WEEK IN REVIEW: China to Shift to a Massive-Scale Consumption Economy – China’s Premier Li Qiang

China's Premier Li Qiang delivers his speech during the ASEAN - Gulf Cooperation Council (GCC) - China Economic Forum official dinner on May 27 2025. Photo by Vincent Thian / POOL / AFP

The Taiwanese tech company Foxconn, a major assembler of Apple products, received approval from Taiwan’s regulator for a $2.2 billion investment in facilities in India and the U.S. The Department of Investment Review in Taiwan’s Ministry of Economic Affairs also approved a $1.49 billion investment in a subsidiary in Singapore, which will further invest in Indian assembly. India now provides the majority of iPhones for the U.S. market as Foxconn expanded its footprint outside of China. (BUSINESS STANDARD)

Russian President Vladimir Putin will reportedly also not attend the BRICS summit in Brazil in July. The news follows this week’s announcement that China’s President Xi Jinping will skip the gathering. Putin’s decision is reportedly due to the ongoing International Criminal Court warrant for his arrest due to charges related to the invasion of Ukraine. (AFP)

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by CGSP Staff

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