South Korea Offers Benefits to Chinese Tourists to Boost Tourism
South Korea’s Ministry of Culture, Sports, and Tourism has recently announced several initiatives to attract Chinese tourists and boost tourism between the two countries. One of these initiatives includes waiving the visa fees for group tours from China, making it easier and more cost-effective for Chinese tourists to visit South Korea.
Starting from September, South Korea will also organize new tourism activities specifically catered to Chinese tourists. These activities include providing Chinese tourists with the opportunity to receive refunds more easily from tax-free purchases. In fact, tourists can now receive their money back immediately after paying by using their mobile phones, simplifying the process and enhancing convenience.
Furthermore, Chinese tourists can now participate in the “K-Culture Bucket List Challenge” where 10,000 lucky winners will be randomly selected to win tickets to exciting events such as esports games, picnics on the Han River, and baseball games. The government also plans to offer activities related to medical tourism, providing additional attractions for Chinese tourists.
South Korea has set an ambitious target of attracting 2 million Chinese tourists, which is expected to contribute to a GDP growth of 0.16 percent by the end of this year. With these new initiatives, South Korea aims to strengthen its position as a favored destination for Chinese travelers.
Moody’s Raises US Economic Outlook while Cutting China’s Forecast
Moody’s Investors Service has made adjustments to its economic forecasts for both the United States and China. While the risk of a recession in the US is considered to be less, China’s economy faces more challenges.
Moody’s has raised its forecast for US economic growth in 2023 to 1.9% from the previous forecast of 1.1%. This adjustment is attributed to the US economy showing signs of strengthening. However, Moody’s maintains its forecast for the US economy at 1% for the following year due to concerns about the potential impact of high interest rates, which could weaken the economy. Additionally, the current economic conditions pose difficulties for the Federal Reserve in achieving its inflation target of 2% sustainably.
On the other hand, Moody’s has maintained its 2023 forecast for China at 5 percent. However, the 2024 forecast for China has been revised down to 4 percent from the previous projection of 4.5 percent. Moody’s cites weakening consumer and business confidence, uncertain policy direction, the crisis in the real estate sector, and a declining working-age population as reasons for the downward revision.
Cambodia’s Prime Minister Expresses Vision for High-Income Country Status
Hun Manet, the new Prime Minister of Cambodia, has unveiled his vision for the country’s future development during an Association of Southeast Asian Nations (ASEAN) business meeting in Indonesia. He aspires to elevate Cambodia to high-income country status by 2050.
Manet highlighted Cambodia’s recently launched comprehensive economic vision, which focuses on protecting the economy and accelerating national development. The vision aims to achieve high-income country status by 2050 through inclusive and sustainable economic growth. This ambitious plan has been dubbed the “Pentagon Strategy.”
By setting such a goal, Cambodia aims to position itself among the ranks of high-income countries and ensure long-term economic prosperity for its citizens.
Japan Challenges China’s Ban on Seafood Imports
Japan has taken a strong stance against China’s ban on Japanese seafood imports, expressing its discontent through the World Trade Organization (WTO). The Japanese government deems China’s ban, which was implemented after the release of treated water from the Fukushima nuclear power plant into the sea, unacceptable.
In response to a Chinese document filed with the WTO on August 31, outlining measures to ban imports from Japan, Japan has stated its intention to explain its position to the relevant WTO committee. The Japanese government has called on China to cease these actions immediately.
Furthermore, Japanese Prime Minister Fumio Kishida has announced the establishment of an emergency fund worth 20.7 billion yen to assist exporters affected by China’s suspension of seafood imports from Japan. The government intends to utilize the funds to seek new markets as replacements for China, support the purchase and storage of seafood, and promote domestic seafood consumption. Japan plans to explore new export destinations such as Taiwan, the United States, Europe, the Middle East, and select countries in Southeast Asia, including Malaysia and Singapore.
Monetary Authority of Singapore Appoints New Leader
The Monetary Authority of Singapore will experience a change in leadership, marking the first such transition in over a decade. As the current Managing Director, Ravi Menon, is nearing retirement at the age of 59, the central bank has announced that Chea De Jun, the Permanent Secretary of the Ministry of Labour, will assume the role of Managing Director starting in January 2024.
This leadership change comes after Menon’s tenure as the longest-serving Managing Director of the Monetary Authority of Singapore, which began in 2011. In his new position, Chea De Jun will bring his extensive experience with the central bank across various roles, including monetary policy and banking sector oversight, ensuring a smooth transition and continued stability within the institution.
South Korea waives Chinese tourist visa fees
South Korea’s Ministry of Culture, Sports and Tourism has announced that it will offer a number of benefits such as waiving visa fees for group tours from China. organize new tourism activities for Chinese tourists from September Including the opportunity to receive refunds more easily from tax-free purchases You can get money back immediately after paying by mobile phone.
Chinese tourists can apply for the “K-Culture Bucket List Challenge,” where 10,000 lucky winners will be randomly selected to win tickets to events such as esports games, picnics on the Han River, and more. and seating for baseball games The government also plans to offer activities related to medical tourism.
South Korea aims to attract 2 million Chinese tourists, which is expected to boost GDP growth by 0.16 percent by the end of the year.
Moody’s raises the US economic outlook cut China’s economic outlook
Moody’s Investors Service raised its forecast for US economic growth in 2023, but cut its forecast for China in 2024, saying the risk of a recession in the US is less. But China’s economy faces more challenges.
Moody’s raised its forecast for US economic growth to 1.9% from the previous 1.1%, as the economy is on a stronger track. He keeps his forecast for the US economy at 1% next year as the effects of high interest rates could weaken the economy. and considering the current economic conditions It is believed that the Federal Reserve will face difficulties in bringing inflation back to its target of 2% sustainably.
Meanwhile, Moody’s maintained its 2023 forecast for China at 5 percent, but lowered its 2024 forecast for China to 4 percent from the previous forecast of 4.5 percent, saying the economy faces more challenges. Due to weakening consumer and business confidence, uncertain policy direction, crisis in the real estate sector. and the reduction in the number of the working age population
The new leaders of Cambodia show the vision of ASEAN Development to be a high income country
Cambodia’s new Prime Minister, Hun Manet Shows vision on the international stage for the first time since taking office at the Association of Southeast Asian Nations (ASEAN) business meeting in Indonesia He said he would make Cambodia a high-income country by 2050 .
Manet noted that Cambodia has recently launched a comprehensive economic vision. protect the economy and accelerate national development to achieve the goal of becoming a high income country by 2050. as well as inclusive and sustainable economic development. by calling such a vision the “Pentagon Strategy”
Japan sings WTO China bans seafood imports
Japan’s foreign ministry revealed that Japan notified the World Trade Organization (WTO) that China’s ban on Japanese seafood After releasing radioactive treated water from the Fukushima nuclear power plant into the sea. It is unacceptable.
In a rebuttal to a Chinese document filed with the WTO on August 31 on measures to ban imports from Japan that began last month, Japan said it would explain its position to the relevant WTO committee. and called on China to stop such actions immediately.
Meanwhile, Prime Minister Fumio Kishida of Japan announced the establishment of an emergency fund of 20.7 billion yen to help exporters affected by China’s suspension of seafood imports from Japan. The government will use the money from the fund to find new markets to replace China. as well as financing the purchase of seafood for storage and freezing. It will also seek to increase the consumption of domestic seafood. Officials said it plans to cultivate new export destinations in Taiwan, the United States, Europe, the Middle East and some countries in Southeast Asia. such as Malaysia and Singapore
Bank of Singapore changes leadership for the first time in a cycle12year
The Monetary Authority of Singapore will have a new leader for the first time in more than a decade. Because Ravi Menon, the current Managing Director at the age of 59, is about to retire. The central bank then announced that it was Chea De Jun, Permanent Secretary of the Ministry of Labour. He will take up the position of managing director in Menon’s place. He will start work in January. 2024
This will be the first time in 12 years that the Monetary Authority of Singapore has changed its leadership. Menon took over in 2011 and is the longest-serving managing director of the Monetary Authority of Singapore. The new managing director has spent 18 years with the central bank in various roles such as monetary policy. banking sector care Including looking after the macro economy.
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