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2月18日电 龙年首场寒潮来袭，雨雪、大风、沙尘暴齐袭，多地高速受影响堵车或暂时封闭、列车停运。 中央气象台18日晨将寒潮预警提升至橙色，这也是寒潮预警的最高等级。预计，2月18日至22日，我国大部地区将自 八部影片半数撤档 春节档为何出现罕见“撤档潮” 据猫眼专业版数据，截至昨日17时，2024春节档总票房破80亿，总人次1.62亿，总场次383.6万，全面刷新中国影史春节档纪录。然而，几家欢乐几家愁，今年春节档冷热不均，出现了罕 灯会，是中国古老的民俗文化。今年春节各地的灯会体现着传统文化的创新演绎，点亮了国内外多个城市。“中国风”的灯会与海外文化相互交融，广受海外游客喜爱。随着正月十五元宵佳节的脚步渐近，中国 中新经纬2月23日电 (周奕航)“和以往相比，今年的订单量足足翻了四五倍。”山东省菏泽市曹县的汉服加工厂老板陆平(化名)对中新经纬表示。 这个春节，马面裙火了。许多年轻人身穿马面裙，行走在大街小巷、灯展庙会间 中新经纬2月23日电 (刘雪玉)论坛上聊Sora，吃饭聊Sora，甚至走路也在聊Sora……亚布力论坛上，与会企业家们的高密度讨论，再度印证Sora的火爆。 “横空出世”的Sora到底有多大的冲击力，这项技术对未来有怎样的意义？参会 中国一汽审计与法务部总经理闫锋接受纪律审查和监察调查 中新网2月22日电 据中央纪委国家监委网站，据中国一汽纪委、吉林省纪委监委消息：中国一汽审计与法务部总经理闫锋涉嫌严重违纪违法，目前正接受中国一汽纪委 。本文链接：China stimulus to benefit SE Asiahttp://www.sushuapos.com/show-5-28966-0.html
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