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Hong Kong protests and the US-China trade war are hurting the city’s economy, but Carrie Lam can stop things getting worse

The effects of the tumultuous events of the past three months are beginning to show, as Hong Kong’s social and economic situation deteriorates rapidly, casting doubts on the future of the city.Along with the further deceleration of Hong Kong’s real GDP in the second quarter, from an already weak first quarter, a series of negative shocks has pushed Hong Kong government officials to radically cut this year’s growth forecast – to a range of 0 to 1 per cent, from 2 to 3 per cent.Despite the extent… Source link

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How Donald Trump’s currency war may end up hurting the US economy, rather than China

Worse than being unjustified, Washington’s decision to brand China a currency manipulator was misguided as it could backfire on the US economy. As for Beijing, it should resist any temptation to let the yuan slide precipitately. That wouldn’t be in China’s own interest. The Trump administration’s categorisation of China as a currency manipulator followed a fall in the renminbi’s value to more than 7 to the US dollar. But, in truth, if China has been influencing the yuan’s value in recent times,… Source link

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US-China trade war hurting American companies in China as tariffs cut into demand, survey finds

Three-quarters of US companies operating in China said the escalating trade war between Washington and Beijing was hurting their business, according to a new survey by the American Chamber of Commerce in China and its sister organisation in Shanghai.More than half of respondents said that higher tariffs imposed by both countries were cutting into demand for their products and 42 per cent said they were experiencing higher manufacturing costs. Of those surveyed, 38 per cent said they were seeing… Source link

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Global 

China’s belt and road plan helping foreign firms and hurting mainland exporters, say Canton Fair exhibitors

China’s “Belt and Road Initiative” has created unexpected, and often unwanted, challenges for China’s small and medium-sized exporters, according to veteran Chinese traders attending the Canton Fair.While traders pay lip service to the government plan to recreate the Silk Road trading routes to Europe, Africa and the Middle East, some also worry that the initiative is generating new competition for the already embattled export sector.“China’s top leaders went to belt and road countries and… Source link

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China’s economic rebound is helping Europe, but not as much as Italy, France, Germany and Brexit are hurting it

Last week, the International Monetary Fund announced that it had slashed its growth forecast for the euro-zone economy, which it now expects will expand by just 1.3 per cent this year, down 0.6 percentage points compared with the IMF’s last full forecast in October 2018. The downgrade was mainly attributable to the even sharper downward revision of growth in Germany, Europe’s largest economy, which is projected to expand by a meagre 0.8 per cent this year, a drop of more than 1 percentage… Source link

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China’s tax cuts were meant to boost its slowing economy, but will they end up hurting debt-ridden regions?

In implementing tax cuts to help businesses stay afloat, China has unwittingly made life harder for thousands of debt-ridden municipalities across the country.The impact on local government budgets may also have the unintended impact of reducing support for new infrastructure projects due to a lack of sufficient funding, analysts warned.As companies and individuals pay less tax to local government’s under 2 trillion yuan (US$298 billion) worth of tax cuts this year, it is the regions that will… Source link

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Corporate tax secrecy is hurting everyone – even investment funds want to see more transparency

Who would dream of putting an end to the culture of secrecy shielding multinational companies’ account books and fortunes hidden in tax havens? There are the usual suspects, of course: tax activists including academics, churches and trade unions, who are up in arms over revelations from the likes of the Panama Papers or Paradise Papers.But not only them. A recent consultation exercise by the Global Reporting Initiative reveals that the strongest advocates of tax transparency may be investment… Source link

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China 

Beijing blames Canada for Huawei arrest and threatens ‘grave consequences for hurting feelings of Chinese people’

China has retched up the pressure on Canada to release the detained executive of Huawei Technologies over the weekend by threatening “grave consequences” and accusing Canada of “hurting the feelings of the Chinese people”, escalating the case into one of the worst diplomatic rows between Beijing and Ottawa. Chinese foreign vice-minister Le Yucheng on Saturday summoned Canadian ambassador John McCallum to lodge a “strong protest” against the arrest of Sabrina Meng Wanzhou in Vancouver and urged Ottawa to release Meng immediately, according to a brief foreign ministry statement. Meng, the…

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Singapore 

‘Parrot Man’ arrested in Geylang Serai after hurting two police officers, Singapore News

SINGAPORE – A 65-year-old man was arrested on Saturday (Oct 13) for causing public nuisance and voluntarily hurting public servants. The police said that they responded to a complaint from a member of the public at 11.30am on Saturday about a man who was asking the public for money at 1 Geylang Serai. The Straits Times understands that the man was Mr Zeng Guoyan, also known as the “Parrot Man”. When police officers engaged the man, he allegedly became uncooperative and refused to comply with officers’ instructions despite repeated warnings.…

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