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.
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.
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.
Starting from 24:00 on September 11, the National Development and Reform Commission announced a price increase for refined oil products, with gasoline and diesel rising by 260 yuan and 250 yuan per ton, respectively, despite implementing a so-called temporary price control. Combined with the price adjustment on August 28, these two rounds of increases have added approximately 0.48 yuan per liter for 92-octane gasoline and 0.52 yuan per liter for 0-diesel.
Hu Hongling, a lawyer at Anhui Qingheqing Law Firm, sparked heated online discussion after sharing a PPT on layoff optimization paths inspired by the "Xingyu Incident".
Multiple employees of Chongqing Dalongwang Technology Group gathered in protest in front of the company, shouting slogans demanding the return of their money to protect their rights, due to long-term unpaid wages.
Dozens of sanitation workers in Lushan County, Pingdingshan City, Henan Province, gathered in front of the county government to demand their long-overdue wages.
Workers at the CCCC Tianjin Dredging Co., Ltd. Green Building Materials EPC Base in Jianshi County, Enshi, Hubei, slept on the ground in front of the company gate to collectively demand unpaid wages after experiencing long-term wage arrears and multiple broken promises by the employer.
The General Administration of Customs of the People's Republic of China released August foreign trade data, showing that dollar-denominated exports rose 25% year-on-year, and the cumulative increase from January to August reached 19.3%.
Zhu Rongji was born in Hunan. His family background was prominent, being a descendant of Emperor Zhu Yuanzhang of the Ming Dynasty. His great-grandfather, Zhu Changlin, was a wealthy local merchant who invested in modern industry.