China Tech Power, Second Wave Woes, Hong Kong Revival: Eco Day

Welcome to Friday, Asia. Here’s the latest news and analysis from Bloomberg Economics to help take you through to the weekend.

  • China unveiled the first glimpses of its economic plans for the next five years, promising to develop a technological powerhouse as it emphasized quality of growth over speed
  • Alternative, high-frequency data show that economic activity in advanced economies has weakened over the course of October, according to Bloomberg Economics
  • Hong Kong’s economy is showing the first signs of emerging from a crippling recession sparked by political unrest last year and deepened by the global pandemic
  • The fight for the soul of the Democratic Party is reflected in the diversity of the 10 people who have the most influence on economic policy in the circle surrounding Joe Biden
  • ECB chief Christine Lagarde said there is “little doubt” that policy makers will agree on a new package of monetary stimulus
  • Meantime, France wants to limit the drop in economic activity to 15% during its second lockdown, while Germany is promising “massive” support for firms affected by its month-long, partial shutdown
  • The U.S. economy’s record surge has already given way to more moderate growth, with a fresh jump in Covid infections and a deadlock over further stimulus threatening to weigh on activity
  • Treasury Secretary Steven Mnuchin accused House Speaker Nancy Pelosi of pulling a “political stunt” and holding up a stimulus bill by refusing to offer compromises, in an escalation of finger-pointing
  • Taiwan has so far managed to remain something of a haven from the coronavirus and the uncertainties of increasing U.S.-China tension
  • Pakistan’s decision to loosen pandemic restrictions early has helped the nation’s exports emerge stronger than its South Asian peers
  • Stephanie Flanders and Lucy Meakin discuss how the world can rebuild greener after the Covid-19 pandemic, in their weekly podcast

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