A Chinese tourist in Thai traditional dress poses for pictures at Wat Arun Ratchawararam Rathawaramahawihan in Bangkok on Jan 17. BLOOMBERG/GETTY IMAGES
China's stimulus measures will have a positive spillover effect on Southeast Asia, with the region's tourism and export sectors expected to benefit from increased Chinese spending, analysts said.
"The pledge of swift and forceful fiscal stimulus by Beijing is welcome news to ASEAN economies," Erica Tay, an economist at Malaysia-based Maybank Investment Banking Group, told China Daily.
ASEAN refers to the Association of Southeast Asian Nations, a 10-member regional grouping.
On Sept 24, China's central bank announced a raft of measures aimed at boosting the nation's economy and spurring consumer spending. The steps included a cut in the reserve requirement ratio of commercial banks, lowering a key interest rate and reducing mortgage rates on existing home loans. The measures led to a spike in global commodity prices and triggered a rally in stock markets.
The Malaysian ringgit, which is one of the best-performing Asian currencies this year, hit a three-year high following the Chinese central bank's announcement. Stock prices of Chinese companies listed on the Singapore bourse surged, along with similar moves on other exchanges.
But for the ASEAN region, which considers China as its biggest trading partner, a key source of investments and tourists and a huge market for export goods, the impact of China's stimulus package goes beyond the stock price rally.
Fillip to spending
"Positive sentiment from the news flow may benefit Chinese consumer spending and tourism demand," Tay said. She said this will spill over to economies popular with Chinese holidaymakers, such as Thailand, Malaysia and Singapore.
Thailand, ASEAN's most popular travel destination, was expected to welcome more than 180,000 Chinese tourists during the Oct 1 to 7 Golden Week holiday. The Tourism Authority of Thailand has estimated that Chinese spending over the weeklong holiday will bring over 5 billion baht ($151 million) in tourism revenues.
Asia Plus Securities expects more Chinese tourists to visit Thailand thanks to the stimulus.
The Bangkok-based brokerage said in a research note that the Chinese stimulus will be a boon to the Thai export sector as China is Thailand's second-biggest export market.
Josua Pardede, chief economist at the Jakarta-based PermataBank, said the substantial stimulus from Beijing is targeting not only the domestic supply side but also the demand side which can lead to higher multiplier effects on the overall economy.
Pardede said "the strong trade and industrial sector linkages" between Indonesia and China will ensure that the stimulus will support Indonesian export growth and foreign direct investment inflows.
"If global sentiment regarding China's economic outlook improves, investors are likely to adopt a risk-on stance toward the Asia-Pacific region, including Indonesia. As a result, there is potential for increased inflow into Indonesia's portfolio market, which would ultimately help maintain the stability of the rupiah," he said, referring to the Indonesian currency.
中新经纬1月12日电 中国饭店协会、中国旅游饭店业协会、中国循环经济协会、中国消费者协会12日联合发文，倡议住宿业减少一次性塑料用品使用。 倡议称：一、深刻认识住宿业在塑料污染治理中的社会责任，高度重视塑料 中新经纬2月18日电 2024年1月，中国上市公司迎来辞旧迎新的阶段。回顾往年，年度业绩报告及年终活动吸引眼球；展望新年，企业趁势推出龙年产品和新春活动促活市场。东方甄选余热不减、位列品牌热榜前十，董宇辉相关议题继 从广州市区驱车一个多小时，到达依山傍水的从化区。香港赛马会从化马场就坐落在从化流溪河畔的半山腰上，四周树木葱郁，山峰连绵。五年前的2月18日，《粤港澳大湾区发展规划纲要》正式发布，提出加强 哈尔滨冰雪大世界日前正式闭园。暂别冬日火爆“出圈”的“尔滨”，东北正迎来全面振兴的春天。从全面振兴的视角研究和探讨“尔滨现象”，具有特殊意义。这是因为，全面振兴的关键在于产业转型发展 春节前后是定亲结婚的高峰期，今年春节前夕，最高人民法院发布的“彩礼新规”正式施行。近日，多地适用新规对彩礼官司作出判决或调解。“彩礼新规”正式施行2月1日，最高法发布的《关于审理涉彩礼纠纷案件适 中新经纬2月23日电 (林琬斯)“前一秒我还在想：开门送客还不简单？把门往外一推不得了。后一秒已经被‘同事’上了一节生动的‘开门’课。”近日，中新经纬以“体验顾问”的身份，在华为智能生活馆为顾客提供服务，在迎来送 。本文链接：China stimulus to benefit SE Asiahttp://www.sushuapos.com/show-5-28966-0.html
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