The DailyBrief

Friday March 3, 2017

China’s golden immigrants: A recent report says 64% of Chinese millionaires are considering leaving the country and, as Johan Nylander writes, the number one migration choice for the PRC’s wealthy has always been America, via the US government’s controversial and corruption-plagued “golden visa” program. Yet this may start to change as Donald Trump starts his harder line on immigration, something that could disrupt the plans of the many rich Chinese waiting to enter the US.

Cambodian political crackdown: Politics barely got a mention when Prime Minister Hun Sen delivered his keynote address at last month’s Cambodia International Business Summit, writes David Hutt. Yet, despite Hun Sen’s claim to be building a more attractive environment for foreign investors, questions are being asked about his government’s escalating crackdown on political opposition and if this will seriously damage investor confidence in one of the region’s fastest growing economies.

Asia’s infrastructure needs: The Asia Development Bank says the region’s developing countries will need to invest a total of US$22.6 trillion – or US$1.5 trillion a year, most of it in China and India – between now and 2030 for essential transportation, power plants, communication links and other infrastructure. Anthony Rowley writes that this is more than double previous ADB estimates and that largescale public finance reforms – which the bank estimates could generate around 40% of the revenue needed to bridge the infrastructure funding gap – will have to be made if spending targets are to be met.

PRC’s fiscal stimuli: The focus for the annual meetings of the Chinese People’s Political Consultative Conference, which opened today, and the National People’s Congress, beginning on March 5, will be financial stimuli, according to Zhu Haibin, chief China economist at JPMorgan. Jeff Pao reports that, according to Zhu, China’s central government will rely more on stimulus than monetary measures because credit growth has remained stable since last year.