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- 🗣️ Trump Wants Russia & China in the G7 Club
🗣️ Trump Wants Russia & China in the G7 Club
Reading time: 4 min 39 sec
☕️ Good morning comrades,
With a cup of chili-oil coffee, we welcome all the new asiabits subscribers on board! Among them are high-ranking diplomatic staff from the Federal Republic of Germany. To be honest: we’re a little proud of that…
In other news: Temu is once again delivering directly to the USA. Now Americans can finally buy their beloved hair curlers and USB mini-fans again for under five dollars.
🚀 Benchmarks
| Index | Current | 24 h | YTD | 52 W High |
|---|---|---|---|---|
| 🇩🇪 DAX | 23,516.23 | +0.78% | +18.35% | 24,479.42 |
| 🇺🇸 NASDAQ | 19,406.83 | +1.44% | +2.10% | 20,204.58 |
| 🇰🇷 KOSPI | 2,920.03 | +0.52% | +22.83% | 2,934.31 |
| 🇯🇵 Nikkei | 37,834.25 | +1.26% | –2.53% | 42,426.77 |
| 🇭🇰 Hang Seng | 23,892.56 | +0.70% | +22.61% | 24,874.39 |
| 🇨🇳 Shanghai | 3,377.00 | +0.35% | +3.87% | 3,674.41 |
🔢 Facts & Figures
200 million USD
Capital injection by Geely founder Li Shufu into Polestar; this will give him control of 66% of the voting power, while Volvo’s stake falls to 16%.
1.25 billion USD
Advance payment that Pfizer made to Chinese biotech firm 3SBio at the end of May for a promising cancer therapeutic (total deal value: up to 6.05 billion USD).
435 billion USD
Foreign direct investment into developing and emerging economies in 2023—the lowest level since 2005, according to the World Bank.
Top Bit: 🌐 Trump Provokes G7 – Opens Door for Russia & China
U.S. President Donald Trump declared at the start of the G7 summit in Canada that excluding Russia in 2014 was “a mistake.” He also proposed eventually including China—marking a departure from the G7’s traditional line.
Details
🗣️ Putin plea: Trump argues that without the G8 expulsion, Moscow would never have invaded Ukraine and now “only talks to him.”
🧩 China option: When a journalist asked, Trump called Beijing’s membership “not a bad idea.”
⚔️ G7 rifts: Europeans seek tougher sanctions on Russia—Trump’s move complicates a unified stance.
📜 Communiqué risk: Canada has already dropped a traditional summit declaration; several draft communiqués remain frozen without U.S. approval.
Why it matters
G7 unity is on the line.
Ukraine diplomacy could become more complicated if messages about Russia diverge.
China’s inclusion would shift the balance in international forums.
Summit outcomes on trade, energy, and security depend on the ability to compromise.
Background
The G7—comprising the US, Canada, Japan, Germany, France, Italy, the UK, and the EU—defines itself as a forum of major industrial democracies sharing broad values.
Russia was expelled in 2014 after annexing Crimea, and the group has remained seven members since. Over the years, China has grown as an external economic partner, exerting increasing influence on global supply chains and capital flows, but it has not held a G7 role. Trump’s proposal comes amid intense debates over tariffs, aid to Ukraine, and reform of the global economic order.
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Head Of The Day
Zhang Hongchao
🍨 The ice-cream seller who makes Starbucks look antiquated: As a law student in 1997, he borrowed about $420 from his grandmother to open a shaved-ice stand. From street vendor, he worked his way up tirelessly. Today, his franchise Mixue Ice Cream & Tea boasts 45,000 shops (5,000 overseas).
The Hong Kong IPO in March 2025 brought in $444 million for the company and catapulted his personal net worth to $10.9 billion, landing him at #251 on the Forbes billionaire list.
Here’s hoping he’s paid his grandma back—with interest and compound interest…
Market Bit: 🚀 Retail Rebound: China’s May Retail Sales +6.4%
Details
🛒 Shopping appetite returns: Vouchers, “trade-in” incentives, and early 618 discounts drove the strongest sales gain since December 2023.
🏭 Factories slow growth: Industrial production rose just 5.8 % y/y; tariffs and the property slump are weighing on orders.
🏗️ Investment lagging: Fixed-asset investment is up only 3.7 % YTD, while construction activity remains deep in negative territory.
👷 Labor market stable: Urban unemployment fell to 5.0 % —its lowest level since November.
💰 Prices under pressure: Consumer prices were down 0.1 % y/y again, keeping deflation risks alive.
Why it matters
Domestic consumption as a buffer: Stronger retail sales help offset weakness in exports and construction, keeping Beijing’s 5 % growth target within reach.
Political relief: Higher demand eases pressure on policymakers, though persistent deflation may call for further targeted stimulus.
Global signals: Robust consumer spending in China supports world trade and commodity prices, even as industrial weakness exposes supply-chain vulnerabilities.
Further reading: CNBC, Wall Street Journal
Top Reads
🤖 Baidu Ramps Up AI Recruitment: In this year’s “AI Dream University” campaign—a talent program to foster future AI leaders—the company is offering 60% more positions than in 2024, seeking experts across 23 business units and 11 research fields, including LLM architectures, machine learning, speech technologies, and AI agents. More on this.
🇯🇵 Japanese Premier Seeks Tariff Deal: Prime Minister Ishiba met with Trump at the G7 summit in Canada. In the 30-minute discussion, he advocated for lower US tariffs and lobbied for approval of the Nippon Steel–US Steel merger. More on this.
🏔️ Xi Courts Central Asia: China’s head of state met Kazakhstan’s President Tokayev in Astana and is participating in the summit of the five Central Asian states—as a counterpoint to the G7 meeting. The goal: secure supply chains, expand the Belt-and-Road initiative, and establish Beijing as the leading investor in the resource-rich region. More on this.
Optional Reads
Philippines: Joint anti-submarine exercises with Japan reveal significant capacity gaps in the Navy in the South China Sea. More on this.
Hong Kong: An Air India Dreamliner turned back after 30 minutes due to a suspected technical problem and landed safely. More on this.
Vietnam: The US is pushing for the decoupling of Chinese technology in export devices. More on this.
💍 The rented wedding ring: Gold prices are breaking record after record, leaving young Chinese couples with a big question: spend more than $11,000 on rings, or rent them for about $220 for the wedding day?
Many now choose the latter. Instead of investing in gold, they’d rather spend their savings on honeymoons and designer furniture for their shared home.
Our tip: You can probably find a bargain on Temu…
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Thomas, Michael & the Team of asiabits.
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Editors: Michael Broza, Thomas Derksen, William Hu, Eva Trotno, Cindy Zhang
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