Asia

South Korea reveals 10-year $1.44 billion plan to develop cutting-edge green technologies for ships

The technologies include features such as full autopilot capabilities and carbon-free engine

Japan revises Q1 GDP contraction to 2.9 percent from 1.8 percent on data corrections

Japanese companies project inflation to hit 2.3 percent three years from now and 2.2 percent five years later

Vietnam cuts VAT to 8 percent on select goods and services till year end

Vietnam's finance ministry has also reduced various fees and charges by up to 50 percent until year-end to support businesses

South Korea’s industrial output falls 0.7 percent in May, semiconductor gains offset by automobile declines

Retail sales and facility investment also lost ground during the same period

South Korean government allocates $17.9 billion for R&D budget for 2025

The ministry will allocate 3.5 trillion won to AI chips, advanced biotech, and quantum tech

South Korea’s overseas assets reach new high of $1.911 trillion

External financial assets reached $1.911 trillion at the end of December last year

China’s foreign direct investment plunges 28 percent to $57.94 billion in 5-month period

The manufacturing sector attracted 28.4 percent, or 117.1 billion yuan, of the total FDI inflow

Korea, Japan to take appropriate measures against currency volatility

Japanese yen has neared the 160 mark against the U.S. dollar, a level unseen in decades

China’s Chang’e-6 probe lands on Earth with historic samples from moon

Beijing plans to send astronauts to the moon by 2030 and build a research base at the lunar south pole

China’s general public budget spending rises 3.4 percent to $1.52 trillion

During the first five months of the year, tax revenues declined 5.1 percent annually to 8.0462 trillion yuan

Chinese financial sector sees 8.5 percent increase in total assets, reaching $66.93 trillion

The assets of the banking sector reached 429.58 trillion yuan, up 8.1 percent YoY

Japan’s tourism sector booms with over 3 million visitors in May

Tourism spending reached $11.1 billion in Q1 2024

People’s Bank of China keeps interest rates unchanged in line with expectations

The one-year LPR was kept at 3.45 percent, while the five-year LPR was maintained at 3.95 percent

India’s new $9.14 billion mega port: A strategic trade gateway to Europe and the Middle East

The first of two construction phases is expected to be completed by 2029

China’s industrial output rises 5.6 percent in May, signaling continued economic expansion

China's retail sales grew 3.7 percent in May, up from 2.3 percent in April

Japan’s exports reach $53 billion in May amid weak yen, robust global demand

The country's trade deficit narrowed to $7.7 billion, down nearly 12 percent from a year earlier

Bank of Japan to reduce government bond buying

The central bank decided to outline its plan to reduce buying for the next 1-2 years in its July meeting

South Korea’s hydrogen-powered FCEV exports plunge 74.2 percent in first five months of 2024

Last month, the country's exports of hydrogen-powered FCEVs dropped to zero

China pledges $20 million to UNCTAD to boost sustainable development efforts

The contribution is aimed at supporting the implementation of the UN's 2030 Agenda for Sustainable Development

Japan’s economy contracts by 1.8 percent in Q1 2024, slightly better than expected

Nominal GDP increased at an annualized rate of 0.1 percent, slower than the previously reported 0.4 percent

China’s natural gas YoY consumption surges 11.9 percent to 143.73 billion cubic meters in January-April period

In April alone, consumption rose by 11.8 percent compared with the same period last year to total 35.46 billion cubic meters

Azerbaijan confirmed as host of COP29

The COP29 Presidency has made significant progress and will be ready to deliver a world-class event, said COP29 President-Designate

China’s exports grow 7.6 percent in May, supporting trade surplus growth to $82.62 billion

China’s crude oil imports saw little change from January to May 2024