Tuesday, October 24 2017 | ASIA TODAY INTERNATIONAL - Reporting the Business that Matters in Asia
BEIJING - Chinese Vice-Premier Liu Yandong says that as robotics becomes increasingly intertwined with AI, big data and other technologies, the sector will play a significant role in driving economic growth in China.
HONG KONG - Hong Kong Exchanges and Clearing Limited (HKEX) and China’s Sichuan Provincial Government today signed a Memorandum of Understanding (MOU) to strengthen mutual communication and co-operation, aiming to support and promote future development in both capital and commodities markets.
MANILA - Banks in the Philippines are set to continue to grow rapidly over the next two years, thanks to strong solid economic growth, corporate profitability, low interest rates, and a drop in nonperforming loans, according to S&P Global Ratings. The report estimates that the banking sector in Philippines will grow at
15%-17% in 2017 and 2018, after 16.5% expansion in 2016.
BEIJING - China has opposed secondary sanctions related to North Korea announced by the US Treasury Department on Tuesday and called on the US Government to correct the "mistake". The US Treasury announced on Tuesday new sanctions on 16 entities and individuals, mostly from China and Russia, for alleged business ties with the missile and nuclear weapons programme in North Korea.
BEIJING - China will boost financing guarantee services for small and micro businesses and the rural sector under rules released by State Council decree. Local governments should increase fiscal support for such companies while information technology such as big data should be adopted to better meet the demands of small firms and rural development, the rules state.
JAKARTA - In a surprise decision, Bank Indonesia (BI) has cut its policy rate by 25 basis points, n a move that is largely to address subdued economic and credit growth, says ANZ Bank. “We expect GDP growth will struggle to reach the upper end of BI’s target of 5.0-5.4% after registering 5.0% in H1 2017,” the bank says.
BEIJING - The State Council, China's Cabinet, has made public a series of measures to ensuring the steady growth of foreign investment, the State newsagency Xinhua reported today. China should make its foreign investment environment "more law-based, internationalized and convenient" to promote growth and raise the quality of foreign investment, according to a State Council document.
KUALA LUMPUR – ANZ Bank has revise its full year 2017 GDP growth forecast for Malaysia to 5.3% (previously 4.9%) following a better-than-expected economic performance in the second quarter.
BANGKOK - Growth in Thailand in Q2 surprised on the upside, accelerating to 3.7% y/y from 3.3% in Q1, but a more broad-based recovery remains elusive, says ANZ Bank. “Trade and public spending continue to do the heavy lifting as private consumption and investment both eased,” ANZ says.
SEOUL – Addressing a press conference to mark 100 days since his inauguration, President Moon Jae-in said his government will do all it can to prevent a war from breaking out. ”I am confident there should be no war on the Korean Peninsula, ever again,” he said.
SINGAPORE -Southeast Asian telecommunications companies will have to maintain more aggressive financial policies to stay competitive in an increasingly data-driven revenue landscape, says S&P Global Ratings.
HONG KONG - After registering a stronger-than-expected performance in the first half of the year, China’s economy started to show more signs of moderation in July. “In particular, the authorities’ prudent monetary stance and stepped-up regulatory efforts to tackle a number of financial vulnerabilities, including the risky shadow banking activities, overheating property market and debt overhang, seemingly have transmitted to the real economy, says BBVA Bank.
MANILA - The Philippine economy has undergone structural improvement in the last decade, with potential growth currently around 6½%, more than double what it was during the 1990s, but the recent period of strong growth has resulted in a build-up of imbalances in the economy, which intensifying, according to a new report by ANZ Bank.
MANILA - PT Energi Nusantara Merah Putih (ENMP) and the industrial tenants of Indonesia’s Bantaeng Industrial Park (KIBA) has signed a Heads of Agreement outlining development plans for a 600MW combined-cycle power plant. The partnership is supported by the Government of Bantaeng Regency, South Sulawesi.
HANOI – Vietnam’s Prime Minister, Nguyen Xuan Phuc, has again expressed a firm commitment to support for the private sector, which currently contributes approximately 43% to Vietnam’s GDP growth. He has called for a higher contribution from the private sector to future GDP growth, with a target in the range of 50–60%.
HONG KONG – BBVA says the RMB’s strong performance in recent months has surprised the market, but is caused by a confluence of factors - a steep deprecation of US dollar against other major currencies; stronger-than-expected growth momentum in China; and effective implementation of a series of measures aiming to “promote capital inflows and limit outflows”.