Prices paid by manufacturers in China are on the down, leading to a slowdown in inflation among consumers.

In November, China's factory-gate prices showed an annual dip for a second consecutive month, while consumer inflation moderated, which is indicative of poor activity and tepid demand in an economy that has been held back by strict financial controls.

According to the analysts' statements, they anticipated that the government will maintain low interest rates and take steps to boost confidence.

According to data released by the National Bureau of Statistics (NBS) on Friday, the producer pricing index (PPI) was down 1.3% on a year earlier, which is the same as the annual contraction witnessed in October. That was a slower decline than the 1.4% drop that was predicted in a poll by Reuters.

The consumer price index (CPI) for November climbed by 1.6% from a year earlier, which was less than the 2.1% annual gain that was observed in October but was in line with a poll conducted by Reuters. This was the slowest pace of growth seen in the CPI in eight months.

Zhiwei Zhang, chief economist at Pinpoint Asset Management, stated that "these data show the economic momentum (continues to decline)" in response to the recent economic data.

At a high-level political conference on Tuesday, which was a convening of the ruling Communist Party's Politburo, it was emphasized that the government's primary priority in 2023 would be on maintaining stable growth, increasing domestic demand, and opening up to the rest of the world.

Zhang stated that additional steps would be taken to stimulate the economy, even though the government has loosened regulations on the pandemic during the course of the previous week.

According to what he had to say, "The meeting of the Politburo... highlighted weak confidence as a serious challenge for the economy." The rapid speed of reopening demonstrates the sense of urgency that exists within the administration, and as a result, I anticipate that the government will take additional steps to enhance market and household confidence.

This year, growth in the world's second-largest economy has slowed, primarily as a result of the rigorous COVID-19 limitations, which came into effect at a time when global demand was also faltering.

Comments

North Korean hackers are using almost 500 phishing domains to steal NFTs.

The hackers made fake websites that looked like NFT projects, NFT marketplaces, and even a DeFi platform. Hackers with ties to North Korea's Lazarus Group are said to be behind a massive phishing campaign that targets investors in nonfungible tokens (NFTs). The campaign uses nearly 500 phishing domains to trick people into giving away their personal information. SlowMist, a blockchain security company, released a report on December 24 that showed the methods that North Korean Advanced Persistent Threat (APT) groups have used to trick NFT investors out of their NFTs. These methods include putting up fake websites that look like different platforms and projects related to NFTs. Some of these fake websites include one that pretends to be a World Cup project and others that try to look like popular NFT marketplaces like OpenSea, X2Y2, and Rarible. SlowMist said that one of the methods was for these fake websites to offer "malicious mints," which trick the victims into thinkin...

Dar predicts economic growth

Finance Minister Ishaq Dar declared Saturday that Pakistan will not default despite opposition propaganda. "Pakistan won't default on opposition propaganda" (Pakistan Tehreek-i-Insaf). Mr. Dar told businessmen that the government isn't headed for default. Imran Khan and other PTI officials anticipate Pakistan will default due to PML-"bad N's policies." Mr. Khan believes the economy can only be stabilized with new elections and a stable government. Mr. Dar said the opposition hurts the country's economy. The opposition also spreads corruption rumors to deter foreign investment. The PTI should not meddle with the economy, he said. The minister lamented his treatment during the past PML administration. "I was a terrorist." My transgression was improving the country's economy. Mr. Dar spent five years in self-exile in the UK. He criticized the PTI and PML-N for devaluing the currency. Rupee devaluation During Shahid Khaqan Abbasi's tenu...

Brazil's Federal Revenue Requires Citizens To Pay Taxes On Crypto Trades

The Federal Revenue of Brazil wants investors to pay taxes on cryptocurrency trading profits, even if there is no exchange for Brazil's national currency. Brazil's Federal Reserve (RFB) has declared that Brazilian investors in the crypto-asset market must pay income tax on transactions that involve the like-kind exchange of cryptocurrencies; for example, Bitcoin (BTC) for Ethereum (ETH). The RFB's declaration was published in the Diário Oficial da União and was the result of a consultation made by a citizen of the country with the regulator. At the end of last year, the group issued an opinion in which it claimed that trading between cryptocurrency pairs is taxable even if there is no conversion to the real (Brazil's national currency). Although it does not specify what can be understood as "profit," since in the exchange of one crypto asset for another there is no capital gain in fiat currency, it points out that there is, even so, the obligation to pay t...

Search This Blog