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India: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for India
October 15, 2021--Summary:
The ongoing COVID-19 pandemic has created a prolonged health crisis. Economic activity was slowing prior to the pandemic. Two COVID-19 waves have resulted in a deep and broad-based economic downturn with the potential for a longer lasting impact.
The authorities have responded with fiscal policy, including scaled-up support to vulnerable groups, monetary policy easing and liquidity provision, and accommodative financial sector and regulatory policies. Despite the pandemic, the authorities have continued to implement structural reforms
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Source: imf.org
Hong Kong Muscles In on Singapore's China Stock Futures Monopoly
October 15, 2021-- Hong Kong is starting futures contracts that make it easier for international investors to bet on mainland Chinese stocks, intensifying rivalry between the city's bourse and its Singapore counterpart.
Analysts expect that the new product, which launches Monday, from Hong Kong Exchanges & Clearing Ltd. could take several years to gain traction, but that it will ultimately provide formidable competition to the offering available from Singapore Exchange Ltd.
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Source: bnnbloomberg.ca
Indxx Developed Markets Fintech & DeFi Index Licensed by ETF Securities Australia for an Exchange Traded Fund
October 14, 2021--Indxx is pleased to announce the licensing of their Indxx Developed Markets Fintech & DeFi Index to Australia-based, ETF Securities. The index will serve as the underlying benchmark for ETFS Fintech & Blockchain ETF (FTEC AU Equity).
The Index (Ticker: IFINDEFN) is designed to track the performance of companies that are disrupting existing business models in the financial services industry by offering technology-driven financial services and facilitating a decentralized finance infrastructure.
In this context, global fintech and decentralized finance companies are classified into the following sub-themes: digital payments, trading and capital markets, financial data provision and analysis, point-of-sale, personal finance software, tax compliance software and backend payment processing, decentralized finance, financial enterprise solutions and peer-to-peer lending and crowdfunding.
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Source: Indxx
Axa joint venture jumps on China electric-car ETF bandwagon
October 12, 2021--The launch means there are now four ETFs tracking the narrow theme, all of which listed in the past six months
Only six months after entering the first market, Axa SPDB Investment Managers will launch China's fourth smart electric vehicle-themed exchange-traded fund.
The Axa SPDB CSI Intelligent Electric Vehicle ETF list is after E-Fund Management deployed China's first autonomous electric vehicle-focused ETF in April and two more similar fund strategies were launched in July.
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Source: ft.com
ETF Securities Releases First Ever Pure Play Hydrogen ETF in Australia
October 7, 2021--Achieving net-zero emission is among the most pressing matters for coming decades. Hydrogen, the most plentiful element in the entire universe, plays a crucial role in these plans. The amount and scope of projects in this field are increasing, and companies, policymakers, as well as regulators, are raising their investments and attention.
ETF Securities recognizes the need for action and released its ETFS Hydrogen ETF, tracking companies that have business operations in the field of hydrogen. The ETF tracks the Solactive Global Hydrogen ESG Index.
The mission to curb the emission from vehicles and reduce air pollutions across countries by 2050 has heightened the demand for fuel cell electric vehicles. Hydrogen serves as one of the promising clean energy sources in the fight against climate change. Hydrogen is used to power these FCEV vehicles, making it an affordable, environmentally friendly, and safe transportation option. It will continuously play a critical role in meeting green production targets and transitioning to a sustainable energy future. Therefore, hydrogen is at the forefront of policymaking and currently has over 200 projects exceeding $300B USD planned in the private sector. The demand for green energy is only increasing as we approach the 2050 timeline, with many countries aiming for even earlier implementation.
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Source: Solactive
South Asian Economies Recover Amidst Uncertainties
October 7, 2021--Shifting gears to services-led growth can help build back better
South Asia's recovery continues as global demand rebounded and targeted containment measures helped minimize the economic impacts of the recent waves of COVID-19. But the recovery remains fragile and uneven, and most countries are far from pre-pandemic trend levels, says the World Bank in its twice-yearly regional update.
The latest South Asia Economic Focus titled Shifting Gears: Digitization and Services-Led Development projects the region to grow by 7.1 percent in 2021 and 2022. While the year-on-year growth remains strong in the region, albeit from a very low base in 2020, the recovery has been uneven across countries and sectors. South Asia's average annual growth is forecast to be 3.4 percent over 2020-23, which is 3 percentage points less than it was in the four years preceding the pandemic.
view the South Asia Economic Focus-Shifting Gears: Digitization and Services-Led Development
Source: World Bank
Hong Kong faces worst quarter for stock listings since pandemic
September 30, 2021--IPO freeze underscores city's vulnerability to Beijing crackdown on tech sector
Hong Kong's stock market is on track for its worst quarter for new listings since the earliest days of the Covid-19 pandemic, after a regulatory crackdown on Chinese technology groups stifled the flow of lucrative share sales vital to the city's exchange.
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Source: ft.com
AidData's new dataset of 13,427 Chinese development projects worth $843 billion reveals major increase in 'hidden debt' and Belt and Road Initiative implementation problems
September 29, 2021--The analysis, based on a massive new dataset four years in the making, includes a special focus on China's Belt and Road Initiative (BRI).
AidData, an international development research lab based at William & Mary's Global Research Institute, today released a trove of new findings about China's secretive overseas development finance program. The analysis, based on a massive new dataset four years in the making, includes a special focus on China’s Belt and Road Initiative (BRI).
It comes at a time when the U.S. and its allies are seeking to develop a viable alternative to the BRI through the Build Back Better World (B3W) initiative, announced at the G7 summit in June 2021.
The AidData report, Banking on the Belt and Road, offers a bird's-eye view of China's geo-economic strategy before and after the introduction of the BRI in 2013. It details how spending patterns, debt levels, and project implementation problems have changed over time, leveraging insights from a uniquely granular dataset that captures 13,427 projects across 165 countries worth $843 billion. These projects were financed by more than 300 Chinese government institutions and state-owned entities. The new 2.0 Global Chinese Development Finance Dataset covers projects approved between 2000 and 2017 and implemented between 2000 and 2021. It is the most comprehensive dataset of its kind.
view the Banking on the Belt and Road: Insights from a new global dataset of 13,427 Chinese development projects report
Source: aiddata.org
Vietnam: Adapting to An Aging Society
September 28, 2021--Vietnam is a young country on the cusp of a dramatic aging of the population that is taking place at a faster pace and at an earlier level of development than most other countries in the world. Though Vietnam's favorable demographic window of opportunity is still open, this report argues it should take key actions with immediate effect to prepare for a rapidly aging society.
Vietnam has achieved vibrant economic growth and poverty reduction over the past few decades, thanks in large part to favorable demographic trends along with strong productivity growth. Growth and poverty reduction have been broad based to-date, and between 2010 to 2016, older generations benefited the most relative to the other age groups from poverty reduction. Increased productivity and labor force participation can help to mitigate the adverse impacts of a shrinking working-age population. Evidence suggest Vietnam's youth are already investing more in human capital than their elders. Encouraging people to continue working even when they grow older can also help compensate for the shrinking labor force.
view the info graphic-Vietnam: Adapting to An Aging Society
Source: worldbank.org
Economic Recovery in East Asia and Pacific Faces Setback
September 27, 2021--The East Asia and Pacific region's recovery has been undermined by the spread of the COVID-19 Delta variant, prolonging the distress for firms and households, likely slowing economic growth and increasing inequality, the World Bank said on Monday.
Economic activity began to slow down in the second quarter of 2021, and growth forecasts have been downgraded for most countries in the region, according to the World Bank's East Asia and Pacific Fall 2021 Economic Update.
While China's economy is projected to expand by 8.5%, the rest of the region is forecast to grow at 2.5%, nearly 2 percentage points less than forecast in April 2021. Employment rates and labor force participation have dropped, and as many as 24 million people will not be able to escape poverty in 2021.
view the World Bank-s East Asia and Pacific Fall 2021 Economic Update Long Covid
Source: worldbank.org
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