Welcome to the 266th edition of Trade War.
Precipitous drops in industrial profits and land sales show two pillars of Chinese economy are still weak. Trump says US and China signed a trade deal the “other day.” Beijing says the two sides only “further confirmed the details” on a framework.
Iran’s defense minister has traveled to the Chinese coastal city of Qingdao for his first trip abroad since the latest conflict with Israel began. An 8 percent markdown makes Iranian oil attractive to Beijing. And China is nearing energy independence, says CEO of Russia’s Rosneft.
Speaking at the “Summer Davos,” Premier Li Qiang touts China’s progress towards a “mega-sized” consumer economy. Beijing announces more measures to boost household buying power. And Xi Jinping to miss a BRICS meeting, for the first time ever.
Notable/In depth ~
State media headlines suggest Xi still firmly in charge
Two critical technologies where China is catching up with the US
Chinese brands thrive as economic growth weakens
Industrial profits, land sales fall
Precipitous drops in industrial profits and land sales show two pillars of the Chinese economy are still weak.
Slammed by weak domestic demand, low global commodity prices, and U.S. tariffs, industrial firms including
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