The host believes Russia is on the verge of defeat in the Russia-Ukraine war, and Putin is seeking a way to step down with dignity, minimizing losses and ensuring his personal safety.
The host predicts that by the second half of 2026, the remaining socialist forces in China, Russia, North Korea, and other countries will come to an end.
China's central bank announced the issuance of 60 billion RMB in central bank bills in Hong Kong on September 23, aiming to drain offshore RMB liquidity to maintain the RMB exchange rate.
Data from the General Administration of Customs of China shows that China's exports of rare earth magnets to the U.S. in August fell 21% from July to 512 tons. Ahead of a meeting between Trump and Xi, outside analysts suggest the Chinese side may use the expansion of rare earth exports as a negotiating chip. In addition, U.S. Treasury Secretary Bessent and Chinese Vice Premier He Lifeng held a meeting on trade and artificial intelligence issues, and both sides agreed to further consultations.
In a conversation, Morgan Stanley's Chief Economist for China, Xing Ziqiang, pointed out that China's social security expenditure accounts for only about 8% of GDP, far below the OECD average of 25% and the levels of developing countries with similar per capita GDP, and also mentioned group disparities in the enjoyment of public services.
Bessent stated on CNBC on September 21 that China's financial regulatory authorities have contacted the United States regarding the enforcement of Iran sanctions across aviation, maritime shipping, cryptocurrency, and gold sectors.
Reports on September 21 showed that the unemployment rate among non-student youth aged 16 to 24 in China rose to 18.9%, amid a continuing economic downturn. Although multiple economists have warned that AI is unlikely to drive employment, Beijing still plans to invest approximately $295 billion over the next five years to build a national data center network. Xi Jinping emphasized the importance of focusing on "hard power" rather than just GDP.
According to Bloomberg, China is planning to invest approximately $295 billion over the next five years to build a national data center network. Xi Jinping emphasized that the focus should be on "hard power" and "new quality productive forces" rather than just GDP growth. Despite warnings from multiple economists that AI is unlikely to boost employment and could weaken consumption, officials continue to push forward with the investment plan, sparking public concern over an "AI Great Leap Forward".
On September 19, Huang Yiping, a member of the Monetary Policy Committee of the People's Bank of China, stated at the Beijing Economic Forum that artificial intelligence may exacerbate the contradiction between China's overcapacity and insufficient household purchasing power. He pointed out that distribution leaning toward capital leads to weak demand, and suggested increasing the proportion of household income through market-oriented reforms, while the central government borrows to repair the balance sheets of local governments and enterprises.
On September 18, on the eve of the US-China summit, the US signed the Graham Act, authorizing tariffs of up to 100% on the top five buyers of Russian oil and natural gas.
On September 15, The Wall Street Journal published an article pointing out that while China can avoid a sudden financial crisis through its state-controlled financial system, the losses from real estate and bank bad loans will not disappear. Economist Michael Pettis believes that the losses will be borne by ordinary residents in the long run through low deposit returns and shrinking asset values, rather than manifesting in public forms such as bank failures.
On September 15, German Chancellor Merz criticized China at the Berlin Entrepreneurs' Conference, stating that through state intervention, overcapacity, and export subsidies, China has driven the EU's trade deficit with China to over 300 billion euros. EU leaders plan to discuss in October whether to deploy trade defense instruments.
The Federal Reserve announced a 25 basis point rate hike on September 16, pushing the federal funds rate to a range of 3.75% to 4%, marking the first rate hike since July 2023.
The People's Bank of China released the financial data for August. New RMB loans nationwide totaled only 60 billion yuan, far below the market expectation of 404.3 billion yuan, and the year-on-year growth rate plummeted to a historic low of 4.9%. Both household and corporate loans experienced sharp declines, reflecting a frozen willingness for private sector investment and consumption.
The U.S. headline CPI rose 3.4% year-on-year in August, meeting market expectations, while core CPI rose 0.3% month-on-month, exceeding expectations by 0.1 percentage points. In the same period, PPI rose 5.4% year-on-year, with diesel prices alone surging by 24.1%, as energy prices continue to provide support for inflation.