War does not affect China's economy - It grows more than expected in the first quarter
China's economy grew faster than expected in the first quarter of the year, despite global turmoil caused by the US-Israeli war with Iran. Gross domestic product (GDP) rose 5% year-on-year, according to official data, compared with economists' forecasts for growth of about 4.8%. The performance comes despite the conflict in the Middle East, which erupted on February 28 and has caused serious disruptions in global energy markets, particularly affecting Asian economies.
Analysts say the full impact of the Iran war is yet to be seen, with GDP forecast for the next quarter likely to be dampened by trade disruptions caused by the conflict. China's latest growth targets and economic guidelines were announced in March as part of its new Five-Year Plan. Beijing pledged to invest heavily in innovation, advanced technologies and boosting domestic consumption.
The ruling Communist Party is trying to reshape the economy, which is facing weak consumption, a shrinking population and a prolonged crisis in the real estate market. Internationally, China is facing energy shortages due to the war in Iran, but also trade tensions, including US President Donald Trump's political tariffs.
Currently, most Chinese products are subject to a 10% tariff in the U.S. However, U.S. Treasury Secretary Scott Bessent said tariffs could return to previous levels by early July, following a Supreme Court ruling that struck down most import taxes.
On Tuesday, Beijing released monthly export data for March, which showed a sharp slowdown in growth as the conflict raised inflation and curbed consumer spending. Meanwhile, imports rose by nearly 28% in March, leaving China's trade surplus at just over $50 billion, the lowest level in more than a year. The increase was attributed to a global cost increase due to the war in Iran.
Electricity tax cut imminent - War with Iran spurs EU proposal
Electricity taxes could be cut under a new EU proposal to offset the impact of the Iran war on energy prices. A draft proposal from the European Commission,......
IMF warns countries - “Abandon extensive fuel subsidies”
The war in the Middle East has intensified pressures on an already fragile global fiscal situation, with higher interest rates and rising energy prices......
US, net oil exporter - For the first time since World War II, as a result of the war with Iran
The United States became a net exporter of crude oil last week for the first time since World War II, as shipments rose near a record high to meet demand......
Soft loan for farmers changes, Deputy Minister Guri: Intervention for the duration of the limit fund
The government is planning changes to the Soft Loan scheme for farmers, which is one of the financial instruments in support of agribusiness. Everything was......
VISA brings “She's Next” to Albania, a global initiative supporting women entrepreneurs
At the premises of "The Plaza Tirana", Visa, a global leader in digital payments, in partnership with BKT bank, brought for the first time to Albania the......
Tirana - Elbasan connecting road with Corridor 8, Minister Karakaçi: Tenders opening soon
The Albanian Road Authority is expected to open 2 tenders for the construction of the Tirana - Elbasan connecting road, with corridor 8, a project that aims......
Returned immigrants, how many of them become employers? About 91% of returned immigrants who are self-employed work without paid employees.
Some returning emigrants try to create economic activity, but entrepreneurship still remains limited and mostly small-scale. Data from the 2024 Household......
Albanian, an educational priority through certification and standardization - Kumbaro: We need a National Agency for the language
During the panel dedicated to the Albanian language “Standardization and Certification of the Albanian Language in the Diaspora”, Minister of Education......
