World

<strong>Potential tariffs on Chinese EVs spark retaliation concerns and trade tensions in Canada</strong>
9Jul By Joe RodriguezNo Comments
Asia, China, World

Potential tariffs on Chinese EVs spark retaliation concerns and trade tensions in Canada

Canada has begun evaluating the impact of China’s alleged unfair trade practices on its electric vehicle (EV) market, leaving China unhappy and perturbed. This decision follows actions by the US and the European Commission, Canada’s international partners, which have recently responded to unfair competition in their EV industries. The purpose of the consultation, which will continue until August 1, is to assess the risk of Canada’s EV market being inundated with cheaper Chinese plug-ins. Experts have not ruled out the possibility of retaliation from China. If Canada imposes tariffs on Chinese electric vehicles, two trade experts predict that the world’s second-largest economy will forcefully retaliate. Rachel Ziemba, an adjunct senior fellow at the Center for a New American Security, s...
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World economy’s “biggest risk” is geopolitical upheaval, according to ICCB
30Jun By TheGreenZoneNo Comments
World

World economy’s “biggest risk” is geopolitical upheaval, according to ICCB

The International Chamber of Commerce Bangladesh (ICCB) identified geopolitical tensions as the biggest risk to the global economy and recommended structural reforms to address those as Bangladesh looks to achieve middle and upper-middle-income status, according to a press release. ICCB President Mahbubur Rahman, presenting the Executive Board Report at the 29th Annual Council in Dhaka on Saturday, said the Russia-Ukraine war has caused an economic crisis in Bangladesh due to rising global commodity prices. The country's foreign currency reserves are depleting rapidly due to higher import bills. Middle East tensions are further straining the economy, he added. While Bangladesh's economy made a strong recovery from the Covid-19 pandemic, the ICCB president noted that the post-pand...
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China’s economy has grown to be worth US$2 trillion, but its industry is still in its infancy.
30Jun By TheGreenZoneNo Comments
World

China’s economy has grown to be worth US$2 trillion, but its industry is still in its infancy.

The final consumption value of products and services designed with China’s growing older population in mind – a sector that is not yet “fully mature” according to a white paper released this week – has reached about 14.4 trillion yuan (US$2 trillion), an indication of the already ballooning industry’s prospects for further expansion. Low-cost travel, e-commerce, live streaming by older influencers and sorghum wine – a high alcohol drink – are among that population’s top buys according to the white paper from Shanghai-based China Insights Consultancy and Chinese online education service QuantaSing Group. “With rapid socio-economic development, increases in life expectancy, and a decline in fertility rates, China is gradually transitioning into an ‘aged society,’” said the p...
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Made in China, for China: Can nationalism help China’s flagging economy?
30Jun By TheGreenZoneNo Comments
World

Made in China, for China: Can nationalism help China’s flagging economy?

With China’s growth target of 5 per cent this year deemed ambitious, the programme Insight looks at the factors behind its economic challenges and whether relying on innovation and domestic spending can steer its economy towards recovery. BEIJING: Living in Beijing, where “allergens are flying around”, 26-year-old Yao Yao is very particular about her cosmetics — they must protect her skin. She spends about 500 yuan (S$93) a month on make-up and has quite a collection. She has, however, stopped looking for imported brands. “Maybe in the past, people used big brands … to gain face. But the thinking of young people now is that if we use domestic products, we’ll truly ‘have face,’” she said. Her words speak to a growing trend among China’s youth: Imported goods are out, Made-in-Ch...
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Sara Hsu on Xi Jinping’s Economic Policy in China
30Jun By TheGreenZoneNo Comments
World

Sara Hsu on Xi Jinping’s Economic Policy in China

From July 15-18, the 20th Central Committee of the Chinese Communist Party – the top governing body of China’s ruling party – will convene for its much-anticipated “third plenum.” Since the beginning of the reform and opening era, each Central Committee’s third plenum has long set the policy direction for China’s economy. However, this iteration will happen far behind the usual schedule. Traditionally, the third plenum convenes a year after the CCP’s National Party Congress, last held in October 2022. Accordingly, the third plenum was expected in October or November of 2023. Instead, it was delayed until July 2024.  The nine-month gap between the expected timing and the actual convening of the plenum sparked much speculation about debate and disagreement regarding economic policy ...
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Excellent technical conformity, but further work is required: FATF regarding India
28Jun By TheGreenZoneNo Comments
World

Excellent technical conformity, but further work is required: FATF regarding India

In its brief outcome statement, the Financial Action Task Force (FATF), a global anti-money laundering watchdog, has put India in the “regular follow-up” category and underlined the need to address delays in concluding prosecution in cases on money laundering and terror financing. The “regular follow-up” category, a status shared by only four other G20 nations —the UK, France, Italy, and Russia — marks a significant achievement in India’s battle against financial crimes, the ministry pointed out. In the evaluation of 2010, there were no ratings. Among the 17 countries evaluated in the fourth round in G20, only four other countries are in the “regular follow-up” category. The rest are in the “enhanced follow-up” tent and one of them is on the grey list. The FATF has said India has re...
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US dollar weakens on weak economic statistics, as the yen gains ground
28Jun By TheGreenZoneNo Comments
World

US dollar weakens on weak economic statistics, as the yen gains ground

By Gertrude Chavez-DreyfussNEW YORK (Reuters) -The U.S. dollar drifted lower against most currencies on Thursday, pressured by softening data in the world’s largest economy that backs expectations the Federal Reserve will start cutting interest rates this year. The yen edged up from a 38-year low against the greenback following the U.S. numbers, even as traders remained on high alert for any signs of Japanese intervention to prop up the currency. U.S. reports showed that jobless claims for state unemployment benefits dropped to 233,000 for the week ended June 22. However, the number of people receiving benefits after an initial week of aid increased 18,000 to 1.839 million during the week ending June 15. At the same time, new orders for key U.S.-manufactured capital goods unexpec...
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Comparing Biden and Trump’s economic records in terms of growth, inflation, and jobs
28Jun By TheGreenZoneNo Comments
World

Comparing Biden and Trump’s economic records in terms of growth, inflation, and jobs

United States President Joe Biden and former US President Donald Trump’s first debate of the 2024 campaign has refocused attention on their respective economic records in office. During Thursday’s head-to-head, the candidates clashed on the economy, with Biden taking credit for overseeing the recovery from the COVID-19 pandemic and Trump claiming to have presided over “the greatest economy in the history of our country”. Both Biden and Trump could point to strong performances in particular areas of the economy, but opinion polls have consistently shown that voters have more trust in the Republican’s ability to handle economic and cost-of-living issues. In an ABC News/Ipsos poll released last month, 46 percent of respondents said they trusted Trump on the economy, compar...
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Sri Lanka’s Journey From Economic Crisis To Stabilization: From Turmoil To Triumph
27Jun By TheGreenZoneNo Comments
World

Sri Lanka’s Journey From Economic Crisis To Stabilization: From Turmoil To Triumph

Sri Lanka, an island nation south of India in the Indian ocean, has faced immense challenges over the past decades, including a brutal civil war that lasted thirty years, followed by a cascade of economic crises, political instability, and social unrest. The lingering echoes of conflict, combined with the devastating impacts of natural disasters, rising debt, and the global COVID-19 pandemic, have further strained the nation's recovery efforts. Despite these hurdles, Sri Lanka stands on the brink of a new era, ready to embark on a journey of recovery and prosperity. Aquarius Horoscope For Today, June 29, Saturday - Innovation Leads Your Way! A significant milestone in Sri Lanka's path to economic recovery has been achieved with the finalization of a debt restructuring deal with its bil...
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June factory activity dips anticipated to be prolonged in China: Reuters Poll
27Jun By TheGreenZoneNo Comments
World

June factory activity dips anticipated to be prolonged in China: Reuters Poll

IN BRIEF Japan is adjusting its economic relationship with China to reduce dependency, driven by rising labour costs, geopolitical concerns and changes in supply chains rather than by an intention to fully decouple economically. Despite shifts in business strategies, their mutual economic interdependence remains significant, with commitments to economic integration seen in regional agreements like the CPTPP and RCEP, and the continued growth of e-commerce trade. Japan is one of the countries most affected by geopolitical competition between the United States and China. Although the economies of Japan and China seem to be on the first track of economic decoupling in many ways as a result, they are actually only experiencing a period of structural economic change. Contrary to the p...
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