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China reported higher-than-expected export growth in May of 11.2% in RMB terms and 7.6% in terms of US dollars year-on-year, indicating that the country is like to meet the government’s 5% growth target for 2024.
Four days of highly anticipated high-level Third Plenum meetings (from July 15 to 18) among Chinese Communist Party leaders ended with a perplexingly vague readout.
Beijing’s strategy to boost trade relations with countries in the Global South to diversify away from closing Western markets has taken a hit with Indonesia’s announced intention to impose a 100-200% tariff on China’s labor-intensive goods.
The big economic news this week was Biden’s very large tariffs on a number of Chinese-made goods. Those tariffs appear to have acted as a catalyst for a bunch of other countries — India, Brazil, Vietnam, Thailand, Mexico, the EU, etc. — to consider their own tariffs on China.
President Xi Jinping’s European tour, his first in five years, has shown how much EU member states, at least those in the core of Europe, need a reality check.