Chao Phraya Dam bursts banks, flooding communities in Ang Thong

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PUBLISHED: 28 Sep 2024 at 13: 21

The water level in the Chao Phraya River, which runs past tambon Phong Pheng in the Pa Mok district of Ang Thong and tambon Ban Kum and Bang Chanee in the Bang Ban district of Ayutthaya, continues rising on Saturday. (Photo: Nakhon Sawan Public Relations Office)
The Chao Phraya River’s water level, which passes through Ban Kum and Bang Chanee in the Bang Ban city of Ayutthaya and tambon Phong Pheng in the Pa Mok city of Ang Thong, is continuing to rise on Saturday. ( Photo: Nakhon Sawan Public Relations Office )

On Saturday, the Chao Phraya Dam burst its lenders, sending a lot of water into affluent areas outside storm embankments in the Pa Mok city of Ang Thong state.

Three settlements in tambon Phong Pheng were affected by the storm position, with more than 20 homes submerged under 40 to 50 centimetres of rainwater.

Montri Torsillapakit, president of Phong Pheng tambon management company, on Saturday led authorities to put up bags to strengthen storm surfaces and build earthen dykes. &nbsp,

After the Chao Phraya Dam in Chai Nat discharged water downstream at a rate of 1, 899 cubic meters per second, Raksak Thienchai, the captain of the city of Pa Mok, said relief products may be distributed to enable the affected households. Over 20 properties outside storm gullies were inundated, he added.

11 central provinces along the Chao Phraya River should be prepared for rising water levels, according to the Royal Irrigation Department ( RID), as Chao Phraya Dam in Chai Nat accelerated water drainage.

Free acting director-general Det Lekwichai issued the notice on Thursday to the rulers of Uthai Thani, Chai Nat, Sing Buri, Ang Thong, Suphan Buri, Ayutthaya, Lop Buri, Pathum Thani, Nonthaburi, Samut Prakan and Bangkok.

People in Ayutthaya’s Bang Ban city, tambon Phong Pheng of Ang Thong, and tambons Bang Chanee and Ban Kum, respectively, have concerns about rising waters levels in the Chao Phraya River.

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Singapore launches 24-hour anti-scam hotline

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The fresh anti-scam collection includes renaming the existing NCPC ScamAlert programmes to ScamShield Alert in addition to the new ScamShield site. &nbsp,

The existing stations now have over 35, 000 members on WhatsApp and Telegram. &nbsp,

These programs will continue to send out scam-related cautions and bite-sized updates often, keeping subscribers informed of the newest scams and sharing ways to protect yourself from scams. &nbsp,

The Scamshield Suite combines the various anti-scam activities and programmes under one title.

K Shanmugam, the head of the laws and home affairs ministry, spoke about the transforming criminal environment in Singapore at the NCPC dinner dinner on Friday, the day before ScamShield Suite was officially launched.

Scams and crime have increased, he said, while real crime has remained persistently low for years. &nbsp,

MORE SCAM VICTIMS

A total of 26, 587 fraud cases were reported in the first quarter of 2024- a 16.3 per cent increase compared to the exact time period last season- with at least S$ 385.6 million ( US$ 295 million ) lost&nbsp, –&nbsp, a 24.6 per cent increase.

Students, young people and individuals under the age of 50 make up the majority of fraud victims at 74.2 per share.

However, among the age groups, the ordinary lost to a victim was the highest.

The state also said that&nbsp, 86 per cent of overall reported schemes in the first quarter of 2024 had involved mainly self-effected payments. &nbsp,

This may be the result of social engineering and deception, which involve a variety of sophisticated fraud schemes, it added. &nbsp,

SPF, NCPC, and OGP stressed that individuals may continue to contribute to strengthening their resilience against frauds. &nbsp,

We urge the general public to make active use of the ScamShield Suite of resources to protect themselves and their loved ones from con challenges.

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Chiang Mai begins flood clean-up

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University college back to normal, coach travellers&nbsp, to obtain full refunds for disrupted services

PUBLISHED: 27 Sep 2024 at 18: 37

A municipal official explains the plan to clean up flood damage in Chiang Mai city at a gathering for workers before they begin their tasks on Friday. (Photo: Chiang Mai Municipality Facebook account)
Workers gather at a meeting to discuss the plan to repair flood harm in Chiang Mai city on Friday, according to a municipal official. ( Photo: Chiang Mai Municipality Facebook account )

After flooding eased in some professional areas, workers have begun a campaign to clear roads and collect dust in city Chiang Mai.

In an effort to revive economic engagement in the typically bustling north tourism area, the Chiang Mai Municipality launched the activity at 5pm on Friday. The job is divided into five sections, including the famous Night Bazaar and the Naowarat Bridge.

Removing trash and debris that waters that had pierced the Ping River’s businesses into the area is one of their top priorities.

Although the situation is improving in some of the city’s designated areas for cleaning, the city cautioned inhabitants to stay vigilant. The river is also red-flagged, meaning water levels are at or near a critical level.

At 5 p.m., the Naowarat Bridge’s valley detail was estimated at 4.23 meters, after moving around that mark from 8 am all day long.

According to the provincial water office, the city still has about 3 million square meters of floodwater that needs to be emptied every two days.

Chiang Mai University, one of the recently flooded places on Friday night, was hit by discharge from the rain that soaked Doi Suthep.

In the evening, the academy announced that things had settled back down. On its Facebook page, it stated that” the traffic routes and the CMU Transit service are now operating as usual.”

On Saturday, Prime Minister Paetongtarn Shinawatra may travel to Chiang Mai from Chiang Rai.

She arrived in Chiang Rai on Friday evening and organized a meeting with leaders to distribute assistance to those affected by flood in the northern region. Among the towns in Chiang Rai that were the most afflicted were Muang and Mae Sai.

The State Railway of Thailand ( SRT ) provides buses to Lamphun and Chiang Mai, but Northern trains continue to operate at Lampang Station. &nbsp,

The SRT stated that it would recoup all discounted coach tickets purchased between September 26 and September 30.

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Japan’s Ishiba needs China to thrive to survive – Asia Times

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Japan — As Japan’s new prime minister sets out to promote development in Asia’s second-biggest business, Shigeru Ishiba is about to learn the hard way that it’s definitely up to China.

Washington, also, where authorities are making more efforts to prevent the US from experiencing the crisis economists have been anticipating for years. Beijing and Washington’s stances on stimulus may benefit Japan more than anything else Tokyo-based legislators might be able to acquiesce to in the months to come.

Ishiba, 67, will have an additional concern because his reign may last more than a year in power. Though Kishida’s been around for three ages, and coach Shinzo Abe lasted roughly eight from 2012 to 2020, Chinese chiefs tend to get 12 months to make their mark. And history shows most do n’t.

By October 2025, Japan must keep its next general election. The new government of Japan has a unique skewed economic trajectory, making it presently tick.

On the one hand, the prices Tokyo had been craving for 25 years has arrived. And the Bank of Japan is ultimately trying to restore a super-aggressive interest-rate program.

On the other, that really rising-price fluid is tanking home and business confidence. Japan is actually the country’s economic equivalent of the dog that hit the automobile as consumers avoid recession, which some people view as a secrecy tax cut.

Kishida, who became president in early October 2021, found this juggling act to be too much. Basically, Kishida’s dismal approval scores reflected political funding crises within his Liberal Democratic Party. In fact, it was an failing economy that ended his career quickly.

By putting foreign policy before economic reforms, Kishida himself gave himself no benefits. Problem is, did Ishiba, a previous defence minister, do the same?

Ishiba’s an old-school China bird who favors creating an” Eastern NATO”, a force that Xi Jinping’s government almost needs at the moment. He today has opportunity to lobby the area to create a barrier against Beijing’s interests.

Not that Tokyo’s divided political system is currently poised to pass legislation to reduce bureaucracy, release labour laws, start a business boom, empower women, or implement other reforms to improve national competitiveness.

Ishiba may understand this quickly enough. Which is why Tokyo is thus ensnared in Beijing and Washington activities.

This year, Chinese head Xi Jinping seemed to say, directly of course, that the nation’s No. 2 market is in difficulty.

Beijing announced drastic stimulus measures on Tuesday ( September 24 ) to help its economy, which is dealing with a growing property crisis. The People’s Bank of China announced its first continuous reduction in significant short-term prices and banks reserve needs since at least 2015.

This year, island stocks rose the most in the news since 2008. Additionally, according to PBOC Governor Pan Gongsheng, the company’s statement that additional cash-only restrictions on institutions are coming indicate that the stock market may have a tailwind.

Some economists concur that this is only the start of China’s signal work. ” This is a step in the right direction”, says Julian Evans-Pritchard, head of China economics at Capital Economics. ” But it wo n’t likely be sufficient to initiate a growth turnaround without greater fiscal support,” he said.

The policy announcements for this week are more good than expected, according to economist Larry Hu of Macquarie Group, but this alone may not be enough to put an end to the longest negative streak since 1999. It’s obvious, he notes, there’s “rising necessity among best officials to fight recession in China”.

The signal storm, according to Scott Rubner, Goldman Sachs ‘ handling director for worldwide markets. ” I actually think this time is different for China”, he says. Being thin China, he notes, is the “largest discussion trade” in world markets. That implies a significant benefit.

Billionaire investment David Tepper tells CNBC he’s buying more of “everything” China-related then that Beijing is hitting the gas on signal. According to Tepper, founder of Appaloosa Management,” I did n’t know that what the Fed did last week would lead to China easing,” and that’s what I thought the Fed did.

Team Xi, process, huddled with the Communist Party’s 24-man Politburo, which pledged to make this year’s 5 % growth goal. A key emphasis is that the house market” quit declining”. This suggests more help, given that data showed a month-long decline in new home prices for the first time in a century.

Members of the Politburo reportedly focused on reducing the effects of the property sector, poor domestic consumption, and large youth unemployment.

According to the Xinhua news agency,” some new conditions and issues have arisen in the current running of the economy.” ” We may view the current economic situation fully, honestly and calmly, face difficulties firmly, and strengthen confidence”.

Chinese stocks are getting a raise, also, from reports that Xi’s inner sphere is being directed to” face up to difficulties, develop confidence, and earnestly increase the sense of responsibility and urgency of doing monetary work well”.

Reuters reports that Xi’s Ministry of Finance might soon issue 2 trillion yuan ( US$ 285 billion ) of special sovereign bonds. According to Bloomberg, Beijing is considering putting more than US$ 140 billion into the biggest state-run businesses. It would be the first capital injection in this way since the” Lehman shock” of 2008 was a success.

The sooner Beijing lowers the business, the better will be for Japan’s future, and the better chance Ishiba has of becoming prime minister in a year.

China is by far Japan ‘s&nbsp, biggest trading partner. When it comes to deflation, having the best customer for your goods is often beneficial to financial confidence.

The good news in Beijing is that” the speed and scope of coverage rollouts have exceeded our expectation,” according to Jing Liu, an analyst at HSBC Holdings. ” The sea has turned, be prepared for more strategic activities”.

In Washington, also, the Federal Reserve is now in rate-cut style. That, over time, may enjoy its unique benefits as US families buy more Chinese goods.

” In the US”, says analyst Louis Gave at Gavekal Research,” the world’s largest economy, the central bank is now easing monetary policy, and January 2025 will most likely see another round of fiscal stimulus”.

That is, he adds, “unless Kamala Harris wins the presidential poll but is saddled with a Republican-controlled House of Representatives which proceeds to strengthen state spending.”

In China, Gave documents,” the world’s second largest business, the government is presently easing monetary and fiscal policies and constantly looking to boost property prices. The two biggest economies in the world do n’t sound particularly deflationary if monetary and fiscal policies are both eased at once.

Average Chinese home prices slid 6.8 % in August month on month, following a 7.6 % decline in July.

According to Yue Su, an analyst for China at the Economist Intelligence Unit,” Bottom-out stability in the housing market will be a prerequisite for homeowners to take action and break the wait-and-see period.”

This suggests that the policy’s top goal is not to raise housing prices to bring about a success effect, but to motivate families to make purchases. This real house plan aims to lower the economy‘s strain.

The problem, of course, is what’s following from Team Xi. Beijing appears to be determined to unleash its bazooka signal quickly, according to Ting Lu, Nomura’s general China economist. Markets should value Beijing’s acknowledgment of the country’s difficult economic environment and its lack of success in a wholesale approach.

What significance does these efforts have for the Bank of Japan? The BOJ increased costs to the highest level since 2008 on July 31.

Since that time, BOJ Governor Kazuo Ueda has resisted the aggressive speech that came with that tightening proceed. The central banks was chastened in part by the violent response in the world markets and in part by Ueda being summoned to the congress by concerned politicians.

Here, Ishiba’s vote was deepen the plot. He supports the BOJ tightening more forcefully, warning that the poor renminbi is reducing both Chinese purchasing power and economic trust.

Over&nbsp, the&nbsp, next 11 years, &nbsp, the&nbsp, BOJ hoarded state bonds and stocks via exchange-traded resources. By 2018, &nbsp, the&nbsp, BOJ’s stability sheet&nbsp, topped&nbsp, the&nbsp, size&nbsp, of Japan’s annual gross domestic product.

The resulting fall in the renminbi killed&nbsp, the&nbsp, urgency&nbsp, for politicians to amount playing fields, boost productivity and increase competitiveness. It even took stress off corporate CEOs to invent, restructure and destroy.

On the flipside, it’s not like Japan’s sector is performing effectively amid slow home use. To promote GDP, Ishiba’s authorities must act quickly to put some huge transformation wins on the scoreboard.

That will enable him to ensure that his presidency is present for more than just a year. It will also confirm the investor optimism that is responsible for the Nikkei 225 Stock Average reaching its all-time peaks this time.

Over the past ten years, BOJ policies and steps have been significantly weakened to support business management, contributing to Japan’s share boom.

Investors are beginning to question whether underlying fundamentals support today’s noble stock valuations now that the first ingredient is in dispute. There are some necessary quick steps to convince the Warren Buffetts of the world that Japan should be rediscovering.

A strategic approach to the US poll results on November 5th is necessary. Many Tokyo authorities are up at night due to the threat of a Donald Trump 2.0 White House and an even more risky” Trump trade” this day. Ishiba’s young authorities will be most concerned about preparing for a Trump or Harris leadership.

Tokyo’s international coverage is likely to be in a state of suspended animation until the US president is resolved. There is a good chance of there being a lot of stability with the Kishida time if Democrat Harris wins.

If Trump, a Democrat, returns to the White House, Ishiba’s LDP may devise a strategy to reduce the credit damage to Japan’s business.

Trump is certain to establish additional tariffs on China and other countries. Additionally, he is almost certain to begin his romantic relationship with North Korean leader Kim Jong Un, a rift that still perplexes the Tokyo creation.

Ishiba could undoubtedly improve the quality of Asiatic geopolitics if he took a more confrontational stance against China. Just as long as I can remember how many China’s ability to still lead in a year is based on him.

Observe William Pesek on X @WilliamPesek

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Monetary policy remedies have gone awry – Asia Times

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A new group of US millionaires revealed their desire for renting as opposed to owning homes on September 16 in the Wall Street Journal&nbsp title. The idea of the article has the ability to lead to a significant change in government and central bank policies that favor real estate in lending.

Central bankers are able to accomplish two things effectively. One is to maintain the value of a nation’s money. The other is to manage financial establishments. Since the US Federal Reserve was established in 1913, the dollar has lost 99 % of its getting strength in gold, which suggests that it has not performed so well on the primary matter. &nbsp, &nbsp,

The US Savings &amp, Loan problems, the Long Term Capital Management fiasco and the 2008 global financial crisis demonstrate that the Fed did not do well on the second consideration, either. &nbsp,

The mistake common of these three crises was the financial sector’s extension of too much credit to” junk” consumers,” junk” companies and” junk” countries, with two of the crises related directly to misguided real estate policies. &nbsp,

The Federal Reserve Act embraced the so-called” True Payments” theory in 1913. The doctrine stated that there can never be” too much” money if banks gave credit only against short-term commercial bills, backed by “real” transactions. &nbsp,

The Board holds that there is little chance that the funds created and distributed by the Federal Reserve Banks will be in extreme volume if it is only limited to effective uses, according to the Fed’s 10th Annual Report from 1923.

As the earth was then on the silver standard, the report did not mention that for the theory to operate, it needed an “outside” outlet serving as an “alarm signal”. Then, there could&nbsp, be extra liquidity, prices and crises – as however turned out to be the case.

John Law ( 1671-1729 ) came up with this doctrine, though his name is associated now with the” South Sea Bubble” .&nbsp, He sought a solution for the problem of how much currency and credit creation there can be without stoking inflation. &nbsp,

His answer was a “land-collateralized” word concern that drew on three principles: money’s purchasing power should be firm, issuing credit has anticipate&nbsp, “real” trade, and land should be the collateral.

His error was that he overlooked how increasing prices, particularly land prices, are raised, which falsely rationalizes more credit expansion and thus initiates a vicious cycle. &nbsp,

Adam Smith made the mistake and suggested using industrial paper as the collateral rather than subjective land-based collateral. He also recognized the need for specie ( gold ) convertibility under the” Real Bills” doctrine to limit the growth in the amount of money and protect the value of contracts. &nbsp, &nbsp,

With this second condition in place, the price level is already set, and there is no need for complicated and statistical ( mis)calculating of price indices.

Devaluation to silver is not a necessary condition for the” Real Payments” to work: responsibility for the price of silver becoming the “alarm signal” is plenty. The price of gold may indicate errors caused by either excessive or insufficient bank payment and currency. This philosophy was adapted from the Bretton Woods agreement. &nbsp,

It failed, however, because institutions did not enforce two of its crucial phrases: &nbsp, allowing for occasional depreciation and penalizing places accumulating extra reserves. Paul Volcker, a participant in the discussions over reneging on the Bretton Woods agreement, noted that it never went down well. &nbsp, &nbsp,

Here are some sketches of the financial crises in the US and Japan that illustrate how they came about as a result of false real estate assumptions. &nbsp, &nbsp,

The 2008 crisis began with the drastic reduction of real estate’s and bonds ‘ capital gains tax exemptions from 1977. Predictably, investment poured into real estate as it became more of an “asset class” than before, with neither the Fed nor the statistics bureaus noticing the implications. &nbsp,

Subsequently, Congress required banks to give loans to lower-income earners on the idea that home equity would offer them collateral. Subprime loans went from 2 % of total loans in 2002 to 30 % in 2006, accompanied by much fraud and no collateral-creation. &nbsp,

Banks packaged the loans as CDOs that rating agencies rated AAA &nbsp without doing enough due diligence. Investment banks, both in the US and around the world, bought them without doing due diligence either. These notes, which were the US’s largest capital export at the time, entice foreign investment.

Unsurprisingly, the loans started to default, and regulators made mistakes by altering the accounting standards for commercial and investment banks, resulting in significant write-offs. Real estate is solid collateral, but forget that if it is n’t backed by future incomes, it melts into thin air as a result of this series of events. &nbsp,

Japan’s decision to use “real estate” as its main collateral had its origins during the 1930s following the&nbsp, 1920s and 1930s crises both in the US and Europe and a large number of Japanese defaults in 1931. &nbsp, &nbsp,

The government established the Bond Issue Arrangement Committee ( BIAC ) to manage the collateral for both convertible and regular government bonds, which makes it illegal to issue corporate bonds without the support of real estate or specific government bonds. This requirement left the Japanese corporate bond market without a market for them, allowing the banks to take over the majority of corporate finance. &nbsp,

Only in 1979 was the rule relaxed, with Sears Roebuck Tokyo issuing the first uncollateralized bond since the 1930s. However, the rules continued to exclude financing to small and medium-sized companies that most needed to raise funds by issuing convertibles and warrants, thus limiting investment opportunities. &nbsp,

At the same time, well-established firms issued convertibles, turning them from net borrowers to net suppliers of funds to the banking system. Flush with funds, the banks lent against land – as it continued to be the approved collateral. &nbsp,

Thus, Japan entered the John Law mess. Land prices increased and, as large companies held more and more land as collateral, their stock prices rose. The Bank of Japan fueled the inflation by lowering interest rates from 5 % in 1985 to 2.5 % in 1987. &nbsp, &nbsp,

By the end of the boom, &nbsp, 10 % of corporations owned over 80 % of company-owned land in Tokyo. While loans to the real-property industry by banks made up 11.5 % of all their loans, the non-bank lending sector’s exposure to real estate was 36 % of its total loan portfolio. &nbsp, &nbsp,

The most notable example of this is the Rockefeller Center acquisition, which Japan also completed in foreign real estate. ( Mitsubishi lost$ 1.4 billion on the deal once the credit creation–land–stock spiral deflated. ) Japan did not heed Adam Smith’s lessons.

Additionally, it made mistakes worse by correcting what were monetary errors through a number of fiscal errors. Those errors included the imposing a 20 % withholding tax on savings, a capital-gains tax on equity sales, a security transfer tax, a 3 % consumption tax, a 6 % tax on new cars, &nbsp, and a 2.5 % surtax on corporate profits among others. &nbsp,

At the end of 1989, it introduced the Basic Land Law, which focused on suppressing land” speculation” – drastically raising capital gains taxes. The changes were complex, but they actually caused 20 % to 50 % of real estate capital gains taxes if individuals or businesses sold land before the ten-year holding period. The crash of 1991 in land and stock prices was thus hardly “irrational”.

In total, both crashes and crises were caused by labeling land as being “real” despite the fact that it frequently melted into thin air. A more stable financial future may require a more accurate understanding of the qualities of talent and capital, all being held accountable for performance, as opposed to policies encouraging people to hold onto immobile parcels of land. &nbsp,

The article draws on Brenner’s Force of Finance,” How the Financial Crisis Did Not Change the World”, and” Toward a New Bretton Woods Agreement”.

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China unleashes welcome wave of market-friendly stimulus – Asia Times

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The Chinese Communist Party (CCP ) Central Committee’s Politburo has called for powerful measures, including limiting the home supply and cutting mortgage rates, to end the free fall of home prices and meet the country’s 5 % annual economic growth target.

According to Beijing’s positive signs on the property industry, shares of the Hong Kong-listed Chinese builders rose on Thursday. &nbsp, Longfor Group gained 28.3 % to HK$ 11.78 ( US$ 1.51 ) while Sunac China Holdings was up 26.89 %. China Vanke Co Ltd surged 22.7 % to HK$ 5.73 while China Overseas Land &amp, Investment rose 15.7 % to HK$ 14.32.

The property stock rally boosted the broad Hang Seng Index, which closed up 4.2 % to 19, 924 points on Thursday, the highest in 15 months. The Shanghai Composite Index ended up 3.6 % at 3, 000 points. &nbsp,

Although the Chinese economy has been frequently steady this year, it is still necessary to take a comprehensive, achievement, and serene view of the current economic situation, face the challenges firmly, and maintain confidence, according to the Politburo meeting held on Thursday. &nbsp,

The meeting’s readout said the country if properly utilize existing policies, step up efforts to roll out progressive policies, make policy measures more focused and efficient, and strive to accomplish the targets and tasks for this year’s economic and social development.

” We should strengthen the counter-cyclical adjustment of our fiscal and monetary policies, ensure necessary fiscal expenditures, and do a good job in the’ three guarantees” ( people’s access to compulsory education, basic medical services and safe housing ) at the grassroots level,” the meeting said”. We may stop the property price reduction. ” &nbsp,

It recommended that the People’s Bank of China ( PBoC ) reduce reserve requirement ratios ( RRRs ), implement significant interest rate reductions, and add more property developers to the” White List” to make it easier for them to borrow from banks.

Additionally, it recommended that regional governments striktly regulate the number of newly constructed residential properties, reduce inventories of real estate, improve the quality of existing homes, and buy unused land from developers for fair prices.

Additionally, the meeting asked local governments to tweak their land, governmental, and economic policies to support property markets.

The PBoC announced its plans to lower borrowing costs and increase lending on Tuesday following the US Federal Reserve’s reduction of its key lending rate, which was 0.5 % to 4.7 % to 5 % on September 18. &nbsp,

Initially, the PBoC lowered RRRs by 50 basis points so that banks could provide an additional 1 trillion yuan ($ 143 billion ) of loans to borrowers. The 7-day reverse mortgage rate, which was cut to 1.7 % in July, was also reduced, but it was also lowered by 10 base points to 1.85 %. &nbsp,

There will be another Clo cut later this month, according to PBoC Governor Pan Gongsheng. He even signaled a 0.2-0.25 % cut in the prime loan rate but did not provide more information. &nbsp,

In a press presentation on September 5, Zhou Lan, the head of the PBoC’s economic policy office, stated that there are still some restrictions on cutting interest rates.

Some economists claim that the PBoC has little space to lower costs because China’s 10-year US Treasury relationship generates are also higher than China’s, which has resulted in significant cash flows from China over the past two years. &nbsp,

Long-term desire

According to the National Bureau of Statistics ( NBS ), prices of new homes in first-tier cities&nbsp, fell&nbsp, 4.2 % year-on-year in August. Home prices in Beijing, Guangzhou and Shenzhen declined 3.6 %, 10.1 % and 8.2 %, respectively, while those in Shanghai rose 4.9 %. &nbsp,

Among the 70 important Chinese cities, Shanghai and Xi’an were the only two places that saw a year-on-year boost in house prices last quarter. &nbsp,

In an article published on Tuesday, a Chinese house columnist who uses the name” Uncle Pang” claimed that house prices in the Tianhe city of Guangzhou have dropped 28 % from 65, 000 renminbi to 47, 000 renminbi per square metre over the past year.

He claimed that over the same time span, house prices in the Huangpu district of Guangzhou have decreased by 27 % from 30 000 to 22 000 renminbi per square metre. &nbsp,

He claimed that some home investors had previously assumed that home prices at desirable locations in premium cities would rise after a tiny correction. He claimed that it has not occurred because the years-long adjustment has previously given rise to a long-term marketplace expectation that prices will continue to decline. &nbsp,

Because the property markets in the Guangzhou capital city are very fanciful, he added that Guangzhou’s house prices are falling more than those in Beijing and Shenzhen. &nbsp,

After the PBoC slashed the one-year loan prime rate ( LPR ) by 10 basis points to 3.35 % on July 22, some state-owned banks in Guangzhou started offering mortgage rates as low as 3.1 %, Nanfang Daily reported. China Resources Bank officially began offering mortgage rates of 2.89 % in the late summer of this year. &nbsp,

” Except in top-tier places, there are generally no house restrictions in China today, but home prices also keep falling. Why? The only explanation is that individuals do not have funds to provide the markets,” a Guangdong-based author said in a new article.

” Some people have benefits but their money is declining, especially the younger labor, “he said”. Young people are frequently hit with pay cuts and poverty.

He claimed that homeowners pushed back on their plans to purchase bigger homes because they did n’t want to sell their current homes for low prices. He said traders have even adopted a wait-and-see method. &nbsp,

Read: China on the ears of a Fed price cut issue

Following Jeff Pao on X: &nbsp, @jeffpao3

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China’s 2bn bank injection to entice global investors – Asia Times

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The government’s announcement to invest a significant US$ 142 billion in its largest state banks could be a major turning point for international investors who have been cautious about China’s monetary prospects in recent years. &nbsp,

This shift, though not yet finalized, signals a significant shift in policy, one that could breathe new life into an business that’s been struggling to maintain speed. &nbsp,

For those who want to take a closer look at the long-term potential, this cash injections should be seen as a bearish sign even though many investors have resisted leaving China due to concerns about its economic decline, property market challenges, and regulatory crackdowns.

Economic development, which once constantly surpassed 6-7 %, has slowed to amounts that have left global investors questioning China’s position as the world’s progress website. &nbsp,

The current problems of the home business, which has previously been a major contributor to the government’s GDP, have exacerbated these problems. The decline of big designers, combined with a slump in consumer trust, has kept some traders on the outside.

Mega-injection

But, Beijing’s possible mega-injection into the state institutions represents a major shift in policy. This action may significantly increase China’s largest financial institutions ‘ ability to lend money to these areas, enabling them to network more money into these areas that are deprived of resources. &nbsp,

The Chinese authorities is essentially double down on its dedication to stimulate growth by concentrating on banks with strong cash levels that now exceed regulatory requirements. &nbsp,

This treatment is not just about saving the banks —it’s about reinforcing the overall economic system, which, in turn, strengthens the base of the broader market.

This potential treatment may be the first of its kind since the global financial crisis in 2008, when China also injected money into its businesses to maintain the system. &nbsp,

That action strengthened China’s ability to weather the global slump more successfully than many other countries, cementing its status as a vital force behind global growth. &nbsp,

Now, with global financial uncertainty once again on the rise, this latest action may include a similar impact on the country’s second-largest business.

Beijing is demonstrating its willingness to take a hands-on approach to addressing its economic challenges by introducing special royal bonds, which act as a form of cash injection. &nbsp,

This is especially crucial for global owners, who have been concerned about China’s ability to maintain its growth direction despite both domestic and international issues. &nbsp,

This treatment should send a clear message to those who have watched from the outside that China is ready to do whatever it takes to protect its economy, and that the inside potential for investors is important.

This shot, in addition to recent cuts to loan rates and important coverage rates, suggests that China is entering a new era of financial management, one that will concentrate on reinvigorating progress through monetary easing and fiscal stimulus. &nbsp,

These policies are likely to encourage consumer spending, bolster the housing market, and encourage business expansion. All of these developments are positive for global investors, especially those who want to capitalize on China’s enormous market potential.

Boost for equities

The market’s response to the news has been telling: Chinese equities, which have been under pressure for much of the year, posted solid gains as the possibility of further stimulus emerged. &nbsp,

This rally highlights the underlying confidence that remains in China’s long-term economic prospects. Investors are betting that this capital injection could be the first of a line of stimulus measures intended to revive growth and stabilize the economy.

For global investors, the opportunity is twofold. First, they can benefit from the short-term boost in Chinese equities as market sentiment improves. Second, they can position themselves for long-term growth as China’s banking system and broader economy recover and expand. &nbsp,

Of course, the risks of investing in China remain real. The country faces significant structural challenges, including its heavy reliance on debt-fuelled growth, a complex regulatory environment, demographic decline and geopolitical tensions with the West. &nbsp,

These risks have long been a part of the China story, and they are balanced by the potential for high returns, especially in a country where the government is actively supporting economic growth.

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Chiang Mai city flooded as Ping River overflows

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In: South-East Asia

Another storm boom is coming your way

PUBLISHED: 25 Sep 2024 at 12: 39

Flooded downtown Muang district of Chiang Mai on Wednesday after the Ping River overflowed on Tuesday night. Another flood surge is on the way down river, expected to arrive on Wednesday night. (Photo: Panumet Tanraksa)
After the Ping River overflowed on Tuesday evening, Chiang Mai’s city Muang city was completely submerged on Wednesday. On the way downriver, an additional storm boom is expected on Wednesday night. ( Photo: Panumet Tanraksa )

Lee MAI: The Ping River overflowed, flooding city and other company areas in Chiang Mai’s Muang district later on Tuesday night. &nbsp,

Residents are informed that another significant drainage wave from the Chiang Dao district is scheduled for Wednesday night.

The creek, which passes through the town, was still rising fast. Around midnight on Wednesday, the Nawarat Bridge monitoring station’s 4.2 meters essential reading was exceeded, and it reached 4.45 meters. The stage then stabilised. &nbsp,

The Night Bazaar and Chang Khan and Charoen Prathet Bridges are both affected by the river’s overflowing banks, which flooded into the Night Bazaar and into the banks. In addition, the low-lying areas in the Pa Daed and Nong Hoi regions were flooded.

To protect the rivers, the Chiang Mai Municipality and state authorities constructed shovel restrictions. Local people were being protected by the boulders being distributed. ( continues below )

Sandbags are sent to reinforce floodwalls along the Ping River and communities in Chiang Mai. (Photo: Panumet Tangraksa) 

On Wednesday night, a Chiang Mai river community is helped by a sandbag floodwall and pumping. ( Photo: Panumet Tangraksa )

Drain pipes in the Muang neighborhood burst as a result of the load. The water was 30 to 50 centimeters strong, and some highways were difficult for smaller vehicles to cross. It resembled the worst flood in Chiang Mai in 2022, according to many people.

Residents in the Chiang Dao area were issued a warning on Wednesday that north runoff, which was triggered by heavy over rain, was headed for the Mae Taeng and Nam Ping rivers. On Wednesday evening, it would move into the Ping River, which is already flooded. This may cause the water levels to rise even more.

At the P1 water stop at Nawarat Bridge, the water department reported that the Ping River had reached a maximum of 4.45 meters at around 5am.

Water sends were being installed to aid in the drainage of flood-stricken regions, and groups using powerful opening equipment were collaborating closely with other organizations to assist the victims.

In addition to serving bed-ridden and elderly patients in need of assistance, the Chiang Mai Municipality established a temporary sanctuary at the provincial hospital.

Work groups were on complete alert for Wednesday night’s anticipated new flood appearance.

Sandbags are put in front of the gate of a house in Muang district of Chiang Mai. Municipality on Wednesday distributed sandbags to flood-hit communities. (Photo: Panumet Tangraksa)

On Wednesday, a boulder wall was erected at a house gate in the Chiang Mai Municipality’s Muang district. ( Photo: Panumet Tangraksa )

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