The Fed Adjusts Policies to Facilitate Economic Recovery
The impact of the pandemic on the U.S. economy has been unprecedented. The economy of the U.S. has plunged into its worst recession in 74 years. The economic recovery that followed will also be unparalleled in recent American history. The novel coronavirus epidemic together with the recovery of the U.S. economy are profoundly reshaping the operation of the American society, government, and businesses.
Since the last tightening cycle, the Fed itself has undergone many changes. The Fed’s position and its new policy framework have become more inclusive, and the trend of monetary policy easing has also been further strengthened. Although the current economic recovery in the United States is very robust, a considerable part of its driving force comes from aggressive fiscal and monetary policies. The improvement of the epidemic has brought about a strong rebound in consumption, but there is still a significant gap to the level before the epidemic. As the prospects for interest rate hikes become clearer, the sustainability of US consumption growth will be tested.
Caoxian, A Prosperous County in East China is Rising in Popularity On Social Media
Caoxian (Cao county) is formerly a nameless small county located in Shandong Province. Now it has suddenly gone viral on Chinese social media and is called the “center of the universe”. How did this county gain its stardom? What is the situation of the economic and social development in Cao County? Out of curiosity and questions, reporters from Caijing went to Cao County for investigation.
Data shows that there are more than 10,000 costume clothing companies in Cao county, taking up approximately 80% of the market share in this country. The online and offline sales of the wood products processing industry in Cao county also contribute a lot to the county’s GDP. Today Cao county has become one of the largest cross-border e-commerce industrial belt for wood products. When reporters from Caijing visited Cao county, many entrepreneurs and government staff mentioned that the secret to the success of Cao county is the combination of local advantageous industries and the Internet, which evolved into a distinctive rural e-commerce strategy.
Pien Tze Huang, A “Magical Medicine”, is Madly Wanted in China
It is becoming extremely difficult to buy Pien Tze Huang, a famous traditional Chinese medicine formula. This kind of traditional medicine considered by the folks to have a miraculous effect of “treatment of hepatitis”, is sought after in Guangdong and Fujian. According to its maker’s official website, Pien Tze Huang has a national top-secret formula containing a variety of precious Chinese medicine ingredients. A 3-gram pill of Pien Tze Huang is officially priced at 590 yuan. But for patient in need of this medicine, the actual purchase price could reach as high as 1,600 yuan. As its popularity rose, Pien Tze Huang was unavailable in offline stores, and then prices on online platforms soared.
On June 25, the producer of Pien Tze Huang responded to investors’ questions and stated that the company’s production and operation are in a normal state and it will take a series of measures to increase supply and expand sales channels. An industry insider analyzed that the corporate propaganda skills coupled with the fact that this drug has a very firm user base in the South China and Southeast Asia made such a miracle. As a result, the price of Pien Tze Huang has continued to rise and it has become the “magical medicine” in many people’s minds.
“Broken Trunk Family” Wandering in Yunnan Province
In March 2020, a herd of wild Asian elephants set off from the Mengyangzi Nature Reserve in Xishuangbanna, southern Yunnan province and moved northward, gradually approaching Kunming. Because one baby elephant had its trunk injured, this herd was hence named the “broken trunk family”. Before arriving in Kunming, the elephants had been trekking through dense forests and along highways for a year. People were shocked by this unprecedented migration. Experts studying elephants could not fully determine why this family went all the way to the north. They even tried to change the elephant’s travel path many times, but it never worked.
Some interviewees believe that the most effective solution at present is to build an Asian elephant national park as their fixed area of activity.