On the very day the CCP’s Fourth Plenum opened, bad news arrived for China’s economy: third-quarter GDP fell below 5%, the lowest this year. At the same time, overcapacity kept worsening and consumption remained sluggish, pushing deflationary pressure higher year by year. Price wars among firms are intensifying, and malignant “involution” has become the cancer of China’s economy. Unable to find a way out, the CCP authorities started painting grand visions to fool themselves: the CCP’s “15th Five-Year Plan” will focus on “technological innovation,” taking the United States as the hypothetical enemy as Beijing attempts to achieve “technological self-reliance” through “de-Americanization.” At this very moment, Trump put forward three themes for a meeting with Xi Jinping—rare earths, soybeans, and fentanyl—plainly on the table. Don’t miss the next drop—subscribe and hit the bell.
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