SINGAPORE -- China's decision not to set a GDP growth target for 2020 alleviates some risk of an excessive stimulus response to the COVID-19 economic shock, says global ratings agency Standard and Poors. However, China is still turning the dial on stimulus, and that stimulus could be swiftly withdrawn next year if the recovery continues.
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SEOUL- Meeting with business leaders from key industries at the Korea International Trade Association in Seoul, South Korea's President, Moon Jae-in, has pledged to swiftly press ahead with his proposed "Korean New Deal" to minimise the economic impact of COVID-19 and secure future competitiveness.
HONG KONG - While much has been written about the growing dependence on Chinese-made products of consumers and national economies around the world, less attention is given to an examination of the dependence of the Chinese economy on offshore markets.
Nataxis, in a new analysis, makes the point that the importance of external markets for Chinese firms grew from 7% in 2013 to 11% in 2019 - and has since collapsed, especially for China's private-sector firms.
HONG KONG - ANZ's Senior China Economist, Betty Wang, believes China's consolidated fiscal deficit could jump to as high as 9.0% of GDP due to fiscal repair measures likely in the wake of the COVID-19 pandemic.