China’s economic rebound has strengthened and become more broad-based since the beginning of this year, as the world’s second-largest economy continues to recover at pace from the pandemic-induced headwinds, according to Moody’s Investors Service.
Although the momentum of China’s growth is likely to slow later this year compared to the first half of 2021, the country's economy will continue to draw support from “domestic policies and robust external demand, as the global recovery gathers pace”, the ratings agency said in a statement on Monday.
"With the growth outlook seeming more secure, the government is shifting focus towards its other policy objectives that include rebalancing of the economy toward domestic consumption, maintaining employment growth and stabilising economy-wide leverage," Lillian Li, a Moody's vice president and senior credit officer, said.
China was among the first countries to emerge from the pandemic driven-economic slowdown that tipped the global economy into its worst recession since the 1930s. The International Monetary Fund expects the country's economy will grow 8.4 per cent this year, outpacing global economic expansion of 6 per cent in 2021.
China's manufacturing base is strengthening and its exports have bounced back amid strong global demand as economies across the world open up.
Chinese exports grew almost 28 per cent in dollar terms in May from a year earlier. Although below the pace in April, May exports were well above historical growth rates, Bloomberg said, citing China’s customs administration data released on Monday. Its imports soared 51.1 per cent, the fastest pace since March 2010, leaving a trade surplus of $45.5 billion for the month.
A resurgence in Covid-19 cases in India and South-East Asia has disrupted production in those countries, potentially directing more export orders to China, economists at Citigroup wrote ahead of the latest export figures.
On the domestic front, Chinese policymakers are focused on containing “systemic risks in the financial sector”, Moody’s said.
“Liquidity conditions are becoming more balanced, which will dampen overall bank loan growth,” the ratings agency said. “Shadow banking assets will likely retreat further in 2021 as regulatory scrutiny tightens."
The economic recovery and softening stimulus-led investment growth will stabilise the economy-wide leverage ratio and growth in government leverage. Output losses on the back of the pandemic-related restrictions had led to a jump in economy-wide leverage in 2020, Moody’s said.
Manufacturers of communication and electronic equipment have led the country’s recovery, followed by electrical machinery, automobiles, chemicals and pharmaceutical companies.
Although profitability has risen substantially for both privately and state-owned enterprises, long-standing issues of restricted access to credit, limited economies of scale and exposure to more vulnerable sectors continue to plague private companies.
A faster-than-expected domestic policy normalisation or further waves of the pandemic are risks to China's growth outlook over the next 12 months. Maintaining exchange rate stability amid more volatile capital flows is also a challenge, Moody’s said
“A relaxation of the capital controls regime would be another challenge given it remains an important buttress against financial stability risks,” Moody’s said.
Youth YouTuber Programme
The programme will be presented over two weeks and will cover the following topics:
- Learning, scripting, storytelling and basic shots
- Master on-camera presence and advanced script writing
- Beating the algorithm and reaching your core audience
UAE currency: the story behind the money in your pockets
EA Sports FC 26
Publisher: EA Sports
Consoles: PC, PlayStation 4/5, Xbox Series X/S
Rating: 3/5
The Outsider
Stephen King, Penguin
Indoor cricket in a nutshell
Indoor Cricket World Cup - Sep 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
THE DETAILS
Director: Milan Jhaveri
Producer: Emmay Entertainment and T-Series
Cast: John Abraham, Manoj Bajpayee
Rating: 2/5
What are the GCSE grade equivalents?
- Grade 9 = above an A*
- Grade 8 = between grades A* and A
- Grade 7 = grade A
- Grade 6 = just above a grade B
- Grade 5 = between grades B and C
- Grade 4 = grade C
- Grade 3 = between grades D and E
- Grade 2 = between grades E and F
- Grade 1 = between grades F and G
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The%20specs
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Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20myZoi%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202021%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Syed%20Ali%2C%20Christian%20Buchholz%2C%20Shanawaz%20Rouf%2C%20Arsalan%20Siddiqui%2C%20Nabid%20Hassan%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%2037%3Cbr%3E%3Cstrong%3EInvestment%3A%3C%2Fstrong%3E%20Initial%20undisclosed%20funding%20from%20SC%20Ventures%3B%20second%20round%20of%20funding%20totalling%20%2414%20million%20from%20a%20consortium%20of%20SBI%2C%20a%20Japanese%20VC%20firm%2C%20and%20SC%20Venture%3C%2Fp%3E%0A
THE BIO
Born: Mukalla, Yemen, 1979
Education: UAE University, Al Ain
Family: Married with two daughters: Asayel, 7, and Sara, 6
Favourite piece of music: Horse Dance by Naseer Shamma
Favourite book: Science and geology
Favourite place to travel to: Washington DC
Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.
It
Director: Andres Muschietti
Starring: Bill Skarsgard, Jaeden Lieberher, Sophia Lillis, Chosen Jacobs, Jeremy Ray Taylor
Three stars
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
Race card
6.30pm: Handicap (TB) $68,000 (Dirt) 1,200m
7.05pm: Meydan Cup – Listed Handicap (TB) $88,000 (Turf) 2,810m
7.40pm: UAE 2000 Guineas – Group 3 (TB) $125,000 (D) 1,600m
8.15pm: Firebreak Stakes – Group 3 (TB) $130,000 (D) 1,600m
9.50pm: Meydan Classic – Conditions (TB) $$50,000 (T) 1,400m
9.25pm: Dubai Sprint – Listed Handicap (TB) $88,000 (T) 1,200m
TOURNAMENT INFO
Women’s World Twenty20 Qualifier
Jul 3- 14, in the Netherlands
The top two teams will qualify to play at the World T20 in the West Indies in November
UAE squad
Humaira Tasneem (captain), Chamani Seneviratne, Subha Srinivasan, Neha Sharma, Kavisha Kumari, Judit Cleetus, Chaya Mughal, Roopa Nagraj, Heena Hotchandani, Namita D’Souza, Ishani Senevirathne, Esha Oza, Nisha Ali, Udeni Kuruppuarachchi
Company: Instabug
Founded: 2013
Based: Egypt, Cairo
Sector: IT
Employees: 100
Stage: Series A
Investors: Flat6Labs, Accel, Y Combinator and angel investors
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
ONCE UPON A TIME IN GAZA
Starring: Nader Abd Alhay, Majd Eid, Ramzi Maqdisi
Directors: Tarzan and Arab Nasser
Rating: 4.5/5
