China's financial restructuring includes improving the quality of its debt and financial system, as well as achieving more balanced growth with greater emphasis on private consumption and high value-added exports.
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In this two-part study, we look at how China has become the centre of gravity of Asian value chains in recent decades and how this has affected trade flows in the surrounding countries, and in particular those of ASEAN member states.
While Chinese exports have grown at a record pace since 2020, domestically the situation is different: investment remains weighed down by the crises in the real estate sector and consumption is struggling to take off. What is the reason for the weakness of consumption and the lack of consumer confidence in China?
In this two-part study, we look at how China has become the centre of gravity of Asian value chains in recent decades and how this has affected trade flows in the surrounding countries, and in particular those of ASEAN member states.
The coronavirus pandemic took the world by surprise and brought international tourism almost to a complete halt. The initial phases of a relative recovery are restoring connectivity between those outbound markets and tourist destinations that have controlled the spread of the coronavirus. However, the sector will have to undertake a far-reaching and rapid transformation to adapt to the new, post-COVID-19 international tourist who will demand more personalised, flexible and, above all, safer services.
Construction costs in Spain have increased considerably since January 2021, a rise that was prompted by the strong recovery in global demand as the economy reopened after the pandemic but was further aggravated by the outbreak of war in Ukraine. In recent months, however, the price of industrial metals on international markets has fallen sharply and the futures markets point to prices stabilising to some extent. Given this situation, the cost of construction materials in Spain is expected to moderate in 2023.
While the direct impact of an increase of US tariffs on China may be limited, perhaps the greatest risk lies in the indirect effects of an escalation of protectionism: an old rule of international trade is that there is no such thing as an unanswered tariff.
Having laid out the complex trade relationship between the United States and China, we continue to analyse the phenomenon of de-risking among the major economic powers, focusing on the European Union.