid swine virus outbreak
Chinese cities take drastic action to offset soaring pork prices
Across China, the price of pork has doubled since July, prompting some cities to take the unusual step of offering discounts on the country’s favorite meat. In the southwestern city of Nanning, coupons have been distributed to shoppers since Sunday. The bearer is entitled to a 10% discount on the average price of pork, according to the government-backed Nanning Evening News. But there is a catch. The discount is only be available at 10 pilot sites. Each local resident restricted to just 1 kilogram (2.2 pounds) per day. Feng Yonghui, chief analyst at meat industry portal Soozhu.com, believes the discounted meat has been taken from the government’s frozen pork reserves. Officials have not conf
Chinese cities take drastic action to offset soaring pork prices
China can deliver a ‘deadly punch’ to the US, ex-official says
China has many options for retaliating against the United States and is likely to implement sanctions that go beyond tariffs on trade in goods, a former top government official has said. “China will not only act as a kung fu master in response to US tricks, but also as an experienced boxer and can deliver a deadly punch at the end,” Wei Jianguo, a former vice-minister at the Ministry of Commerce responsible for foreign trade, told the South China Morning Post. Beijing is considering how it will strike back at the US after President Donald Trump on Friday raised tariffs on $200 billion of Chinese goods. China’s response can be consequential to ending – or escalating – a trade war that has di
China can deliver a ‘deadly punch’ to the US, ex-official says
China confronts perfect storm of trade war and a pig plague
When China levied additional tariffs on pork from the United States last year, Zhu Mengzhou, a manager of an imported food distributor in Guangzhou, was one of many traders who stopped buying it. “Unless the tariffs are adjusted, the cost is too high for us,” Zhu said. Even as an outbreak of African swine fever threatens to decimate China’s most important meat market, Zhu cannot afford to resume US purchases due to two rounds of trade war tariffs which added a total of 50% to import duties. For some US pork products, Chinese buyers have to pay duties up to 70% just to get them past customs. Zhu and many other pork traders in China – as well as the US – are watching anxiously as negotiators f
China confronts perfect storm of trade war and a pig plague
China is about to ban forced technology transfer
China might just have made a major concession in the US-China trade war – just as long as it keeps its word. The nation is expected to pass a new law next week to make forced technology transfer illegal while also lowering barriers for foreign firms to enter the domestic market, a senior economic planning official said on Wednesday. “China will roll out more opening-up measures in the agriculture, mining, manufacturing and service sectors, allowing wholly foreign-owned enterprises in more fields,” said Ning Jizhe, a vice-chairman of the National Development and Reform Commission, in Beijing on Wednesday during the National People’s Congress. In addition, China will set up a special task for
China is about to ban forced technology transfer
Back at home, China’s ‘sea turtle’ grads find the job market has moved on
As the clock struck 11pm on a Wednesday night in late January, Peter Chen finally left his office in northwest Beijing. He had been researching the tech used in self-driving cars since 10am that morning. Chen, a native of Yunnan province, is a recent returnee to China, having studied for bachelor’s and master’s degrees in computer science in Hong Kong. But since returning to China, Chen’s career path has been a winding one. A start-up venture he launched – a travel planning app – never got off the ground, so he spent a year teaching himself the engineering of autonomous vehicles, before landing a job at one of China’s internet giants. That has not been an easy road either. Chen works long h
Back at home, China’s ‘sea turtle’ grads find the job market has moved on