China’s March exports in US dollar terms jumped 14.8% from a year earlier, customs data showed on Thursday. China’s consumer inflation eased while producer prices continued to drop in March.The International Monetary Fund on Tuesday maintained its growth forecast for China, projecting the country’s economy will expand 5.2% in 2023 and 4.5% in 2024.
US inflation eased in March as the Consumer Price Index edged up 0.1% from February.The finance ministers and central bank governors of the Group of Seven (G7) vowed to maintain macroeconomic and financial stability and stepping up efforts to support low- and middle-income countries.
Panelists call for consistent and concerted effort to fight climate crisis at IMF Spring Meeting coorganised by IFF
Panelists urged governments and private sector to join force to address climate crisis in a consistence manner on Monday in a high-level session coorganised by the International Finance Forum (IFF) as part of the International Monetary Fund/World Bank Spring Meetings in Washington D.C..
The high-level meeting, organised by the IFF along with Bretton Woods Committtee, the Paulson Insititute, highlighted the urgency of climate action and the need to mobilise both governments and private sector for sustainability financing.
Kristalina Georgieva, Managing Director of the IMF, gave opening remarks to the meeting, in which she said the IMF has loaned to five countries under the Resilience and Sustainability Trust (RST) and 44 countries were interest in joining. The Trust was established in April last year to help countries build resilience to external shocks and ensure sustainable growth.
The panel discussion, with experts from both public and private sectors, included Li Bo, Deputy Managing Director of the IMF, Jin Liqun, President of the Asian Infrastructure Investment Bank (AIIB), Uzziel Ndagijimana, Minister of Finance and Economic Planning of Rwanda, Deborah Lehr, Vice Chairperson of the Paulson Institute, Vera Songwe, Founder and Chair of Liquidity and Sustainability,and Kenneth Lay, Senior Managing Director of RockCreek Group.
China’s March inflation eases, producer price drops further
China’s consumer inflation eased while producer prices continued to drop in March, official data showed on Tuesday.
The country’s consumer price index edged up 0.7% from last year. The CPI fell 0.3% from February, according to data from the National Bureau of Statistics.
The producer price index dropped 2.5% in March from last year
Core inflation which excludes volatile food and energy prices went up 0.7% from last year and remained unchanged from February.
China’s exports jump 14.8% in March
China’s March exports in US dollar terms jumped 14.8% from a year earlier, customs data showed on Thursday.
Imports in US dollar terms dropped 1.4%.
Exports in the first quarter edged up 0.5% while imports fell 7.1%.
IMF maintains 5.2% growth forecast for China
The International Monetary Fund on Tuesday maintained its growth forecast for China, projecting the country’s economy will expand 5.2% in 2023 and 4.5% in 2024.
"As COVID-19 waves subsided (in China) in January of this year, mobility normalized, and high-frequency economic indicators, such as retail sales and travel bookings, started picking up," the IMF said in its latest World Economic Outlook Report.
China’s reopening and growth will likely generate positive spillovers particularly for countries with strong trade ties and reliance on Chinese tourism, according to the report.
The IMF meanwhile cut global growth forecast to 2.8%, down 0.1% from the previous projection in January.
China’s March NEV sales rise 34.8%
China's new energy vehicle (NEV) sales grew 34.8 percent in the twelve month to March, data from the China Association of Automobile Manufacturers showed Tuesday.
Sales of NEVs, including battery electric vehicles and plug-in hybrids, reached 653,000 units last month.
NEVs output grew 44.8% year on year to 674,000 units.
China and Australia reach deal on barley trade dispute
China and Australia has reached an agreement to resolve their dispute over barley imports, the two countries said on Tuesday.
A spokesperson of China’s Ministry of Commerce said China and Australia reached an agreement over anti-dumping and countervailing duties on barley. .
Australian Foreign Minister Penny Wong said the country would suspend a case at the World Trade Organisation (WTO) over China’s anti-dumping and countervailing duties on barley.
Wong told a press conference that China had agreed to undertake an expedited review of the duties imposed on Australian barley over a three-month period, which may extend to a fourth if required.
China and France sign cooperation deals
China and France signed a series of agreements to deepen cooperation in areas including aviation, nuclear energy and green development during French President Emmanuel Macron’s state visit to China last week.
A total number of 18 agreements involving 36 companies from China and France were signed.
US inflation eases in March
US inflation eased in March as the Consumer Price Index edged up 0.1% from February, official data showed on Wednesday.
The index rose 5% in March from a year ago. Core inflation, prices excluding food and energy, rose 0.4% in March.
The index for shelter was the largest contributor to the prices increase while energy prices dropped 3.5%.
G7 finance ministers pledge finance stability
The finance ministers and central bank governors of the Group of Seven (G7) vowed to maintain macroeconomic and financial stability and stepping up efforts to support low- and middle-income countries, according to an official statement on Wednesday.
The financial leaders of the G7, met in Washington, said they would continue to closely monitor financial sector developments and stand ready to take appropriate actions to maintain the stability and resilience of the global financial system.
They also pledged to enhance supply chain resilience by diversifying the supply chain.
Asia may grow 5% faster than developed economies by year end, Morgan Stanley
Asian economies could grow 5% faster than developed countries by 5% by the end of 2023, said Morgan Stanley in a research note, Reuters reported.
The growth will be primarily driven by China’s reopening, strong domestic demand and lower interest rates.
The bank’s economists think Asia will be able to generate sufficient domestic demand to maintain growth momentum.
Global food price continues to drop in March, FAO
Global food price continued to drop in March, according to the Food and Agriculture Organisation of the United Nations (FAO).
The FAO tracks global food price in the FAO Food Price Index. March’s reading dropped 2.1% from February, marking the 12th consecutive monthly decline since reaching its peak one year ago.
The decline in the index in March was led by drops in the cereal, vegetable oil and dairy price indices, while those of sugar and meat increased.
Japan’s population falls by half a million in 2022
Japan’s populations shrank by 556,000 in 2022, the 12 consecutive yearly drop, official data showed on Wednesday.
Japan’s population including foreign residents stood at 124.9 million.
The fall represents both the natural change in population and the people exiting the country.
Chief Cabinet Secretary Hirokazu Matsuno said at a news conference that the government will take measures to address the declining birth rate.
