The Canadian think tank, the Fraser Institute, has released its latest World Economic Freedom Report. Out of 165 economies, Hong Kong has fallen from the top position for the first time, ranking second. The report states that Hong Kong’s latest score is 8.55, which has fallen by 0.4 points over the past two years, significantly worse than the global average decline. The report attributes Hong Kong’s decline mainly to the harsh new laws imposed by the Chinese Communist Party (CCP), the Hong Kong National Security Law, rather than just pandemic-related policies. It predicts further declines in Hong Kong’s future scores. The report indicates that the CCP has introduced significant “thresholds,” restricted the employment of foreign labor, and increased the cost of doing business in Hong Kong, leading to a 0.25-point decline in the “regulation” component of Hong Kong’s score. Additionally, increased CCP military intervention in Hong Kong’s rule of law has undermined confidence in the independence and fairness of the Hong Kong judiciary, resulting in a 0.2-point decline in the “legal system and property rights” component....Read more https://www.theepochtimes.com/china/world-economic-freedom-report-hong-kong-drops-from-top-position-for-the-first-time-5496512
BEIJING—A fire and subsequent explosions at a golf ball factory in southern Taiwan killed at least five people and injured more than 100 others, and five people are still missing. The fire began on Friday night at the factory in Pingtung county and raged overnight. Three firefighters were among the dead, authorities said. Rescuers were still looking for four factory workers and one firefighter who remained unaccounted for, officials said. More than 100 people were taken to the hospital with injuries. Taiwan President Tsai Ing-wen in a speech in Taipei on Saturday expressed her condolences to the families of the victims and said she would travel to Pingtung to visit those affected by the disaster, according to Taiwanese news outlet Focus Taiwan.... 
Deepening economic woes in China are something the communist regime can no longer dismiss, and dependent countries can’t afford to ignore. Since China’s decision to end its “zero COVID” policy was announced last December, the subsequent economic downturn has hit multiple sectors. Import and export markets have slumped this year, coupled with the country’s soaring debt, underperforming industrial output, and a tanking real estate market. July data showed a significant year-on-year drop in foreign trade, with exports shrinking 14.5 percent and imports falling 12.4 percent. This is complicated by a shrinking labor force and high youth unemployment. The number of young people unable to find jobs hit a record high of 20.4 percent in April among the 16- to 24-year-old age group—spiking to 21.3 percent in June....
The Department of Commerce announced Friday the final funding rules under the CHIPS and Science Act, preventing China from benefiting from the $52 billion incentives and clearing the last hurdle before awarding the $39 billion portion for semiconductor production. The rules restrict CHIPS funds recipients from investing in most semiconductor manufacturing—advanced and legacy—in “foreign countries of concern” for ten years or from conducting joint research or technology licensing with “foreign entities of concern” on technology or products of national security concern. They also prohibit recipients from using the incentives to build, modify, or improve a chip facility outside the United States....