BusinessInnovationTechnology

China Prioritizes Domestic Consumption and Tech Self-Reliance Amid Global Trade Tensions

Chinese policymakers have unveiled plans to strengthen domestic consumption and technological development during the Fourth Plenum meeting. The announcement comes as Vice Premier He Lifeng prepares for trade talks in Malaysia amid ongoing U.S.-China tensions. Analysts suggest the policy shift indicates a deeper focus on economic supply-demand dynamics.

Economic Policy Shift Toward Domestic Consumption

China’s leadership has emphasized a renewed commitment to boosting domestic consumption as part of its five-year development strategy, according to state media reports from the Fourth Plenum meeting. The policy direction reportedly marks a significant shift in how Chinese policymakers are approaching economic growth, with multiple sources indicating a deeper examination of the relationship between supply and demand than in previous years.

GovernmentPolicyTechnology

Outdated Government IT Infrastructure Cost US Economy $40 Billion During Pandemic, Research Reveals

A Federal Reserve study indicates that antiquated COBOL-based unemployment systems in 28 states led to massive payment delays and reduced consumer spending. The research estimates these outdated systems cost the US economy at least $40 billion in lost GDP during the pandemic’s initial months.

Legacy Systems Struggle Under Pandemic Pressure

Outdated government IT infrastructure, particularly systems relying on the 60-year-old COBOL programming language, contributed to at least $40 billion in economic losses during the COVID-19 pandemic, according to a working paper from the Atlanta Federal Reserve. The research indicates that states using antiquated unemployment insurance systems experienced significant processing delays that reduced consumer spending and economic activity.

BusinessGovernment

Michelle Mone-Linked Firm Misses £122M PPE Repayment Deadline Following Court Ruling

A company linked to Conservative peer Baroness Michelle Mone has failed to meet a deadline to repay £122 million for breaching a COVID-19 PPE contract. The Department of Health and Social Care won its legal case against PPE Medpro after a High Court judge ruled some supplied gowns were not sterile. Health Secretary Wes Streeting has vowed to pursue the company “with everything we’ve got” to recover public funds.

PPE Contract Breach Leads to Missed Repayment Deadline

A company connected to Baroness Michelle Mone has reportedly failed to meet a critical deadline to repay £122 million following breaches in a COVID-19 personal protective equipment contract, according to recent legal developments. PPE Medpro, a consortium led by Mone’s husband Doug Barrowman, missed the Wednesday 4:00 PM BST deadline to pay damages awarded to the Department of Health and Social Care.

International Business and TradePolicy

Trump Considers Cutting Trade Ties with China Over Cooking Oil, Soybean Disputes

U.S. President Donald Trump announced potential trade cuts with China, targeting cooking oil and other goods as retaliation for reduced soybean imports. This move escalates ongoing disputes over tariffs, technology, and geopolitical issues.

In a recent social media statement, U.S. President Donald Trump revealed that Washington is evaluating the termination of certain trade relationships with China, specifically mentioning cooking oil and other trade elements. Trump framed China’s decision to slash U.S. soybean purchases as an “Economically Hostile Act,” emphasizing that the U.S. could produce cooking oil domestically without relying on Chinese imports. This development underscores the deepening trade rift between the two nations, which has been fueled by disagreements over tariffs, technology, and broader geopolitical tensions.

Trump’s Rationale for Trade Termination