TheSino-U.S. trade conflict is the dominant topic of the global economy these days. How it will affect the international capital markets in the short, medium and long term is a question that many experts are concerned about.What impact does the conflict have on the Chinese economy? Does the West fails to recognize the growth opportunities offered by domestic consumption and the new Chinese middle class? |
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Let’s have a look at Northeast Asia and focus on China, Japan and South Korea. Especially China is almost daily in the news these days. The ongoing Hong Kong protests is one topic dominating. Another topic is China economy growth. The 1978 economic reform transformed the Chinese economy from a centrally planned system to a market-oriented economy. The introduced open-door policy welcomes foreign trade and direct investment. The approach has led to a tenfold increase in GDP and an average growth rate of 9.45 percent over the last four decades. Annual growth has slowed in the last five years. The slowing trend is also expected to continue until 2023. However, some Chinese experts say that China can handle the slow growth rates because the economy is large enough.
Taking a look at the neighbouring countries Japan and South Korea. They have entered a trade conflict of their own. Japan restricted exports to South Korea. The removal of South Korea from the so-called “white list” of preferred economic partnersaffects nearly 1,100 products. Most hurt is the technology sector: amongst others three chemicals are under export control, which are used in the production of semiconductor products. This particularly affects South Korean chip manufacturers like Samsung and LG Display. Analysts warn that global supply chains for technical equipment could be disrupted. South Korea is the leading exporter of semiconductors. We regularly report on South Korea and Japan economy news on our platform, www.asiafundmanagers.com.
It is worth taking a look at South Korea economy growth - known as the“Miracle on the Han River”. South Korea is the fourth-largest economy in Asia and the11th largest in the world. Following the Korean War, South Korea was one of the poorest countries in the world. Just in a few generations, the countrydeveloped to a high-income country with an export-oriented economy. In 2018, South Korea was the fifth-largest exporter and eighth-largest importer in the world.
However, all three countries - Japan, South Korea and China – are facing a shrinking working population as the number of elderly citizens is growing. By 2060, citizens 65 years or older are expected to make up more than 30% of each country’s population.
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