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Ignorance impedes growth of China ETF market, survey reveals
December 28, 2020--Only about 90 ETFs have been rolled out this year compared with 1,200 non-ETF funds
China's burgeoning exchange traded fund industry has been outshone by the explosive growth of domestic active strategies this year, with market participants blaming a persistent lack of knowledge among retail investors and weak product diversity as the key barriers to higher adoption of ETFs.
Only 91 new ETFs had been rolled out in China this year by December 8, a number that only just exceeds the 90 such product launches recorded for 2019, data provided by Morningstar show. Total assets in the onshore ETF market stood at Rmb1.06tn ($162bn).
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Source: FT.com
China's Economic Recovery Picks Up but Risks Remain: Report
December 23, 2020--Following a sharp decline in the first quarter of 2020, economic activity in China has normalized faster than expected, aided by an effective pandemic-control strategy, strong policy measures and buoyant exports.
While swift, the recovery has been uneven, with domestic demand recovering more slowly than production, and consumption more slowly than investment, according to From Recovery to Rebalancing, the December 2020 edition of the World Bank's China Economic Update, released today.
The report projects economic growth in China to slow sharply to 2 percent in 2020 before rebounding to 7.9 percent, in 2021, as economic activity broadens to private investment and consumption, in response to improved consumer and business confidence and better labor market conditions.
view the World Bank's China Economic Update From Recovery to Rebalancing, December 2020
Source: World Bank
Malaysian economy showing signs of recovery, projected to grow by 6.7 percent in 2021 following a contraction of 5.8 percent in 2020
December 17, 2020--Malaysia's economy is expected to grow by 6.7 percent in 2021 following a projected contraction of 5.8 percent in 2020 caused by the COVID-19 pandemic, according to the latest edition of the World Bank Malaysia Economic Monitor: Sowing the Seeds launched today.
The successful containment of the third wave and effective roll out and distribution of vaccine could lead to a faster-than-expected recovery in consumer demand, greater investor confidence, and consequently a more robust recovery in domestic economic activity in 2021.
Signs of recovery are showing with Malaysia posting a smaller contraction of 2.7 percent in Q3 2020 compared to a 17.1 percent in Q2 2020. Fiscal measures like cash transfers and wage subsidies have boosted household spending with private consumption contracting 2.1 percent in Q3 2020 compared to 18.5 percent in Q2 2020. However, the recent surge in COVID-19 cases and renewed movement controls could slow recovery down due to uncertainties surrounding the deployment of an effective vaccine and the robustness of a rebound in global growth that will influence growth prospects.
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Source: World Bank
China insists Trump sanctions will not deter foreign investors
December 16, 2020--Nasdaq announced on Friday it would follow FTSE Russell and S&P on exclusions from indices
China has spoken out against the Trump administration's recent sanctions on Chinese military-linked companies, dismissing the idea that their recent removal from key global indexes could have an impact on foreign investors' appetite for open market investment.
Wang Wenbin, a Beijing-based spokesman for China's Foreign Ministry, told reporters Monday that recent decisions by indexing companies to exclude the securities of these sanctioned companies would not hold global investment away.
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Source: FT.com
Cambodia Economic Update, Dec 2020: Cambodian Economy Hit Hard by Pandemic But Projected to Recover in 2021
December 15, 2020--Key findings:
While the Cambodian economy continues to suffer from the impacts of the COVID-19 pandemic, there are signs that economic activity is beginning to pick up. The economy is projected to contract by 2 percent in 2020, but is expected to bounce back and grow by 4 percent in 2021.
With the easing of social distancing measures, domestic economic activity is gradually returning to normal. Consumption is being partly underpinned by unprecedented government intervention, while inflation remained subdued.
FDI inflows to projects in non-garment industries and agriculture have been rising, likely attracted by Free Trade Agreements, according to the report.
Although total manufacturing exports have been hit by the pandemic, exports of bicycles, electrical parts, and vehicle parts and accessories are rising, and exports of rice and other agricultural commodities have surged. Domestic tourists have supported a partial recovery of the travel and tourism industry.
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Source: World Bank
Australia issues negative-yielding debt for first time
December 10, 2020--Investors will pay to lend country money following short-term treasury auction.
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Source: FT.com
A silver lining for ageing Asia
December 8, 2020--An ageing population is generally bad news for growth prospects, but Japan and Taiwan offer important lessons.
Many Asian economies will age more rapidly over the next several decades, including Hong Kong, Japan, mainland China, Singapore, South Korea, Taiwan and Thailand.
Asia's working-age population peaked in 2015 and will gradually decline at an accelerating rate in the coming decades.
By 2050, the elderly population in these countries on average is expected to increase to 27% from 7% in 1995.
Reduced labour supply creates a drag on growth, but this can be mitigated by higher labour participation, investment in capital-intensive sectors, and government policies that address productivity.
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Source: bruegel.org
Goldman Sachs to Acquire 100% of China Securities Joint Venture
December 8, 2020--Firm is first global bank to seek full ownership of its securities business in the country
Goldman Sachs Group Inc. is moving to acquire 100% ownership of its securities joint venture in China, deepening its investment in the world's second-largest economy after partnering with a domestic brokerage for 17 years.
The New York-based bank is applying with Chinese regulators to take full control of Goldman Sachs Gao Hua Securities Co. and has signed an agreement to acquire the 49% share of the venture it doesn't own, according to an internal memo seen by The Wall Street Journal.
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Source: wsj.com
Grab-Singtel and Ant Group win digital bank licenses in Singapore
December 4, 2020--Grab-Singtel and Ant Group win digital bank licenses in Singapore. Singapore on Friday granted four firms, including Ant Group and Grab, licenses to run digital banks in the Southeast Asian country, in a move that would allow the tech giants to expand their financial services offerings.
Singapore on Friday granted four firms, including Ant Group and Grab, licenses to run digital banks in the Southeast Asian country, in a move that would allow the tech giants to expand their financial services offerings.
The nation's central bank, Monetary Authority of Singapore (MAS), said it applied a "rigorous, merit-based process" to select a strong slate of digital banks. As these digital banks start their pilot operations, MAS said it will review whether more companies could be granted this license.
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Source: techcrunch.com
Rash of bond defaults tests China's fixed income fund market
December 4, 2020--New risks exposed as government retreats from implicit guarantee for debts of risky state-owned companies
China's fast growing $15tn onshore bond market has been rattled by a wave of defaults by state-owned enterprises that threaten to expose systemic weaknesses across the financial system of the world's second-largest economy.
More bond defaults are expected to follow as Beijing has indicated that it is no longer prepared to help state-owned debtors that run into trouble. But the ending of China's deeply entrenched system of implicit government guarantees has left investors struggling to price credit risks.
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Source: FT.com
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