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China's transformation from a planned communist economy to a dynamic capitalist powerhouse is explored in "The Great Transformation: China’s Road from Revolution to Reform" by historians Odd Arne Westad and Chen Jian. Key factors include the era of reform under Deng Xiaoping, the impact of the Cultural Revolution, and the emergence of early entrepreneurs, all set against a backdrop of complex political dynamics and external pressures. The book delves into how these elements shaped China's economic landscape and its ongoing reforms.
The urgency of climate action is underscored as nations navigate commitments under the Paris Accord, with concerns about the credibility of carbon markets and the need for substantial climate finance for developing countries. The disparity in financial support for low and middle-income nations remains a critical issue, as the required funding far exceeds current proposals. The upcoming COP 30 in Brazil will be pivotal in addressing these challenges and reinforcing global climate consensus.
Sales of previously owned US homes increased by 3.4% in October, marking the largest rise since February, as buyers capitalized on a drop in mortgage rates. The annualized rate reached 3.96 million, aligning with economists' expectations, following a period of weak sales not seen since late 2010.
With less than 48 hours remaining at the Baku summit, pressure is mounting on wealthy nations to commit at least $1 trillion in climate financing to support poorer countries in addressing the impacts of global warming. The draft text released by the summit presidency lacks a specific funding target, leaving a placeholder instead of a concrete figure. This new collective quantified goal (NCQG) aims to replace the previous $100 billion annual commitment from developed nations under the 2015 Paris climate pact, highlighting the urgent need for increased financial support for developing countries post-2025.
Gary Cohn, former chief economic adviser to Donald Trump, emphasized the significance of selecting a Treasury secretary for the president-elect's second term. He stated that while the decision-making process may seem prolonged, it is crucial to ensure the right choice is made for this vital role.
As Donald Trump assembles a foreign-policy team filled with China hawks, understanding the evolving dynamics of U.S.-China relations is crucial. With a weakened Chinese economy, rising tensions over Taiwan and the South China Sea, and the global impact of the Ukraine war, new strategies must consider Xi Jinping's motivations and the risks he is willing to take.
China has unveiled new policy measures to safeguard its export sector in response to potential tariff increases by the incoming Trump administration, which could raise duties by about 60%. The measures aim to counter "unreasonable foreign trade restrictions" and foster a supportive environment for exports. Key initiatives include expanding export credit insurance and enhancing financing support for international trade enterprises.
The Finance Committee of the Council of States proposes changing the distribution of additional revenue from the OECD minimum tax from 75/25 to 50/50, aiming to bolster federal finances and increase the army budget. This has sparked irritation among low-tax cantons like Zug and Lucerne, which feel unfairly targeted after previously approved tax structures. They argue that retrospective tax adjustments by other cantons undermine the reliability of decisions made by parliament and the populace.
Mr Price Group Ltd., South Africa’s leading clothing retailer, is set to expand its store presence in the latter half of the financial year following a surge in sales that has driven its shares to record highs. CEO Mark Blair noted a positive shift in the core market, attributed to increased confidence in the new government, a reduction in power outages, and a decline in the unemployment rate for the first time in a year.
South Africa's central bank has implemented a cautious quarter-point interest rate cut, reducing the benchmark rate to 7.75%. This marks the second consecutive meeting with a rate decrease, as policymakers indicate that further cuts may be possible, although the economic outlook remains highly uncertain. Governor Lesetja Kganyago confirmed that the decision aligns with the expectations of economists surveyed.
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China's Economic Transformation from Revolution to Reform in the 1970s
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