China will see GDP growth of 6.5 percent year-on-year in 2017, according to forecasts in a book released by the Chinese Academy of Social Sciences on Monday. The economy is predicted to grow by 6.5 percent in the first and second quarters, and 6.4 percent in the third and fourth quarters. The think tank also expects China’s consumer inflation to moderately rise to 2.2 percent, and no economic hard landing will occur.

Japan’s defense budget for 2017 is set to hit a record high of 5.13 trillion yen (43.6 billion US dollars), the fifth straight annual increase under the leadership of hawkish Prime Minister Shinzo Abe. The country's coastguard budget will also be raised next year, up from 187.7 billion yen (1.59 billion US dollars) to 210 billion yen (1.8 billion US dollars). Defense spending makes up 5.26 percent of the total budget, which was approved by Japan’s cabinet on Thursday, for the next fiscal year.

Credit Suisse and Deutsche Bank have been hit with a combined penalty of 12.5 billion US dollars over the sale of US toxic debt, further hampering two of Europe's leading investment banks as they struggle with weak earnings. The penalties stem from an initiative launched by US President Barack Obama to pursue banks for selling sub-prime debt without warning of the risks, a practice that contributed to the 2008 financial crisis. Credit Suisse agreed to pay more than 5.2 billion US dollars in a deal with US authorities, which is likely to push the bank to a second consecutive annual loss.

The Chinese unit of General Motors has been fined 201 million yuan (29 million US dollars) for infringing on the rights of consumers and its competitors through price-fixing since 2014, the National Development and Reform Commission, China's top economic regulator, said on Friday. The amount was about four percent of SAIC GM's sales in China last year. It was also the second time a US company was fined this month as China strengthens its anti-monopoly regulation, following a fine of 119 million yuan (17 million US dollars) on the China unit of Medtronic, a leading supplier of high-end medical devices.