The impact of the US’ latest interest rate hikes is now being reflected in global trade, as exporters said container shipping rates have fallen by 70 percent compared with a year earlier – indicating weaker consumer demand and dimmer global economic prospects amid a range of global uncertainties.
As the world economy is mired in a confluence of crises from energy shortages to sky-high inflation to recessionary pressure in major economies, global attention is focused on the Chinese economy, the main driving force of global growth, ahead of the upcoming 20th National Congress of the Communist Party of China (CPC) scheduled for mid-October, which is envisaged to illuminate the road ahead for the world s second-largest economy in the coming years and even decades.
In A Tale of Two Cities, Charles Dickens famously wrote, "It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness, it was the epoch of belief, it was the epoch of incredulity, it was the season of Light, it was the season of Darkness, it was the spring of hope, it was the winter of despair.."
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