China Press Review – April 24, 2018

Press review

Xi Ready to Respond as China Rattled by Trade, Debt Risks
Politburo sees geopolitical environment as more complicated Party leaders want lower financing costs, quicker opening-up

How Xi Jinping is playing the ‘Trump’ card in China
Aware of the economic threat posed by the US, the Chinese president has been pushing for economic reforms.

How Xi Jinping is playing the ‘Trump’ card in China

Worrying signs China is moving backward on reforms, warns U.S. official
China’s breaches of World Trade Organization (WTO) rules are detrimental to the United States and there are worrying signs that the world’s second-largest economy is moving backward, the U.S. consul general of Hong Kong and Macau said on Tuesday.

Slow and Steady Recovery for Container Shipping
But Escalation of US-China Trade Hostility is a Wildcard, Says Drewry

Slow and Steady Recovery for Container Shipping

What Modi and Xi hope to gain when they meet in China this week
China will be keen to woo India away from a US alliance against Beijing when Indian Prime Minister Narendra Modi meets Chinese President Xi Jinping for informal talks in Wuhan this week, diplomatic observers said.

Xi Jinping seeks to boost domestic demand as trade war looms and figures suggest growth is slowing in large parts of China
Majority of provinces to release figures for first quarter post lower totals than for previous 12 months

Washington’s unilateral protectionist measures against China run counter to WTO rules: U.S. scholar
“They run counter to established WTO rules and procedures, (and) essentially violate the most favored nation clause of the General Agreement on Tariffs and Trade… which is very fundamental to our global trade system,” he said. “Given the U.S. and Chinese economies are essentially going to be highly interdependent, the consequences of a protracted trade war could be devastating,”

Everything Is for Sale in Cyprus, and China’s Buying
The tiny Mediterranean island is throwing open the gates, while Germany and France build barriers.

China to cut RRR further, M2 growth seen accelerating – MNI
China will further cut the amount of cash that lenders must keep in reserves, and broad M2 money supply growth will accelerate this year, Market News International reported on Tuesday, citing a source close to the central bank.

China Expands Controversial Bans on Imported Waste
Experts acknowledge importance of protecting environment but worry policy could disadvantage manufacturing industry.

China’s power use picks up as economy firms
China’s electricity consumption grew 9.8 percent in the first quarter of the year, the fastest quarterly growth since 2012.

ZTE defends R&D, innovation as US export ban raises calls in China for ‘core tech’ development
The US export ban threatens to put ZTE, China’s largest listed telecommunications equipment maker, out of business

China’s HNA Group seeks up to $1.5 bln in new fund-document
A unit of debt-laden Chinese conglomerate HNA Group is seeking to raise as much as $1.5 billion by the end of this year in an investment fund that will serve as the group’s primary vehicle for global acquisitions, a document reviewed by Reuters showed.

China, European banking and the case of Luxembourg
Paolo Balmas considers Chinese banking ambitions in Europe and what the country might hope to achieve with Legend’s recent acquisition of BIL

Blue China: Navigating the Maritime Silk Road to Europe
China’s Maritime Silk Road is about power and international influence, but Europeans should not overlook the importance for China of further developing its blue economy, which already represents 10 percent of China’s GDP.

‘Belt and Road’ countries will benefit most in the event of any China-US trade war
Beijing’s global trade initiative seen as a form of insurance policy should transPacific trade ties get worse

China and UAE move a step closer to opening a ‘Belt and Road Exchange’
China is on the brink of opening an international exchange alongside the United Arab Emirates to cater for its mammoth Belt and Road Initiative.

China fails to get Indian support for Belt and Road ahead of summit
India foreign minister Sushma Swaraj did not express support for Belt and Road in the communique released after Shanghai Cooperation Organisation met in Beijing

China’s key land port sees rise in imports and exports in Q1
Horgos Port in northwest China’s Xinjiang Uygur Autonomous Region saw a rise in imports and exports in the first quarter of 2018. From January to March, imports and exports at this land port bordering Kazakhstan hit 23.9 billion yuan (3.8 billion U.S. dollars), up 9 percent year on year. Located about 670 km from Urumqi and 370 km from Almaty, Horgos was once a busy pass on the ancient Silk Road. The Belt and Road Initiative has injected new vitality into the port

Cari: Belt and road initiative: Is it all about China?
Denial will not work and could become a costly opportunity cost. Engage, involve and participate. Many opportunities beckon. There are many values to inculcate. Otherwise, the fear of China’s domination will truly become a self-fulfilling prophecy. The issue is not about the decline of America but the rise of China and Asia.

Chinese firm signs contract for EU-funded bridge project in Croatia
The state-owned China Road and Bridge Corporation (CRBC) signed a contract with Croatian highway operator Hrvatske Ceste (Croatian Roads) on Monday for the construction of the Peljesac bridge in Croatia. The US$340m deal marks the first time that a Chinese company has won the bid for a project funded by the European Union. The European Commission said last June it would pay up to 85 percent of its construction costs.

Peking University Launches “Belt and Road Institute” Led by Guanghua School of Management
The Institute will provide educational opportunities to future leaders in BRI-related countries, conduct research relevant to BRI projects, and serve as a platform for people-to-people exchange. Accomplishing these goals will involve interdisciplinary coordination between PKU Guanghua’s globally-recognized business experts and academic resources available through Peking University’s other world-class faculties.

Did Chanos Get China Wrong? Chaos Capitalists And Sovereign States
Since the 1980s, a new generation of chaos capitalists have been undermining the progress of emerging economies. Under the pretext of “efficient markets,” they seek to exploit real or perceived weaknesses. Recently, hedge funder Jim Chanos appeared on CNNMoney’s Markets Now program that was promoted heavily on the CNN: “Chanos got China right.”
Amid the global crisis, Chanos predicted that China would collapse.Nevertheless, CNN characterized his 2009 call as “brilliant.”
The question is, why?

Did Chanos Get China Wrong? Chaos Capitalists And Sovereign States

How a fight over vitamin pills holds key to what Chinese law means to America
America’s highest court to rule on whether it should defer to Chinese own slant on its law in anti-trust hearings

Remove two-child policy to boost China’s capacity for innovation, says Ctrip entrepreneur
With the country still reliant on foreign technology, James Liang says the ability to innovate is determined by the age profile of the population

Forget the Hong Kong dollar, it’s Japanese banks that may crack under US dollar funding strain
Neal Kimberley says the aggressive expansion by Japanese banks of their US dollar loan books puts them in a vulnerable position as the cost of borrowing rises

Softbank, China Reform Fund Co-lead $1.9B Round In Truck-hailing Firm Manbang
Chinese truck-hailing firm Manbang Group has completed a US$1.9 billion round led by Softbank Vision Fund and China Reform Fund, a private equity firm backed by China Reform Holdings Corporation Ltd and other central state-owned enterprises.

Softbank, China Reform Fund Co-lead $1.9B Round In Truck-hailing Firm Manbang

CDH Leads $120M Round In E-commerce Portal Yunji
Chinese social E-commerce platform Yunji has completed a US$120 million Series B funding round led by CDH Investment, with the participation by Huaxing New Economic Fund.

CDH Leads $120M Round In E-commerce Portal Yunji

China’s stocks rise most in two months as Beijing seen adjusting policy to boost economic growth
China’s stocks rallied the most in two months after top leaders signalled flexibility in bolstering economic growth and loosening monetary policy amid a mounting trade spat with the US.

China’s local governments ramp up blockchain projects amid cryptocurrency clampdown
More local governments in China are pushing forward with blockchain-related programmes and investments that will benefit start-ups using the technology

With the age of biotechnology here, China’s spotty history with bioethics raises concerns
As China’s advances in biotechnology come closer to the secrets of life, they pose tantalizing prospects for the future. But when standards for research on the latest technological frontiers are being set by a government that has always prioritized power over ethics, there’s also plenty of cause for concern. It was not until 1998 that the Chinese Ministry of Health established an ethics committee and issued the first set of guidelines on medical ethics in China.

With the age of biotechnology here, China’s spotty history with bioethics raises concerns

Overseas Chinese pledge to cement U.S.-China ties of economy, trade, culture
Overseas Chinese coming from China’s Hebei Province will cooperate with other communities in the San Francisco Bay Area to become a driving force behind closer exchanges between U.S. and Chinese people, a leader of the Chinese community said Monday.

China Wants Fewer Burberry and BV Handbags, More Chanel and Hermès
The rich are getting richer when it comes to the most desired handbag brands in China.
A recent survey by investment bank RBC Europe shows that Chanel (which 20 percent of respondents said they intended to buy) and Gucci (16 percent) are the most-wanted designer handbag brands among Chinese luxury consumers in 2018. They were followed by Hermès (12 percent), Prada (nine percent), Louis Vuitton (eight percent), and Dior (eight percent). Asked to set aside budgetary constraints, respondents chose Hermès as their most desired brand. Chinese consumers hold the heritage French brand in high esteem for its world-class craftsmanshi

China Wants Fewer Burberry and BV Handbags, More Chanel and Hermès

Hainan, China’s Hawaii, to use Hong Kong as gateway for fundraising, IPOs
Hong Kong will lend its expertise in fields ranging from tourism to trade and help companies from the Chinese province with IPOs and fundraising in the city

Alain Gillard
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