China’s economy grows 4.6% in first nine months

China's economy grew by 4.5% in the third quarter of 2021, exceeding the previous quarter's 4.3% growth rate and surpassing a median forecast of 4.4%, according to a Reuters poll of economists.

However, the figures still came in at the lower end of the government's full-year target, as the global energy shock and weak domestic demand countered surging exports. The world's second-largest economy has charted a diverging path in recent years, with an AI-fuelled export boom masking the impact of a persistent real estate crisis and gloomy consumer sentiment.

Despite last month's uptick, Zhiwei Zhang, president and chief economist at Pinpoint Asset Management, stressed in a note that "economic momentum remains subdued." Despite last month's uptick, China's economic growth is expected to again miss its official target on Monday, dragged down by a global energy shock and slumping domestic demand, with surging exports the only bright spot.

Reference Sources

1. malaymail - China’s economy grows 4.5pc in third quarter as weak demand weighs on outlook
2. aljazeera - China’s economy grows 4.5 percent in Q3, beating forecasts
3. sana - China’s economy grows 4.6% in first nine months
4. nikkei - China's Q3 GDP narrowly beats forecasts as strong exports buoy growth
5. hongkongfp - China growth expected to miss official target in third quarter

Women may be at greater risk of AI job losses. Telephone switch operators and PCs show why.

The dawn of artificial intelligence (AI) is having a significant impact on society, culture, and the economy. Women are likely to be among the most affected by AI, with 90% of secretaries and clerical workers being women.

The International Labour Organization has concluded that nearly one in 10 women in high-income countries work in occupations at the highest risk from ai. In the 1940s, nearly 95% of America's telephone operators were female, and it took months of training to be able to handle several hundred calls an hour that could come in at peak times.

AT&T introduced the automated telephone switch, which created one of the biggest technological shocks the nation had ever seen. In the decades after the automatic switch was popularized, an estimated 75,000 operator jobs vanished.

Economists James Feigenbaum from Boston University and Daniel P. Gross from Duke University's Fuqua School of Business studied census and paycheck data from the time and followed local employment trends along the path of AT&T's rolling investment in switches across the nation.

Many switchboard operators wound up in lower-paying jobs — or dropped out of the workforce entirely, they found. Economist David Autor says this outcome reflects the reality that many workers are already in their highest and best-paying occupation.

When the job goes away, the next step is often down. Most people are not changing careers very often.

Reference Sources

1. cnbc - Women may be at greater risk of AI job losses. Telephone switch operators and PCs show why.

French shops demolished after weekend riots across the country

Violence and mayhem continue to grip parts of Europe as protests over the cost-of-living crisis, education standards, and the government descended into chaos. Over the weekend, nearly 2,400 rioters were arrested by French police after largely peaceful protests descended into chaos.

After weeks of disorder across the country, President Emmanuel Macron pleaded for 'Unity' and vowed everything would be done to bring thugs to justice.

Some of the scenes coming out of Paris and elsewhere across the country are unprecedented and extraordinary as the world watches on in horror. Protests across France have sparked widespread looting and violence, leaving Shopfronts demolished and thousands of Euros' worth of stock stolen. On Sunday, President Macron held an emergency meeting with senior government officials, warning that "those who looted will have to pay for the damage." Some shop owners have since opted to hire security guards in a desperate effort to keep their stores safe.

Axel Berra-Vescio, French History-Geography and European section teacher in the Paris region, says France's student protests are exposing what educators describe as years of structural neglect, widening educational inequalities, and the cumulative consequences of controversial reforms.

Reference Sources

1. dailymail - Rioters crushed by falling glass and another has hand blown off
2. france24 - French shops demolished after weekend riots across the country
3. france24 - French student protests: 'There's been lack of investment in education for years now'
4. dailymail - Carnage in Paris as violent protests over education and living costs spill into Europe as Trump blames immigrants
5. france24 - 'Lame-duck president' Macron notes 'failures' after France unrest

The CommonWealth English daily news digest is a service curated by CommonWealth English team with the help of AI tools.  

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