NEW YORK: China will be able to maintain a growth rate around 6.5 percent and continue to contribute about 30 percent of the growth to the global economy, said former senior vice president and chief economist of the World Bank Justin Lin Yifu Thursday.
“Looking ahead what will be the prospect for China’s growth in 2019…I’m confident,” said Lin, also the honorary dean of National School of Development at Peking University, while delivering a keynote speech during the “Forecast: China’s Economy 2019,” an event hosted by the National Committee on U.S.-China Relations and Peking University’s China Center for Economic Research in New York.
He mainly attributed his optimism to a fact that the Chinese economy will enter the expansionary stage of its on-going supply-side structural reform in the next few years.
Lin noted that since 2016, the Chinese government has advocated implementing some kind of supply-side structural reform in order to improve the quality of its economy and avoid possible systematic financial risks.
The economist spoke highly of China’s willingness to take up the bold attempt, since structural reform has been discussed almost in every country, but most countries only talk since they are afraid of the potential pain by the contraction.
Lin pointed out that China’s economic policies are “responsive and contingent,” and as the country has achieved the major goals of reducing excessive capacity, destocking and deleveraging, the focus will be shifted to reducing the administrative cost or the administrative burden to the enterprises and removing th bottlenecks of the growth in the Chinese economy, which are “expansionary.”
Policies such as cutting down the tax rate for the private sectors and reducing the business red tapes will not only boost investment but also create a favorable environment for the business community, he said.
Bears growl at Hong Kong bourse
HONG KONG: Shares fell more than one percent Tuesday, hit by concerns over rising Iran-US tensions and as investors await this week’s crucial trade talks between Donald Trump and Xi Jinping.
The Hang Seng Index sank 1.15 percent, or 327.02 points, to 28,185.98. The benchmark Shanghai Composite Index fell 0.87 percent or 26.07 points,
to 2,982.07, while the Shenzhen Composite Index, which tracks stocks on China’s second exchange, lost 0.99 percent, or 15.63 points, to 1,560.46.
Oil prices rise on US-Iran concern, stocks up ahead of G20 talks
HONG KONG: Oil prices extended gains Monday as rising US-Iran tensions fuelled supply concerns, while Asian equities also edged up ahead of a crunch meeting between Donald Trump and Xi Jinping this week.
Both main crude contracts are up almost 10 percent since Tehran last week shot down a US “spy drone” for breaching its airspace, ratcheting up fears of a conflict between the old foes.
At the weekend Trump said he would impose fresh sanctions on Iran, following bans of countries buying its oil, while US media reports said Washington secretly launched cyber-attacks against missile control systems and a spy network.
Both sides say they want to avoid war, but tensions have spiralled as a series of incidents, including the drone downing and recent attacks on tankers, raised fears of an unintended slide towards conflict.
The US president said he was ready to reach out to Iran if it renounced nuclear weapons, adding that if leaders did so “I’m going to be their best friend”. But Iran continues to insist its atomic programme is for civilian purposes.
Brent rose 0.3 percent Monday and WTI was 0.5 percent higher.
“The geopolitical escalation in the Middle East is unquestionably a bullish short-term signal for oil markets, as even the thought of 20 percent of the world oil supply being affected is enough to trigger significant tremors,” said Stephen Innes, managing partner at Vanguard Markets.
“And these tremors are noticeably moving up the Richter scale.”
The stand-off, coupled with a weak dollar as the Federal Reserve flags an interest rate cut, has helped push gold prices to six-year highs above $1,400 as dealers look for a safe haven to park their cash.
Qatar Emir announces $3 billion for Pakistan
ISLAMABAD: Emir of the State of Qatar Sheikh Tamim bin Hamad Al Thani has announced $3 billion fro Pakistan in deposits and direct investments from Qatar.
It follows Saudi Arabia and the United Arab Emirates pledging aid packages for Pakistan. Riyadh has given a $3 billion loan to Pakistan whereas UAE provided $1 billion.
The south Asian country and the International Monetary Fund (IMF) had reached an agreement in May on a loan of about $6 billion to overcome economic crisis.
Pakistan and Qatar ink MoUs
Pakistan and Qatar on Saturday signed three different memorandums of understanding (MOUs) to further enhance the mutual cooperation in areas of trade, business, tourism, and investment.
Prime Minister Imran Khan and Amir of the State of Qatar Sheikh Tamim bin Hamad Al Thani witnessed the signing ceremony held here at the Prime Minister House.
The memorandum of understanding on the establishment of Pakistan and Qatar Joint Working Group (JWG) on trade and investment was signed by Finance Minister of State of Qatar Ali Shareef Al Emadi and Advisor on Commerce Abdul Razak Dawood.
Secretary-General of Qatar National Tourism Council Akbar Al Baker and Minister for Inter-Provincial Coordination (IPC) Dr. Fehmida Mirza signed the MoU for cooperation in the field of tourism and business events between Qatar and Pakistan.
Another MoU on the establishment of cooperation in the field of exchange of financial intelligence related to money laundering associated predicate offenses and terrorism financing between the Financial Information Unit of State of Qatar and the Financial Monitoring Unit of the Government of Pakistan was signed by Sheikh Ahmed bin Eid Al Thani, Head of Qatar Financial Information Unit and Muneer Ahmad Acting Director General Financial Monitoring Unit.
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