Has China’s economy bottomed out? Factory output and ‘Golden Week’ travel offer glimmers of hope | CNN Business
Has China’s economy bottomed out? Factory output and ‘Golden Week’ travel offer glimmers of hope CNN
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Sustainable Development Goals (SDGs) in China’s Economic Recovery
Introduction
- A return to growth in China’s manufacturing sector and a boom in travel during the annual “Golden Week” holiday is fueling hopes that the economy could be regaining momentum after a major slowdown this year.
Manufacturing Sector Expansion
- China’s official manufacturing purchasing managers’ index (PMI) rose to 50.2 from 49.7 in August, indicating expansion since March.
- Activity in services and construction also accelerated last month, reaching its best level in three months.
- A private gauge of activity released by Caixin Media and S&P Global showed both manufacturing and services losing some momentum.
Impact on Sustainable Development Goals
- The Sustainable Development Goal 8: Decent Work and Economic Growth is positively impacted by the expansion of China’s manufacturing sector.
- The Sustainable Development Goal 9: Industry, Innovation, and Infrastructure is supported by the growth in manufacturing, services, and construction activities.
Travel Boom during Golden Week
- China’s Golden Week holiday, combining the Mid-Autumn Festival and the National Day holiday, has seen record-breaking travel figures.
- The national railway handled 20.1 million passenger trips on the first day of the holiday, setting a new record.
- The Ministry of Transport expects highway traffic to hit a record with an estimated 66 million vehicles on the roads.
Impact on Sustainable Development Goals
- The Sustainable Development Goal 3: Good Health and Well-being is positively impacted by the increase in domestic travel during Golden Week.
- The Sustainable Development Goal 9: Industry, Innovation, and Infrastructure is supported by the boost in transportation activities.
- The Sustainable Development Goal 11: Sustainable Cities and Communities is affected by the record-breaking highway traffic and railway trips.
Economic Recovery Measures
- China has implemented various measures to revive its economy, including trimming interest rates, lifting restrictions on home purchases and car buying, and accelerating infrastructure investment.
- These measures have contributed to the stabilization of the economy, with industrial profits, industrial production, and retail sales showing positive growth.
Impact on Sustainable Development Goals
- The Sustainable Development Goal 8: Decent Work and Economic Growth is positively impacted by the economic recovery measures.
- The Sustainable Development Goal 9: Industry, Innovation, and Infrastructure is supported by the acceleration of infrastructure investment.
- The Sustainable Development Goal 11: Sustainable Cities and Communities is affected by the positive growth in retail sales.
Challenges and Uncertainties
- Chinese consumers are traveling within Asia in fewer numbers compared to pre-pandemic levels.
- The property sector, particularly Evergrande Group, continues to face difficulties and uncertainties.
Impact on Sustainable Development Goals
- The Sustainable Development Goal 11: Sustainable Cities and Communities is affected by the decrease in Chinese travelers within Asia.
- The Sustainable Development Goal 9: Industry, Innovation, and Infrastructure is impacted by the challenges faced by the property sector.
Conclusion
- China’s economic recovery shows signs of stabilization and growth, supported by measures taken to revive the economy.
- However, caution remains due to challenges and uncertainties in certain sectors.
SDGs, Targets, and Indicators
1. SDGs Addressed:
- SDG 8: Decent Work and Economic Growth
- SDG 9: Industry, Innovation, and Infrastructure
- SDG 12: Responsible Consumption and Production
2. Specific Targets:
- SDG 8.1: Sustain per capita economic growth in accordance with national circumstances and, in particular, at least 7% GDP growth per annum in the least developed countries
- SDG 9.2: Promote inclusive and sustainable industrialization and, by 2030, significantly raise industry’s share of employment and gross domestic product, in line with national circumstances, and double its share in the least developed countries
- SDG 12.2: By 2030, achieve the sustainable management and efficient use of natural resources
3. Indicators:
- GDP growth rate
- Manufacturing purchasing managers’ index (PMI)
- Activity index for services and construction
- Private gauge of activity index
- Domestic travel figures
- Total domestic tourist spending
- Profits at industrial firms
- Industrial production growth rate
- Retail sales growth rate
Table: SDGs, Targets, and Indicators
| SDGs | Targets | Indicators |
|---|---|---|
| SDG 8: Decent Work and Economic Growth | SDG 8.1: Sustain per capita economic growth in accordance with national circumstances and, in particular, at least 7% GDP growth per annum in the least developed countries | GDP growth rate |
| SDG 9: Industry, Innovation, and Infrastructure | SDG 9.2: Promote inclusive and sustainable industrialization and, by 2030, significantly raise industry’s share of employment and gross domestic product, in line with national circumstances, and double its share in the least developed countries | Manufacturing PMI |
| SDG 9.2: Promote inclusive and sustainable industrialization and, by 2030, significantly raise industry’s share of employment and gross domestic product, in line with national circumstances, and double its share in the least developed countries | Activity index for services and construction | |
| SDG 12: Responsible Consumption and Production | SDG 12.2: By 2030, achieve the sustainable management and efficient use of natural resources | Total domestic tourist spending |
| SDG 8: Decent Work and Economic Growth | SDG 8.1: Sustain per capita economic growth in accordance with national circumstances and, in particular, at least 7% GDP growth per annum in the least developed countries | Profits at industrial firms |
| SDG 8.1: Sustain per capita economic growth in accordance with national circumstances and, in particular, at least 7% GDP growth per annum in the least developed countries | Industrial production growth rate | |
| SDG 8: Decent Work and Economic Growth | SDG 8.1: Sustain per capita economic growth in accordance with national circumstances and, in particular, at least 7% GDP growth per annum in the least developed countries | Retail sales growth rate |
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Source: cnn.com
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