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.