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China’s Lunar New Year spending growth slows to decade low despite record US$148.96 billion sales

Sales growth in China during the seven-day Lunar New Year Holiday slowed to the lowest rate in a decade this month, questioning if the government can unleash the country’s domestic growth potential to counter the slowdown in the economy. National retail and catering revenue rose 8.5 per cent during the holiday to 1.005 trillion yuan (US$148.96 billion), the Ministry of Commerce said on Sunday. But even though the overall sales figure reached a record high, the growth rate fell from the 10.2 per cent witnessed last year to the lowest…

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Property 

Shanghai mayor Ying Yong rules out easing control on home prices even as economy slows down

Shanghai’s mayor Ying Yong said on Thursday that he will do everything in his power to stabilise the housing market, ending speculation that the city would loosen its grip on the sector as it faced an uphill task of sustaining growth amid fears of a slowing economy. “We must bear in mind that controlling prices of land and homes is not a makeshift policy,” the mayor told a press conference after the close of the annual session of Shanghai People’s Congress. “We will stand firm in stabilising the property market…

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China 

Debate in China on quantitative easing heats up as growth slows

A debate over whether China’s central bank should directly bankroll state spending is flaring up among bureaucrats and economists in Beijing as the Chinese government is under growing pressure to find new ways to arrest a deepening economic slowdown. The debate was initiated by a middle-ranking official at China’s Ministry of Finance, who argued in a speech at a bond forum last week that the People’s Bank of China (PBOC) should use treasury bonds as a major monetary policy tool and make the government bonds “quasi-money”. Guo Fangming, the deputy…

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China 

China economy slows further, matching its lowest ever quarterly growth

The Chinese economy slowed further in the fourth quarter, matching its lowest recorded reading, last reached during the global financial crisis in 2009. The fourth quarter growth rate of 6.4 per cent, year on year, matched that of the first quarter of 2009, according to data released Monday by the National Bureau of Statistics. That was the lowest growth rate since the Chinese government began publishing quarterly growth rates at the beginning of 1992. The 2009 reading occurred at the beginning of the global crash in markets, which sparked recessions…

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Hong Kong and China stocks rise on hopes of supportive policies as economy slows

Hong Kong and China stocks rise in early Tuesday trading, as investors bet that China was preparing to announce more policy stimulus. The Hang Seng Index rose 0.1 per cent, or 265.31 points, to 26,563.64 as of 9:49am. The Shanghai Composite Index was up 0.3 per cent, or 6.23 points, at 2,542. Meanwhile, Weimob, a Tencent-backed marketing and cloud services provider, surged 15 per cent to HK$3.23 in its trading debut. Traders were hopeful that new policies to support the economy would be announced during a press conference later at…

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China 

China’s economy slows further as manufacturing contracts for first time in two and a half years

China’s economy slowed further in December, with data released on Monday showing manufacturing sector activity contracted for the first time in two and a half years. The purchasing managers’ index (PMI) fell to 49.4 from 50.0 in November, with December falling below the watershed point between expansion and contraction in the sector for the first time since dropping to 49.9 in July 2016. It was also the lowest since hitting 49.0 in February 2016. The decline was largely unexpected, with the median forecast in a Bloomberg survey predicting an unchanged…

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Property 

Home price growth slows in China as sentiment turns bearish

Growth in China’s new home prices slowed in November as domestic demand weakened though the sector remained resilient in contrast to a deeper slowdown in broader economic activity. Average new home prices in China’s 70 major cities rose 0.9 per cent in November from a month earlier, slower than the previous month’s 1 per cent and the weakest since September, Reuters calculations based on an official survey showed on Saturday. The data marks the 43rd straight month of price increases, Reuters calculations showed, a trend that continued despite curbs designed…

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China 

China economy showing effects of trade war as growth slows again in November

The Chinese economy weakened further in November, as the trade war with the United States continued to take a toll on growth, according to economic data released on Friday. The data suggest that fourth quarter growth will slow further from the decade-low GDP growth rate of 6.5 per cent posted in the third quarter. Retail sales growth decelerated sharply to 8.1 per cent from the 8.6 per cent rate in October, lower than the 8.8 per cent rate expected by analysts polled by Bloomberg. The November growth rate was the…

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Vietnam 

Vegetable, fruit export growth slows – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Viet Nam News The department said the export of vegetables and fruits might struggle in the remaining month of this year due to the impact of weather conditions which might cause drops in the output of several farming products. The department forecast a modest growth of just 10 per cent for the export of vegetables and fruits for the full year, compared to the whopping growth rate of 42.4 per cent recorded last year. The country imported vegetables and fruits worth $1.57 billion in the 11-month period,…

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China 

The pros and cons of a PBOC rate cut as China’s economy slows

A decision on cutting interest rates in China weighs the need to bolster the slowing economy with the objectives of curtailing the debt build-up and preventing a slump in the currency. After still-more disappointing economic data and fog around the trade war with the US, investors are upping their bets that more stimulus is on the way. The People’s Bank of China could reduce the one-year lending rate, sending borrowing costs lower across the economy, or focus on driving down interbank lending rates through reverse repurchase agreements. Among economists surveyed…

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