Top Links 940 China's export surge. Baby Lenin, involution & Accenture the mega consultancy.

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MARIO SIRONI Bozzetto manifesto Fiat Balilla

Since Covid Chinese exports and imports have decoupled.

Before the COVID-19 pandemic, Chinese exports and imports tended to move in tandem. Since then, however, a clear decoupling has taken place: goods exports have risen well above their pre-pandemic trend, while goods imports have stagnated below their 2021 level.

Source: European Central Bank

Since winding down the Chinese coal industry is one of the key challenges facing global decarbonization, it is very good news that rationalization and closures have already halved the Chinese coal mining workforce.

Source: China Statistical Yearbook

Foreign holdings of dollar and euro assets.

Source: European Central Bank

Involution in China

Notorious practices such as the “996” work system, long criticized in public discourse, also saw no improvement this year.[1] In January, the well-known short video platform Kuaishou was exposed for implementing an “11.5-hour work system,” requiring employees to work at least 11.5 hours after clocking in before they could clock out. In May, Qu Jing, head of Baidu’s public relations department, sparked public outrage with statements on Douyin such as “when employees threaten to resign over a break-up, I immediately approve it,” and noting that employees are expected to keep their phones on 24 hours a day. This led to widespread disgust with Baidu’s corporate culture and a temporary drop in its stock price, ultimately ending with Qu Jing leaving the company. In June, CATL exhorted its employees to “strive for 100 days” under a “896” work system [8.am. to 9 p.m. six days a week]. The issue of excessive overtime in the automotive industry also drew attention. According to explosive allegations made by industry insiders, Tesla factories have long operated on a 12-hour system, reducing pay for anyone working shorter hours, while NIO employees reported working 500 hours of overtime in six months without receiving any overtime pay. Digital work saw similar trends. On June 27^th, a female livestream host suddenly fainted during a broadcast on a channel for the brand Chicecream, drawing public concern. Follow-up reports stated that she had already been feeling unwell due to her menstrual cycle and was working while sick. The company later stated that the host had sought medical attention. This incident reflects the severe conditions of overwork still prevalent among livestream hosts.

NIO calls on