Taking Stock: A slower China and a durian glut
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What is the main topic discussed in this episode?
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Now, we've done a lot of World Cup-themed openers over the last few weeks, but for reasons I can't possibly think of today, the day after England crashed out of the World Cup, we're now a World Cup-free zone. It never happened. Where was it, in fact? Can't even remember. Not sure I liked football at all. I'm retiring from it, if I ever did. For now, at least. Business Park, then. Good luck, Spain and Argentina, he says through gritted teeth. We're taking stock of the Business Week here on Business Daily from the BBC World Service. I'm Will Bay. Thanks for being back with us. Our panel this week, Emily Peck writes about markets for Axios, co-hosts the Slate Money podcast. And she's joining us from New York.
And David Kuo, co-founder of Smart Investor, joining us from Singapore. Hello, both. You had messy mania then, David. You were joking.
Well, it's not messy mania. I mean, for goodness sake. I mean, how can you not talk about the World Cup? I know it's very sad that England crashed out to Argentina 2-1. But why did you give Messi the ball?
I mean, surely anybody who gives... Being asked by every national newspaper here today, Emily. You know what? Producer David gave me an escape route, a fire escape out of this because he suggested talking about a viral Caesar sauce at McDonald's and I would much rather do that for 20 minutes.
Well, you know, this is fast food and it is our World Cup here in the United States in many ways. And, you know, McDonald's used to have a Caesar salad that was super popular. They took it off the menu in 2020. People want it back and they haven't brought back the Caesar salad. We're having some salad issues here in the States. We can get into later if you want. But they did bring back the Caesar dipping sauce. And I'm not that into it, to be honest with you, Will. But people are really excited about it.
It was a top trending term on Google, wasn't it, all week? The other viral food story of the week that I quite liked. Here in Europe, we've got these rules, guys, where you've got to have the bottle caps for recycling on soft drinks. They've got to be attached. Today we see President Zelensky trying to rip his off the other day and that went viral. People saying that's the end of Ukraine's hopes of joining the European Union as he breaches their sort of flagship recycling policy.
Never heard of such a policy here in the U.S. We're just bottles uncapped. It's chaos, I guess.
Mayhem out there in the world.
Absolutely. Yes.
He's not the only one, you know, Will. I mean, I try and rip that cap off as well because it gets in the way when you're trying to drink.
Quo and Zelensky aligned once again. Quite right, too. Shall we start in the world's second largest economy? Sharp slowdown this week in its economic growth. Here's how the Deputy Commissioner of the National Bureau of Statistics of China, Mao Shenyang, summed it up.
I believe the fundamentals of the economy remains unchanged. The decline in growth in the second quarter was mainly due to short-term factors, as well as some external influences. Despite the slowdown in the second quarter, the fundamentals of the overall economy remains unchanged. The basic pattern of stable economic performance and its shift towards new and improved development has not changed.
So pretty defiant there, the government, David. And as always with China, we're kind of measuring it against itself a bit here because 4% growth. I mean, there are countries in Europe who would kill for half of that right now.
What is the week's agenda and who are the panelists on Taking Stock?
But was there sort of under the bonnet, if you like, under the hood, as Emily and her colleagues would say, were there reasons to be concerned, particularly about the domestic economy?
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Chapters
4 chapters
1
What is the main topic discussed in this episode?
0:00–4:25
2
What is the week's agenda and who are the panelists on Taking Stock?
4:25–17:28
3
Why has China's quarterly growth slowed and what explanations has the government given?
17:28–21:12
4
What domestic risks — housing, unemployment and hidden data — are driving concern about China's outlook?
21:12–25:47
Speakers
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