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.
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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”.
BANGKOK - After several years of preparation for accession to the international brand protection system, Thailand this week has finally joined membership of the Madrid Protocol for the International Registration of Marks with the World Intellectual Property Organisation.
HONG KONG – Global asset manager Natixis says its capital flow tracker points to outflows of US$152 billion from China in Q2 2017, revised from a previous estimate of US$144 billion. This is higher than US$95 billion in Q1 2017.
BEIJING - China’s foreign exchange reserves increased for the sixth straight month in July, hitting the highest level since October, official data shows, as the Government continues its crackdown on capital outflows and a weaker dollar boosted the value of assets denominated in other currencies.
BEIJING - China Everbright Bank has joined other Chinese banks in making Luxembourg its European headquarters, as Europe’s financial centrrs vie to lure Chinese businesses, against the backdrop of uncertainty around Britain's exit from the European Union.