Saturday, March 1, 2025

Weekend Edition: It’s Xi Jinping’s world

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Welcome to the weekend!

If you need some retail therapy after a long week, we've got you covered:

$1: What egg surcharge? On Sunday, McDonald's is selling McMuffins for a buck to celebrate 50 years of breakfast menu items (in-app only). 

$8: Sunday is also the last day to get a Starbucks Caramel Ribbon Crunch Crème Frappuccino, one of many drinks the company is dropping this year.

$599: Apple's iPhone 16e costs $170 more than the iPhone SE it replaces, a sign that the tech giant has abandoned the budget smartphone market

$5 million: That'll get you US residency and even a path to citizenship as part of Donald Trump's "gold card" program. 

You can enjoy Bloomberg's Weekend Edition online or in the app, where you can also listen to select stories. Don't miss Sunday's Forecast email, on the cities exposed to AI. For unlimited access to Bloomberg.com, subscribe.

Prevailing Wisdom

During a 2021 meeting in Alaska, American and Chinese diplomats engaged in a rare public spat, with then Secretary of State Antony Blinken lambasting China for "threatening the rules-based order." Four years later, Trump's view of power is arguably more in line with China's than any US president in decades. Chinese President Xi Jinping can simply wait Trump out, writes Daniel Ten Kate, then reap the benefits of his destruction.

Weekend Essay
It's Xi Jinping's World
China is pulling ahead in the global battle for ideas. 

To have a rules-based order, you have to have rules. The US's were forged in 1787, when the country's founding fathers gathered behind closed doors to iron out a Constitution. But the secrecy of that process was a luxury, writes Zaid Al-Ali. Syria's new leaders will have to take lessons from recent cautionary examples in Egypt and Iraq when they try to write a new constitution in the full glare of local and international attention. 

Weekend Essay
How Do You Write a Constitution Now?
America's founding fathers had the luxury of secrecy. 

We're not saying Syria should have ChatGPT write its constitution, but it… could? As intelligence becomes cheaper and faster, the basic assumption underpinning our institutions — that human insight is scarce and expensive — no longer holds. When you can effectively consult a dozen experts anytime you like, Azeem Azhar writes, it changes how organizations work and how each of us approaches decision-making.

Weekend Essay
AI Is Upending a Basic Assumption
Companies are organized around the idea that expertise is scarce.

Dispatches

Turkey
On a clear day, the cranes over the Sinpas Kizilbuk Thermal Wellness Resort are visible for miles around. Located in the coastal town of Marmaris, one of Turkey's most beloved tourism spots, Sinpas sticks out like a sore thumb. The resort's developer is planning to build condos, a hotel, a spa, an aquapark and a shopping center — but must first win a battle against environmentalists and local politicians.

Illustration: Lee Kyutae for Bloomberg

England
Jonathan Saunders likes gardening, fixing computers, long walks on the beach… and talking about heat pumps. Four years ago, he replaced his home's gas boiler with the more environmentally friendly device. Last year he signed up as a host for Visit a Heat Pump, a program that offers people the opportunity to see a heat pump in the wild and ask questions before investing in one. 

Illustration: Isabella Cotier for Bloomberg

Feels on Wheels

"I don't know if there's ever been a greater destruction of brand equity in this short amount of time. Tesla has become a four-wheel billboard for the immolation of our democracy."
Tom Price
A resident of Berkeley, California, who showed up to a Feb. 15 demonstration in the city with a 'Don't Drive DOGE' sign
Tesla has a growing optics issue: Sales of the brand are falling precipitously in places where Elon Musk's political interloping is proving unpopular. Sales dropped 12% in California last year, and registrations fell 41% in Germany. Across Europe, sales were down 45% in January.  

Weekend Plans

What we're watching: Peer-to-peer betting website Polymarket, where "New Pope in 2025?" has generated over $420,000 in wagers, and an ethics debate.  

What we're reading: In Covid's Wake, a look at how the consensus that coalesced around a maximalist pandemic-fighting approach became intolerant of dissent.

What we're studying: civics. Princeton professor Robert P. George is hoping a renewed focus on the subject will reassert conservative values among students

What we're calling our 20s: a lost decade. China's low bond yields, weak inflation and struggling property market are fueling fears it could be facing one, too.

What we're following: the Bank of Venezuela on Instagram. To rebuild trust with younger generations, central banks are trying out social media marketing. 

Conversation Starters
DOGE Risks a New $5 Billion Headache for Struggling US Landlords
A Strong Peso Is Powering Argentina's Million-Dollar Soccer Contracts
Can China Avoid Japan's Lost Decades?

One Last Thing

"There's a battle going on of people trying to secure matcha leaves."
Japan exported a record ¥29.2 billion ($188 million) in green tea in 2023, as social media feeds flooded with lattes and other matcha-based sweets drove increased demand. Now supply is struggling to keep up: Beverage makers in Japan and other countries say it's increasingly difficult to find tea producers with enough matcha to sell.  

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