China state media agency Xinhua criticises US on debt

China's state-run media have labelled US domestic politicians "dangerously irresponsible" for wrangling over debt.

In an editorial, Xinhua news agency accused US politicians of playing a "game of chicken" over the issue, saying the rest of the world had been "kidnapped" by American politics.

Beijing has not officially commented on the US battle to avoid a debt default.

Japan's industrial output and household spending rise

Japan's economy has continued to recover from the aftermath of the earthquake and tsunami, latest government data showed.

Factory output rose 3.9% in June from the previous month as supply chain concerns eased, while household spending increased by 0.8%.

Japan's retail sales rise for first time since quake

Retail sales in Japan have risen for the first time since the earthquake and tsunami hit the country in March.

According to the latest official data, retail sales rose 1.1% in June from a year earlier, indicating that the economy is beginning to recover.

The rise comes after three successive months of falling sales as consumers stayed away from shops in wake of the devastation caused.

China's economic miracle may be about to come off the rails

Largely invisible to a radar screen dominated by concerns over the US and eurozone debt crises, the Chinese economic miracle, one of the few apparent bright spots that remains in a world beset by trouble, has in recent weeks also been showing unnerving signs of strain. Indeed, it may even be about to come off the rails entirely – quite literally.

Last weekend, one of China's new bullet trains, a showcase of the country's growing economic prowess, rammed into the back of another, killing 39 passengers and injuring nearly 200 more.

Rising prices have hurt East Asia's growth, says report

Rising consumer prices have hurt growth in emerging East Asian economies, the Asian Development Bank (ADB) has said.

Annual growth in the region's ten largest economies moderated to 8.1%, in the first quarter of 2011, down from 8.4% in the previous three months.

China 'guarantees' South China Sea trade

NUSA DUA: China on Saturday "guaranteed" freedom of navigation in the South China Sea, as it came under renewed US pressure over its perceived aggression in the disputed waterway.

Chinese Foreign Minister Yang Jiechi told his counterparts from around the Asia Pacific at a security forum in Indonesia that tensions between China and its rival claimants to the sea would not affect vital shipping trade.

"What I told the summit is that freedom of navigation in this region is guaranteed," Yang said in a briefing to reporters after his speech.

Vietnam’s Inflation Accelerates to 22%, Highest Among Economies in Asia

Vietnamese inflation accelerated for an 11th month in July after the central bank cut a key interest rate even as the nation faces the fastest price gains in Asia.

Consumer prices rose 22.16 percent from a year earlier, compared with June’s 20.82 percent pace, data released by the General Statistics Office in Hanoi showed today. Prices climbed 1.17 percent from June.

Demand from Asia boosts economic recovery

The latest quarterly economic forecasts from ASB say demand from Asia is playing a key role in New Zealand's economic recovery.

Chief Economist Nick Tuffley says GDP grew strongly over the March quarter, despite the February earthquake, highlighting the improving state of the underlying economy.

All Nippon and Air Asia in Japanese joint venture

Japan's All Nippon Airways and budget carrier Air Asia have agreed a joint venture to serve the Japanese market.

Air Asia Japan will be the first budget carrier to be based at Tokyo's Narita International Airport, the partners said, and is expected begin service in August 2012.

China stocks mixed in Asia as economy accelerates

July 20, 2011 (Chinavestor) News that China's GDP strengthened for the third month in a row sent investors cautious on the Mainland, fearing that more monetary tightening will follow. The Shanghai Composite Index (SHA:000001) made a comeback in the afternoon session, trimming losses to a mere 2.8 points or 0.1%. But the picture was different in Hong Kong where investors got clues from the U.S. where bulls grabbed the horn of the market. The DJIA advanced 202.3 points or 1.6% with all but three of its components ending the day in the black. The broad rally in the U.S. helped push the Hang Seng Index (INDEXHANGSENG:.HSI), the main gauge of the city state, back to above the 22,000 level. Large caps did well in Hong Kong on Wednesday, boding well for the iShares FTSE/Xinhua China 25 Index (NYSE:FXI). Stocks that took beating the last week were the strongest for the day. China Mobile (HKG:0941) surged 3.0% while BYD Company (HKG:1211), Buffet backed electric car maker, jumped 3.7%.

China’s economic chess game

What would stagflation with Chinese characteristics look like? While the traditional meaning of the word is negative or sluggish growth coupled with rising inflation, China could be experiencing its own version, based on recent data.

Weekend figures for trade and CPI showed that, yes, China is slowing while inflation is picking up.

Inflation in June hit 6.4 per cent, above market consensus, while import figures pointed to softening domestic demand.

Japan Prime Minister Naoto Kan sorry for nuclear mix-up

Japan's prime minister has apologised for causing confusion by ordering nuclear firms to carry out safety tests on their reactors, weeks after his government said the plants were safe.

Naoto Kan said his order for "stress tests" on Wednesday came too late.

Local officials and energy firms say they no longer know whether they can restart their reactors or not.

Are thes Chinese leading

In a busy week for economic data, perhaps the most important statistic won’t come from America or even a U.S. corporation.

It’s the general direction of prices in China that could shape investment markets, our economic outlook and influence our food and fuel costs.

Chinese consumer prices are rising by about twice the annual pace of America’s inflation rate. Imagine finding pork chop prices higher by the month.

China raises interest rates to try to tackle inflation

China has increased its main interest rates for the third time this year to try to curb inflation.

The Chinese central bank, the People's Bank of China, said its one-year lending rate would rise to 6.56% from 6.31% and its one-year deposit rate to 3.5% from 3.25%.

The country's consumer price measure of inflation hit 5.5% in May, the highest rate for almost three years.

China broke trade law on metals, says WTO

The World Trade Organization (WTO) has ruled that China broke international rules by restricting the exports of certain metals.

The case, which dates back to 2009, was brought after China imposed quotas, saying it had to conserve resources of magnesium and other exports.

The US said this left non-Chinese manufacturers with shortages of the necessary metals.

The US was supported in its case by the EU and Mexico.

Bank of Japan Report Signals Recovery

TOKYO—Japan is quickly recovering from the impact of the March 11 earthquake and tsunami, a Bank of Japan report on regional economies showed Monday.

Seven of Japan's nine regions, including the northeast area directly hit by the disaster, upgraded their assessments in the July edition of the quarterly Regional Economic Report from the April edition.

Asian Stocks Gain a Second Week on Greek Debt, U.S. Optimism

Asian stocks rose, driving the region’s benchmark index up for a second straight week and paring a quarterly decline, amid optimism Greece will avoid default, and signs a U.S. economic recovery is strengthening, boosting prospects for Asian exports and bank earnings. Mitsubishi UFJ Financial Group Inc. (8306), Japan’s largest publicly traded bank, jumped 5.9 percent this week in Tokyo on speculation Greece will avoid a default that might destabilize the region’s banking system. LG Electronics Inc., which gets 30 percent of its revenue in North America, rose 2.8 percent in Seoul. BHP Billiton Ltd. (BHP), the world’s largest mining company and Australia’s No. 1 oil producer, increased 3.4 percent in Sydney as oil and metal prices climbed.

Asia Economy Slows As Policy Tightening Cools Growth

SINGAPORE—Asia's economy continued to gear down in June, with manufacturing activity in China slowing for a third straight month as price pressures eased, suggesting that Beijing's efforts to reduce inflation are bearing fruit.

Purchasing manufacturers indexes for India and South Korea released Friday also slipped in June, while a Taiwan PMI plunged, with activity there registering the first contraction since October.

BOJ likely to tone up optimism on economy

(Reuters) - The Bank of Japan is likely to upgrade its view of output and the economy this month, encouraged by progress in restoring supply chains and expected improvement in business sentiment in months ahead, sources said.

But the central bank will strike a note of caution about signs of a global economic slowdown, including those for emerging nations when it reviews policy later this month, sources familiar with the BOJ's thinking said.