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

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China 

China’s railway spending plummets as Beijing struggles to sustain momentum

China’s spending on railways, a key driver for growth in the last decade, tumbled in August – in part because all major towns are now covered by the country’s extensive railway network.China’s economic planning agency said on Wednesday that railway fixed-asset investment was 449.6 billion yuan (US$63 billion) in the first eight months of this year, which marked a modest 2.5 per cent fall from the same period last year.However, August alone marked a steep fall of 27.1 per cent compared to the… Source link

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Home 

Citibank says Hong Kong credit card spending dropped in August amid protests

Citibank, Hong Kong’s largest foreign lender, said credit card spending on retail had dropped in recent months, with the special administrative region hit hard by 13 weeks of unprecedented social unrest.The bank, a major credit card issuer in the city, found spending by its credit card customers on retail purchases had dropped year on year in August, Lawrence Lam, consumer business manager at Citibank (Hong Kong), said on Wednesday. He was speaking at the unveiling of new digital services.Lam,… Source link

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China 

China’s spending on research and development up 11.8 per cent to US$275 billion in 2018

China’s spending on research and development rose by 11.8 per cent last year to 1.97 trillion yuan (US$275 billion), its third consecutive double-digit annual rise, Beijing said.Businesses were the main driver of the growth, accounting for more than 77 per cent of the total, followed by the government and its affiliated bodies, and universities, according to a report published on Friday by the National Bureau of Statistics (NBS) and the ministries of finance, and science and technology.Despite… Source link

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Home 

China’s efforts to boost night-time consumer spending to aid economy hit by weak demand

Since July, in urban areas including the major cities of Shanghai, Beijing, Guangzhou and Shenzhen, local governments have unveiled a series of measures to stimulate night-time consumption in a bid turn their cities into world-class “nightlife capitals.” Photo: Xinhua Source link

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China 

China’s lowest marriage rate in 11 years in 2018 adds further obstacle to bid to boost consumer spending

Marriages in China hit an 11-year low last year, posing an additional challenge to efforts to boost consumption, stabilise the economy and tackle the nation’s looming demographic problems.A total of 10.14 million couples were married in 2018, down 4.6 per cent from the previous year, while the marriage rate dropped to 7.3 per 1,000 from 7.7 per 1,000 last year, according to the Ministry of Civil Affairs.The trend continued in the first half of 2019, with the number of marriages dropping 7.7 per… Source link

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Money 

China’s super-rich embark on British spending spree as pound nosedives

China’s president, Xi Jinping, and David Cameron famously sealed their countries’ “golden era” friendship in 2015 over a pint of Greene King IPA at the Plough at Cadsden, a five-minute drive from the then prime minister’s Chequers country residence.They were clearly a nice couple of pints. A year later the Chinese investment firm SinoFortone bought the 16th-century pub for £2 million (US$2.54 million), and announced plans (which have not yet materialised) to build 100 replica pubs across China… Source link

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Home 

Chinese consumers shrug off impact of trade war on economy with increased spending to improve quality of life

China’s consumers, among the world’s biggest spenders on goods and services, appear determined to spend their way through their nation’s slowest economic growth pace in decades, even as Beijing’s tit-for-tat tariffs on US products add to the cost of imports.One in three consumers said they were spending more money on consumer goods and services, and one in five said they would increase spending over the next 12 months, according to a UBS survey of 3,000 respondents in May. Both responses were… Source link

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China 

China’s consumer spending expected to weaken further this year as result of escalating US trade war tensions

Chinese consumer spending is likely to slow for the rest of the year as a result of the uncertainty created by trade tensions with the United States, analysts said.This could exert downward pressure on economic growth, given that the government is counting on the consumer to play a big part in mitigating the effects of the trade war.The role of consumption in China’s economic growth has changed in recent years – it accounted for 76 per cent of GDP growth in 2018, up from less than 50 per cent… Source…

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Singapore 

Government survey shows families in Singapore are spending more on travel, Singapore, Lifestyle News

SINGAPORE – Families are spending more on travel compared to five years ago, according to a recent survey by the Department of Statistics. Conducted every five years, the latest Household Expenditure Survey is based on data collected in 2017 and 2018 for Singaporean and permanent resident households. Average monthly expenditure on overseas travel increased from $260 to $340 since the previous survey conducted between 2012 and 2013. One reason is that air travel has become more affordable as budget and full-service carriers compete for the pie, says Ms Alicia Seah,…

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