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IMF Working paper-Two Sides of the Same Coin? Rebalancing and Inclusive Growth in China
August 27, 2013--Summary: This paper uses the Shapley Value decomposition technique to assess the factors behind the rise of inequality in China. It finds that, in many ways, inequality may have been an inevitable by-product of China's investment and export-led growth model.
Between Chinese households, we find that the most important factors explaining income inequality are location, education, access to health insurance, and labor market variables, including the sector of employment and enterprise size. Across China's provinces, divergences in per capita incomes are driven by the relative level of capital-intensity, public spending, financial access, privatization, and urbanization. In addition, excess liquidity may have exacerbated inequality in the last decade, by driving up property prices and the wealth gap. Based on these results, policies that could help broaden the benefits of growth in China include maintaining prudent monetary and credit policies, a more progressive fiscal tax and expenditure system, higher public spending on health and education, deregulation and reforms to increase competition, measures to raise labor incomes and assist vulnerable workers, and better access to finance for both households and SMEs, including in rural areas. Not surprisingly, given the argued nexus between China's growth strategy and inequality, many of these reforms are the same ones that would help rebalance its economy toward consumption and household incomes.
view the IMF Working paper-Two Sides of the Same Coin? Rebalancing and Inclusive Growth in China
Source: IMF
TSE has published the index value of TSE Home Price Index for June
August 27, 2013--The index value of TSE Home Price Index (Used Condominium, Composite of Tokyo Metro Area) is 77.43 points.
The index value of TSE Home Price Index (Used Condominium, Tokyo) is 82.73 points. The index value of TSE Home Price Index (Used Condominium, Kanagawa) is 75.78 points. The index value of TSE Home Price Index (Used Condominium, Chiba) is 61.51 points. The index value of TSE Home Price Index (Used Condominium, Saitama) is 66.93 points.
Source: TSE
HKEx Welcomes its First ETF on a CESC Index
August 26, 2013--Hong Kong Exchanges and Clearing Limited (HKEx) welcomes today's listing of the ChinaAMC CES China A80 Index Exchange Traded Fund (ETF), the first ETF on an index from China Exchanges Services Company Limited (CESC), HKEx's joint venture with the Shanghai and Shenzhen stock exchanges.
The CES China A80 Index is part of the China Cross Border Index Series developed by CESC.
The ChinaAMC CES China A80 Index ETF is the first CESC index product in HKEx's securities market, the seventh Renminbi Qualified Foreign Institutional Investors (RQFII) ETF listed in Hong Kong and the seventh ETF available for trading and settlement in both renminbi (RMB) and Hong Kong dollars (HKD) at HKEx. The stock codes of the ETF are 3180 (HKD) and 83180 (RMB).
With today’s listing, there are nine RMB-denominated ETFs on the Stock Exchange and the total number of listed ETFs has increased to 112, compared with 100 at the end of last year.
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Source: Hong Kong Exchanges and Clearing Limited (HKEx)
Hong Kong shares rise on brighter China outlook
August 26, 2013--Hong Kong shares ended higher on Monday, lifted by Chinese financial and energy shares, as investors cheered comments from Beijing that signalled China's economy is getting back on a stable track.
On Monday, the Hang Seng Index closed up 0.7 percent at 22,005.32 points, while the China Enterprises Index of the top Chinese listings in Hong Kong rose 1.4 percent. Both had their biggest daily percentage gains since Aug. 13. In the morning, the state statistics bureau said China's economy is showing clear signs of stabilisation, helped by policy support and some improvement in global demand, and is on track to meet the government's 2013 growth target of 7.5 percent.
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Source: Today's Zaman
Shanghai Exchange Mulls Circuit Breaker After Everbright Error
August 25, 2013-The Shanghai Stock Exchange is considering setting up a circuit-breaking mechanism as part of efforts to avoid a repeat of a trading error on Aug. 16 that triggered the biggest swing in its benchmark index since 2009.
The exchange will also study the possibility of allowing the cancellation of trades during incidents similar to the erroneous buy orders made by Everbright Securities Co. (601788), an unidentified spokesman from the stock exchange said yesterday in comments on its Weibo, Sina Corp.'s Twitter-like microblogging platform.
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Source: Bloomberg
Crashing markets spell trouble for India
August 23, 2013--The collapse of the rupee is derailing India's hopes of raising more than $6bn from the sale of stakes in state-run firms, jeopardising a key plank of Finance Minister P Chidambaram's blueprint to reverse the country's economic malaise.
Investor confidence has evaporated amid fears over the rising cost of funding India's gaping current account deficit, prompting New Delhi to delay plans to raise much-needed funds through partial privatisations, finance ministry sources said.
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Source: FIN24
Thai Bourse Lists KTAM SET ICT ETF Tracker On August 27
August 23, 2013--The Stock Exchange of Thailand (SET) will list KTAM SET ICT ETF Tracker,managed by Krung Thai Asset Management pcl, on its main
board on August 27, under the ticker symbol "EICT".
EICT, an open-end exchange-traded fund (ETF), will track the performance of the SET Information and Communication Technology Sector Index, enabling investors togain yields following the business growth of information and communication technology.
Kesara Manchusree, SET Executive Vice President and Head of the Markets Division, said: "ICT-related stocks have been consistently popular for investors, as the telecommunication, communication, and mobile phone businesses show promising growth. In aggregate, these sectors' net profit in the first half of this year rose 14 percent from a year earlier,"
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Source: The Stock Exchange of Thailand (SET)
BNY Mellon appoints new country head for Korea
Investment firm appoints former Deutsche Asset Management man to senior role within Asia Pacific team
August 23, 2013--BNY Mellon has named Eugene Bang as its head of Korean investment management as it seeks to strengthen its offering to Asian investors.
Bang joins the group from Deutsche Asset Management Korea where he served as director and country manager for the group's mutual fund business, DWS.
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Source: CityWire
Investors backing global and niche ETFs
August 21, 2013--Exchange traded funds have already attracted more inflows in the first half of 2013 than in all of 2012 as investors have embraced the low-cost index approach.
But unlike previous years, the money is increasingly heading into ETFs which offer international equity exposure as the global economy shows signs of recovery, as well as specialist ETFs targeting niche areas of the market. “It’s been notable since we saw market commentary out of Europe that things were being brought under control – we’ve seen investors increasingly move money off the sidelines,” says BlackRock Australia head of retail Mark Oliver, who oversees the iShares ETF business.
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Source: Financial Review
FOFA changes will boost ETF investment
August 21, 2013--Exchange-traded funds are expected to be one of the beneficiaries of the FoFA (Future of Financial Advice) reforms, which became mandatory on July 1.
The reforms are focused on improving the quality of financial advice and enhancing retail investor protection. ETFs are expected to be used more by advisers to address these requirements. Alta Vista Research head of sales and corporate development, Michael Turner, says as a product, ETFs have the flexibility of direct shares and the strength of a managed fund.
"They’re liquid, low cost and offer immediate and ongoing investment and portfolio benefits,” he says.
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Source: Financial Review
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