Highlights of This Month’s Edition
- U.S.-China Trade: In July 2021, U.S. exports to China were $11.7 billion, an increase of nearly 30 percent over the same month in 2020, while imports from China totaled $40.4 billion, a 0.7 percent decrease; year-to-date, the U.S. goods deficit with China continued to grow, reaching $187.2 billion.
- “Common Prosperity”: With a focus on “common prosperity,” the Chinese government aims to reduce domestic income inequality and increase “fairness” in China’s economy, but details remain elusive.
- Tech Crackdown: Companies and investors are adjusting their strategies as Beijing’s campaign against big tech widens to include personal data management and recommendation algorithms.
- Credit Ratings Cleanup: Chinese regulators made three major announcements on credit ratings in a bid to reduce corruption and boost confidence and reliability in China’s bond markets.
- Property: Highly indebted property developer Evergrande sparked protests across multiple Chinese cities after announcing it would delay payments on its investment products.
- In Focus – Chinese Ports: Prices for shipping between China and markets in North America and Europe continue to rise amid COVID-19 lockdowns at Chinese ports; Chinese ports handle 29.8 percent of global shipping container volume and occupy a central role in the global shipping industry.