#GDP Data

[trader-sg112]

Key Economic Events and Data Releases for June 27, 2024

Stay updated with today's major economic events including Fed Bank Stress Test Results, Continuing Jobless Claims, GDP Data, and more. Find detailed insights and forecasts.

[newbussinessideas]

FPIs investment hit 9-month high at Rs 43,838 crore in May on strong domestic macro-outlook, reasonable valuation - Times of India

NEW DELHI: Foreign Portfolio Investors (FPIs) pumped in Rs 43,838 crore in Indian equities in May, the highest level in nine months, supported by strong macroeconomic fundamentals, and reasonable valuations.FPIs continued the buying stance in June too, and invested Rs 6,490 crore in just two trading sessions of the month, data with the repositories showed.VK Vijayakumar, Chief Investment…

[dumasia]

Rajya Sabha में Raghav Chadha की Fiery Speech 🔥| Narendra Modi | Aam Aad...

The unanswered questions!

[ithacanradio]

there's a lot of confusion around the EU especially after Brexit, since wanting to leave it now seems like a right wing position. however this is an extremely important matter and this podcast episode explains rlly well why from a marxist point of view the EU is an evil, imperialist and anti democratic institution made to uphold capitalism.

[todayworldnews2k21]

Data | The risk of small States’ heavy reliance on the Union government

Small States must prioritise raising their own revenue to reduce their dependency on the Union government The fiscal situation of India’s States has garnered significant attention in recent times. Despite ample data on State finances, most of the analysis is centred around larger States. There needs to be more discussion on the fiscal position of small States (i.e. States with a population of…

[allaboutforexworld]

Dow Jones Index in a Nutshell

The Dow Jones Industrial Average (DJIA), commonly referred to as the Dow Jones Index, is one of the most well-known and widely followed stock market indices in the world. This article delves into the history, significance, components, and impact of the Index on the financial markets. History of the Dow Jones Index The Dow Jones Index was created by Charles Dow, co-founder of Dow Jones & Company,…

[tradermade]

Did you know about the types of GDP (Gross Domestic Product) and how it is calculated? https://tradermade.com/forex. Our carousel reveals the surprising facts about GDP! Choose us as your data partner to get reliable and accurate Forex data.

[reasonsforhope]

Indian Prime Minister Narendra Modi is, by some measures, the most popular leader in the world. Prior to the 2024 election, his Bharatiya Janata Party (BJP) held an outright majority in the Lok Sabha (India’s Parliament) — one that was widely projected to grow after the vote count. The party regularly boasted that it would win 400 Lok Sabha seats, easily enough to amend India’s constitution along the party's preferred Hindu nationalist lines.

But when the results were announced on Tuesday, the BJP held just 240 seats. They not only underperformed expectations, they actually lost their parliamentary majority. While Modi will remain prime minister, he will do so at the helm of a coalition government — meaning that he will depend on other parties to stay in office, making it harder to continue his ongoing assault on Indian democracy.

So what happened? Why did Indian voters deal a devastating blow to a prime minister who, by all measures, they mostly seem to like?

India is a massive country — the most populous in the world — and one of the most diverse, making its internal politics exceedingly complicated. A definitive assessment of the election would require granular data on voter breakdown across caste, class, linguistic, religious, age, and gender divides. At present, those numbers don’t exist in sufficient detail. 

But after looking at the information that is available and speaking with several leading experts on Indian politics, there are at least three conclusions that I’m comfortable drawing.

First, voters punished Modi for putting his Hindu nationalist agenda ahead of fixing India’s unequal economy. Second, Indian voters had some real concerns about the decline of liberal democracy under BJP rule. Third, the opposition parties waged a smart campaign that took advantage of Modi’s vulnerabilities on the economy and democracy.

Understanding these factors isn’t just important for Indians. The country’s election has some universal lessons for how to beat a would-be authoritarian — ones that Americans especially might want to heed heading into its election in November.

-via Vox, June 7, 2024. Article continues below.

A new (and unequal) economy

Modi’s biggest and most surprising losses came in India’s two most populous states: Uttar Pradesh in the north and Maharashtra in the west. Both states had previously been BJP strongholds — places where the party’s core tactic of pitting the Hindu majority against the Muslim minority had seemingly cemented Hindu support for Modi and his allies.

One prominent Indian analyst, Yogendra Yadav, saw the cracks in advance. Swimming against the tide of Indian media, he correctly predicted that the BJP would fall short of a governing majority.

Traveling through the country, but especially rural Uttar Pradesh, he prophesied “the return of normal politics”: that Indian voters were no longer held spellbound by Modi’s charismatic nationalist appeals and were instead starting to worry about the way politics was affecting their lives.

Yadav’s conclusions derived in no small part from hearing voters’ concerns about the economy. The issue wasn’t GDP growth — India’s is the fastest-growing economy in the world — but rather the distribution of growth’s fruits. While some of Modi’s top allies struck it rich, many ordinary Indians suffered. Nearly half of all Indians between 20 and 24 are unemployed; Indian farmers have repeatedly protested Modi policies that they felt hurt their livelihoods.

“Everyone was talking about price rise, unemployment, the state of public services, the plight of farmers, [and] the struggles of labor,” Yadav wrote...

“We know for sure that Modi’s strongman image and brassy self-confidence were not as popular with voters as the BJP assumed,” says Sadanand Dhume, a senior fellow at the American Enterprise Institute who studies India. 

The lesson here isn’t that the pocketbook concerns trump identity-based appeals everywhere; recent evidence in wealthier democracies suggests the opposite is true. Rather, it’s that even entrenched reputations of populist leaders are not unshakeable. When they make errors, even some time ago, it’s possible to get voters to remember these mistakes and prioritize them over whatever culture war the populist is peddling at the moment.

Liberalism strikes back

The Indian constitution is a liberal document: It guarantees equality of all citizens and enshrines measures designed to enshrine said equality into law. The signature goal of Modi’s time in power has been to rip this liberal edifice down and replace it with a Hindu nationalist model that pushes non-Hindus to the social margins. In pursuit of this agenda, the BJP has concentrated power in Modi’s hands and undermined key pillars of Indian democracy (like a free press and independent judiciary).

Prior to the election, there was a sense that Indian voters either didn’t much care about the assault on liberal democracy or mostly agreed with it. But the BJP’s surprising underperformance suggests otherwise.

The Hindu, a leading Indian newspaper, published an essential post-election data analysis breaking down what we know about the results. One of the more striking findings is that the opposition parties surged in parliamentary seats reserved for members of “scheduled castes” — the legal term for Dalits, the lowest caste grouping in the Hindu hierarchy.

Caste has long been an essential cleavage in Indian politics, with Dalits typically favoring the left-wing Congress party over the BJP (long seen as an upper-caste party). Under Modi, the BJP had seemingly tamped down on the salience of class by elevating all Hindus — including Dalits — over Muslims. Yet now it’s looking like Dalits were flocking back to Congress and its allies. Why?

According to experts, Dalit voters feared the consequences of a BJP landslide. If Modi’s party achieved its 400-seat target, they’d have more than enough votes to amend India’s constitution. Since the constitution contains several protections designed to promote Dalit equality — including a first-in-the-world affirmative action system — that seemed like a serious threat to the community. It seems, at least based on preliminary data, that they voted accordingly.

The Dalit vote is but one example of the ways in which Modi’s brazen willingness to assail Indian institutions likely alienated voters.

Uttar Pradesh (UP), India’s largest and most electorally important state, was the site of a major BJP anti-Muslim campaign. It unofficially kicked off its campaign in the UP city of Ayodhya earlier this year, during a ceremony celebrating one of Modi’s crowning achievements: the construction of a Hindu temple on the site of a former mosque that had been torn down by Hindu nationalists in 1992. 

Yet not only did the BJP lose UP, it specifically lost the constituency — the city of Faizabad — in which the Ayodhya temple is located. It’s as direct an electoral rebuke to BJP ideology as one can imagine.

In Maharashtra, the second largest state, the BJP made a tactical alliance with a local politician, Ajit Pawar, facing serious corruption charges. Voters seemingly punished Modi’s party for turning a blind eye to Pawar’s offenses against the public trust. Across the country, Muslim voters turned out for the opposition to defend their rights against Modi’s attacks.

The global lesson here is clear: Even popular authoritarians can overreach.

By turning “400 seats” into a campaign slogan, an all-but-open signal that he intended to remake the Indian state in his illiberal image, Modi practically rang an alarm bell for constituencies worried about the consequences. So they turned out to stop him en masse.

The BJP’s electoral underperformance is, in no small part, the direct result of their leader���s zealotry going too far.

Return of the Gandhis? 

Of course, Modi’s mistakes might not have mattered had his rivals failed to capitalize. The Indian opposition, however, was far more effective than most observers anticipated.

Perhaps most importantly, the many opposition parties coordinated with each other. Forming a united bloc called INDIA (Indian National Developmental Inclusive Alliance), they worked to make sure they weren’t stealing votes from each other in critical constituencies, positioning INDIA coalition candidates to win straight fights against BJP rivals.

The leading party in the opposition bloc — Congress — was also more put together than people thought. Its most prominent leader, Rahul Gandhi, was widely dismissed as a dilettante nepo baby: a pale imitation of his father Rajiv and grandmother Indira, both former Congress prime ministers. Now his critics are rethinking things.

“I owe Rahul Gandhi an apology because I seriously underestimated him,” says Manjari Miller, a senior fellow at the Council on Foreign Relations.

Miller singled out Gandhi’s yatras (marches) across India as a particularly canny tactic. These physically grueling voyages across the length and breadth of India showed that he wasn’t just a privileged son of Indian political royalty, but a politician willing to take risks and meet ordinary Indians where they were. During the yatras, he would meet directly with voters from marginalized groups and rail against Modi’s politics of hate.

“The persona he’s developed — as somebody kind, caring, inclusive, [and] resolute in the face of bullying — has really worked and captured the imagination of younger India,” says Suryanarayan. “If you’ve spent any time on Instagram Reels, [you’ll see] an entire generation now waking up to Rahul Gandhi’s very appealing videos.”

This, too, has a lesson for the rest of the world: Tactical innovation from the opposition matters even in an unfair electoral context.

There is no doubt that, in the past 10 years, the BJP stacked the political deck against its opponents. They consolidated control over large chunks of the national media, changed campaign finance law to favor themselves, suborned the famously independent Indian Electoral Commission, and even intimidated the Supreme Court into letting them get away with it. 

The opposition, though, managed to find ways to compete even under unfair circumstances. Strategic coordination between them helped consolidate resources and ameliorate the BJP cash advantage. Direct voter outreach like the yatra helped circumvent BJP dominance in the national media.

To be clear, the opposition still did not win a majority. Modi will have a third term in office, likely thanks in large part to the ways he rigged the system in his favor.

Yet there is no doubt that the opposition deserves to celebrate. Modi’s power has been constrained and the myth of his invincibility wounded, perhaps mortally. Indian voters, like those in Brazil and Poland before them, have dealt a major blow to their homegrown authoritarian faction.

And that is something worth celebrating.

-via Vox, June 7, 2024.

[reportwire]

GDP growth Q2 FY23: How Indian economy is likely to perform; what to expect

GDP growth Q2 FY23: How Indian economy is likely to perform; what to expect

GDP data for Q2: India’s gross domestic product (GDP) data for Q2 (July-September) 2022-23 is scheduled to be out on Wednesday. Analysts and economists have predicted that the GDP growth would be in the range of 5.8 per cent to 7.2 per cent in the second quarter, which will be lower than Q1 numbers. The GDP growth was 13.5 per cent in Q1 (April-June period) of the current fiscal (2022-23).…

[probablyasocialecologist]

In international development circles, most people are familiar with the World Bank’s data showing that extreme poverty has declined dramatically over the past several decades, from 43 per cent of the world’s population in 1981 to less than 10 per cent today. This narrative is based on the World Bank’s method of calculating the share of people who live on less than $1.90 per day (in 2011 “PPP” terms). But a growing body of literature argues that the World Bank’s PPP-based method suffers from a major empirical limitation, in that it does not account for the cost of meeting basic needs in any given context (see here, here and here). Having more than $1.90 PPP does not guarantee that a person can afford the specific goods and services that are necessary for survival. In recent years, scholars have developed a more accurate method for measuring extreme poverty, by comparing people’s incomes to the prices of essential goods in each country (specifically food, shelter, clothing and fuel). This approach is known as the “basic needs poverty line” (BNPL), and it more closely approximates what the original concept of “extreme poverty” was intended to measure. 

[...]

Extreme poverty is not a natural condition, but a sign of severe dislocation. Historical data on real wages since the 15th century indicates that under normal conditions, across different societies and eras, people are generally able to meet their subsistence needs except during periods of severe social displacement, such as famines, wars, and institutionalised dispossession, particularly under European colonialism. What is more, BNPL data shows that many countries have managed to keep extreme poverty very close to zero, even with low levels of GDP per capita, by using strategies such as public provisioning and price controls for basic essentials. In other words, extreme poverty can be prevented much more easily than most people assume. Indeed, it need not exist at all. The fact that it persists at such high levels today indicates that severe dislocation is institutionalised in the world economy – and that markets have failed to meet the basic needs of much of humanity. To address this problem, and to end extreme poverty – the first objective of the Sustainable Development Goals – will require public planning to prioritise the production of, and guarantee access to, the specific goods and services that people need to live decent lives.

[metamatar]

One of the world’s top arms exporters, Israel exports annually as much as $7 billion worth of military technology, or 2.2 percent of its Gross Domestic Product. An additional 1.35 percent of GDP is dedicated to military research and development, and 6.7 percent is spent on its defense budget— the world’s second largest military budget as a percentage of GDP after Saudi Arabia. All told, 10.25 percent of the Israeli economy is involved directly in arms. Comparatively, for the United States, the world’s top weapons exporter, arms account for around 3.7 percent of its economy. Israel is actually the world’s largest arms supplier per capita, according to data from the Stockholm International Peace Research Institute and the World Bank, at ninety-eight dollars; it is followed by a distant Russia at fifty-eight dollars, and Sweden at fifty-three dollars.

These figures do not include the contribution from natural resources exploited under occupation in the West Bank and Gaza.50 They do not factor in the service sector’s revenue or general industry and construction taking place in the West Bank. Such figures are difficult to quantify, since many companies operate in the West Bank but have offices in Tel Aviv to obscure where operations take place. Nor does this account for Israeli exports into the Occupied Territories, which are 72 percent of Palestinian imports and 0.16 percent of Israeli GDP. All told, the Israeli economy is deeply involved in a web of expenditure and profit around the ongoing occupation and expansion of settlements.

American military aid supplanting open-ended government grants has had the effect of increasing arms production and diminishing the overall economic reach of the state. No longer is foreign aid and imperialist incentive directly invested in the working class. Israeli workers are now rewarded through the arms economy. This is why, despite the lack of social mobility and the economic degradation of neoliberalism, the working class remains committed as ever to Zionism.

The working class has become dependent on the education, housing, and career opportunities that their participation in the IDF affords them. They have found routes for advancement in the military-fueled high-tech industry, with over 9 percent of workers concentrated in high-tech. And as pensions and real wages are eroded, the cheaper cost of settlement living in the Occupied Territories has become essential.

[feminist-space]

Wear a mask (respirators like N95s or KN95s or KF94s), especially in healthcare settings, in public transportation, in crowded places. Long covid has severe consequences that, coupled with the dystopian nightmare that is everything else, can be devastating. It's worth it to at least try to take steps to stay safe by wearing a mask. For ourselves and for the people around us.

If you need help getting masks, there are mask blocs throughout the country that you can reach out to. And Project N95 also has resources for those who cannot afford N95 etc respirators.

Excerpts from article:

"About one in four Covid patients experience long-term symptoms weeks or months after getting infected, according to multiple studies published last year."

"A May study from the Washington University School of Medicine in St. Louis found that both unvaccinated and vaccinated people are at risk of long Covid. The risk is higher for the unvaccinated, but the study suggested that vaccines only reduce the risk of long Covid by 15%."

"The report estimates that 2 million to 4 million of those people are currently out of work due to long Covid."

"If 4 million long Covid patients are out of work, the lost earnings could be as high as $230 billion, the report says.

That’s nearly 1% of the country’s current-dollar gross domestic product (GDP) of $24.88 trillion."

"The condition can undeniably impact a patient’s life, work and health. Last year, the Americans with Disabilities Act labeled long Covid a disability because of how it can limit the major life activities of patients.

A July 2021 study from the Patient-Led Research Collaborative measured the condition’s effect on patients’ work over the course of seven months. Only about 27% of long Covid patients worked as many hours as they did before failing ill. Roughly 23% weren’t working at all, as a direct result of long Covid. That included being on sick leave, disability leave, quitting, being fired or being unable to find a job that would accommodate them."

[mapsontheweb]

GDP nominal per capita (in US dollars) in Europe (2021) compared to its percentage change from 2020 to 2021, data from World Bank

Source is here: https://data.worldbank.org/indicator/NY.GDP.PCAP.CD?most_recent_value_desc=true&view=map

by GeographerJX3/reddit

[mariacallous]

MYKOLAIV, UKRAINE—Kateryna Nahorna is getting ready to find trouble.

Part of an all-female team of dog handlers, the 22-year-old is training Ukraine’s technical survey dogs—Belgian Malinois that have learned to sniff out explosives.

The job is huge. Ukraine is now estimated to be the most heavily mined country on Earth. Deminers must survey every area that saw sustained fighting for unexploded mines, missiles, artillery shells, bombs, and a host of other ordnance—almost 25 percent of the country, according to government estimates.

The dogs can cover 1,500 square meters a day. In contrast, human deminers cover 10 square meters a day on average—by quickly narrowing down the areas that manual deminers will need to tackle, the dogs save valuable time.

“This job allows me to be a warrior for my country … but without having to kill anyone,” said Nahorna. “Our men protect us at war, and we do this to protect them at home.”

A highly practical reason drove the women’s recruitment. The specialized dog training was done in Cambodia, by the nonprofit Apopo, and military-aged men are currently not allowed to leave Ukraine.

War has shaken up gender dynamics in the Ukrainian economy, with women taking up jobs traditionally held by men, such as driving trucks or welding. Now, as mobilization ramps up once more, women are becoming increasingly important in roles that are critical for national security.

In Mykolaiv, in the industrial east, Nahorna and her dogs will soon take on one of the biggest targets of Russia’s military strategy when they start to demine the country’s energy infrastructure. Here, women have been stepping in to work in large numbers in steel mills, factories, and railways serving the front line.

It’s a big shift for Ukraine. Before the war, only 48 percent of women over age 15 took part in the workforce — one of the lowest rates in Europe. War has made collecting data on the gender composition of the workforce impossible, but today, 50,000 women serve in the Ukrainian army, compared to 30,000 before the war.

The catalyst came in 2017, years before the current war began. As conflict escalated with Russia in Crimea, the Ukrainian government overturned a Soviet-era law that had previously banned women from 450 occupations.

But obstacles still remain; for example, women are not allowed jobs the government deems too physically demanding. These barriers continue to be chipped away—most recently, women have been cleared to work in underground mines, something they were prevented from doing before.

Viktoriia Avramchuk never thought she would follow her father and husband into the coal mines for DTEK, Ukraine’s largest private energy company.

Her lifelong fear of elevators was a big factor—but there was also the fact that it was illegal for women to work underground.

Her previous job working as a nanny in a local kindergarten disappeared overnight when schools were forced to close at the beginning of the war. After a year of being unemployed, she found that she had few other options.

“I would never have taken the job if I could have afforded not to,” Avramchuk said from her home in Pokrovsk. “But I also wanted to do something to help secure victory, and this was needed.”

The demining work that Nahorna does is urgent in part because more than 55 percent of the country is farmed.

Often called “the breadbasket of Europe,” Ukraine is one of the world’s top exporters of grain. The U.K.-based Tony Blair Institute for Global Change, which has been advising the Ukrainian government on demining technology, estimates that landmines have resulted in annual GDP losses of $11 billion.

“Farmers feel the pressure to plow, which is dangerous,” said Jon Cunliffe, the Ukraine country director of Mines Advisory Group (MAG), a British nonprofit. “So we need to do as much surveying as possible to reduce the size of the possible contamination.”

The dogs can quickly clear an area of heavy vegetation, which greatly speeds up the process of releasing noncontaminated lands back to farmers. If the area is found to be unsafe, human deminers step in to clear the field manually.

“I’m not brave enough to be on the front line,” 29-year-old Iryna Manzevyta said as she slowly and diligently hovered a metal detector over a patch of farmland. “But I had to do something to help, and this seemed like a good alternative to make a difference.”

Groups like MAG are increasingly targeting women. With skilled male deminers regularly being picked up by military recruiters, recruiting women reduces the chances that expensive and time-consuming training will be invested in people who could be drafted to the front line at a moment’s notice. The demining work is expected to take decades, and women, unlike men, cannot be conscripted in Ukraine.

This urgency to recruit women is accelerating a gender shift already underway in the demining sector. Organizations like MAG have looked to recruit women as a way to empower them in local communities. Demining was once a heavily male-dominated sector, but women now make up 30 percent of workers in Vietnam and Colombia, around 40 percent in Cambodia, and more than 50 percent in Myanmar.

In Ukraine, the idea is to make demining an enterprise with “very little expat footprint,” and Cunliffe said that will only be possible by recruiting more women.

“We should not be here in 10 years. Not like in Iraq or South Sudan, where we have been for 30 years, or Vietnam, or Laos,” Cunliffe said. “It’s common sense that we bring in as many women as we can to do that. In five to 10 years, a lot of these women are going to end up being technical field managers, the jobs that are currently being done by old former British military guys, and it will change the face of demining worldwide because they can take those skills across the world.”

Manzevyta is one of the many women whose new job has turned her family dynamics on their head. She has handed over her previous life, running a small online beauty retail site, to her husband, who—though he gripes—stays at home while she is out demining.

“Life is completely different now,” she said, giggling. “I had to teach him how to use the washing machine, which settings to use, everything around the house because I’m mostly absent now.”

More seriously, Manzevyta said that the war has likely changed many women’s career trajectories.

“I can’t imagine people who have done work like this going back and working as florists once the war is over,” she laughed.

[zvaigzdelasas]

Clean energy contributed a record 11.4tn yuan ($1.6tn [USD]) to China’s economy in 2023, accounting for all of the growth in investment and a larger share of economic growth than any other sector. The new sector-by-sector analysis for Carbon Brief, based on official figures, industry data and analyst reports, illustrates the huge surge in investment in Chinese clean energy last year – in particular, the so-called “new three” industries of solar power, electric vehicles (EVs) and batteries. Solar power, along with manufacturing capacity for solar panels, EVs and batteries, were the main focus of China’s clean-energy investments in 2023, the analysis shows.[...]

Clean-energy investment rose 40% year-on-year to 6.3tn yuan ($890bn), with the growth accounting for all of the investment growth across the Chinese economy in 2023.

China’s $890bn investment in clean-energy sectors is almost as large as total global investments in fossil fuel supply in 2023 – and similar to the GDP of Switzerland or Turkey.

Including the value of production, clean-energy sectors contributed 11.4tn yuan ($1.6tn) to the Chinese economy in 2023, up 30% year-on-year.

Clean-energy sectors, as a result, were the largest driver of China’ economic growth overall, accounting for 40% of the expansion of GDP in 2023.[...]

The surge in clean-energy investment comes as China’s real-estate sector shrank for the second year in a row. This shift positions the clean-energy industry as a key part not only of China’s energy and climate efforts, but also of its broader economic and industrial policy.[...]

The growing importance of these new industries gives China a significant economic stake in the global transition to clean-energy technologies.[...]

In total, clean energy made up 13% of the huge volume of investment in fixed assets in China in 2023, up from 9% a year earlier.[...]

The major role that clean energy played in boosting growth in 2023 means the industry is now a key part of China’s wider economic and industrial development.[...]

Solar was the largest contributor to growth in China’s clean-technology economy in 2023. It recorded growth worth a combined 1tn yuan of new investment, goods and services, as its value grew from 1.5tn yuan in 2022 to 2.5tn yuan in 2023, an increase of 63% year-on-year. While China has dominated the manufacturing and installations of solar panels for years, the growth of the industry in 2023 was unprecedented.[...]

An estimated 200GW was added across the country during 2023 as a whole, more than doubling from the record of 87GW set in 2022[...]

China experienced a significant increase in solar product exports in 2023. It exported 56GW of solar wafers, 32GW of cells and 178GW of modules in the first 10 months of the year, up 90%, 72% and 34% year-on-year respectively [...] However, due to falling costs, the export value of these solar products only increased by 3%.

Within the overall export growth there were notable increases in China’s solar exports to countries along the “belt and road”, to southeast Asian nations and to several African countries.[...]

China installed 41GW of wind power capacity in the first 11 months of 2023, an increase of 84% year-on-year in new additions. Some 60GW of onshore wind alone was due to be added across 2023[...]

In addition, offshore wind capacity increased by 6GW across the whole of 2023.[...]

By the end of 2023, the first batch of “clean-energy bases” were expected to have been connected to the grid, contributing to the growth of onshore wind power, particularly in regions such as Inner Mongolia and other northwestern provinces. The second and third batches of clean-energy bases are set to continue driving the growth in onshore wind installations. The market is also being driven by the “repowering” of older windfarms, supported by central government policies promoting the model of replacing smaller, older turbines with larger ones.[...]

Despite technological advancements reducing costs, increases in raw material prices have resulted in lower profit margins compared to the solar industry[...]

China’s production of electric vehicles grew 36% year-on-year in 2023 to reach 9.6m units, a notable 32% of all vehicles produced in the country. The vast majority of [B]EVs produced in China are sold domestically, with sales growing strongly despite the phase-out of purchase subsidies announced in 2020 and completed at the end of 2022.[...]

Sales of [B]EVs made in China reached 9.5m units in 2023, a 38% year-on-year increase. Of this total, 8.3m were sold domestically, accounting for one-third of Chinese vehicle sales overall, while 1.2m [B]EVs were exported, a 78% year-on-year increase.[...]

China’s EV market is highly competitive, with at least 94 brands offering more than 300 models. Domestic brands account for 81% of the EV market, with BYD, Wuling, Chery, Changan and GAC among the top players.[...]

The analysis assumes that EVs accounted for all of the growth in investment in vehicle manufacturing capacity [...] while investment in conventional vehicles was stable[...]

Meanwhile, EV charging infrastructure is expanding rapidly, enabling the growth of the EV market. In 2022, more than 80% of the downtown areas of “first-tier” cities – megacities such as Beijing, Shanghai and Guangzhou – had installed charging stations, while 65% of the highway service zones nationwide provided charging points.

More than 3m new charging points were put into service during 2023, including 0.93m public and 2.45m private chargers. The accumulated total by November 2023 reached 8.6m charging points.[...]

China is rapidly scaling up electricity storage capacity. This has the potential to significantly reduce China’s reliance on coal- and gas-fired power plants to meet peaks in electricity demand and to facilitate the integration of larger amounts of variable wind and solar power into the grid. The construction of pumped hydro storage capacity increased dramatically in the last year, with capacity under construction reaching 167GW, up from 120GW a year earlier.[...]

Data from Global Energy Monitor identifies another 250GW in pre-construction stages, indicating that there is potential for the current surge in capacity to continue.

Construction of new battery manufacturing capacity was another major driver of investments, estimated at 0.3tn [yuan].[...]

Investment in electrolysers for “green” hydrogen production almost doubled year-on-year in 2023, reaching approximately 90bn yuan, based on estimates for the first half of the year from SWS Research. [...]

China’s ministry of transportation reported that investment in railway construction increased 7% in January–November 2023, implying investment of 0.8tn for the full year. This includes major investments in both passenger and freight transport. Investment in roads fell slightly, while investment in railways overall grew by 22%. The share of freight volumes transported by rail in China has increased from 7.8% in 2017 to 9.2% in 2021, thanks to the rapid development of the railway network. In 2022, some 155,000km of rail lines were in operation, of which 42,000km were high-speed. This is up from 146,000km of which 38,000km were high-speed in 2020.[...]

In 2023, 10 nuclear power units were approved in China, exceeding the anticipated rate of 6-8 units per year set by the China Nuclear Energy Association in 2020 for the second year in a row. There are 77 nuclear power units that are currently operating or under construction in China, the second-largest total in the world. The total yearly investment in 2023 was estimated for this analysis at 87bn yuan, an increase of 45% year-on-year[...]

State Grid, the government-owned operator that runs the majority of the country’s electricity transmission network, has a target to raise inter-provincial power transmission capacity to 300GW by 2025 and 370GW by 2030, from 230GW in 2021. These plans play a major role in enabling the development of clean energy bases in western China. China Electricity Council reported investments in electricity transmission at 0.5tn yuan in 2023, up 8% on year – just ahead of the level targeted by State Grid.[...]

China’s reliance on the clean-technology sectors to drive growth and achieve key economic targets boosts their economic and political importance. It could also support an accelerated energy transition. The massive investment in clean technology manufacturing capacity and exports last year means that China has a major stake in the success of clean energy in the rest of the world and in building up export markets. For example, China’s lead climate negotiator Su Wei recently highlighted that the goal of tripling renewable energy capacity globally, agreed in the COP28 UN climate summit in December, is a major benefit to China’s new energy industry. This will likely also mean that China’s efforts to finance and develop clean energy projects overseas will intensify.

Globally, China’s unprecedented clean-energy manufacturing boom has pushed down prices, with the cost of solar panels falling 42% year-on-year – a dramatic drop even compared to the historical average of around 17% per year, while battery prices fell by an even steeper 50%. This, in turn, has encouraged much faster take-up of clean-energy technologies.[...]

The clean-technology investment boom has provided a new lease of life to China’s investment-led economic model. There are new clean-energy technologies where there is scope for expansion, such as [Hydrogen] electrolysers.

Mind-blowing is the only word for it rly [25 Jan 24]

[centrally-unplanned]

remember when the trump admin/paul ryan tried doing entitlement reform and it went nowhere? that was pretty funny

Oh yeah, I remember! Voters didn't, obviously, sucks for them I guess. I currently lean towards Trump having "learned his lesson" combined with him being economically illiterate such that the current admin won't repeat that mistake - they will keep middle class welfare, and instead just cut taxes anyway and expand the deficit, while using cuts in aid to the poor and tariffs to "plug the revenue gap" in at least a branding sort of way. Bad for the country obviously, but maybe it will be easier electorally.

Paul Ryan is always amusing to me as a deeply pathetic political figure. The dumb man's smart guy, he was culmination of Bush-era Republicanism right as it was dying away - still fanatically devoted to tax cuts as the north star of all political ambition, still interested in the veneer of being a responsible elder statesman, but now part of a party that absolutely could not be bothered with the actual requirements of the latter. So he would go through all of this rigmarole of making "serious" budget proposals that were built on completely fabricated data like massively inflated GDP growth or magical efficiency gains in spending to show how his proposals would be deficit neutral, just for them to be shot down.

Then first the tea party, and later Trump comes along and goes "my dude, no one gives a shit about any of that. What are you doing? Even your lies reek of nerdy loserdom", and over time he is simply discarded. Now he does all the non-jobs retired politicos get; board member here, non-profit senior advisor there, etc. Fake responsibilities for a fake man; someone who wore the mask so long he can't even remember his face.

Hilarious that, relative to the current crop, I kinda miss him.