China needs to vastly step up its efforts to cleanse the balance sheets of the nation’s local governments, giving them the space needed to support consumer spending and strengthen the economy, one of the nation’s most prominent economists said, Bloomberg News reported. The central government should take on at least 20 trillion yuan ($2.8 trillion) worth of local sovereign debt, David Li Daokui, an economics professor at Tsinghua University and a regular adviser on policy to Beijing, said in an interview.
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Resources Per Country
- Afghanistan
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- Papua New Guinea
- Philippines
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Hong Kong plans to lower taxes and further cut levies on property transactions, as part of efforts to get economic activity humming again amid an increasingly fraught trade environment, the Wall Street Journal reported. In the annual presentation of the budget for the next fiscal year, the Asian financial hub will reduce salaries tax and businesses’ profit tax by 100%, subject to a ceiling of 1,500 Hong Kong dollars, equivalent to around US$193, said Hong Kong Financial Secretary Paul Chan on Wednesday.
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Thailand’s central bank lowered its benchmark interest rate amid global uncertainties and concerns about their potential impact on the Southeast Asian economy, the Wall Street Journal reported. The Bank of Thailand’s monetary policy committee announced Wednesday that it voted six to one to cut the policy rate to 2.00% from 2.25%.
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Japan's automobile industry association urged the government on Tuesday to try to shield Japanese automakers from tariffs that the United States may impose on imports of autos and parts, the Japan Times reported. The Japan Automobile Manufacturers' Association is worried about damage to the economies of both countries if U.S. President Donald Trump's administration proceeds with hefty tariffs on auto imports from Japan, Mexico and Canada, JAMA Chairman Masanori Katayama said. Trump said last week that he wants to impose 25% tariffs on imports of autos as soon as April 2.
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This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
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This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
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The Indian government is considering changes to its bankruptcy laws, including streamlining court processes, amid growing concerns over lengthy proceedings and low recovery rates, the Economic Times of India reported. The Insolvency and Bankruptcy Board of India is finalizing a set of proposals aimed at speeding up resolution. Public consultation is set to end Tuesday, though the deadline may be extended. Global investors have long been cautious about lending in India, where insolvency cases can often run for years with poor recoveries.
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