World Business Report cover image

World Business Report

China posts record annual trade surplus of nearly $1tn amid looming US tariff threats

Jan 13, 2025
Rory Green, Chief China Economist at Global Data, TS Lombard, dives into China's record trade surplus driven by weak domestic demand and rising global exports. He discusses the implications of these trade dynamics in light of potential U.S. tariff threats. Additionally, the harsh realities faced by workers in Shein's factories are revealed, raising concerns over the brand's upcoming IPO. The podcast also touches on the significant economic boost generated by the Kumbh Mela in India, highlighting its impact on local revenue.
26:27

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Podcast summary created with Snipd AI

Quick takeaways

  • China's record trade surplus highlights its economic strength amid rising US tariff threats, emphasizing global trade tensions.
  • Shein's unethical labor practices raise significant concerns regarding worker rights and may jeopardize its planned listing on the London Stock Exchange.

Deep dives

Exploitation in Shein's Factories

Workers at Shein's factories in China report working over 75-hour weeks, significantly exceeding the legal limits set by Chinese labor laws. This situation is common in the industrial area of Guangzhou, where many employees are driven by the need to earn enough to support their families back home. The findings from interviews conducted by BBC's correspondents reveal that these workers often receive payment per piece, which translates into little earnings as they struggle to balance their low wages against rising living costs. The labor conditions highlighted raise serious ethical questions about Shein's supply chain and its implications for the company’s upcoming London Stock Exchange listing.

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