Anxiety over economic inequality is growing in China; China's most-wanted export is a $28 toy; The latest developments in weight-loss drugs; My campaign ends today

1) One of the reasons I remain bullish on America long term is that, whatever our problems, the outlook is quite a bit worse for our major economic competitors – a stagnating Europe and an even-more-troubled China. This insightful article in yesterday's New York Times details the latter: 'The Better Life Is Out of Reach': The Chinese Dream Is Slipping Away. Excerpt:

Since the 1980s, more than 800 million Chinese have risen out of poverty. China's middle class expanded from virtually no one to about 400 million. Villagers moved to cities. Tens of millions of people became the first in their families to attend college.

Today, China's economic growth has slowed. As wages stagnate and jobs disappear, the promise of upward social mobility is eroding, especially for those from modest backgrounds...

Anxiety over inequality is growing in China. Children of privilege inherit not only wealth but also prestigious jobs and powerful connections. Children of laborers and farmers, no matter how driven or well educated, often struggle to break through.

As the article continues, this widening gap may be familiar to Americans... But it's even worse for China, where the average standard of living is lower and young adults struggle to rise above their socioeconomic backgrounds.

2) Speaking of China, New York University marketing professor Scott Galloway recently highlighted a Chinese company whose product has taken the Internet by storm: The $28 Toy Powering One of Asia's Best-Performing Stocks. Excerpt:

China's most wanted export? Not rare earth metals, iPhones, or DJI drones. It's a snaggletoothed toy named Labubu.

Sales of the furry monster figurines, which retail for $27.99 in the U.S., have surged thanks to two million TikTok hashtags and shoutouts from Rihanna, Lisa of Blackpink and The White Lotus, and David Beckham. Demand is so intense that some fans have started smuggling dolls out of China.

Behind the craze is Pop Mart, Labubu's parent company, now one of the world's largest entertainment intellectual property firms. Its Hong Kong-listed stock is up almost 500% over the past 12 months, and the company is now valued at over $40 billion. In 2024, sales more than doubled to $1.8 billion, profits more than tripled, and international sales jumped from 15% to nearly 40% of revenue.

The article highlights two important forces driving global consumer behavior right now: the "kidult" boom (adults seeking comfort in childhood nostalgia) and the larger shift away from Western pop-culture dominance.

3) Revisiting one of my favorite topics, the miraculous weight-loss drugs like Wegovy and Ozempic, here's an NYT article with the latest developments: New Data Shows Just How Powerful the Next Weight-Loss Drugs May Be. Excerpt:

Drugmakers are racing to develop the next wave of obesity and diabetes medications that they hope will be even more powerful than those currently on the market...

On Saturday, researchers presented data at an annual meeting of the American Diabetes Association on perhaps the most anticipated of these medications: a daily pill. A late-stage study showed that the drug, called orforglipron, appeared to be about as effective as a weekly Ozempic injection at inducing weight loss and lowering blood sugar. It is just one of over a dozen experimental medications that researchers will share data about at the conference this weekend.

Some of these drugs are still in early trials, but others could hit the market as soon as next year. They include medications that may lead to more weight loss than the roughly 15 to 20 percent body weight people lose on existing drugs. They may also be easier to take than weekly injections and help people shed pounds without dropping as much muscle. More competition – and, in the case of the pill, lower manufacturing costs – might also mean that, eventually, patients pay less.

This is exciting news, not only for weight-loss patients, but for the industry as a whole. I'll continue to monitor this area carefully to see which drugmakers pull ahead of the competition.

4) My NYC mayoral campaign ends today, barring a shocking polling miss.

But I'm proud of the race I've run – I recorded a video yesterday to my supporters, which you can watch here.

My parents (from Kenya) and my sister came into town for canvassing – mostly standing on street corners and outside voting sites, talking to people and passing out flyers. Here's a picture of us:

I would also like to thank my wonderful readers for their support and words of encouragement for my campaign!

Best regards,

Whitney

P.S. I welcome your feedback – send me an e-mail by clicking here.