China Boosts Military Spending Despite Economic Headwinds

WSJ What’s News

The Wall Street Journal

News, Daily News

4.1 • 4.2K Ratings

🗓️ 6 March 2023

⏱️ 15 minutes

🔗️ Recording | iTunes | RSS

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Summary

A.M. Edition for March 6. China’s government has announced plans to accelerate its military buildup as tensions rise with the U.S. and its allies over Taiwan. WSJ China bureau chief Jonathan Cheng says that spending target signals President Xi Jinping’s focus on upgrading China’s defense forces, even as the country sets conservative growth goals amid challenges in the domestic and global economy. Plus, as ATMs gradually disappear, how far away is a cashless society? Luke Vargas hosts. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	The scientists of today are creating the next big thing.
0:04.6	On the Wall Street Journal's future of everything podcast, get an early listen to what tomorrow
0:08.9	has in store.
0:10.9	Find us wherever you get your podcasts.
0:20.1	Rising interest rates dent U.S. home sales and manufacturing activity.
0:25.1	Plus China sets its lowest economic growth target in decades.
0:29.5	There are structural imbalances in the economy and they want to address them and therefore it's
0:34.4	not just about growth at all costs.
0:37.5	And as ATMs keep disappearing, how far away is a cashless society.
0:43.6	It's Monday March 6th.
0:44.8	I'm Luke Vargas with the Wall Street Journal and here's the AM edition of What's News,
0:49.9	the Top Headlines and Business Stories, Moving Your World Today.
1:01.4	The U.S. manufacturing sector is showing new signs of weakness after two years of strong
1:07.0	growth.
1:08.2	According to the Institute for Supply Management, new orders for manufactured goods have now
1:13.2	contracted for six straight months through February.
1:17.4	New reserve data also shows that manufacturing output is down 11.7% from its post pandemic
1:24.5	peak.
1:25.8	The Fed's aggressive interest rate hikes have pushed up the cost of borrowing for big ticket
1:30.7	items like washing machines and power tools and that is resulting in a sharp pullback
1:35.8	in several manufacturing sectors.
1:38.9	Despite accounting for a small share of GDP, manufacturing has historically been an early
	...

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