In today’s talking points: Major institutions forecast higher growth for 2018; Three of Australia’s leading banks develop a digital app wallet called Beem; E-commerce creating inroads for poverty alleviation; China’s quality over quantity approach a positive sign for domestic and global economies
Major institutions forecast higher growth for 2018
While the current consensus on China’s growth percentage for 2018 sits at 6.4 percent, a leading Chinese investment firm, The China International Capital Corp (CICC), has an improved view with a growth forecast of 6.9 percent. The firm states, “Fiscal policy will likely remain accommodating, with the focus shifting further towards improving income distribution and mobilizing ‘idle resources’.” CCIC’s optimism also extends to growth of consumption, property investment, and manufacturing capex. In addition, other major institutions and banks such as the IMF and the World Bank have similarly raised their forecasts on growth.
Read more at: China Daily
Three of Australia’s leading banks develop a digital app wallet called Beem
Three of Australia’s top Banks, the Commonwealth bank, National Australia Bank and Westpac, have teamed together to create a digital wallet app called Beem that will allow people and small businesses to instantly make payments over their smart phones. Beem will be free to users of any bank and is directed at assisting with payments such as splitting a bill or paying a tradesperson. While Beem is currently only aimed at person to person payments, ‘point of sale’ payment at a retailer is being developed for the future. This apps development comes as the three banks have yet to come to an agreement with Apple over Apple Pay.
Read more at: Sydney Morning Herald
E-commerce creating inroads for poverty alleviation
QR Codes are not only making life easier, but also helping to alleviate poverty. In Shiban Village, Guizhou Province, impoverished families have all been given a QR code. Contained within that code, is information about the family’s income, living space, and produce. Buyers across China can then access this information and buy specialty products. Sustainable development is an expected consequence of the increasing e-commerce demand for products from rural locations and will likely play an important role in China’s aim to eradicate poverty by 2020.
Read more at: Xinhua
China’s quality over quantity approach a positive sign for domestic and global economies
Alred Schipke, senior resident representative for the International Monetary Fund in China, has heralded China’s focus on quality economic growth as a positive sign for the global economy and multilateral systems like the IMF. China’s Vice-Minister of Finance, Shi Yaobin, said that reforms of international governance systems “should better reflect the true economic development status of different member countries and serve a more stabilized and improved global economy.” China has been responsible for a significant portion of the world’s economic growth and it is expected that the opening of the financial sector will further accelerate domestic development.
Read more at: China Daily