CHINA PRESS: China To Raise Basic Pension By 2% Y/y
China will raise the basic pension for retirees by an average of 2% from 2024, Shanghai Securities News reported, citing a statement from the Ministry of Human Resources and Social Security. The adjustment will focus on groups with lower pension levels. In 2024, the basic pension insurance fund for urban employees recorded income of CNY7.5 trillion and expenditure of CNY6.8 trillion, resulting in a generally balanced budget with a slight surplus, the report said.
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ASIA STOCKS: Large Inflows for Taiwan as TAIEX Surges
Large inflows across major markets as the TAIEX gained over 2% yesterday.
- South Korea: Recorded inflows of +$466m yesterday, bringing the 5-day total to +$3,104m. 2025 to date flows are -$8,273. The 5-day average is +$621m, the 20-day average is +$189m and the 100-day average of -$86m.
- Taiwan: Had inflows of +$1,490m as yesterday, with total inflows of +$2007 m over the past 5 days. YTD flows are negative at -$11,121. The 5-day average is +$401m, the 20-day average of +$137m and the 100-day average of -$105m.
- India: Had inflows of +$282m as of the 9th, with total inflows of +$237m over the past 5 days. YTD flows are negative -$10,538m. The 5-day average is +$47m, the 20-day average of +$17m and the 100-day average of -$100m.
- Indonesia: Had inflows of +$63m yesterday, with total outflows of -$225m over the prior five days. YTD flows are negative -$2,951m. The 5-day average is -$45m, the 20-day average +$5m and the 100-day average -$29m.
- Thailand: Recorded inflows of +$44m as of yesterday, outflows totaling -$35m over the past 5 days. YTD flows are negative at -$2,128m. The 5-day average is -$7m, the 20-day average of -$28m and the 100-day average of -$22m.
- Malaysia: Recorded outflows of -$19m as of yesterday, totaling -$90m over the past 5 days. YTD flows are negative at -$3,542m. The 5-day average is -$13m, the 20-day average of -$13m and the 100-day average of -$24m.
- Philippines: Saw outflows of -$9m yesterday, with net outflows of -$11m over the past 5 days. YTD flows are negative at -$526m. The 5-day average is -$2m, the 20-day average of -$15m the 100-day average of -$5m.
CHINA PRESS: China, U.S. London Talks Reach Initial Framework
China and the U.S. have reached a framework in principle for implementing the consensus agreed at the Geneva talks and June 5 heads of state call, said Li Chenggang, international trade negotiator and vice minister of commerce. Li said communication in London was professional, rational, in-depth and candid. (Source: China News Service)
CHINA PRESS: China Trade-in Subsidy Halted In Some Areas
China’s old-for-new subsidy policy has been suspended or limited in some areas such as Chongqing and Guangzhou, in the lead-up to the June 18 mid-year shopping festival, according to Yicai, which cited information obtained from multiple sources. Industry insiders said authorities want a phased supply of funds and are concerned over excessive low-prices. A senior person in the home appliance industry said the suspension or restrictions came after the scheme exceeded expectations. Another insider said consumers may delay buying until authorities restore the programme.
