This chapter covers topics such as financial markets, US consumer spending, debt issues in China, and clean energy subsidies in the US. It discusses the impact of credit ratings on US stocks and the concerns over public finances in China.
US stocks hit a five-week low as a warning of potential Fitch downgrades sent bank shares lower, Beijing is making one of its biggest top-down efforts in years to tackle the debts racked up by local governments, and a year after passage of the US Inflation Reduction Act and Chips Act the vast majority of investment is going to red states.
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