Asia Roundup
State Firms in China Buy Foreclosed Properties to Slow Downturn
Chinese state-owned companies are buying foreclosed property projects, in a sign that long-promised government efforts to reduce massive oversupply in the crisis-hit housing sector are finally getting traction, albeit at a slow pace, Reuters reported via Business Times.
Analysts say the involvement of state firms may cushion the pace of further home price falls and ease the drag that the property slump has had on China’s economic growth since 2021.
But they say it could also prolong the process of the housing market finding a bottom as distressed assets change hands at a deep discounts instead of being fully written off.
Australia’s Fiscal Bonanza Now Rivals Mining Boom, Westpac Warns
Australia’s economy is undergoing one of its largest structural shifts in decades, with public spending swelling to levels that rival the mining boom of the 2000s, Bloomberg reported, citing Westpac.
Government outlays now account for a record 35% of GDP, around 7 percentage points higher than a decade ago, Westpac said in a report. Activity tied to public demand now supports nearly 40% of total employment, up roughly 9 percentage points over the same period and equivalent to about 1.3 million additional jobs.
Malaysia Forms Special Committee to Probe Anti-Corruption Chief
Malaysia’s government will form a special committee to investigate allegations against the country’s anti-corruption chief, the communications minister said.
The task force will be led by the country's Chief Secretary to the Government Shamsul Azri Abu Bakar, Communications Minister Fahmi Fadzil said during his weekly press conference.
Indonesia Roundup
Indonesia to Go Ahead with Free Meals Program, President Says
Indonesia's President Prabowo Subianto said that he will proceed with his free meals program despite the “extraordinary” campaign mounted against it, adding that it is being funded through budget efficiency measures, Reuters reported via CNA.
“We will implement this program,” Prabowo said during the launch of a free meal kitchen operated by the national police in Jakarta. “We will face the extraordinary campaign, which said that I am wasting money,” he added.
Finance Minister Says Global Rating Agencies Misjudged Indonesian Economy
Finance Minister Purbaya Yudhi Sadewa said that several global rating agencies had misjudged Indonesia’s economic trajectory, after earlier forecasts of a sharp slowdown proved inaccurate, Jakarta Globe reported.
“So it seems some parties were offside. That’s fine – we’ll let them be wrong,” he said.
Indonesia Falls 10 Places in 2025 Corruption Rankings
Indonesia fell 10 places in an annual league table of global corruption in 2025, ranking 109th out of a total of 182 countries, Reuters reported.
Transparency International’s Danang Widoyoko said Indonesia’s fall in the rankings was caused by the increasing incidence of bribery and corruption cases.
He also highlighted the revocation of the permits of 28 firms amid accusations of environmental breaches that worsened last year’s Sumatran floods. “This raises questions because (it is) being carried out without court process, audit, or giving companies a chance to explain.”