The Chinese government spent up to $75.4 billion on aid and development projects across Africa from 2001 to 2011, claimed a new study on Monday, coming close to the level of U.S. aid to the region – though the nature of Beijing’s support was comparatively different.
Italy’s new government, led by Prime Minister Enrico Letta, have vowed to reverse Rome’s era of austerity, beginning with the cancelation of an unpopular tax hike on primary residences due in June and pledging not to raise the sales tax while reducing some payroll taxes.
Letta, who won his first vote of confidence in parliament on Monday by 453 votes to 153, said that Italy could ill afford to focus simply on cutting its public debt, but rather needed a new emphasis on lifting the economy out of recession.
The International Monetary Fund has warned policymakers to “stand ready to respond” to any prospective risks of overheating, amid widening fiscal imbalances and rising asset prices in several Asian economies.
Asia will lead a three-speed global recovery, with domestic demand supported by favourable market conditions, robust consumer confidence and rising real wages, said the IMF in its annual report on Asia.
Italy’s two-month political deadlock ended on Saturday when PM-designate Enrico Letta named a coalition government to be confirmed by parliament within days. This week also, investors will be paying close attention to any central bank action as the Fed and ECB hold their key interest rate meetings.
Monday, April 29
China is fast becoming a global leader on climate change thanks to “ambitious strides to add renewable energy to its mix,” claimed a report by an independent climate watchdog on Monday, highlighting the nation’s recent investments in clean energy, which was unmatched by any other country over the past two years.
According to the Australian-based Climate Commission (CC), China invested close to $65.1 billion in clean energy last year, 20 percent more than in 2011 and representing 30 percent of the total investment made by the entire G-20.
ASEAN leaders on Thursday called for urgent talks with China to ensure that the region’s maritime disputes did not escalate into violence, with the Philippines and Vietnam renewing calls for a binding “code of conduct” that would set clear rules for how claimants to the disputed territories of the South China Sea can act.
Indian officials on Thursday met with analysts from ratings agency Standard & Poor’s to argue for an upgrade in its sovereign rating, citing recent steps by the government to put the economy back on track, according to a report by Reuters.
Income inequality surged during the first two years of the economic recovery as the top 7 percent of Americans saw their average net worth increase by 28 percent between 2009 and 2011, while the wealth of the remaining 93 percent of the population steadily declined during the same period, according to a study by the Pew Research Centre.
Since 2000, Japan has managed to offset its shrinking labour force with increased worker productivity – at a rate higher than most other advanced economies. But, Japan’s productivity gains are soon reaching its limits and the nation must once again find new solutions to maintain economic progress amidst the world’s fastest aging population.
China’s centrally-administered state-owned enterprises (SOEs) have been given a 10 percent profit target for the rest of the year after growth figures in Q-1 fell short of an 8 percent estimate set by the State Council, reported Caixin Online on Wednesday.
Though the State-owned Assets Supervision and Administration Commission (SASAC) acknowledged the difficulties SOEs faced in the current economic climate, they urged companies to tighten their cash flow and speed up the disposal of non-performing assets.
