China’s leaders have been drip-feeding support into their ailing economy for three years. This week, they jacked up the dose, according to an analysis in The Wall Street Journal. A major injection of stimulus from the central bank — and promises of more government support from the Communist Party’s top decision-making body — mark the beginning of a more muscular approach from Beijing to righting the economy after months of hesitancy, economists say.
Asia Pacific
Resources Per Country
- Afghanistan
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- Azerbaijan
- Bangladesh
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- China
- Cook Islands
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- Fiji
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- Hong Kong
- India
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- Malaysia
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- Myanmar
- Nepal
- New Zealand
- North Korea
- Pakistan
- Papua New Guinea
- Philippines
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- Sri Lanka
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The state-owned NBCC on September 24 moved the Supreme Court seeking to develop and complete embattled realty major Supertech Limited's 17 stalled or partially built projects where around 27,000 hassled home buyers are stuck for years, the Hindustan Times reported. These 17 projects were launched in the National Capital Region, Dehradun and Bengaluru but completion of the residential units was hit due to financial crisis faced by the realty major which led to insolvency proceedings since 2021.
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China’s central bank announced a series of measures on Tuesday aimed at making it easier for households and companies to borrow money, in the boldest attempt by the Chinese authorities since the pandemic to revive economic growth, halt a housing market crash and stop a broad decline in prices, the New York Times reported. The central bank, the People’s Bank of China, cut short-term interest rates and rates on existing mortgages, reduced minimum down payments for housing purchases, and freed the country’s state-controlled commercial banks to lend a larger proportion of their assets.
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Australia’s headline inflation rate fell to within the Reserve Bank of Australia’s target band for the first time since 2021 in August, but economists warn that this won’t trigger an immediate interest-rate cut, the Wall Street Journal reported. Consumer prices rose 2.7% in the year to August, down from 3.5% on year in July, the Australian Bureau of Statistics said Wednesday. The result was in line with market expectations.
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The bankruptcy court on Monday admitted Future Group’s affiliate Acute Retail Infra Pvt Ltd for Corporate Insolvency Resolution Process (CIRP) in an application filed by Avendus Finance Pvt Ltd after the company defaulted on its dues of over Rs 65 crore, the Economic Times of India reported. The Mumbai bench of the National Company Law Tribunal (NCLT) while admitting the company has also appointed Ramesh M. Shetty as interim resolution professional (IRP) of the company.
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China's central bank on Tuesday unveiled its biggest stimulus since the pandemic to pull the economy out of its deflationary funk and back towards the government's growth target, but analysts warned more fiscal help was vital to hit these goals, Reuters reported. The broader-than-expected package offering more funding and interest rate cuts marks the latest attempt by policymakers to restore confidence in the world's second-largest economy after a slew of disappointing data raised concerns of a prolonged structural slowdown.
Bank of Japan Gov. Kazuo Ueda reiterated his cautious tone on Tuesday and said the central bank can wait to act until economic uncertainties become clearer, dampening speculation over another rate increase in October, the Wall Street Journal reported. “In making policy decisions, the bank will need to carefully assess factors such as developments in financial and capital markets at home and abroad and the situation in overseas economies underlying these developments. We have enough time to do so,” Ueda said in a speech to business leaders in Osaka.
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The International Monetary Fund said it’s looking forward to working with Sri Lanka’s newly elected leftist president, including on the latest review of the country’s $3 billion bailout package, Bloomberg News reported. “We will discuss the timing of the third review of the IMF-supported program with the new administration as soon as practicable,” the organization said in a statement after President Anura Kumara Dissanayake was sworn into office on Monday.
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