November 6, 2023
YOU CAN'T HAVE A CLASH OF CIVILIZATIONS WHEN THERE IS ONLY ONE:
Foreign Firms Pull Billions in Earnings Out of China (Jason Douglas and Weilun Soon, Nov. 6, 2023, WSJ)
Foreign firms yanked more than $160 billion in total earnings from China during six successive quarters through the end of September, according to an analysis of Chinese data, an unusually sustained run of profit outflows that shows how much the country's appeal is waning for foreign capital. The torrent of earnings leaving China pushed overall foreign direct investment in the world's second-largest economy into the red in the third quarter for the first time in a quarter of a century.The outflows add to pressure on China's currency, the yuan, when the country's central bank is already battling to slow its decline as investors sour on Chinese stocks and bonds and new investment in China is scarce. The yuan has depreciated 5.7% against the U.S. dollar this year and touched its lowest level in more than a decade in September.
Illiberalism is not viable.
Posted by Orrin Judd at November 6, 2023 12:00 AM
