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China’s desperate attempt to shift its economy

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China’s economic strategy is undergoing a significant shift as it seeks to navigate through slowing growth and address challenges in traditional sectors like real estate and infrastructure.

To meet ambitious growth targets, the Chinese government is redirecting its focus towards technology and digital industries while striving to stabilise the old growth drivers.

This shift comes amidst concerns over local government debt and the need for sustainable economic development.

Key Highlights:

The transition from Traditional Sectors:

With concerns over local government debt and challenges in traditional sectors like real estate and infrastructure, China is seeking a new economic model.

The construction of roads, bridges, and high-speed rail lines, which were pivotal for China’s economic growth, is being rationalised to ensure sustainable development.

Real Estate Challenges:

China’s real estate sector, previously a significant contributor to economic activity, has been facing a crisis for the past three years. Declining construction projects and falling housing prices have added to the economic slowdown, compounded by youth unemployment issues.

FILE PHOTO: Containers are seen at the Yangshan Deep Water Port in Shanghai, China.

Ambitious Growth Targets:

Despite economic challenges, China has set an ambitious growth target of around 5% for the current year, similar to the previous year. To achieve this, the government is focusing on stabilising the economy’s old driving forces, particularly real estate, while exploring new avenues for growth.

Chinese President Xi Jinping is advocating for the development of “new productive forces,” emphasising support for cutting-edge sectors such as technology and digital innovation.

This shift reflects the government’s belief in the potential of these industries to accelerate economic growth.

The government is implementing measures to support key sectors, including the creation of “white lists” for real estate projects eligible for financing.

Apple’s big shift away from China

Additionally, initiatives like state-supported housing projects demonstrate efforts to address housing affordability issues.

China’s economic strategy underscores a concerted effort to adapt to changing global dynamics and internal challenges by prioritising innovation and sustainable growth.

The shift towards technology and digital sectors reflects a strategic move towards fostering new economic drivers amid a complex economic landscape.

Ahron Young is an award winning journalist who has covered major news events around the world. Ahron is the Managing Editor and Founder of TICKER NEWS.

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Money

Workers rush back to their desks over job fears

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Workers across Australia are rushing back to their desks, driving office utilisation rates to their highest levels since February 2020.

Tuesdays, Wednesdays, and Thursdays emerge as the busiest in-office days, contrasting with the continued reluctance to return on Fridays.

This insight, drawn from XY Sense data based on 18 enterprise customers in Australia employing approximately 68,000 individuals across 127 buildings, reflects a significant shift in workplace dynamics.

The surge in office attendance coincides with a resurgence in workplace attendance mandates and policies linking physical presence to bonuses and performance reviews.

However, co-founder of XY Sense, Alex Birch, suggests that rising job insecurity, rather than these policies, primarily drives this behavioral shift.

“The pendulum has moved towards the employer, and therefore people feel more obliged to go back into work,” commented Mr. Birch.

Job market

Danielle Wood, chairwoman of the Productivity Commission, anticipates this trend to persist as the job market softens.

She notes a disparity between employer and worker perceptions regarding the productivity benefits of hybrid work arrangements, hinting at potential shifts in the employment landscape.

Meanwhile, economists at the e61 Institute observe a partial reversal of the pandemic-induced “escape to the country” trend.

Rent differentials between regional and capital city dwellings, which narrowed during the pandemic, are now widening again.

This trend suggests a diminishing appeal of remote work options and a return to urban commuting.

Aaron Wong, senior research economist at e61, said the emergence of a “new normal,” characterised by a hybrid lifestyle that blends access to office spaces with proximity to lifestyle amenities such as natural landscapes.

While regional rents decline, rents for homes on the urban fringe surge, reflecting evolving preferences shaped by remote work opportunities.

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Money

Why resilient economy is fuelling demand for Australian property

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Despite inflationary pressures, Australian house prices have surged to a record high for the fifth month in a row, as indicated by CoreLogic data.

Australian house prices have not only weathered inflation but have also soared to unprecedented levels, marking the fifth consecutive month of record highs, according to data from CoreLogic.

This resilience reflects the enduring demand for property in the country, showcasing the sustained interest of buyers despite challenging economic conditions.

VentureCrowd’s Head of Property, David Whitting, talks how investors can access alternative ways of property investing.

Presented by VentureCrowd #funding futures #housing #economy

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Money

Three reasons why you don’t need to panic about inflation

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Inflation in the US has exceeded expectations for the third consecutive month, driven by increases in essential commodities such as oil, electricity, takeaway food, and medical costs.

  1. Despite a 3.8% year-on-year rise in CPI, it’s notable that this figure has decreased from its previous 9% high.
  2. The robust CPI and economic growth numbers suggest a positive outlook for US corporate earnings.
  3. The S&P500 has seen five 1% drops this year, all of which were met with investors buying the dip.

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