November 18, 2013: More new policy from China!
And happy Monday morning from an unseasonably warm Washington, DC. Last week brought news of the Chinese government’s third plenary meeting, where communist party bigwigs, chiefed by President Xi Jinping, huddled to discuss the policy plans for Xi’s decade at the helm of the world’s most populous country and second-largest economy. The early reports on economic reform were pretty underwhelming, … but now more details of what China has planned are available, and markets in that country are jazzed:
Beijing's plan calls for opening its financial markets and promoting greater foreign investment. The document also hints at changes in how companies file for stock market listings, the introduction of a bank deposit insurance scheme and an acceleration of interest rate liberalization. The roadmap seeks to roll back government control of state-owned enterprises and allow for greater competition with private firms.
Also, the Chinese government is notably easing its notorious one-child policy. Lots of stuff happening in the Middle Kingdom these days.
Elsewhere around the ol’ web:
Since it’s Monday morning, and Mondays are the worst, let’s start with some happy news? The only remaining flatware manufacturer in the United States emerged from bankruptcy earlier this month. According to Rick Moriarty at the Syracuse Post Standard, Sherrill Manufacturing has a new business model. That’s legit. If you’re looking for some eating utensils in advance of your holiday parties, you now know where to go: Sherrill’s new brand, Liberty Tabletop.
Another chapter in the sordid tale of the Trans-Pacific Partnership: Treasury Secretary Jack Lew just returned from a five country tour of Asia where he rallied support for the pact, but maybe he should have put that work in at home. Ian Talley and William Mauldin of the Wall Street Journal report:
The trade issue boiled over on Capitol Hill, where lawmakers backed by the U.S. automobile industry called on the Obama administration to include penalties for countries that are shown to have used their currencies to gain a competitive edge. Detroit auto makers say their Japanese competitors unfairly benefit from Tokyo's policy of keeping the yen weak, a charge the Japanese deny.
The new outcry means chances are fading for the trade negotiations to reach a speedy conclusion, according to experts and former trade officials. U.S. officials still hope to finish the pact, whose goal is to expand trade among 12 countries around the Pacific Ocean, by year's end.
Side note: Imagine if the administration took its alleged commitment to 1 million manufacturing jobs as seriously as it takes its commitment to brokering this trade deal. Many more people may have jobs right now.
In Chicago? Stop by Fabtech Expo and say hi.
And don’t forget
There’s more to the monthly jobs report than just numbers. There are people behind the data, and their stories deserve to be heard. Do you have one to tell? Have you – or your friends, family, or neighbors – started looking for work recently? Have you stopped? Send in your jobs report to info [at] aamfg [dot] org, tweet it to us at @keepitmadeinUSA, or contact us via Facebook. And read the ever-updating report right here.
Happy Monday, America.
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