Economy

US-China Relations
Elon Musk praises Xi Jinping on Chinese state TV

Tesla CEO Elon Musk is praising Chinese President Xi Jinping in Chinese state media ahead of the president's visit to Washington, where he is set to mingle with business leaders this week, Reuters reports. Musk has been invited to meet Xi at the White House state banquet on Thursday.

Speaking on Chinese state TV, Musk described Xi Jinping as a "great leader."

"Under his leadership, China's prosperity has grown enormously."

Tesla operates a large factory in Shanghai. Musk says the facility is beautifully situated and that the workforce there is "incredibly talented, hardworking, and reliable."

US Economic Growth
US business activity growing at fastest pace in five years

Business activity in the US is expanding at its fastest pace in over five years, Bloomberg reports. S&P Global’s composite purchasing managers' index (PMI) rose to a preliminary reading of 58.4 in September, the highest level since July 2021.

"Companies are clearly experiencing a boom right now, in both the manufacturing and services sectors," said Chris Williamson, Chief Business Economist at S&P Global, in a press release.

The index for the services sector rose to 58.7, while the manufacturing index climbed to 57. A value above 50 indicates increased activity, while a value below 50 signals a contraction.

At the same time, companies are grappling with growing supply chain bottlenecks and difficulties in finding staff.

The Sanctions
Iranian plane lands in China despite US sanctions

An Iranian plane has landed in China despite US sanctions targeting companies that provide services to Iranian aircraft. This was reported by AFP, citing Flightradar.

On Sunday, US Treasury Secretary Scott Bessent stated on CNBC that any entity assisting Iranian airlines once the new sanctions take effect on Wednesday would be cut off from the dollar system.

The report of an Iranian flight landing in China comes amidst high-level diplomacy between the two nations; Chinese President Xi Jinping is visiting Washington starting this evening, and talks are underway at the UN between the US and Iran.