Post COVID-19, the luxury industry has taken hits after hits from multiple angles and aspects. The novelty is wearing off for entry-level consumers which discourages mass purchases,  and the purchase power weakening amongst a massive revenue source - Chinese customers - waning economic prospects.

It is no secret that China’s economy has been stagnating. A deflationary spiral looming as the GDP deflator has declined for five consecutive quarters, and economic growth falling short of expectations—growing at just 4% nominal GDP, below the 5% target—the economy faces significant challenges.

As part of an initiative to enhance its economic prowess, China is strategizing its auto-exports to grow its global consumer market share and increase the country’s diplomatic influence.

British judge Nicholas Phillips has become the latest overseas justice to resign from Hong Kong’s Court of Final Appeal, stepping down on Sep. 30.

The United States’ strategy of export restrictions on computing chips has proven futile as Chinese companies find ways to circumvent these barriers. As China surges ahead with state-backed investments and open-source innovation, the U.S. risks losing its technological edge unless it reevaluates its approach in this escalating AI competition.

On Tuesday, Sept. 24, 2024, China announced that its central bank, the People’s Bank of China, will cut its seven-day interest rate from 1.7% to 1.5%. The rate cut, along with a 1 trillion yuan liquid injection, aims to boost their economy that was affected by the COVID-19 pandemic.