Live Tv
Rtv Plus
China Announces Stimulus Plan to Revive Economic Growth
Deutsche Welle
12 Oct 2024, 12:24
Photo: CFOTO/picture alliance
China has announced a sizable increase in its government debt issuance to support its local governments, its low-income citizens, the property market, and state banks' capital.
Finance Minister Lan Foan said on Saturday that the country will issue 2.3 trillion yuan (€297 billion or $325.5 billion) in special bonds in the next three months to boost the economy.
What else did the minister say?
The aid program is believed to be the biggest since the 2007-2008 global financial crisis.
"In the next three months, a total of 2.3 trillion yuan of special bond funds can be arranged for use in various places," Lan said at a briefing in Beijing.
He added that the debt ceiling will be lowered for local governments, freeing up funds for them to spend on infrastructure and job protection.
"At present, we are accelerating the use of additional treasury bonds, and ultra-long-term special treasury bonds are also being issued for use," Lan said.
He also said there will be more "counter-cyclical measures" this year.
"There is still relatively big room for China to issue debt," Lan added.
Why does China need fiscal stimulus?
Fiscal stimulus in China has been the subject of intense speculation in financial markets after a September meeting of the Communist Party's top leadership, the Politburo. The meeting signaled an increased sense of urgency about mounting economic impacts.
The world's second-largest economy is facing strong deflationary pressures due to a sharp downturn in the property market and weak consumer confidence. This has exposed its economy's over-reliance on exports, at a time when its global trade ties are becoming increasingly tense.
A wide range of economic data has missed forecasts in recent months. This has raised concerns among economists and investors that the government's target of around 5% growth this year is in jeopardy and that a longer-term structural slowdown may be looming.
The long-awaited stimulus came on top of a series of measures announced in recent weeks, including interest rate cuts and liquidity for banks.
Comments
Philippines: Cyclone Kristine Leaves More Than 20 Dead
A severe tropical storm in the Philippines unleashed widespread flooding and landslides that killed at least 24 people, according to local authorities Thursday.
More than 150,000 people have been forced to flee their homes after Tropical Cyclone Kristine — known locally as Tropical Storm Trami — made landfall on the country's main island of Luzon in the northeast of the archipelago.
Drowning and landslides, the cause of most deaths
Kristine made landfall near the town of Divilacan in Isabela province. Schools and businesses in the path of the weather system were ordered closed.
According to the National Weather Service, the eye of the storm was passing over the Ilocos region north of the capital Manila at around 2 p.m. (0600 GMT) on Thursday with maximum sustained wind speeds of 95 kilometers (59 miles) per hour.
Most of the deaths from the storm over the past few days were due to flooding and landslides in the central Bicol region, southeast of Manila, including Naga City.
"We have 20 dead [throughout the Bicol region]," regional police chief Andre Dizon told reporters on Thursday, adding that the final figure was yet to be finalized.
Villages submerged, rescue operations underway
Members of the Philippine Coast Guard and the military were involved in rescue operations in affected areas.
Around 1,500 police officers have also been deployed for disaster mitigation work, Dizon said.
Thousands of villagers who were trapped in flood waters have been rescued by government forces, however, many more needed to be saved on Thursday in the Bicol region, including some on roofs.
"We can't rescue them all at once because there are so many and we need additional motorboats," Dizon told The Associated Press.
"We're looking for ways to deliver food and water to those who were trapped but could not be evacuated right away."
The weather service warned of heavy to intense rainfall, flooding and landslides and storm surges for areas in the north.
The Philippines on average experiences around 20 tropical storms annually which often result in heavy rains, strong winds, and landslides.
Taiwan 'Will Not Yield an Inch' of Land, Lai Says
Taiwanese President Lai Ching-te on Friday said that Taiwan would not give up an inch of its territory as he visited the Kinmen islands off the coast of China.
Lai was speaking at an event marking the 75th anniversary of the victory over communist forces in the Battle of Guningtou that saw the Kinmen and the Matsu islands fall under the control of Taiwan.
What Taiwan's president said
"(We) will not yield an inch of ground in Taiwan, Penghu, Kinmen, and Matsu to firmly defend our homeland," Lai said during an address in which he referred to the islands controlled by Taipei.
"The Battle of Guningtou lets us understand that democracy and freedom should not be taken for granted, but require the joint efforts of generations to defend them," Lai said.
Lai did not name China by name but said that "any external forces" would not be allowed to change the future of the islands.
Taiwan's leader told veterans and family members that the October 1949 Battle of Guningtou "represents our determination to protect our country."
China sees democratic Taiwan as its territory and maintains that the use of force to bring the island under its control is not off the table.
The Kinmen and Matsu islands
The Kinmen and Matsu islands lie close to China's coast but are under the control of Taipei.
They've been under the control of Taiwan since the defeated Republic of China government fled to Taipei in 1949 after losing a civil war with Mao Zedong's communists.
The Kinmen battle was a rare victory for Chiang Kai-shek's forces in the closing days of China's civil war.
Kinmen is home to a large Taiwanese military garrison and Taiwan's coast guard patrols its waters.
China conducted military exercises around Taiwan earlier this month which it said were a warning to "separatist acts."
Israel's Attack: All Flights from Iranian Airports Suspended
In the wake of airstrikes by Israel, all flights from Iranian airports have been canceled, according to a report by Reuters citing Iran’s state news agency IRNA.
A spokesperson for Iran's Civil Aviation Authority stated that flights on all routes have been suspended until further notice. It remains unclear when flights will resume.
Israeli media reported that Israel has also announced the closure of its airspace until 8:30 AM local time on Saturday, October 26.
Following Israel's attack on Iran, Iraq temporarily closed its airspace as well. According to Al Jazeera’s live report, Iraq’s Ministry of Transport has suspended all air travel at the country’s airports until further instructions are given.
On Friday night, the Israeli military issued a statement saying, “In response to attacks by Iran over the past few months, the Israel Defense Forces are currently carrying out targeted strikes on Iranian military installations.”
The United States has confirmed the Israeli strikes. National Security Council spokesperson Sean Savett said in a statement, “Israel is conducting precise strikes on various Iranian military sites for self-defense. This is in response to Iran’s attack on October 1.”
Israel Announces End of Attacks on Iran in Face of Resistance
Israel retreated to Iran's resistance. Iran's defense forces claimed to destroy Israeli drones in the air. Israel has announced that the attack on Iran has ended. BBC News.
Israel Defense Forces spokesman Daniel Hagari said Iran's response to the attack on Israel was "complete". We have conducted targeted strikes against military targets in Iran.
He warned in a message on social media that if Iran retaliates, Israel will be forced to respond strongly.
Meanwhile, Iran said it repelled the Israeli attack. Israeli drones have been destroyed in the air.
Earlier, Israel attacked Iran in the early hours of Saturday (October 26). Large explosions were heard in Iran and the neighboring city of Karaj. Iran's air defense system was launched at this time.
After the Israeli attack, Iran's official news agency IRNA reported that the country's defense forces had successfully destroyed enemy targets in the airspace around Tehran. In addition, another Iranian media outlet quoted officials as saying that Tehran is ready to respond to Israeli aggression.
A few weeks after Iran attacked Israel on October 1, Israel retaliated. Iran fired about 200 ballistic missiles at Israel in response to Israel's inhumane attacks on Gaza and Lebanon and the killing of Hamas and Hezbollah leaders.
19 Killed in Passenger Bus Accident in Mexico
At least 19 people have died in a passenger bus accident in Mexico.
The accident occurred on Saturday, October 26, on a highway in the central state of Zacatecas.
According to a CNN report, a tractor-trailer carrying corn crashed into the rear of the bus, causing it to lose control and plunge off the road.
Initially, authorities reported 24 fatalities, but the number was later revised to 19. Six injured passengers were taken to a hospital for treatment.
The bus was traveling toward Ciudad Juárez, a city in the border state of Chihuahua, but no migrants were among the victims.
The driver of the tractor-trailer has been arrested, and police have launched an investigation.
Road accidents are unfortunately common in Mexico. In December 2021, a tragic truck accident in Chiapas province killed 54 people, with the vehicle carrying around 166 passengers.
Tropical Storm Trami Claims 126 Lives, Hundreds Missing in Philippines
Tropical storm Trami has caused severe flooding and landslides in Philippines, leaving at least 126 people dead or missing, according to the government's disaster-response agency. President Ferdinand Marcos said on Saturday that many areas remain isolated, and people are in urgent need of rescue.
Trami, also known as Kristine, exited the northwestern Philippines on Friday, resulting in at least 85 deaths and 41 missing persons, making it one of the deadliest storms of the year in the region, according to the government agency. The death toll is expected to rise as more reports emerge from previously inaccessible areas.
Emergency personnel, including police and firefighters, are using backhoes and sniffer dogs to continue search and rescue efforts in the lakeside town of Talisay in Batangas province. In the town center, more than a dozen coffins bearing the remains of storm victims were lined up. These victims were discovered amidst mud, boulders, and trees from landslides.
President Ferdinand Marcos, who inspected another hard-hit region southeast of Manila Saturday, said the unusually large volume of rainfall dumped by the storm — including in some areas that saw one to two months’ worth of rainfall in just 24 hours — overwhelmed flood controls in provinces lashed by Trami.
"The water was just too much,” Marcos told reporters.
“We’re not done yet with our rescue work,” he said. “Our problem here is, there are still many areas that remain flooded and cannot be accessed even by big trucks."
His administration, Marcos said, would plan to start work on a major flood control project that can meet the unprecedented threats posed by climate change.
More than 5 million people were in the path of the storm, including nearly half a million who mostly fled to more than 6,300 emergency shelters in several provinces, the government agency said.
In an emergency Cabinet meeting, Marcos raised concerns over reports by government forecasters that the storm — the 11th to hit the Philippines this year — could make a U-turn next week as it is pushed back by high-pressure winds in the South China Sea.
The storm was forecast to batter Vietnam over the weekend if it would not veer off course.
To ensure public safety, the Philippine government closed schools and offices on Friday, and suspended inter-island ferry services, stranding thousands. As weather conditions cleared on Saturday, cleanup operations began in many areas.
The Philippines, situated between the Pacific Ocean and the South China Sea, experiences around 20 storms and typhoons annually. In 2013, Typhoon Haiyan left over 7,300 people dead or missing and devastated entire communities.
Elon Musk Reveals Tesla 2025 Motorhome for UNDER $17,000
Elon Musk has always been known for shaking up industries. From revolutionizing electric cars with Tesla to changing space exploration with SpaceX, he's consistently pushed the boundaries of innovation.
Elon Musk has done it again. Tesla has officially entered the world of eco-friendly living with the launch of its $17,000 electric motorhome, redefining the future of travel and sustainable living. Known for shaking up industries—from electric cars to space exploration—Musk is now set to revolutionize mobile living. This luxurious motorhome combines cutting-edge Tesla technology with energy efficiency, offering the perfect blend of comfort, mobility, and sustainability.
As housing trends shift towards minimalist lifestyles and sustainable solutions, Tesla's motorhome arrives at just the right moment. It taps into both the tiny house movement and the electric vehicle boom, providing an innovative solution for those who want to explore the world without sacrificing comfort or the planet. Join and explore how this new electric motorhome is poised to disrupt the automotive and housing markets, paving the way for the future of eco-conscious travel.
Musk has always had his finger on the pulse of what the future requires, and the Tesla motor home is his answer to the growing desire for a more flexible, eco-friendly lifestyle.
