HONG KONG - The Hong Kong continued to grow vibrantly in the third quarter of 2017 as real GDP expanded by 3.6%YoY. Robust private consumption helped lift the economy, which grew 6.7%YoY. Retail sales increased by 5.6%YoY in September amid improving tourism and robust domestic demand.
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TAIPEI - ANZ Bank has revised upwards its GDP growth outlook due to the sustained vibrancy of global electronic supply chains. It says the advance estimate of Q3 GDP has accelerated to 3.11% y/y, beating expectations (and the highest since Q1 2015) mainly due to a boost in tech exports.
COLOMBO - S&P Global Ratings has revised its outlook on Sri Lanka to stable from negative, while affirming its 'B+' long-term and 'B' short-term sovereign credit ratings. The transfer and convertibility risk assessment on Sri Lanka is unchanged at 'B+'.
BEIJING - China will set aside part of the assets of State-owned enterprises to make up a shortage of money in the nation’s pension funds caused by an increasingly aging population. Some State-owned companies will transfer 10% of their stakes to the pension fund in the first stage, a document released by the State Council, China’s Cabinet, said.
BANGKOK – Thailand’s GDP growth has beaten market expectations at 4.3% y/y in Q3, despite falling short of ANZ Bank’s own forecasts. As expected, exports and public spending continued to provide support, the bank says. However, investment activity remained mild.
SEOUL – South Korea’s President, Moon Jae-in, has announced plans to set up a Korea-ASEAN joint community, promising to provide support to strengthen economic ties between Korea and ASEAN economies. “I will improve the diplomatic relationship between Korea and ASEAN, bringing it to the same level as the relationship between Korea and its four surrounding countries,” he said.
KUALA LUMPUR - Malaysia’s GDP growth accelerated in Q3 to 6.2% y/y (1.8% q/q sa) from 5.8% y/y in the previous quarter. The strong expansion in the quarter was driven by exports and investment, with public consumption the only drag on growth.
BEIJING - China has picked a group of 31 State-owned enterprises for the third round of SOE mixed ownership reform, aiming to bring more private capital into the State sector, the China Daily reported.
MANILA - China and the Philippines have signed 14 co-operation deals as leaders of the two countries pledged to strengthen "positive momentum" in bilateral relations, China’s State newsagency, Xinhua, reported.
MANILA - GDP growth in the Philippines rose to 6.9% y/y in Q3 following an upward revision in Q2. Net exports provided an offset to moderation in domestic demand. But ANZ Bank warns that expansion in the real estate sector was undeterred, “making us increasingly cautious about the quality of overall growth".
HONG KONG - The Hong Kong Trade Development Council (HKTDC) has signed an MoU with its counterpart in Korea, the Korea Trade-Investment Promotion Agency (KOTRA), to promote economic co-operation and trade between Hong Kong and South Korea. The signing took place ahead of the official opening of the HKTDC’s Seoul office.
TOKYO - Japan’s GDP increased by +0.3% in Q3 of 2017, showing growth for a seventh consecutive quarter. But while the economy expanded above potential, says global asset manager Natixis, the growth profile deteriorated because the economy was largely dependent on external demand.
BEIJING - China said on Monday that it firmly opposes a visit by India’s President, Ram Nath Kovind, to a disputed area on the China-India border, urging India to “refrain from moves that complicate boundary issues, and work with China to create conditions for talks”. China’s State newsagency, Xinhua, said Foreign Ministry spokesperson Lu Kang made the comment when asked about the visit to what Xinhua called the so-called "Arunachal Pradesh" on Sunday.
China's stance on the issue of the China-India border is consistent and clear, Lu said at a daily press briefing.
SINGAPORE - Receding geopolitical risks and improving global growth prospects saw a return of foreign portfolio inflows into Asia in October. However, the inflows were primarily concentrated in equities, with South Korea and Taiwan the primary beneficiaries of foreign buying.
BEIJING – China’s Jiangsu province is stepping up regulation of public-private partnerships (PPPs) to stop them from becoming another financing platform for local governments to secretly rack up more debt.
NEW DELHI - Moody’s Investors Service has upgraded India’s sovereign rating to Baa2 from Baa3 with a stable outlook. This puts Moody’s one notch ahead of S&P and Fitch, which have India on BBB- (stable).