Morgan Stanley president Kelleher says China 'is just fine'Source
China is "just fine" and the recent worries about its economy was just an excuse to sell the market off after a good run, Morgan Stanley (MS.N) President Colm Kelleher said on Wednesday. "I think there's no new news here, emerging markets will not grow, we know that. Developed markets are carrying the growth, particularly in the U.S. and we are of the view that China is just fine, 6.9 percent growth is okay and we believe those numbers broadly," Kelleher told a conference in Dublin.
Whatever does cause the next global recession, it likely won’t be China.Source
That’s according to Bank of America Merrill Lynch, who gathered its top experts on the nation to mull the "34 questions about China that you were afraid to ask." They concluded the world’s second-largest economy will steer clear of a hard landing and the government will contain the risks arising from its financial market turbulence. While its slowdown will weigh investor confidence, it won’t cause major negative spillovers to the global economy based on an analysis of trade, portfolio and commodity channels.
Lagarde: We have faith in China, despite volatilitySource
The head of the International Monetary Fund said Thursday that she's not concerned about volatility in China's markets, which have suffered wild swings in recent weeks. Lagarde remains confident that Chinese authorities will be able to guide the country during its transformation from an economy based on investment and exports, to one driven by consumption.
Why China doesn’t mind being left out of the Trans-Pacific PartnershipSource
Beijing already has free trade agreements with more than half of the TPP countries, including Australia, New Zealand, Chile, Peru, Singapore, Brunei and Vietnam, and it can exploit those arrangements to minimize or avoid import duties that would normally apply to made-in-China products. Felipe Caro and Christopher Tang of UCLA's Anderson School of Management explained in Fortune magazine this week how that could work. “To satisfy certain country-of-origin conditions stipulated in TPP, China can manage the supply chain operations of cotton shirts by importing cotton from Pakistan (via its existing free trade agreement with China) and conduct 'upstream' operations, such as fabric design, knitting and dyeing at home. "Then China can ship the fabric to Vietnam (via an existing free trade agreement with China). At the same time, Japan can ship the buttons to Vietnam (via the TPP). Vietnam can perform 'downstream' operations (sewing) and then ship the finished shirts via TPP agreement to Australia, Japan and the United States, cutting off the 5%, 10.9% and 16.5% import duties that would have applied if China had dealt directly with these countries.” And China clearly doesn’t require the TPP to enhance its already sizeable influence in the world.
Credit Suisse CEO Says He Remains Positive on China, Echoing UBSSource
Credit Suisse Group AG Chief Executive Officer Tidjane Thiam said he remains positive on China, echoing comments by his counterpart at UBS Group AG, following an equity selloff and a deepening economic slowdown.
ADB head optimistic China's economy to grow 6.7 percentSource
MANILA, Philippines – The Asian Development Bank president is optimistic China's economy will post a healthy 6.7 percent growth this year despite jitters over the yuan's depreciation and a plunge in Chinese stocks. Nakao says he does not see a serious adjustment in the Chinese economy because there is much room to expand services and fiscal reforms are being undertaken.
China on right economic path: World Bank economistSource
China is following the right path and is making progress in its bid to rebalance the nation's economy, according to a World Bank economist. Franziska Ohnsorge, a lead economist at the World Bank, said Chinese officials had outlined an economic plan at the Third Plenary Session of the 18th Communist Party of China Central Committee in 2013 and were implementing the reforms to enact that plan. "They are steadily implementing these reforms and these are exactly the reforms that China needs, but they will yield benefits over the long term," she said.
The `Hard-Landing School' Has It Wrong on China, Says RoachSource
The Yale University senior fellow said the economy is in a transition and employment data showing strong urban job growth paint a more positive picture. “You can’t look at top-line GDP and conclude about whether China is going hard or soft,” Roach told Tom Keene on Bloomberg Television. “You have to look at the pieces, the mix, and the mix is far more constructive than the China bears would lead you to believe.”
German, French central bankers warn of overreaction to ChinaSource
Speaking at a meeting of French and German central bank governors and finance ministers in Paris, Bundesbank Governor Jens Weidmann warned against painting everything black and said he did not expect a sharp deterioration in the Chinese economy. “I agree with Jens Weidmann that financial volatility is somewhat excessive. I think we need to look through the short-term (market) swings,” Bank of France Governor Francois Villeroy de Galhau told reporters.
Christine Lagarde, the managing director of the International Monetary Fund (IMF) said here Tuesday that IMF "does not believe that the world's second largest economy will face a hard landing" and that China's decision to transform "from quantity to quality" is the right way.Source
China hard landing unlikely but debt levels a concern: FitchSource
"China's financial system is dominated by banks and funded overwhelmingly by retail deposits. Both the banks and borrowers are either state-owned or heavily state-influenced. These factors combine to suggest that the kind of collapse of confidence among creditors that might precipitate a financial crisis is unlikely in China," Fitch said.
Why China's Housing Market Refuses To Crash: Control of interest rates, financing, who can be a buyer, how many houses someone can buy, where people invest their money, the urban markets home buyers are pushed intoSource
One of the ways that China’s government influences the direction of the housing market is with interest rates. When they want to cool things down a little, the government charges higher interest rates on loans to developers and home buyers, when they want to heat the market up give more favorable rates.
One of the saving graces of China’s housing market, no matter how heated it has appeared, was that home buyers have always been extremely under-leveraged. At 90%, China has one of the world’s highest home ownership rates, but only 18% of the country’s households have mortgages.
In large part, this lack of leverage is due to the fact that lending for home purchases are tightly controlled by China’s central and municipal level governments. Who qualifies for mortgages and how much financing they can receive is based on formal calculations which vary from city to city and are continuously adapted to suit current economic conditions.
In China’s cities, among other classifications, people are divided up between potential home buyers and what’s known as non-buyers. There are set rules which outline how a non-buyer can become a buyer, which generally consists of living in the city and paying income tax there for a specified number of years.
Another way that China’s government quells speculation in the housing market is by simply restricting the quantity of houses that people can buy. For an extended period of time, big cities like Shanghai have had home purchasing restrictions (HPRs) which have limited its residents to only being able to buy one additional house.
As I’ve covered earlier, viable investment options for people in China are extremely limited. Interest on bank deposits are less than inflation, the stock market is about as secure as a casino, WMPs have had their attractiveness regulated out of them, and channels to invest overseas are being plugged up. This leaves housing. Basically, Chinese investors are funneled into the housing market, and, in a country with one of the highest savings rates on the planet, this means a huge amount of ready-to-invest capital continuously pouring in.
Growing very distinct in 2015 and lasting into this year is a sheer disparity in China’s housing market between big and vibrant tier-one and some tier-two cities — where everybody wants to live — and the rest of the country. While China’s real estate market has usually vacillated in almost uniform waves across the country, we’re now seeing a situation where prices in some cities are exploding while others are posting all time lows. To help rectify this situation, China’s government seems to be engineering a climate in the big, booming cities that’s intended to push buyers into other nearby markets.
When looking at China’s housing market one key point to remember is that this isn’t really a free market and can’t be expected to behave like one. Behind the scenes are governmental ventriloquists pulling at proverbial strings, controlling supply and engineering just the right amount of demand.
Bank of Canada still bullish on China despite economic slowdownSource
The Chinese economy has the potential to grow at 6 per cent a year for another 15 years, more than doubling its economy and sustaining its appetite for Canadian goods, senior deputy governor Carolyn Wilkins said Tuesday. “China’s demand for commodities should remain high and grow from a higher base, even if the country’s economic growth is slower and less reliant on natural resources,” Ms. Wilkins said in remarks prepared for a speech to the Vancouver Board of Trade. She argued that China’s slowdown to a more sustainable pace is “not only inevitable, it’s desirable.”
HSBC’s Gulliver upbeat on China economy, reformsSource
Gulliver said China’s growth target of 6.5 to 7 percent is still robust, while the central bank has room for further cuts in interest rates and lenders’ reserve requirement ratio, the Hong Kong Economic Journal reported. The country’s ability to pursue reforms has been underestimated while its currency valuation moves should be seen as progress rather than regression, he said. He said China is capable of boosting domestic consumption to offset any gap in growth targets given its enormous fiscal reserves.
China debt a risk but authorities are handling it: Moody'sSource
"Not only do the authorities know what the situation is, but they have the tools and the intention , the willingness to address the issue (of) high leverages," Moody's managing director Atsi Sheth told CNBC's "Squawk Box" on Tuesday. "China's growth and its growth outlook is still quite robust. This is a low-income economy playing the catch-up model….A lot of China's debt is still domestically generated; there are domestic savings that led to this debt creation as opposed to foreign borrowing …. That gives it some stability and support," added Sheth
China debt fears cloud the real picture, says AXASource
Fear about the build-up of debt in China ignores the fact that most of it is internal and much of it will be converted into long-term financial assets, says a senior manager at one of Europe's biggest funds group. The main distinction with other developing economies, he says, is that most of the debt load is domestic, meaning little foreign currency exposure. The other is that an important chunk of it comprises short-term bank loans to special-purpose vehicles set up to fund local government infrastructure. These will ultimately be repackaged as long-term bonds and sold, via banks, to institutional investors such as pension funds and insurance companies, including outside China, says Tinker.
Oxford Economics is less alarmist, agreeing with Tinker that much of the debt has been sunk into capital stock that will pay for itself. The problem, it says, are in sectors such as heavy industry and manufacturing where returns on investment have been declining.
China's economic reforms have received a vote of confidence from heads of key international economic organisations such as the World Trade Organisation (WTO), International Monetary Fund (IMF) and World BankSource
In a joint statement with China, they said fundamentals of the Chinese economy remain positive in the long term, thanks to its efforts in developing new growth drivers. The statement noted that China's economic structure has "improved" and that consumption and the services sector have become the major driving forces of the economy.
Singapore's first casino, a key part of a drive to boost tourism revenue and please wealthy visitors, opened its doors on Sunday, Lunar New Year -- the most auspicious day of the Chinese calendar. The Singapore economy contracted by 2.4% on a year-on-year basis in 4Q2020. Real GDP growth is expected to be ‘4.0% to 6.0%’ in 2021. PDF (177KB) And with a 13-percent rise in Singapore’s first-quarter GDP, the gamble may already be paying off. The two resorts are expected to boost tourism, generate 45,000 new jobs and attract 10 million The GDP value of Singapore represents 0.31 percent of the world economy. GDP in Singapore averaged 91.11 USD Billion from 1960 until 2019, reaching an all time high of 373.22 USD Billion in 2018 and a record low of 0.70 USD Billion in 1960. From March 2022, the two IRs will have to pay higher casino tax rates under a new tiered structure. who will contribute around $500 million to Singapore's gross domestic product (GDP). 8 This statistic shows the distribution of the gross domestic product (GDP) across economic sectors in Singapore from 2009 to 2019. Try our corporate solution for free! (212) 419-8286 Singapore Gdp Casino. registered address at Level 5, Suite 1A, Portomaso Business Tower, Vjal Portomaso, St. Julians, STJ 4012, Malta and by EveryMatrix N.V., a limited liability company incorporated Singapore Gdp Casino under the laws of Curacao, bearing company registration number 108354 and having its. Singapore in Figures 2018 Gross Domestic Product Growth in Real GDP Share of Nominal GDP 2016 2017 2016 2017 Annual Percentage Change Percentage Share Total 2.4 3.6 100.0 100.0 Goods Producing Industries 3.2 5.7 25.3 24.8 Manufacturing 3.7 10.1 18.8 19.2 Construction 1.9 -8.4 5.1 4.3 Singapore only recently legalized casino gambling, and the per-head spend isn't a surprise. Despite being the home of Las Vegas, Americans are a distant third on $505.44 per capita, with Ireland Both Marina Bay Sands and Resorts World Sentosa, currently contribute between 1.5 percent and 2 percent to Singapore's gross domestic product (GDP), according to the Ministry of Trade and Industry.
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