Asia

Beijing, China:   Chinese bank depositors, who are protesting against their inability in getting their frozen funds back, are now boycotting the mortgage payment which in turn is increasing the non-performing assets (NPA) of the banks giving a major blow to the country's economy.China Evergrande Group, one of the largest property developers in the country by sales had promised to release an initial restructuring plan by the end of July, according to The Wall Street Journal.As of June 2021, Evergrande had more than USD 300 billion in debt and other liabilities, such as unpaid bills to suppliers. It defaulted on its dollar bonds in December, after months of liquidity problems, it reported further.There is a deep slump in the country's property market. China's ailing property market ...

Zambia has cancelled US$ 1.6 billion Chinese loans to void Beijing’s debt trap. The southern African country has also managed successfully in negotiating a $1.4 billion IMF bailout to restructure some $17 billion external debt. In November 2020, the country defaulted on a sovereign loan, and then in February 2021, Zambia applied to be considered under a newly established process set up by the G-20 called the “common framework” designed to help countries weather the storm of COVID-19 with debt relief and restructuring. China is Lusaka’s biggest bilateral lender and Zambia has an exceptionally high level of Chinese loan commitments. Zambia's debt to Chinese public and private lenders is $6.6 billion, almost double the amount disclosed by the previous Zambian government, th...

Chinese economy with a most educated generation is suffering to generate enough employment opportunities for its population. A bunch of factors has propelled unemployment among 16- to 24-year-old urbanites to a record 19.3%, more than twice the comparable rate in the US. China is aiming to transform the country into a more innovative and technologically advanced economy but about 15 million young people are estimated to be jobless, and many are lowering their ambitions. More young people taking roles in government may leave fewer jumping into new sectors and would also dampen innovation. Schooled at the most prestigious universities at home and abroad, top Chinese talent used to aim for Fortune Global 500 companies, large internet platforms, consulting agencies or law firms in cities s...

Islamabad, Pakistan: Economic unrest is increasing the difficulty for people of Pakistan. The economic crisis is nowhere to end. Rupee is depreciating with the economy which now is impacting the cost of production. Pakistan's economic outlook remained uncertain and blurry while inflation would stick around the current level of 21 per cent in the short term, said the Ministry of Finance on Thursday, amid the government's failure to stem rupee depreciation that was causing price hike, reported The Express Tribune. In its monthly economic outlook for July, the economic advisory wing underlined that the inflationary and external sector risks were building macroeconomic imbalances in the economy. "All these factors are making the economic outlook uncertain," stated the finance ministr...

Beijing, China:Shanghai Human Resources and Social Security Bureau on July 26 said that the openings are being offered by 259 postdoctoral programs run by 123 world-leading companies, top Chinese institutes and universities in the city, Shanghai Daily reported. The institutes and universities include Pujiang Laboratory, the Shanghai Institute of Technical Physics of the Chinese Academy of Sciences, Shanghai Jiao Tong University, Fudan University and COMAC.In May, Chinese Premier Li Keqiang underlined the importance of implementing policies for stabilising the economy and supporting market entities to bring the situation back to the normal track in an unusually stark warning that comes as COVID curbs have adversely impacted the second-largest economy. Keqiang had painted a grim p...

The bubble has burst. The phenomenal growth story of the Chinese economy is drawing to a close. After a Covid-induced 6.8 percent shrinkage of the economy in the first quarter of 2020, now in the second quarter of 2022 the growth rate has come down to just 0.4 percent. While a draconian lockdown imposed for a two-month period from March 2022 to May 2022 to enforce an overcautious zero – Covid policy could be the immediate reason between the latest fall in growth rate, the underlying malady could be much deeper; reasons like a slump in the real estate sector of the Chinese economy, a policy of inducing growth through investment in infrastructure that has little productive use and sinking of resources in bad investments overseas though the Belt and Road Initiative in an anxiety to make s...

The US latest move to persuade South Korea to join chip 4 alliance has left China worried.  That’s because China has dreamt of becoming a leader in semiconductor production by 2030.  It has been working overtime to enhance its capabilities and production so that it can leave US and others behind. But US’s move to forge a chip alliancewill certainly curb Beijing’s growing capabilities as a chip maker.   In March, the US had planned to create a Chip 4 strategic alliance of global chip powerhouses that includes South Korea, Japan and Taiwan. The US wants to build a cooperative platform for the semiconductor supply chain that will combine the US’ technological prowess, Japan’s materials and parts, and Korea and Taiwan’s manufacturing capabilities. However, the US govern...

WASHINGTON: A Pakistan Embassy press release said Mr Fatemi told the US official that “Pakistan seeks close and cordial relations with the US on the basis of equality, mutual cooperation and mutual benefit”. He told the deputy secretary that “Pakistan is an important player in promoting regional peace, security and prosperity and taking the bilateral relationship forward in a substantive manner would serve the interests of both countries,” the statement added. Mr Fatemi told Sherman that Islamabad viewed Washington as “an important partner in its efforts to revive Pakistan’s economy,” the embassy said. Spokesperson Rice, however, focused on “coordination on Afghanistan, regional stability”, but he also mentioned the need for supporting efforts to cope with “the devastating effect...

Hundreds of disgruntled bank customers in China had been protesting for the last two months who were denied access to their accounts as four rural banks in central province of Henan and one in Anhui were exposed to what is being described as China’s “biggest bank scam”.  As the clients of these banks took to the streets to ratchet up pressure on the local governments, the authorities decided to repay individuals with deposits of below 50,000 Yuan from July 22.  Later it was decided to repay the clients from the exposed banks with deposits of up to 100,000 Yuan from July 25.  Arrangements for those with higher amounts of savings will be subject to further notice.           The bank scam is not isolated or a lone event or fi...

WASHINGTON: State Department spokesperson Ned Price said Deputy Secretary Sherman noted the 75th anniversary of diplomatic relations between the United States and Pakistan and “reaffirmed our shared goals for enhancing the US-Pakistan relationship by advancing our economic and commercial ties and health cooperation”. A Pakistan Embassy press release said Mr Fatemi told the US official that “Pakistan seeks close and cordial relations with the US on the basis of equality, mutual cooperation and mutual benefit”. He told the deputy secretary that “Pakistan is an important player in promoting regional peace, security and prosperity and taking the bilateral relationship forward in a substantive manner would serve the interests of both countries,” the statement added. Mr Fatemi told She...