Richard Cayne Meyer comments that China has set its economic growth target for the year at 7.5%, as it looks to continue its efforts to stabilize the economy. The country also set its inflation goal at 3.5%, aimed at keeping prices in check.
After years of impressive growth rates, China has seen its rate of expansion slide after a slowdown domestically and in key markets.In 2013, the country grew at a pace of 7.7%, about the same as in 2012. Richard Cayne at Meyer in Bangkok Thailand comments that this is still a very past pace of growth and one that developed nations could only dream of having.
In Japan the Nikkei index climbed to a five-week high on Thursday as a weak yen, and positive pension’s news, provided a boost for shares. The index closed up 1.59% at 15,134, the highest close since 29 January, while the Topix index was up 1.3% to 1,228.
A weak yen has helped power certain sectors, including exporters, and this continued overnight.
However, the region also reacted well to news that the Government Investment Pension Fund in Japan has announced that pension funds need not stick to a “domestic bond-centric” portfolio as the country moves out of deflation.
Richard Cayne explains in Tokyo that the Abe government is pushing pension funds to invest less in bonds and more in stocks to generate higher returns for the country’s ageing population.
Spain’s government is set to approve on Friday new rules that will make it easier for debt-laden companies to refinance loans and will also free up capital at banks that have set aside provisions against corporate bankruptcies.
The new rules will allow indebted but viable companies more flexibility to extend maturities on bank loans, negotiate haircuts and arrange debt-for-equity swaps with creditors.
In the USA, Fourth quarter GDP growth has been revised down to an annualized 2%. Most of the drop was due to lower than estimated durables consumption, especially cars, fewer exports and lesser inventories explains Richard Cayne Meyer.
Durables consumption grew 2.5% in the final quarter, rather than the forecast 5.9%.
Meanwhile, business investment was revised much higher. It increased 7.3% over the quarter; the first estimate put it at just 3.8%.
That offset an even larger fall in residential investment which plummeted 8.7% as existing house sales dropped off.
Singapore is poised to surpass Tokyo as the Asian city with the most ultra-high-net-worth individuals within a decade, as its stature as a financial center increases with the region’s growth explains Richard Cayne at Meyer Asset Management Ltd.
Singapore will have 4,878 people with $30mn or more in assets excluding their principal residence by 2023, a 55 percent gain from last year, and trailing only London globally, according to a report from Knight Frank LLP yesterday. The number of these millionaires in Tokyo will climb 8% to 3,818, ranking the city fourth worldwide after New York.
Richard Cayne Meyer born in Montreal, Quebec Canada resides in Bangkok Thailand and runs the Meyer Group of Companies www.meyerjapan.com. Prior to which he was residing in Tokyo Japan for over 15 years and is currently CEO of Asia Wealth Group Holdings Ltd a London, UK Stock Exchange listed Financial Holdings Company. Richard Cayne has been involved in the wealth management space in Tokyo Japan and has assisted many High Net worth Japanese families create innovative international tax and wealth management planning solutions. https://www.isdx.com/Asia Wealth Group.