Trading Blows, China Tech Powerhouse, Costly Debt Binge: Eco Day

(Bloomberg) -- Welcome to Thursday, Asia. Here’s the latest news and analysis from Bloomberg Economics to help you start the day:

• The U.S. Senate overwhelmingly approved legislation that could lead to Chinese companies being barred from listing on U.S. stock exchanges amid increasingly tense relations between the two
• Beijing is accelerating its bid for global leadership in technologies, planning to pump more than a trillion dollars into the rollout of everything from wireless networks to artificial intelligence
• Collapsing tax revenue and soaring stimulus costs will see a historic increase in government debt. By year-end 2021 G-20 economies are set to add $13.1 trillion to debt stocks, writes Tom Orlik
• China’s top leaders should reveal on Friday how much they’re planning to spend on stimulus to support the economy, when they announce their economic policy blueprint for the rest of 2020
• Australia’s almost three-decade expansion has largely depended on four key factors that are unlikely to remain completely intact
• U.S. central bankers saw the coronavirus pandemic posing a severe threat to the economy when they met last month and were also concerned by the risks to financial stability
• India’s shadow banks need to repay a record amount of local bonds in June but elevated credit market stress during the coronavirus pandemic may make it a challenge for some to refinance their debt
• The Bank of England is studying how low U.K. interest rates can be cut and isn’t excluding the idea of taking rates below zero, according to Governor Andrew Bailey. Meanwhile, Venezuela’s central bank sued the BOE for access to $1 billion in gold reserves
• The ECB is on the verge of finally getting proper help from politicians to fight the region’s economic battles
• The contrasting efficiency of distributing virus relief in Japan and South Korea reveals a more tech-savvy administrative infrastructure in Korea than the lengthy paper-centric approach of Japan
• With Saudis free to move only from 9 a.m. to 5 p.m. during the pandemic, many businesses have decided to remain open during prayer time to make the most of the hours. Some locals hope these changes will become part of a massive social overhaul
• The World Bank named Harvard University professor Carmen Reinhart as its chief economist, tapping an expert in the history of debt and financial crises

©2020 Bloomberg L.P.