Risks from China’s economic slowdown and changes in the institutional environment
First written in FY2016. 6 of 26 entries say "Restated". Latest entry: 2026-11-05.
Jcu moved to the "Worse" side of this theme in 2022, 3 years after the typical company in this theme (2019).
The whole theme swung hardest in 2022: 129 of 170 companies on the "Worse" side.
17 other companies' latest entry also says "Other".
- 2026-11-05OtherResults
「中国においては、製造業で自動車や半導体を中心に輸出が増加し生産活動に持ち直しの動きが見られたものの、長引く不動産不況の影響などにより内需を中心に弱含みとなっており、景気は緩やかな減速が続くものと見込まれております。」
中国では輸出・製造業に持ち直しの動きがある一方、不動産不況等を背景に内需の弱含みと景気減速が引き続き示されている。 - FY2026China's economic slowdown continues; manufacturing sector recoversAnnual report
「Overseas, in China, the economy gradually slowed, as personal consumption weakened under the impact of the waning effects of various policies and the prolonged property downturn. Although exports to the United States continued to decline due to the impact of U.S. trade policy, manufacturing showed signs of recovery through diversification of export markets and other measures.」
In China, personal consumption weakened against the backdrop of the property downturn and other factors, and the economic slowdown continued, while manufacturing showed signs of recovery through diversification of export markets. - FY2026-H1China: consumption flat and manufacturing firmAnnual report
「Overseas, in China, although various policies began to take effect, the economy stalled as the prolonged property downturn caused personal consumption to remain broadly flat. Manufacturing remained firm as export markets were diversified, despite a decline in exports to the United States due to the impact of U.S. trade policy.」
In China, personal consumption remained flat against the backdrop of the prolonged property downturn, leaving the economy stalled, while manufacturing remained firm as diversification of export markets offset the impact of declining exports to the United States under U.S. trade policy. - FY2025-H1China: consumption declined and manufacturing was flatAnnual report
「Overseas, in China, personal consumption was on a gradual downward trend under the impact of the economic slowdown, while manufacturing remained flat as external demand showed signs of recovery.」
Personal consumption in China continues to decline gradually amid the economic slowdown, while manufacturing has remained flat as external demand has recovered. - FY2024-Q3Post-rebound demand in China has run its course and manufacturing has slowedAnnual report
「Overseas, in China, personal consumption stagnated as rebound demand ran its course. Manufacturing output also slowed under the impact of the global economic slowdown.」
In China, post-lifting rebound demand under the zero-COVID policy has run its course, causing personal consumption to stagnate. The impact of the global economic slowdown has also contributed, and manufacturing output continues to slow. - FY2024-Q2China's manufacturing sector remained weak even after the policy restrictions were liftedAnnual report
「Overseas, in China, the lifting of the zero-COVID policy led to a recovery in personal consumption, but manufacturing output remains weak as the backlog of orders accumulated under the zero-COVID policy has been largely worked through.」
Personal consumption in China recovered after the zero-COVID policy was lifted, while manufacturing output remains weak as the order backlog has been largely worked through. - FY2024-Q1Economic slowdown and declining automobile demand continued even after China's policy restrictions were liftedAnnual report
「Overseas, in China, the lifting of the zero-COVID policy led to a recovery in personal consumption, while manufacturing output is on a gradual recovery trend due to weak external demand and other factors.」
The lifting of the zero-COVID policy led to a recovery in personal consumption, while manufacturing's recovery slowed because of weak external demand, and China's automobile sales and production volumes declined amid the economic slowdown. - FY2023MaterialisedAnnual report
「Overseas, in China, strict activity restrictions under the zero-COVID policy caused personal consumption to stagnate. In addition, manufacturing output declined due to reduced production of smartphones and automobiles.」
China's activity restrictions and reduced smartphone and automobile production became evident over the full year in the form of declines in personal consumption and manufacturing output. - FY2023-Q3Easing and reimposition of China's activity restrictions, with recovery and deterioration occurring concurrentlyAnnual report
「Overseas, in China, the easing of strict activity restrictions in early June led to a recovery in personal consumption and an increase in manufacturing output. However, after restrictions were reimposed from August onward, personal consumption stagnated and manufacturing output declined.」
In China, consumption and production temporarily recovered after activity restrictions were eased, but declined again after restrictions were reimposed from August onward, with the effects of economic conditions and the institutional environment occurring concurrently. - FY2023-Q2RestatedAnnual report
「Overseas, in China, strict activity restrictions were imposed in some regions, causing personal consumption to stagnate and manufacturing output to decline.」
The strict activity restrictions in some parts of China, together with the resulting stagnation in personal consumption and decline in manufacturing output, continue to be cited. - FY2023-Q1MaterialisedAnnual report
「Overseas, in China, strict activity restrictions were imposed in some regions, causing personal consumption to stagnate and manufacturing output to decline.」
China's activity restrictions materialized in the form of weak personal consumption and declining manufacturing output, and the impact of China's economic and institutional-environment risks continues. - FY2022WorsenedAnnual report
「However, due to decoupling resulting from the US-China trade war, environmental issues, and rising labor costs, customers such as printed circuit board manufacturers may increasingly relocate outside China, which could significantly reduce demand for our products. There is also a risk that environmental issues could prevent our factories from operating or force us to relocate them. If such risks materialize, it may take longer than expected to recover the investment in equipment made at the Hubei factory, in particular. On the sales side, we depend on China for more than 30% of our revenue, so lower demand in China will affect our Group's performance.」
The China risk discussion specifically identifies decoupling, environmental issues, rising labor costs, customer relocation, recovery of investment in the Hubei plant, and dependence on China for more than 30% of sales, indicating that the scope of risk and exposure has expanded. - FY2022-Q2MitigatedAnnual report
「Overseas, business investment by foreign companies in China is expanding despite US-China tensions, as China has contained the spread of COVID-19, maintained economic growth compared with other countries, and has significant potential for growth.」
It is stated that business investment by foreign companies is expanding as China contains the spread of the infection and maintains economic growth, and that the impact of risks relating to China's economy and institutional environment has been partially mitigated. - FY2022-Q1MitigatedAnnual report
「Overseas, business investment by foreign companies in China is expanding despite US-China tensions, as China has contained the spread of COVID-19, maintained economic growth compared with other countries, and has significant growth potential.」
It is stated that China has contained the spread of the infection, maintained economic growth, and seen an expansion of business investment by foreign companies. The recovery trend in China's automotive industry has also continued, partially mitigating the impact of the previous risks relating to economic slowdown and the institutional environment. - FY2021-Q3MaterialisedAnnual report
「In China, production activity at automotive parts manufacturers had been recovering from the impact of COVID-19, but remained sluggish due to inventory adjustments for automotive parts.」
Although production activity at automotive parts manufacturers in China was on a recovery trend, it remained sluggish due to inventory adjustments, and the impact of risks relating to China's economy and institutional environment continues. - FY2021-Q2MaterialisedAnnual report
「In China, production activity at automotive parts manufacturers had been recovering from the impact of COVID-19, but sluggish automobile sales due to US-China trade tensions and tighter environmental regulations continued, resulting in a significant decline.」
Although production activity in China was recovering from the impact of the infectious disease, sluggish automobile sales due to US-China trade tensions and tighter environmental regulations continued, with the impact reflected in a significant decline in chemical sales for automotive parts. - FY2021-Q1MaterialisedAnnual report
「China: In addition to slower automobile sales and production operations due to the US-China trade friction and the impact of stricter environmental regulations, production capacity utilization at plants declined due to the extension of the Lunar New Year holiday as a measure to prevent the spread of COVID-19, resulting in a sharp decline.」
Risks relating to China's economy and institutional environment actually materialized as a significant decline in sales of plating chemicals for automotive applications, through US-China trade tensions, tighter environmental regulations, and lower factory operating rates due to infectious disease control measures. - FY2020-Q3RestatedAnnual report
「In the decorative products field in China, demand for plating chemicals remained soft as automobile sales and production operations slowed under the impact of US-China trade tensions.」
In the Chinese market, the slowdown in production activity due to US-China trade tensions and weak demand for plating chemicals continue. - FY2020-Q2RestatedAnnual report
「In the Decorative field, although efforts to expand sales resulted in the acquisition of customers for automotive parts, production activity in the Chinese market slowed due to the impact of US-China trade tensions, and sales of plating chemicals remained broadly flat.」
In the Chinese market, the slowdown in production activity due to the impact of US-China trade tensions continued, and sales of plating chemicals for automotive parts remained broadly flat. - FY2020-Q1MaterialisedAnnual report
「In the Decorative field, although efforts to expand sales resulted in the acquisition of customers for automotive applications, production activity in the Chinese market slowed due to the impact of US-China trade tensions, and sales of plating chemicals for automotive parts remained broadly flat.」
In the Chinese market, production activity slowed due to the impact of US-China trade tensions, and sales of plating chemicals for automotive parts remained broadly flat. - FY2019RestatedAnnual report
「China had continued to develop with an extraordinary rate of economic growth, but its economic growth has recently slowed, raising concerns that the economy may deteriorate more than expected in the future.」
In addition to the slowdown in China's economic growth and concerns about a worse-than-expected downturn, risks including income inequality, intellectual property, local government debt, and environmental pollution are reiterated. - FY2018RestatedAnnual report
「China had continued to develop with an extraordinary rate of economic growth, but its economic growth has recently slowed, raising concerns that the economy may deteriorate more than expected in the future.」
The slowdown in China's economic growth, concerns about a worse-than-expected downturn, and institutional and environmental risks are reiterated. - FY2017RestatedAnnual report
「In addition to strong automobile sales in China due to tax cuts for small cars, expanded investment in the public sector provided support, resulting in signs of a pause in the economic slowdown.」
Although concerns about China's economic slowdown remain as a risk, the view that the slowdown has shown signs of a pause due to tax cuts for small cars and public investment is reiterated. - FY2017-Q3MitigatedAnnual report
「In addition to strong automobile sales in China due to tax cuts for small cars, expanded investment in the public sector provided support, resulting in signs of a pause in the economic slowdown.」
Although concerns remain about China's excess debt, excess capacity, and slowing private investment, it is stated that the economic slowdown showed signs of a pause against the backdrop of tax cuts for small cars and public investment. - FY2017-Q1WorsenedAnnual report
「Meanwhile, China continues to face excess debt and excess capacity. Although public investment is providing support, the slowdown in private investment remains unchecked, and the economy continues to trend downward.」
China's excess debt and excess capacity and the slowdown in private investment continue, with the economy currently on a slowing trend. - FY2016First statedAnnual report
「China had continued to develop with an extraordinary rate of economic growth, but its economic growth has recently slowed, raising concerns that the economy may deteriorate more than expected in the future.」
The risks listed include an economic slowdown, income inequality, energy shortages, intellectual property, local government debt, environmental pollution, and a real estate bubble.