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Economy in Asia

  • Chinese manufacturing contracts for third month running

    CHINA, 2015/11/10 The majority recent increase figures showed the country's economy growing at a rate of 6.9%, the weakest rate since the financial crisis. It has been hit by a stock market slump and a world slowdown in request.Chinese manufacturing has contracted for the third month in a row, according to the government's new factory survey. The Purchasing Managers' Index (PMI) showed a reading of 49.8for October, unchanged from last month. A figure below 50 indicates that factory activity contracted. Economists had expected October's PMI to show a pick-up to a reading of 50. “Because of the recent weak recovery in the world economy and downward pressure in the domestic economy, manufacturers still face a severe import and export situation,” said Zhao Qinghe, a senior statistician at China's National Bureau of Statistics in a statement.

  • China's 5th Plenum, Japan data to keep Asia on edge

    CHINA, 2015/11/01 A top-level Communist party conference in China where the country's economic and social policies for the next five years will be finalized, alongside a barrage of Japanese data, will be the key events to watch for in the week ahead. China's 5th Plenum The Chinese Communist Party's (CCP) policy-making Central Committee will convene in Beijing on Monday for the fifth plenary session – a key four-day conference that will be closely watched by investors worldwide. The fifth plenum is the fifth out of seven major meetings held by the Central Committee, a political body that is made up of the Party's top leaders. Plenum topics will likely include a lowering of China's increase target, accelerating national-sector reforms and redoubling efforts to reduce pollution, analysts say.

  • Uzbekistan sees economic growth of 8%

    UZBEKISTAN, 2015/10/26   Uzbekistan's economy has seen a increase in the initial nine months of the current year, supported by the government's industrial development spending. The country's GDP increased by 8 % over January-September 2015 compared with the same period of 2014, Uzbek Prime Minister Shavkat Mirziyoyev said at an October 19 governmental conference on the country’s socio-economic development for nine months of 2015. In his opinion, such increase is linked to an increase in industrial production by 7.3 % and a 6.6 % increase in agricultural production over the reported period. Furthermore, the production volume of consumer goods increased by 10.1 %, retail trade turnover by 15 % and services 12.9 %. Despite the unfavorable situation in world markets, the measures of boosting the export potential have allowed the economy to maintain a positive foreign trade balance.

  • Diversification of Kazakh economy neded

    KAZAKHSTAN, 2015/09/17 A new study identifies challenges and opportunities to help Kazakhstan and its regions to diversify its economy and boost its export capabilities. The study, “Diversification of Kazakhstan’s economy: a capability-based approach”, was produced by the strategy and public policy advisory firm Whiteshield Partners and funded jointly by the government of Kazakhstan and the EBRD’s Shareholders’ Appropriate Fund. Launched in Astana on 17 September, the study examines factors that support the development of knowledge-based export capabilities in each of Kazakhstan’s 16 regions. Analysing over 10 years of detailed regional export data for each sector, the statement compares the development trajectories of the regions and identifies region-specific policy priorities.

  • New Uzbekistan-UN cooperation program revealed

    UZBEKISTAN, 2015/09/17 Tashkent hosted a presentation of the 2016-2020 UN Development Action Framework (UNDAF) for Uzbekistan, UN’s office in the country reported. The five-year program, signed by the Uzbek government and the UN office in the country in June, is consistent with the major development paradigms adopted by the UN. The document is based on the concept of the country’s socially-oriented development, adopted by the government to build an open democratic constitutional national with a steadily developing economy.

  • Sri Lanka: A Lesson for U.S. Strategy

    SRI LANKA, 2015/08/30 For much of the period since its independence, Sri Lanka attracted scant regard throughout the West. At the culmination of its civil war, some attention did begin to be paid to human rights issues. In the last few years, however, Sri Lanka has begun to feature as a country of strategic relevance to the great powers. For one, it sits at the center of the Indian Ocean, likely to be one of the world’s most strategically contested regions in the coming century. Sri Lanka is as well halfway between China and its energy sources in the Middle East, something Beijing had responded to largely successfully until January this year at the same time as Mahinda Rajapaksa lost the presidency. Last week’s parliamentary elections were a further blow to Beijing, at the same time as Rajapaksa’s party lost to the center-right United National Party led by pro-Western Ranil Wickramasinghe

  • 'Unpaid work leave' could return: industrialists

    TAIWAN AREA, 2015/08/26 The chief of Taiwan's leading representative of industries stated yesterday that a return to the predicament of "unpaid work leave" was a possibility due to current economic uncertainties. Rock Hsu (許勝雄), chairman of the Chinese National Federation of Industries (CNFI) said that whether employees face layoffs or retain their positions without paid work leave was a reflection upon industrial competitiveness and the in general market environment. He said if Taiwan possessed the means of improving and attracting additional investment , "our concerns would be lessened." The CNFI, which claims to represent the voice of leading Taiwanese industries, has often called on the government to lower barriers to investment and increase government efficiency. Hsu blasted the government for implementing "half measures" while lacking the administrative resolve to implement countermeasures against the gloomy economic environment. He as well called on the government to encourage Taiwanese businesses based internationally to re-base themselves on the island and to make it easier for businesses to get around existing land and labor regulations.

  • World markets plunge on fears of a China-led global slowdown

    CHINA, 2015/08/24 A statement overnight showed China's manufacturing sector shrank at the fastest pace since 2009, exacerbating worries about the health of its economy and whether the government would take further steps to stem its slowdown. The Russell 2000 index of small-cap stocks as well confirmed a move into correction territory, a 10% decline from its most recent closing high on June 23. The S&P 500 suffered its biggest daily % drop in nearly four years and the Dow confirmed it had entered into correction territory as fears of a China-led world slowdown rattled investors around the world. The S&P slumped 5.8% for the week, its biggest weekly % decline since September 2011.

  • Kyrgyzstan's economy has demonstrated steady increase pace in January to July of 2015.

    KYRGYZSTAN, 2015/08/18 The development of a range of industrial production entailed the increase of GDP in Kyrgyzstan by 7.1 %, according to statistics for January to July. The National Statistical Committee provided the data as compared to the same period of last year, KyrTag reported. The country's GDP grew mainly due to the development of the manufacturing industry, which made up of 42.6 % of all GDP increase. In addition, the increase of trade amounted to 9.8 % and construction totaled 8.9 % of total GDP increase. The increase of the Kumtor gold mine, which is the major industrial investment for Kyrgyzstan, amounted to 2.6 % of the country's total GDP increase.

  • OECD Finds Environmental and Economic Reforms Not Adequately Linked

    WORLD, 2015/08/02 In a world with an increasing focus on the importance of environmental protection, a lot of nations have acknowledged the need to link economic and economic reform measures. Unfortunately, according to the Organization of Economic Cooperation and Improvment(OECD), most nations still fail to link these two priorities comprehensively, leading to uneven results that generally favor money over environment. The study and its findings, reported by Business Green, found that while most nations have begun moving in the direction of green policies, governments undermine the effectiveness of their own policies by subsidizing fossil fuels and taxing some of the majority polluting fuels at a low rate.
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