Chinese Stocks Close Higher Driven By Gold And e-Commerce Sectors
(220704) -- BEIJING, July 4, 2022 (Xinhua) -- A staff member walks past the Shenzhen Stock Exchange in Shenzhen, south China's Guangdong Province, Sept. 21, 2020. (Xinhua/Mao Siqian)
Chinese stocks closed higher on Monday, with the benchmark Shanghai Composite Index up 0.45 percent to 3,291.43 points.
The Shenzhen Component Index closed 1.27 percent higher at 9,905.53 points.
The combined turnover of these two indices stood at about 1.04 trillion yuan (about 144.53 billion U.S. dollars), up from 914.7 billion yuan on the previous trading day.
Shares related to the gold and e-commerce sectors were among the biggest winners, while those related to banking and Chinese liquor emerged as the biggest losers.
The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, gained 1.59 percent to close at 1,944.32 points. Related
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The Sun
an hour ago
- The Sun
Economic Watch: ASEAN poised for major global economic role, but challenges remain, experts say
KUALA LUMPUR: ASEAN could emerge as the world's fourth-largest economy in the coming decades, experts say, but the regional bloc must accelerate integration, strengthen institutions, and adapt to global shifts to realize this potential. Experts also urge ASEAN to act collectively to solidify its global presence. EMERGING INDUSTRY FUELING COMMON FUTURE 'ASEAN, presently with an economic size of 3.8 trillion U.S. dollars, could become the fourth-largest economy on an aggregated basis but of a smaller world,' said Mohd Munir Abdul Majid, chairman of CARI ASEAN Research and Advocacy, in a recent email interview with Xinhua. Mohd Munir, who is also president of the ASEAN Business Club and a senior fellow at LSE IDEAS, said technology -- particularly artificial intelligence (AI) in the services sector -- will drive future growth. He emphasized that ASEAN's access to technology should be guided by cost and technical quality. 'E-commerce could be a key catalyst for intra-regional trade,' Mohd Afzanizam Abdul Rashid, chief economist at Bank Muamalat Malaysia Berhad, said that a robust digital infrastructure, including telecommunications and smart devices, is essential. Mohd Afzanizam also highlighted the importance of logistics to ensure speedy delivery, which necessitates efficient warehousing systems. He further emphasized that payment systems, such as QR code networks, are crucial to support micro, small, and medium enterprises (MSMEs) in expanding into international markets. Oh Ei Sun, principal adviser at the Pacific Research Center of Malaysia, stated that ASEAN should prioritize high-tech sectors that offer greater value-added potential. However, he told Xinhua that traditional commodities like palm oil and petroleum would remain vital as the region catches up in advanced industries. 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It has taken a slow and steady course on increasing intra-regional trade, labor mobility and institutional implementation, emphasizing always on consensus,' he said. 'But there are now big issues for decision-making that cannot follow that route.' Mohd Afzanizam warned that non-tariff barriers remain a key obstacle, as member states often act to protect their domestic industries. 'Continuous dialogue, both government-to-government and government-to-business, is vital to identify and bridge these gaps,' he said. Oh echoed those concerns, urging ASEAN to address internal development disparities. 'ASEAN should focus on eradicating the abject poverty amongst itself for the least developed member states, and escaping the middle-income trap for the developing member states,' he added. CHINA TIES OFFER CHANCE FOR COOPERATION Experts believe ASEAN-China relations are entering a new phase, driven by growing investment and strategic collaboration. 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The Sun
2 hours ago
- The Sun
ASEAN poised for major global economic role, but challenges remain, experts say
KUALA LUMPUR: ASEAN could emerge as the world's fourth-largest economy in the coming decades, experts say, but the regional bloc must accelerate integration, strengthen institutions, and adapt to global shifts to realize this potential. Experts also urge ASEAN to act collectively to solidify its global presence. EMERGING INDUSTRY FUELING COMMON FUTURE 'ASEAN, presently with an economic size of 3.8 trillion U.S. dollars, could become the fourth-largest economy on an aggregated basis but of a smaller world,' said Mohd Munir Abdul Majid, chairman of CARI ASEAN Research and Advocacy, in a recent email interview with Xinhua. Mohd Munir, who is also president of the ASEAN Business Club and a senior fellow at LSE IDEAS, said technology -- particularly artificial intelligence (AI) in the services sector -- will drive future growth. He emphasized that ASEAN's access to technology should be guided by cost and technical quality. 'E-commerce could be a key catalyst for intra-regional trade,' Mohd Afzanizam Abdul Rashid, chief economist at Bank Muamalat Malaysia Berhad, said that a robust digital infrastructure, including telecommunications and smart devices, is essential. Mohd Afzanizam also highlighted the importance of logistics to ensure speedy delivery, which necessitates efficient warehousing systems. He further emphasized that payment systems, such as QR code networks, are crucial to support micro, small, and medium enterprises (MSMEs) in expanding into international markets. Oh Ei Sun, principal adviser at the Pacific Research Center of Malaysia, stated that ASEAN should prioritize high-tech sectors that offer greater value-added potential. However, he told Xinhua that traditional commodities like palm oil and petroleum would remain vital as the region catches up in advanced industries. ASEAN INTEGRATION PROGRESSING STEADILY ASEAN's economic integration has been advancing gradually, with a strong emphasis on consensus and free trade, experts say. 'ASEAN's economic integration has progressed steadily rather than hastily, grounded in a consistent commitment to free trade,' said Mohd Munir. According to him, ASEAN's journey began with the ASEAN Free Trade Area in 1992, followed by the launch of the ASEAN Economic Community (AEC). The process is now guided by the Kuala Lumpur Declaration on ASEAN 2045, adopted at the 46th ASEAN Summit in May. 'There is a lot happening. Not fast enough or optimally, but in a clear direction,' he noted, adding that ASEAN has progressed based on consensus to deepen integration and free trade. Li Yuqing, assistant professor of Institute for International and Area Studies of Tsinghua University, said ASEAN's updates to the ASEAN Trade in Goods Agreement enhance regional trade and deepen integration, supporting its goal of becoming the world's fourth-largest economy. 'Above all, ASEAN is a peaceful region, which makes it a conducive location for foreign direct investment and business ventures that can come from across the globe,' Mohd Afzanizam said, highlighting initiatives such as the Johor-Singapore Special Economic Zone as evidence of strengthening regional ties. INSTITUTIONAL REFORMS, STRATEGIC CLARITY NEEDED Despite progress, experts pointed out that ASEAN faces institutional limitations. Mohd Munir said the bloc's decision-making structure remains slow, and the secretariat is under-resourced, despite the ASEAN 2045 vision calling for strengthening. 'The point ASEAN must realize is that there is an urgent need to develop its strategic options in a changing world. It has taken a slow and steady course on increasing intra-regional trade, labor mobility and institutional implementation, emphasizing always on consensus,' he said. 'But there are now big issues for decision-making that cannot follow that route.' Mohd Afzanizam warned that non-tariff barriers remain a key obstacle, as member states often act to protect their domestic industries. 'Continuous dialogue, both government-to-government and government-to-business, is vital to identify and bridge these gaps,' he said. Oh echoed those concerns, urging ASEAN to address internal development disparities. 'ASEAN should focus on eradicating the abject poverty amongst itself for the least developed member states, and escaping the middle-income trap for the developing member states,' he added. CHINA TIES OFFER CHANCE FOR COOPERATION Experts believe ASEAN-China relations are entering a new phase, driven by growing investment and strategic collaboration. Mohd Munir noted that ASEAN-China relations have been close in trade and, increasingly, in investment. In the context of global trade tensions, it would be good to deepen that relationship for mutual benefit. 'For China, ASEAN's economic integration provides a relatively stable regional trade environment, helping China manage external trade risks and enhance economic resilience and stability,' Li mentioned. She also noted that integration makes ASEAN's investment environment more stable and transparent, enabling businesses to better access the ASEAN market and achieve more efficient resource allocation. ASEAN countries may deepen cooperation with China in infrastructure development, which would accelerate progress in the digital economy and green transition, Oh suggested. GREATER INFLUENCE AMID UNCERTAINTY Regardless of whether ASEAN becomes the fourth-largest economy, its current size already warrants greater global influence, as the bloc is urged to exercise its weight in global affairs. 'ASEAN needs to be less reticent about asserting its influence and initiating new ideas in a world marked by global disorder,' he added. 'Deeper ASEAN economic integration would strengthen the bloc's bargaining power,' Li said, adding that it would enhance its role as a regional coordinator and allow it to play a more significant role. Mohd Afzanizam said that the shift toward a multipolar world provides more platforms for diplomatic solutions rather than unilateral decisions, especially from a single superpower, which can be disruptive. 'This should resonate well with ASEAN as the region has always been peaceful. Certainly, ASEAN would want to advocate this at the global arena which is a universally accepted value,' he added.
The Star
4 hours ago
- The Star
No details from China after Trump announces "done" trade deal
BEIJING: (Bernama-dpa) The United States and China have made progress in resolving differences on their economies and trade, Chinese Foreign Ministry spokesman Lin Jian said in Beijing on Thursday (June 12) without providing details, German Press Agency (dpa) reported. Lin was speaking after US President Donald Trump said that a trade agreement that would include Chinese supplies of magnets and critical rare earth minerals had almost been finalised. Lin said China hoped that the two sides could work together to implement the consensus agreed in London. Trump announced an agreement on Wednesday on his Truth Social platform. "Our deal with China is done, subject to final approval with President Xi and me," Trump posted after US and Chinese negotiating teams wrapped up two days of talks in London. "Full magnets, and any necessary rare earths, will be supplied, up front, by China. Likewise, we will provide to China what was agreed to, including Chinese students using our colleges and universities (which has always been good with me!)," he posted. Trump also said there had been a deal on tariffs, with US tariffs on imports from China at 55 per cent and Chinese reciprocal tariffs at 10 per cent. Following talks in London on Monday and Tuesday, delegates said they planned to implement the consensus agreed in Geneva in mid-May, where agreement was reached to cut import tariffs by 115 percentage points on both sides for a period of 90 days. Details of the Geneva and London agreements have not been released, with US Commerce Secretary Howard Lutnick saying in London that the text of the agreement would not be published. - Bernama-dpa
