At the 13th China-ASEAN Expo and China-ASEAN Business and Investment Summit, Chinese Vice Premier Zhang Gaoli said that China will support the building of ASEAN Community, ASEAN’s central role in regional cooperation, and ASEAN to play a greater role in international and regional affairs.
The September 2016 meeting of the BRICS leaders, which occurred on the sidelines of the G20 Summit in Hangzhou, China, was noteworthy as it confirmed the new Brazilian government’s commitment to the BRICS grouping.
The rise of corporate bond defaults and corporate downgrades has renewed calls for the establishment of a credit default swap market in China. The People’s Bank of China appears poised to give the hedging scheme the go-ahead in the near future.
One major issue is the mismatch between local governments’ fiscal capacity and their expenditure responsibility. In recent years, local governments have been responsible for over 80 percent of government expenditure, while being assigned only about 50 percent of government revenue.
Lauded as a great success by Chinese President Xi Jinping, the Hangzhou G20 Summit came to a conclusion on September 5, 2016 with its final communique confirming the necessary consensus for the G20’s long-term vision.
Many people hold the view that economies of scale plus a booming economy are the two sole reasons behind China’ success in e-commerce. Physical infrastructure of telecommunications, information processing, and logistics are also factors.
In July 2016, Japanese Prime Minister Shinzo Abe announced a JPY 28 trillion stimulus package, which includes spending on infrastructure, reconstruction of disaster zones, wage increases for child and elder care workers, and direct cash payments to low-income households.
The latest report from SWIFT shows that the share of the RMB in the global payment network dropped to 1.72 percent in June 2016, down 0.18 percent from the figure in May, and is the smallest share for the year to date.
China’s land prices in auctions have hit record highs in the first half of 2016. Land parcels were sold on average 41 percent higher than their asking prices. There are 205 land parcels with a price of over RMB 1 billion.