IMF, World Bank must do more to defuse the bomb of poor nations’ debt
The focus is on retooling current approaches when what debt-burdened countries need is an economic re-engineering to produce more lucrative goods and innovative ways to pay down debt using commodities.
SCMP > EconomyChinese, US corporate leaders propose to defuse trade tension on supply chain, new-energy vehicles at Apec’s business lobby
The plan would next be submitted to the relevant ministries in each of the 21 member economies of Apec before appearing on the agenda of the Apec Leaders’ summit in Lima in the week of November 10.
SCMP > EconomyUS overtakes mainland China as Taiwan’s main export market, sign of ‘strategic shift’ amid tech decoupling
Taiwan’s exports to the US in the first quarter beat shipments sent to mainland China, with analysts pointing to a ‘strategic plan’ by Washington to construct and lead a world supply chain and market order.
SCMP > EconomyUS sanction threats against Chinese banks over Russia trade ties risk ‘gargantuan’ financial instability
Reports suggest US has discussed sanctions on some Chinese banks over their trade with Russia, but analysts say moves to remove China from the Swift interbank financial system could create a ‘huge problem’ for global trade.
SCMP > EconomyTesla to launch new models ahead of planned timeline, shares jump
Tesla launch of ‘new models’ by early 2025 in an advanced timeline would use its current platforms and production lines
SCMP > EconomyChina’s durian output to quadruple in 2024, processing poised to permeate with demand ‘on a rapid rise’
Chinese-produced durian is set to be available to the public in July, with production from the tropical island of Hainan likely to reach 200 tonnes this year, although Thailand and Vietnam are set to remain the largest sources.
SCMP > EconomyChina is running a full-court press for global arbitration clients. What’s the verdict so far?
As China works to sell itself as a viable destination for international firms to air their disputes through arbitration, more must be done for these efforts to meet with success, analysts and professionals say.
SCMP > EconomyCanton Fair: overseas buyers pour in, leaving Chinese exporters to ask ‘why so many foreigners?’
Foreign buyers have returned to China’s largest trade exhibition, drawn by the array of new energy vehicles and other green products on offer at the Canton Fair.
SCMP > EconomyChina’s campaign to win investment wavers as overseas capital plays waiting game
Despite its attempts to woo back foreign investment, China has yet to see a hoped-for return of overseas capital as enterprises express hesitation to jump back into the fray.
SCMP > EconomyGlobal Impact: China posts better-than-expected first-quarter growth, but US trade actions test outlook
In this week’s issue of the Global Impact newsletter, we take the temperature of US-China relations at a difficult time for Beijing as it seeks to solidify the recovery of the world’s second-largest economy.
SCMP > EconomyHow nationalism threatens a repeat of Covid-19 tragedies in next pandemic
An initially strong draft WHO treaty focusing on rapid information sharing, fair vaccine distribution and relaxing intellectual property rights appears to have been diluted. Failure to forge an agreement and put aside national differences would be a tragedy for which we will pay a terrible price, perhaps very soon.
SCMP > EconomyWorld doesn’t need industrial policy like Biden’s, not that the US cares
Well-designed policies that support innovation and technology diffusion more broadly can lead to higher economic growth across countries. Policies that limit rivals’ access to technology are hardly best for the world.
SCMP > EconomyChina-Middle East commercial ties enjoying a ‘renaissance’ as politics, trade spats strengthen shift from West, consultancy says
Commercial ties between China and the Middle East are enjoying a revival as politics, energy transition and supply-chain upheavals create opportunities for Chinese exporters, according to management consultancy Oliver Wyman.
SCMP > EconomyIMF: China’s bonds, stimulus will buoy world’s No 2 economy despite property crisis
Asia official with Washington-based agency points to the PBOC’s policy moves, as well as China’s infrastructure spending, as economic bellwethers in the face of headwinds.
SCMP > EconomyChina steels itself for new front in trade war after US proposes tariffs on metals
The US’ proposed tripling of tariffs on Chinese steel imports would be the first move in a tit-for-tat struggle that would expand the bilateral trade war, analysts said – and fuel grumblings over industrial overcapacity.
SCMP > EconomyCanton Fair: Chinese Premier Li Qiang solicits views from ‘ambassadors of friendship’ as external tensions grow
Premier Li Qiang told overseas buyers at the Canton Fair that China’s development will inject more stability into the world economy and global trade as it seeks to shore up confidence and retain and entice investors.
SCMP > EconomyWith Mideast on brink, investors ignore geopolitical risks at their peril
If investors are indeed concerned about geopolitics, their fears are not reflected in the market as equity investments remain at all-time highs. Escalation between Iran and Israel would disadvantage emerging market currencies, fan inflation and widen the gap between asset prices and the real economy.
SCMP > EconomySinking fortunes: Hong Kong falls out of world’s top 10 busiest ports ranking for the first time as volumes slump
Hong Kong, once the world’s busiest port, was knocked to 11th place in 2023 by Dubai’s Jebel Ali port, while Shanghai and Singapore retained the top two spots, according to data from Alphaliner.
SCMP > EconomyChinese EV makers Dongfeng Motor and Chery Automobile eye factories in Europe as competition escalates at home
Carmakers like Dongfeng, Chery and BYD are eyeing production sites in Europe to assemble the next generation of electric vehicles as a foil against the EU’s protectionist tariffs as a brutal price war at home drives more producers offshore in search of fresh markets.
SCMP > EconomyChina rallies aviation brainpower to get widebody C929 off the ground, amp up Airbus and Boeing competition
China’s state-owned aircraft manufacturer held a conference ahead of a week-long seminar to seek progress with its C929 passenger jet, which is due to rival the Airbus A350 and Boeing 787 models for long-haul routes.
SCMP > EconomyCanton Fair: China’s new energy exporters abuzz as orders swell, threat of trade curbs looms
Buyers and exhibitors of new energy equipment at the Canton Fair are showing boundless optimism as orders rise, but measures likely to be taken against the industry by the US and EU could spoil the fun.
SCMP > EconomyIn China, Germany’s Olaf Scholz calls for ‘open and fair’ competition as differences weigh on trade
Scholz’s trip comes as the European Union is undertaking an anti-subsidy investigation into Chinese electric vehicles (EVs), and as criticism grows in the United States about Chinese overcapacity.
SCMP > EconomyGlobal Impact: Chinese-owned social media platform TikTok is facing a ban in the US as China hits back at ‘never-ending cycle’
In this week’s issue of the Global Impact newsletter, we look to keep up with the complex and ever-evolving US-China relationship, with a particular focus on Washington’s moves to ban video-sharing app TikTok.
SCMP > Economy