Americans, Chinese, and Europeans have curtailed their lending and investing abroad—while also selling commensurately fewer financial claims to foreigners. In 2021, the gross value of cross-border financial transactions involving the U.S., China, and the euro area was worth about $7.9 trillion. In 2022, that figure was just $2.8 trillion. U.S. data for the first three months of this year suggest that cross-border transactions volumes have continued to shrink. International financial transactions involving the world’s three largest economies are smaller relative to their combined output than at any point other than the trough of the financial crisis.
- Date Posted:
- June 27, 2023
More than 90% of this year’s recruitment to the Chinese military could be drawn from fresh graduates and high school students, in a bid to meet the People’s Liberation Army’s modernisation targets and ease the country’s record youth unemployment. Analysts said that a drive to encourage educated young people to join the PLA was likely to have a twin purpose, with Beijing determined to achieve a world-class military by 2050 and more than 11 million graduates expected to swell the job market this year. The army is still finding it difficult to attract the country’s most outstanding young people, according to Zhou Chenming, a researcher with the Beijing-based Yuan Wang military science and technology think tank “Compared with top public universities like Peking and Tsinghua, military academies are less attractive to outstanding high school students in first-tier cities like Beijing and Shanghai.”