China’s Xi Jinping revives Maoist call for ‘self-reliance’

Chinese President Xi Jinping has invoked a long discarded Maoist slogan to call on state-owned enterprises to make advanced components that are now mostly imported.  Even as Mr Xi has sought to position China as a champion of globalisation amid the US retreat into protectionism, the call for “self-reliance” highlights how Mr Xi is also […]

A Fifth of China’s Homes Are Empty. That’s 50 Million Apartments

Chinese President Xi Jinping’s mantra that homes should be for living in is falling on deaf ears, with tens of millions of apartments and houses standing empty across the country. Soon-to-be-published research will show roughly 22 percent of China’s urban housing stock is unoccupied, according to Professor Gan Li, who runs the main nationwide study. […]

Hedge funds: October was worst month in 7 years

Hedge funds suffered their worst month in October in seven years as equity strategies were hit by a sell-off in technology stocks. Hedge Fund Research’s index that tracks all strategies was down about 3 per cent, its worst monthly decline since September 2011, the data provider said. That brings the index’s performance to negative 1 […]

Goldman Sachs: Observations on the US Midterm Elections

The US midterm elections on November 6th resulted in a divided government—the widely expected outcome—with the Democratic Party gaining control of the House of Representatives while the Republican Party maintained their majority in the Senate. We believe the markets were largely priced for this outcome and therefore expect limited effect on market volatility. Fundamentals and Policy Matter […]

Chinese economists blame ‘China model’ for US trade war

Two leading intellectuals argue state capitalism sparked western backlash. Two prominent Chinese economists have broken with Communist party orthodoxy, arguing that the trade war with the US is the result of Beijing’s state-led development model rather than Donald Trump’s attempt to block China’s rise.  The criticisms highlight the split between the reform and statist-minded camps among […]

Central Banks No Longer Cushion Economies and Markets. Finally

Get ready for greater instability as monetary policy in the U.S. and Europe moves away from the business of suppressing volatility. The increase in market instability should come as no surprise. It was clear from early in this (now-ending gradually) exceptional monetary-policy phase that central banks’ “unconventional policies” were aimed at repressing volatility as a means of promoting economic […]

Killer Politicians

Americans are rightly horrified at Jamal Khashoggi’s brutal murder, yet most fail to recognize that their own leaders’ murderous ways may be little different than those who ordered Khashoggi’s death. The pervasiveness of state-sponsored killings is no excuse for treating murder as acceptable, ever. by Jeffrey D. Sachs NEW YORK – “Will no one rid […]

The AI Cold War That Could Doom Us All

IN THE SPRING of 2016, an artificial intelligence system called AlphaGo defeated a world champion Go player in a match at the Four Seasons hotel in Seoul. In the US, this momentous news required some unpacking. Most Americans were unfamiliar with Go, an ancient Asian game that involves placing black and white stones on a wooden […]

Stock Market Global Sell-Off is Rattling Investors

Weaker US earnings stoke fears of economic slowdown as Nasdaq sees worst fall in 7 years. Stock markets in Asia tumbled on Thursday following a dramatic sell-off overnight on Wall Street, putting a number of Asian indices on track for their worst month since the global financial crisis. European bourses were expected to follow, with […]

As Russia pivots to the east, trade with China is booming

Trade turnover between Russia and China has been rapidly growing, rising 30 percent to reach $77 billion from January to September, statistics from China’s General Administration of Customs show. The volume of exports from China to Russia has grown by almost 13 percent, exceeding $35 billion. Imports of Russian goods surged by around 40 percent […]