17 September 2019

Macro Economy

  • Hong Kong authorities cannot dismiss the remarks of global credit rating agencies offhand, Kenneth Leung writes. Photo: Bloomberg

    Time to take a deep look at concerns raised by rating agencies

    - Sep 16, 2019 6:53pm
    Global credit rating firm Fitch Ratings said this month that it has downgraded Hong Kong’s long-term foreign-currency issuer default rating to “AA” from “AA+”, and that the outlook on the rating is negative, in the wake...
  • Industrial output growth unexpectedly weakened to 4.4 percent in August from the same period a year earlier, the slowest pace since February 2002. Photo: Reuters

    China industrial output growth falls to 17.5-year low in August

    Sep 16, 2019 1:21pm
    The slowdown in China’s economy deepened in August, with industrial production growing at its weakest pace in 17-1/2 years amid rising US trade pressure and softening domestic demand, Reuters reports. Retail sales and investment gauges also...
  • Premier Li Keqiang said China faces “certain downward pressure” due to slowing global growth as well as the rise of protectionism and unilateralism. Photo: Reuters

    Li Keqiang: ‘Very difficult’ for China GDP to grow 6% or faster

    Sep 16, 2019 11:14am
    Premier Li Keqiang said it is “very difficult” for China’s economy to grow at a rate of 6 percent or more because of the high base from which it was starting and the complicated international backdrop,...
  • Xi Jinping's comments at a party meeting have revived hopes that Beijing will implement various reform tasks outlined six years ago. Photo: Reuters

    Xi weighs in on promoting market economy and private sector

    - Sep 16, 2019 9:50am
    During a recent party conference, Chinese President Xi Jinping highlighted the need to implement various reform tasks set out in the 2013 third plenary session of the 18th Communist Party of China (CPC) Central Committee, which...
  • China's latest moves, including exempting US pork from additional tariffs, come ahead of a new round of talks aimed at curbing a bruising trade war. Photo: Bloomberg

    China to exempt US pork, soybeans from further tariffs: Xinhua

    Sep 13, 2019 6:30pm
    China will exempt some agricultural products from additional tariffs on US goods, China’s official Xinhua News Agency said on Friday, in the latest sign of easing Sino-US tensions before a new round of talks aimed at...
  • Low interest rates are good for economic growth, but one can’t say the same thing about negative rates, US Treasury Secretary Steven Mnuchin said. Photo: Bloomberg

    US to consider ultra-long Treasury bonds: Mnuchin

    Sep 13, 2019 9:15am
    The United States will issue 50-year government bonds if there is “proper demand”, and could also explore the possibility of 100-year debt, US Treasury Secretary Steven Mnuchin said on Thursday. “We are going to start with...
  • Washington and Beijing have made some conciliatory gestures as they prepare for new rounds of talks to resolve their trade dispute. Photo: Reuters

    Trump says he prefers ‘whole’ China trade deal over interim pact

    Sep 13, 2019 9:01am
    US President Donald Trump said on Thursday that he prefers a comprehensive trade deal with China but did not rule out the possibility of an interim pact, Reuters reports. “I’d rather get the whole deal done,”...
  • Argentina has unveiled further measures to tamp down currency speculation amid a debt crisis. Photo: Bloomberg

    Argentina announces new round of currency controls

    Sep 12, 2019 2:56pm
    Argentina’s central bank has announced further currency controls in an effort to tame speculation and stem a spiraling debt crisis in the country. The new measure, unveiled late on Wednesday, requires anyone purchasing foreign currency to present...
  • Although America is still the world’s leading economic, technological, and military power, it increasingly must share that status with China, the author says. Photo: Reuters

    Preventing Cold War II

    - Sep 12, 2019 10:28am
    When world leaders gather in New York later this month for the annual United Nations General Assembly meetings, they will have much to discuss besides climate change and sustainable development. In particular, the escalating superpower rivalry...
  • Donald Trump answers questions from the news media in the Oval Office of the White House in Washington on Wednesday. Photo: Reuters

    US to delay tariff hike on some Chinese goods by 2 weeks: Trump

    Sep 12, 2019 9:04am
    The United States has agreed to delay increasing tariffs on US$250 billion worth of Chinese imports from Oct. 1 to Oct. 15 “as a gesture of goodwill”, President Donald Trump said on Wednesday. Trump said the...
  • President Xi Jinping has vowed to build a better business environment and ensure equal market access for the private sector. Photo: Reuters

    Xi pledges more support for private firms: Is he serious?

    - Sep 11, 2019 5:02pm
    China has unveiled a package of measures to stimulate economic growth, including cutting the amount of cash banks are required to keep on reserve. In particular, at a key Communist Party meeting held on Monday, President...
  • South Korean firms are 'faced with serious damage' as a result of Japan's export curbs, Trade Minister Yoo Myung-Hee said on Wednesday. File photo: Bloomberg

    S Korea to file WTO complaint over Japan’s export curbs

    Sep 11, 2019 11:51am
    South Korea plans to file a complaint at the World Trade Organization (WTO) over Japan’s tighter export controls, accusing Tokyo of being “politically motivated” and “discriminatory” in its policy moves, Reuters reports. “We have decided to...
  • The eurozone economy is in a much better shape than it was in March 2015, when the European Central Bank introduced quantitative easing. Besides, interest rates can hardly be cut much further. Photo: Bloomberg

    It’s time for ECB to put quantitative easing on hold

    - Sep 10, 2019 9:53am
    With economic sentiment in the eurozone worsening rapidly, the European Central Bank is widely expected to announce a robust package of additional stimulus measures at its next meeting on Sept. 12. But although the ECB’s monetary...
  • Repeated violent conflicts and transport disruptions have led to the cancellation or rescheduling of many international conferences and exhibitions in Hong Kong, the city’s finance chief says. Photo: Reuters

    HK Aug visitors down 40% on year: Paul Chan

    Sep 9, 2019 3:20pm
    Visitor arrivals in Hong Kong were down almost 40 percent in August compared to the same month last year, after a nearly 5 percent slide in July, amid the ongoing unrest in the city, according to...
  • China's export growth is expected to slow further in coming months. Photo: Bloomberg

    China Aug exports shrink amid sharp fall in US shipments

    Sep 9, 2019 10:15am
    China’s exports unexpectedly fell in August as shipments to the United States slowed sharply, pointing to further weakness in the world’s second-largest economy and underlining a pressing need for more stimulus as the Sino-US trade war...
  • Employees work on a robot vacuum cleaner production line at a factory of Matsutek in Shenzhen. Photo: Reuters

    Chinese firms hit hard by US tariffs build up domestic brands

    Sep 6, 2019 10:36am
    For over a decade, manufacturer Matsutek plied away at building its business with big Western brands, supplying firms such as Philips and Honeywell with products made in its Chinese factories for the US and other overseas...
  • Federal Reserve Chairman Jerome Powell cites trade policy uncertainty as an important reason for the global economic slowdown and weak US manufacturing. Photo: Bloomberg

    Trade uncertainty to cut US$850 billion global output: Fed paper

    Sep 6, 2019 8:51am
    Trade policy uncertainty driven by US President Donald Trump administration’s escalating dispute with China means hundreds of billions of dollars in lost US output and as much as US$850 billion lost globally through early next year,...
  • Hong Kong has slipped three notches in EIU's global liveability rankings, but it is still ahead of key regional rival Singapore. Photo: HKEJ

    HK ranked No. 38 on liveable cities list, ahead of Singapore

    Sep 5, 2019 6:25pm
    Hong Kong took the No. 38 spot on a list of the world’s most liveable cities, down three notches from a similar survey last year, as per the Economist Intelligence Unit (EIU). The city, however, can derive comfort...
  • Financial Secretary Paul Chan (left) and Secretary for Commerce and Economic Development Edward Yau announce the latest round of relief measures for small and medium-scale enterprises in a press conference on Wednesday. Photo: HKEJ

    Govt unveils more relief measures for small businesses

    Sep 5, 2019 3:54pm
    Hong Kong authorities will provide more support for small and medium-scale enterprises (SMEs), which have been hit by global economic weakness and deteriorating local business environment. The government has unveiled a fresh round of relief measures...
  • Trade teams from China and the United States will hold talks in mid-September before the high-level discussions in Washington next month. Photo: Reuters

    China, US to resume high-level trade talks in October

    Sep 5, 2019 11:04am
    China and the United States agreed to hold high-level trade talks in early October in Washington, China’s commerce ministry said on Thursday, amid fears that an escalating trade war could trigger a global economic recession. Asian...