Asia Roundup
China Sets Lowest Growth Target Since 1991 as Old Model Falters
China set its most modest growth target since 1991, a tacit acknowledgment that the model powering the country’s economic rise is showing strains, Bloomberg reported.
The goal – a range of 4.5% to 5% – is the first formal downgrade since 2023. Widely anticipated by economists, it signals Beijing’s tolerance of a slower pace of expansion while it searches for new sustainable sources of growth.
“The shift toward consumption is unlikely to materialize unless the real estate sector is stabilized first,” said Carlos Casanova, senior Asia economist at Union Bancaire Privee in Hong Kong.
A 900% Fare Hike Shows Asian Carriers Can Weather Iran War Chaos
Asian carriers like Cathay Pacific Airways and Singapore Airlines are among the best positioned airlines to weather the war in the Middle East as travelers scramble for flights – and pay huge premiums – to escape the conflict, Bloomberg reported.
Asian airlines have emerged as one of the go-to choices for people leaving the Middle East in the wake of US and Israeli strikes on Iran. Extensive airspace closures mean carriers like Emirates and Qatar Airways have essentially ground to a halt, creating opportunities for rivals that can fly non-stop between Europe and Asia.
A one-way economy ticket flying Singapore Airlines from Heathrow to Singapore on 5 March costs HKD 66,767 (USD 8,540) – a 900% increase on fares later in the month. The same ticket on a flight to Hong Kong is HKD 26,737, compared with HKD 5,670 in just a few weeks from now.
SP Group Launches Fundraise to Refinance Goswami Infratech Debt
Shapoorji Pallonji (SP) Group has launched a INR 270 billion (USD 2.9 billion) fundraise to refinance the entire debt of Goswami Infratech, Economic Times reported, citing people familiar with the matter.
The group is tapping investors across both onshore and offshore markets as part of the exercise, engaging with domestic institutions, foreign banks as well as overseas funds to replace the existing borrowings at Goswami Infratech. The transaction is expected to close by 10 April.
Indonesia Roundup
Indonesia’s Fuel Reserves at 23 Days, Government Plans Storage Expansion
Indonesia’s fuel reserves currently cover about 23 days of consumption, a level determined by limited domestic storage capacity rather than a shortage of supply, Jakarta Globe reported, citing Energy and Mineral Resources Minister Bahlil Lahadalia.
The government plans to expand storage infrastructure, including facilities capable of holding up to three months of fuel reserves.
One option under consideration is a strategic storage facility on an island near Singapore, a project first proposed by Bahlil in December 2024. The facility is expected to provide additional capacity equivalent to about 30 to 40 days of reserves.
The project would allow state-owned energy company Pertamina to purchase oil in bulk, reducing reliance on volatile spot markets and enabling the company to wait for more favorable prices before buying.
Danantara Says to Strengthen SOE Fundamentals
Danantara Indonesia, which manages Indonesia’s state-owned enterprises (SOEs), has initiated a “comprehensive governance reset and fundamental strengthening across the SOE ecosystem,” according to its statement.
"Going forward, success will not be defined merely by the magnitude of figures on the balance sheet, but by the quality of earnings, cash flow strength, and the company's ability to create tangible economic value,” Danantara’s Managing Director of Stakeholder Management Rohan Hafas said.
“Our focus is to build fundamentals that generate real cash returns and sustainable dividends for the State.”
Garuda Indonesia to Give 20% Discount for Muslim Holidays
Indonesia’s flag carrier Garuda Indonesia is giving a 20% discount for travel during the Muslim holidays of Lebaran, Bisnis reported. The discount period will apply for ticket purchases from 2 to 8 March 2026.