This is the best summary I could come up with:
Democratic nations like the United States rarely politicize their economic statistics — although ask me again if Donald Trump returns to office — but authoritarian regimes often do.
President Xi Jinping is starting to look like a poor economic manager, whose propensity for arbitrary interventions — which is something autocrats tend to do — has stifled private initiative.
Well, international economists are fond of citing Dornbusch’s Law: “The crisis takes a much longer time coming than you think, and then it happens much faster than you would have thought.” What happened in China’s case was that the government was able to mask the problem of inadequate consumer spending for a number of years by promoting a gigantic real estate bubble.
To outside observers, what China must do seems straightforward: end financial repression and allow more of the economy’s income to flow through to households, and strengthen the social safety net so that consumers don’t feel the need to hoard cash.
And when it comes to strengthening the safety net, the leader of this supposedly communist regime sounds a bit like the governor of Mississippi, denouncing “welfarism” that creates “lazy people.”
Will it try to prop up its economy with an export surge that will run headlong into Western efforts to promote green technologies?
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This is the best summary I could come up with:
Tourists are to be banned from parts of Japan’s famous geisha district in Kyoto following complaints of “overtourism”.
“Kyoto is not a theme park,” said the local council amid discontent about over-zealous visitors with cameras hoping to snap a glimpse of the famous geishas.
Geishas are professional entertainers who are trained in various traditional arts including dance and music and are an iconic part of Japanese culture.
Visitors crowd the narrow, quaint streets of the area called Gion in Japan’s ancient capital city, often following tour guides who show people around and lecture for long hours, according to local district official Isokazu Ota.
The district’s public streets will remain open to tourists, so the area and the rest of Kyoto will still be teeming with visitors, both from Japan and around the world.
Complaints about “overtourism” began years ago, but cooled somewhat when the COVID-19 pandemic brought numbers of visitors down.
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