Podcast Summary
China sets cautious 5% growth target for 2023, manages local spending through bonds: China sets a conservative economic growth target for 2023 at 5%, while Beijing carefully manages local government spending through special purpose bonds.
China's economic growth target for 2023 is set at a cautious 5%, which is lower than expected, and Beijing is carefully managing local government spending through special purpose bonds. Meanwhile, Huawei is trying to regain influence in Malaysia's 5G network market as the new government reviews previous contracts. Protests in Israel involve a diverse range of people, including former security chiefs and central bank chiefs, making it the biggest protest in years. Lastly, US President Joe Biden is expected to deliver his first presidential veto.
China's Military Spending Rises Faster Than Economic Growth Target, Israel Faces Judicial Reforms Protests: China's military spending increases at a faster rate than its economic growth target, raising concerns for potential wars. Israel faces protests against proposed judicial reforms, highlighting opposition to perceived judicial overreach.
China's military spending is increasing at a faster rate than its economic growth target, with defense budgeted to rise by more than 7%. This is not surprising but raises concerns, as Li Keqiang has explicitly stated the need for the Chinese army to prepare for potential wars. In contrast, Israel has seen significant protests against proposed judicial reforms, which aim to curb the power of the judiciary as some believe it has overstepped its bounds and pushed a partisan agenda. These protests have drawn record numbers of people from various sectors, highlighting the widespread opposition to the reforms.
Israeli judicial reforms seen as threat to democratic system: Ultranationalist government may pass laws impacting secular Israelis and Palestinians, particularly on religion and West Bank, but reforms are unpopular among population
The Israeli government's judicial reforms, which include giving the government control over judicial appointments and making it harder for the top court to strike down legislation, are seen as a threat to the democratic system. With no second house of parliament or presidential veto powers, the top court serves as a crucial check on government action. Secular Israelis and Palestinians have expressed concerns that a right-wing government, which contains ultranationalist settlers in key positions, could pass laws with wide-ranging impacts on their lives, particularly in terms of religion in society and the future of the West Bank. Despite the increasing conservatism in Israeli society, polls suggest that these specific reforms are unpopular among the population.
Political tensions over judicial reforms and ESG investing: Israel's proposed judicial reforms raise concerns, while US Republicans push against ESG investing, but these efforts may face significant opposition
There are ongoing political tensions surrounding judicial reforms in Israel and social issues like Environmental, Social, and Governance (ESG) investing in the US. In Israel, the proposed judicial reforms have raised concerns about a power grab and lack of checks and balances. In contrast, in the US, Republican lawmakers are pushing against ESG investing, viewing it as a cultural issue and a way to appeal to their base. However, these legislative efforts may face significant opposition, with President Biden planning to veto the anti-ESG bill and Democrats still holding the Senate with the power to block Republican initiatives. Overall, these political developments highlight ongoing debates and power struggles in both countries.
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