Welcome to China Business News, NEO’s weekly roundup of top business developments as reported by news outlets in China and the region.
This week’s highlights:
- Global inflation has been hitting new records, while downward pressure on the global economy is constantly on the rise. The latest report from the People’s Bank of China (PBC) focuses on future inflation pressure, arguing that external imported inflationary pressures as well as intensive growth of domestic broad money in the country and rising demand from the post-epidemic recovery could cause inflationary pressures to rebound. PBC made several references to future inflation in its Third Quarter 2022 Monetary Policy Implementation Report released earlier this week, pointing out that more attention should be paid to a potential inflationary upsurge, especially changes on the demand side. PBC said it will make the necessary adjustments to keep price levels in China stable. (Caixin)
- Speaking at the Bloomberg Innovation Economy Forum in Singapore, Former Australian Prime Minister, Asia Society President and CEO Kevin Rudd said China is coming out of its “dynamic zero” policy in a twisted, “crab walking” manner, and this process is likely to be finished by mid-summer next year. This will have a significant impact on China’s domestic consumer demand. He added that China has made a number of positive economic moves since the 20th Communist Party Congress in October, including policy relaxation in the real estate sector, and these offer a glimpse of what is to come in terms of China’s economy. (The United Morning Post)
- Seven gaming operators are vying for Macau’s casino licenses, with investments expected to account for more than $12 billion over the next 10 years. The government of Macau is close to reaching an agreement with companies bidding for gaming concessions. Seven contenders are vying for six slots, including Sands China, which now holds a license, as well as Wynn Macau, Galaxy Entertainment, MGM China, Melco International and SJM Holdings, along with newcomer Genting Group of Malaysia. (The United Morning Post)