A slowdown in China’s economy is perceived as being the biggest risk to Asia’s economic growth, a survey of powerbrokers in the region released yesterday said.
While there were also worries about the weakness in the European and US economies, the survey by the Pacific Economic Cooperation Council (PECC) think tank said there was more concern over the effects of a slowdown in China.
“In terms of risks to growth, regional opinion leaders were more worried about the impact of a slowdown in China than they were for slowdowns in Europe and the US, albeit by a slight margin,” it said.
Results of the survey — which included business executives, senior government officials and academics — were released in the Russian city of Vladivostok ahead of this weekend’s APEC leaders’ summit.
Donald Campbell, co-chair of the PECC, said the survey results emphasized China’s growing importance as global economy driver.
“If you take 10 years ago in terms of economic output, the Asia Pacific region was about 20 percent. Now it’s 35 percent, it’s the fastest-growing ... and it’s driven by China,” Campbell said.
“China is becoming very, very critical in terms of the world economy and growth so you can see the concern over any diminution in growth,” he added.
China’s insatiable appetite for raw materials and other goods has kept the factories of other Asian countries humming despite slower exports to the US and Europe following the 2008 financial crisis.
China is the largest trading partner of the 10-member ASEAN grouping, but a raft of recent data has shown the world’s second biggest economy is slowing.
China’s manufacturing activity fell to its lowest level in more than three years last month, according to a closely watched survey compiled by British banking giant HSBC.
This came after the Asian giant’s economic growth slowed to 7.6 percent in the second quarter, the worst performance in three years and the sixth straight quarter of slower growth.
According to the PECC survey, 56 percent of respondents “are gearing themselves for weaker economic performance from China over the next 12 months,” up from 36 percent in the previous poll last year.
DEVELOPING TALENT: The electronics contractor is looking to recruit people to work in core tech fields and emerging industries like electric cars and robotics Hon Hai Precision Industry Co (鴻海精密), the world’s largest contract electronics maker, has launched a recruitment drive, offering a monthly salary of no less than NT$45,000 (US$1,485) to university graduates. For those with a master’s degree, the starting pay would be NT$52,000 per month at the minimum, while doctorate degree holders would receive at least NT$60,000 a month, Hon Hai said a statement issued early this week. The latest recruitment drive is aimed at attracting talent in core technology fields — artificial intelligence, semiconductors and next-generation mobile communications — and emerging industries — electric vehicles, digital healthcare and robotics, the
MRT TRAVEL FALLS: In February, ridership on the Taipei MRT System fell 8.96 percent from an average of 2.01 million per day in January Scooter sales jumped 13 percent last month as more commuters turned to two-wheelers to avoid public transportation amid the COVID-19 pandemic, the latest statistics showed. Sales expanded to 74,493 units last month, compared with 65,913 units in February, statistics released on Wednesday by Kwang Yang Motor Co (光陽工業) and the Ministry of Transportation and Communications showed. In the first quarter, aggregate sales slid 0.51 percent year-over-year to 186,627 units, from 187,580 units, data showed. Kwang Yang, the nation’s biggest scooter manufacturer, continued to lead the market by selling 24,136 vehicles last month, growing 6.12 percent from 20,785 units in the previous month, while
Asustek Computer Inc (華碩), the nation’s leading PC vendor, yesterday launched its first dual-screen gaming laptop powered by Intel Corp’s latest central processing units (CPUs). The PC manufacturer’s announcement closely followed the US chipmaker’s unveiling of its 10th Generation Core H-series, the fastest commercial mobile processors with speeds of up to 5 gigahertz. Although Asustek’s Zephyrus Duo 15, the highlight of its Republic of Gamers line, is not the company’s first laptop with two screens, it is its first designed specifically for gaming. Nestled between the primary display panel and the keyboard, the secondary display, which Asustek calls the ScreenPad Plus, is angled
NO ILL EFFECT: Last month’s data mainly reflected deals made in February, when the spread of COVID-19 was still relatively mild in Taiwan, housing brokers said Housing transactions in the six special municipalities totaled 19,824 units last month, up 7.8 percent from a year earlier, brokers said, citing government data. Last month’s data mainly reflected deals made in February, when the pinch of the COVID-19 pandemic was not yet evident, they said. Taoyuan posted the largest improvement, with housing transactions soaring 36.6 percent year-on-year to 3,676 units, local government data showed. Taiwan Realty Co (台灣房屋) attributed the pickup to the completion of two presale residential projects in the municipality. Houses in Taoyuan have increasingly gained in popularity in the past few year years due to relatively affordable home prices and