ASIA

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In a bid to stimulate economic growth and accelerate the transition to electric vehicles (EVs), China has doubled its cash subsidies for consumers trading in conventional cars for EVs. The National Development and Reform Commission and the Ministry of Finance announced on July 25, 2024, that buyers will now receive 20,000 yuan ($2,770) per vehicle, up from the 10,000 yuan subsidy introduced just three months earlier.

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China's supreme leaders including the President, Mr Xi Jinping, vowed Thursday to resolve "risks" plaguing the economy, state media said, but were yet to offer any concrete steps to pull the country out of its financial woes.

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Flash flooding and torrential rain have killed hundreds of people in recent weeks, as the climate crisis amplifies the effects of the monsoon season, bringing widespread devastation to South Asia.

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The Philippine government led by the President, Mr. Ferdinand Marcos Jr, has ordered the shutdown of a sprawling network of online casinos that have been linked to a slew of criminal activities.

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Madam Alice Guo, a mayor in the Philippines who has been accused of being a Chinese spy has gone into hiding, officials said.

Police could not carry out a warrant for the arrest of Alice Guo over the weekend as she was not at any of her known addresses.

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China released a comprehensive policy document on Sunday, outlining its ambitions to develop advanced industries and improve the business environment. Analysts, however, noted the absence of imminent structural shifts in the world's second-largest economy. The 60-point document follows the Communist Party's Central Committee meeting, led by President Xi Jinping, which occurs approximately every five years and is known as a plenum.

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China's economic growth decelerated to 4.7% in the second quarter of 2024, falling short of expectations and highlighting ongoing challenges in the world's second-largest economy. This slowdown, primarily driven by weak domestic demand and a persistent property slump, marks the lowest quarterly growth since early 2023.