China’s Government Is Struggling to Stimulate Economic Growth

China’s economy has shown signs of weakening since April after a respectful first quarter outcome, when GDP grew by 4.8% year on year. The country’s GDP expanded by just 0.4% in the second quarter, due to factors including COVID-related lockdowns in major cities and deterioration in the real estate sector.

Last month, the central bank, People’s Bank of China (PBoC), surprised the market with a significant interest cut: both the one-year medium-term loan facility (MLF) and the seven-day Reverse Repo were lowered by 10 basis points. Another rate cut took place a week later, when the five-year and the one-year loan prime rate (LPR) were each slashed by 15 and 5 basis points.


HONG KONG, CHINA - AUGUST 06: Pedestrians walk at a shopping district on August 06, 2022 in Hong Kong, China. Hong Kong's economy contracted consecutively for the last two quarters in a row due to weak exports and investment as it struggles with pandemic-induced restrictions. (Photo by Anthony Kwan/Getty Images)

Pedestrians walk at a shopping district on August 06, 2022 in Hong Kong, China. Hong Kong’s economy contracted consecutively for the last two quarters in a row due to weak exports and investment as it struggles with pandemic-induced restrictions.

Photo by Anthony Kwan/Getty Images


Restoring Business Confidence Is the Key Objective


China’s recent rate cut was unexpected by most analysts since major central banks around the world have been in a cycle of interest rate hikes in recent months, and China’s consumer price index rose by 2.7% year on year in July, indicating stronger inflation pressure. The market expected the central bank to favor structural monetary tools, such as additional liquidity or rate cuts for selected sectors, rather than a more general interest rate reduction.

We believe the rate cut is reasonable, as it helps to restore business confidence after the release of discouraging macro data for July. Total societal financing (i.e., total excluding financial institutions) experienced a 30% drop year on year, from 1.08 trillion to 756 billion yuan ($108 billion), a new monthly record low in six years.

This implies that willingness and actual borrowing remain weak despite the money authority’s previous policy efforts.


Growing Mortgage Boycotts


Another sign of economic trouble is a fast spread of mortgage boycotts in July, involving projects in 26 provinces and municipalities, raising fear of possible broad risk in the financial sector.

In July, China’s home prices fell for the 11th month and since the breakout of the mortgage strike, the decline has further widened. The rate cut served as a strong policy support for the troubled real estate sector.

Meanwhile, the central bank maintained its prudent stand in liquidity expansion, while taking measures to reduce financing costs for households and companies. On August 15, when 600 billion yuan worth ($86 million) of MLF loans matured, PBoC’s operation had resulted in a net fund withdrawal of 200 billion yuan from the banking system.


A Decline in Borrowing Activity


Underlying the weakness in social financing are inadequate demand for investment and consumption, resulting from uncertainties in enterprises’ profits and the population’s income prospects.

In July 2022, M2, a broad measure of money supply, declined by 337 billion renminbi ($48 billion) month-on-month, compared to an average increase of 3.3 trillion renminbi for the first half of the year. The reductions in new loans, by households and firms, is the most important reason for the decline in M2 balance.

Meanwhile, the risk is increasing that the funds and liquidity are idling within the financial system, due to deterioration of credit demand from the real estate sector. The short-term bill financing of the four state-owned banks and national large banks rose by 148.0% and 102.7% year on year in July 2022, while the growth rate of short-term and long-term loans from these banks declined. In the same month, the growth of loans has also significantly softened (negative) for the small and medium banks, indicating further weakening of credit demand by small- and medium-sized enterprises.


The fiscal injection from the central bank’s profit submission will be depleted soon, and the quota for local government bond issuance will be used up shortly.


Lowering Borrowing Cost and More Targeted Support to Continue


We expect the central bank to accelerate the implementation of existing structural policies, such as extra liquidity to specific sectors, increased targeted credit expansion for SMEs, especially low-carbon and agriculture-related and technological innovation-oriented ones.

For example, the executive meeting of the State Council in June decided for the first time to set 300 billion yuan ($43 billion) aside for policy-based development financial instruments (PDFI) to accelerate funding for local government projects. In August, the government announced a credit increase of 800 billion yuan to policy banks to support infrastructure construction. Another increase of more than 300 billion yuan was added later in the month.

China’s monetary policy will likely continue to aim at stimulating borrowing demand and helping financial institutions to expand credit supply to targeted borrowers.


Funding Support for Local Governments


In March 2022, the PboC announced the PBoC will turn over profits of over 1.1 trillion renminbi to the central government. The amount will be used to accelerate policy implementation including the VAT rebate and other expansionary fiscal policies. In the first half of 2022, it had turned over 900 billion renminbi ($129 billion), equivalent to a liquidity injection from a 0.45 percentage point reduction in reserve requirement ratio, according to PBoC’s estimation.

The profits handed over by the central bank can reach the intended parties directly without going through the traditional money-creation cycle. More importantly, the injection helps to replenish local government finance without raising their debt level, enabling local governments to carry out tax-cutting and employment protection policies and adding the much-needed cash flow into the real sector.

One recent innovation is the use of PDFI (policy-based and developmental financing instruments), a new monetary policy tool first announced in June, which aims to provide quick financing for government-supported infrastructure projects. In particular, PDFI provides start-up or bridging funds through infrastructure funds, which can be considerably faster than the issuance of local government bonds.

At present, PDFI focuses mainly on network-based infrastructure construction for transportation, energy, and irrigation while other local projects such as those on scientific and technological innovation were expected to be funded by local government special bonds.

In the coming months, the government has to come up with more funding to help reverse the economic downturn in recent months. The fiscal injection from the central bank’s profit submission will be depleted soon, and the quota for local government bond issuance will be used up shortly.

The impact of the rate cut has not yet materialized, and the financial risks associated with a depressed real estate sector are far from being resolved. We expect that more monetary easing measures will be announced, especially those targeted to strengthen fiscal expansion for the remainder of the year.

Related themes: CHINA INFLATION


2022 0915 China is down 02Sarah Y. Tong
Senior Research Fellow at the National University of Singapore

Sarah Y. Tong is a senior research fellow at the East Asian Institute at the National University of Singapore. She holds a Ph.D. in economics from the University of California at San Diego.

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2022 0915 China is down 03Li Yao
Research Fellow at the National University of Singapore

Li Yao is a research fellow at the East Asian Institute at the National University of Singapore. She holds a Ph.D. in economics from the University of Hawaii at Manoa.

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The original report can be read at the Brink’s website HERE.

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CACCI herewith forward an invitation to all CACCI officers and members to attend the Singapore International Energy Week (SIEW) 2021, of which CACCI is a Supporting Organization, to be held on October 25-29 at the Marina Bay Sands Expo and Convention Centre, Singapore. Organized by The Energy Market Authority of Singapore (EMA), SIEW 2021 is […]

Opportunities in Aircraft Leasing & Financing at GIFT IFSC

FICCI under the aegis of International Financial Services Centres Authority (IFSCA) is organising a digital roadshow on Opportunities in Aircraft Leasing and Financing at GIFT IFSC. IFSCA is keen to set up a facilitative regulatory framework with the objective of making GIFT City a highly attractive destination for aircraft leasing. A brochure and pdf flyer […]

What Does Globalization Look Like in a Post-Pandemic World?

The global economy is emerging from the pandemic with global supply chains in disarray and companies struggling to source products from around the world. In his new book with Anthea Roberts, Six Faces of Globalization, professor Nicolas Lamp argues that there is no longer a single narrative to describe globalization, but multiple. BRINK began by asking […]

Are Electric Vehicles Really Green?

When it comes to transport’s carbon footprint, increasing attention is being paid to the carbon impact not only of the fuel type but of the parts used in the assembly of a vehicle, whether electric or petrol-powered. A new report on the materials used in the vehicle manufacture by the Brussels-based Transport & Environment think […]

Invitation to “FICCI-CACCI Business Delegation to Expo 2020,” Dubai, UAE, November 23-25, 2021

CACCI herewith forward an invitation from the Federation of Indian Chambers of Commerce and Industry (FICCI) to join the FICCI-CACCI Business Delegation to Expo 2020, Dubai, United Arab Emirates (UAE), to be organized on November 23-25, 2021. To be hosted by Dubai, UAE, Expo 2020 is scheduled to be held from October 1, 2021 to […]

Evergrande Is the Consequence of An Unsustainable Economic Model

The Chinese real estate sector has long been too big and too risky, and it is not coincidental. It was central in the Chinese leadership’s plan to reflate the economy from the global financial crisis in 2008. Since then, the way forward for the sector has been to leverage debt so as to increase the […]

Invitation to the ASEAN Leadership and Partnership Forum 2

CACCI is pleased to forward hereunder an invitation to CACCI officers and members from the ASEAN Business Advisory Council (ASEAN-BAC), of which CACCI is an Associate Member, to join the “ASEAN Leadership and Partnership Forum 2021” to be held on October 7, 2021.          

Ransomware Attacks on Critical Infrastructure Are Surging

According to Temple University’s Cybersecurity in Application, Research & Education Laboratory, ransomware attacks on critical infrastructure are on the rise, with about 75% of recorded incidents since 2013 having taken place in the last 18 months. The increasing frequency and severity of ransomware attacks are reflected by the steady increase in cyber insurance prices. Threat actors can […]

What Do Post-COVID Supply Chains Look Like?

Across the world, companies have been celebrating the return of more normal activity, more reliable supply chains and a boost from renewed consumer confidence. And that’s where they are going wrong. A year ago, I described how the pandemic was changing supply chains in unexpected ways, and if a business’s supply chains have remained the same […]

99 of the World’s 100 Most Environmentally At Risk Cities Are in Asia

It’s clear that cities everywhere are uniquely threatened by the environment. Not just climate change, but other issues, such as air quality, water pollution and resource restrictions are becoming increasingly significant in mega-cities. A recent report by global risk analytics firm Verisk Maplecroft concludes that 99 of the most environmentally threatened cities are in Asia. […]

Decentralized Finance: The Next Big Threat for the Finance Sector

Decentralized finance, or DeFi, is a fast-growing segment of the financial markets. Based on a blockchain platform, DeFi provides software services that can cut out intermediaries in financial transactions, thereby allowing for financial services, such as mortgages and investment, to be delivered at lower costs. The question is: Will it take off, or will the […]

The Clean Energy Transition Starts With Company Culture

Climate change is the biggest risk we are facing, according to the World Economic Forum’s 2021 Global Risk Report. In recent high-profile shareholder proposals and landmark court rulings on climate cases, it is clear the energy sector is an important stakeholder in climate change. Fossil-fuel combustion is responsible for around two-thirds of global greenhouse-gas emissions. Brands […]

Here’s How Emerging Technologies Will Impact the Future of Infrastructure

The transformative and disruptive technologies of the Fourth Industrial Revolution are reimagining the possibilities for the built environment. Advances in data proliferation, connectivity, automation and sustainability technology are disrupting existing markets and creating new ones altogether in many infrastructure sub-sectors. The COVID-19 crisis is also causing profound shifts in societal needs and consumer demands, hastening […]

Construction Produces 25% of a Building’s Lifetime Emissions — But New Materials Are Changing This

The construction industry has demonstrated remarkable resilience in the face of the challenges and disruption posed by the COVID-19 pandemic — whether through practical worker safety steps at the coalface, or by navigating multiple pressures in the boardroom. Now, attention is turning back to an equally pervasive challenge that is very much coming to the […]

When Will International Air Travel Reopen With a Health Passport?

Domestic air travel in the U.S. is getting back to 2019 levels with an average of 2 million passengers a day. However, many international routes remain closed as they await the arrival of a system for checking vaccinations. IATA has been working on a digital travel credential for several years, and its Travel Pass is […]

Asia-Pacific Must Phase Out Fossil-Fuel Subsidies

The extent to which Asia-Pacific is planning on decarbonizing will make or break the global fight against climate change. Asia-Pacific is home to 60% of the world’s population and the main engine of global economic growth. However, since the early 2000s, Asia-Pacific has been the main carbon dioxide emitting region, producing about half of the […]

“Sri Lanka Investment Forum 2021” – Virtual on June 7-9, 2021

In their continuous efforts towards attracting Foreign Direct Investments (FDIs) and Equity Capital Investments to the country, The Ceylon Chamber of Commerce, the Board of Investment of Sri Lanka and the Colombo Stock Exchange are jointly organising the “Sri Lanka Investment Forum 2021 – Virtual”, from 7th to 9th June, 2021. The Virtual Forum will be […]

What Will India’s Post-COVID Recovery Look Like?

Since the beginning of 2020, India has reported more than 25 million COVID cases, bringing the country’s total number of lost lives to 274,000 — a record, second only to the United States for infections. A massive tsunami of COVID-19 is sweeping through India, with around 83% of the new infections reported in 10 states, […]

The Global Economy is about to become the Climate Economy

In the next 20 years, climate will move from being a sector of the economy to becoming the dominant force in macroeconomics. New forms of sustainability will disrupt virtually all industries: from manufacturing, the production and use of energy, food, fiber and material resources, to the expansion of transport options and consumer choices. Many leaders […]

Battery Technology Is About to Disrupt the US Power Sector

Until recently, the adoption of battery power storage solutions in the U.S. had fallen short of expectations. Yet, declining costs and advancing technology suggests that battery storage is ready to play a larger role in the U.S. power sector. This potential is now attracting significant investor interest, and from 2024 onward, S&P Global Ratings expects […]

Have the Wheels Come Off the Driverless Car Revolution?

Five years ago, Uber predicted it would have 200,000 driverless cars on the road by 2020. But to date, the widespread use of driverless cars has not arrived. So what has happened? The last five years have seen the hype surrounding the phenomenon slowly dissipate, as the industry wrestles with a number of hard technical […]

Is China About to Cap Its Coal Output?

Of the 40 world leaders attending today’s virtual White House Summit on Climate Change, the key figure is President Xi Jinping of China. As the world’s largest greenhouse-gas emitter, China will make or break the global quest to achieve climate neutrality by the middle of the century — which will be the only way to […]

Why Business Interruption Risk Affects Us All

Catastrophic risk is the hardest risk of all for business to protect itself against. In the third of our occasional series on how to bridge the protection gap for business interruption resulting from major crises like the pandemic, BRINK spoke to Dirk Wegener, president of the Federation of European Risk Management Associations (FERMA). FERMA is the umbrella […]

Does Hydrogen Have the Support to Lead the Future of Fuel?

The 2015 Paris Agreement was a groundbreaking diplomatic effort: 196 countries committed to prevent average temperatures from rising by more than 2 degrees Celsius, with an aim of less than 1.5 degrees Celsius. To meet that goal, scientists argue that fossil fuel use will have to reach net zero emissions by midcentury. The genius of […]

ADB’s Innovation through Collaboration: Planning for an Inclusive Post-COVID-19 Recovery

Just over a week to go before the Asian Development Bank’s (ADB) Southeast Asia Development Symposium 2021, Innovation through Collaboration: Planning for an Inclusive Post-COVID-19 Recovery, on 17–18 March. Join our power-packed two-day lineup of global thought-leaders and decision-makers to explore how Southeast Asian nations can most effectively revitalize businesses, create sustainable job opportunities, and […]

Webinar on Beyond Digital Currency: An Asian Perspective

CACCI would like to invite its members to register to join the webinar on “Beyond Digital Currency: An Asian Perspective organized by the Asian Institute of Digital Finance in collaboration with Bridge. The physical venue of the webinar will be Bridge+, 79 Robinson Road, Singapore 068897 on Friday 19 March 2021 at 3:00pm to 6:00pm (SGT, […]

Are We Entering a Commodity Supercycle?

Since the beginning of the year, prices of commodities of all kinds have been rising significantly, prompting speculation that we are entering a commodity supercycle — the first since 2008. Copper prices are at an eight-year high, while commodities as varied as oil and soybeans are also rising in price, driven by the possibility of […]

How Asia Can Unleash Private Investment for Its Infrastructure

Asian governments are scrambling to reboot their battered economies, following the COVID-19 pandemic. The key to generating a return to high levels of economic growth is a substantial increase in infrastructure investment. The Asian Development Bank (ADB) has estimated that developing Asian economies need $1.7 trillion a year in climate-adjusted infrastructure investment in transportation, power, water and […]

A Hot Opportunity: Four Trillion Reasons to Accelerate the Energy Transition

If European companies do no more to reduce carbon dioxide emissions than they have currently promised, Earth’s temperature will be on track to rise 2.7 degrees Celsius by 2100. That’s well above the Paris Agreement’s target increase of no more than 1.5 C and higher than the 2-degree C tipping point at which life-threatening climate […]

10 Questions That Will Determine the Future of Work

In the span of a few months, the COVID-19 pandemic has prompted a rethink not only of how workers work, but of long-term policies that respond to disruptions being unleashed by technology and automation. Policymakers are quickly drawing up plans to address the future of work from the perspectives of inequality, skilling, social protection, gender and the role of human […]

Webinar on Leveraging Technology and Innovation

CACCI invites members and associates to join the ADB-OECD Webinar on Leveraging Technology and Innovation for Disaster Risk Management and Financing happening on 11 March 2021, Thursday, at 7:00 p.m. – 8:30 p.m. (GMT+8). This will be held via Zoom and registration would be required. This webinar will feature a presentation of the findings of […]

New Chief Executive of Wellington Chamber of Commerce

CACCI is pleased to inform you that Wellington Chamber of Commerce has appointed Mr. Simon Arcus as its Chief Executive who took over the role from Mr. John Milford with effect from March 2021. Mr. Arcus is currently at Mercer Australia in Melbourne working with the Goldman Sachs, Alcoa and GM Holden superannuation funds.  The […]

FICCI and CACCI hold Joint Training Workshop on “Digital Marketing for Indian SMEs”

CACCI and the Federation of Indian Chamber of Commerce and Industry (FICCI) jointly organized an exclusive workshop on “Digital marketing for Indian SMEs” on February 12, 2021. The four-hour workshop, which was held virtually, aimed to provide a holistic and overall understanding on the nuances of digital marketing and how it can be leveraged to create new business opportunities and or […]

FICCI Fintech Expo 2021

CACCI forwards to its members hereunder the invitation from the Federation of Indian Chambers of Commerce and Industry (FICCI) to participate in its Fintech EXPO 2021 scheduled on March 10-11, 2021.       Mr. Ernest Lin Secretary-Treasurer Asian Bankers Association Dear Mr. Lin, Greetings from FICCI. I am writing to kindly share with you […]

Avoiding Response Paralysis as Ransomware Attacks Mature

Your files are encrypted. You have five days to submit payment, or your data will be lost.   Last year, ominous messages like this one appeared on the computer screens of millions of businesses and organizations targeted by ransomware. Such attacks are not new, but have recently grown more frequent and severe — in 2020, […]

The Productivity Puzzle of Working Remotely

New research by Harvard University suggests that there are productivity gains for companies that offer remote working — both before and during the COVID-19 pandemic. However, whether those gains will persist after the pandemic depends on the type of workers attracted to remote jobs. BRINK spoke to Emma Harrington of Harvard University, who contributed to this research on […]

Tender for Ankara CC Convention Center

We are pleased to convey the invitation from the Union of Chambers and Commodity Exchanges of Turkey (TOBB) for possible new operator to deliver tenders for the Ankara Chamber of Commerce Convention and Event Center (ATO Congresium). Located in the center of Ankara, the ATO Congresium is close to business, shopping and entertainment areas and […]

The Global Case for Optimism

Good news has been in short supply. From the devastation of the COVID-19 pandemic to racial violence and political polarization, it seems like the world is taking a global gut-punch. But is humanity overall still on the up-and-up, despite the massive challenges? Charles Kenny, director of technology and development and senior fellow at the Center for […]

CACCI Women Entrepreneurs Newsletter available

CACCI is pleased to share with its members, associates and friends the 22nd Volume of Grow, the publication of CACCI Women Entrepreneurs Council. Click HERE to read or download. We hope that this publication will serve as an effective platform for an exchange of information among women entrepreneurs in the CACCI region. Members are, therefore, encouraged […]

Cambodia CC President Kith Meng helps in fight against Covid-19

The Cambodia Chamber of Commerce (CCC) President Kith Meng and his wife Mao Chamnan, have contributed $3 million to the government to purchase COVID-19 vaccines for the Cambodian people. Mr. Meng, who serves as Chairman and CEO of the Royal Group of Companies, and his wife, are no strangers to humanitarian assistance. They have previously contributed $200,000 […]

BRINK Explores the Technology Sector in 2020

Photo: Wang Zhao/AFP via Getty Images A man wearing a face mask looks at a robot in Beijing. The use of industrial robots became increasingly widespread in 2020. A year is a long time in the technology space. In 2019, much of our focus was on blockchain and 5G, but in 2020, it was all […]

ASEAN BAC, VCCI hold virtual ASEAN Business and Investment Summit

The ASEAN Business & Investment Summit (ASEANBIS) 2020 was held virtually by the ASEAN Business Advisory Council (ASEAN BAC) and the Vietnam Chamber of Commerce and Industry (VCCI) from November 12 to 13, 2020. The two-day event brought together the leaders of ASEAN member states, partners and a large number of businesses in the region, […]

Virtual gold? Bitcoin’s rise sparks new debate

Bitcoin’s rally above US$15,000 has reignited debate over whether the cryptocurrency is so-called digital gold or a perilously risky bet as investors grapple with the coronavirus pandemic. The world’s most popular virtual unit has gained over 30% in value in almost three weeks up to last November 6, taking it close to its December 2017 […]

“New Pension Funding Regime” webinar on 24 February 2021

Fast Track or Bespoke? A new choice faces companies sponsoring defined benefit pension schemes, one which has stayed hidden during Covid-19 but could have a multi-billion pound consequence for UK plc as a whole. The introduction of a “twin-track” approach to the funding of pension schemes was proposed by The Pensions Regulator in March 2020. […]

The Global Economy on BRINK in 2020

Photo: Romeo Gacad/AFP via Getty Images A couple wearing protective face masks walk past an electronic quotation board displaying share prices in Bangkok. One of the most important themes of 2020 was the response of governments and global financial systems to the COVID-19 crisis. 2020 was obviously an epoch-making year for economies everywhere and these […]

UNCTAD report on COVID-19’s global impact

In its latest assessment of the impact of COVID-19 on global investment, UNCTAD found that global FDI flows fell by 49% in the first half of 2020, with the biggest decline in Europe and the US. Lockdowns across the world slowed existing investment, and fears of a recession resulted in a 37% drop in new […]

Study says Taiwan Disproves Idea that Either Health or the Economy Must Suffer

Taiwan is one of several countries that clearly disproves the argument that governments must choose between protecting people’s health and protecting the economy in their response to the COVID-19 pandemic, an Oxford University researcher said. In a study posted on Our World in Data, an online journal run by the Oxford Martin School, researcher Joe […]

CACCI members invited to Financial Times (FT) Global Boardroom

  CACCI herewith forward an invitation to attend the Financial Times (FT) Global Boardroom 2nd Edition, of which CACCI is a Supporting Partner, to be held on November 11-13. With over 50,000 people from 150 countries registering for the inaugural Global Boardroom in May 2020, the second Global Boardroom to be held in November will […]

John Milford thanked for service to Wellington CC

John Milford is stepping down from his position as Chief Executive of the Wellington Chamber of Commerce, Business Central and ExportNZ Central, and will finish at the end of November. John has been Chief Executive since the beginning of 2015, and prior to this was an active supporter of the Chamber, previously serving as board […]

The Race to Save the World Trade Organization

The World Trade Organization is at a critical moment in its history. Trade nationalism is becoming more widespread, the U.S./China dispute shows no sign of abating and the WTO is searching for a new leader to take it forward and ensure its relevance. Of the five candidates still in contention, two are women from Africa. […]

5th ASEAN Young Entrepreneurs Carnival ONLINE – 30 November 2020

The 5th ASEAN Young Entrepreneurs Carnival is happening next week – *Monday 30th November 2020* CACCI would like to invite members to the virtual edition for the 5th edition. Due to the current pandemic we unfortunately cannot all meet in person. This is our next best thing! The program Agenda is below for your perusal. We cannot […]

Need for convergence between self-reliance, globalisation: FICCI president

There is a need for convergence between self-reliance and globalisation, according to FICCI President Dr. Sangita Reddy. The Indian industry would achieve faster growth and development under the present leadership, she said at the inaugural session of LEADS 2020, a four-day event host by the industry chamber. Dr. Reddy added that there is a need for convergence […]

Financial Times Global Boardroom set for November 11-13

CACCI Members and Officers are invited to attend the Financial Times (FT) Global Boardroom 2nd Edition — of which CACCI is a Supporting Partner — from November 11 to 13. The event will take place in a digital format. With over 50,000 people from 150 countries registering for the inaugural Global Boardroom in May 2020, […]

CACCI, TaiwanICDF paper highlighted in CoNGO contribution to HLPF 2020

For the past four years, the Conference of NGOs in Consultative Relationship with the United Nations (CoNGO) has been working through its Regional Committee in Asia-Pacific (RCAP) to augment the potential for NGOs/CSOs in the region to work with the United Nations, with a particular emphasis on the Sustainable Development Goals (SDGs) and Agenda 2030. […]