India sees chance to edge ahead of China, with Xi’s economy faltering, the West regards Narendra Modi as a better commercial partner
But Xi Jinping won’t be there, frightened it seems not of marauding monkeys but of losing face. That’s the same Chinese leader who has attended every G20 since 2013, the man whose mission is to rewrite the rules of global trade and governance. Why is he missing in action?China has to deal with a cascade of poor economic indicators and is no longer an obvious and inevitable candidate to take over from the United States as top dog.
Xi reprimanded by elders at Beidaihe over direction of nation, G20 absence hints at turmoil in Chinese domestic politics
There are signs of turmoil in Chinese domestic politics. On Monday, it was announced that President Xi Jinping will not attend an upcoming summit of the Group of 20 major economies in India. Premier Li Qiang will take his place. This will be the first time that Xi has skipped a G20 summit, to which he has consistently attached importance as China's top leader. A precursor seems to have been this summer's Beidaihe meeting, the annual get-together of incumbent and retired leaders of the Chinese Communist Party at the seaside resort of Beidaihe, Hebei Province. The informal discussions are never officially disclosed, but details of this year's closed-door talks have begun to emerge. In short, the conclave had a significantly different feel from the previous 10 Beidaihe meetings that have taken place since Xi became general secretary of the party in 2012. At this year's gathering, a group of retired party elders reprimanded the top leader in ways they had not until now. Xi later expressed his frustration to his closest aides.
"We reject the unlawful maritime claims..." US on 2023 edition of China's 'standard map'
The United States has rejected China's claims over territories in the South China Sea and called on China to adhere to international law. The US State Department stated that China's maritime claims are unlawful and inconsistent with international regulations. Several countries, including India, Vietnam, the Philippines, Malaysia, and Nepal, have also rejected China's new map.
Debt Crisis Threatens to Engulf China’s Surviving Developers
About two-thirds of 50 major private builders are defaulters, the 16 survivors face $1.5 billion bond payments this month China’s housing crisis has engulfed the country’s private developers, producing record waves of defaults and leaving a shrinking group of survivors. Out of the nation’s top 50 private-sector developers by dollar bond issuance, 34 have already suffered delinquencies on offshore debt, according to Bloomberg-compiled data as of Sept. 1. The remaining 16, led by Country Garden Holdings Co., face a combined $1.48 billion of onshore and offshore public bond payments for either interest or principal in September. The monthly amount is the highest until January.
China takes larger slices of EV, battery, other key markets: survey
Chinese companies have expanded their presence in the markets for cutting-edge materials, electric vehicles and 16 other key products and services, a Nikkei survey shows. Despite the U.S. and other countries trying to ensure their economic security by assuming protectionist crouches, they are finding it difficult to reduce their reliance on Chinese supply chains for EVs and other products. Nikkei looked at the shares of markets for 63 end products, services, core parts and materials indispensable to global economic activity. Among the top five market leaders in each category, Chinese companies in 2022 expanded their shares of the markets for EVs, battery materials, liquid crystal display panels and 15 other key products and services from the previous year. Chinese companies also captured shares of more than 30% in 13 of these markets.
Why youth unemployment is surging in China
China is facing a growing list of problems — real estate, semiconductor bans and labor market gyrations. The world’s second-most populous country also has a major youth unemployment problem. China’s urban youth unemployment rate has risen to 21% as of May 2023, up from 15.4% two years earlier. “Let’s not forget about the draconian lockdown measures,” says Fang Xu, urban sociologist at the University of California, Berkeley. “The young people are still recovering.” This comes as the world’s second-largest economy faces a tougher time getting out of the Covid pandemic than many experts estimated, which has broader impacts on the ability of investors to put money to work in the country, and the struggling property sector.
China’s Coercion Is Most Effective Against Poorer Countries
It’s often argued that China’s coercive tactics do not achieve results. But new data suggests that’s only true for countries with a high GDP per capital.
China Slowdown Means It May Never Overtake US Economy, Forecast Shows
Bloomberg Economics projects growth slowing to near 1% by 2050 Property slump and battered confidence are proving hard to fix China is no longer set to eclipse the US as the world’s biggest economy soon, and it may never consistently pull ahead to claim the top spot as the nation’s confidence slump becomes more entrenched. That’s according to Bloomberg Economics, which now forecasts it will take until the mid-2040s for China’s gross domestic product to exceed that of the US — and even then, it will happen by “only a small margin” before “falling back behind.” Before the pandemic, they expected China to take and hold pole position as early as the start of next decade.
Chinese spies ‘sent to sensitive US sites masquerading as tourists’
China has been accused of sending spies masquerading as tourists in an attempt to enter secret military facilities in the United States, as efforts to improve the relationship between the two powers falter.
China's Belt and Road at crossroads as more loans turn sour,10 years in, Beijing new investments trend down
A decade since China first proposed the Belt and Road Initiative, China's aggressive investments around the world have helped expand both trade and its international influence. Yet the infrastructure-focused initiative is losing steam amid a domestic economic slowdown and a surge in defaults triggered by factors including COVID-19. The country now appears to be rethinking how it invests overseas, with President Xi Jinping pushing to boost the profitability of Belt and Road projects.
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