Wednesday, October 21, 2020

Coronavirus News (292)

McConnell casts doubt on massive pre-Election Day stimulus deal as Pelosi sounds upbeat about talks with administration  Asked when Americans could expect relief amid the coronavirus pandemic if a deal isn't reached now, Clyburn replied, "When we change this administration." ........ In a test of competing proposals, a vote McConnell called Tuesday related to a standalone bill to extend the Paycheck Protection Program garnered a handful of Democratic votes but fell short of the 60 votes it would ultimately need to be adopted. And a separate vote pushed by Democrats on a House-passed comprehensive stimulus bill fell short of a majority. The Senate is set to vote Wednesday on a roughly $500 billion proposal, similar to one Democrats rejected this summer. It's also expected to fail.

Asean governments need a change of mindset if they want to follow Vietnam’s lead in attracting foreign investment Vietnam has become a hub for foreign direct investment in the past decade, with steady compound annual growth of 10.4 per cent between 2013 and 2019 Some may say this is thanks to its young labour force and proximity to China, but the appeal of a stable political environment cannot be underestimated .......... those countries with the strongest economic foundation have the best chance of emerging from the crisis intact. .......... Few countries in the Association of Southeast Asian Nations (Asean) could claim to be as economically strong as Singapore. Yet there is one that has been quietly shoring up its resources and laying a solid foundation for growth.

China GDP: economy grew by 4.9 per cent in third quarter of 2020 China’s growth picks up from 3.2 per cent in the second quarter and a contraction of 6.8 per cent in the first quarter of 2020 Industrial production and retail sales grew by 6.9 per cent and 3.3 per cent respectively from a year earlier as investment turned positive for the first time this year ............ The world’s second-largest economy has recovered strongly after shrinking by 6.8 per cent in the first three months of the year – the first official contraction since the end of the Cultural Revolution in 1976 

With Covid-19 Under Control, China’s Economy Surges Ahead Exports jumped and local governments engaged in a binge of debt-fueled construction projects. Even consumer spending is finally recovering. .............  The United States and other nations are expected to report a third-quarter surge too, but they are still behind or just catching up to pre-pandemic levels. .......... China’s lead could widen further in the months to come. It has almost no local transmission of the virus now, while the United States and Europe face another accelerating wave of cases. ........... China’s model for restoring growth may be effective, but may not be appealing to other countries. Determined to keep local transmission of the virus at or near zero, China has resorted to comprehensive cellphone tracking of its population, weekslong lockdowns of neighborhoods and cities and costly mass testing in response to even the smallest outbreaks. .................  Under ordinary circumstances, most Chinese are compelled to save for education, health care and retirement because of a weak social safety net. 

McConnell warns White House against making stimulus deal as Pelosi and Mnuchin inch closer GOP leader suggests Democrats are not negotiating in good faith and could disrupt Supreme Court nomination ......... McConnell told reporters Tuesday that if a deal were reached and passed by the House with President Trump’s support, he would put it on the Senate floor “at some point” — but he did not commit to doing so before the election. .........  with the negotiators “several hundred billion” dollars apart and also at odds over the extent of state and local money. ........ Trump, for his part, has brushed aside complaints from Senate Republicans and said they will ultimately back a package if he tells them to. “It’s very simple: I want to do it even bigger than the Democrats,” Trump said. “They’ll be on board if something comes.”  

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