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Behind the Veil: As China’s Economy Falters, Key Data Vanishes from Public View
Behind the Veil: As China’s Economy Falters, Key Data Vanishes from Public View China’s economy is facing increasing scrutiny, not just for its sluggish performance but for how little is now known about it. In a sharp departure from the past, Beijing has stopped publishing hundreds of key statistics that were once crucial to understanding the health of the world’s second-largest economy. From land sales and foreign investment to unemployment and even soy sauce production, swaths of data once available to researchers, economists, and investors have simply disappeared. “This is not just about numbers—it’s about narrative control,” said one analyst familiar with China’s data practices. According to a Wall Street Journal analysis, the missing statistics now number in the hundreds, and most of them have vanished without explanation. The absence coincides with growing signs of distress in China’s economy: spiraling debt, a real estate sector in decline, and rising joblessness. Even the National Bureau of Statistics has grown more opaque. When an anonymous user on its website questioned the disappearance of certain urban unemployment figures, the bureau responded only that the ministry responsible for the data had ceased sharing it. The timing of this blackout is critical. As the U.S.-China trade war bites deeper into China’s export-dependent industries and global economic growth wavers, transparent economic data has become more essential—and more elusive. China’s GDP growth figures have long been met with skepticism. In 2023, the government reported 5.2% growth and in 2024, exactly 5%, matching its official target. But analysts have raised serious doubts. Many believe the real number could be 2 to 3 percentage points lower. “It would have been more credible if authorities had released something lower,” one economist told the Journal, pointing out that other indicators like retail sales and construction painted a gloomier picture. Some institutions have begun turning to indirect measurements to paint a clearer picture. Economists use satellite imagery to track nighttime lights, monitor electricity use at cement factories, and even analyze Baidu’s mapping data to estimate business activity. One researcher resorted to tallying news stories about gym and beauty salon owners vanishing with prepaid customer money as a proxy for economic distress. Concerns about the reliability of official data are nothing new. In 2007, former Premier Li Keqiang privately told the U.S. ambassador that provincial GDP figures were “man-made” and unreliable, preferring to track electricity consumption, rail freight, and bank loans. “Official GDP figures were ‘for reference only,’” he said, according to a leaked diplomatic cable. The disconnect between official figures and reality has never been more stark. In 2024, Goldman Sachs used import data as a proxy for domestic consumption and estimated actual growth at 3.7%. Rhodium Group, a U.S.-based research firm, put it even lower—at just 2.4%. Gao Shanwen, a prominent economist at the state-run SDIC Securities, publicly estimated that growth “might be around 2%” in recent years. He was swiftly disciplined and banned from speaking publicly. The Securities Association of China later reminded brokerages to ensure their analysts “play a positive role” in supporting investor confidence. Efforts to shape perception have become more forceful. In August 2023, as youth unemployment soared and viral posts showed jobless graduates sprawled on sidewalks in silent protest, the government abruptly halted the publication of the youth jobless rate after it hit a record 21.3%. Economist Zhang Dandan had estimated the real figure might be 46.5%. When a new series was introduced five months later, it showed just 14.9%—excluding nearly 62 million full-time students. Economists were baffled, noting that international standards typically count students seeking work as unemployed. Perhaps most telling was the reaction to an investor exodus in early 2024. As the economy faltered and $2 billion in foreign capital fled Chinese equities, Shanghai and Shenzhen stock exchanges stopped releasing real-time data on foreign inflows and outflows. They claimed the move aligned with “international practices,” even as the CSI 300 index slid for four straight months. For a country facing mounting internal and external pressures, maintaining an image of stability has become paramount. But in doing so, China has obscured the economic picture precisely when the world—and its own citizens—need clarity most. Adpated by ASEAN Now from Wall Street Journal 2025-05-06 -
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Australia Launches World’s Largest Battery-Electric Ship in Maritime Milestone
Australia Launches World’s Largest Battery-Electric Ship in Maritime Milestone In a moment hailed as a transformative step for green transportation, Australia this week unveiled the world’s largest battery-powered ship. The vessel, named Incat Hull 096, was launched from the Incat Tasmania shipyard in Hobart, drawing hundreds of onlookers who gathered to witness what is being called a breakthrough in sustainable maritime engineering. “This is a historic day – not just for Incat, but for the future of maritime transport,” declared Robert Clifford, chairman of Incat Tasmania, during the unveiling ceremony. His words underscored the gravity of the achievement, which he described as the most ambitious and significant project the company has taken on in its four-decade history. “We’ve been building world-leading vessels here in Tasmania for more than four decades, and Hull 096 is the most ambitious, most complex, and most important project we’ve ever delivered. This ship changes the game,” he said. The vessel was commissioned by Buquebus, a South American ferry operator, and will serve as a link between Buenos Aires, Argentina, and Uruguay. Measuring 426 feet in length, Hull 096 has the capacity to transport up to 2,100 passengers and 225 vehicles across the Rio de la Plata — all powered by electricity alone. Eight electric-driven water jets propel the ship, which also holds the title of the world’s largest electric vehicle. The battery system onboard is unprecedented in scale, featuring over 551,000 pounds of lithium-ion batteries and a storage capacity exceeding 40 megawatt-hours. This enormous power reserve enables the ship to maintain both speed and efficiency on a commercial scale, marking a shift in what is considered feasible for electric propulsion in large vessels. Incat’s chief executive, Stephen Casey, emphasized the broader implications of the launch. “Hull 096 proves that large-scale, low-emission transport solutions are not only possible, they are ready now,” he said, pointing to the ship as a real-world demonstration of how green technology can scale up to meet global transportation needs. Though the final cost of the ship has not been publicly disclosed, its impact on the industry is already making waves. The ship’s interior is still under construction, with plans for a 7,546-square-foot duty-free retail deck — the largest shopping space ever to be installed on a ferry — further underlining its scale and ambition. As the maritime world looks to decarbonize, Incat Tasmania is positioning itself at the forefront of this evolution. Clifford affirmed the company’s commitment to sustainability beyond this single vessel, stating, “We plan to build as many sustainable ships as possible for the global market, both here in Australia and overseas.” The launch of Hull 096 not only represents a technical feat but also sets a precedent for the future of sea travel, merging high-capacity transportation with zero-emission technology in a way that until now was largely theoretical. Adpated by ASEAN Now from NYP 2025-05-06 -
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Putin Expresses Hope to Avoid Nuclear Option in Ukraine as War Drags On
Putin Expresses Hope to Avoid Nuclear Option in Ukraine as War Drags On Russian President Vladimir Putin has said he hopes there will be no need to resort to nuclear weapons in Ukraine, even as he insisted that Russia possesses the strength and resources to bring the conflict to its “logical conclusion.” The comments, published Sunday, came during a state television documentary commemorating Putin’s 25 years in power. Putin, who launched a full-scale invasion of Ukraine in February 2022, triggering the largest ground war in Europe since World War II, described the war as a decisive confrontation with the West. In the televised film titled Russia, Kremlin, Putin, 25 Years, he said: “They wanted to provoke us so that we made mistakes. There has been no need to use those weapons … and I hope they will not be required.” The Russian leader, shown seated beside a portrait of Tsar Alexander III—a symbol of autocratic rule and national strength—declared, “We have enough strength and means to bring what was started in 2022 to a logical conclusion with the outcome Russia requires.” The war has led to hundreds of thousands of casualties, and while Western leaders remain committed to supporting Ukraine, former U.S. President Donald Trump has repeatedly criticized the ongoing conflict. Trump has characterized the war as a proxy struggle between the United States and Russia and has voiced frustration at the lack of progress toward peace. “He wants to end the bloodbath,” his campaign has said, though the Kremlin has dismissed the possibility of rapid peace, citing the complexity of the situation. The invasion has been widely condemned by U.S. President Joe Biden, European leaders, and Ukrainian officials as an imperialist attempt by Russia to reclaim territory and influence. They maintain that Russia must be defeated to preserve Ukraine’s sovereignty and deter further aggression. Putin, however, continues to frame the war as a reaction to decades of Western humiliation, particularly the post-Cold War expansion of NATO into what he views as Russia’s sphere of influence. He sees the war as a historical turning point in Russia’s relations with the West, which he accuses of trying to contain and marginalize Moscow since the fall of the Berlin Wall. Trump, meanwhile, has warned the conflict could spiral into World War III if not resolved, a sentiment echoed by other prominent figures. In late 2022, then-CIA Director William Burns warned of the real possibility that Russia might resort to nuclear weapons—an assertion that Moscow swiftly denied. Putin’s remarks were delivered in the context of a carefully managed state documentary that provided a rare look into his personal life, including scenes of him offering chocolate and fermented milk drinks to Kremlin journalist Pavel Zarubin in his private kitchen. Reflecting on his quarter-century in power, Putin claimed he remains closely connected to the Russian people. “I don’t feel like some kind of politician,” he said. “I continue to breathe the very same air as millions of Russian citizens. It is very important. God willing that it continues as long as possible. And that it doesn’t disappear.” Putin also recounted a moment of vulnerability during the 2002 Nord-Ost theater siege in Moscow, when Chechen militants took over 900 people hostage. He said he knelt in prayer for the first time during that crisis, in which more than 130 hostages died. Now the longest-serving Kremlin leader since Josef Stalin, Putin presides over a deeply polarized Russia. While critics denounce him as a dictator presiding over a corrupt and fragile system, his supporters view him as a stabilizing force who restored national pride after the chaos of the 1990s. Russian pollsters continue to report approval ratings for Putin above 85%, though independent verification is difficult in a tightly controlled media environment. As the war enters its third year, the prospect of peace remains elusive, but Putin’s remarks suggest that while nuclear weapons remain part of Russia’s arsenal, he still views their use as a last resort. Adpated by ASEAN Now from CNN 2025-05-06 -
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Labour Urged to Abandon Tax Pledges to Counter Farage Threat
Labour Urged to Abandon Tax Pledges to Counter Farage Threat Keir Starmer is under mounting pressure to rethink Labour’s core economic pledges after Louise Haigh, the former transport secretary, called on him to abandon restrictions on tax rises in order to tackle what she described as an “existential” threat from Nigel Farage and Reform UK. In a scathing critique following Labour’s disappointing local election results, Haigh argued that the party must urgently reset its economic strategy to win back disillusioned voters. Writing in The Times, she challenged Starmer’s refusal to consider raising income tax, VAT or national insurance, insisting that Labour’s “self-imposed tax rules” are preventing the bold investment necessary to rebuild public trust. “It is now urgent that we develop a vision and a strategy that is confident in our values, sets the terms of the debate and takes the fight to Reform, rather than letting the fight come to us,” she wrote. “That is the only way to hold our perilous coalition together.” Haigh warned that sticking to current plans risked alienating working-class voters and losing further ground to Farage. “I believe the only way to achieve that is through an economic reset, through ripping up our self-imposed tax rules and by a serious programme of investment and reindustrialisation,” she said. “Because Nigel Farage is not wooing these voters with a traditionally right-wing offer.” Haigh resigned from the cabinet in 2024 following revelations about a past fraud offence, but remains a significant voice on Labour’s left. Her intervention reflects growing unrest among MPs who fear the party’s policy stance is failing to resonate with the public. According to Haigh, Labour’s achievements are being overshadowed by unpopular reforms, including means-testing the winter fuel allowance and welfare cuts. “Voters are desperate for change and they’ve sensed from us that we’re not capable or interested in delivering it,” she said. “For my brilliant former cabinet colleagues, it will be just as frustrating as the unpopular policies are drowning out any good they’re achieving.” Health Secretary Wes Streeting acknowledged the rising influence of Reform, saying the party posed a “real threat” to Labour and that a political “realignment” was underway. “It’s not yet clear whether at the next general election it will be Reform or the Conservatives that are Labour’s main challenges, but we’ve got to take that threat seriously,” he said. “We are going at those challenges as hard and fast as we can.” Streeting defended controversial decisions like cutting winter fuel payments, arguing such choices were necessary to fund critical public services. “Every single measure we’ve taken to raise more money for the National Health Service, for example, has not been popular but the reason we’ve done that is because people wouldn’t thank us if we left the NHS rotting in the crisis that we inherited,” he said. Dan Carden, chair of the Blue Labour group, offered a bleak assessment of the party’s standing with working-class voters. “It was the working class that turned its back on Labour last Thursday,” he said. “They understand that the present system is not working in their interests or for their values. People feel abandoned — not just economically, but morally.” Labour backbencher Emma Lewell echoed those concerns, urging a fundamental shift. “The Labour Party doesn’t need to lurch right or left, we need to do what we say we will do and do it in line with our core values and principles of social justice and fairness,” she wrote. In a personal reflection on recent campaigning in Runcorn, Haigh recounted how voters questioned Labour’s commitment to renationalisation. Despite having legislated for rail renationalisation, she found herself unable to convince a sceptical constituent. “Voters are desperate for change and they have sensed from us that we are not capable or interested in delivering it,” she said. Haigh concluded with a stark warning that unless Labour clearly defines its values and confronts the populist appeal of Reform head-on, it risks repeating the Conservative Party’s collapse. “Ultimately, we must be more confident in our own values, not chased off the pitch by Reform,” she said. “As Alastair Campbell said last week: ‘This Labour government’s got to be more Labour, not more anything else.’” Related Topics: Farage’s Political Earthquake Begins to Rattle Britain’s Foundations Labours Blame Game Commences with Reform Results Fallout Adpated by ASEAN Now from The Times 2025-05-06 -
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Why Nigel Farage Could Really Be Prime Minister by 2029
Why Nigel Farage Could Really Be Prime Minister by 2029 For over a decade, Nigel Farage has insisted that British politics is on the verge of a fundamental realignment. Last Thursday, as Reform UK surged in local elections, winning 677 council seats, two mayoralties and a parliamentary by-election, that long-promised realignment began to take form in earnest. And for the first time, the idea of Farage becoming Prime Minister is no longer far-fetched. The key to understanding this shift lies in a single figure: 30 per cent. According to polling expert John Curtice’s BBC analysis, Reform’s support nationally would have hovered around that mark if elections had been held across all of Great Britain. And in the first-past-the-post system, 30 per cent is a magic number. It’s the threshold at which a party, especially in a fractured multi-party landscape, starts to benefit from the system rather than be punished by it. Labour won a commanding majority last year on just 35 per cent of the vote. In a similar scenario, Reform could conceivably do the same. Farage himself declared on Friday, “Today marks the end of two-party politics — it is finished.” But in truth, this moment doesn’t spell the end of the two-party system. Rather, it marks the potential replacement of one of its pillars: the Conservative Party. That’s precisely what has Tory MPs terrified. Reform’s gains came largely at the Conservatives’ expense, with the Tories losing nearly two-thirds of their local councillors. For the first time, Tory MPs are beginning to see Reform not as a protest vehicle or pressure group, but as a real and present threat — one that could unseat them at the next general election. It’s not just Conservative voters that Reform is attracting. The party outperformed Labour in areas such as Runcorn, Hull, Doncaster, and Durham. But Labour retains a core base that would never dream of voting for Farage, whereas the Conservatives lack such insulation. That makes Reform a more immediate danger to the Tories, and Farage knows it. Among those watching the results with a vested interest was Liz Truss. She quickly took to social media to rail against the “leftist, globalist ideology” she claims has captured Britain’s institutions, calling for a crusade against the “unelected state” and praising Farage’s recent electoral success. There’s little doubt she would like to be invited into his camp — Farage even lauded her disastrous 2022 mini-Budget as “the best Conservative Budget since 1986.” Behind the scenes, she’s reportedly been in talks with figures close to Reform about how to “take on the system.” But she is unlikely to receive an invitation. For all his populist bombast, Farage is politically shrewd. He knows that association with someone like Truss — whose premiership collapsed amid economic meltdown — would taint his brand. Sir Keir Starmer certainly understands this; at Prime Minister’s Questions, he jokingly linked Farage to Truss in a jab that was meant to damage both. And Farage, for his part, has learned over the years to avoid the very “swivel-eyed loons” that David Cameron once warned about. That growing professionalism was visible in Reform’s campaign last week, which was significantly better organised than past efforts under the UKIP or Brexit Party banners. Opponents can no longer rely on Reform candidates being underprepared or self-destructive. They may well be — many are first-timers, after all — but they are going up against a demoralised, cash-strapped Conservative Party and a Labour government still finding its footing. To Starmer’s credit, he acknowledged the seriousness of the public mood. Writing in The Times, he rejected the idea that Reform’s gains were a mere “mid-term protest,” opting instead for a sober pledge: “More money in your pocket, lower NHS waiting lists, lower immigration numbers.” These are the right goals — but they will be tough to meet. Britain faces economic headwinds, the burden of the Ukraine war, and depleted public finances after years of crisis management. The NHS remains overwhelmed, and illegal Channel crossings continue to rise, with Starmer appearing no closer to a solution than Rishi Sunak or any of his predecessors. All of this gives Farage a clear narrative. He is the man who “gets it,” who listens to the anger of the ignored, and who now has a credible electoral machine behind him. If Reform can maintain or even build on its 30 per cent share, it won’t just supplant the Conservatives — it could win outright. It’s too early to forecast the exact contours of a 2029 general election. Britain’s politics remain volatile, and Farage’s movement is still untested on the national stage. But the ingredients are there: a populist insurgent with national name recognition, an established media presence, an electorate disillusioned with both main parties, and a voting system that now works in his favour. So yes, Nigel Farage could really be prime minister — not in a hypothetical fantasy, but in the hard arithmetic of British politics. If Reform holds its ground and consolidates the right while Labour struggles to deliver on tough promises, the unthinkable may become inevitable. Adpated by ASEAN Now from The Independent 2025-05-06 -
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Trump’s next 100 days "the most important in modern American politics”
Trump’s Second Act: Turmoil, Tension, and the Test of Power in the Coming 100 Days As Donald Trump marks the completion of his first 100 days back in office, political veterans and insiders alike are bracing for a far more volatile stretch ahead. “The next 100 days is going to be the most important in modern American politics,” said Steve Bannon, Trump’s former White House strategist. “The reason is that having set the foundation that came off of four years of work, now you have the convergence of these crises. It’s all going to come to a head. The drama is going to be incredible.” Inside Butterworth’s, a Capitol Hill haunt favored by the Maga elite, the air is celebratory. Patrons toast to Trump’s early record with drinks like “Freedom Fizz” and “Presidential Punch” while pamphlets list off achievements such as dismantling DEI initiatives and strengthening border control. However, as laughter fills the room, there’s a shared recognition that the true test of Trump’s second term is only just beginning. The economy is already showing signs of strain under Trump’s aggressive tariff regime, which has sparked market turmoil and forced the administration into defensive posturing. “This was Biden’s Stock Market, not Trump’s,” the president insisted, adding it had “NOTHING TO DO WITH TARIFFS.” But those inside Trump’s circle worry that the 90-day pause on tariffs is only a temporary reprieve. “I wish we could have done the tariffs in the second half of the term,” confided one Trump supporter. “We hate tariffs but we can’t say so.” The court battles are looming. After using the rarely invoked 1798 Alien Enemies Act to push deportations, Trump’s legal strategy has run into hurdles. A federal judge recently ruled that the AEA applies only during an “armed organised attack,” complicating Trump’s plans to deport Venezuelan gang members without court hearings. This may soon escalate to the Supreme Court, possibly culminating in a constitutional crisis. “My recommendation to him is just do what Lincoln did,” Bannon urged. “Declare emergency powers and suspend the writ of habeas corpus, OK, and strip them the f*** out and dare anybody to stop them.” Foreign policy too remains an uncertain front. While a minerals deal with Ukraine was signed, Russia continues its advance, and Trump appears to be losing interest. The State Department announced it would halt mediation efforts between Russia and Ukraine, yet a broader peace plan remains a White House objective. Trump’s critics worry this aim may be undermined by internal discord. The sudden resignation of national security adviser Mike Waltz further rattled Washington. Blamed for the “Signalgate” episode and branded a “neoconservative” by Maga purists like Laura Loomer, Waltz is being replaced temporarily by Marco Rubio, with Stephen Miller rumored as a permanent contender. “A lot of people want this job,” an insider revealed, as tensions among Trump allies like Elon Musk and others begin to emerge. “Speak to senior figures and they will often say completely different things,” said one White House source. Nowhere is division starker than over Iran. Some Trump supporters advocate immediate action against Iran’s nuclear ambitions, while others like Marjorie Taylor Greene are furious. “I campaigned for no more foreign wars and now we are supposedly on the verge of going to war with Iran,” she said. Yet it’s the economy that could determine Trump’s fate. With Wall Street reeling and supporters uneasy, the pressure is on Treasury Secretary Scott Bessent to broker critical trade deals before the tariff pause expires. Trump also faces the daunting task of passing a sweeping tax and spending bill through Congress, despite holding Republican majorities. “What makes or breaks Trump is Congress in the next 30 days — if he can’t get this bill through the economy is screwed,” warned a Capitol Hill veteran. Bannon doesn’t mince words about what’s at stake. “He has to get this massive spending bill right or he’ll end up like Liz Truss, turfed out by the bond market. So you’ve got to get the spending right. You have to get the taxes right. You have to get the reorganisation of the global economy, the commercial relations.” Despite the growing storm clouds, Bannon insists Trump remains unfazed. “Here’s the thing, Trump right now is a man in full. He doesn’t give two f***s, right? He just walks in, he’s throwing thunderbolts, and every institution before him is cratering. The greatest law firms in the world have cratered to him. The newspapers, the media, all of it. I’ve never seen anything like it.” Trump himself echoed the sentiment last week, declaring, “We’ve just gotten started, you haven’t seen anything yet.” Adpated by ASEAN Now from The Times 2025-05-06
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