Overseas Headlines – March 25, 2021

United States:

A $60 Billion U.S. Stimulus Windfall Is Heading China’s Way

“David Ni is expecting a great year for his Chinese car-wheels business, thanks to the $1.9 trillion boost President Joe Biden just gave to the U.S. economy. Americans flush with $1,400 stimulus checks mean “demand in the U.S. is rampant,” said Ni, whose Jiangsu Siborui Import and Export Co., headquartered in Nanjing, buys high-end aluminum alloy car wheels from Chinese producers and sells them to retailers in the U.S. “Citizens get cash and they jump into shopping,” he said, predicting his sales will surge by more than 30% this year.”



U.K. Lost Workers to EU During Covid and Brexit, LinkedIn Says

“The networking website LinkedIn said its database shows more of its members left the U.K. for the European Union than arrived over the past year after the coronavirus and Brexit sent shock waves through the labor market. The exodus from Britain accelerated through the early months of 2021, even as net migration from countries outside the EU remained positive. The findings indicate a broad reshaping of the U.K. workforce that could have implications for the potential of an economic recovery.”



China’s $2.3 Trillion Hidden Debt Could Climb Even Further

“China’s local governments had 14.8 trillion yuan ($2.3 trillion) of hidden debt last year, and the figure could climb even further this year, according to a government-linked think tank. Local governments were under pressure to increase infrastructure investment and shore up growth through the pandemic, leading to a 6% rise in off-budget borrowing from a recent low of 13.9 billion yuan in the third quarter of 2019, according to Liu Lei, a senior researcher at the National Institution for Finance and Development.”




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