China Factory Activity Unexpectedly Shrinks
Next, a few quick updates on China’s economy.
The country’s manufacturing activity unexpectedly dropped in October. And it’s putting a dent in China’s economic recovery. data from China’s National Bureau of Statistics showed that manufacturing is shrinking in the country. The figures also revealed that the situation has gotten worse than even the most pessimistic prediction from analysts.
More Chinese Migrants Coming to US
As China’s economy falters, it seems more Chinese are making the journey to the U.S. border to seek asylum. Marking a major influx of Chinese migration to the United States. Chinese asylum-seekers say they’re looking to escape an increasingly repressive political climate and bleak economic prospects.
Xi Jinping to Tighten Grip on Financial Industry
Zooming in on Beijing, Chinese leader Xi Jinping is set to further tighten control of the financial industry. Xi will host the Financial Work Conference on Monday and Tuesday in Beijing. The event will be held behind-closed-doors, and only happens twice-a-decade. Analysts say Financial stability will be a top priority for debate. This comes against a backdrop of record low margins for the banking industry, a debt-laden property sector, and a faltering economy.
Staff Exodus at Chinese Copper Giant Amid Strain
Turbulence at one of China’s large copper companies: Amer International Group. According to a Bloomberg report, more than a dozen employees have resigned from Amer’s trading affiliates. The mass departure is mainly due to challenging market conditions. Many entities have stepped back from the Chinese metals trade in the past year amid low margins.