On the Thai island of Phuket, sun, sea and Russians making waves

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According to the Centre for Macroeconomic Analysis and Short-Term Forecasting, a Moscow-based think-tank, Russia saw a record nett outflow of US$239 billion in 2022 alone, four times the outflow in 2021.

In this flight of capital to investment opportunities outside the Russian economy, which has been hobbled by sanctions, Phuket has “emerged as one of the target destinations”, said Phuket Real Estate Association general secretary and vice-president Phattanan Phisutvimol.

“The luxury sector boom is astonishing. About 4,000 units of luxury villas are being developed in Phuket this year, which is a lot, as the number doesn’t include luxury condominiums.”

The top five foreign investors in property on Phuket are the Chinese, Russians, Americans, Germans and other Europeans, he cited. In 2022, Russians were the largest group of foreign buyers in terms of condominium transfers, reported the Bangkok Post.

WATCH: Thailand’s ‘Little Russia’ — Why rich tourists are rushing to buy Phuket’s luxury houses (8:26)

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Commentary: China’s economy will probably get worse before it gets better

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WAY OUT FOR CHINA?

There are expectations for the Chinese government to do more to boost the economy.

Its focus can be on more than supply-side support, such as boosting manufacturing capability. Demand-side policies, such as tax incentives for durable consumer goods and lowering costs for households, can stimulate consumption and keep up the economic momentum.

Improving confidence is essential, but that is easier said than done. The household perspective often takes time to respond to policy changes and economic data.

For example, new home sales have hovered at 50 per cent of the average of 2019 to 2021, the level before regulatory changes, despite laxer policies introduced to avoid the collapse of indebted property developers, such as Country Garden. It is difficult to repair the damage to confidence, and the government could be finetune regulations on a greater scale.

There is also the challenge of China’s increasing trade-off between security and economic growth. Easing geopolitical tensions would help households reduce future uncertainty, improve the export-driven provinces’ economies and attract foreign investment into China. But this seems an unlikely bet.

If hopes are pinned on consumption to drive China’s economy recovery, it will ultimately depend on the revival of animal spirits and restoring households’ optimism about the future. This will take more than an upbeat start to the Year of the Dragon. China’s economy will probably get worse before it gets better.

Gary Ng is senior economist at Natixis and research fellow at Central European Institute of Asian Studies (CEIAS).

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Food fight in Indian courts to decide who invented butter chicken

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DIFFERENT ACCOUNTS OF THE ORIGINS

For two Delhi restaurants, it is a fight for the chance to claim that the world’s first ever butter chicken was created by them.

It all started when two men, both named Kundan Lal, came to New Delhi from Peshawar — now part of Pakistan — in 1947.

The two partnered to set up a restaurant called Moti Mahal, which translates to the Palace of Pearls, an ode to the rich Mughlai food they serve.

That restaurant soon became a New Delhi institution, which served the likes of India’s first prime minister Jawaharlal Nehru, former United States president John F Kennedy and celebrities from every walk of life.

Now the families of the two Kundan Lals, who have very different accounts of the origins, each claim they invented the butter chicken first.

The Moti Mahal chain of restaurants, owned by the family of Kundan Lal Gujral, has sued rival restaurant chain Daryaganj for claiming to be the inventors.

Moti Mahal owner Monish Gujral said: “It is actually our legacy, and we don’t want our legacy to be disrupted anyhow.”

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Job creation, GDP target among key economic indicators to look out for at China’s Two Sessions

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BEIJING: At China’s most important annual political meetings – the Two Sessions – which begin on Monday (Mar 4), all attention will be on the country’s key economic indicators.

Analysts have speculated that the central government will set a gross domestic product (GDP) growth target of around 5 per cent. This is after at least five of China’s top urban economies had set their targets at above 5 per cent during the local versions of the meetings.

However, chief economist at Hang Seng Bank China, Ms Wang Dan, said it is a tall order, given the relatively high base of 5.2 per cent growth in 2023. She said a target of around 4.5 per cent would be more viable.

“If we set a higher than 4.5 per cent target, that means the economy needs a much bigger boost, especially in the housing market. But the fundamentals in China are relatively weak at this point,” she told CNA.

“Blowing up the housing bubble is not in the government’s or individuals’ best interest. So a lower target is more realistic.”

The annual GDP growth forecast is closely watched as the effect of a more demanding target will cascade down to other aspects of policy-making.

“If it is around or higher than 5 per cent, that means China will continue to implement pro-growth fiscal policies, and also a rather pro-growth monetary policy. Anything that’s below 5 per cent means that China will focus more on innovation or transition to a more sustainable green economy,” said Mr Li Wei, senior China economist at Standard Chartered Bank.

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CNA Explains: Why thousands of doctors in South Korea are striking – and defying deadlines to return to work

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Thousands of junior doctors in South Korea walked off the job last week, to protest against the government’s plan to raise the number of students admitted into medical schools.

The striking doctors-in-training have continued their labour action past the Thursday (Feb 29) deadline to report back to work, and now risk facing prosecution and suspension of their medical licence. 

Why are junior doctors protesting?

Doctors, who are considered essential workers in South Korea, are restricted by law from striking.

But some 9,000 medical interns and residents – about 80 per cent of the trainee workforce – have been on strike since Feb 20, disrupting services at major hospitals, which have been forced to cancel surgeries and turn away some patients. 

Most striking doctors remained off the job on Friday, according to South Korea’s Yonhap news agency. 

Their main gripe? 

President Yoon Suk-yeol’s government wants to boost medical school admissions by 2,000 a year, from the current 3,058 to alleviate a shortage of doctors and a looming demographic crisis. The plan is meant to eventually add up to 10,000 doctors by 2035. 

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South Korea police raid medical association office over walkout

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Around half of the surgeries scheduled at 15 major hospitals have been cancelled since last week, according to the health ministry. Under South Korean law, doctors are restricted from striking. Earlier this week, the government requested police investigate people connected to the stoppage. Seoul’s police confirmed that it raided theContinue Reading

Thailand wants to woo Chinese tourists with cultural experiences

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CHIANGMAI: Thailand is banking on its culture to woo the Chinese tourism dollar. 

This comes as a permanent visa waiver for Chinese tourists visiting for up to 30 days kicks in on Friday (Mar 1).

Among the experiences expected to attract visitors is the Yee Peng Festival in Chiangmai, where thousands of people set the night sky alight by releasing sky lanterns.

Typically held in November, the dazzling festival is meant to mark the transition from the gloomy days of the rainy season to the brighter days of the cool season towards the end of the year, unique to the northern provinces.

President of the Chiangmai Tourism Business Association Supamit Kitjapipat said that if Thailand can feature in the world records for releasing the most sky lanterns, that may be one way to draw visitors. 

“This’ll be more interesting. I think this is an effective soft power that can attract tourists,” he told CNA.

The Tourism Authority of Thailand (TAT) plans to promote the Yee Peng lanterns to Chinese tourists.

“TAT is also trying to spread the information about the tradition to the five branches of TAT in China including Taiwan and Hong Kong, to make Yee Peng more attractive,” said Mr Saksakul Suprakritanan, deputy director at the TAT’s Chiangmai Office.

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Bangladesh building fire kills at least 45, injures dozens

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Firefighters used cranes to rescue people from the charred building, said fire officials, who were still working to clear debris and stamp out any remaining embers. Relatives gathered at the hospital early on Friday to receive the bodies of the dead, with some mourning outside the emergency department. Doctors saidContinue Reading