A survey by Bank of Communications Ltd, one of the major state-owned banks in China, revealed that Chinese households expect the next six months to show a reduction on their income. Questions around employment prospects and unemployment rate were responded negatively by more than half of the participants. Willingness to invest in China has declined as the effects of an economic slowdown start to trickle down.
The Japanese goverment downgraded its assessment of the economy as manufacturing fell due to the global downturn. The territorial dispute with China continued to hurt sales of exports with no end in sight to the boycott of Japanese products.
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- Bank of Korea slash 2012 and 2013 growth forecast
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- Australia Banks not passing full RBA rate cuts to consumers
- Japan and China Aim to Reduce Tensions with Talks
- Despite the Economy Shrinking, Singapore Refrains From Monetary Easing
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- World Bank: A Risk that the Slowdown in China could get Worse and Last Longer than Expected.
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