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Global Economics/News: China’s Slowdown Is Biggest Economic Threat

China’s slowdown is the biggest threat facing global economy, former chief economist at the International Monetary Fund (IMF) told BBC.

Current Professor of Economics at Harvard University and former IMF economist Ken Rogoff said the economy could be “slowing down much more than the official figures show.”

“Everyone says China’s different, the state owns everything they can control it,” Rogoff said. “Only to a point. It’s definitely a worry, a hard landing in China.

“If you want to look at a part of the world that has a debt problem, look at China. They’ve seen credit fuelled growth and these things don’t go on forever.”

A Reuters poll shows that China’s economic growth next year is expected to slow down to 6.5 per cent, compared to this year’s 6.6 per cent.

The decline in global demand has resulted in the country’s exports falling 10 per cent year-on-year in September. Analysts also expect the increasing national debt levels to trigger a new financial crisis.

Furthermore, private investment has continued to drop. “The slowdown in private sector investment over the past years means that the organic growth momentum of the economy may have declined, requiring policymakers to be more vigilant in terms of keeping policies as supportive as possible,” said economists at HSBC in a statement.

The Chinese government has allocated more spending to provide fiscal stimulus, cutting lending rates six times since November 2014 and lowering banks’ cash reserve requirements to 17 per cent. However, analysts believe the government’s effort to increase liquidity in the market will not help much, as investors are more likely to save than make new investments.


Lifestyle: How To Plan A Good Wedding (On A Budget)

Your wedding day is one of the most important days in your life. However, this does not mean that you should spend all your savings for this day without preparing for what comes next: marriage life. Apart from financial prudence, many of us also could not afford to spend a lot of money for the ceremony and reception. At a time when weddings cost over $30,000 on average, a beautiful wedding could leave you with a lot of memories to cherish, but budgeting would truly help you live for your days ahead.

The wedding industry has also been known for charging customers with “wedding tax” – extra cost for weddings compared to other events such as birthdays and family reunions. This makes it all more important to prepare wedding budgeting properly.

So here is a tip to plan a good wedding on a budget:

When preparing your wedding, choose the more cost-efficient options for every aspect of the wedding, or give them up altogether depending on your priorities, eliminating some costs permanently.

For example, opt for ready-to-wear wedding dresses instead of custom-made ones, which could be three to four times as expensive.

Instead of photographers from established companies, hire a student photographer to capture the moments from the event. The same goes with musicians and catering – there is an abundance of local music graduates and hospitality students ready to serve your wedding for a very competitive price.

You can also hire the venues for four hours instead of six, and set the date on a Thursday or Friday instead of the weekends.

Paper invitations and RSVPs could also be a bit expensive – some people have opted for all-digital cards, meaning you will save cost and help the environment.

Ask for help from families and friends for the things you need, be it transports, hair and makeup, or making bridesmaids’ dresses.

Professional service might not always be the best, especially when it comes to affordability – make sure you look into all your options before spending some money.

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