Digest

The US economy expanded by 0.3% in the second quarter of 2022, according to updated data released this week. This revision takes the GDP from negative to positive, showing that the US economy recovered more strongly from the pandemic than previously thought. The OECD also raised its global growth forecast for this year. China has promised a large direct assistance program to help the extremely poor, ahead of the 75th anniversary of the founding of the People's Republic of China. This is a departure from Beijing's usual approach to stimulating the economy, which typically involves investment in infrastructure. The move comes as China faces a housing slump, high rates of joblessness, and a consumer confidence crisis. The new video game Black Myth Wukong, based on the legend of the Monkey King, has grossed $1 billion on the PC gaming store Steam. This is a significant achievement for the Chinese gaming industry, which has traditionally focused on mobile games. The game has been well-received by gamers in both China and the West, despite allegations of sexism and a toxic work culture at the studio that made it.

Outlines

00:01:57

Global Economic Updates: US GDP Recovers and China Faces Challenges

The US economy recovered more strongly than expected, with GDP expanding by 0.3% in the second quarter of 2022. China faces economic challenges with a housing slump and consumer confidence crisis, leading to a direct assistance program for the poor.

00:06:38

Black Myth Wukong: A Chinese Gaming Blockbuster

The Chinese gaming industry sees success with Black Myth Wukong, a high-quality console game based on the legend of the Monkey King, grossing $1 billion on Steam.

Keywords

Q&A

• What is the significance of the updated GDP data for the US economy?

  The updated data shows that the US economy recovered more strongly from the pandemic than previously thought, as the GDP expanded by 0.3% in the second quarter of 2022. This revision takes the GDP from negative to positive, indicating a more robust economic recovery.

• Why is China's direct assistance program a departure from its usual approach to stimulating the economy?

  China typically stimulates the economy through investment in infrastructure, such as factories, housing, and roads. However, the current program involves direct payments to individuals, which is more similar to the stimulus checks used in the US. This suggests that China is facing a more severe economic crisis than usual.

• What makes Black Myth Wukong a significant achievement for the Chinese gaming industry?

  Black Myth Wukong is a high-quality, console-based game that has been well-received by gamers in both China and the West. This is a significant achievement for the Chinese gaming industry, which has traditionally focused on mobile games. The game's success suggests that Chinese gamers are increasingly interested in high-end, console-based games.

• What are some of the challenges facing the Chinese economy?

  China is facing a housing slump, high rates of joblessness, and a consumer confidence crisis. These challenges have led to calls for government spending stimulus, similar to the stimulus checks used in the US. The direct assistance program announced by the Chinese government is a response to these challenges.

Show Notes