Moody's: China's slowing growth is pushing Beijing to launch new 'untested' policies

发布时间:2019-01-11 00:00
作者:Ameya360
来源:CNBC
阅读量:1024

Beijing's efforts to prop up a slowing Chinese economy, in the middle of an ongoing trade war with Washington, is pushing the government to introduce previously untested policies, according to a senior analyst at Moody's Investors Service.

While official data have indicated that China's economy held up for much of last year, cracks have started appearing in recent months as production metrics and export orders fell.

After decades of breakneck growth, the world's second-largest economy was already facing domestic headwinds even before the escalation in trade tensions with the U.S. But the tariff war has piled on additional pressure on China's economy.

"We see growth in China slowing to 6 percent," Christian Fang, an assistant vice president-analyst at Moody's, told CNBC's "Squawk Box" on Thursday. "I think the bigger issue for us is that policy trade-offs have increased in China. On the one hand, there is this broader campaign of de-risking, deleveraging, but policy also seems to be shifting slightly towards growth — supporting growth."

"Some of the tools in the policy response they have meted out are untested," he added. "Tax cuts, for instance, we don't know what the businesses and the consumers — how they would respond to the tax cuts."

In last few months, Beijing has announced several measures aimed at propping up its economy.

On Wednesday, state media reported that China will be granting more tax breaks to small firms. The measures include substantial cuts in business income tax rates and an increase in the tax threshold, with the aim of saving small and micro firms a total of 200 billion yuan ($30 billion) each year, according to Xinhua.

The People's Bank of China said last Friday it will cut the amount of reserves that banks are required to hold by 1 percentage point this month — that means banks would have more money to lend to customers. In December, the Chinese central bank introduced a new tool to encourage commercial banks to give out more loans to smaller firms.

The measures to spur growth, which theoretically could saddle the economy with more debt, is creating a trade-off with Beijing's efforts to clean up its financial system. Experts have said that the ongoing trade war with the U.S. is forcing China to retreat from its own anti-debt battle while others have suggested the country hasn't done enough to stimulate the economy.

"Since mid-2018, China's authorities have eased policy through targeted liquidity measures, taxation changes and infrastructure spending, which will shore up growth," Fang and his colleagues at Moody's wrote in a Jan 10. report.

"However, designing and implementing policy that simultaneously buffers the shock of the US trade tariffs and potential further restrictions while continuing deleveraging and derisking without triggering too sharp a slowdown in growth, poses complex trade-offs," they added.

The U.S. and China on Wednesday concluded a three-day round of trade talks in Beijing, which analysts said revealed signs of modest progress.

(备注:文章来源于网络,信息仅供参考,不代表本网站观点,如有侵权请联系删除!)

在线留言询价

相关阅读
Nikon, ASML and Carl Zeiss sign agreement to settle all litigation
US cancels trade planning meeting with China, source says
  The White House rejected a trade planning meeting with Chinese counterparts this week due to outstanding disagreements between the two sides over the enforcement of intellectual property rules.  Officials from the U.S. trade representative's office were set to meet with two Chinese vice ministers this week to try to resolve trade differences before the March 1 deadline, but the meeting was called off, a source familiar with the situation confirmed to CNBC's Kayla Tausche.  Should Beijing and Washington fail to agree on a permanent solution, President Donald Trump has said he will reinforce punitive tariffs on roughly half of all Chinese exports to the U.S.  Asked for comment, the White House told CNBC that "the teams remain in touch in preparation for high level talks with Vice Premier Liu He at the end of this month." The Treasury Department and the U.S. trade representative's office did not respond to requests for comment.  White House economic advisor Larry Kudlow denied that an official meeting had been canceled, telling CNBC on Tuesday that no intermediate meetings had been scheduled other than the visit by Liu next week.  One source suggested that talks may still happen over the phone, but the termination of the in-person visit signals that reaching a complete agreement beyond the basic tenants of the Group of 20 truce will be difficult. China offered to boost its imports from the U.S. for six years, officials familiar with the matter told CNBC last week, though how any such promise would be enforced remains uncertain.  Chinese officials made the offer during negotiations in Beijing earlier in January, Bloomberg News reported. China would increase its annual import of U.S. goods by a combined value of more than $1 trillion, the officials told Bloomberg, which was the first to report on the import boost offer.  "I would kind of characterize negotiations as generally moving in the right direction. Last week, China offered a fig leaf in lowering tariff rates and agreed to import a trillion dollars of U.S. goods by 2024," said Joseph Lupton, global economist at J.P. Morgan.  Trade negotiations between Washington and Beijing have stretched for months amid a tit-for-tat dispute. Both countries have slapped tariffs on billions of dollars worth of each others' goods. The White House put tariffs of 10 percent on $200 billion of Chinese productsin September and at the time threatened to increase the levy to 25 percent by the start of 2019.  The two nations late last year agreed to halt additional tariffs as they engage in new trade talks with the goal of reaching an agreement before the March deadline following Trump's meeting with Chinese President Xi Jinping in Argentina.  "I think there's a lot of posturing going on. Trump's tweeting the China numbers are weak, they better make a deal quick," Lupton added. "I think a lot of that posturing is what's taking place here but beneath the surface both sides see a need to get some sort of deal here. It's just a matter of spinning it as a win for the two sides."
2019-01-23 00:00 阅读量:1624
Perforce Software to acquire Rogue Wave Software
  Perforce Software, a developer of enterprise-grade DevOps-focused software solutions, is to acquire Rogue Wave Software, an independent provider of cross-platform software developer tools and embedded components.  The new combination of Perforce and Rogue Wave is intended to deliver a full suite of solutions that will not only improve developer productivity but support DevOps at scale. This is the sixth acquisition by Perforce in the last two years since embarking on an aggressive growth strategy to expand its portfolio across the technology development lifecycle.  Terms of the deal are not being disclosed, although the acquisition is expected to close in February of this year.  Rogue Wave provides solutions that help enterprises to optimise their software development and build, connect, and secure applications. The company has relationships with more than 5,600 customers across industries including financial services, technology, healthcare, government, entertainment, and manufacturing. Based in Louisville, Colorado, the company has 16 offices throughout the world.  “This transformational acquisition further expands our global footprint and broadens our offerings. Rogue Wave’s software suite strengthens Perforce’s existing static code analysis and automated test offerings, and also adds new capabilities in the areas of dynamic code analysis, API management, project visualization, developer productivity, and embedded analytics,” said Mark Ties, Perforce CEO.  Perforce continues to build out its DevOps-focused software portfolio that looks to meet the needs of technology development teams that are challenged with multiple dimensions of scale but still must deliver products securely at a rapid pace.  "Software development is growing increasingly complex, driving the need for platforms and solutions that can help enterprises simplify their applications and shorten cycle times. With continuously evolving customer demands, it has never been more important for enterprises to deliver high-quality products and solutions quickly," said Brian Pierce, Rogue Wave CEO.
2019-01-23 00:00 阅读量:1809
Pushing the boundaries of semiconductors
  Scientists from the university of Freiburg, the Sustainability Center Freiburg and the Fraunhofer-Gesellschaft have joined forces in order to explore a new material structure that may be better suited for future power electronics.  The study, Power Electronics 2020, has led them to explore a piezoelectric semiconductor, a material with a high dielectric strength known as scandium aluminium nitride (ScAlN).  Silicon has dominated the electronics industry. With its relatively low cost and an almost perfect crystal structure, it has become a particularly successful semiconductor material. Moreover, its bandgap allows for both a good charge carrier concentration and velocity as well as a good dielectric strength. Despite its benefits, silicon electronics is gradually reaching its physical limit. Especially with regard to the increasing demand for power density and compactness.  The limitations of silicon technology have already been overcome by the use of gallium nitride (GaN) as a semiconductor in power electronics. GaN performs better in conditions of high voltages, high temperatures and fast switching frequencies compared to silicon. This also allows for higher energy efficiency, thereby reducing energy consumption.  Fraunhofer IAF has been researching GaN as a semiconductor material for electronic components and systems for many years. With the help of industrial partners, the results of this work have already been put to commercial use. The Power Electronics 2020 team is now looking towards the next step, enhancing the energy efficiency and durability of next generation electronic systems once more.  ScAlN is largely unexplored worldwide with regard of its usability in microelectronic applications. But its suitability for power electronic components has already been proven, says the team. The aim of the project is to grow lattice-matched ScAlN on a GaN layer and to use the resulting heterostructures to process transistors with high current carrying capacity.  Functional semiconductor structures based on materials with a large bandgap, such as ScAlN and GaN, allow for transistors with very high voltages and currents. These devices reach a higher power density per chip surface as well as higher switching speeds and higher operating temperatures. This is synonymous with lower switching losses, higher energy efficiency and more compact systems. By combining both materials, the researchers want to double the maximal possible output power of our devices while at the same time significantly lowering the energy demand.  One of the biggest challenges of the project is crystal growth because their existing structures neither growth recipes nor empirical values. The project team is looking to develop these during the next months in order to reach reproducible results and to produce layer structures that can successfully be used for power electronic applications.
2019-01-22 00:00 阅读量:1299
  • 一周热料
  • 紧缺物料秒杀
型号 品牌 询价
BD71847AMWV-E2 ROHM Semiconductor
CDZVT2R20B ROHM Semiconductor
RB751G-40T2R ROHM Semiconductor
MC33074DR2G onsemi
TL431ACLPR Texas Instruments
型号 品牌 抢购
BP3621 ROHM Semiconductor
IPZ40N04S5L4R8ATMA1 Infineon Technologies
TPS63050YFFR Texas Instruments
STM32F429IGT6 STMicroelectronics
BU33JA2MNVX-CTL ROHM Semiconductor
ESR03EZPJ151 ROHM Semiconductor
热门标签
ROHM
Aavid
Averlogic
开发板
SUSUMU
NXP
PCB
传感器
半导体
相关百科
关于我们
AMEYA360微信服务号 AMEYA360微信服务号
AMEYA360商城(www.ameya360.com)上线于2011年,现 有超过3500家优质供应商,收录600万种产品型号数据,100 多万种元器件库存可供选购,产品覆盖MCU+存储器+电源芯 片+IGBT+MOS管+运放+射频蓝牙+传感器+电阻电容电感+ 连接器等多个领域,平台主营业务涵盖电子元器件现货销售、 BOM配单及提供产品配套资料等,为广大客户提供一站式购 销服务。