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Jan. 8 – Here is how China has been reported across the region over the past week.
Asian Measures to Shore Up the Economy
While the Indian government announced a second stimulus package within a month, lowering policy interest rates, easing overseas borrowing norms and increasing the foreign investment limit in corporate bonds to US$15 billion, other South East Asian nations also implemented changes. (2point6billion.com)
China Violates Accord with Japan Over Disputed Gas Field
China has violated an agreement with Japan and continued developing a gas field in a disputed area in the East China Sea, reports the AFP. (Communist Tax Lawyer)
Work Begins on Shenzhen Financed Trade Zone in Haiphong
Construction on a Shenzhen-invested economic trade zone in Haiphong City started yesterday. The US$200 million zone, which will cater to businesses from the Southern Chinese city, is located in Yen Hung district, Quang Ninh Province, 125 kilometers from Hanoi. It will include 2.2 million square meters of factory space, 400,000 square meters of warehousing and 100,000 square meters of office buildings for management, research and public services. (Vietnam Briefing)
Asian Bribery Rampant in Emerging Nations
Three emerging Asian countries were voted as the most likely to pay bribes to win business in other countries. In a survey conducted by anti-corruption organization Transparency International, Russia was voted the most likely to pay bribes, followed by China and India. (2point6billion.com)
Myanmar to Export Gas to China
Natural gas produced from the Shwe Field off Myanmar’s Rakhine coast will be exported to China’s southwestern region under a new export gas sales and purchase agreement signed between companies from China, Myanmar and South Korea. (Communist Tax Lawyer)
India Unveils Second Stimulus Package
India announced a second stimulus package to further boost an ailing economy that is growing at its slowest pace since six years. The Indian government announced a one percent cut in policy interest rates (repurchase rate and reverse repurchase rate) to 5.50 percent and 4 percent and also decided to cut the cash reserve ratio by half a percentage point to 5 percent. The move is expected to free up Rs 200 billion (US$4.16 billion) in the banking system. (India Briefing)
China’s Power Surge Ends for Now
The extraordinary growth in power generation in China in recent years has slowed down under the weight of the global credit crisis for now. (Communist Tax Lawyer)
