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After soaring for six consecutive trading days in the stock markets, nearly 40 companies listed on the Shanghai Stock Exchange and Shenzhen Stock Exchange have disclosed plans for shareholders to reduce their holdings of stocks.On October 9, the 44th and 45th Association of Southeast Asian Nations (ASEAN) Summits and related summits kicked off in Vientiane on October 9, emphasizing stronger cooperation under "the ASEAN Way."
IFF: Global Financial Architecture Needs Reform to Address Climate Change And Other Challenges
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At a high-level academic workshop and panel discussion on September 26 by the International Finance Forum (IFF), experts called for significant reforms to the global financial system to better tackle emerging challenges, particularly climate change.Siddharth Tiwari, Vice Chairman of IFF and former Chief Representative for Asia and the Pacific at the Bank for International Settlements, served as thelead speaker and outlined key findings from a report by the Bretton Woods Committee (BWC).The session was moderated by Gerry Rice, a member of the IFF Executive Committee and former Director of the Communications Department of the International Monetary Fund and World Bank.
Nearly 40 Shareholders of Chinese Listed Firms to Pare Stakes
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Almost 40 companies listed on the Chinese mainland disclosed plans from their shareholders to reduce equities after the stock markets soared for six consecutive trading days. The market has significantly retreated on October 9.The Shanghai Composite Index fell 6.6 percent on Monday, while the Shenzhen Component Index dropped 8.2 percent with a slump of 10.6 percent in the ChiNext Index.The Chinese mainland market began its rally after the People's Bank of China announced a package of monetary easing measures on Sept. 24. The Shanghai Composite Index had surged 27 percent over the six trading days as of closing on October 8, while the Shenzhen Component Index and the ChiNext Index had soared 42 percent and 67 percent, respectively.
China’s State Planner Vows Step-by-Step Policies to Support Economy, Capital Market
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China will continue its efforts to boost the capital market and promote economic recovery with incremental policies, the National Development and Reform Commission said on October 8, without mentioning any specific new measures.The policy focus will cover five main areas, including enhancing counter-cyclical adjustment of macro policies, expanding effective domestic demand, improving assistance for enterprises, stabilizing the real estate market, and stimulating the capital market, Zheng Shanjie, chairman of the country’s top planning agency, said at a press conference in Beijing.
China Considers Raising Import Tariffs on Large-Displacement Fuel Vehicles
China is ready to take all necessary measures to safeguard the legitimate rights and interests of its industries and enterprises, a spokesperson for China's Ministry of Commerce said on October 8.The tariff rate for imported cars in China is 15 percent. The number of imported gasoline passenger vehicles with an engine displacement of 2.5 liters or more reached 119,200 units in the seven months ended July 31, accounting for over 30 percent of total passenger car imports, according to data from the China Passenger Car Association.
China's Foreign Exchange Reserves Up 0.86 Pct in September
China's foreign exchange reserves totaledUSD 3.3164 trillion at the end of September, up by USD 28.2 billion, or 0.86 percent, compared to the end of August, the data released by the State Administration of Foreign Exchange, official showed on October 7.The U.S. dollar index declined, and global financial asset prices generally increased last month, the administration added.The combined effects of currency translation and asset price changes led to the increase in China's foreign exchange reserves in September
EU Push For Tariffs on Chinese EVs Criticized
The European Union's vote on October 4 to impose punitive tariffs on electric vehicles imported from China has drawn criticism for its protectionism and potential damage to the EU economies, according to officials, business leaders and scholars.The vote was quite divided. Germany, the largest economy in the EU, along with Hungary, Malta, Slovakia and Slovenia, voted against the tariffs, while France and nine other countries voted in favor. A total of 12 member states abstained.The German Automotive Industry Association, or VDA, called the vote a "further step away from global cooperation".VDA President Hildegard Muller urged both sides to avoid an escalation and to "ideally stop the tariffs, to avoid risking a trade war".
China Spends OverRMB 3.3 Trillion on Science, Technology R&D in 2023, Second Most Worldwide
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China ranked second worldwide for research, test, and development expenses on science and technology last year, according to a communique released on Oct. 2 by the National Bureau of Statistics,the Ministry of Science and Technology and the Ministry of Finance.China spent overRMB 3.34 trillion (USD467.3 billion) on sci-tech research, test, and development activities last year, up 8.4 percent from the previous year, the official report said.
ASEAN Summits Kick Off in Laos, Prioritizing Stronger Cooperation Under "ASEAN Way"![]()
The 44th and 45th Association of Southeast Asian Nations (ASEAN) Summits and related summits kicked off here on October 9, emphasizing stronger cooperation under "the ASEAN Way."The three-day event will feature related summits, including the 27th ASEAN-China Summit, the 27th ASEAN Plus Three Summit (ASEAN-China, Japan and the Republic of Korea) and the 19th East Asia Summit.Founded in 1967, ASEAN groups Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.
U.S. Adds 254,000 Jobs in September, Higher Than 12-month Average
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TheU.S. employers added 254,000 jobs in September, as the unemployment rate edged down to 4.1 percent, signaling that the labor market remains steady, the U.S. Labor Department reported Friday.Employment continued to trend up in food services and drinking places, health care, government, social assistance, and construction, according to the department's Bureau of Labor Statistics.The total nonfarm payroll employment increased by 254,000 in September, higher than the average monthly gain of 203,000 over the prior 12 months, the report showed.
German Auto Industry Sees 4.7 pct Sales Decline in H1
Germany's automotive sector experienced a downturn in the first half (H1) of 2024, with sales declining by 4.7 percent year-on-year, the Federal Statistical Office (Destatis) reported on Monday.Total sales in the first six months amounted to 269.5 billion euros (296.5 billion U.S. dollars), down from 282.6 billion euros during the same period in the previous year, which had marked an all-time high. The decline impacted all majorindustry segments, including vehicle bodies, parts, and engines.Japan Logs Record Current Account Surplus in Aug, S. Korea Records a Surplus For the Fourth MonthJapan logged a current account surplus of JPY 3.8 trillion (about USD 25.7 billion) in August, the highest on record for the month as the depreciation of Yen boosted dividend payments from overseas subsidiaries to Japanese companies, government data showed Tuesday.The figure marked a surplus for the 19th consecutive month, preliminary data from the Ministry of Finance showed.South Korea logged a current account surplus for the fourth successive month on the back of continued export growth, according to the data released by the Bank of Korea (BOK) on the same day.The current account balance, the broadest measure of cross-border trade, recorded a surplus of USD 6.6 billion in August, staying in the black since May, the central bank data showed.
Singapore's Retail Sales Increase in August
Retail sales in Singapore rose 0.6 percent year-on-year in August, following the 1 percent growth in July, the statistical agency of this Southeast Asian country said Friday.Motor vehicle sales grew 17 percent in August from a year earlier. Excluding motor vehicles, retail sales fell 1.5 percent, the Singapore Department of Statistics added.
Global Food Prices See Largest One-month Surge Since 2022, Says FAO![]()
Global food prices surged to their largest one-month increase since 2022 in September, driven by extreme weather that put upward pressure on major food commodity categories, the United Nations Food and Agriculture Organization (FAO) reported on Friday.The FAO said its broad Food Price Index rose by 3 percent compared to August levels, marking the largest month-on-month increase since March 2022, when food prices spiked due to energy and supply disruptions related to the start of the Russia-Ukraine conflict.The broad FAO Food Price Index was 2.1 percent higher than its level a year ago, though it remained 22.4 percent below the all-time high reached in March 2022.
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