China 

China government spending flat in August as tax cuts drain revenue, delay projects

Government spending in China was virtually flat in August, the first time this year it has not increased, as lower revenue following personal and business tax cuts held back projects meant to help stabilise growth.Total government expenditure in August – including both the central and local governments – declined 0.2 per cent to 1.511 trillion yuan (US$212 billion) compared to the same month last year, based on calculations from data released by the Ministry of Finance this week. Total… Source link

Read More
China 

Shanghai speeds up IPO process for government assets as city’s economy slows sharply

Shanghai has stepped up the process to launch IPOs of 14 government-owned companies after the city reported lacklustre economic growth in the first half.Bai Tinghui, head of Shanghai State-owned Assets Supervision and Administration Commission, said on Thursday that a drastic reform to modify the share structure and management style of these companies was under way as the city embarks on an ambitious plan to building a word-class free-trade port at Lingang.“We are making plans for each of the… Source link

Read More
Home 

China’s ‘most hated’ ex-regulator warns that government intervention creates stock boom-to-bust cycles

The former government official behind the nation’s stock market crisis in 2015, one of China’s most hated men, has offered a harsh lesson on the dangers of government intervention that have created many of the country’s boom-to-bust equity cycles.Xiao Gang, a member of the National Committee of the Chinese People’s Political Consultative Conference – China’s top political advisory body – and former chairman of the China Securities Regulatory Commission (CSRC), oversaw the mainland’s trillion… Source link

Read More
Home 

China can handle much slower GDP growth rate and still create enough jobs, government economists say

China should not be alarmed by a much slower economic growth rate in the coming years, perhaps as low as 5 or even 4 per cent, with the economy now large enough to still create sufficient jobs at these growth rates, according to three prominent Chinese economists who advise the government.The headline gross domestic product (GDP) growth rate slowed to 6.2 per cent in the second quarter this year, the lowest figure since quarterly records began in March 1992, due to the headwinds created by the… Source link

Read More

Hong Kong protests fail to slow city’s role as foreign investment gateway to China, government data shows

Hong Kong’s role as the primary gateway for long-term international investors to transfer money into China has remained largely intact despite the city being hit by increasingly violent anti-government protests, according to data released by the Chinese government.According to the figures from China’s Ministry of Commerce, Hong Kong remained the dominant source of foreign direct investment entering China in June, July and August when the city grabbed global headlines for the protests triggered… Source link

Read More
Ecommerce 

Tokopedia, Gojek, and Grab partner with Jakarta’s government to accelerate smart city development

Indonesia e-commerce unicorn Tokopedia, along with super-apps Gojek, Grab, and other five startups, have signed a partnership with the Jakarta government to accelerate the development of the capital’s smart city project.In a press statement, Tokopedia announced its recent position as the government’s economic partner. The company will train small and medium enterprises (SMEs) to prepare them to compete and contribute to the economy in the digital age.“This collaboration aims to invite tech… Source link

Read More
Home 

Hong Kong government to sell off site on top of West Kowloon station seen fetching record US$11.5 billion

The Hong Kong government is putting up for tender the biggest and most expensive plot of land it has ever sold, shrugging off concerns about the effects of unprecedented civil unrest on market sentiment.The six-hectare commercial site directly on top of the West Kowloon high-speed rail terminus is expected to fetch a record price of about HK$90 billion (US$11.5 billion).It is seen attracting a winning bid of between HK$20,000 and HK$28,000 per square foot. That estimate, by Knight Frank, has… Source link

Read More
China 

China’s overseas investment fell 10 per cent last year, as government crackdown on capital flight continues

China’s outbound direct investment fell 9.6 per cent to US$143.04 billion in 2018, amid growing curbs on money leaving the country, the Ministry of Commerce has announced.This was the second successive drop in China’s outbound direct investment (ODI) after many years of breakneck growth. In 2017, ODI dropped by 19.3 per cent, the first decline in record. Indeed, as recently as 2016, the Ministry of Commerce (MOFCOM) reported record high ODI, of US$196.15 billion.However, despite the Belt and… Source link

Read More
Home 

Hong Kong builders urge government to defer roll out of vacancy tax as they fear it will intensify market slowdown

Hong Kong developers have urged the government to consider a temporary suspension of the proposed vacancy tax, as they fear it would intensify the slowdown in the property market already reeling from the US-China trade war and social turmoil.“The introduction of the vacancy tax at the moment certainly will add fuel to the fire,” the Real Estate Developers Association of Hong Kong (Reda), said on Friday.“The Hong Kong government forecast shows that the city’s economy is undergoing adjustment. If… Source link

Read More
Vietnam 

Gas association urges Government to cut red tape – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

LNG consumption in Việt Nam is expected to grow at an average annual rate of 10 per cent over the next decade. —Photo tbck.vn HÀ NỘI —  The Vietnam Gas Association has asked the Government to cut red tape for gas trading. The association’s deputy director Trần Trọng Hữu said 70 stipulations were way too many – adding many of the conditions are repeated. He was speaking during a workshop organised by the Ministry of Industry and Trade (MoIT)’s Department of Domestic Market and the Institute for Brand and Competitiveness…

Read More