Since January, Thailand has Received One Million Chinese Tourists
Thailand has welcomed one million Chinese tourists in the first four and a half months of 2023, according to a government official. This is a sign of recovery for the tourism sector, which was hit hard by the COVID-19 pandemic.
In 2019, before the pandemic, Thailand received 11 million Chinese tourists, who accounted for 28% of the total foreign arrivals. In 2022, only 274,000 Chinese tourists visited Thailand, due to travel restrictions and quarantine measures.
The government spokesperson Anucha Burapachaisri said that the number of Chinese visitors is expected to reach five million by the end of the year, with a total spending of 446 billion baht ($13.18 billion). He added that this would boost the economy and create jobs for Thais.Read the rest of Thailand has welcomed one million Chinese tourists since January on Thailand Business News
US and Chinese Trade Negotiators Fail to Reach Accord
U.S. Commerce Secretary Gina Raimondo met with her Chinese counterpart Wang Wentao on May 25. The two traded complaints but failed to break new ground in the floundering Sino-American trade relationship.Raimondo “raised concerns” about the Chinese Communist Party’s (CCP) actions against U.S. companies in China, according to a statement released by the Commerce Department.Wang, likewise, expressed concerns about U.S. efforts to prevent the regime from obtaining advanced semiconductors and other critical technologies, a statement from the CCP’s Commerce Ministry said.The Commerce Department’s readout added that the talks included “candid and substantive discussions on issues relating to the U.S.-China commercial relationship.” These included discussion of areas of trade and investment ripe for “potential cooperation,” but neither side gave any indication that such discussion bore fruit, nor did they specify what areas cooperation might take place in….
Members of the Federation of Thai Industries (FTI) are concerned about the Move Forward party’s policy to increase the minimum wage to 450 baht/day.
The Move Forward Party’s proposal to increase the minimum wage to 450 baht per day has sparked mixed reactions from businesses and workers. While some see it as a way to boost the purchasing power of low-income earners and stimulate the economy, others fear it will lead to higher costs, layoffs and closures of small and medium enterprises (SMEs).
According to Move Forward, the current minimum wage is not enough to cover the basic needs of workers, especially in light of the rising cost of living and the economic fallout from the COVID-19 pandemic. The party argues that raising the minimum wage will boost domestic consumption, stimulate economic growth, and reduce social problems such as crime and drug abuse.
The party also cites international studies that show that increasing the minimum wage does not necessar…
The Department of Justice Charges Two Individuals for Allegedly Taking Technology to China Illegally
The Justice Department has charged two men for their alleged roles in separate schemes to steal and reproduce 3D modeling and autonomous vehicle technology for communist China. The two cases were announced with three others on May 16, as part of a tranche of prosecutions aimed at squashing crimes related to export violations, smuggling, and thefts of trade secrets.
Each of the cases was brought by the Disruptive Technology Strike Force, a joint program led by the Commerce and Justice departments and intended to counter efforts by hostile nations to illicitly acquire sensitive……
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Election Outcome Expected to Boost Retail, Banking, and Tourism Sectors
Retail, banking and tourism sectors are expected to benefit from the policies of the new coalition government in Thailand, which is led by the Move Forward Party.
The party won the most seats in the general election held on May 14, 2023, ending nine years of pro-military rule.
The retail sector is likely to benefit from the proposed cash handouts, lower electricity and fuel costs, and increase in minimum wages that will increase the purchasing power of the Thai people. Some of the leading retailers in Thailand include Central Group, The Mall Group, Robinson Department Store and Big C Supercenter.
The banking sector is also expected to see an improvement in loan demand and asset quality, as the new government will likely ease some of the restrictions imposed by the previous military regime. The banking sector has been struggling with high levels of non-performing loans and low profitability due to the sluggish economy and political uncertainty. Some of the …
Tesla Increases Prices in North America and East Asia
Tesla Inc. has raised prices in a range of up to $290 in Canada, China, Japan, and the United States, its website showed on Monday, after the company slashed prices of its top-selling vehicles since the start of the year.The hike was the first on its two top-selling models at the same time in multiple markets, although prices across its lineup are much lower than in January, after a round of discounts.Last month Chief Executive Elon Musk said the company would prioritize sales growth ahead of margins and look to profit later on its rollout of self-driving software for a larger fleet of vehicles….
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