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Business and Market Discussion
2022-07-06
China’s economic chief, Vice-Premier Liu He, and US Treasury Secretary, Janet Yellen, held a virtual conference on Tuesday, at the request of the United States. It was their first call since October. The official Xinhua News Agency reported that the two sides had a “pragmatic and frank” exchange on macroeconomic, tariff and supply chain issues as well as rising commodity prices and food security challenges.
The talks come as President Biden is considering a rollback of some of the Trump Administration’s US$300bn of US tariffs on Chinese consumer goods this week, along with a new probe into industrial subsidies that may lead to more duties in strategic areas like technology.
Activity in China’s private services sector staged a stronger rebound than expected last month. The Caixin Services PMI for June came in at 54.5, marking the highest level in 11 months, compared to 41.4 in the previous month and beating economists’ expectations for a reading of 49.6. The index was boosted by slowing input cost inflation and a rise in new orders, while a sub-index for employment showed businesses had slowed the rate at which they were cutting jobs.
New Hong Kong Chief Executive, John Lee, was cautious on when there could be a further reduction in quarantine requirements for arrivals into the SAR. Speaking at a media briefing yesterday, he said he’s asked Health Secretary Lo Chung-mau to review anti-epidemic measures, to strike a balance between infection control and people’s convenience.
Hong Kong’s retirement scheme for workers, the Mandatory Provident Fund, has suffered its biggest half-yearly loss since the scheme was launched in December 2000, in the first six months of 2022. According to data provided by MPF Ratings, an independent pension research firm, the fund lost 12.96% in the first six months of 2022. That translates into a loss of HK$33,300 for each of the 4.6 million members of the scheme.
On today’s Money Talk we’re joined by Asian Fund Management Industry Consultant, Stewart Aldcroft, Pete Sweeney, Asia Editor at Reuters Breakingviews and RTHK’s International Economics Correspondent, Barry Wood.
The talks come as President Biden is considering a rollback of some of the Trump Administration’s US$300bn of US tariffs on Chinese consumer goods this week, along with a new probe into industrial subsidies that may lead to more duties in strategic areas like technology.
Activity in China’s private services sector staged a stronger rebound than expected last month. The Caixin Services PMI for June came in at 54.5, marking the highest level in 11 months, compared to 41.4 in the previous month and beating economists’ expectations for a reading of 49.6. The index was boosted by slowing input cost inflation and a rise in new orders, while a sub-index for employment showed businesses had slowed the rate at which they were cutting jobs.
New Hong Kong Chief Executive, John Lee, was cautious on when there could be a further reduction in quarantine requirements for arrivals into the SAR. Speaking at a media briefing yesterday, he said he’s asked Health Secretary Lo Chung-mau to review anti-epidemic measures, to strike a balance between infection control and people’s convenience.
Hong Kong’s retirement scheme for workers, the Mandatory Provident Fund, has suffered its biggest half-yearly loss since the scheme was launched in December 2000, in the first six months of 2022. According to data provided by MPF Ratings, an independent pension research firm, the fund lost 12.96% in the first six months of 2022. That translates into a loss of HK$33,300 for each of the 4.6 million members of the scheme.
On today’s Money Talk we’re joined by Asian Fund Management Industry Consultant, Stewart Aldcroft, Pete Sweeney, Asia Editor at Reuters Breakingviews and RTHK’s International Economics Correspondent, Barry Wood.
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