Jan 18, 2018

For the first time in 7 years, China's growth ticked up in 2017

China's President Xi Jinping. Photo: KHAM / AFP / Getty Images)

China's economy has been booming for decades but, after steady declines since 2010, the rate of year-on-year growth actually ticked back up in 2017, to 6.9% from 6.7% in 2016, per Reuters.

Why it matters: The increase beat expectations, and came as China was "also engineering a significant slowdown in credit growth, after years in which economists have warned about risks building from years of aggressive credit stimulus," per the FT, which anticipates China will have a difficult time keeping up that pace in 2018.

Fixed asset-investment growth was weak last year, but exports grew faster than they had in 4 years, making up for that drop. Private sector investment rose last year as well.

And yet there remain a few wild cards:

  • Growth might slow this year since pollution policies might hurt industry, the government is trying to limit credit, and firms will face higher costs when borrowing, per Reuters.
  • Trade with the U.S. — Trump has been weighing tariffs on steel and aluminum, and just yesterday Trump told Reuters the U.S. would be adding a “fine” over China’s intellectual property theft. The U.S. trade deficit with China grew last year.
  • The reliability of China’s economic data is uncertain since local government officials in China are assessed based on their local economies’ performance. As the NYT’s Keith Brasher writes, “Officials in far-flung regions are admitting their numbers are wrong. And outside experts crunching the data have come up with different — and usually weaker — results.”

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Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 11 p.m. ET: 721,817 — Total deaths: 33,968 — Total recoveries: 151,204.
  2. U.S.: Leads the world in cases. Total confirmed cases as of 11 p.m. ET: 142,328 — Total deaths: 2,489 — Total recoveries: 4,767.
  3. Federal government latest: President Trump says his administration will extend its "15 Days to Slow the Spread" guidelines until April 30.
  4. Public health updates: Fauci says 100,000 to 200,000 Americans could die from virus.
  5. State updates: Louisiana governor says state is on track to exceed ventilator capacity by end of this week — Cuomo says Trump's mandatory quarantine comments "panicked" some people into fleeing New York
  6. World updates: Italy on Sunday reports 756 new deaths, bringing its total 10,779. Spain reports almost 840 dead, another new daily record that bring its total to over 6,500.
  7. What should I do? Answers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk
  8. Other resources: CDC on how to avoid the virus, what to do if you get it.

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U.S. coronavirus updates: Infections number tops 140,000

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Andrew Witherspoon/Axios

The novel coronavirus has now infected over 142,000 people in the U.S. — more than any other country in the world, per Johns Hopkins data.

The big picture: COVID-19 had killed over 2,400 people in the U.S. by Sunday night. That's far fewer than in Italy, where over 10,000 people have died — accounting for a third of the global death toll. The number of people who've recovered from the virus in the U.S. exceeded 2,600 Sunday evening.

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World coronavirus updates: Cases surge past 720,000

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens and confirmed plus presumptive cases from the CDC

There are now more than 720,000 confirmed cases of the coronavirus around the world, according to data from Johns Hopkins. The virus has now killed more than 33,000 people — with Italy alone reporting over 10,000 deaths.

The big picture: Governments around the world have stepped up public health and economic measures to stop the spread of the virus and soften the financial impact. In the U.S., now the site of the largest outbreak in the world, President Trump said Sunday that his administration will extend its "15 Days to Slow the Spread" guidelines until April 30.

Go deeperArrowUpdated 4 hours ago - Health