Philadelphia
Trump promised to win the trade war with China. He failed
Trump vowed to cut the US trade deficit, but instead it’s reached historic highs. He wanted China to buy more American products, but that hasn’t happened as much as Washington would like. And he’s made almost no progress on big structural issues that American companies care most about.
Offshore duty-free sales
Offshore duty-free sales in South China’s Hainan Province reached 10.85 billion yuan ($1.63 b) from Jul 1 to Oct 19, up 218.2% y-o-y despite the COVID19 impact. In Jul 1, Hainan raised its annual tax-free shopping quota to 100,000 yuan per person from 30,000 yuan.
Hong Kong retail sales drop 13 per cent in August, continuing 19-month downward spiral.
Official figures show consumer spending shrank for the 19th straight month, to HK$25.6 billion. Sales in 2020 so far are nearly a third lower than in the same eight-month period last year.