Saudi Arabia Calls for Adoption of Sustainable Global Aviation

Saudi Minister of Transport and Logistics Services Saleh Al-Jasser speaks at the Future of Aviation conference on Tuesday. (Asharq Al-Awsat)
Saudi Minister of Transport and Logistics Services Saleh Al-Jasser speaks at the Future of Aviation conference on Tuesday. (Asharq Al-Awsat)
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Saudi Arabia Calls for Adoption of Sustainable Global Aviation

Saudi Minister of Transport and Logistics Services Saleh Al-Jasser speaks at the Future of Aviation conference on Tuesday. (Asharq Al-Awsat)
Saudi Minister of Transport and Logistics Services Saleh Al-Jasser speaks at the Future of Aviation conference on Tuesday. (Asharq Al-Awsat)

Saudi Minister of Transport and Logistics Services Saleh Al-Jasser announced that the Kingdom would be hosting the Future of Aviation conference every two years, revealing efforts to find new partners and forge major aviation agreements.

Speaking during the conference on Tuesday, Al-Jasser said Saudi Arabia is “paving the way to establish a clear vision for the future of international aviation, consolidate travelers’ confidence, address challenges, and become a leader in innovation by building sustainable global aviation and achieving customers’ well-being.”

The Future of Aviation conference, which is organized by the General Authority of Civil Aviation in Riyadh, saw on Tuesday a dialogue session on women’s role in the aviation and space industry.

The participants discussed efforts to empower women and encourage their participation in the sector, as well as promoting their leadership and innovation.

Eng. Mishaal Ashemimry, the first Saudi woman in the field of aircraft, spacecraft and missile engineering, emphasized that the Kingdom attaches great importance to the participation of women in the aviation sector. She added that women are encouraged to enter this industry and actively contribute to its different fields.

Dr. Shefali Juneja, India’s representative to the International Aviation Organization (ICAO), stressed the need to improve the perception of women’s participation in the aviation sector, noting that women “have made their mark and achieved great successes.”

Another session on Tuesday tacked sustainability in the aviation system, with the speakers underlining the importance of finding environment-friendly solutions for the supply chains.

They also pointed to the need to focus on the issues of cost, feasibility and practical application of solutions.

The Future of Aviation conference is being attended by an elite of public and business sector leaders, executives and organizers from around the world, with the aim of creating a mechanism for the development of international air travel and offering future solutions to the difficulties facing the industry in the post-pandemic era.

During an open session also held on Tuesday, experts discussed the future of the aviation sector, which they said revolved around people, investments, innovations and infrastructure.

They stressed that digital innovations would accelerate and drive the sector’s recovery efforts, noting that smarter airports and the elimination of sequential procedures would further boost the travel interface system.



US Tariffs Could Slow China's Growth to 4.5% in 2025

People walk past a billboard which reads I love Beijing, Happy New Year at 798 art district, ahead of the upcoming Lunar New Year, marking the Year of the Snake, in Beijing on January 14, 2025. (Photo by JADE GAO / AFP)
People walk past a billboard which reads I love Beijing, Happy New Year at 798 art district, ahead of the upcoming Lunar New Year, marking the Year of the Snake, in Beijing on January 14, 2025. (Photo by JADE GAO / AFP)
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US Tariffs Could Slow China's Growth to 4.5% in 2025

People walk past a billboard which reads I love Beijing, Happy New Year at 798 art district, ahead of the upcoming Lunar New Year, marking the Year of the Snake, in Beijing on January 14, 2025. (Photo by JADE GAO / AFP)
People walk past a billboard which reads I love Beijing, Happy New Year at 798 art district, ahead of the upcoming Lunar New Year, marking the Year of the Snake, in Beijing on January 14, 2025. (Photo by JADE GAO / AFP)

China's economic growth is likely to slow to 4.5% in 2025 and cool further to 4.2% in 2026, a Reuters poll showed, with policymakers poised to roll out fresh stimulus measures to soften the blow from impending US tariff hikes.

Gross domestic product (GDP) likely grew 4.9% in 2024 - largely meeting the government's annual growth target of around 5%, helped by stimulus measures and strong exports, according to the median forecasts of 64 economists polled by Reuters.

But the world's second-largest economy faces heightened trade tensions with the United States as President-elect Donald Trump, who has proposed hefty tariffs on Chinese goods, is set to return to the White House next week.

“Potential US tariff hikes are the biggest headwind for China's growth this year, and could affect exports, corporate capex and household consumption,” analysts at UBS said in a note.

“We (also) foresee property activity continuing to fall in 2025, though with a smaller drag on growth.”

Growth likely improved to 5.0% in the fourth quarter from a year earlier, quickening from the third-quarter's 4.6% pace as a flurry of support measures began to kick in, the poll showed.

On a quarterly basis, the economy is forecast to grow 1.6% in the fourth quarter, compared with 0.9% in July-September, the poll showed.

The government is due to release fourth-quarter and full-year GDP data, along with December activity data, on Friday.

China's economy has struggled for traction since a post-pandemic rebound quickly fizzled out, with a protracted property crisis, weak demand and high local government debt levels weighing heavily on activity, souring both business and consumer confidence.

Policymakers have unveiled a blitz of stimulus measures since September, including cuts in interest rates and banks' reserve requirements ratios (RRR) and a 10 trillion yuan ($1.36 trillion) municipal debt package.

They have also expanded a trade-in scheme for consumer goods such as appliances and autos, helping to revive retail sales.

Analysts expect more stimulus to be rolled out this year, but say the scope and size of China's moves may depend on how quickly and aggressively Trump implements tariffs or other punitive measures.

More stimulus on the cards

At an agenda-setting meeting in December, Chinese leaders pledged to increase the budget deficit, issue more debt and loosen monetary policy to support economic growth in 2025.

Leaders have agreed to maintain an annual growth target of around 5% for this year, backed by a record high budget deficit ratio of 4% and 3 trillion yuan in special treasury bonds, Reuters has reported, citing sources.

The government is expected to unveil growth targets and stimulus plans during the annual parliament meeting in March.

Faced with mounting economic risks and deflationary pressures, top leaders in December ditched their 14-year-old “prudent” monetary policy stance for a “moderately loose” posture.

China's central bank is expected to deploy its most aggressive monetary tactics in a decade this year as it tries to revive the economy, but in doing so it risks quickly exhausting its firepower. It has already had to repeatedly shore up its defense of the yuan currency as downward pressure pushes it to 16-month lows.

Analysts polled by Reuters expected the central bank to cut the seven-day reverse repo rate, its key policy rate, by 10 basis points in the first quarter, leading to a same cut in the one-year loan prime rate (LPR) - the benchmark lending rate.

The PBOC may also cut the weighted average reserve requirement ratio (RRR) for banks by at least 25 basis points in the first quarter, the poll showed, after two cuts in 2024.

Consumer inflation will likely pick up to 0.8% in 2025 from 0.2% in 2024, and rise further to 1.4% in 2026, the poll showed.