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Corporate tax shakeup, Shanghai parts shortages

The government aims to lift the standard corporate tax rate while providing more generous tax breaks for capital spending. We doubt this will have a noticeable impact on business investment, not least because firms have found ways to circumvent corporate taxes in recent years. Meanwhile, Japan’s car sector continues to be afflicted by supply shortages, this time as a result of the lockdowns in China. We suspect that shortages won’t fully disappear until the end of the year.

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