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.
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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).
JAKARTA – South Korea’s President, Moon Jae-in, and Indonesian President, Joko Widodo, have agreed to elevate bi-lateral relations between the two countries to a special strategic partnership, citing their “common aspiration to maintain peace, stability and prosperity across Asia.”
MANILA - Economic Ministers from ASEAN Member States and the Secretary for Commerce and Economic Development of Hong Kong, China (HKC) yesterday signed the ASEAN – HKC Free Trade Agreement (AHKFTA) and the ASEAN – HKC Investment Agreement (AHKIA) on the sidelines of the 31st ASEAN Summit in Pasay City, the Philippines. Negotiations had begun in July 2014.
DA NANG - Chinese President Xi Jinping on Saturday stressed importance of what he called win-win co-operation and called for properly managing differences while handling bilateral ties during meetings with world leaders on the sidelines of the 25th Asia-Pacific Economic Cooperation (APEC) Economic Leaders' Meeting.
BEIJING - President Xi Jinping has pledged to import more U.S. agricultural produce and energy products and to deepen trade co-operation during a meeting in Beijing with visiting U.S. President Donald Trump. Both Presidents attended a dialogue with business leaders from their respective countries, where they were present for the signing of trade deals worth US$253.5 billion, a record figure in the trade history of the two countries.
BEIJING - China’s Vice Finance Minister, Zhu Guangyao, said today that foreign firms will be allowed to own stakes of up to 51% in securities brokers and life insurers. The government will also remove the cap of 20% on foreign ownership in Chinese banks, but no details have yet been provided yet.