Leaders of Asia-Pacific economies have failed to agree a communique at a summit in Papua New Guinea after a war of words between the US and China over trade and investment.

Facebook has found itself drawn into an escalating political row in Sri Lanka as opposition MPs accuse the ruling party of using data to launch a crackdown.

Theresa May will step up her fightback against moves by Conservative MPs to oust her with a hard-hitting speech to business leaders on immigration.

Nick Collier is to become the City of London Corporation’s key representative in Brussels after Brexit – Reports Sky News

Banking and housebuilding stocks remain under pressure as businesses exposed to the UK economy continue to feel the heat from the ongoing political crisis over Brexit.

 

Amazon says its new second headquarters will be split between New York City and Arlington, Virginia – ending months of speculation.

An investigation by cyber security firm Symantec has now uncovered that the North Korean government is stealing tens of millions of dollars by hacking into banks and forcing ATMs to dispense cash to mules.

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China Was Never Likely to Have a Debt Crisis

While China is unlikely to have a debt crisis, it will face more difficulties when making the adjustment as debt accumulates. A strong leadership may then be required to implement necessary reforms.

 

Carnegie’s Michael Pettis spoke with CNBC about China’s debt problem. Pettis argued that China is unlikely to have a debt crisis because it has a closed banking system and credible regulators. Recent tensions between the United States and China have important implications for China’s debt problem because China needs to increase its domestic demand in the absence of strong demand abroad, but, Pettis said, this can lead to more debts. Pettis argued that improving domestic demand by increasing the share of household income in GDP is not easy and the centralization of power may be necessary to overcome opposition. Because of this, he said that removing the term limit for Xi Jinping may be beneficial for China in the short term regardless of its long-term effects.

 

 

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