Chinese leaders say 5.5% GDP growth goal is guidance, not a hard target

BEIJING (BLOOMBERG) – China’s top leaders told government officials last week that this year’s economic growth target of “around 5.5 per cent” should serve as guidance rather than a hard target that must be hit, according to people familiar with the matter. Leaders held meetings with ministerial- and provincial-level officials last week, during which they […]

Japan defies wave of inflation-fighting hikes to keep interest rates at rock bottom

TOKYO (BLOOMBERG) – The Bank of Japan (BOJ) left its rock-bottom interest rates unchanged on Thursday (July 21) as it put concern over the economy ahead of any potential implications for the yen for now, further cementing its outlier stance compared with inflation-fighting central banks overseas. Supporting its view that the recovering economy needs continued […]

Asian Development Bank cuts region GDP forecast as China sticks to Covid-19-zero

HONG KONG (BLOOMBERG) – The Asian Development Bank (ADB) has cut its forecast for gross domestic product growth in developing Asia this year as China’s Covid-19-zero approach to containing the virus creates ripple effects on regional supply chains and economic development. The bank expects the region to grow 4.6 per cent this year compared with an […]

Chinese premier says ‘painstaking’ efforts still needed to stabilise economy

BEIJING (REUTERS) – China’s Premier Li Keqiang said on Tuesday (July 19) the recovery in the Chinese economy from a recent bout of weakness is not yet firmly established and “painstaking”efforts are needed to stabilise overall economic performance, according to state media. China will keep macro policies consistent and targeted, and strive for relatively good […]