US-China trade war ‘still within control’, Beijing says, as trade gap widens due to soaring Chinese exports

The US-China trade war is “still within control”, said a Chinese government spokesman, as the country’s trade surplus widened significantly in March.Exports soared while imports crashed, new data released on Friday showed, with analysts pointing to the seasonal distortions of the Lunar New Year holiday, as well as possible Chinese government intervention in the economy.“The China-US trade frictions have caused certain impacts to the operations of Chinese companies, but we think the overall… Source link

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Hong Kong’s monetary authority steps in for the second time in a week to prop up the local dollar as interest rate gap widens

Hong Kong’s de facto central bank has stepped into the foreign exchange market for the second time in a week, spending HK$3.925 billion (US$500 million) in its latest outing to prop up the local currency and keep it within the limits of a trading band with the US dollar.The local currency changed hands on Wednesday morning at 7.8498 per dollar, hovering near the 7.8500 lower limit of a trading band introduced in 2005. The interventions this week will reduce the city’s aggregate balance of… Source link

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China’s wealth gap widens as more than half of its provinces missed growth targets

China’s economic development gap is widening with tougher times looming after more than half of its provinces missed their economic growth targets last year and the effects of the trade war with the US taking a toll on the domestic economy. Seventeen of 31 Chinese provincial-level divisions failed to meet their gross domestic product growth rate goals in a year where the national economy expanded at 6.6 per cent, its slowest pace in 28 years, according to a review of local annual economic reports by the South China Morning Post.…

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Chinese food delivery giant Meituan considers consolidating data from its different platforms after loss widens amid price war with Alibaba

Meituan Dianping, the Beijing-based on-demand services giant, is exploring the option of integrating all data from its multiple platforms – including food-delivery operation Meituan Waimai, local listing site Dazhong Dianping and bike sharing app Mobike – to “better manage all the data” and gain more leverage in the face of fierce competition across its business sectors. “The move could eliminate repetitive data,” a Meituan spokesman said. However, the integration of the data is not expected to diminish the overall number of users, he said. Meituan’s proposal comes after it posted…

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How the new economy of ideas widens social inequality and fuels populist movements around the world

Ideas can be embodied in human capital in ways that augment a person’s productivity. They can also be embodied in material capital, such as physical assets to boost productivity. But increasingly the most valuable forms of capital are intangibles ones that are not embodied in man, machine, or structures – they are disembodied. Successful economies and companies are now increasingly rich in intangible capital. The intangible capital-rich economy is driven by ideas. Paul Romer, this year’s Nobel laureate in economics, made ideas the central element of his theory of economic…

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