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
A leaked U.S. Office of Naval Intelligence (ONI) slide is garnering concern over the Chinese regime’s continued capability to produce naval vessels at an alarmingly faster rate than the United States. The leaked graphic depicts shipyards in China being able to build new naval vessels at a rate 232 times greater than the United States. The ONI confirmed its authenticity to The Drive, which first published the slide. This outsized capacity to support the People’s Liberation Army (PLA) Navy has caused some analysts to raise the alarm that the United States won’t be able to close the gap for many years to come.... 
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....