US economy in Q1 shrinks amid new tariff policies; US reportedly actively engaging with China through multiple channels

 

A view of cargo ships at Port Liberty in Bayonne, New Jersey, on April 10, 2025. Photo: VCG

The US economy just had its worst quarter since 2022 as current US administration's significant policy changes unnerved consumers and businesses, the CNN reported.

The US is now actively engaging with China through multiple channels, expressing its hope to engage in negotiations over tariffs issues, according to Yuyuantantian, a social media account affiliated with China Media Group, and Wechat account Niutanqin, on Thursday, citing people familiar with the matter. The sources also revealed to Niutanqin that China believes it is acceptable to have contacts, as China's attitude is consistent and clear: We will fight, if fight we must. Our doors are open, if the US wants to talk. 

Gross domestic product, which measures all the goods and services produced in the economy, registered at an annualized rate of -0.3 percent in the first quarter, the Commerce Department said Wednesday.

That's a sharp slowdown from the fourth quarter's 2.4 percent rate, and much worse than the 0.8 percent rate economists projected.

Consumer spending, which powers about 70 percent of the US economy, slowed sharply in the first quarter to a 1.8 percent rate, down considerably from 4 percent in the prior three-month period. That slowdown was largely due to Americans cutting their spending on goods, and was the weakest rate since mid-2023.

Wednesday's report also showed that inflation took a sharper than expected upswing during the first quarter. The Personal Consumption Expenditures price index rose an estimated 3.6 percent for the quarter, up from 2.4 percent during the fourth quarter, according to the report. Excluding food and energy prices, the core PCE index increased 3.5 percent versus 2.6 percent the quarter before.

The Kobeissi Letter, a financial publication, noted that preliminary GDP growth in the first quarter came in at negative 0.3 percent, below expectations of 0.3 percent. "This marks the lowest and first negative GDP reading since Q2 2022. GDP contraction in the US has begun," according to the Xinhua News Agency,

Niutanqin said that any form of consultation and negotiation must be carried out in an equal manner based on mutual respect. China does not look for trouble, but neither are we afraid of it. Pressure, threats and blackmail are not the right way to deal with China.

There is really no need for China to waste time until the US takes substantial actions. But if the US wishes to engage with China, at this stage, it is not necessarily a bad thing for China either. However, the US shouldn't expect China to make any impossible concessions. Moreover, judging from the current game, China remains calm and clear-headed, always firmly in control of the initiative in both dialogue and confrontation, the Niutanqin said.

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Covid-19 may have emerged in US first, China issues Covid-19 white paper

Desks sit empty inside the Grand Army of the Republic Building as employees continue to work remotely due to the coronavirus disease (COVID-19) pandemic in Detroit, Michigan, U.S., June 8, 2021. REUTERS/Emily Elconin/File Photo Purchase Licensing Rights, opens new tab

BEIJING, April 30 (Reuters) - China restated its case that COVID-19 may have originated in the United States in a white paper on its pandemic response released on Wednesday after President Donald Trump's administration blamed a lab leak in China.

The White House launched a COVID-19 website on April 18 in which it said the coronavirus came from a lab leak in China while criticising former President Joe Biden, former top U.S. health official Anthony Fauci and the World Health Organization.

In the white paper, released by the official Xinhua news agency, China accused the U.S. of politicising the matter of the origins of COVID-19. It cited a Missouri lawsuit which resulted in a $24 billion ruling against China for hoarding protective medical equipment and covering up the outbreak.

China shared relevant information with the WHO and the international community in a timely manner, the white paper said, emphasising that a joint study by the WHO and China had concluded that a lab leak was "extremely unlikely".

The U.S. should not continue to "pretend to be deaf and dumb", but should respond to the legitimate concerns of the international community, the white paper said. - 

Reuters

THE State Council Information Office has issued a white paper titled Covid-19 Prevention, Control and Origins Tracing: China’s Actions and Stance.

Apart from the preface and conclusion, the document contains three chapters: ‘Contributing Chinese Wisdom to the Study of the Origins of SARS-CoV-2,’ ‘China’s Contribution to the Global Fight Against Covid-19,’ and ‘The Mismanaged Response of the US to the Covid-19 Pandemic.’

According to the white paper, since the outbreak of Covid-19, China has consistently dedicated substantial resources to collaborative studies into the origins of the virus, involving both Chinese and international scientists.

Upholding its international responsibilities, the country spearheaded research initiatives in critical fields such as clinical epidemiology, molecular epidemiology, environmental epidemiology and the identification of animal hosts.

China cooperated with the World Health Organisation (WHO) on the study of virus origins with a strong sense of global responsibility and transparency.

The white paper points out that ‘WHO-convened Global Study of Origins of SARS-CoV-2: China Part-Joint WHO-China Study,’ as well as other studies, conducted systematic epidemiological investigations, molecular tracing, animal reservoir screening, and studies on cold-chain pathways, ruled out the possibility of Wuhan being the natural origin of SARS-CoV-2, and concluded that a Wuhan lab leak is extremely unlikely.

China shared the epidemic information with the WHO and the international community in a timely manner, and provided the genome sequence of the virus. 

China also invited WHO international expert missions to conduct joint research into the origins of SARS-CoV-2, shared without reservation its effective measures for prevention, control, diagnosis and treatment and did all it could to provide massive supplies and extensive aid to the international community.

As pointed out in the white paper, the US government, instead of facing squarely its failure in response to Covid-19 and reflecting on its shortcomings, has tried to shift the blame and divert people’s attention by shamelessly politicising SARS-CoV-2 origins tracing.

Substantial evidence suggested the Covid-19 might have emerged in the United States earlier than its officially claimed timeline, and earlier than the outbreak in China.

The United States should respond to the reasonable concern of the international community, and give a responsible answer to the world.

China will continue to work with all nations in advancing global public health and good governance, and contribute more proactively to preventing new infectious diseases in the future. — Xinhua

China releases white paper on Covid-19 prevention, control and origins tracing 

Full text: Covid-19 Prevention, Control and Origins Tracing: China's Actions and Stance 

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FORT DETRICK, THE UNITED STATES BIOLOGICAL WARFARE LAB IS WHERE

 CORONAVIRUS ORIGINATED

‘Use science, not politics': China asks WHO to investigate Fort Detrick, UNC bio labs through diplomatic channel 

Workers day, May 1: Honoring Chinese and all workers in the name of global development

 

photo taken on November 6, 2022 shows a wall displaying photos of smiling people at an exhibition themed "Forging Ahead in the New Era," which showcases China's achievements and development over the last decade, at the Beijing Exhibition Center. Photo: VCG

As the International Workers' Day, which falls on May 1, approaches, a grand gathering was held to celebrate the 100th anniversary of the founding of the All-China Federation of Trade Unions and honor model workers and exemplary individuals. 

Xi Jinping, general secretary of the Communist Party of China (CPC) Central Committee, delivered an important speech. He congratulated the honorees and extended his greetings to workers, farmers, intellectuals and other working people from all ethnic groups, as well as to trade unions and their staff at all levels. 

Xi also expressed earnest expectations for the Chinese working class and the broad masses of workers as they forge ahead on a new journey and contribute to the new era. In this new era, Chinese workers, through their spirit of hard work, struggle, innovation and breakthrough, have not only laid a solid foundation for China's development and advancement, but also contributed Chinese wisdom and strength to the world. 

The world is currently undergoing profound changes. However, Chinese workers are using their hands to write a new chapter of hard work and perseverance in the new era. Just looking at the industrial and agricultural sectors: China has maintained its position as the world's largest manufacturing country for 15 consecutive years, with its share of global manufacturing value added rising from 20 percent in 2010 to 34 percent in 2024. More importantly, China's manufacturing sector continues to show strong growth potential. In agriculture, China has achieved 21 consecutive years of good harvests, with grain output reaching a record high of 1.4 trillion jin (706.5 million tons) in 2024. 

The per capita grain availability stands at 500 kilograms, far exceeding the internationally recognized food security line of 400 kilograms. All of this "was not a windfall, nor were it given in charity by others. It comes from the hard work, wisdom and courage of all members of the Party and the people of all ethnic groups in China."

In recent years, whether it is the expansion of the high-speed rail network, or leadership in 5G technology; whether it is the rise of the new energy industry, or breakthroughs in artificial intelligence - these impressive achievements that have captured global attention all stem from the relentless pursuit and exceptional talent of Chinese workers. With extraordinary perseverance and extraordinary craftsmanship, they shine in their respective roles, not only driving the upgrading and transformation of China's industries, but also making an irreplaceable contribution to global economic prosperity.

Especially in today's era of severe global economic turbulence, "Made in China" continues to demonstrate remarkable vitality. Behind this resilience lies the quiet dedication of hundreds of millions of Chinese workers, who ensure the stable output of Chinese products and make "Made in China" synonymous with credibility and quality - setting a global example of win-win cooperation in economic development.

From a global perspective, the spirit, strength, and sense of responsibility embodied by Chinese workers in the new era are providing the world with uplifting energy. Under the framework of the China-proposed Belt and Road Initiative, Chinese workers have contributed not only to the construction of grand, iconic infrastructure projects such as bridges, railways, and ports, but also to "small but beautiful" livelihood projects in agriculture, water access, and skills training. From Chinese hybrid rice printed on Madagascar's banknotes, to more than 500 wells drilled in Egypt's desert, to children in remote Kenyan villages using solar panels made in China, Chinese workers have formed close connections with the world. 

More importantly, they are increasingly offering the world valuable public goods - not just the spirit of hard work, unity, and perseverance, but also exemplary values such as openness, cooperation, mutual benefit, and shared development.

Today, while certain country wields tariffs and push for "decoupling," history will ultimately prove that no policy that goes against economic principles can outmatch the resilience forged by laborers' sweat. As shipping containers pile up in US ports, left untouched due to soaring transportation costs driven by "port fees," Chinese workers are striving to keep the global supply chain running with their tireless effort. While Western companies face shutdown crises from broken supply links, Chinese laborers, with their wisdom and efficiency, have made "Made in China" a stabilizing anchor that helps the ship of the global economy sail steadily forward under heavy load.

Amid the headwinds of economic globalization and intensifying geopolitical rivalry, Chinese workers are creating miracles with their own hands, bringing certainty to the turbulent process of economic globalization. In this sense, Chinese workers are not only creating material wealth, but also embodying a deeper civilizational value: one that respects the value of every pair of hands, cherishes every effort made, and believes that labor is the bridge between the past and the future.

While certain country still views labor value through the lens of tariffs, Chinese workers are building better lives through hard work and contributing to the well-being of humanity, demonstrating that the true value of labor lies in creation, not exploitation, and in sharing, not monopolizing.

Today, in the name of global development, we pay tribute to Chinese workers, honoring the most inspiring force of our time - a force that shows the world that nothing can stand in the way of humanity's pursuit of a better life, and nothing can shake the truth that the future is created by hard work. 

This is the gift that Chinese workers offer to the world.

By Global Times

Highlights of Shenzhou-20 manned mission, Shenzhou 19 astronauts return after six-month mission, China's Tiandu satellite pulls off laser ranging in Earth-moon space under daylight, marking a world first

Highlights of Shenzhou-20 manned mission

Missions of the Shenzhou-20 crewed spaceship, scheduled to be launched at 5:17 pm, April 24, from the Jiuquan Satellite Launch Center in Northwest China, include: - Completing an in-orbit rotation with the Shenzhou-19 crew, staying at the China Space Station for ...

 

 

China's Shenzhou 19 astronauts return after six-month mission

China's Tiandu satellite pulls off laser ranging in Earth-moon space under daylight, marking a world first 

Photo: DSEL

From Saturday to Sunday, China's Tiandu-1 communication and navigation technology experiment satellite successfully conducted a laser ranging technology test in the Earth-moon space under strong daylight interference conditions, marking a world first in overcoming the time restriction of satellite laser ranging in Earth-Moon space only being performed at night, signifying a new technological advancement in the field of precision measurement in deep space orbits, Global Times learned from the satellite developer China's Deep Space Exploration Lab (DSEL) on Monday.

Due to the vast scale of Earth-moon space and the extremely high speed of satellite motion, conducting laser ranging on satellites in such an environment is akin to aiming at a single hair (sub-millimeter target) from 10,000 meters away while performing precise tracking and signal acquisition, said DSEL in a statement it provided to the Global Times on Sunday. 

Satellite laser ranging in Earth-moon space was limited to nighttime conditions without light interference, restricting observation periods and resulting in insufficient frequency of orbital dynamic data collection. The successful execution of this laser ranging test under daylight interference conditions significantly expands the observation window for this technology, providing a practical engineering foundation for its widespread application, DSEL said. 

This achievement will strongly support the validation and implementation of major deep space exploration missions, such as the International Lunar Research Station, it added. 

As the first satellites ever developed by DSEL, the Tiandu-1 and -2 satellites were sent into space together with the Queqiao-2 relay satellite on March 20, 2024. They entered their target circumlunar orbits on March 29 and separated on April 3, according to the Xinhua News Agency. They have conducted a series of technological experiments for lunar communication and navigation.

Don’t forget to claim tax reliefs

 

Taxpayers also advised to do e-filing before deadline

Digital format: Tax filing is only available online starting this year.

PETALING JAYA: The tax filing season has started and taxpayers are reminded to claim eligible tax reliefs and file before the deadline.

For the first time, tax filing is only available online and the Inland Revenue Board (LHDN) will no longer accept manual submissions or in hard copy.

KPMG Malaysia senior adviser on tax policy, Dr Veerinderjeet Singh, said e-filing has been used for many years and is an efficient and effective way of reporting tax liabilities.

He said all individuals earning income from employment and receiving passive income, such as interest and rental income, have to file personal income tax returns ( Form BE).

The tax period for filing is from Jan 1 until Dec 31, 2024, he said.

“Income from overseas will also need to be reported even though the actual income received enjoys a tax exemption,” said Veerinderjeet.

He also said internet and newspaper subscriptions, as well as purchase of gadgets are claimable under the lifestyle relief of up to RM2,500.

“Common mistakes are trying to claim all reliefs without having the necessary evidence to justify such claims,” added Veerinderjeet.

Tax expert Desmond Anil said some commonly missed tax reliefs are payment for parents’ health expenses, as taxpayers can claim tax relief up to RM8,000.

Another tax relief is for EPF and life insurance, which are claimable up to RM7,000, he said.

Desmond, who is Hernancres Tax Services Sdn Bhd managing director, also highlighted the new tax relief for Electric Vehicle Charging Equipment, which is up to RM2,500.

However, he cautions not to mistakenly claim reliefs that the taxpayer is not eligible for.

He cited the example of incorrect dependent reliefs.

Taxpayers must retain receipts and supporting documents for seven years in case of an audit, he said.

Desmond also said all sources of income, including rental income, freelance earnings or commissions, should be declared.

Tax filing needs to be completed by April 30 for salaried individuals and June 30 for business owners/self-employed, as late submissions would face penalties.

“Filing taxes early can help individuals identify errors, avoid last-minute rushes, and plan payments efficiently.

“Seeking professional tax advice is recommended for those with complex tax structures and if they are unsure about how to complete their tax filing,” he said.

TraTax Sdn Bhd executive director Thenesh Kannaa said those who receive income from gig work or passive income via properties need to file their taxes.

He reminded those with income from foreign countries to report their income even though it is exempted.

He said that LHDN can be made aware of bank balances of foreign bank accounts following a global initiative known as Common Reporting Standards.

Expatriates working in Malaysia are also taxed, he added.

He said they need to pay significantly higher tax due to ineligibility for personal relief and progressive tax rate.

Starting March 1, individual and non-individual taxpayers can submit their tax return form for the Year of Assessment 2024 through e-filing.

Taxpayers are advised to use the e-filing service through the MyTax portal at https://mytax.hasil.gov.my or the HASiL official portal at https://www.hasil.gov.my.

For first-time users of e-filing, taxpayers must first register at the MyTax portal via e-Daftar.

Afterwards, they must register for a digital certificate and one-time PIN for e-filing.

Once the preliminary registration is done, taxpayers can proceed to login to MyTax, click on EzHasil Services, and then e-filing and subsequently e-BE Year of Assessment 2024.

The taxpayer can then provide the necessary details such as personal particulars, income and tax reliefs

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Related:

Income tax submission time

The Star

https://www.thestar.com.my › business › 2025/03/26 › i...

26 Mar 2025 — The deadline to submit the Form B for the YA 2024 is June 30, 2025, with the deadline for e-filing submissions being July 15, 2025.