Thursday, July 18 2019 | ASIA TODAY INTERNATIONAL - Reporting the Business that Matters in Asia
SINGAPORE- Foreign investors' holdings of Chinese domestic bonds could rise to $500 billion in the next one to two years, raising China's exposure to the global financial cycle, according to a report published today by ratings agency Standard and Poors. The report says China's bond market will also increasingly affect financial conditions across Asia-Pacific.
GUANGZHOU - Xinhua, China's State newsagency, is reporting that it is now possible in Guangdong province for entities and individuals to use a number of uninhabited islets for purposes such as tourism and aquaculture.
TAIPEI - Taiwan's Ministry of Foreign Affairs (MOFA) has condemned China "in the strongest possible terms" for blocking Taiwan's participation in the 72nd World Health Assembly meeting from May 20-28 in Geneva -- on the basis of the 'one China principle'.
SINGAPORE - There was a distinct divergence in foreign portfolio flows into Asia ex-China in April, with equities recording the largest monthly inflow since March 2017 and the debt market experiencing the largest broad-based outflows since November 2016.
BEIJING - China's State Council has decided to continue preferential corporate income tax policies for integrated circuit (IC) and software companies. The State newsagency, Xnhua, reported that China will also seek more investment from home and abroad to participate in and promote development of the two sectors.
SEOUL - South Korea's President, Moon Jae-in, and U.S. President Donald Trump have discussed by phone how to maintain dialogue with North Korea and resume denuclearisation talks as early as possible.
SINGAPORE - S&P Global Ratings said today that the Goods and Services Tax (GST) regime in India will not significantly reduce the deficits of Indian state governments.
JAKARTA - Indonesia's GDP growth eased in Q1, broadly in line with expectations. Government spending growth picked up ahead of the April elections, and private consumption growth edged up, but these were offset by a pullback in investment growth and a slump in exports.
SYDNEY - A new paper released by the Australian Strategic Policy Institute (ASPI) argues that there is little prospect of Australia 'waiting out' the current US-China economic dispute.
BEIJING - A new regulation, to go into effect on July 1, defines the scope of Chinese Government investment to ensure that investments focus on key areas -- and go where they are intended.
HONG KONG - China's PMI data for April show an improvement over the Q1 average of 49.7 amid a jump in new export orders.
BEIJING - China's Global Times newspaper, which often reflects Government policy, is reporting that China's first 5G police station, featuring technology such as augmented reality (AR) glasses and patrol drones, has been unveiled in Bao'an district in Shenzhen.
NEW DELHI - Steel demand in India is expected to grow above 7% both this year and next, according to the World Steel Association, which forecasts that global steel demand may reach 1,735 million tonne (MT) in 2019, a rise of 1.3% over 2018.
HONG KONG - Standard and Poor's believes China's national oil companies (NOCs) are set to boost outlays to secure future energy supplies after several years of relative spending discipline. They will also bump up production in a year that has seen average oil prices well above their all-in cost levels, the ratings agency said.
"China's NOCs will focus on domestic exploration and production (E&P) for oil and gas in order to enhance national energy security," said S&P Global Ratings credit analyst Danny Huang.
TAIPEI - Taiwan's Health Minister, Shih-Chung Chen , has again appealed to the World Health Organisation ( WHO) to respond favourably to what he called "widespread calls" for Taiwan's inclusion in the World Health Assembly (WHA) and related technical meetings, mechanisms and activities.
SEOUL - At -0.3% q/q sa (+1.8% y/y), South Korea's preliminary Q1 GDP performance for 2019 was the weakest since the global financial crisis. The weakness was broad-based, with the decline in exports deepening and feeding into final domestic demand (particularly investment), according to an ANZ Bank research note.