Female power leads consumption growth, boosts economy
By Wendy Liu | China Daily | Updated: 2020-11-26 07:02According to the World Bank, among the world's top 20 economies, China has one of the highest female labor participation rates for women aged over 15, at 60 percent. Comparable ratios are 56 percent for the US, 55 percent for Germany, 53 percent for Japan, and only 21 percent for India.Better education, rising disposable income and aspirations for "good life" are making women, particularly those in the 20-40 age group, popularly known as xiao jie jie (little sisters), a major force driving consumption in China.Women boost duty-free salesOne...
US economic suffering may rise without stimulus: Fed minutes
Washington (AFP) - Officials at the Federal Reserve feared the US economy was on a course for renewed pain without Congress approving more stimulus to help its recovery from the pandemic, according to minutes of the central bank's latest policy meeting released Wednesday.Members of the Federal Open Market Committee (FOMC) also considered future changes in its strategy of buying Treasury assets and mortgage-backed securities, the minutes from the November 4-5 meeting said.US central bankers including Fed Chair Jerome Powell have been gently prodding Washington lawmakers for more stimulus spendi...
New US jobless claims at 778,000, second week of increase
Washington (AFP) - New applications for jobless aid in the United States saw their second back-to-back weekly increase, according to government data released Wednesday, raising concerns that a renewed economic downturn is beginning.The Labor Department said 778,000 seasonally adjusted initial claims were filed in the week ended November 21, more than analysts had forecasted and an increase of 30,000 from the previous week's upwardly revised figure.The increase was the first consecutive one since July and brought claims to their highest level in more than a month, as the world's largest economy...
U.S. 3rd quarter GDP expands 33.1%, unrevised from earlier estimate
The U.S. economy expanded an annualized 33.1 percent in the July-September period, unrevised from an earlier estimate, the Commerce Department said Wednesday.The growth in real, or inflation-adjusted, gross domestic product followed a record 31.4 percent contraction in the preceding quarter amid the coronavirus pandemic. The latest figure represents the steepest quarterly gain since comparable data became available in 1947.According to the department, private consumption, which accounts for two-thirds of the world's largest economy, increased 40.6 percent in the third quarter, following a 33.2...
EU chief: Poland and Hungary may take rule of law mechanism to court
Poland and Hungary should challenge the EU budget conditionality mechanism at the top EU court, rather than block the agreement over the EU budget and coronavirus recovery fund, European Commission President Ursula von der Leyen said on Wednesday.Last week, the two countries withheld support for a key decision on how to fund the shared 2021-2027 EU spending plan due to a separate dispute over what they see as interference in their domestic rule-of-law affairs by EU officials and the other 25 member states.The move will most likely significantly delay the adoption of the EU's 1.8-trillion-euro ...
Hong Kong leader unveils plan on restoring order, boosting economy
Hong Kong leader Carrie Lam said Wednesday the government will urgently restore social order in the territory while eyeing on closer economic ties with mainland cities in the Guangdong-Hong Kong-Macao Greater Bay Area to weather the economic downturn amid the coronavirus pandemic.In the long-overdue policy address postponed from October to seek Beijing's supporting initiatives, the chief executive's primary focus fell on the impact of last year's social unrest on the local economy, while she applauded the imposition of the sweeping anti-subversion law for stabilizing the territory."Some people...
Japan gov't retains economic assessment but warns of virus resurgence
The government on Wednesday retained its view that the Japanese economy is "picking up" in its assessment for November, but it also warned of downside risks from the global resurgence of coronavirus infections.In its monthly report, the Cabinet Office downwardly revised its view of capital investment, among other components, with the pandemic clouding the business outlook. Meanwhile, the assessment of production was upgraded due to the gradual resumption of economic activity.The economy "is still in a severe situation due to the novel coronavirus, but it is showing movements of picking up," th...
YOURSAY | MCO does not help the economy, but SOP does
YOURSAY | ‘Only by adhering to the SOP can we save lives and the economy.’Is MCO necessary? Other countries didn't resort to lockdown, says JomoIndigoKite6964: I agree with Khazanah Research Institute research adviser Jomo Kwame Sundaram.The virus is here to stay but the worst thing about it is that it is not like the flu. It is highly infectious and is usually fatal for the old and the sickly.We think nothing about AIDS, dengue and the flu. These are potentially fatal diseases too but they are not nearly as infectious and not quite so deadly. The problem with Covid-19 is its infectiousness an...
Artisans deserve a glittering place in our economy
Artisans are creatives who veer between the epicurean and ethereal worlds, immersing us in a whimsical moment in time with their works. There is a particular magic to beholding a hand-crafted artisanal product; its quality, originality and imagination can be spellbinding to the sophisticated shopper. Artisans are arbiters of taste, charged with curating our lives with the most exquisite experiences, whether these be intoxicating perfumes, riveting paintings, chic fashion, glittering jewelry, delectable cuisines or dreamy gardens. Indeed, we cannot help but notice their effect on our senses.Art...
UK economy is hollowed out; Brexit will add more wounds
Illustration: Tang Tengfei/GTWhile struggling with Brexit and the deadly novel coronavirus, the UK economy is facing a daunting challenge, including its industrial hollowing-out and lagging development in emerging high-tech industries, which all need massive and long-term investment, instead of playing geopolitical games.One British think-tank - Policy Exchange - recently released a report, calling for UK authorities to tilt resources to the Indo-Pacific region, "ploughing military, financial and diplomatic resources into building a major democratic counterweight to China's growing threat," ac...