Margaret Thatcher and Deng Xiaoping were both on a mission when they came to power within months of each other at the tail end of the 1970s. Thatcher wanted to reinvigorate capitalism in Britain, while Deng launched a programme of reform and liberalisation that he called socialism with Chinese characteristics. Since then, the economies of Britain and China have been transformed, but in different ways. China was essentially a peasant economy when Deng took control, but it has since become an industrial powerhouse, while Britain has ceased to be a…
Tag: Services sector
What agreements have been made during Starmer’s trip to China?
Keir Starmer will be pleased that he has secured several agreements to mark his visit to Beijing and by the warm tone of President Xi Jinping’s remarks about his government. However, No 10’s announcements do not put a figure on the value of the deals, and there does not appear to be a big bundle of investments worth billions by Chinese or British firms, which prime ministers have usually tended to hold up as a sign of success. These are the agreements secured by the UK so far. Visa-free travel…
Global economic fears deepen as service sector dips in China and Europe
Fears about the health of the global economy have intensified following downbeat news about service sector activity in China, the eurozone and the UK. Share prices fell in Asia and the pound dropped to a 12-week low against the US dollar after fresh signs of weakness in China triggered speculation that its post-lockdown recovery was running out of steam. Meanwhile, there were signs the steady rise in interest rates is leading to weaker service sector activity in both the UK and the 20-country eurozone. Markets were particularly rattled by news…