In March, Premier Li Keqiang named semiconductors as the top priority of the 10 industries China wants to foster in its “Made in China 2025” initiative. But China’s ambitions were already clear in 2014 when it launched the National Integrated Circuit Industry Investment Fund — better known as the Big Fund — in 2014 with 138 billion yuan ($21.9 billion) in seed capital, which it hoped would turbocharge investment from local governments and the private sector. Source Asian Review
Jay Powell, the Federal Reserve Chairman, has banned any public appearances by any member of the Fed, Cockburn hears. Appearances at conferences have been canceled, all scheduled interviews have been abandoned and any comments on or off the record are outlawed. Source spectator.us
India’s passenger vehicle industry suffered its worst sales performance in nearly 19 years in July as a slowing economy, higher ownership costs and floods in some states deterred buyers. Source Live Mint
- On Wednesday the U.S. Department of Commerce added China General Nuclear Power Group, the nation’s largest state-owned nuclear company, to the “entity list.”
- That means American companies are now barred from selling products to any company on that has been blacklisted.
- Beijing responded by saying that “most Chinese companies have already prepared for the worst since the onset of the trade war.” Source CNBC
