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IMF Staff Completes 2023 Article IV Mission to Malaysia
March 20, 2023--After a strong recovery in 2022, growth is projected to moderate in 2023 due to external headwinds, and inflation to remain elevated.
A gradual and credible fiscal consolidation strategy is needed to rebuild buffers while tightening monetary policy remains appropriate to contain inflation.
Coordinated implementation of structural reform policies set out in the Twelfth Malaysia Plan and the 2023 Budget is needed to achieve inclusive growth, enhance digitalization, reduce governance and corruption vulnerabilities, and address climate change.
An International Monetary Fund (IMF) team, led by Mr. Lamin Leigh, conducted discussions for the 2023 Article IV Consultation with Malaysian authorities and other stakeholders during March 8-20, 2023. At the conclusion of the discussions, Mr. Leigh issued the following statement:
"The Malaysian economy registered a strong recovery in 2022. Growth reached 8.7 percent driven by pent-up domestic demand following the reopening of the economy in April 2022 and resilient export performance. Staff estimates the output gap to have closed in 2022. The recovery remains uneven with agriculture, mining, and particularly construction sectors remaining below pre-pandemic levels. "
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Source: imf.org
ETFs help drive huge growth in India's investment market
March 7, 2023--Launch of new passive equity-linked savings schemes expected to further boost industry, Cerulli says
India's mutual fund industry is shifting gradually towards more passive investing, with local regulators relaxing guidelines for firms looking to offer such vehicles, according to consultancy Cerulli Associates.
Net new flows to India-domiciled funds in December jumped to $1.4bn from $500mn during the previous month.
And it was ETFs and index funds that collectively led annual net flows in the market in 2022, pulling in Rs832.4bn ($10.1bn) and Rs793.6bn respectively.
view more/a> Global Times: China sets GDP target at around 5% for 2023, eyes quality growth
Many economists said that the world's second-largest economy will likely outperform the target despite facing a series of external risks and challenges, pointing to the country's accelerating recovery and solid economic fundamentals, as well as sufficient policy tools to tackle those risks and challenges.
view more BlackRock ramps up price war in Australia as it slashes fees view more
World Bank-Pacific Economic Update
The outlook is detailed in the World Bank's inaugural Pacific Economic Update, a comprehensive assessment and forward-projection of 11 Pacific Island country economies, launched today in Suva, Fiji.
view more Asia's Easing Economic Headwinds Make Way for Stronger Recovery
The region's emerging and developing economies, poised to expand by 5.3 percent this year, drive this dynamism. These economies are hitting their stride as pandemic supply-chain disruptions fade and the service sector booms. China and India alone are expected to contribute more than half of global growth this year, with the rest of Asia contributing an additional quarter. Cambodia, Indonesia, Malaysia, the Philippines, Thailand, and Vietnam are all back to their robust pre-pandemic growth. view more Hong Kong Plans to Let Retail Sector Trade Larger Crypto Tokens Like Bitcoin view more State Street and Invesco eye listing of Japan active ETFs view more Large Hong Kong-listed ETFs show resilience in 2022 view more IMF Working Paper-The Internationalization of China's Equity Markets The paper finds large increases in financial and investment activities for domestic listed and for connected firms, with significant aggregate effects. The evidence also suggests the rise in firms' equity issuances was primarily and initially financed by domestic investors. International investors' portfolio holdings in Chinese equity markets and ownership in firms increased markedly only once Chinese firms' locally issued shares became part of the MSCI Emerging Markets Index. view more If you are looking for a particuliar article and can not find it, please feel free to contact us
Source: ft.com
March 6, 2023--China has set its annual GDP growth target at around 5 percent for 2023, as the country embarked on a rapid economic recovery after a decisive victory against COVID-19, while putting emphasis on ensuring economic stability and high-quality growth, sustainable development amid global economic volatility and geopolitical uncertainty.
While the growth target is reportedly the lowest in dozens of years, it still means China will continue to be one of the world's fastest-growing major economies, as the global economy is widely expected to further slow down this year, analysts noted.
Source: Global Times
February 27, 2023--Challenge to its two main rivals provokes immediate response from BetaShares
BlackRock has aggressively cut fees on two of its exchange traded funds in Australia, just a month after it lost its position as the second-largest ETF provider in the country.
The move provoked an immediate response from BetaShares which responded a day later by cutting the annual management fee for the BetaShares Australia 200 ETF by 3 basis points from 0.07 per cent to 0.04 per cent.
Source: ft.com
February 28, 2023 – As growth returns to the Pacific, debt and inflation remain concerns
New World Bank report series provides economic deep dive into Pacific economies
After nearly three years of economic contraction, Pacific economies can anticipate a return to growth this calendar year despite ongoing challenges, according to the World Bank.
While the recovery is expected to continue, fiscal balances, debt sustainability, and inflation will remain a concern. Pacific nations will need to consider reforms and policies to boost equitable growth and sustainable investments, while striking a careful balance between supporting livelihoods and reducing future public debt risks.
Source: worldbank.org
February 20, 2023--The outlook has brightened, but important longer-term challenges remain-including for China's economy, the region's largest.
The economic headwinds that faced Asia and the Pacific last year have started to fade. Global financial conditions have eased, food and oil-prices are down, and China's economy is rebounding.
These developments are helping improve prospects across the region, with growth set to accelerate to 4.7 percent this year from 3.8 percent in 2022. This will make it by far the most dynamic of the world's major regions and a bright spot in a slowing global economy.
Source: imf.org
February 20, 2023--City pushes ahead toward a goal of becoming a crypto hub
Securities regulator issues a consultation paper on the planHong Kong outlined a plan to let retail investors trade digital tokens like Bitcoin and Ether, taking a major step toward its goal of becoming a crypto hub in a policy shift that contrasts with a crackdown in the US.
Individual investors would be allowed to trade larger coins on exchanges licensed by the Securities and Futures Commission, providing safeguards such as knowledge tests, risk profiles and reasonable limits on exposure are put in place, the regulator said in a consultation paper on Monday.
Source: ft.com
February 16, 2023--The Tokyo Stock Exchange is expected to give the first such vehicles a green light later this year
Several global asset managers are considering listing active exchange traded funds in Japan as the country's main bourse gears up to allow such vehicles, industry participants say.
The Tokyo Stock Exchange plans to release in March or April final guidelines, which will require daily disclosures for active ETFs, and begin listings in June.
Source: ft.com
February 15, 2023--But many smaller rivals focused on China and the tech sector suffered a terrible year as investors fled
Amid a rout in the Hong Kong and mainland China stock markets last year, investors kept faith in many large Hong Kong-listed exchange traded funds committing about $10bn in net inflows even as losses mounted.
Hong Kong’s flagship Hang Seng index dropped 15.5 per cent and the CSI 300 Index, which tracks the biggest China A-share stocks, fell 21.6 per cent last year - their worst performance in 11 and four years respectively- as investors suffered a challenging year.
Source: ft.com
February 10, 2023--Summary:
China's equity markets internationalization process started in the early 2000s but accelerated after 2012, when Chinese firms' shares listed in Shanghai and Shenzhen gradually became available to international investors.
This paper studies the effects of the post-2012 internationalization events by comparing the evolution of equity financing and investment activities for: (i) domestic listed firms relative to firms that already had access to international investors and (ii) domestic listed firms that were directly connected to international markets relative to those that were not.
Source: imf.org
