Your Daily Scan of the New Global Economy

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China
Vietnam homes sales, rents and supply all fell in first half, but its property sector remains attractive thanks to successful coronavirus response Home sales in Vietnam’s major cities fell by between 40 per cent and 60 per cent in the first half of this year, while rents retreated by 40 per cent, according to Cushman...
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Rival or partner? Shenzhen turns 40 with busiest stock exchange eclipsing Hong Kong, Tokyo, Seoul Shenzhen turned 40 last month as a special economic zone. Fashioning itself after Silicon Valley, the mainland Chinese city is home to some of the world’s biggest companies such as Huawei Technology, Tencent Holdings and Ping An Insurance.Its financial sector...
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China’s US dollar debt defaults climb as coronavirus, US tensions hit firms’ bottom lines Defaults by Chinese firms on their US dollar-denominated debt have risen significantly this year as the coronavirus pandemic, a slump in oil prices and deteriorating US-China relations have hurt business and reduced their ability to repay.This environment has caused a decline...
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The yen is rising yet Japan’s economy is slumping. Call it pandemic economics Japan is the land of the rising yen even as its economy slumps. Amid the coronavirus pandemic, Japan’s economy shrank by an annualised 27.8 per cent in the second quarter of 2020. Long-serving prime minister Shinzo Abe has stood down for health...
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US House passes forced labour bill that would bar Xinjiang imports US lawmakers in the House of Representatives on Tuesday overwhelmingly approved legislation that would effectively ban imports from China’s Xinjiang Uygur autonomous region because of suspected use of state-sponsored forced labour there.Currently, the US bans the import of any goods if there is evidence...
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TikTok unveils public listing plan TIKTOK Global plans to hold a public listing, its Chinese parent company ByteDance said yesterday, after announcing a deal over the weekend that would avert a shutdown of the popular app in the United States. The agreement, which has been approved by US President Donald Trump, sees Silicon Valley giant...
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Weekly sales of new homes jump by 37.7% Shanghai’s new housing market has rebounded after a two-week slump as supply hit the second-highest weekly figure this year, with outlying areas the most sought-after. The total area of new residential properties sold, excluding government-funded affordable housing, jumped 37.7 percent week over week to 261,000 square meters...
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Jet with CIIE livery lands in Shanghai A LONG-HAUL passenger aircraft with China International Import Expo-themed livery landed at Hongqiao airport in Shanghai over the weekend.The China Southern Airlines Airbus 330-300  took off from Guangzhou Baiyun International Airport and landed at  Hongqiao International Airport on Saturday afternoon.A water gate ceremony at Hongqiao airport celebrated the maiden flight...
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Catering sector set for full revival As dinnertime approached, food aficionados began to form a long line at the entrance of a popular crayfish restaurant in Changsha, capital of central China’s Hunan Province.After the resumption of dine-in service on March 16, Wenhoyo Superb, also began accepting online reservations. However, many diners still queue up at...
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Town drafts blueprint for development Zhaoxiang Town in Shanghai’s Qingpu District has released its blueprint for development through 2035.The town will undertake an industrial upgrade from traditional business and trade servicing of manufacturing, retail and catering to modern service industries highlighting software and information service.By 2035, the town will have 215.8 hectares of public green...
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