World

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...

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 ...

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...

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...

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...

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...

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...

Earlier this year, China announced an ambitious goal of reaching 5% economic growth in 2024. Today, nearly seven months into the year, economists and government officials say they are optimistic that China can reach its goal. “We have the confidence and capability to achieve the growth target,” Chinese Premier Li Qiang said at the World Economic Forum’s Annual Meeting of the New Champions (AMNC), a gathering of top global voices from government, business, civil society and academia held in Dalian, People’s Republic of China. “China’s large market is open,” Li stated. “The rapid growth of new industries and new drivers has buttressed the sound and sustained development of the Chinese economy.” Peng Sen, the President of the China Society of Economic Reform, added at the ...

The high demand for housing is not being met in Indonesia due to a lack of supply. For Indonesian people, a house can only be a house if it is on the ground — not in a flat or apartment. This increases market demand for land and property, which drives prices to increase. But rising prices are not being matched by proportionate income increases. In response to this difficulty, the Indonesian government established the Public Housing Savings Management Agency — Tapera — in 2016. Due to socioeconomic developments, the government updated this regulation to now compel all Indonesian workers to participate in the Tapera program, with a monthly contribution of three per cent deducted from their salaries. Salary deductions to fund Tapera enraged the public. Employers were also unhappy, as t...

In Tokyo, Bank of Japan Governor Kazuo Ueda is searching for an exit from 23 years of quantitative easing. However, the answers he seeks could lie more in Beijing. Japanese policymakers are as surprised as anyone by the underperformance of China’s economy. Back in January, Team Ueda fully expected a powerful growth boost from Asia’s biggest economy that buttressed the argument for higher borrowing costs. Instead, Japan and its neighbours are grappling with the fallout from Chinese deflation, overcapacity and dithering on efforts to end the property crisis. Even if Chinese exports are thriving, weak import activity is being felt throughout the region. For Ueda to feel comfortable tapping the brakes, he must believe China will add more ...