Business

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

Published

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at all levels should “tighten their belts”, and that all types of surplus, idle and carryover funds will be withdrawn and re-allocated, to be put to better use.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

Visit Maldives presents cultural, food festival to celebrate 2025

Published

3 weeks ago

December 31, 2024

m@ldives

Maldives Marketing and Public Relations Corporation (MMPRC/ Visit Maldives) has announced the ‘Maldives Culture and Food Festival’, a two-day extravaganza showcasing the Maldivian cuisine, local arts and craft, and entertainment.

The festival will take place at Central Park, Hulhumale’, on New Year’s Eve, December 31st, 2024, and continue into New Year’s Day, January 1st, 2025, offering a unique and immersive experience for locals and tourists alike.

This exciting initiative by MMPRC is a collaborative effort involving key partners such as the Ministry of Tourism (MOT), Housing Development Corporation (HDC), MyHulhumale’, Business Center Corporation (BCC), Male’ City Council, Waste Management Corporation Limited (WAMCO), the Maldives Police Service, Maldives National Defence Force (MNDF), Public Service Media (PSM), Maldives Airports Company Limited (MACL), Dhiraagu, Ooredoo, Manta Air, Maldivian, Ace Travels, and Gulf Air. It promises a dynamic programme filled with performances, activities, and food stalls. Attendees will have the opportunity to savour authentic Maldivian dishes, explore traditional arts and crafts, and witness captivating cultural performances.

On December 31st, the festivities will begin at 20:00 with doors opening to the public. A spectacular drone show will be held, depicting a tourist’s journey through the beautiful Maldives. The evening will continue with captivating cultural performances including Boduberu performances, and “Dhafi Negun”. A New Year’s Eve countdown will also take place, culminating in a dazzling fireworks display to welcome 2025.

The celebrations will continue on January 1st 2025 from 16:00 to 22:00, with the festival reopening and featuring food and arts and crafts stalls. A range of family-friendly activities will be available, including a police and fire truck showcase, a climbing wall, a bounce house, and a Transformers display. Additionally, the festival will feature energetic Boduberu performances and an exciting Roboman showcase.

“MMPRC is proud to present the first Maldives Culture and Food Festival,” said Ibrahim Shiuree, CEO and MD of MMPRC. “This event is a key initiative to celebrate the achievements of the Maldives in 2024 and to promote the diverse cultural heritage of the Maldives while providing a memorable experience for locals and visitors. We invite everyone to join us in celebrating the Maldivian spirit as we bid farewell to 2024 and welcome the new year.”

Business

Barcelo Nasandhura Malé to open in Q1 2025

Published

2 months ago

December 7, 2024

m@ldives

Barcelo Nasandhura Malé, the Maldives’ newest luxury destination, is set to open its doors in Q1 2025.

Located on the site of the former Nasandhura Palace Hotel, the property will become the largest hotel in the capital, Malé. With 136 elegantly designed rooms, including 95 with stunning ocean views, and 116 luxurious serviced apartments, Barcelo Nasandhura Malé promises a unique blend of sophistication, comfort, and convenience in the heart of this vibrant city.

Operated by the renowned Spanish hotel chain Barcelo Group, the hotel represents a significant expansion of the brand’s presence in the Maldives and beyond. Barcelo Group, known for its exceptional resorts, recently opened Barcelo Whale Lagoon Maldives in South Ari Atoll in August 2024, further solidifying its growing portfolio in the region. In addition to its Maldivian properties, Barcelo Group manages a range of high-profile hotels across the UAE, Thailand, and several European countries.

Barcelo Nasandhura Malé will feature an array of premium facilities, including four upscale dining outlets, a rooftop shisha bar, an oceanfront pool, a state-of-the-art gym, and a luxurious spa. The hotel will also boast 1,034 square meters of versatile MICE (Meetings, Incentives, Conferences, and Exhibitions) space, making it an ideal venue for corporate events and gatherings.

While some serviced apartments were initially intended for residential use, they will now be available for daily rental, offering guests enhanced flexibility and a wider range of accommodation options. Originally scheduled to open on December 1, 2024, the opening has been slightly delayed due to minor construction work. However, the team remains committed to ensuring Barcelo Nasandhura Malé is ready to welcome its first guests in Q1 2025.

Barcelo Hotel Group, awarded World’s Leading Hotel Management Company 2023 by the World Travel Awards, is the second-largest hotel chain in Spain and ranks among the 30 largest globally in terms of the number of rooms. Founded in 1931, this family-run organisation operates 280 four- and five-star city and holiday hotels, offering more than 62,000 rooms across 25 countries. The group markets its hotels under four distinct brands, each focused on providing diverse and memorable travel experiences.

Renowned for its commitment to excellence and sustainability, Barcelo Hotel Group delivers exceptional stays, seamlessly blending luxury, comfort, and environmental responsibility.

Action

Denise Hoefer brings world-class Padel to The Nautilus Maldives

Published

2 months ago

December 2, 2024

m@ldives

As part of its ‘Masters for Masters’ series, The Nautilus Maldives will host Denise Hoefer, Germany’s No. 1 padel player and one of the world’s top 50 most influential figures in the padel industry, for an exclusive Padel Masterclass from March 22 to 25, 2025. This exceptional event invites guests to enhance their padel skills under the expert guidance of a global champion, all set against the stunning backdrop of the Maldives’ Indian Ocean.

Padel, recognised as the world’s fastest-growing sport, has captured the hearts of 30 million enthusiasts globally, according to the International Padel Federation. This March, The Nautilus will provide a unique opportunity for guests to immerse themselves in this thrilling game during a four-day Padel Masterclass led by Denise Hoefer, Germany’s top-ranked female padel player and captain of the German national team. Participants will refine their techniques on The Nautilus’s state-of-the-art padel court, while experiencing the island’s signature blend of world-class coaching and timeless, unscripted hospitality.

The Padel Masterclass will feature a tailored mix of group and private sessions, catering to players of all levels. Younger participants will have the chance to join the Young Wonderers program, offering specially designed classes that introduce the sport in a fun and engaging way. After an energising day on the court, guests can unwind at Solasta Spa, where exclusive treatments by Maison Caulières—such as Spinal Connection Deep Tissue Healing, Volcanic Stone Therapy, and Warm Poultices—promise ultimate relaxation and rejuvenation. These tranquil spa experiences provide a perfect complement to the day’s dynamic activities, leaving participants refreshed and revitalised.

With just 26 ultra-luxury houses and residences, The Nautilus offers an intimate sanctuary within the Baa Atoll, a UNESCO Biosphere Reserve. Surrounded by powder-soft white sands, vibrant coral reefs, and crystal-clear waters, this private island retreat redefines bespoke hospitality. Every element is meticulously crafted to inspire, offering guests an unparalleled ultra-luxury experience focused on relaxation, renewal, and discovery. Whether honing padel skills or embracing the serenity of island life, The Nautilus stands as the ultimate destination for discerning travellers.