Business

No annual growth target for virus-hit China, a first in years

Published

6 years ago

May 22, 2020

China’s communist rulers avoided setting an annual growth target for the first time in decades Friday, as they struggle to deal with the “immense” economic challenges caused by the coronavirus pandemic.

Analysts say the move points to China missing its key political goal of doubling gross domestic product from 2010 levels, a blow to the ruling party’s pledge to provide prosperity in exchange for unquestioned political power.

The government usually sets economic growth targets that it regularly exceeds.

But this year, given “great uncertainty” caused by the pandemic, Beijing will not set a target but “give priority to stabilising employment and ensuring living standards”, Premier Li Keqiang told the opening of the National People’s Congress.

Before the pandemic, Beijing was widely expected to announce a growth target of around six percent this year.

But with the COVID-19 shock causing economic growth to shrink 6.8 percent in the first quarter, such a target was seen as no longer feasible.

Apart from raising its budget deficit target this year, China will issue another one trillion yuan ($140 billion) of government bonds for COVID-19 control, Li said, calling these “extraordinary measures for an unusual time”.

The added funds will be transferred to local governments, to be primarily used for ensuring employment, meeting basic living needs, and protecting market entities.

Li also said governments at all levels should “tighten their belts”, and that all types of surplus, idle and carryover funds will be withdrawn and re-allocated, to be put to better use.

Beijing will also issue 3.75 trillion yuan ($526 billion) in special local government bonds this year, in part to boost infrastructure spending in the virus-hit economy.

It will make further tax and fee cuts as well to help firms.

China has said it will tap its massive domestic consumer market to support the economy after external demand collapsed.

But the official urban unemployment rate rose to six percent last month, with analysts saying the real figure could be even higher.

Li said the government aims to ensure the urban unemployment rate remains around this figure, through the creation of over nine million new jobs.

Large price to pay –

The growth target is typically seen as a signal of the resources leaders are willing to spend to shore up the economy.

Tommy Xie, head of Greater China Research at OCBC Bank, told AFP this year’s move is “realistic”, reflecting global uncertainties from both COVID-19 and rising geopolitical tensions.

Analysts, however, believe the country still holds an implicit growth target of two to three percent for 2020, given its ambitious employment goals.

Li said China is “keenly aware of the difficulties and problems” the country faces, with COVID-19 sending the world economy into recession.

Although Beijing had “paid a large price” economically in its virus fight, he added it “was a necessary and worthy price to pay”.

However, Xie said China’s support measures remain below levels seen in other countries, lagging behind a global norm of around 10 percent of GDP.

Using similar guidance, this would translate to around 10 trillion yuan in stimulus.

Instead, Beijing has left itself “an open-ended option” for stepping up fiscal support if the situation worsens, he said.

Song Houze, a research fellow at the Paulson Institute, believes Beijing likely expects a “slow and uncertain” recovery from COVID-19.

Iris Pang of ING told AFP that officials’ support were below her expectations, although the work report tends to understate the fiscal budget — meaning authorities could beef up numbers if jobs do not recover or trade tensions worsen.

She added the report this year made “wise” political choices, given that having no growth target is less damaging than failing to meet a lowered one.

Reporting and photo: AFP

Business

Feydhoo Hall opens at dusitD2 Feydhoo Maldives as new event space

Published

7 days ago

February 16, 2026

m@ldives

Dusit International, one of Thailand’s leading hotel and property development companies, has announced the opening of Feydhoo Hall, a landmark event venue at dusitD2 Feydhoo Maldives, redefining the possibilities for meetings, celebrations, and destination events in the Maldives.

Designed to bring scale, flexibility, and creativity to island gatherings, Feydhoo Hall represents a bold step forward in positioning the Maldives as a dynamic destination for conferences, weddings, and large-scale social occasions.

Feydhoo Hall offers a versatile event complex designed to accommodate a wide range of gatherings, from corporate meetings and conferences to weddings and social celebrations.

At its core is the 390 sqm Main Hall, capable of hosting:

Up to 300 guests in theatre-style setup
Up to 240 guests for dining and banquet-style events
Up to 200 guests for cocktail-style receptions
Up to 144 guests in cluster-round configuration

Enhancing the flexibility of the venue are additional dedicated spaces, including:

A 110 sqm Veranda Terrace, ideal for welcome receptions, breakout sessions, and pre-event gatherings, accommodating up to 100 guests for cocktail-style events.
A spacious 1,000 sqm Lawn Space, perfect for large-scale outdoor celebrations, destination weddings, and open-air events, accommodating up to 400 guests for cocktail receptions and up to 350 guests for dining setups.
The 55 sqm Ekugai Meeting Room, designed for smaller meetings and executive sessions, accommodating up to 30 guests in theatre or dining setup and 24 guests in cluster-round format.

Together, these integrated spaces create a seamless indoor-outdoor event experience, allowing planners to design dynamic and personalised event journeys.

True to the dusitD2 brand’s lifestyle-driven philosophy, Feydhoo Hall introduces a fresh approach to meetings and events — where productivity meets creativity in an inspiring island setting.

The venue offers flexible meeting formats designed to suit different event needs, including:

Half-Day Meeting Package (4 hours) — ideal for focused sessions, executive meetings, and creative workshops.
Full-Day Meeting Package (8 hours) — designed for immersive conferences, extended workshops, and large-scale corporate gatherings.

These thoughtfully structured packages provide planners with the flexibility to create impactful and seamless experiences, whether hosting intimate strategy sessions or dynamic full-day events.

Located just seven minutes by speedboat from Velana International Airport, dusitD2 Feydhoo Maldives combines accessibility with vibrant lifestyle energy, offering event planners and guests a rare balance between convenience and tropical escape.

With the introduction of Feydhoo Hall, the resort strengthens its position as a versatile destination — not only for leisure travellers but also for international conferences, creative retreats, luxury weddings, and large-scale social celebrations seeking something refreshingly different in the Maldives.

Business

BBM expands retail presence with new Hulhumalé outlet

Published

1 week ago

February 16, 2026

m@ldives

Bestbuy Maldives (BBM) opened a new wholesale store in Hulhumalé Phase 2 on Monday.

The outlet is located on the ground floor of Lot 20286, Nirolhu Magu, and is intended to improve access to BBM’s imported goods for residents of Hulhumalé Phase 2 and for businesses operating in the area.

According to the company, the opening forms part of its plan to expand services closer to customers in line with population growth in Hulhumalé.

With the opening of the new store, BBM’s full range of imported and distributed products will be available at the Hulhumalé Phase 2 location. These include consumer goods from international brands such as Lifebuoy, Vaseline and Unilever.

The store will also stock wholesale food products from brands including Daily, Cavin’s and Redman.

BBM has supplied goods to resorts, hotels and retail outlets across the Maldives for several years.

Action

Ataraxis Grand & Spa hosts integrated work-and-dive corporate retreat in Fuvahmulah

Published

4 weeks ago

January 29, 2026

m@ldives

Ataraxis Grand & Spa recently hosted a week-long, closed corporate offsite in Fuvahmulah for a US-based artificial intelligence company, highlighting the island’s growing suitability for integrated work-and-experience retreats. The retreat brought a group of 36 international professionals to the property, which was reserved exclusively for the programme.

Designed as a private company offsite, the stay combined structured daily work sessions with guided diving and beginner-friendly surf experiences, creating a balanced format that blended focused collaboration with physical reset.

A notable component of the programme was dive training and certification. During the retreat, 17 participants completed their Open Water certification, while a further six undertook the Advanced Open Water course, with training and dives scheduled alongside work sessions as part of the integrated itinerary.

Throughout the week, participants worked on-site using dedicated shared spaces supported by reliable high-speed internet, allowing meetings, informal collaboration and scheduled activities to take place within a single, uninterrupted environment. This setup enabled teams to move seamlessly between work periods and organised ocean activities without leaving the property.

Fuvahmulah’s natural and operational advantages formed a key part of the retreat’s appeal. As one of the Maldives’ largest inhabited islands, it offers immediate access to pelagic dive sites, internationally recognised shark diving and surf breaks suitable for instruction, alongside the infrastructure required to support extended group stays.

The offsite reflects a growing preference among technology and knowledge-sector teams for small-scale retreats that prioritise concentrated work environments and team cohesion over traditional conference formats. Such programmes typically involve longer stays and higher per-capita spend, aligning with sustainable, quality-driven tourism models.

The retreat also demonstrates how locally operated properties such as Ataraxis Grand & Spa are supporting this shift by delivering unified environments where accommodation, workspaces, connectivity and curated experiences operate as a single programme rather than separate services.

As organisations continue to explore alternative formats for strategy sessions, team resets and creative offsites, Ataraxis Grand & Spa’s experience positions Fuvahmulah as an increasingly viable destination for integrated corporate retreats.

Ataraxis Grand & Spa offers work-and-dive retreat programmes in Fuvahmulah that combine accommodation, dedicated workspaces, high-speed connectivity and organised diving and surfing.