More weak economic data; Youth unemployment, China-Central Asia Summit; Struggle; Don't joke about the PLA

Break out the Moutai in Zhongnanhai? US President Biden is going to Japan for the G-7 but has cancelled his planned visits to Papua New Guinea and Australia, for a Quad meeting, because he needs to be back in DC for the debt ceiling mess.

Summary of the Essential Eight:

1. Weak April economic data - Another sign that the Covid exit boom is more fizzle and poof. Retail sales, added value of industrial enterprises and fixed asset investment all missed expectations. The weak data will again lead to hope for some kind of new stimulus and supportive policies.

2. Youth unemployment - According to official statistics "the surveyed unemployment rate for those aged 16-24 was 20.4%, an increase of 0.8 percentage point from the previous month, setting a new high since this statistic was tracked in 2018". And millions more will be on the job market this summer after graduating from university. Is it possible there is a fundamental contradiction between economic vitality and Xi Jinping Economic Thought th…