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What Trump’s tale about the US trade war’s role in China’s economic decline got wrong

News that China’s gross domestic product growth had slowed to 6.2 per cent was celebrated last week by US President Donald Trump and his trade team: “China’s 2nd Quarter growth is the slowest it has been in more than 27 years. The United States Tariffs are having a major effect on companies wanting to leave China for non-tariffed countries. Thousands of companies are leaving,” Trump tweeted. Here, at last, was clear proof that his trade war was working.  Well, for Trump’s base, maybe this… Source link

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Vietnam 

VN stocks decline as selling pressure mounts – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  Investors at BIDV Securities Co’s trading floor. The Vietnamese stock market declined on Thursday morning as investors looked to cash in on the market’s recent rally. – Photo tinnhanhchungkhoan.vn HÀ NỘI — Vietnamese shares fell on Thursday morning as investors looked to earn profits from recent rallies. The benchmark VN-Index on the Ho Chi Minh Stock Exchange dropped 0.43 per cent to close at 978.30 points. The index inched up 0.05 per cent on Wednesday. More than 72.7 million shares were traded on the southern bourse, worth VNĐ1.5 trillion (US$64.8…

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Stocks Blog: Investors brace for data expected to show decline in China exports

Happy Friday, traders — Overnight, Fed Chairman Jerome Powell gave more signals that an interest rate cut is ahead later this month. Today, we’ll have June trade data out of China. Exports are expected to have fallen due to the trade war. We’ll have three new listings in Hong Kong on the main board. We’ll keep you up on the latest. Please shoot any feedback to deb.price@scmp.com . — Georgina Lee and Deb Price in Hong Kong  Source link

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China, Hong Kong high-net-worth individuals led US$2 trillion decline in global wealth last year, Capgemini says

High-net-worth individuals in Asia-Pacific accounted for about half of a US$2 trillion drop in global wealth last year, according to consultancy Capgemini’s latest annual wealth report. China accounted for about 25 per cent of the decline, while Europe as a whole constituted another 24 per cent of the overall drop.The total wealth of Asia-Pacific high-net-worth individuals – people with US$1 million in investible assets or more – dropped 4.8 per cent between 2017 and 2018, the highest among any… Source link

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Retail decline in the US and Britain can’t be blamed on e-commerce alone. Look at China

In the global commercial property investment market, retail is distinctly out of favour. In the first quarter of this year, transaction volumes in the sector plunged 21 per cent year on year, compared with a 7 per cent decline in the more resilient office market, according to data from property adviser Jones Lang LaSalle.The rapidly diminishing appeal of retail stems from the bloodbath at shopping malls in America and on high streets in Britain, the world’s largest and fifth-largest retail… Source link

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Vietnam 

VN-Index recovers after three-day decline – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

    A terminal of PetroVietnam Technical Services Corporation in Phú Mỹ Town, Bà Rịa-Vũng Tàu Province’s Tân Thành District. The company’s shares fell 1.8 per cent on Friday despite increasing global oil prices. VNA/VNS Photo Huy Hùng   HÀ NỘI The VN-Index rebounded on Friday after a three-day decline thanks to the recovery of a few large-caps.   The benchmark VN-Index on the Hồ Chí Minh Stock Exchange rose 0.37 per cent to close at 953.61 points. More than 155.8 million shares were traded on the southern bourse, worth VNĐ3.4 trillion (US$145.3…

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Chinese middle class expects yuan to decline amid trade war, eyes offshore investment to secure wealth

Chinese households expect a weaker yuan amid a tit-for-tat US-China trade war and are increasingly looking at offshore investments to safeguard their wealth against a slowing economy and stuttering stock market at home, according to a survey released on Tuesday.The poll, conducted by market research firm Nielsen for Bank of Communications (Bocom) every two months, found that 26 per cent of 1,830 respondents planned to buy assets denominated in foreign currencies in the coming six months.The… Source link

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China 

US investment in China in sharp decline, as trade war continues to hamper business

American direct investment in China grew by 24.3 per cent in the January to April period compared with the same period last year, a sharp deceleration from the 71.3 per cent growth in the first quarter of 2019, the Chinese Ministry of Commerce announced on Thursday.The deceleration implies a sharp decline in foreign direct investment (FDI) in April, though the ministry did not release figures for the month alone.The decline in yuan terms comes as the ongoing trade war between the world’s two… Source link

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Vietnam 

VN stocks expected to decline, hopes rest on banks – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  Vietcombank’s branch in Phan Bội Châu Street, Hà Nội. Bank stocks are expected to cushion the stock market in the short term, according to market analysts. — VNS Photo Mai Hương HÀ NỘI — Vietnamese shares may continue declining this week, dragged down by the impact of recent US-China trade talks and a lack of corporate news, analysts said. The benchmark VN-Index on the Hồ Chí Minh Stock Exchange ended last week at 952.55 points, for a total weekly loss of 2.22 per cent. The HNX-Index on the Hà Nội Stock Exchange…

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China 

Brain drain in China’s rust belt exacerbated by economic decline as talent competition heats up

In 1996 not long after graduating from a vocational school with some computer skills Liu Qingfeng left Liaoyuan, a once coal-rich town in northeastern Chinese province of Jilin. It was a period of massive lay-offs in state-owned enterprises that were enduring brutal government-mandated reforms.Over the next two decades, Liu travelled between Shanghai, Shenzhen and Beijing, taking jobs in hospitals, investing in an electric vehicle rental business and setting up his own online marketing firm in… Source link

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