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☆ Fact check: Debunking eight Trump false claims about the Biden-era economy
▼ + stars: | 2023-09-14 | by ( Daniel Dale | ) edition.cnn.com time to read: +15 min

They’re looking for jobs, but many of ‘em aren’t looking for jobs, so it’s a fake number.”Facts First: Trump made two false claims here. Real incomes under Trump and BidenTrump claimed, “Under Biden, real incomes have gone down by $7,400 per family, think of that. Think of that.”Facts First: Both parts of Trump’s claim are false. When Biden took office in January 2021, the economy was about 9.4 million jobs below the pre-pandemic peak set in February 2020. By adding more than 13.4 million jobs over Biden’s first 30 full months, therefore, the country went roughly 4 million jobs above the pre-pandemic peak.

Persons: Donald Trump, Joe Biden –, Biden, Trump, Biden –, “, we’ll, Sean Spicer, Spicer, Biden Trump, Trump’s, it’s, Michael Klein, ” Klein, wouldn’t, That’s, –, doesn’t, PolitiFact, Biden’s Organizations: Washington CNN, Trump, White, White House, Bureau of Labor Statistics, Biden, Fletcher School, Tufts University, Federal Reserve, US, “, Heritage Foundation, Trump Trump Locations: South Dakota, Ukraine, ”, Biden’s

☆ Nobody wants to leave Texas. It's fueling an economic boom.
▼ + stars: | 2023-09-13 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +4 min

The state's population growth has helped its economy thrive. Plenty of Americans have moved to Texas in recent years, but the state's population growth has also been driven by another factor — native-born residents aren't leaving. It's helping fuel an economic boom at a time when many businesses are struggling to attract workers . Texas has no state income tax , and major cities like Dallas and Austin provide residents plenty of places to pursue job opportunities. But the state's population trends should position it well in the long term.

Persons: Texans aren't, Jobs, John Burns Organizations: Texans, Service, Dallas Fed, Lone Star State, John Burns Research, Consulting, Federal Reserve Locations: Wall, Silicon, Texas, California, Plenty, North Carolina, Canada, Dallas, Austin, Houston, San Antonio, Fort Worth

☆ What Biden Can Learn from Roosevelt’s ‘New Deal’ - The New York Times
▼ + stars: | 2023-09-12 | by ( Diana B. Henriques | ) www.nytimes.com time to read: +2 min

President Franklin D. Roosevelt’s “New Deal” helped raise America’s economy out of the Great Depression in the 1930s and set the country on course to become a superpower. And now, for the first time in decades, we have someone in the White House who has a new New Deal within his grasp. President Biden’s infrastructure investment bill echoes Roosevelt’s expansive public works projects; his vocal support for organized labor, his targeted debt relief efforts and his plans to strengthen domestic high-tech manufacturing evoke other Roosevelt priorities. The Inflation Reduction Act, too, includes money to bolster public infrastructure and address climate change, both goals Roosevelt most likely would have embraced, given his support for public works and conservation. The most significant hole in the New Deal analogy: financial reform.

Persons: Franklin D, Roosevelt’s, ”, Roosevelt Organizations: White House, Mutual, Securities and Exchange Commission

☆ The US economy is riddled with green flags and is headed for an expansion, not a recession, according to Fundstrat's Tom Lee
▼ + stars: | 2023-09-12 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +4 min

The US economy has too many green flags to slip into a recession, according to Fundstrat's Tom Lee. Consumer inflation expectations have plunged over the past few years – another positive indicator for the economy. One-year forward inflation expectations slumped to 3.6% in September, according to the New York Fed, down from the 6.8% recorded in June 2022. Shelter prices are the largest contributor of inflation in the economy, and rent prices have plunged from their 2021 peaks. AdvertisementAdvertisementApartment List's National Rent Index dropped to -1.2% in August, down from a nearly 20% increase in rent prices in late 2021.

Persons: Tom Lee, Lee, Janet Yellen Organizations: Service, BlackRock, Bureau of Labor Statistics, New York Fed Locations: Wall, Silicon

☆ Saudi Arabia is spending billions on sports, tech and everything in between for a post-oil world
▼ + stars: | 2023-09-10 | by ( Beatrice Nolan | Hasan Chowdhury | ) www.businessinsider.com time to read: +7 min

Saudi Arabia sparked international outrage in 2018 after Washington Post columnist Jamal Khashoggi was murdered at the Saudi consulate in Istanbul, and continues to face accusations of human rights violations. Despite this, little has been able to stop Saudi Arabia from exerting more and more influence on the global stage. GettyImages/Unsplash/NeomLike many countries, Saudi Arabia's economy suffered when the pandemic struck in 2020, but the only way has been up since then. Chris Trotman/LIV Golf via Getty ImagesBoth at home and far away, Saudi Arabia hasn't shied away from investing boatloads of cash. The total hit 32.2 million in May with a median age of 29, according to Saudi Arabia's General Authority for Statistics.

Persons: Prince Mohammed Bin Salman, Jamal Khashoggi, It's, Ahmed Jadallah, Saudi Arabia's, Sergio Garcia, Chris Trotman, LIV, Saudi Arabia hasn't, Yasir Al, Jasmin Merdan, Abdullah Al, Prince Abdulaziz bin Salman al, Saud, JOE KLAMAR Organizations: Service, Washington Post, Bank, IMF, REUTERS, Saudi Aramco, King, King Abdullah Economic City, Getty, Public Investment Fund, MBS, Newcastle United, LIV, PGA, Saudi, Reuters, Saudi Arabia's, Authority, Statistics, Gulf States Energy, United Arab Emirates, Arab League Locations: Saudi Arabia, Wall, Silicon, Gulf, Saudi, Istanbul, Gulf Kingdom, Ahmed Jadallah Saudi Arabia, King Abdullah, Jasmin Merdan Saudi's, Riyadh, Arab, Vienna, AFP, Kuwait, UAE, Qatar

☆ 10 college majors to check out if you want to make a lot of money—without becoming an engineer
▼ + stars: | 2023-09-09 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +1 min

If you're looking for a high-paying college major, engineering degrees, including electrical and computer engineering, consistently rank as some of the options that can earn you the most money. You shouldn't force yourself into any major — or career path — you're not interested in just for the money. Broader science, technology and math majors earn a decent amount, too. Pharmacy and computer science are the best-paying nonengineering college degrees, according to a recent Bankrate analysis, which found those degree holders earn median salaries of $100,000 a year. Here are the 10 highest-paying college degrees that aren't engineering:

Organizations: American, Survey, U.S . Census, Bankrate Locations: U.S

☆ India's policy contradictions are making it harder for investors to crack its market
▼ + stars: | 2023-09-08 | by ( Clement Tan | ) www.cnbc.com time to read: +8 min

At a time when shifting geopolitical alliances are elevating India's strategic importance, such curbs add to the contradictions global investors have to negotiate as they hunt for viable alternatives to a slowing China. They said the move will add to end-product costs for foreign vendors and shift consumer spending toward Indian firms or established foreign vendors with a manufacturing base in India. To attract foreign investors, Modi's government doubled to 170 billion rupees ($2.04 billion) its initial budget in May for a production-linked incentive scheme for IT hardware that was approved in 2021. watch now"India's large and growing domestic market, limited political instability and long-term policy continuity bolsters India's appeal to investors," Dasgupta said. Attracted by such lofty projections, global investors have also poured into Indian equity markets this year.

Persons: Javier Ghersi, Narendra Modi's, There's, Pravin Krishna Johns, it's, Pravin Krishna, Krishna, Rajeev Chandrasekhar, Taiwan's Foxconn, iPhones, Sumedha Dasgupta, Dasgupta, Modi, Goldman Sachs, — Organizations: Apple, Samsung, Dell, Pravin Krishna Johns Hopkins University's School, Johns Hopkins University's School, International, BMI Industry Research, South, BMI, Sumedha Dasgupta Economist Intelligence, Economist Intelligence Unit, CNBC, Bharatiya Janata Party, U.S, The, Monetary Fund, Capital Locations: India, China, Russia, Ukraine, Vietnam

☆ These 10 college degrees can earn you the highest salaries—over half make $100,000 or more
▼ + stars: | 2023-09-07 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +1 min

You can secure a high-paying job with just about any college major, or even without getting your degree. Electrical engineering and computer engineering lead the rankings of majors with the highest median salaries and are just two of eight engineering degrees among the top 10, according to a recent Bankrate analysis of the Census Bureau's American Community Survey data. Those with electrical engineering degrees earn a median annual salary of $110,000, while computer engineering grads earn a median of $104,000. 3 spot with a median salary of $100,000, but stands out in the rankings as one of just two non-engineering degrees in the top 10. These are the majors with the highest median salaries:

Persons: Bankrate Organizations: Survey

☆ Opinion: The ‘rising superpower’ myth about China
▼ + stars: | 2023-09-07 | by ( Opinion Peter Bergen | Joel Rayburn | ) edition.cnn.com time to read: +12 min

He was the US Special Envoy for Syria and the senior director for Iran, Iraq, Syria and Lebanon on the National Security Council staff during the Trump administration. After that, China’s National Bureau of Statistics said it would suspend publishing youth unemployment data in the future. What does it signify that China’s national power, which today is vast, is almost certain to be weaker in the future? If Xi and his strategists have a feasible plan for nimbly averting China’s demographic doom, they are keeping very quiet about it. This brings us back to the question of national security strategies for the United States and its allies.

Persons: Peter Bergen, Peter Bergen ”, Joel Rayburn, Trump, Biden, Saddam Hussein’s, Lloyd Austin, China’s, Xi Jinping, Stephen Shaver, ”, Ng Han Guan, Xi, China “, ” Trump Organizations: New, Arizona State University, Apple, Spotify, American Center for Levant Studies, New America, US, National Security Council, CNN, Strategy, Pentagon, of Defense, Development Research Center, Communist Party, UPI, Manpower, Census Bureau, National Bureau of Statistics, Financial, China’s Southwestern University of Finance, Economics, Rocky, United Nations, Beijing, Pew Research Center, Communist, Trump administration’s National Security, Twitter, Trump Locations: New America, Syria, Iran, Iraq, Lebanon, Washington, China, United States, Saddam Hussein’s Iraq, al Qaeda, Ukraine, People’s Republic of China, Beijing, India, Yarkent County, China's Xinjiang Uyghur Autonomous Region, Saudi Arabia, USSR, Russia, Russia’s Ukraine, Vietnam, Korea, Italy, Japan, Taiwan, Hong Kong

☆ US jobless claims hit lowest level since February; productivity strongest in years
▼ + stars: | 2023-09-07 | by ( ) www.reuters.com time to read: +3 min

Initial claims for state unemployment benefits fell 13,000 to 216,000 in the week ended Sept. 2 from a revised 229,000 in the prior week, the Labor Department said on Thursday. That was the lowest since the same level was touched in the week ended Feb. 11 and it marked the fourth straight weekly decline. Economists polled by Reuters had forecast new claims would rise to 234,000 in the latest week. That was the lowest since the same level was hit in the week ended July 15. Overall, the jobless claims figures show the U.S. job market appears in no danger of rolling over in the near term.

Persons: Brian Snyder, Dan Burns, Chizu Nomiyama, Paul Simao Organizations: REUTERS, Labor Department, Reuters, Federal Reserve, Thomson Locations: Cambridge , Massachusetts, U.S

The wages in Bali, which has a population of more than four million people, can be higher than in other parts of Indonesia. Others, like four of the five young housekeepers who died in the elevator accident last week, are day laborers or contractors who work without a social safety net, sometimes for years. In the Ayuterra Resort case, the government insurance agency decided to give all five workers insurance payouts of over $10,000. Representatives for Ayuterra Resort, in the Ubud area of Bali, did not immediately respond to requests for comment. On Thursday, the online rate for a two-bedroom Ayuterra penthouse villa with a private pool in October was nearly $700.

Persons: housekeepers, Niluh Djelantik, ” Organizations: Ayuterra Locations: Bali, Indonesia, Mount, Ubud

☆ Opinion: Here are the jobs AI will impact most
▼ + stars: | 2023-09-05 | by ( Bethany Cianciolo | Jessica Chia | ) edition.cnn.com time to read: +42 min

Dan’s research and teaching focus is on using AI for legal services and the regulation of AI in society. For instance, we can develop AI tools to help individuals understand their responsibilities and rights, and preserve and enforce those rights. People in businesses, large and small, are already using chatbots, AI assistants and other AI tools to help them comply with laws, regulations and internal policies. Additionally, new roles are emerging in the legal industry, such as legal engineers who build systems, legal data scientists and legal operations professionals. AI tools will then quickly re-optimize decisions associated with inventory shipments, staffing and promotions.

Persons: ” That’s, Dropbox, Goldman Sachs, isn’t, Erich S, Huang, ” Erich S, Huang I’ve, Regina Barzilay, Barzilay, Geoffrey Hinton, radiologists, —, ’, Daniel W, Linna, Dan, …, ” Daniel W, Refik, Anadol, ”, Adam Elmachtoub, Nisreen, Theodore Kim, don’t, ” Theodore Kim Moreover, Janis Joplin, Jackie Jormp, We’re, Baz Luhrmann’s “, Gatsby, That’s, Leonardo DiCaprio, mockbusters, Eirini, GitHub Copilot, Ashok Goel, Jill Watson, ” Ashok Goel, Kristen DiCerbo, Alireza, Davis Organizations: CNN, CNET, International Association of Machinists, Aerospace Workers, Informatics, Verily, Duke Health, Biomedical Informatics, Duke University School of Medicine, Adobe, Apple, Electrical Engineering, Computer Science Department, MIT, Jameel Clinic, Machine Learning, MacArthur, National Academy of Engineering, American Academy of Arts and Sciences, Northwestern’s Pritzker School of Law, McCormick School of Engineering, Northwestern University’s CS, Center, Better Housing, UCLA’s Department of Design Media Arts, The Museum, Modern Art, Centre Pompidou, Walt Disney Concert, Department of Industrial Engineering, Research, Columbia University, NBA, Spice, Digital Organisation and Society, Royal Holloway, University of London, UK Academy of Information Systems, Yale, Pixar, Technical, Writers Guild of America, SAG, Hollywood, YouTube, Tech, Developers, Georgia Institute of Technology, National AI, Adult, Education, US National Science Foundation, Georgia Tech, Khan Academy, Systems, Studies, Agricultural Engineering, University of California, university’s, Agriculture, Labor Locations: outplacement, Iceland

☆ CNBC Daily Open: Why did the unemployment rate and jobs rise in tandem?
▼ + stars: | 2023-09-04 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +3 min

CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. What you need to know todayThe bottom lineThe U.S. economy added more jobs than expected in August, but the overall unemployment rate rose. If the unemployment rate goes up, that means the proportion of people looking for a job compared with the total labor force has grown. Investors, too, cheered the jobs report. Major indexes rose in response to the jobs report as well.

Persons: Robyn Beck, Stephen Juneau, —, Jeff Cox Organizations: HK MBG, BMW, HK, Afp, Getty, CNBC, Bank of America U.S, Federal, Dow Jones, Nasdaq Locations: Garden Grove , California, U.S

☆ Russia's massive brain drain is ravaging the economy - these stunning figures show why it will soon be smaller than Indonesia's
▼ + stars: | 2023-09-03 | by ( Filip De Mott | ) www.businessinsider.com time to read: +4 min

Russia's war on Ukraine has fueled a massive brain drain that will hobble Putin's economy. Russia's GDP, as measured by purchasing power parity, will fall behind Indonesia's in 2026. "But Russia's slide and Indonesia's ascent are both driven in large part by the same thing: people. Russia is suffering from acute brain drain while Indonesia's labor force is growing," the Council wrote. Not only is Indonesia's labor force increasing, but the influx of highly skilled workers has helped boost private consumption standards in the country, it added.

Persons: Vladimir Putin, That's, would've, Putin, Indonesia's Organizations: Service, Workers, French Institute of International Relations, Kremlin, Atlantic Council Locations: Ukraine, Russia, Indonesia's, Wall, Silicon, Russian, Soviet, Indonesia, China, Beijing

After falling last week, average 30-year mortgage rates are holding relatively steady below 7%. According to its latest forecast, the Mortgage Bankers Association believes that 30-year mortgage rates should reach 6.2% by the end of this year. See more mortgage rates on Zillow Real Estate on ZillowToday's refinance ratesMortgage type Average rate today This information has been provided by Zillow. But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

Persons: you'll, Fannie Mae Organizations: Federal Reserve, Mortgage, Association, Zillow, Fed, Sky Locations: Chevron

☆ August Jobs Report U.S. Job Growth Expected to Cool
▼ + stars: | 2023-09-01 | by ( Lydia Depillis | Joe Rennison | ) www.nytimes.com time to read: +2 min

Forecasters believe that trend continued in August, estimating that the Labor Department’s monthly report on Friday will show the addition of 170,000 jobs. That would be a decrease from the 218,000-job average over the previous three months, and closer to the number needed to employ the approximately 140,000 people who enter the labor force each month. But analysts say the Federal Reserve’s push to cool rapid inflation by ratcheting up borrowing costs — and the impact on hiring — has a ways to go. Immigrants work at higher rates than the American-born population, in which labor force participation is declining as people age into retirement. Already, Americans are feeling the difference: In the Conference Board’s reading of consumer sentiment for August, the share of workers saying jobs were “hard to get” increased sharply, while the share saying jobs were “plentiful” fell.

Persons: —, ’ ”, Stephen Juneau, Bank of America Merrill Lynch, “ There’s, we’ve Organizations: Labor, Bank of America Locations: American, ”

☆ US unemployment rate rises, wage growth cools as labor market slows
▼ + stars: | 2023-09-01 | by ( Lucia Mutikani | ) www.reuters.com time to read: +5 min

The labor market is slowing in response to the U.S. central bank's hefty rate hikes to cool demand in the economy. Leisure and hospitality payrolls increased by 40,000. Household employment increased by 222,000. As a result, the unemployment rate increased to 3.8%, the highest level since February 2022, from 3.5% in July. The labor force participation rate, or the proportion of working-age Americans who have a job or are looking for one, increased to 62.8%.

Persons: Elizabeth Frantz, Bill Adams, Nonfarm, Lucia Mutikani, Nick Zieminski, Chizu Nomiyama, Paul Simao Organizations: REUTERS, Federal Reserve, Labor Department, Employment, Comerica Bank, Reuters, Hollywood, Reuters Graphics Reuters, Treasury, Thomson Locations: Arlington , Virginia, U.S, WASHINGTON, Dallas

☆ 6 things to know about the job market right now: It's 'near-perfect,' economist says
▼ + stars: | 2023-09-01 | by ( Greg Iacurci | ) www.cnbc.com time to read: +5 min

Job growth is slowingThe U.S. economy added 187,000 jobs in August, the Labor Department said Friday. Job growth is clearly losing momentum: The three-month average in August was 150,000 jobs added, versus 201,000 in June, for example, Bunker said. Further, monthly job growth still exceeds U.S. population growth, economists said. Unemployment is up — but not for bad reasonsThe unemployment rate jumped to 3.8% in August from 3.5% in July, the U.S. Labor Department said Friday. There were about 8.8 million openings in July, the fewest since March 2021, according to Labor Department data.

Persons: Mario Tama, Bunker, Julia Pollak, Lat, Aaron Terrazas, Andrew Hunter, Pollak, —, Zandi, Andrew Patterson, Hunter Organizations: Getty, Labor Department, Yellow Corp, U.S . Labor Department, Capital Economics, Workers, Vanguard, White House Council, Economic, CEA Locations: U.S, Hollywood

Employers added 187,000 jobs in August, above expectations and in line with a labor market that is rebalancing back to normal, the Labor Department reported on Friday. Other labor market data released this week showed a gradual softening of demand for workers from employers. And private payroll firm ADP’s monthly jobs survey for August found employers added 177,000 jobs in the month, below expectations. “Clearly, the labor market is softening,” says Tony Welch, chief investment officer at Signature FD. The downshift reverses a period of high growth for the labor market coming out of the pandemic.

Persons: ”, Venkat Balakrishnan, Scott Hamilton, Tony Welch Organizations: Labor Department, Federal Reserve, Resources, Compensation Consulting Locations: Washington

☆ The US jobs market stayed strong in August
▼ + stars: | 2023-09-01 | by ( Madison Hoff | ) www.businessinsider.com time to read: +6 min

Truck transportation also saw employment fall by 36,700.Leisure and hospitality saw a job gain of 40,000 from July to August. From wage growth to an increase in labor force participation, various data points suggest the US labor market is still strong. There were 8.8 million job openings in July after 9.2 million in June, according to new Job Openings and Labor Turnover Survey or JOLTS data released by BLS earlier this week. "We expect this labor market rebalancing to continue," Powell said. "Evidence that the tightness in the labor market is no longer easing could also call for a monetary policy response."

Persons: Jerome Powell, Lydia Boussour, EY, Boussour, Nick Bunker, Bunker, it's, Julia Pollak, Pollak, Jonathan Fisher, Fisher, Powell Organizations: payrolls, Service, SAG, Bureau of Labor Statistics, Labor, BLS, North America, Washington Center for Equitable Growth Locations: Wall, Silicon, Jackson Hole , Wyoming

☆ Why the unemployment rate went up in August even though 187,000 jobs were added
▼ + stars: | 2023-09-01 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +2 min

New York CNN —Usually when the economy adds a lot of jobs in a given month the unemployment rate ticks down. Despite the 187,000 new jobs added last month, the unemployment rate rose to 3.8% from 3.5% in July. And outside of the onset of the pandemic, the last time the unemployment rate rose that high in one month was November 2011. So, mathematically, when you divide 6.4 million by 167.8 million, you’ll arrive at the 3.8% unemployment rate. That can help explain why the unemployment rate rose, even though there were stronger-than-expected job gains in August.

Persons: you’ll Organizations: New, New York CNN, Labor Statistics, BLS Locations: New York

☆ Black unemployment rate declines in August, even as it rose across the board
▼ + stars: | 2023-09-01 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +1 min

The unemployment rate for Black workers slipped in August, bucking the broader trend of a higher overall jobless rate. The overall unemployment rate ticked up to 3.8% last month, the highest since February 2022. The jobless rate declined for Black workers, sliding to 5.3% in August, compared to 5.8% in July. When accounting for gender, the unemployment rate for Black men age 20 and older came down to 5%, a decline from the 5.3% rate in July. "I am relieved that the Black unemployment rate is coming down; it had been a little elevated a couple of months earlier," said Elise Gould, senior economist at the Economic Policy Institute.

Persons: —, Elise Gould Organizations: Economic, Institute

☆ Women are working at record levels. Remote work, stay-at-home dads, and the gender pay gap will keep it that way.
▼ + stars: | 2023-08-31 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +4 min

Remote work, stay-at-home dads, and the gender pay gap could nudge more women into the workforce. AdvertisementAdvertisement"Beyond a near-term dip, women's share of the labor force will probably inch higher over the long term," he said. First, remote work is likely to continue boosting women's employment. Second, more men are becoming stay-at-home dads, which means fewer stay-at-home moms — and more women in the workforce. AdvertisementAdvertisementThird, the persistence of the gender pay gap could force women to work later in life — boosting the number of older women workers in particular.

Persons: that's, Aaron Terrazas, Terrazas, — Organizations: Service, Bureau of Labor Statistics, of Labor Statistics, Pew Research Locations: Wall, Silicon

☆ China's so desperate to get people to marry and have babies, one county is offering $137 as a 'reward' if the bride is 25 years old or under
▼ + stars: | 2023-08-29 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

A county in China is offering couples a cash reward of $137 if the bride is under 25. The county is also handing out childcare subsidies and benefits, to encourage people to have babies. Recently, a county in eastern China started offering couples 1,000 Chinese yuan, or $137, in cash if the bride is 25 years old or younger, according to a post on its official WeChat account last Thursday. They are even offering free public transport in the county for families with two or more kids under the age of 16. The push for marriage and babies comes after China saw a record low of 6.83 million marriages registered in 2022.

Persons: China's Organizations: Service Locations: China, Wall, Silicon, Changshan, Zhejiang province, Hangzhou, Singapore, South Korea, Japan

☆ China's Xi tells BRICS summit that Chinese economy is resilient
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +1 min

[1/2] China's President Xi Jinping speaks, as South Africa's President Cyril Ramaphosa listens, at the Union Buildings ahead of the opening remarks of the BRICS emerging economies meeting, in Pretoria, South Africa August 22, 2023. REUTERS/Alet Pretorius Acquire Licensing RightsAug 22 (Reuters) - China's leader Xi Jinping told the BRICS group on Tuesday that China's economy was resilient and that the fundamentals for its long-term growth remained unchanged. Xi, who is in South Africa for a summit of Brazil, Russia, India, China and South Africa (BRICS), made the remarks in a prepared statement read by Chinese Commerce Minister Wang Wentao at a business forum. "The Chinese economy has strong resilience, tremendous potential and great vitality," Xi said through Wang. "The giant ship of the Chinese economy will continue to ride the wind, cleave waves, and forge ahead," Xi said.

Persons: Xi Jinping, Cyril Ramaphosa, Alet Pretorius, Xi, Wang Wentao, Wang, Michael Martina, Grant McCool Organizations: REUTERS, Chinese Commerce, Thomson Locations: Pretoria, South Africa, Brazil, Russia, India, China, U.S

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