China confronts a challenging international environment and must boost domestic consumption, said Li Daokui (李稻葵), an academic adviser to the People’s Bank of China, at a financial forum in Beijing yesterday.
China’s economy retains strong growth potential even as the international situation grows more complicated after the global financial crisis, said Li, appointed in March as one of three academic advisers to the central bank.
Pressure to let the yuan rise will grow, while both China and India face swelling trade protectionism against export goods, he said.
“Pressure for yuan appreciation is just starting and far from ending,” Li told an audience of corporate leaders.
“China faces challenges including the housing price surge that’s impeding progress in urbanization,” Li said.
The yuan strengthened 0.68 percent last week, the most since May 2008, to 6.7235 per US$1 in Shanghai, taking its gains to 1.5 percent since a two-year peg ended in June, according to the China Foreign Exchange Trading System.
Non-deliverable yuan forwards reflected traders’ bets that the yuan will gain 1.5 percent in the coming 12 months.
Consumer prices jumped 3.5 percent from a year earlier last month, the most in 22 months, a statistics bureau report showed on Sept. 11.
Industrial output gained 13.9 percent, compared with the 13 percent median estimate of economists surveyed by Bloomberg.
China’s GDP grew 11.9 percent from a year earlier in the first quarter, the fastest pace in almost three years. Inflation topped the government’s 3 percent target.
There was a net reduction last year in the number of Taipei residents and this year is expected to set a 23-year high for population decline in the city, Ministry of the Interior statistics released yesterday showed. From January to last month, 18,861 more people moved out of Taipei than moved into the capital, an increase of 7,000 from the same period last year, the data showed. That is a 7.2 percent decrease in the city’s population since the start of the year, the biggest drop in both percentage and total number among all municipalities and counties nationwide, the data showed. The data
COUNCILS CLASH: The Mainland Affairs Council said a new office in Hong Kong is to assist people with issues related to investment, study and employment in Taiwan The Mainland Affairs Council (MAC) yesterday denied an accusation by the Hong Kong-Taiwan Economic and Cultural Co-operation and Promotion Council that its Taiwanese counterpart in the territory was “interfering with Hong Kong’s internal affairs.” The Hong Kong council leveled the accusation after Taipei’s Taiwan-Hong Kong Economic and Cultural Co-operation Council this month announced it would establish a Taiwan-Hong Kong Services and Exchanges Office to facilitate humanitarian aid for Hong Kongers. The new office is scheduled to begin operations on Wednesday. The MAC yesterday asked the Hong Kong council to “not misinterpret” the government’s intentions. The two Taiwan-Hong Kong councils were established in 2010 to
IRRESPONSIBLE ATTITUDES? Some experts say the NHI system does not do enough to educate the public, or pay doctors to talk to patients, about healthy lifestyles While the life expectancy of Taiwanese newborns in 2018 reached 80.69 years, the number of years people spent in poor health hit a record high at 8.41 years, Ministry of Health and Welfare statistics showed on Saturday. Healthy life expectancy is calculated by a person’s life expectancy minus the time they spend in ill health, such as the loss of mobility, disabilities and chronic disease, based on medical records and calculations about the years they live with disabilities. The number of years that Taiwanese spend in poor health is increasing slowly, but steadily, rising by 0.46 years, or five-and-a-half months, between 2012
UPTICK IN NUMBERS: The Taipei deputy mayor said the city has services to assist new immigrants, but has established an office specifically to help those from Hong Kong The Taiwan-Hong Kong Services and Exchanges Office today officially opens, where it is to provide humanitarian assistance to Hong Kongers, after Beijing yesterday passed a controversial national security law for the territory. President Tsai Ing-wen (蔡英文) expressed dismay over China’s passage of the law, saying that Beijing has broken its pledge to allow Hong Kong to maintain a high degree of autonomy for at least 50 years following its handover from the UK. “I feel extremely disappointed [about the law’s passage], which means China did not keep its promise to Hong Kong,” Tsai said in Taipei. Beijing’s “broken promise” also