China press review
China is only G20 country expected to see positive economic output this year, OECD says: Organisation for Economic Cooperation and Development revises up its forecast for Chinese growth this year to 1.8 per cent, from a 3.7 per cent contraction projected in June.
The real economic reforms China needs: to become less dependent on exports: Despite talk of a new ‘dual circulation’ strategy, China’s slowing economy will only become more dependent on exports unless it overhauls its investment-led growth model to truly boost consumption.
Building Global Europe: These days, there is much talk about “Global Europe”: how to make the Union a truly global player in a world marked by the strategic rivalry between the US and China, the questioning of multilaterism plus health and environmental crises.
China’s inward-facing ‘dual circulation’ strategy leaves many wondering where domestic demand will come from: A lack of purchasing power among the people is flying in the face of Beijing’s economic plan to create a massive domestic market to curb nation’s reliance on exports.
US trade deficit with China wider than May 2016, when Donald Trump accused China of ‘greatest theft in history’: The US trade deficit with China was 9.15 per cent wider in July 2020 than May 2016, when President Donald Trump accused China of ‘raping’ the US on trade.
China’s small factory activity strengthened in August thanks to rise in production, new orders, export sales: Caixin/Markit manufacturing purchasing managers’ index (PMI) rose to 53.1 in August from 52.8 in July, with a reading above 50 signifying growth.
China’s economic future is being influenced by nine economists, but what did they tell Xi Jinping this week? Chinese President Xi Jinping met with nine prominent economists this week to help with the development of the 14th five-year plan for 2021-25 which is due next year.
Is China’s ‘new’ strategy of economic self-reliance just a rehashing of an old idea? This long-time China watcher thinks so: China’s ‘dual-circulation’ strategy to reduce reliance on overseas markets dates back to the late 2000s, says veteran China observer Michael Pettis.
Landmark Global connects Asian businesses to European shoppers: Thanks to its strategic location, the airport of Liege, a city located 100 kilometers to the South of Brussels, has become a central transport hub in the journey parcels make from China and other Asian countries into Europe.
China’s Xi warns ‘period of turbulent change’ as external risks rise: Chinese President Xi Jinping warned that the world’s second-biggest economy is facing a period of ‘turbulent change’ and that rising external markets risk required policymakers to increasingly rely on domestic demand to spur growth.
Falling Trade, Rising Imbalances…If nothing changes, China’s massive trade surplus will soon be an even bigger political and economic issue…as global trade imbalances are once again being made in China. On an annualized basis, China’s trade surplus in July was around $700 billion. That’s big.https://www.cfr.org/blog/falling-trade-rising-imbalances Abandoning Globalization Will Only Hurt