Asia

<em><u>China’s job market improves in Q1 amid steady economic recovery</u></em>
Asia

China’s job market improves in Q1 amid steady economic recovery

China's job market witnessed stable improvement in the first quarter (Q1) this year as labor demand grew stronger amid a robust economic recovery. The surveyed urban unemployment rate dropped to 5.3 percent in March, down from 5.6 percent in February and also lower than 5.8 percent a year ago, and the number of new jobs created in the first three months stood at 2.97 million, up by 120,000 year on year, data from the Ministry of Human Resources and Social Security showed. The employment situation gradually improved and largely remained stable thanks to a smooth shift in COVID-19 response and effective policies to stabilize the economy, Chen Yongjia, an official of the ministry, told a press conference on Monday. China aims to add 12 million jobs in cities this year and keep its j...
China Envoy: “Make in India” Should Tap the Chinese Market
Asia

China Envoy: “Make in India” Should Tap the Chinese Market

According to him, the bilateral trade between India and China hit a new high of USD 136 billion last year, with USD 118 billion of Chinese exports to India and USD 18 billion of Indian exports to China. Kong Xianhua, China's consul general in the hub of finance, emphasized on Tuesday that there is a huge possibility to increase Indian exports to the northern nation.At a promotion event for the China International Import Expo, Mr. Xianhua acknowledged the significant trade imbalance in his country's favor. "…give more emphasis to China, 'Make in India' should embrace Chinese market," Mr. Xianhua advised the sector. According to him, the bilateral trade between India and China hit a new high of USD 136 billion last year, with USD 118 billion of Chinese exports to India and USD 18 b...
Morning Bid: Political and economic criticism of China
Asia

Morning Bid: Political and economic criticism of China

Jamie McGeever provides a preview of the Asian markets for the next day. Tuesday's attention for investors is firmly on China: Eyes are on a wide range of economic and market statistics, including the first-quarter GDP, while the most recent development in the deteriorating U.S.-Sino ties will not lessen geopolitical worries. As part of a campaign against Beijing's suspected targeting of dissidents in the United States, American law enforcement officers detained two New York residents on Monday for allegedly running a Chinese "secret police station" in Manhattan's Chinatown. Also on Monday, U.S. authorities announced charges against 34 Chinese officials for allegedly running a "troll farm" and harassing opposition figures online, including by interrupting meetings on American tec...
<em><u>China’s local government debt risk controllable: experts</u></em>
Asia

China’s local government debt risk controllable: experts

China's overall government debt ratio remains low compared with other major economies, and the country's local government bond debt risk is controllable, as a strong economic rebound provides support for local government financing vehicles' (LGFVs) debt repayment capability, analysts said. The comment came after a new round of Western media hype over China's alleged local government debt problem while choosing to neglect facts as well as the Chinese central government and provinces' efforts in dissolving local government debt. For example, the New York Times plastered the sensational headline "China's cities are buried in debt," and the Economist claims that "China's cities are on the verge of a debt crisis." Chinese local government debt includes outstanding local government bonds ...
Chinese Consul General is eager to develop balanced commerce with India.
Asia

Chinese Consul General is eager to develop balanced commerce with India.

According to Kong Xianhua, Consul General of the People's Republic of China, India hardly sends $30 billion worth of commodities to China while the latter purchases $2 trillion worth of items from all over the world. At an interactive event hosted by the MVIRDC World Trade Center Mumbai, the Consul General said, "We are keen to promote a balanced trade with India." Indian businesses should seriously consider entering the Chinese market by promoting their regional brands there. In order to explore the enormous untapped export potential for India, Xianhua invited Indian businesspeople to go to China and find prospective customers for their goods. Xianhua said, "I hope to encourage bilateral exchange of trade and business delegation to boost two-way trade and investment. Many Chines...
The biggest IPO in Hong Kong is expected to raise up to $812 million from China’s ZJLD Group in 2023.
Asia

The biggest IPO in Hong Kong is expected to raise up to $812 million from China’s ZJLD Group in 2023.

According to market papers on Monday, Chinese liquor producer ZJLD Group plans to raise up to HK$6.37 billion ($811.5 million) in an IPO in Hong Kong, the highest in the financial hub this year. A total of 490.7 million shares are being offered by the business, which is supported by American private equity behemoth KKR & Co Inc (KKR.N). Each share will cost between $HK10.78 and $HK12.98. According to the documents, it would result in it raising $674 million to $811.5 million. ZJLD would have a maximum market value of $5.4 billion. Shares are scheduled to begin trading on April 27 once the final price is decided on Thursday. According to the documents, there is also a "greenshoe" option to sell an additional 73 million shares, which could bring in an additional $122 million. ...
Asia markets trade mixed as China first quarter GDP beats expectations
Asia, Market

Asia markets trade mixed as China first quarter GDP beats expectations

Asia-Pacific markets were mixed as China’s economy grew more than expected at 4.5% year-on-year, beating estimates to see growth of 4% in a Reuters poll. The onshore Chinese yuan slightly strengthened following the report. The Shanghai Composite reversed earlier losses and closed 0.23% up, while the Shenzhen Component climbed 0.04%. In Hong Kong, the Hang Seng Indexdeclined 0.77% as consumer cyclicals and technology dragged down the index. Australia’s S&P/ASX 200fell 0.29% to end the day at 7,360.2, while South Korea’s Kospi fell 0.19% to close at 2,571.09 and the Kosdaq ended the day marginally down at 909.02. Japanese markets bucked the trend in the region, with the Nikkei 225closing up 0.51% at 28,658.83, posting its eight straight day of gains and the Topix gaining 0.69% ...
Following China’s drills, a US warship navigates the Taiwan Strait.
Asia

Following China’s drills, a US warship navigates the Taiwan Strait.

In the strait, the cruise ships "transited through a corridor that is beyond the territorial sea of any coastal State," according to the statement. In its first transit of the Taiwan Strait since China conducted a significant encirclement exercise around Taiwan, the US Navy has sailed a warship. The USS Milius' Sunday passage in the strait, according to the US 7th Fleet, was regular. In the strait, the cruise ships "transited through a corridor that is beyond the territorial sea of any coastal State," according to the statement. In response for Taiwan's President Tsai Ing-wen's meeting with US House Speaker Kevin McCarthy on a visit to the US earlier this month, China staged several military exercises in the Taiwan Strait. China said on Wednesday that the mock encirclement maneuv...
Bhutan, like Sri Lanka and Pakistan, can suffer significant financial losses if it chooses to support China.
Asia

Bhutan, like Sri Lanka and Pakistan, can suffer significant financial losses if it chooses to support China.

According to a recent study by a Delhi-based organization, China has been mocking Bhutan's sovereignty and territorial integrity for decades by depicting substantial portions of Bhutan as being in its territory and sometimes by erecting massive facilities there. Red Lantern Analytica claims that the majority of these unlawful sites have been attempted to be built in the disputed territories. The article emphasized the Doklam plateau problem by stating that China is claiming ownership of the whole plateau. India, in contrast, has continued to honor old accords. In accordance with accords like the Friendship Treaty, Bhutan promised to coordinate its foreign policy with India. Bhutan is now under pressure from China to reverse course. Bhutan's Prime Minister Lotay Tshering recently sai...
Asia

Morgan Stanley predicts that Asia would expand 5% faster than Western nations by the end of the year.

According to Morgan Stanley analysts, China's loosening of COVID-19 restraints, robust domestic demand, and interest rates remaining in less restrictive zone might all contribute to Asia's economic growth outpacing that of developed nations by 5% by the end of 2023. According to MS Asia economists headed by Chetan Ahya in a note dated Tuesday, the current financial crisis in the U.S. and Europe makes the argument for Asia's superior performance even stronger. According to Ahya, lending criteria will get stricter in the U.S. and Europe, which would have an impact on local demand. While this will cause a spillover to Asia in the form of a restrained rebound in foreign demand, we believe Asia will still be able to produce enough internal demand to maintain the shifting of growth dif...