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Asian Powerhouses

For the past decade, the Asian growth story has been driven by three powerhouses — China, India and Indonesia. Given unprecedented macroeconomic complexities, will China’s latest reform measures be effective in transitioning its economy from one that pushes for ‘growth-at-all-cost’ to one that prioritises quality and sustainability? India faces its own set of problems in balancing growth priorities and inflation, while Joko Widodo’s Indonesia struggles to find the budget to carry out its bold infrastructure plans.

Fiscal Stimulus Alone Isn’t Enough

China / GDP

Increasing government spending can boost China’s growth in the short term. For more sustained growth, institutional reforms need to be implemented in tandem.

Reforming Asia's Giant

Singapore, Economics

China, India and Indonesia all have relatively new leaders who are trying to change the old ways of doing things. Our experts at the DBS Asian Insights Conference 2015, gave their verdicts.

Indonesia Democracy and Economic Growth

Indonesia

Dr. Susilo Bambang Yudhoyono, 6th President of Indonesia, shares his views on how democratisation will impact Indonesia’s economic growth.

Restoring Confidence in Rupiah

Asia / Currencies

Bank Indonesia is no longer tolerant of a weak Indonesian rupiah. This change in perspective could be the first step in restoring domestic confidence in the currency.

ASEAN Economic Integration

ASEAN

Dr. Susilo Bambang Yudhoyono, 6th President of Indonesia, shares his views on how businesses leaders can navigate the challenges and opportunities of ASEAN economic integration.

Understanding Yuan Devaluation

Asia / Currencies

China’s move is just a small and long-overdue adjustment that barely begins to make up for the really big moves in the US dollar, euro and Japanese yen.

China: Understanding Capital Account Liberalisation

China / GDP

Various promising developments point to Chinese capital accounts being “basically” open in the next five years, dramatically impacting both the Chinese and the global financial landscapes.

Soft Inflation Raises Odds of India Rate Cut

India / GDP

India’s July consumer price index inflation undershot expectations, while a jump in July durables output pulled the series out of almost a year of stagnation.

Speeding Up Fiscal Reforms in China

China / GDP

The debt build-up in local governments has prevented China from using of more aggressive fiscal policy to arrest the economy’s slide. But reforms are underway.

Keeping a Lid on Indian Inflation

India / Inflation

Favourable weather conditions and limited fiscal support to the rural sector should help keep India’s inflation in check.

Sector Reforms to Boost China Banks

China / Financials

The sector reforms will give China bank a boost in the long run as the changes should enhance their efficiency.

Offshore Yuan Rates Ease

China / Rates

Stabilising stock market sentiment in China has helped to push down elevated offshore Chinese yuan interest rates.

Steady On in Indonesia

Indonesia / Rates

Bank Indonesia kept rates unchanged this week, and we expect rates to remain steady throughout the rest of the year.

Picking Up Speed in Indonesia

Indonesia / GDP

The onus is on Indonesia’s government to improve the country’s GDP growth momentum by speeding up fiscal disbursement. And, it may be time to rethink the tolerance for currency weakness.

Short of Expectations in India

India / GDP

India’s May industrial production came in below expectations, while the April figure also saw a downward revision. Weak demand continues to weigh on the economy.

BOJ May Trim Growth Estimate

Japan / Rates

We do not expect any policy change at the Bank of Japan meeting this Wednesday but there is a possibility that it may trim its fiscal year 2015 growth estimate.

Indonesia’s Investment Draw

Indonesia / GDP

Net foreign inflows remain positive despite concerns over Indonesia’s economic growth and a weakening rupiah. But sentiment may change if authorities do not step up efforts.

Hastening India’s Industrial Production

India / GDP

India’s May industrial production figures are expected to validate expectations that the downturn is behind us, with the full-year figure hastening to 4-5%.

China Following Japan’s Blueprint for Global Success

China / Economic

Japan’s journey towards global expansion through the 1980s and 2000s may hold some valuable lessons for China’s current foray into global markets.

Modi One Year On: Up to the Task?

India / GDP

After a year under the Modi government, the Indian economy is headed in the right direction. But expectations should be tempered as the reforms will take time to complete.

DBS Gamechanger Series: Indonesia

Asia/ Indonesia

DBS Economist, Gundy Cahyadi shares his view on how building infrastructure and raising productivity is the key to unlocking the potential of Indonesia’s young and booming working population.

PBOC cuts interest rates again

China / Rates

The People’s Bank of China cut interest rates again over the weekend. But this is unlikely to revive the country’s sluggish economy.

India vs China: It's not all about growth

Asian Powerhouses

Despite India\'s strong economic performance in recent years, China remains well ahead on "soft power," which measures a country's ability to build a positive reputation through culture, values and civil institutions.

Yuan vs rupee: Picking the long-term winner

Asian Powerhouses

As India's economy fires up, the next five years are expected bring about a reversal of fortunes for the Yuan and Rupee.

Asia Tomorrow - India vs. China

video

As China gradually sheds its image as the factory of the world due to rising wages, India’s manufacturing sector is picking up pace. India looks set to replace its Chinese neighbour as the world’s fastest growing economy as early as next year, according to the International Monetary Fund. Can India roll out its reform policies quickly enough to attract foreign investors ?

DBS Gamechanger Series: India

India

DBS Economist, Radhika Rao, highlights changes within India that will transform its economy, from one that is largely demand-driven, to one that boasts a robust supply aspect as well.

Asia Tomorrow – China & Asia Geopolitics

China

A border conflict in Asia is challenging Beijing’s relationship with Southeast Asia and Myanmar. We travel to the Chinese border town of Ruili and find out why ties between Southeast Asia go beyond buying and selling.

Report Card: China, India and Indonesia

China / Rates

China, India and Indonesia have been Asia's main pistons of growth for the past decade, but major changes are currently taking in these three nations. Is the time of inifinite growth for Asia at an end? Or is this simply a transition for bigger things to come

Yuan Rates Up

China / Rates

Several factors have combined to nudge up Chinese yuan market rates in the past few weeks.

China Plunges on Lingering Liquidity Fears

Asia / Equities

China’s SHCOMP plunged 6.4% as liquidity concerns continued to linger.

Make in India: Lessons from China

China

How did China do it? We discuss 4 policies which helped China's emergence as the world's factory and their relevance for India.

China: Defining the New Financial Norm

China

DBS Asian Insights: Piyush Gupta, Chief Executive Officer, DBS, talks about the increasing pace of financial sector liberalisation in China. In particular, he highlights increasing offshore RMB flows and liberalization of the interest rate regime.

Encouraging India

India / GDP

India’s consumer price index inflation held near-steady in May, while industrial production provided an upside surprise.

BI likely to Keep Tight Policy Bias

Indonesia / Rates

Indonesia’s central bank is expected to keep policy rates steady this week, in light of concerns over financial system stability, inflationary expectations and external financing risks.

Jokowi’s Reforms to Boost Infrastructure Sector

Indonesia / Infrastructure

Indonesia’s infrastructure sector appears to be the biggest beneficiary of President Joko “Jokowi” Widodo’s reforms.

China: AIIB to Test Diplomatic Skills

China / Economics

Despite the fanfare surrounding the establishment of the AIIB, a clear mission statement has yet to be produced. In the words of President Xi, the AIIB would boost growth and improve infrastructure across the region to help fulfil an "Asia-Pacific dream".

China Volatility Continues

Asia / Equities

China’s SHCOMP (Shanghai Stock Exchange Composite Index) rose after diving earlier in the day, underscoring the red-hot market’s rising volatility. 

Indian Economy: Speed Bump Ahead?

India / GDP

We have lowered our growth forecast for this fiscal year in response to slow private sector spending and the risks of a weak monsoon.

Time for India to Take Action

India / GDP

The Modi government’s first year in office has boosted confidence and improved foreign perception. But to sustain that optimism, the government needs to start implementing its reform plans.

Overly Optimistic in Indonesia?

Indonesia / GDP

We expect the government’s GDP, inflation and currency forecasts to be revised for both 2015 and 2016.

Boosting India’s FDI

India / GDP

India has seen a surge in foreign direct investment, but substantial reform needs to be undertaken to help the economy reach levels close to that of regional peers.

8 Things You Need to Know about China’s Rate Cut

China / Insights

China cut interest rates on Sunday, the third time since November 2014. Why does this matter, and who will benefit?

No Imminent Boost for Indonesia’s Trade Data

Indonesia / GDP

Indonesia’s export and import growth are both expected to be in the negative again in April. There is little sign of a sharp turnaround on the horizon.

India GDP to Register Solid Growth

India / GDP

inShare.India’s growth in the 2014/15 fiscal year is expected to come in just a notch below the official forecast, but it would still have been one of the fastest growing economies in the region.

What Is Ahead for Abenomics?

Japan / Economics

Japanese Prime Minister Shinzo Abe enacted bold economic reforms in a bid to revive growth. But do the reforms have teeth?.

China: Defining the New Normal

China / Economics

China’s push for growth-at-any-cost is being replaced with the "New Normal". It will fundamentally change how business and investing are done.

Data to guide Reserve Bank of India's Moves

India / Economics

We believe the RBI will assume a data-dependent stance and proceed cautiously, while pushing for rate cuts to be passed on to the real economy.

Indonesia's Taxing Times

Indonesia / Economics

Indonesia wants its 2015 tax take to jump by 30%. We doubt that can be done and instead expect government spending cuts of up to 2% of GDP.

China Recalibrates Monetary Policy

China / Economics

The intention of monetary policy now is not to engineer a V-shaped rebound, but to support a minimum acceptable level of growth.

China's Free Trade Zones

China / Economics

The opening of another free trade zone in China this week is linked to China’s goal of generating quality economic growth.

India: Gaining an Edge

India / Economics

Inflation is easing, growth is improving, and long-needed reforms are moving ahead. India is lifting itself out of a cyclical and structural trough.