Global Briefs
January 28, 2005
China to Double Railway Spending
SHANGHAI, China — China will spend more than $12 billion on railway construction this year, almost double last year’s amount, as it rushes to expand its overloaded transport networks.
With its railways turning away two-thirds of cargo due to lack of capacity, China is engaged in a frenzy of transport construction: modern deep-water ports, slick new airports, even a train route line across Himalayan permafrost into Tibet.
In 30 years the network will span 53,000 miles and connect all Chinese cities with a population above 200,000. An expanded network should make it easier for trucks to transport goods.
Yet to be determined is an expressway to Taiwan, which is 100 miles across the Taiwan Straits. Plans for that extension have been included, but it is not clear if it will be underground or above water or how it will be approved.
The estimated cost of such construction is $242 billion.
Asian Property Markets to Boom in 2005
SINGAPORE — Asian property markets are set to boom in 2005, with double-digit price growth expected for Hong Kong, Tokyo, Shanghai, Singapore and other cities, according to real estate agents.
Experts say markets in those areas were undervalued, have strong local economies, and enjoy low currency exchange and interest rates along with easy access to loans.
Other industry figures have put price growth in the region at around 8%.
Some are particularly bullish about Hong Kong’s performance, citing a large supply of available properties and cheap prices, coupled with strong local spending levels.
“I can’t begin to overemphasize the importance of this region,” said Savills real estate CEO Aubrey Adams. “Asia is going to be the growth engine of the future.”
South Korea Welcomes Japan’s Monarch
SEOUL, South Korea — President Roh Moo-hyun said that South Korea was ready to welcome a visit by Japanese Emperor Akihito despite sensitivity over Japan’s brutal colonization of the Korean Peninsula.
“I don’t think it’s rational to block a visit to South Korea by the Japanese emperor just because there are some issues to be resolved,” Roh said.
Officials have suggested that warming ties between the two countries could make a trip more possible.
“Thanks in part to the South Korean culture boom in Japan, friendly feelings are growing significantly among the public in Japan and South Korea,” said Japanese Chief Cabinet Secretary Hiroyuki Hosoda. “I have the impression that conditions for both countries are improving very much.”
Singapore Wants to Boost Tourism
SINGAPORE — Singapore hopes to attract a record 8.9 million tourists this year, a 7.2% increase from last year, despite growing competition from around Asia.
Lim Hng Kiang, the trade and industry minister, said he hoped tourists would spend $6.34 million, 8.3% more than in 2004.
To encourage more arrivals, Singapore has in recent years eased visa restrictions for individuals from certain nations, notably China, and encouraged the development of low-cost airlines.
Tourism accounts for 3% of the country’s gross domestic product and employs about 150,000 people out of a population of 4 million.
Compared with 2002, arrivals to Singapore from China were up by 30% while there was a 20% jump in the number of people from Indonesia, India and the Philippines.
The Singapore Tourism Board has announced plans to double tourist arrivals by 2015 to 15 million while increasing tourism revenues threefold to $30 billion over the same period.
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