17 November 2023 – The United States and China are drawing closer again following bilateral talks on the sidelines of the Asia-Pacific Economic Community (Apec) summit in San Francisco. And Chinese industrial production continues to grow in October. Especially in three booming sectors.
USA and China are getting closer again, EU is once again lagging behind
The US government has not only adopted a constructive approach with Indonesia, but both sides are now also adopting a more conciliatory tone in the dispute with China.
Following a meeting between US President Joe Biden and Chinese President Xi Jinping on the sidelines of the Asia-Pacific Economic Community (Apec) summit in San Francisco, the two superpowers agreed to re-engage bilaterally. And to reactivate channels of communication, including military ones.
Important step towards normalization of relations
An important sign for the global community and also for the global economy. The tensions between China and the United States had also prevented the economic recovery from developing as quickly as it probably would have if trade relations had been more open.
United States once again ahead of the European Union
The US government has thus once again shown that diplomacy at the right time can achieve more than just pointing the finger and issuing warnings, as was recently the case with European diplomacy. With more open relations with Indonesia and a rapprochement with China, the United States is once again one step ahead of the bureaucrats from Brussels.
Thorsten Gerber, CEO Gerber Group, commented today: “While eighty-year-old US-President Joe Biden is engaging in turbo diplomacy, Brussels is once again failing to get moving. Dear European Commissioners, what can you actually do?”
Chinese industrial production continues to grow
The latest statistics for October 2023 show that Chinese industrial production is continuing to pick up. Industrial production increased by 4.6% compared to the same period last year, which also represented a significant increase of 4.5% compared to September and exceeded analysts’ expectations.
Aluminum accompanies growth trend
Aluminum demand in China is an important indicator for the domestic economy as a whole. Aluminum ingot stocks in the Chinese bonded zones have fallen by almost 16% since the beginning of November. Aluminum billets are also down by up to 7% in almost all important Chinese consumption regions compared to the previous week.
Growth boom in October
Certain market segments experienced a growth boom in October. These were primarily high-growth technology sectors: The production of solar cells, service robots and integrated circuits increased by 62.8%, 59.1% and 34.5% respectively compared to the same period last year.
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