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China capable of maintaining reasonably high growth rate in 2019: economist

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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.

 

 

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Is Uber buying Careem for $3.1b?

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DUBAI: According to the rumors making rounds here today it seems that Uber is about to acquire Careem for $3.1b!

Sources privy to NPTV have insinuated that the deal will be announced tomorrow (Tuesday 26th March). Initially Uber will pay $1.4 billion in cash and the rest in notes convertible to Uber shares.

It comes as Uber prepares for its initial public offering — expected next month — which could see the rideshare giant’s value increase to $100 billion.

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Pakistan to receive $2.1b from China

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China remains largest holder of U.S. Treasuries

ISLAMABAD: According to the Ministry of Finance, it has completed all procedural formalities with Chinese counterpart for a facility of $ 2.1 Billion. 

The amount, due to be received on Monday 25th of March, would further strengthen the country’s balance of payment situation. The funds that would be deposited in SBP would also strengthen foreign exchange reserves position.

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Pakistan to receive US $ 2.1 bln from China by Monday: Spokesman

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ISLAMABAD: Pakistan will receive US $ 2.1 billion from China by Monday March 25, which would further strengthen country’s balance of payment situation, Adviser and Spokesman for Ministry of Finance, Dr Khaqan Najeeb said.

“The ministry of finance has completed all procedural formalities with Chinese counterpart for facility of RMB 15 billion equivalent to US $ 2.1 billion,” the advisor said in a tweet here Saturday.

He said that the funds would be deposited in the State Bank of Pakistan (SBP) account by Monday March 25, adding that it would further strengthen foreign exchange reserves position and ensure balance of payment stability.

Meanwhile, the advisor clarified that the discussions with international partners do not entail any target level of exchange rate.

In a tweet, the spokesman said that focus was on further strengthening the exchange rate regime, aligning it and keeping it consistent with the evolving macroeconomic fundamentals of the economy.

He said the news related to fixing exchange rate target was baseless and unfounded. “Clearly no target PKR/USD exchange rate is envisaged. Speculation baseless and unfounded,” he tweeted.

He said State Bank of Pakistan’s (SPB) economic models point to the real effective exchange rate at equilibrium value.

He said stability in balance of payment was ensured with a fall in current account deficit and more than adequate foreign financing availability.

 

 

 

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