Economy
With Iran war, foreign workers in Middle East bear double brunt
He had met his 6-year-old son only once. A few days close to each other in a life otherwise spent miles apart.
For 15 years, Mohammad Abdullah Al Mamun worked in Saudi Arabia, sending money home to his family in one of Bangladesh’s poorest areas. This year, he had planned to return, build a larger house with his savings, and spend time with the child he barely knew.
Then, on March 8, a missile struck his workers’ camp. He suffered severe burns and later died. He was among more than two dozen foreign workers killed across the Mideast after the U.S. and Israel went to war with Iran in February.
Tens of millions of foreign workers have helped build the Gulf Arab states’ modern, oil-fueled economies, with many not fully sharing in their prosperity.
Now they face an even sharper dilemma: Keep working in the Mideast, where wages are far higher, hoping that a shaky ceasefire endures; or return to already poor countries where prices have soared because of the conflict.
Mamun’s choice was made for him. He arrived home in a coffin earlier this month.
“We don’t know what we will do next,” said his widow, Sadia Islam Sarmin.
Migrant workers make up a majority of the population in many Gulf Arab states. Westerners, Arabs and Indians dominate business and finance, while laborers from poor countries in Asia and Africa toil for long hours in scorching temperatures at oil facilities and construction sites – often with few protections.
The Coalition for Labour Justice for Migrants in the Gulf, an advocacy group, says few had access to bomb shelters and many were stranded by the conflict. It says attacks killed at least 24 foreign workers in the Gulf and four in Israel as Iran and allied armed groups launched waves of missile and drone strikes. Their count includes eight mariners killed at sea.
“It’s a very precarious situation for migrant workers,” said Udaya Wagle, who studies labor and migration at Northern Arizona University.
A cease-fire was announced in early April, but negotiations to end the war have repeatedly stalled. Iran has effectively blocked the Strait of Hormuz, a key waterway for global oil and gas, and says it will only reopen it if the war ends and the U.S. lifts its blockade.
Remittances in question
The resulting spike in the price of gas, fertilizer and other goods has hit Asian countries particularly hard.
Remittances from the Gulf make up about 1% of India’s gross domestic product (GDP), 3% to 5% of the GDP in Bangladesh, Pakistan and Sri Lanka and nearly 10% in Nepal.
Now they are more vital than ever, as household incomes are strained and governments seek foreign currency to buy oil and gas.
The Gulf economies also face a bleak outlook, with exports bottled up and key energy facilities in need of repair after missile strikes. The fighting could resume, as Iran rejects U.S. President Donald Trump’s demands.
Mamun’s family awoke on March 9 to phone calls saying the 35-year-old had been hurt. Video footage shot by another worker showed him sitting in the open, badly burned and bleeding, crying out for help.
“He never imagined he would be hurt. That a missile would fall on him,” said Maruf Hasain, his younger brother.
Workers like Mamun are the most vulnerable since they do the “most dirty, dangerous and difficult” jobs, said Shariful Islam Hasan of the Bangladeshi development organization BRAC.
In Qatar, a 27-year-old Bangladeshi factory worker labored through 12-hour shifts as missiles flew overhead. Shrapnel from one strike fell near his living quarters. When alarms sounded, he said, workers went to a designated room.
He earns less than $400 monthly and sends two-thirds home. “We have no choice but to keep working,” he said on condition of anonymity for fear of angering the authorities.
Qatar enacted several reforms in the run-up to hosting the 2022 World Cup, including the partial dismantling of a system that tied workers to their employers. But activists say abuses are still widespread and that workers have few avenues to pursue justice.
Ahmed al-Aliyli, a taxi driver in Qatar, has not sent money home to his family in Egypt for two months. He once earned as much as $3,000 a month, but his income has plunged to a third of that as the war has disrupted travel. “We are the collateral damage of this war,” he said.
A slowdown in key sectors like real estate and construction will hit migrant workers directly, said Hasan of BRAC. Workers from Bangladesh and Pakistan are especially vulnerable, as they are often employed informally and without fixed contracts, he said.
Despite reforms in some countries, work permits are also often tied to a single employer and, in some cases, workers are effectively stranded, according to the labor coalition. It warned that some employers may use the conflict to withhold wages, deny leave, or carry out arbitrary dismissals.
When the war began, Mamun’s mother, Shahida Khatun, urged him to come home.
‘No words to describe the agony’
He had been saving up since November. In his last call home, he promised his younger brother and sisters he would pay for their studies, that he would build a larger house for his parents and return for good this spring.
Now, his family is struggling to recover his wages and piece together a life without him.
“The pain of losing a child. There are no words to describe the agony,” Kathun said.
For many workers, going home would mean giving up a steady income and much higher wages.
Marlene Flores, a Filipina worker in Qatar, said she felt the shudder each time a missile was intercepted. But the tax-free pay and health insurance made it feel safer – in a way – than the Philippines, which has declared a ″ national energy emergency.”
“It’s not easy for me to say,” she admitted, “But I would really stay here.”
Israel also has a large population of foreign workers. Filipino caregiver Jeremiah Supan continued caring for his two elderly charges despite near-daily missile alerts, sometimes dashing out for food or medicine despite the danger. He questions whether his own family could survive if he returned to the Philippines.
“I know that in the blink of an eye, one can die,” he said. “But what life shall we return to?”
Türkiye’s strong diplomatic and commercial ties with the countries members of the Gulf Cooperation Council (GCC) have positively reflected on recent trade figures, as exports to the region surged 35.7% on a yearly basis to surpass $826 million last month, according to a report on Wednesday.
Türkiye continues to strengthen ties with the six member states of the GCC, Saudi Arabia, Kuwait, the United Arab Emirates (UAE), Qatar, Bahrain and Oman, as part of its diplomatic outreach across both neighboring and distant regions.
Accordingly, exports to Gulf countries in June rose 35.7% year-over-year to $826.8 million, compared with some $609.2 million in the same month last year, a report by Anadolu Agency (AA) indicated.
The exports to the Gulf countries posted notable growth despite the U.S.-Israel-Iran conflict and tensions in the wider region.
Moreover, during the January-June period, Türkiye’s exports to the six Gulf countries reached approximately $4.1 billion.
On the other hand, according to data compiled by AA from the Türkiye Exporters Assembly (TIM), the country’s overall exports totaled $24.94 billion in June, up 21.8% from the same month last year.
Among the Gulf nations, Saudi Arabia was the largest export market with $425.2 million, followed by the UAE with $295.6 million, Kuwait with $34.7 million, Qatar with $34.2 million, Oman with $29.1 million, and Bahrain with $8 million.
Exports to 4 Gulf countries increased
Saudi Arabia recorded the largest increase in export value in June compared with the same month in 2025, rising by approximately $229.8 million.
Oman followed with an increase of $13.5 million, Kuwait $8.2 million, and Qatar $7.4 million.
Exports to Bahrain declined by $567,000, while shipments to the UAE fell by $40.8 million during the same period.
The jewelry sector ranked first among Türkiye’s exports to Gulf countries in June, totaling about $105.6 million. It was followed by chemicals and chemical products with $69 million, grains, pulses, oilseeds and related products with $59.2 million, electrical and electronics with $47.9 million, and machinery and components with $29 million.
Commenting on the figures, Halit Acar, the head of the Türkiye-Middle East and Gulf Business Council at the Foreign Economic Relations Board (DEIK), said the rise in exports despite regional geopolitical developments showed that economic ties between Türkiye and Gulf countries had become more resilient and sustainable.
Acar said the intensive diplomatic engagement in recent months had produced positive results for trade, noting that Türkiye’s close political dialogue with Gulf countries and particularly Iraq had created new opportunities for the private sector.
He also stressed that a climate of trust was just as important as economic indicators for sustaining trade.
“Looking ahead to the second half of the year, two key scenarios stand out,” Acar said.
“If the regional security environment improves further, we expect postponed investments to regain momentum, accelerating exports, particularly in construction materials, machinery, electrical equipment, healthcare, food and logistics,” he added.
“Even if current geopolitical risks remain under control, we believe the Gulf countries’ strong fiscal positions will help preserve public investment and trade growth.”
Saudi Arabia has become Türkiye’s largest Gulf export market and the country recording the strongest export growth, Acar said, attributing the performance not only to improving bilateral economic ties but also to the kingdom’s Vision 2030 program.
Acar also noted that the UAE remained Türkiye’s second-largest Gulf market, with $295.6 million in exports in June.
“Although exports declined by around $40.8 million on a monthly basis, we do not consider this a lasting trend,” he said.
He added that the UAE continues to serve not only as its own domestic market but also as a regional trade and re-export hub for Africa and Asia, and expressed confidence that the Comprehensive Economic Partnership Agreement (CEPA) between Türkiye and the UAE would further boost bilateral trade.
Momentum to build with stronger partnerships
Furthermore, he said it is no longer “sufficient” to look at the relations with Gulf countries solely through export figures, as he suggested that the region is entering “a new phase shaped by investment partnerships, industrial cooperation and emerging logistics corridors.”
“Given Türkiye’s manufacturing strength, engineering capabilities and geographical advantage, we expect trade with Gulf countries to maintain its current momentum in the second half of the year and become even stronger through new partnerships,” he added.
In addition, he also pointed out that progress on the Development Road project is expected to deepen economic ties between Iraq and the Gulf countries, with Türkiye positioned as one of the key stakeholders in the emerging trade corridor.
Payments company Stripe and private equity firm Advent International have made a joint offer to acquire PayPal Holdings Inc. for $60.50 per share, in a deal that would value the payments company at more than $53 billion, a report said on Wednesday.
The offer, submitted earlier this month, is backed by about $50 billion in committed financing from banks, Reuters said, citing sources. The offer represents around a 28% premium to PayPal’s closing share price on Tuesday.
The sources, who are familiar with the matter, declined to be named as the deal discussions are confidential. PayPal, Stripe and Advent declined to comment.
The proposal follows an initial approach made in early April, the sources said. Stripe and Advent have not received a response from PayPal and are seeking to advance discussions in the coming weeks, the sources added.
Under the proposal, Stripe and Advent would jointly own PayPal, with each holding an equal stake, rather than breaking up the company, the people said. There is no certainty that the approach will result in a transaction, they added.
PayPal shares were last up 16.2% in premarket trading.
Founded in the late 1990s, PayPal was an early player in digital payments, but has faced increasing competition as consumers have embraced alternative payment methods and rivals such as Apple Pay and Google Pay have gained market share.
It has spent the past several years grappling with slowing growth and intensifying competition in digital payments, wiping out much of the value it gained during the pandemic.
The company’s market capitalization peaked at about $360 billion in 2021 and fell to as low as roughly $36 billion this year. It has lost more than 40% of its market value over the past 12 months.
After taking over in March, PayPal CEO Enrique Lores started a sweeping turnaround exercise to simplify the payments provider and sharpen its focus on growth.
In April, the company split its operations into three units covering checkout, consumer financial services Venmo, and payments and crypto, while making a series of management changes.
Global payment deals
The potential PayPal transaction, if completed, will add to the recent merger and acquisition (M&A) activity in the global payments sector, where buyers have pursued targets amid rapid changes in financial technology and the rise of artificial intelligence.
Payment companies are also increasingly seeking scale through M&A as well as exposure to faster-growing segments such as cross-border and business-to-business payments amid slower growth for traditional payment processing.
In 2025, Global Payments agreed to acquire rival Worldpay from FIS and private equity firm GTCR for $24.25 billion in a complex three-way deal. As part of that deal, GTCR sold its 55% stake and FIS exited its remaining 45% holding.
The sector has also seen a steady stream of smaller deals, including the acquisition of Payoneer Global by Canadian payments firm Nuvei for $2.75 billion. Nuvei is backed by Advent International and other private equity firms.
Mastercard is exploring the sale of a majority stake in its U.K. payments subsidiary Vocalink back to British banks as it responds to concerns about a critical asset being under U.S. ownership, the Financial Times reported this week.
PayPal’s revenue rose 7% to $8.35 billion in the first quarter, beating analysts’ average estimate of $8.05 billion. On a currency-neutral basis, total payment volumes jumped 8% over a year ago to about $464 billion.
Lores outlined plans in May to leverage artificial intelligence to streamline operations across the company and eliminate duplication in workforce layers, but did not provide additional details.
The company has said these initiatives would save about $1.5 billion over the next two to three years, adding it will reinvest that amount to drive new growth.
Stripe, which is privately held, is among the industry’s most valuable companies. It was valued at $159 billion in a tender offer for employees and shareholders in February, a more than 70% jump from a similar share sale a year earlier.
The company, with headquarters in San Francisco and Dublin, allows companies to accept payments, make payouts and automate financial processes.
Ukraine has lost about a third of its capacity to export grain via its vital Black Sea ports due to intensifying Russian missile and drone attacks, according to the country’s main farmers’ union.
More than four years into its war with Russia, agricultural exports like grains and vegetable oils remain Ukraine’s biggest source of foreign currency earnings, with more than 90% shipped through three ports in the southern Odesa region.
Under a deal meant to allow both countries to ship grain through the Black Sea, the Odesa ports had been handling about 6 million metric tons of cargo a month.
Both Moscow and Kyiv are now stepping up attacks on key revenue sources, with Ukrainian forces hitting Russian energy infrastructure, including oil tankers, and Russia intensifying its attacks on the Black Sea ports in recent weeks.
“Russia has begun systematically striking port infrastructure, terminals and the entire transport logistics chain, using ballistic missiles again and again,” the trading department of Ukrainian farmers’ union UAC said in a weekly report released late on Tuesday.
“On average, we can now ship about 4 million metric tons of grain a month,” it added.
Ukraine’s economy ministry was due to hold a meeting on Wednesday to discuss the port attacks.
Russian strikes cause logistics headaches
Ukraine has in recent seasons accounted for about 6% of global wheat exports and about 11% of global corn exports, meaning that the disruptions, if prolonged, could have an impact on global markets.
While the ports have continued to operate, UAC warned that, if the current intensity of attacks continues and no repair work is carried out, infrastructure could be significantly damaged within several months.
Industry sources, meanwhile, told Reuters that traders are struggling with logistics headaches.
“The ports have not ground to a halt, but traders are facing problems with procurement, sales, shipments, cargo accumulation, prices and freight,” a senior industry official told Reuters.
Data from Ukrainian Railways showed that the number of grain railcars heading to the Odesa ports dropped 11% in the week of July 2-8 from the previous week, while exports fell by 17%. Ukraine’s top grain exporter Kernel Holding said this week it had halted operations at Chornomorsk port due to a series of Russian attacks.
And four of the ports’ 13 large grain terminals have suspended grain purchases, another industry source said on Wednesday.
Analysts from the ASAP Agri consultancy said that “the overall reluctance” of ship owners to call at Ukrainian ports had also put upward pressure on freight rates.
Bohdan Kostetskyi, an analyst at consultancy Barva Invest, wrote in an article for Ukrainian outlet Agrotimes that the ports had lost a third of their grain storage capacity.
“The loss of around 2.5 million tons in monthly accumulation capacity at deep-water ports has created a bottleneck for grain, with some volumes unable to reach export destinations,” he said.
JPMorgan Chase has rewritten industry record books in two decades under Jamie Dimon. And the Wall Street giant is now within striking distance of another milestone – becoming the first bank ever to reach a $1 trillion market valuation.
Crossing the landmark will put the bank in a club stacked with tech heavyweights such as Tesla, Meta and Broadcom, while also raising investor expectations and leaving little room for missteps.
Here are a few charts that explain the bank’s rise:
The final stretch
A stellar earnings report on Tuesday propelled JPMorgan shares to a record high. The lender, which reported the highest profit in history by a U.S. bank, was last valued at around $919 billion, dwarfing rivals.
With dealmaking volumes set to end the year near the record haul of 2021, JPMorgan could see elevated investment banking activity for the rest of 2026, which may nudge it closer to the $1 trillion mark.
CFO Jeremy Barnum said the investment banking pipeline was robust, as “the current activity levels seem to be encouraging more activity.”
No equal
With a balance sheet bigger than its peers, the bank has leveraged its dominance in Wall Street dealmaking and Main Street lending to capture gains from both economic engines.
“The company benefits from a portfolio of leading financial services businesses, providing both diversification and durable competitive advantages,” said Macrae Sykes, portfolio manager of Gabelli Financial Services Opportunities ETF.
The Jamie premium
JPMorgan shares have long been viewed as carrying a “Jamie premium,” which refers to the extra value investors attach to the bank because of its powerful CEO.
While its board has ramped up succession planning in recent years, the stock continues to benefit from Dimon’s influence.
Despite having underperformed the S&P 500 and the S&P 500 banks indexes this year, JPMorgan trades at 14.63 times expected earnings over the next 12 months, according to data compiled by LSEG. That compares with 13.58 for the S&P 500 banks gauge.
“There is no doubt that he has been instrumental in delivering strong shareholder returns. While the backdrop from the U.S. economy has been helpful, the bank operates in very competitive markets, so execution has been key,” Sykes said.
JPMorgan did not immediately respond to a request for comment.
Elevated expectations
A milestone such as $1 trillion in market capitalization is mostly a symbolic victory, but it raises expectations for future execution.
“If history is any guide, the trillion-dollar milestone does not guarantee a smooth path forward,” said Fabien Yip, market analyst at IG, referring to Walmart’s slip below $1 trillion after it hit that milestone in February.
The bank may also face skepticism about the durability of its trading strength, which benefited in the latest quarter from market volatility sparked by the Middle East war.
“We view shares as fairly valued,” said Morningstar equity analyst Austin Taggart.
While both investment banking and trading had been stronger than initially estimated, expecting the current levels of activity to last far into the future could be premature, he said.
Dutch technology giant and Europe’s largest company by market cap, ASML, reported on Wednesday another strong quarterly result and raised its sales forecasts on thriving demand for AI systems.
ASML is a critical cog in the global economy and a key bellwether for the tech sector, as everything from smartphones to missiles relies on the semiconductors crafted with its tools.
Investors were watching the results especially closely after several sharp sell-offs in the tech sector over fears the AI bubble might be approaching its bursting point.
But the firm’s chief executive officer, Christophe Fouquet, said AI was still pushing his business forward.
“Ongoing AI-related investments and continued progress in AI technologies are driving demand for advanced Logic and Memory chips, further strengthening the semiconductor industry’s growth outlook,” said Fouquet in a statement.
“Our order intake remained extremely strong in the first half of the year,” added the CEO.
The firm, Europe’s biggest by market capitalization, said it now expected to make between 43 billion and 45 billion euros ($49 billion-$51 billion) in total net sales this year.
This was an increase from the range of 36-40 billion euros that ASML had previously forecast and was due to “a continuous, very strong demand from our customers,” said Fouquet.
Net profits were also better than expected for the second quarter, coming in at 2.9 billion euros compared to the 2.3 billion euros the firm made in the same period last year.
“All in all, I would say a very strong quarter. Both from a market dynamic perspective and from an execution perspective,” said chief financial officer Roger Dassen.
Stock market players agreed, pushing the stock up by nearly 8% at the opening bell of the Amsterdam trading session.
Boosted by ASML, the AEX index soared above 1,100 points for the first time.
China demand
ASML said it expects net sales of between 11 billion and 12 billion euros for the third quarter of the year.
Its second-quarter net sales came in at a better-than-forecast 9.3 billion euros, compared with 7.7 billion euros in the same three months of last year.
Based on the strong momentum, Fouquet said the firm planned to increase capacity by 30% for two of its key chipmaking machines, with another 30% boost possible in 2028.
The company, however, has been caught in the crossfire of a tech spat between the U.S. and China and has previously warned its Chinese sales would “decline significantly” this year.
Dassen said ASML expected China to represent around 20% of its sales in 2026.
“You could say that the Chinese market is moving in sync with the overall behavior that we see globally,” said Dassen.
Washington is leading efforts to curb high-tech exports to China over fears they could be used to bolster the country’s military.
Beijing has reacted furiously to the measures, describing them as “technological terrorism.”
Last month, ASML denied reports of U.S. concerns that one of its advanced chipmaking machines was in China, potentially violating the restrictions.
In January, ASML announced a shake-up in its organization that was expected to result in the loss of around 1,700 jobs in the Netherlands and the U.S., mainly from leadership roles.
The firm employs roughly 44,000 staff worldwide.
China’s economic growth slowed sharply to 4.3% on an annual basis in the April-June quarter, the government said Wednesday, marking the weakest period in over three years and during the COVID-19 pandemic.
The weak household consumption clouded strong manufacturing and exports, and intensified concerns over the long-term sustainability of its unbalanced growth model.
At 4.3%, gross domestic product growth in April-June eased from the first quarter’s 5.0%, landing below the lower end of China’s 4.5%-5.0% full-year target and missing forecasts.
China has largely shrugged off wider economic impacts from the Iran war as soaring energy prices pushed up global inflation.
Exports rose 17.6% in the first half of the year from a year earlier, and 27% in June, according to customs data.
Slowest growth since 2022
But domestic spending and investment have lagged, limiting the boost from export manufacturing for an economy that has struggled to regain momentum since parts of China were locked down during the COVID-19 pandemic.
“This was the slowest growth in any quarter since the lockdown-impacted fourth quarter of 2022,” said Lynn Song, chief economist for Greater China at ING Bank, in a note.
The data adds pressure on Beijing for more stimulus.
But many analysts say a closely watched end-July meeting of the Communist Party’s Politburo, a top decision-making body, may not flag major steps due to concerns over ballooning debt.
Economists also argue that the bigger challenge is not the pace of growth but its composition.
Some economists say China’s economy is becoming increasingly unbalanced as heavy state support and private investments pour into frontier technologies like AI, computer chips, and robotics, while other areas, such as lower-value manufacturing and job-creating service industries, languish.
Wednesday’s data showed retail sales rising 1.0% in June and industrial output expanding 5.3% – suggesting an overwhelming reliance on global demand for manufactured goods at a time when trading partners are complaining about China’s imbalances and the Iran war weighs on the world economy.
Jane Hou, who runs a European goods importing business in eastern China, says her income has roughly halved since the beginning of the year as her firm’s sales have dropped. An apartment she rents out has been without a tenant for more than six months – a reflection of China’s huge housing oversupply and a prolonged property crisis.
“Apart from necessary spending on food, I save on anything I can,” said Hou. “I haven’t bought a single piece of clothing in six months.”
Still, the economy grew 4.7% in January-June, within target, reducing urgency for major stimulus.
Zhiwei Zhang, chief economist at Pinpoint Asset Management, doubts that the Politburo will signal a wider fiscal deficit, given that exports for now remain strong.
“The government seems reluctant to spend fiscal resources and build up debt,” said Zhang.
“There is a general consensus among policymakers and researchers that China needs to boost domestic demand. But there is no consensus on how to do it.”
China’s exports of high-tech products such as electric vehicles, computer chips and other electronic equipment have risen sharply recently since the leaders have made the development of advanced technologies a top priority.
China ran a record $1.2 trillion global trade surplus last year, drawing complaints from policymakers in other countries over their trade imbalances with the world’s second-largest economy.
Investment weakens, consumption soft
Domestically, wages have not kept pace with the overall economy, even declining in some sectors.
Industrial overcapacity, U.S. tariffs and price wars among producers have fuelled layoffs in factories, while weak demand and faster AI adoption have slowed white-collar job creation.
The property downturn has eroded household wealth and curbed employment in construction since 2021. The data showed property investment contracting 18% year-over-year in the first six months, while home prices also eased.
Investment is also slowing.
China’s fixed-asset investment shrank 5.7% year-over-year in January-June, with even state-sector investment dropping 2.3%.
“The primary drag on the headline growth figure stems from a deepening downturn in domestic investment activity,” said Andy Ji, an analyst at ITC Markets.
“Overall, a high-tech-driven industrial engine running alongside cratering domestic consumption and investment firmly highlights the economy’s deeply uneven growth momentum.”
Exports hold strong
The onus is increasingly on exports to drive growth.
Trade data on Tuesday showed external demand is so far compensating for China’s internal weakness, with exports beating expectations with a 27% jump, riding the global AI boom.
This partly reflected frontloading by U.S. retailers looking to secure inventories for Black Friday and Christmas holiday sales before expected tariff hikes later this year, shipping executives have said.
U.S. President Donald Trump’s visit to China in May preserved the detente between the world’s two largest powers, but their trade relationship remains fragile.
A universal 10% U.S. tariff imposed by Washington in February, after the Supreme Court declared some earlier tariffs illegal, expires on July 24, but it is widely expected to be replaced with higher levies.
The U.S. Trade Representative has proposed a 12.5% tariff on imports from China and elsewhere following an investigation into forced labor, which Beijing denies, with a final decision expected in the coming months.
Moreover, the European Union, whose trade deficit with China averaged $1 billion a day last year, is working on bolstering protections of its industrial complex from Chinese competition.
At the same time, renewed conflict between the U.S. and Iran fuels uncertainty over global growth.
Larry Hu, Macquarie Group’s chief China economist, said Beijing has little incentive to lean off external demand for now.
“What will cause the current situation to change is when exports fail,” Hu said.
“When exports slow down, in order to still achieve the growth target, the government will do more on domestic demand.”
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