China, Russia and Iran hold nuclear talks with IAEA
China, Russia and Iran held a joint meeting with the International Atomic Energy Agency (IAEA) on Thursday, focusing on Iran’s nuclear programme.
China's economy met the 5% growth target for 2024, but many feel a slowdown, as industrial gains overshadow weak consumer demand. Rising unemployment and deflationary pressures highlight deeper structural challenges, leaving skepticism over the accuracy of official data and future growth.
While China met its official 2024 growth target of 5%, many citizens are feeling the strain of a lopsided recovery. Economic gains have been concentrated in industry and exports, leaving domestic consumption weak and living standards worsening for many.
Despite achieving the target, concerns are growing that structural issues in China’s economy could worsen in 2025, particularly if the government continues to rely on debt to drive growth. Beijing’s strategy includes counteracting potential U.S. tariff hikes, which could be implemented as soon as the inauguration of President Donald Trump next week.
Industrial output outpaced retail sales, and unemployment continued to rise, signaling the challenges of a supply-driven economy running a large trade surplus but facing internal weaknesses. While factory deflation makes Chinese exports more competitive, it also deepens internal deflationary pressures and leads to shrinking corporate profits and stagnant wages.
Andrew Wang, an executive in the industrial automation sector, said his revenue fell 16% last year, prompting job cuts. He noted that for many businesses, “We need to run faster just to stay where we are.”
Despite the government's push for domestic consumption, with policies like a subsidized trade-in program for cars and appliances, many in China feel the economic gains aren’t reaching them. For example, Jiaqi Zhang, a 25-year-old investment banker in Beijing, saw her salary decrease by 30% over two years, leaving her with a general sense of unease about her future.
China's official data claims a 5.4% growth rate in the fourth quarter of 2024, a jump from earlier in the year. However, some analysts believe this growth was boosted by front-loaded exports to the U.S., ahead of any potential tariff hikes. Frederic Neumann, chief Asia economist at HSBC, warned that a greater domestic stimulus will be needed in 2025 to sustain the economy.
Though China met its target, skepticism is rising about the accuracy of the data. There is growing concern that domestic demand remains weak, which could continue to strain China’s economy and contribute to broader global trade tensions.
As for the future, economists are divided, with some predicting slower growth in 2025. Alicia Garcia-Herrero of Natixis stated that investors are unlikely to be swayed by the 5% growth target, pointing out that it’s becoming less relevant given the underlying economic challenges.
Additionally, widespread skepticism about the reliability of official data continues to grow, especially after recent commentary on GDP estimates suggested growth may have been overstated in past years.
Despite these concerns, China is expected to continue implementing stimulus measures to address its structural economic issues and maintain growth in the coming year.
China has rolled out the world’s first 10-gigabit (10G) fixed broadband network in Xiong'an New Area, promising ultra-fast speeds and low latency through cutting-edge optical infrastructure.
The Holy Fire ceremony stands as one of Christianity's most enduring and mysterious rituals, drawing thousands of pilgrims to Jerusalem each year.
Pope Francis's relationship with Azerbaijan has evolved significantly over the years, characterized by diplomatic exchanges, promotion of religious tolerance, and peace advocacy in the Caucasus region.
Russia launched a major missile and drone assault on Kyiv overnight on April 24, killing at least twelve people and injuring 90, including children and a pregnant woman, according to Mayor Vitali Klitschko.
China’s pivot away from U.S. liquefied petroleum gas under new tariffs is shaking global energy flows, slashing demand, and fuelling a scramble for alternatives across Asia, with Middle Eastern suppliers and rival buyers seizing the moment.
On April 25, Azerbaijani President Ilham Aliyev met with OSCE Secretary General Feridun Sinirlioğlu to discuss the South Caucasus, peace talks with Armenia, and strengthening bilateral cooperation. Aliyev emphasized dismantling the OSCE Minsk Group and securing Azerbaijan’s sovereignty.
Russia and Iran have signaled their commitment to deepen energy cooperation by working on new overland gas corridors, according to a statement from the Russian Cabinet.
Citing sustained cross-border terrorism and a recent deadly attack in Jammu and Kashmir, India has decided to suspend the Indus Waters Treaty with Pakistan, a decision that marks a significant shift in regional water diplomacy.
The 17th Summit of the Economic Cooperation Organization (ECO) is set to be held in Khankendi, Azerbaijan, said Rovshan Mirzayev, Deputy Head of the Economic Cooperation Department of Azerbaijan’s Ministry of Foreign Affairs.
Israel warned on Thursday it will unleash an even wider offensive in Gaza unless Hamas frees its remaining hostages, a threat issued as Israeli airstrikes killed at least 55 people across the enclave, according to local medics.
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