Chinas economic growth history

Singapore's economy exited negative territory in the first quarter of this year after three consecutive quarters of contraction, signalling that the trade-reliant city is set to recover steadily. The country's export-dependent economy grew 0.2 per cent from the same period last year, according to advance estimates released by the trade ministry on Wednesday, rebounding from -2.4 per cent in the fourth quarter. On a quarterly seasonally adjusted basis, the economy grew 2 per cent. The growth was driven primarily by the manufacturing sector, which expanded 7.5 per cent year on year, propped up by output expansions in the electronics, precision engineering, chemicals and biomedical manufacturing clusters, the trade ministry said. However, analysts warned the worsening coronavirus situation in Southeast Asia and the slow vaccine roll-out in the region could threaten the rosy outlook. Lee Ju Ye, economist at Maybank Kim Eng, noted the services and construction sectors were still ... » Learn More about Singapore posts surprise economic growth in first quarter, with GDP expanding 0.2% year on year

A Chinese city on the border with North Korea is looking to upgrade its cross-border trade facilities amid speculation that the two countries are moving to strengthen their relationship in the face of increased pressure from the United States. Government documents show the local authorities in Dandong in Liaoning province recently started soliciting bids for a series of projects that suggest the long-delayed New Yalu River Bridge may soon be open for use. The eight-lane road bridge was designed to replace the Sino-Korean Friendship Bridge built by the Japanese occupiers in 1943, which is only wide enough for a single rail track and a one-way road. The bridge could help bring investment to an economic zone planned in Dandong, a city of 2.5 million people that stands opposite the North Korean city of Sinujiu, and boost trade with its impoverished and isolated neighbour. Work on the project started 10 years ago and it was originally due to open in 2014. Neither side has explained ... » Learn More about China looks set to reopen border with North Korea

BEIJING (Global Times): There is a high likelihood that China and the US will post a bilateral trade record this year, experts said, as their industries and economies are closely intertwined and cannot be decoupled, despite ongoing geopolitical spats and some US politicians' hue and cry intended to stem China's rise. The inseparable China-US economic relations are reflected in the two countries' trade data. Although no moves have been taken yet to remove the trade-war tariffs, China-US bilateral trade started to take off around mid-2020 in the depths of the pandemic and has showed no signs of abating into 2021. According to Chinese customs data released on Tuesday (April 13), China-US trade spiraled up by a striking 61.3 per cent in yuan terms in the first quarter of this year to reach 1.08 trillion yuan ($165 billion). This growth outpaced all of China's other major trading partners including Japan, the EU, and Association of Southeast Asian Nations (Asean) economies. Although ... » Learn More about Soaring China-US trade points to ‘political chill, economic heat’

SEOUL (THE KOREA HERALD/ASIA NEWS NETWORK) -The bitter war of words at the US-China Foreign Ministers' Meeting held in Alaska last March portended the rough waves of the new Cold War between the US and China with profound implications for this region and the world. Geopolitically, Asean and Korea lie on the frontlines of US-China competition. Southeast Asia is particularly important to China because the region is a crucial gateway for China to access major sea routes to the rest of Asia and the world. And to gain greater leverage, China appears determined to display its rapidly growing economic and military prowess in the region. Flexing its military muscle, China has been increasing its presence on the disputed islands in the South China Sea. The country's colossal investments, through the Belt and Road Initiative (BRI), in the much-needed infrastructure projects in countries such as Cambodia, Laos and Myanmar are also further strengthening China's clout in Southeast Asia. ... » Learn More about Asean and Korea amid mounting US-China rivalry: Korea Herald contributor

President Duterte has urged Congress, especially the Senate, to fast-track three pending bills that will further open up the economy to more foreign investors and help it recover from a pandemic-induced recession. In an April 12 letter to Senate President Vicente Sotto III, Mr. Duterte said he had certified the immediate passage of amendments to the Public Service Act, Foreign Investments Act and Retail Trade Liberalization Act. The proposed changes to the antiquated Public Service and Foreign Investments laws would allow greater foreign participation in previously restricted sectors while in the retail trade law, these would bring down the capitalization ceiling for foreign-led retailers that want to operate in the country. Speaker Lord Allan Velasco also received the letter, a soft copy of which was sent by Finance Secretary Carlos Dominguez III to reporters on Tuesday. Enacting these measures into law would “address the immediate and continuing need for legislative reforms ... » Learn More about Duterte asks Congress to prioritize 3 bills to speed up economic recovery

Four Philippine Navy ships have been sent to back up Coast Guard and fishing vessels at Whitsun Reef, Reed Bank and the Spratly Islands, the South China Sea task force said in a statement Monday. "Sea assets are and shall be continuously deployed to different areas” for patrol, the statement added. The Philippine Department of Foreign Affairs summoned China’s Ambassador to the Philippines Huang Xilian on Monday to express "displeasure over the illegal lingering presence” of Chinese vessels in Whitsun Reef, the agency said in a statement Tuesday. Tensions between the Philippines and China have been rising since more than 200 Chinese vessels were seen moored at Whitsun Reef -- within the Philippines’ exclusive economic zone, -- on March 7, with the Southeast Asian nation later warning of a barrage of diplomatic protests if Beijing did not remove its ships. The US also earlier aired concerns over China’s "maritime militia” in the area. Beijing had said the boats were sheltering ... » Learn More about Philippines boosts patrols to counter China in contested South China Sea

China's imports and exports boomed again in March, data showed Tuesday, reaffirming the recovery in the world's number-two economy continues apace and demand picks up in key overseas markets as they emerge from last year's crisis. The readings highlight the impact of vaccines and the easing of containment measures are having, with expectations for further improvement over the next few months. Imports soared a forecast-busting 38.1 percent on-year as the country's army of consumers increasingly return to some form of normality after last year's virus crisis forced businesses to shut and people to stay at home. The figure was a huge increase from the 22.2 percent rise seen in January and February and is the biggest hike since February 2017. Exports rose 30.6 percent, well off the 38 percent increase tipped in a Bloomberg forecast but still among the highest readings since early 2018. Overseas shipments jumped more than 60 percent in January-February. The outsized increases are ... » Learn More about China’s imports pick up further, exports strong in March

MANILA, Philippines—The Philippines would have to add bite to its bark in defending its sovereignty in the West Philippine Sea against China’s continued aggression and expansion through the gray zone strategy. The lingering presence of Chinese maritime militia vessels at Julian Felipe (Whitsun) Reef, which is inside the Philippines’ exclusive economic zone (EEZ), has pushed the Philippine government to file diplomatic protests and send more patrols to the area. It also led to a verbal tussle between Defense Secretary Delfin Lorenzana and the Chinese Embassy in Manila, which had given insulting replies to the Philippine defense chief. The Department of Foreign Affairs on Monday (April 12) summoned Chinese Ambassador Huang Xilian to express “utmost displeasure” over the continued presence of Chinese vessels inside the Philippines’ EEZ. Collin Koh, a Singapore-based maritime security expert, said it was important for the Philippines “to signal more resolutely to China that there ... » Learn More about PH told to add bite to bark in dealing with China aggression

BEIJING: Chinese financial technology giant Ant Group will raise $34.5 billion in dual initial public offerings (IPOs) in Hong Kong and Shanghai after setting its prices for its shares, championing the biggest IPO in history. The company’s Shanghai-listed shares are priced at 68.8 yuan ($10.26) each. The goal for Ant is to raise 114.9 billion yuan through the IPO on the A-share market. The price will make Ant’s valuation soar to $313 billion, larger than major banks such as Goldman Sachs, or China’s ICBC. The price in Hong Kong has been set at HK$80 ($10.32) each, and the shares are expected to start trading on November 5, though it did not reveal when it would start trading at the Shanghai exchange. Alibaba Group is expected to hold 31.8 percent of Ant’s equity, or 31.2 percent if the underwriters subscribe for additional shares under the A-share issue and the H-share issue, the company said on Monday. According to media reports, the institutional portion of the H-share ... » Learn More about Ant Group eyes $34.5B in biggest IPO in history

Chinese vessels are seen anchored at Whitsun Reef, some 320 kilometres (175 nautical miles) west of Palawan Island in the South China Sea, on March 31, 2021. (AFP PHOTO / National Task Force-West Philippine Sea (NTF-WPS) via Philippine Communications Operations Office (PCOO)) The Philippines has deployed extra vessels to patrol the South China Sea where Chinese ships had been spotted at a disputed reef as tensions deepen between the two nations. Four Philippine Navy ships have been sent to back up Coast Guard and fishing vessels at Whitsun Reef, Reed Bank and the Spratly Islands, the South China Sea task force said in a statement Monday. “Sea assets are and shall be continuously deployed to different areas” for patrol, the statement added. The Philippine Department of Foreign Affairs summoned China’s Ambassador to the Philippines Huang Xilian on Monday to express “displeasure over the illegal lingering presence” of Chinese vessels in Whitsun Reef, the agency said in a statement ... » Learn More about Philippines boosts patrols to counter China in contested sea