Nguyen Minh Huong, an office worker, said,” I have had to wear a helmet whenever I go up over the last few days because the air quality has been so poor.” It’s difficult to breathe, she says. I have had to cut off my day outside because I sneeze allContinue Reading
The Maldives has agreed to provide “military assistance” to China after ordering Indian troops to leave the small but strategically positioned archipelago, according to officials on Tuesday ( Mar 5 ). After being originally expelled by pro-China President Mohamed Muizzu, who came to power last year on an anti-Indian platform,Continue Reading
Ferdinand Marcos Jr, the country’s president, said at a conference in Australia on Monday that his country would retaliate if its sovereignty and sea rights were violated, but he also said that the Philippines would cooperate with China. In contrast to Rodrigo Duterte’s pro-China stance, Marcos has accused Beijing ofContinue Reading
The injured employees have defied a February 29 federal deadline to return to work or face legal action, including possible imprisonment or expulsion of their health licenses. According to Second Vice Health Minister Park Min- so, the state has identified some 7, 800 young physicians who have defied the back-to-workContinue Reading
KUALA LUMPUR: The Malaysian High Court on Monday ( Mar 4 ) dismissed a judicial review application by former finance minister Daim Zainuddin and his family over the Malaysian Anti- Corruption Commission’s ( MACC ) investigation against them. Judge Wan Ahmad Farid Wan Salleh made the ruling with no attemptContinue Reading
According to an official work report released by Reuters on Tuesday ( Mar 5 ), China has set an economic growth target for 2024 of roughly 5 %, which is in line with analysts ‘ expectations.
China intends to run a budget deficit of 3 % of its production, down from the revised figure of 3.8 % last year, according to the report. Importantly, it intends to issue special treasury bonds worth 1 trillion yuan ($ 139 billion ), which are typically not included in the budget.
Premier Li Qiang’s maiden work report is expected to be presented to the National People’s Congress ( NPC ), China’s rubber-stamp parliament, at its annual meeting in Beijing this week.
The president’s main annual economic and social development objectives are set out in the document.
According to the report, the specific bond issuance limit for regional institutions was set at 3.9 trillion yuan, compared to 3.8 trillion yuan in 2023.
China also wants to create over 12 million urban jobs this year, keeping the unemployment rate at about 5.5 %, while maintaining the inflation target of 3 %.
China’s economy increased by 5.2 % in 2023, but it still relies heavily on state-led, credit-driven funding, which raises questions about whether it will be able to maintain that growth over the long term.
According to analysts, the favourable center result from a COVID-hit 2022 has faded, making this year’s target harder to achieve than it did last year.
Premier Li Qiang announced on Tuesday ( Mar 5 ) that China will work to reduce wasteful spending by local governments by about 5 % this year as it works to change its development model, stop industrial overcapacity, defuse property sector risks, and reduce wasteful spending.
In the cramped Great Hall of the People in Tiananmen Square, Li presented his first work report at the annual meeting of the country’s legislature, the National People’s Congress ( NPC ).
China’s expansion goal was comparable to that of last year, but stronger federal stimulus may be necessary for it because the country’s economy is still dependent on state investments in infrastructure, which have resulted in a mountain of metropolitan debt.
A mumbling post-COVID treatment over the past year has exposed China’s extensive architectural imbalances, including fragile home use and decreasing investment returns, provoking calls for a new development model.
China’s leaders have been under more pressure to respond to calls for a house problems, worsening depreciation, a stock market rout, and mounting regional government debt issues.
” We should be properly prepared for all risks and challenges and not lose sight of worst-case cases,” Li said.
” In particular, we must move forward with transforming the growth design, making architectural changes, enhancing value, and enhancing achievement.”
On the alterations China intended to adopt, there were no immediate information.
The yuan was thin, suggesting that investors were unsatisfied with the trigger ideas and reform promises, and Chinese stocks recovered earlier losses to commerce largely intact on the day.
According to Ben Bennett, an Asia-Pacific purchase strategist at Legal And General Investment Management, “politicians seem content with the latest trajectory,” the economic priorities were” as expected.”
” That’s disappointing for those who hoped for a bigger drive.” Local government loan and the real estate market have some facetious aid, but the key is how this is applied in practice.
According to Li, politicians “have taken into account the need to improve jobs and incomes and prevent and alleviate risks,” while adding that China intended to have a “proactive” fiscal position and “prudent” monetary plan.
China intends to have a budget deficit of 3 % of its output, down from a revised 3.8 % last year. Importantly, it intends to issue 1 trillion yuan ( US$ 39 billion ) in particular ultra-long-term Treasury securities, which are not included in the funds.
Local governments ‘ specific bond issuance limit was set at 3.9 trillion renminbi, compared to 3.8 trillion yuan in 2023. China also wants to create more than 12 million urban jobs this year, keeping the unemployment rate at about 5.5 %, while maintaining the consumer inflation target of 3 %.
According to Xia Qingjie, professor of economics at Peking University,” the Taiwanese government does not want to stimulate the economy to much,… and also wants to keep utilize somewhat low.” Xia added that the budget deficit goal may be modified as needed in the future of the year.
Researchers anticipate that China will reduce its goals for annual growth in the future. The International Monetary Fund projects that China’s economy will grow at 4.6 % this year and will experience a 3.5 % decline in the medium term by 2028.
If proven, it might be one of Asia’s biggest economic thefts. For starters, just about US$ 4.5 billion was involved in Malaysia’s 1MDB bribery scandal. According to common authorities, Lan appropriated large sums of money by arranging unlawful money to shell companies between early 2018 and October 2022, when SCBContinue Reading
If proven, it might be one of Asia’s biggest economic thefts. Just about US$ 4.5 billion was involved in the 1MDB corruption scandal in Malaysia. According to common authorities, Lan appropriated large sums of money by organizing unlawful money to shell companies from first 2018 through October 2022, when SCBContinue Reading
Giant pandas have been kept at The Smithsonian’s park since 1972, making it undoubtedly the origin of panda diplomacy in the West. The aquarium lost its giant panda on November 8, 2023, when Mei Xiang, Tian Tian, and their child, Xiao Qi Ji, were flown up to China.
There were indications that tiger politics had ended as a result of the significant rise in tensions between the US and China. Additionally, it appeared that the connections between US and Taiwanese companies were getting worse. According to a survey of the US-China Business Council’s people in 2023, 34 % of planned investment in China had stopped or decreased over the past year.
However, President Xi Jinping and President Joe Biden met for a four-hour summit at the Asia-Pacific Economic Cooperation ( APEC ) conference in San Francisco later that month and gave the impression that there was a possibility for reconciliation. The US and China “must control our relations well,” according to Xi, in a world of difficulties. Xi made an allusion to the penguins ‘ reputation among Americans.
He added that China and the United States are “ready to maintain our cooperation with the United States on dragon conservation” and that China may “do our best to meet the Californians ‘ wishes so as to enhance the friendly relations between our two individuals.”
On the outside of the APEC meeting, Xi organized a meal with hundreds of software executives, including Tim Cook, the CEO of Apple, and other business leaders. Thus, Beijing’s decision to send its state treasures to California may seem natural in light of its significance to the Eastern superpower.
Beijing appears to be willing to return its bears to the US as part of a plan to improve not only its social relationship with Biden, but also, perhaps more important, to encourage US expense and reframe Beijing as a nicer trading partner.
Chee Meng Tan is University of Nottingham’s Assistant Professor of Business Economics. This commentary second appeared in The Conversation, and was published here.