It appears that Chinese policymakers may prioritize “increasing consumption’s share of GDP” as a key objective in the upcoming 15th Five-Year Plan. Zheng Xinli, former deputy director of the Central Policy Research Office, outlined the key directions of the 15th Five-Year Plan
@ShanghaiMacro Increasing consumption domestically has been policy for years already! Works too!
Germany's in trouble. Its manufacturing faces a structural shock for which the fix is a weaker Euro and structural reforms. But its intellectual elite think the fix is fiscal stimulus & more debt, a policy that's only led to more debt - not growth - in the rest of the Euro zone.
Good Morning from Germany, where an increasing number of companies are being forced to shut down. Acc to preliminary data from the Federal Statistical Office, the number of regular insolvency filings in July 2025 rose by 19.2% YoY.
Orsted down >20% in early trading. After the plunge, its market cap is down to ~$15 billion. (The problem with this company is that historically its leadership has been in business of building at **any costs** GW of wind power, rather than **profitable** GW of wind power)
Tariffs are not a true substitute for industrial policy -- Good reporting from the WSJ 1/
