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Mar. 10 – Here is how China has been reported across the region over the past week.
Asia Optimistic of Continued Growth
As Warren Buffett and President Obama predict a gloomy economy this year, Asian economies backed by the strength of their financial systems and international reserves are looking forward to a brighter economy with more optimism. In a recent World bank emerging markets dialogue, officials from India, China and Brazil agreed that although GDP growth rates were low and exports were down, emerging markets post the 1997 crisis, had adequate fiscal and monetary measures in place to bounce back faster than the more developed nations. (2point6billion.com)
India Clears US$119 million FDI Projects this Week
India’s foreign investment promotion board on Wednesday gave the green signal to allow 29 FDI proposals worth Rs 6.16 billion (US$119 million) to be passed. Due to the gloomy global economic scenario, the government has eased FDI entry regulations allowing many more companies entry into the vast Indian market than before. (India Briefing)
RMB Use at Sino-Vietnamese Border Increasing
The use of the Chinese renminbi for trade settlement has been increasing at the Sino-Vietnamese border. Transnational commuters crossing the border number several thousand daily, with more than 10,000 local Chinese are engaged in border trade. In the urban districts of Dongxing alone there are more than 6,000 registered dealers. Dongxing is located in Vietnam’s Mong Cai special economic zone and across the Beilun River. (Vietnam Briefing)
India Relaxes Ban on Chinese Toys, But Imposes Safety Standards
Just two months after India banned Chinese toys which were being dumped into the country, it decided to relax the ban for toys certified by global safety agencies. India had initially imposed the ban in response to claims that a wide variety of Chinese made toys were defective or toxic. (2point6billion.com)
Vietnam to Invest US$50 Billion in Coastal Economic Belt
Vietnam has approved the plan to invest US$50 billion to build an economic belt along the northern coast. Upon completion, the area’s economic growth is expected to grow 1.4 to 1.5 times more than Vietnam’s GDP growth by 2020 and account for an estimated 6.5 to 7 percent of the country’s GDP. The plan will transform the northern coastal region into an economic area for economic, scientific and technological cooperation with China and other members of ASEAN. (Vietnam Briefing)
India, China Face Auction Catch 22
India and China have simultaneously been making headlines for more than their optimistic outlook on the economy. Recently, both Asian behemoths have been pulling all the stops to retrieve national treasures that are up for auction. Nationalist sentiments are reigning at an all time high as Antiquorum Auctioneers in New York plans to put under the hammer the watch, sandals, bowl, plate and characteristic rimmed glasses of Mahatma Gandhi…(2point6billion.com)
China to Increase Military Budget
In its 19th double-digit increase in 20 years, China is again increasing military spending for the 2009 fiscal year – this time by 14.9 percent. The increase will boost the country’s military finances up to RMB480.6 billion, or a 6.3 percent share of the total budget. The funds will help maintain “sovereignty and integrity of Chinese territory and would not threaten any country,” (Communist Tax Lawyer)
