Charts This Week #6
Charts and links about China
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Xi meets US Business Leaders
We came across an interesting twitter thread by Michelle Caruso-Cabrera, we reproduce the first 3 tweets here, bold emphasis is ours:
Just got off the phone with one of the American CEOs who went to the China Development Forum (CDF) this week and met with Xi Jinping on Wednesday in China. Speaking on condition of anonymity, he said "Business is still terrible," and confidence in the economy is very low. 1/9
Ditto.
After spending nearly a week there speaking with the leadership and members of the business community, this CEO said there was no indication the country is is backing away from centralizing the economy. 2/9
There are reports that China is working to create a law that will bolster the private economy. If this law gives some control and protection to the private economy and business owners, it could help improve confidence (see our post on The Confidence Map for more). But if it focuses on stability and certainty, it will likely disappoint like past efforts.
He said wealthy Chinese are fearful and selling items that are seen as ostentatious, such as private jets, "because its dangerous to be rich in China." He added that they are trying to get their money out of the country. 3/9