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Kyodo News
4 days ago
- Business
- Kyodo News
China 2nd-quarter GDP growth slows to 5.2% amid trade friction with U.S.
BEIJING - China's pace of real economic growth slowed to 5.2 percent year-on-year in the April-June period from 5.4 percent in the previous quarter amid trade tensions with the United States, official data showed Tuesday. But the inflation-adjusted gross domestic product of the world's second-largest economy exceeded the ambitious growth target of around 5 percent set for 2025, thanks to stimulus measures implemented by Beijing and an agreement with Washington struck in May to de-escalate tensions. On a quarter-to-quarter basis, China's GDP rose 1.1 percent in the second quarter of 2025, decelerating from 1.2 percent growth in the January-March period. In the first half of 2025, GDP grew 5.3 percent on year. The trade war between the world's two largest economies intensified in April with the mutual imposition of triple-digit tariffs, before the two sides reached an accord in May to establish a 90-day truce through Aug. 12 and pull back from the hefty duties. China's central bank cut its key policy interest rate in May and injected liquidity into the market to support an economy hit hard by the trade conflict with the United States. The National Bureau of Statistics said China's economy "withstood pressure and made steady improvement despite challenges" in the first half of 2025, in an apparent reference to the trade war with the United States. The Chinese economy "maintained steady growth with good momentum, showcasing strong resilience and vitality," with the government implementing "more proactive and effective macro policies," it said. "However, we should be aware that there are many unstable and uncertain factors in the external environment," the bureau also said, noting that domestic demand is "insufficient and the foundation for economic recovery and growth needs to be further consolidated." In order to spur domestic demand, the Chinese government has introduced trade-in programs covering consumer goods such as home appliances, vehicles and smartphones. In the first half, retail sales of consumer goods increased 5.0 percent on year, with growth accelerating from 4.6 percent in the January-March period. Investment in fixed assets, excluding rural households, rose 2.8 percent. But investment in real estate development dropped 11.2 percent compared with a 9.9 percent decline in the January-March period, amid a prolonged property sector crisis. Industrial production in China, dubbed the "world's factory," expanded 6.4 percent. The total value of exports climbed 7.2 percent, while that of imports fell 2.7 percent. At a World Economic Forum meeting in Tianjin near Beijing in late June, Chinese Premier Li Qiang said Beijing is "confident and capable" of sustaining the country's relatively strong economic growth.
Business Insider
04-07-2025
- Business
- Business Insider
The US needs to reinvent manufacturing for the AI age, or risk losing out to China, Marc Andreessen warns
Marc Andreesen believes America is at a profound turning point — and it can either lead the next industrial revolution powered by AI, or fall behind in a world dominated by "Chinese robots." In a conversation at the Reagan Library's Economic Forum on Thursday, the billionaire venture capitalist and Andreesen Horowitz cofounder argued that the path to future growth lies not in nostalgia for old factory jobs but in reindustrializing America around next-generation manufacturing, especially in robotics. "I think there's a plausible argument — which Elon also believes — that robotics is going to be the biggest industry in the history of the planet," Andreesen said, referring to CEO Elon Musk. "It's just going to be gigantic." "There's going to be billions, tens of billions, hundreds of billions of robots of all shapes, sizes, descriptions running around doing all kinds of things, and those robots need to be designed and built." But if the US doesn't take the lead, he warned, it risks "living in a world of Chinese robots everywhere." Manufacturing's long fall Andreesen's case comes amid a . In 1947, manufacturing made up over 25% of the US GDP. By 2017, it had plunged to under 12%, according to data from the Bureau of Economic Analysis shared by the American Enterprise Institute. Employment figures are even more stark. Manufacturing accounted for nearly 33% of all US jobs in 1947, but had dropped to about 8% by the end of 2024, according to the Bureau of Labor Statistics. Tariffs have been the Trump administration's preferred solution to this decline, but industry experts and Wall Street have said that won't be enough. A May report from Wells Fargo estimated that the US needs $2.9 trillion in capital investment to regain 1979 manufacturing job levels, calling it an "uphill battle." Goldman Sachs analysts echoed that sentiment in June, warning that tariffs can't overcome China's advantages of cheaper labor and government subsidies. Only a surge in technological innovation, they wrote, can reverse the "long-run stagnation" in productivity. Meanwhile, US manufacturers are struggling to fill the roles already available. In an April 2024 report, the Manufacturing Institute and Deloitte found the US could need 3.8 million new manufacturing workers by 2033, but half of those jobs could remain unfilled due to skill shortages. Build what's next — or be left behind Andreesen proposes a different vision: use AI to transform what manufacturing means. Rather than bringing back low-cost labor, he called for massive investment in "alien dreadnought" factories — hyper-automated factories producing robotics, drones, EVs, and AI-enabled machines that he believes could revitalize rural America and make the US the leader in embodied AI. "We shouldn't be building manufacturing lines that have people sitting on a rubber mat for 10 hours screwing screws in by hand," he said. "We should be building what Elon calls alien dreadnought factories," he said. Elon Musk has repeatedly used the term, including in 2016 and in 2020, to describe his vision for highly automated, roboticized Tesla factories, particularly for Model 3 production. Andreesen argued that this reinvention would not only reverse decades of deindustrialization but also help solve broader problems, from national security to wage stagnation to the urban-rural divide. "We have to do we have to do this because it's necessary from a national security standpoint. We have to do it because we need the economic growth. We have to do it because we need an answer for the entire population of the country, not just the cities," he said. "And we have to do it because if we don't do it, China's going to do it — and we don't want to live in that world."
Associated Press
20-06-2025
- Business
- Associated Press
Putin boasts about Russia's economy despite recession fears
ST. PETERSBURG, Russia (AP) — President Vladimir Putin on Friday hailed Russia's economic outlook, saying it has managed to curb inflation and ease its reliance on energy exports. His optimistic account in a speech at the St. Petersburg International Economic Forum contrasted with somber statements by some members of his government who warned at the same conference that Russia could face a recession. Economic Minister Maxim Reshetnikov had said Thursday that the country is 'on the brink of going into a recession.' Putin mentioned the recession warnings, but emphasized that 'it mustn't be allowed.' He pointed out that manufacturing industries have posted steady growth, allowing the country to reduce its reliance on oil and gas exports. 'The perception of Russian economy as based on raw materials and dependent on hydrocarbons exports have clearly become outdated,' Putin said, adding that the economy grew by 1.5% in the first four months of 2025 and inflation has dropped from double digits to 9.6%. Putin has used the annual forum to highlight Russia's economic prowess and encourage foreign investment, but Western executives have shunned it after Moscow sent troops into Ukraine in 2022, leaving it to business leaders from Asia, Africa and Latin America. The economy, hit with a slew of Western sanctions, has so far outperformed predictions. High defense spending has propelled growth and kept unemployment low despite fueling inflation. Large recruiting bonuses for military enlistees and death benefits for those killed in Ukraine also have put more income into the country's poorer regions. But over the long term, inflation and a lack of foreign investments pose threats to the economy. Economists have warned of mounting pressure on the economy and the likelihood it would stagnate due to lack of investment in sectors other than the military.
Time of India
19-06-2025
- Politics
- Time of India
Putin Refuses To Comment On Khamenei Assassination Talk, Backs Political Solution
Russian President Vladimir Putin refused to discuss the possibility of Iran's Supreme Leader Ayatollah Khamenei being assassinated by Israel or the U.S. during the St. Petersburg Economic Forum. Asked directly about a potential strike, Putin said he 'didn't even want to talk about it.' He reiterated Russia's support for a peaceful solution and defended Iran's right to nuclear energy. Watch Read More
The Sun
19-06-2025
- Business
- The Sun
Empowering women key to driving ASEAN's sheconomy
KUALA LUMPUR: A whole-of-society approach is needed to empower women across all sectors, including governance, urban planning and the digital economy to unlock the full potential of the 'sheconomy' and drive inclusive, sustainable development in ASEAN, said Kuala Lumpur mayor Datuk Seri Dr Maimunah Mohd Sharif. She said women must not only be included in decision-making spaces but also be recognised as key architects of change especially in city-level transformation where daily life is most affected. 'The 'sheconomy' is not a parallel economy. It is a reimagining of our whole economy, powered by inclusion and inclusion is not charity; it is good policy,' she said. She said during the plenary session titled 'ASEAN Women Leading Social Change: Integrating Social Goals with Economic Growth in the 'Sheconomy', at the Women Economic Forum (WEF) ASEAN 2025 here today. Maimunah who is also a former executive director of UN-Habitat, stressed the importance of embedding gender equity into the fabric of urban governance, budgeting and service delivery. She noted that this aligns with the ASEAN Gender Mainstreaming Strategic Framework 2021-2025 and Kuala Lumpur is localising the framework to the governance tool by ensuring housing, transport and public health policies serve women. Maimunah also shared initiatives by Kuala Lumpur City Hall (DBKL) through the Safe City Programme which includes the installation of 10,000 CCTVs and improved street lighting. 'These efforts are not just about safety, but about dignity and inclusion. We are creating safer zones, better transit and walkable neighbourhoods centred on women's mobility. In 2024, crime dropped by 15 per cent in the upgraded areas and women reported feeling safer,' she said. Despite progress, she pointed only 10 per cent of local councils in Malaysia are led by women, calling the need to localise gender mainstreaming efforts at all levels of government. Maimunah added that the private sector plays a crucial role in unlocking the potential of the 'sheconomy' by elevating women into leadership positions, fostering inclusive innovation, and building supportive workplace cultures. 'Gender-smart investing, mentorship programmes and targeted support for women-led start-ups, particularly in the green and digital sectors, are how we activate 'sheconomy'. 'Academia plays its part too by producing gender-inhibited data, training women in STEM and governance, and documenting what works. Communities must be empowered. Women entrepreneurs, mothers, and youth must be recognised, not just as participants, but as planners and leaders,' she said. Maimunah, the first female mayor of Kuala Lumpur said since joining DBKL in August last year, significant strides had been made in closing the leadership gap. Currently, women make up 29.3 per cent of total DBKL staff, 43.6 per cent of professionals, 44 per cent of department heads and 40 per cent of top management, surpassing the 30 per cent benchmark. Earlier at the WEF ASEAN 2025, Maimunah was conferred the 'Women of the Decade' award alongside Women, Family and Community Development Deputy Minister Datuk Seri Dr Noraini Ahmad. Themed Women Leaders Beyond Borders: Shaping the Future of the ASEAN Sheconomy, the three-day forum starting today, celebrates women's transformative role in driving global economic growth. The WEF ASEAN 2025 which brings together influential women leaders from across the region and beyond, offers participants the opportunity to engage in impactful discussions, forge powerful networks, and explore new pathways for women to shape the future of the global economy.
