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News About The Global Economy
August 22, 2017
Property and credit booms stablise China growth
Beijing (AFP) Oct 19, 2016
Chinese growth stabilised in the third quarter, data showed Wednesday, as ample credit and hot property markets propped up the world's second-largest economy. But while the forecast-beating reading was in line with state targets, it came as experts warned that authorities have relied too much on easy credit, which has in turn increased financial risks. The economy grew 6.7 percent in July-September, officials said, just above the 6.6 percent predicted in an AFP poll. "The general performanc ... read more

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No debt-for-equity cure for zombie firms, says China
China's undead army of zombie corporations will not qualify for debt-for-equity swaps, the government said, as Beijing tries to curb the risks of ballooning corporate debt. ... more
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China's forex reserves fall to 5-year low in September
China's mountain of foreign exchange reserves dropped around $19 billion in September to a five-year low, government data showed, with the central bank spending heavily to defend its currency against capital outflows. ... more
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IMF warns over China's 'dangerous' debt load
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Contemporary art market slows as Chinese buyers switch focus
Global contemporary art sales slowed by a quarter in the year to July 2016 as demand in China dried up, according to leading index Artprice. ... more
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China's PSBC makes tepid debut on Hong Kong bourse
Postal Savings Bank of China (PSBC) made a low-key debut on the Hong Kong bourse Wednesday, despite notching up the world's biggest IPO in two years aimed at expanding the business. ... more

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China manufacturing continues rebound in September
Manufacturing activity in China continued its rebound in September on improving production and demand, government data showed Saturday - a positive sign for the world's second-largest economy. ... more
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China property tycoon warns on real estate bubble
China's richest man, real estate magnate Wang Jianlin, has warned the country's property market is the "biggest bubble in history" - the latest alarm bell to be sounded on the world's second largest economy. ... more
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China foreign expenditure tops inward investment
China invested more money abroad last year than foreign firms piled into the country, data showed Thursday, a first for the world's second largest economy as Beijing looks overseas as part of its drive to transform its economic growth model. ... more
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China to allow credit default swaps
China has given the green light to controversial credit default swap trading for the first time, signalling that Beijing is willing to let indebted companies fail to stop economic slowdown. ... more
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Asia growth holds stable thanks to China and India: ADB
The Asian Development Bank said Tuesday that growth across the region was holding stable despite global headwinds, with resilience in China and India keeping it on track. ... more
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China facing possible debt crisis: bank watchdog
China's banking sector could be facing an imminent debt crisis, a global central bank watchdog has warned, fuelling fresh fears of a blowout in the world's second largest economy which could hit the global financial system. ... more
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China new bank loans more than double in August
Lending by Chinese banks more than doubled month-on-month in August, reversing from a sharp fall in July, the central bank said Wednesday, another sign of stabilisation in the world's second-largest economy. ... more
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China bank PSBC launches $8.1 bn IPO: reports
Postal Savings Bank of China (PSBC) launched an initial public offering in Hong Kong worth $8.1 billion on Tuesday, reports said, in what is expected to be the world's biggest flotation this year. ... more

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China says industrial output, retail sales rise in Aug
China's industrial output and retail sales growth accelerated in August, government statistics showed Tuesday, with both of them exceeding expectations in encouraging signs for the world's second-largest economy. ... more
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Europe's Apple tax grab to spur US reforms: Lew
Europe's order for Apple to pay 13 billion euros ($14.6 billion) in back taxes could provoke US tax reforms and a significant break for firms repatriating offshore earnings, US Treasury Secretary Jacob Lew said Monday. ... more
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China producer prices fall at slowest in 4 years: govt
China's producer prices fell at their slowest rate for more than four years in August, the government said Friday, another sign of stabilisation in the world's second-largest economy. ... more
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China's forex reserves fall $16 bn in August
China's foreign exchange reserves fell by some $16 billion dollars in August, officials said Wednesday, as the country's central bank sold dollars to defend its currency against capital outflows. ... more
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EU defends 'free roaming' pledge despite 90-day limit
The EU insisted Wednesday it had not scrapped its popular pledge to end roaming charges for mobile phone users despite unveiling a proposal to limit the measure to 90 days. ... more
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G20 treads lightly on 'globalisation' taboo
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China's Xi warns against 'empty talk' as G20 summit opens
Leaders of the world's biggest powers met Sunday to try to revive the sluggish world economy, with their host Chinese President Xi Jinping urging them to avoid "empty talk". ... more
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China new home price increase picks up in August
Increases in new home prices in China picked up in August from a month ago, a survey showed Thursday, raising worries of further rises in major cities. ... more
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