China's flat economy and excess capacity challenges
First written in FY2017-Q2. 6 of 16 entries say "Restated". Latest entry: FY2024-Q3.
Hodogaya Chemical moved to the "Worse" side of this theme in 2017, 2 years before the typical company in this theme (2019).
The whole theme swung hardest in 2022: 7 of 7 companies on the "Worse" side.
2 other companies' latest entry also says "Restated".
- FY2024-Q3RestatedAnnual report
「The economic slowdown overseas, led by China, depressed the handling of export cargo and resulted in a substantial decline in revenue.」
The explanation that the economic slowdown overseas, including in China, has resulted in sluggish export-cargo handling and a substantial decline in revenue in the logistics-related business has continued. - FY2024-Q2RestatedAnnual report
「Handling of export cargo recorded a substantial decline in revenue due to the economic slowdown in China and other countries.」
The explanation that the economic slowdown in China and other countries has resulted in a substantial decline in revenue from handling export cargo has continued. - FY2024-Q1WorsenedAnnual report
「Handling of export cargo recorded a substantial decline in revenue due to the economic slowdown in China and other countries.」
The explanation has shifted from China’s economy recovering and remaining firm to the economic slowdown in China and other countries having affected the business through a substantial decline in revenue from handling export cargo. - FY2021-Q3AdvancedAnnual report
「Globally, during the first 9 months of the third quarter of the current consolidated fiscal year, China had already recovered to its pre-COVID-19 economic level, while in Europe and the United States, the spread of infections continued to restrict all activity, including economic activity, as infections resurged.」
The explanation of China, previously described as slowing, has shifted to its economy having recovered to pre-pandemic levels. - FY2020-Q3RestatedAnnual report
「Although China has implemented monetary and fiscal measures, including tax cuts, to support the economy, economic activity has begun to slow, as reflected in weaker exports against the backdrop of U.S.-China trade friction.」
The explanation of China’s economy continuing to slow, with weaker exports and U.S.-China trade friction, remains unchanged. - FY2020-Q2RestatedAnnual report
「Although China has implemented monetary and fiscal measures, including tax cuts, to support the economy, economic activity has begun to slow, as reflected in weaker exports against the backdrop of U.S.-China trade friction.」
The explanation of China’s economy continuing to slow, with weaker exports and U.S.-China trade friction, remains unchanged. - FY2020-Q1WorsenedAnnual report
「China’s economy has begun to slow as infrastructure investment growth and exports weakened, while the effects of monetary and fiscal policies, including tax cuts, to support the economy have yet to emerge.」
As China’s economy continues to slow, the effects of policies to support the economy have yet to emerge, while slower infrastructure investment and exports are explicitly identified. - FY2019RestatedAnnual report
「China’s economy began to slow as infrastructure investment decelerated and exports weakened against the backdrop of U.S.-China trade friction.」
The slowdown in China’s economy due to slower infrastructure investment and exports against the backdrop of U.S.-China trade friction has continued. - FY2019-Q3RestatedAnnual report
「China’s economy began to slow as infrastructure investment decelerated and exports weakened against the backdrop of U.S.-China trade friction.」
The slowdown in China’s economy due to slower infrastructure investment and exports against the backdrop of U.S.-China trade friction has continued. - FY2019-Q2WorsenedAnnual report
「Although consumption remained solid, China’s economy began to slow as infrastructure investment decelerated and exports weakened against the backdrop of U.S.-China trade friction.」
The explanation has shifted from China’s economy remaining robust to an economic slowdown driven by slower infrastructure investment and exports, against the backdrop of U.S.-China trade friction. - FY2019-Q1ReframedAnnual report
「Although personal consumption and infrastructure investment slowed, China’s economy remained robust, supported by favorable employment and income conditions and increased imports.」
China’s economy remains robust, but the explanation has shifted from increases in infrastructure investment and personal consumption to slower growth in both, together with employment and income conditions and increased imports. - FY2018-Q3ReframedAnnual report
「China’s economy remained robust, supported by increased infrastructure investment and stable personal consumption driven by rising incomes.」
The explanation of China’s economy has shifted from remaining firm to performing robustly, supported by infrastructure investment and rising incomes. - FY2018-Q2ReframedAnnual report
「Although investment in real estate and manufacturing declined, China’s economy remained firm, supported by increased infrastructure construction investment and steady personal consumption driven by rising incomes.」
China’s economy remains firm, but the explanation has shifted from monetary policy, real estate investment and excess capacity to declines in real estate and manufacturing investment, together with infrastructure investment and personal consumption. - FY2018-Q1ReframedAnnual report
「Although the effects of relatively tight monetary policy had begun to emerge in real estate investment, China’s economy remained firm, supported by increased personal consumption and infrastructure investment in roads, railways and other areas.」
China’s economy remains firm, but the explanation has shifted from excess capacity and real estate development investment to the effects of monetary tightening on real estate investment, together with personal consumption and infrastructure investment. - FY2017-Q3ReframedAnnual report
「Although consumption slowed somewhat, China’s economy remained flat, supported by increased investment in real estate development.」
China’s economy remains flat, but the explanation now cites slower consumption and real estate development investment rather than the excess capacity in the steel and coal industries and rising housing prices mentioned previously. - FY2017-Q2First statedAnnual report
「Although China faced excess-capacity issues in the steel and coal industries, the economy remained broadly flat, supported by rising housing prices and infrastructure investment.」
Excess capacity in China's steel and coal industries and a flat economy are described as structural economic conditions for the first time.