China’s Xi warns ‘period of turbulent change’ as external risks rise
Chinese President Xi Jinping warned that the world’s second-biggest economy is facing a period of ‘turbulent change’ and that rising external markets risk required policymakers to increasingly rely on domestic demand to spur growth. The five-yearly economic blueprint is expected to be unveiled in the annual parliament meeting next year, and Xi said China must be prepared for “a period of turbulent change” as the coronavirus pandemic has accelerated protectionism, hammered the world economy and disrupted supply chains. “In the coming period, we will face more and more headwinds in the external environment, and we must be prepared to deal with a series of new risks and challenges,”.
China keen to work with ‘US states, local councils, businesses’ despite Washington’s hostility, Xi Jinping says
President Xi Jinping is keen to de-escalate rising tensions with Washington and ensure American companies continue to do business with China. China has had close ties with states on the West coast of the US, while purchases of agriculture products have also boosted interactions with Midwest farm states.
Chinese foreign minister says US decoupling doomed to fail
Wang Yi called on Europe to resist ‘unilateral bullying’. He is expected to call on Europe to remain open to Chinese business during a week-long tour of the continent. US trade representative Robert Lighthizer and Chinese counterpart Liu He held a phone conversation on Tuesday morning and
agreed to continue to implement the phase one trade deal signed in January, which binds China to buying an additional US$77 billion worth of goods from the US this year compared with 2017 levels.
China boosts macroeconomic cooperation in ‘constructive’ trade talks with US
Negotiators review progress of phase one trade deal in telephone conversation on Tuesday.
Both sides say they are committed to making progress on the agreement signed last year. US President Donald Trump in recent weeks has stepped up his rhetoric against China ahead of what is expected to be a tough re-election fight, raising questions about the deal’s fate as well as the possibility of a phase two agreement.
US and China hold ‘constructive’ trade talks after delay
The US and China have held talks over their so-called “phase-one” trade deal after the discussion was delayed earlier this month.
Donald Trump says US and China could decouple, if ‘they don’t treat us right’
America ‘doesn’t have to do business’ with China, president says in an interview with Fox News. Comments come as senior officials wait to review the phase one trade deal signed in January.
How the US uses the dollar payments system to impose sanctions on a global scale
The US dollar’s global dominance gives Washington a powerful tool that it uses to enforce sanctions on people, institutions and countries. The decoupling of the world’s two largest economies has raised concerns about the United States deploying the ‘nuclear option’ of freezing China’s banking sector out of the global US dollar payments system
US dollar weakness won’t last. Signs show a turnaround is due
In an evolving situation, dollar bears have to decide if it still makes sense to buy another currency in preference to the dollar. While Chinese data may justify yuan strength versus the dollar, European data does not quite justify euro strength.
The problems with China’s “Dual Circulation” economic model
May, when President Xi Jinping first introduced the concept of a “dual circulation” economic model, analysts who follow the Chinese economy have been struggling to understand exactly what the Chinese leadership has committed to. From the many subsequent formal references that have followed, it seems that Beijing’s new economic strategy calls for the country to continue to expand domestic production for exports (“international circulation”) while shifting the economy towards a greater relative emphasis on production for domestic consumption (“internal circulation”).
Foxconn, Pegatron among Asian firms considering Mexico factories as China risks grow
Taiwan-based electronics manufacturers Foxconn and Pegatron are among companies said to be eyeing new factories in Mexico. The plans could usher in billions of dollars in badly needed fresh investments over the next few years for Latin America’s second-largest economy.
Hong Kong, China stocks turn down; US-China officials see ‘progress’ on trade deal, hopes rise for Covid-19 vaccine
US-China officials spoke by phone Tuesday, reiterated commitment to trade deal. US stocks hit record highs on hopes for Covid-19 therapies, vaccines
Jack Ma’s Ant Group files plans for dual listing in Hong Kong and Shanghai, showcasing profitable business
Ant generated a pre-tax profit of 24.4 billion yuan (US$3.5 billion) in the six months to June 30, up from 3.02 billion yuan a year earlier. Jack Ma, founder of Alibaba Group Holding, will donate 611,337,334 shares of Ant Group to charitable causes.
Jack Ma’s Ant Group sets aim for world’s largest IPO
Alibaba affiliate files for stock sale on HKEX and STAR Market, targeting $30bn.
Could New Threats Force Alibaba Out Of Taiwan?
The Taiwanese government is giving a local Taobao branch, owned by Alibaba, six months to re-register as a Chinese investment, or it must leave the country. On Monday, Reuters reported that the Taiwanese government gave the local branch of Alibaba Group Holding Ltd’s e-commerce platform, Taobao, six months to re-register as a Chinese investment rather than a foreign one, or it must leave the country. The order comes at a time of escalating political tensions, emphasized through the country’s intensified scrutiny of Chinese investments.
KAOLA HELPS GLOBAL BRANDS REACH CHINA’S GROWING MIDDLE CLASS
Alibaba Group’s cross-border e-commerce platform Kaola has announced a strategic upgrade to help overseas brands and domestic companies reach China’s burgeoning middle class.
When Controversy Hits in China, Luxury Brands Bank on Short Attention Spans
Some global luxury brands have created marketing campaigns that have offended the sensibilities of Chinese netizens. What lessons can be learned?
China’s ‘American Factory’ laid off more than 2,000 jobs worldwide in first half of 2020 due to weak car market
Fuyao Glass Industry Group featured in the award-winning Netflix documentary, American Factory. Founder Cao Dewang remains pessimistic about the outlook for the second half of the year due to weak demand amid the coronavirus
World’s largest vaping devices maker Smoore defies coronavirus, trade war to expand capacity amid booming sales
The Shenzhen-based maker of e-cigarettes, which sells half its products in the US, reported a 40 per cent rise in profits for the first six months of the year The firm says higher import tariffs have not stopped US demand from growing because its products are ‘technologically superior’
China’s ByteDance receives mixed reaction at home for suing the US government over its TikTok order
Public opinion in China over ByteDance’s legal challenge remains mixed, with many netizens saying the company ‘has no backbone’. Even if its lawsuit succeeds, ByteDance still has to deal with the other executive order about divesting TikTok’s US operations
TikTok sues Donald Trump and US government over threatened ban
US president’s executive order gave China’s ByteDance 90 days to divest popular video-sharing app’s US operations. Meanwhile, some ByteDance investors are looking to use stakes to finance bid for TikTok.
How Hong Kong can boost the development of data centres and emerge as a regional hub
Demand for data centre services from users of cloud computing, e-commerce and high-frequency trading in Hong Kong has never been greater. Provision of suitable land supported by well-developed infrastructure is of utmost importance, if Hong Kong is to become an international data centre hub in Asia-Pacific
Green and digital: A Chinese recipe for global economic competitiveness
As Americans consider how to rejuvenate the economy in the wake of the COVID-19 crisis, profits at China’s industrial firms rose 11.5 percent year-on-year in June, marking the quickest profit growth since March 2019. China’s rebound from the COVID-19 crisis is already in full swing. So while trade tensions between U.S. and China look set to continue, what is China’s strategic growth plan?
Will Chinese bottled water giant Nongfu Spring’s Hong Kong IPO lead to more success for its low profile billionaire founder?
Nongfu Spring is seeking up to US$1 billion in initial public offering. Zhong Shanshan, 65, holds 87 per cent of the company and is currently the 29th wealthiest person in China.
How to teach China-US relations as tensions between the two superpowers soar?
Students – and the rest of the world – would appreciate a workable plan to escape the calamity of entrenched policy silos, where nation-states never rise above juggling their own interests
Why Indonesia is poised to become the next AI start-up hub
Knowledge exchanges are crucial to ensuring continued growth, along with an emphasis on creating Indonesian scientists. China is also facilitating education growth in Indonesia, offering numerous scholarships for scientific research and collaboration
ALIBABA’S LUXURY CHANNELS GET GEN Z UPGRADE
Alibaba Group on Monday unveiled plans to retool its luxury platforms, including Tmall Luxury Pavilion and Luxury Soho, as it gears up to help high-end brands reinvigorate their growth and connect with China’s Generation Z shoppers after Covid-19.
China’s social security fund is being propped up by local government subsidies, but for how long?
Without contributions from local governments, national social security funds would have run at a deficit since 2013, a South China Morning Post analysis of records finds Beijing exempted companies from paying into the system during the coronavirus, but the move could come at the expense of supporting the nation’s most vulnerable
Blockchain Bitcoin Cloud Mining, Cryptocurrency, Blockchain
China’s dino-banks are starting to look more favorably upon blockchain. Huobi is charging towards blockchain-powered finance, and wants to help people save cryptocurrencies. A Chinese startup has sold its public blockchain solution to a provincial government, and Vechain wants to sell blockchain for the sustainability of supply chains. Meanwhile, cryptocurrencies are being used to transfer money from China overseas.
Brush up on Mandarin, as China’s banks are hiring tens of thousands of graduates in latest rescue mission to prop up jobs
The four biggest state banks, led by Industrial & Commercial Bank of China, this month kicked off their autumn campus hiring, instead of in November as in previous years China Construction Bankplans to add 16,000 graduates this year, up from 13,000 last year. Bank of China will increase its hiring by 15 per cent to more than 10,000, according to their advertisements
Hong Kong home rents drop near universities, as mainland Chinese students stay at home for online classes
Rents in some areas close to universities have dropped by about a third, by 3.4 per cent since January overall Landlords are offering generous concessions as they shift focus to local tenants
Why India’s bid to bring Russia into the Indo-Pacific initiative is unwise
Russian involvement in the Indo-Pacific will help India avoid making tough choices in the US-China face-off and could induce a split between Moscow and Beijing However, given close Russia-China military and economic ties, this is unlikely to happen. Instead, India could anger its allies in the Quad and Asean
Donald Trump says China will ‘own’ US if Joe Biden wins presidential election in November
US president makes unscheduled appearance at Republican National Convention during nomination roll-call vote He also rails against Beijing’s accession to the World Trade Organisation during largely unscripted remarks
Trump or Biden, which candidate does China want in the White House?
Pei said the split in Chinese attitudes toward Trump and Biden depend on whether officials in Beijing are taking a short- or long-term view. Those who take a long-term view prefer Trump, since they view him as being incompetent and unable to get allies on board, thus giving China more room to maneuver. Another four years of Trump would lead to more internal divisions within America, reducing its ability to successfully wage a long-term struggle against China, Pei said.
China’s navy drills in 4 regions show ability to counter US, observers say
Exercises held at roughly the same time in South China Sea, East China Sea, Yellow Sea and Bohai Gulf . US last month conducted air defence exercises in the disputed South China Sea and indicated greater willingness to confront China there.
Why claims that Hong Kong’s national security law will have a limited impact ring hollow
While officials insist the effects of the law will not be significant, the arrests of pro-democracy figures, disqualification of Legco candidates and suspension of extradition treaties tell a different tale.
US-China relations: Chinese state media steps up attacks on ‘fact-twisting’ Mike Pompeo
Piece running to 33,000 words defends Beijing’s policies towards Xinjiang and Hong Kong and rejects a series of ‘false’ claims about China. Pompeo has been singled out for denunciations in recent months as relations between the two sides deteriorate.
Chinese military: Rocket Force drills prepare for possible US nuclear weapons attack
Anti-CBRN exercises are a major training focus, simulating defence against chemical, biological, radiological and nuclear warfare Rocket Force’s largest anti-nuclear weapon drill involved thousands of soldiers and hundreds of military vehicles in the Gobi Desert
Secret migration of China’s rich, led by Asia’s richest woman, revealed in leaked Cyprus document
Yang Huiyan, with an estimated wealth of US$28 billion, is among more than 500 Chinese people said by Al Jazeera to have received a Cypriot ‘golden passport’ in recent years. Chinese citizens may apply for permanent residency or citizenship in foreign countries, but obtaining citizenship abroad generally means losing Chinese citizenship
Modern ‘Ai’: Passion, Patriotism, and China’s Politics of Love
Whether it was of God, country, or one’s fellow man, “love” has always been a political act in modern China. Lin saw public displays of emotion as a marker of aesthetic sensibility and moral superiority. His appalled fellow townspeople, meanwhile, derided him as a wild scholar.
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