Global 

China leaders vow to reform, not to stimulate, economy as trade deal with US nears

China’s senior communist leaders have congratulated themselves on saving the country’s economy from a hard landing during a trade war with the United States and they have decided to focus on “structural reforms”, instead of stimulus, to move the economy forward.The Politburo, the 25-member ruling body of the country headed by President Xi Jinping, reviewed China’s growth in the first quarter on Friday and concluded that market confidence has returned and economic performance was “better than… Source link

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African swine fever: ‘not enough pork in the whole world’ to fill China’s supply gap

There is not enough pork in “the whole world combined” to fill the potential supply shortfall that will hit China later this year, market analysts have warned.Pork exporting countries around the world are scrambling to fill the supply gap in China as an African swine fever epidemic sweeps across the country.Financial services firm Rabobank estimates that China could lose up to 200 million pigs to disease or slaughter during the epidemic, almost three times the pig population in the United… Source link

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China’s state-owned firms under pressure from foreign investors to boost transparency

The increased participation of foreign investors in China’s domestic stock and bond markets is putting pressure on state-owned enterprises to increase their transparency and efficiency, but bringing them into line with global standards will take time, analysts said.Chinese state-owned enterprises (SOEs) often serve political policy ends – such as ensuring financial stability and supporting the real economy – as much as commercial objectives. The government also maintains SOEs as a safeguard… Source link

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China economy grows faster than expected in first quarter on strong industrial production

China’s economy grew 6.4 per cent in the first quarter compared to a year earlier, the joint-slowest growth rate since quarterly growth records began to be published 27 years ago, according to official figures released on Wednesday, but beating analysts’ expectations.This beat the median forecast of a Bloomberg survey of economists, which predicted gross domestic product (GDP) growth would slow to 6.3 per cent for the quarter.However, it falls within the government’s growth target range of… Source link

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China’s economy dug out by strong excavator and crane sales, as stimulus kicks in

Sales of excavation equipment in China are booming, suggesting that Beijing’s stimulus package is starting to filter into the economy.The country’s 25 leading excavator makers sold 44,278 units in March, the highest monthly sales on record, according to data from the China Construction Machinery Association (CCMA). This was a 15.7 per cent increase on March 2018 and followed 68.7 per cent growth in February.Excavator sales are widely viewed as a “barometer” of the country’s infrastructure… Source link

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Global 

In Europe, China’s economic cold war with the West is over before it’s begun

THERE HAS BEEN an enormous amount of nonsense reported in the last couple of months about the state of economic relations between the European Union and China.First we heard that the EU was adopting an altogether more assertive, even confrontational, stance towards Beijing.Brussels had declared China to be a “systemic rival”, European politicians were slamming the Chinese government’s protectionist industrial policies, and the EU was vowing to stop the Chinese from obtaining cutting edge… Source link

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US-China trade war: if Trump and Xi agree ‘grandaddy’ of trade deals, here’s what comes next

After more than a year of tussling, Beijing and Washington “are rounding the turn” to achieve “the grandaddy of all” trade deals in the coming weeks, to borrow US President Donald Trump’s interesting turn of phrase.To be sure, fretting that the deal could stall or collapse at the last minute is still valid partly because of Trump’s wilful unpredictability, but the deal is more likely to happen than not.If anyone is looking for any fresh sign of confirmation, Trump gave one last week when he… Source link

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Singapore’s central bank ends tightening cycle as growth slows amid cooling economy

Singapore’s central bank on Friday kept its monetary settings unchanged after two consecutive rounds of tightening, underscoring policymakers’ concerns about a cooling economy and rising risks to the outlook from slackening global demand.The Monetary Authority of Singapore (MAS), which manages policy through exchange rate settings rather than interest rates, said it would maintain the slope of the Singapore dollar’s policy band while keeping the width and level at which the band is centred… Source link

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Donald Trump urged by former US official to include allies in US-China trade war deal

The United States risks losing the spoils of the trade war if it does not include long-standing allies in a deal with China, according to a former senior US trade official.Wendy Cutler, who was acting deputy US trade representative during the Obama administration, urged US President Donald Trump to forget his “preference for unilateral actions” and work with the European Union, Japan and other allied nations in a bid extract maximum benefit from trade talks with China.“While the US market… Source link

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US-China trade war damages export powerhouse Taiwan’s growth prospects, as global demand softens

Taiwan’s growth prospects are edging down, with the US-China trade war placing strain on the export powerhouse’s economy. Sluggish global demand is adding to Taiwan’s poor trade performance, with exports falling 4.4 per cent in March, a fifth straight monthly decline. Exports cover 77 per cent of Taiwan’s gross domestic product (GDP), which the budget office estimates will reach $595 billion this year. That weighting makes the island vulnerable to global demand shifts offshore. The picture… Source link

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