China 

China consumer spending ‘not fully recovered’ from US-China trade war despite improving sentiment

Chinese consumer spending “stabilised but has not fully recovered” in the first quarter of the year even though overall economic growth was stronger than expected due to Beijing’s stimulus measures, according to a China investment strategist and former US diplomat.The nominal growth rate of household consumption actually slowed further to 7.3 per cent, down from 8.0 per cent in the fourth quarter and 7.6 per cent in the first quarter a year ago.But gross domestic product, fixed asset investment… Source link

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Chinese banks boost fintech spending and launch services to counter competition from internet giants

Chinese commercial banks are boosting their fintech investments and capability to counter competition from internet giants as they chip away at their businesses.Some banks, although late to the party, are wholeheartedly embracing the fintech revolution which has transformed customers’ financial consumption behaviour.Last year China Construction Bank (CCB) set up its own wholly-owned fintech unit, joining Ping An Bank, China Merchants Bank, China Everbright Bank, Industrial Bank, and China… Source link

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Chinese consumers – accounting for 33 per cent of all luxury goods spending globally last year – to tighten purse strings in 2019

Spending on luxury goods in mainland China is expected to increase by 10 per cent in 2019, slowing from the 20 per cent recorded in the previous two years, according to a report on the country’s market for such items by global consultancy Bain & Company.A slowing economy has affected people’s incomes and personal wealth, which will deter China’s affluent classes from buying luxury items, said Bruno Lannes, a partner at Bain.“We need to realise that China’s economy is slowing down,” he said. “In… Source link

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Singapore 

Singapore Instagram queen Jamie Chua is done with just spending, Singapore, Women News

Jamie Chua’s walk-in wardrobe is a sight to behold. The Singaporean socialite owns one of the world’s largest collections of Hermès handbags. Some 200 of them, including the French label’s iconic Birkin and Kelly styles in various colours and sizes, take pride of place – kept in full-length glass cabinets at the front of the 700 sq ft, fingerprint-protected wardrobe. “I tend to pick classic colours over seasonal or limited-edition colours. Reds, pinks and yellows are very much sought after because even though they may not be your usual neutral…

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PetroChina parent to quintuple exploration spending to help realise Xi’s national energy security goal

China National Petroleum Corp., the nation’s largest oil and gas producer, will quintuple its resource exploration budget to 5 billion yuan this year, to help slow the nation’s growing dependence on foreign oil and gas, according to chairman Wang Yilin.The energy titan will also lift its broader budget for discovering new resources and ascertaining their economically extractable volumes by 25 per cent from last year without giving the spending level, said the parent of listed PetroChina in an… Source link

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China 

China raises 2019 budget deficit target on promises of tax cuts and infrastructure spending to stem slowdown

China’s government has lifted its 2019 budget deficit target to 2.8 per cent of gross domestic product (GDP) from last year’s 2.6 per cent, giving Beijing more room to step up tax cuts and increase infrastructure spending to stabilise its sagging economy, Premier Li Keqiang said in his annual work report.Business and personal taxes would be cut by 1.3 trillion yuan (US$194 billion) this year, more than the 1.1 trillion yuan in last year’s cuts, the premier said.The government will cut the value… Source link

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Car sales, TV sets and the McDonald’s McRib – what consumer spending tells us about the health of the US economy

The McDonald’s McRib is a barbecue-flavoured, pork-based sandwich introduced in the 1980s and made available for only a very brief period each year. For fast-food fans, the tangy but elusive sandwich has a cult-like status and has spawned many dedicated McRib locator websites, just so devotees can pinpoint their best opportunity to get their hands on the treat.Surprisingly, the presence of the McRib has also been linked to improved equity performance. When the seasoned, sauce-dripping sandwich… Source link

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Singapore 

Parliament: Planned GST increase alone won’t be enough for future spending needs, Sitoh says, Singapore News

SINGAPORE – The planned GST increase is but one measure to meet rising spending needs, and will not be able to meet them in full, Mr Sitoh Yih Pin (Potong Pasir) said on Wednesday (Feb 27), as he reminded members about the need for fiscal sustainability and financial prudence. The Goods and Services Tax, currently at 7 per cent, is estimated to bring in $11.69 billion in the coming financial year. And the rise in the tax rate by 2 percentage points to 9 per cent, sometime between 2021 and…

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China 

China’s wealthy citizens will not be cutting back on spending despite trade war and economic slowdown

China’s wealthy citizens show no sign of cutting back on their spending amid the ongoing trade war and economic slowdown, with a recent survey showing more than 80 per cent plan to spend at least the same amount as last year.The results paint a slightly different picture from headline economic indicators pointing to a weakening retail sales growth.The survey, conducted by the HSBC before this month’s Lunar New Year holiday, questioned over 2,000 Chinese consumers with an annual income of at… Source link

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China 

China's January passenger car sales in biggest drop in seven as worries over economy, spending deepen

China’s passenger car sales fell 17.7 per cent last month from a year earlier to 2.02 million units, marking the lowest January sales since 2012.Data from the China Association of Automobile Manufacturers showed that there was a 15.8 per cent decline in total vehicle sales in China in January to 2.37 million units.It is the seventh straight monthly decline in the world’s largest car market, and adds to wider concerns over domestic consumption and economic growth.Global carmakers such as… Source link

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