China says it wants to get relations with US ‘back on the right track’
Beijing makes the remarks just hours before Joe Biden’s inauguration as president. But analysts say Washington will continue to see China as a major threat.
Biden recalls telling China’s Xi Jinping the US is about ‘possibilities’ before swearing in appointees
Just hours into his term, new US leader recounts chat as part of a monologue about the importance of respect, decency and honour The pair travelled to Chengdu and locations near the southwestern Chinese city in 2011 when both were vice-presidents
China-US relations: angels can triumph over evil and get ties back on track, Beijing says
‘President Biden mentioned that the US needs to be repaired and healed. I think the same is true for Sino-US relations,’ foreign ministry spokeswoman says Upbeat message comes after China imposes sanctions on 28 officials who served under Donald Trump
China injects hope into Beijing-Washington ties
Over the past few years, those individuals sanctioned set up way too many obstacles in bilateral ties, burned down too many bridges and damaged too many roads, Hua said. And when Biden took office, it became time to repair ties and rebuild trust between Washington and Beijing “Both countries need to possess the courage to listen to each other, respect each other and conduct the relationship properly, which would be in line with the expectations of the international community,” Hua said.
Will Biden reshape U.S.-EU-China trilateral ties?
As Joe Biden takes office as the 46th U.S. president, global investors are talking about the China-EU-U.S. triangle, which is expected to reshape the world economy in the next four years. But the three global players have some housekeeping work to do in terms of political and economic relations. Some of the foremost concerns include the China-U.S. decoupling risk, Biden’s new policies on Trump’s political legacy, and China-EU-U.S. trilateral ties after the China-U.S. Phase one trade deal and the China-EU Investment Treaty. CGTN spoke to Joerg Wuttke, president of the EU Chamber of Commerce in China, about these hot topics. Below are excerpts from the interview, edited for clarity and brevity.
As Biden takes office, US still viewed as ‘grey rhino’ risk for Chinese economy
Chinese economists see ‘negative energy’ and continued US pressure under President Joe Biden, who was sworn in on Wednesday Biden expected to adopt a less antagonistic tone, but his policies may not differ hugely from the Trump administration in the short term
China’s Economy Did Well in 2020. The U.S. Economy Did Not, but It’s Better Off. Here’s Why.
Ultimately, China’s approach is less sustainable than the U.S. one. Relying on wasteful debt-financed investments and consumers in the rest of the world to keep your workers employed is dangerous, especially if those consumers—or at least their elected leaders—decide they would prefer to “decouple.” Americans, by contrast, always have the option of producing more to meet their needs. Chinese officials recognize this, which is why they have been so eager in recent months to promote their efforts to build a self-sufficient economy in part by encouraging consumption growth through “demand side reform.” These efforts may eventually bear fruit, but the track record isn’t encouraging. While Chinese leaders have been publicly discussing problems with China’s “unstable, unbalanced, uncoordinated and unsustainable” growth model since the mid-2000s, they haven’t managed to increase the relative importance of the domestic consumer market to the economy because that would require altering the distribution of political power within Chinese society—something the Communist Party’s elites are unwilling to do.The U.S., for all its flaws, has greater flexibility to adjust without risking social upheaval.
China Demand Lifts Japan’s Exports to First Gain Since 2018
Demand from China, which has managed to contain the virus and last quarter roared back to pre-pandemic growth rates, has given key support to global trade and to Japan’s export-reliant economy.
Japan, South Korea exports boosted by China demand
Strong demand from China, which has roared back to pre-coronavirus growth rates, has given key support to global trade and export-reliant economies Japan’s exports rose 2 per cent in December, while South Korea’s exports to China in the first 20 days of January were up 19 per cent
China’s economic centre of gravity is moving south
The country’s dynamic southern provinces now account for two-thirds of output “DON’T INVEST beyond Shanhaiguan” has been a popular quip in China for years, referring to a pass in the Great Wall that leads to the north-eastern rust belt. Online pundits have recently updated the maxim to “don’t invest outside the Southern Song”, a dynasty that fell almost 750 years ago whose territory was roughly the same as China’s southern half today. The joke contains a kernel of truth: China’s southern provinces are outperforming northern ones in nearly every economic dimension.
China’s weak consumer spending requires its leaders to upgrade policy toolkit, Beijing adviser says
Retail sales, a key indicator of consumer spending in China, contracted by 3.9 per cent last year, and experts say reform measures are needed to reverse the trend Analysts have expressed concerns with the lingering weak recovery in domestic consumption, which is lagging behind a strong rebound in industrial production, investment and trade
Chinese capital Beijing sets sights on building ‘trillion yuan’ hi-tech manufacturing clusters
City wants to attract more global talent by offering better work conditions, and opening up its research facilities, according to new five-year plan Vice-mayor says Beijing wants to attract people who can contribute to ‘our country’s drive to become a global power in science and technology development’
Dual-circulation, tech spur growth
Editor’s Note: Despite global uncertainties and the economic downturn caused by the COVID-19 outbreak, China is on track to embrace the dual-circulation development pattern as it enters the 14th Five-Year Plan period (2021-25) in 2021, which also marks the 100th anniversary of the founding of the Communist Party of China. China Daily spoke to senior executives from multinational corporations to get their views on the overall macroeconomic environment, potential business opportunities, and how China can play a key role in shaping the trajectory of global growth.
China’s would-be chip darling Tsinghua Unigroup bedevilled by debt and bad bets
Unigroup has now either defaulted or had cross-defaults triggered on seven onshore and offshore bonds worth about US$3.6 billion The state-backed conglomerate has warned it may not be able to make upcoming bond payments
Qualcomm’s chip market share plunges in China after Huawei sanctions; MediaTek takes No. 1 spot
Last year, 307 million smartphone so-called system on chips (SOC) were shipped in China, down 20.8% year-on-year, according to CINNO Research. Qualcomm’s shipments in China shrank 48.1% year-on-year a report from CINNO said. Part of the reason for Qualcomm’s declining market share is due to U.S. sanctions on Huawei but also domestic smartphone makers like Oppo, Vivo and Xiaomi looking to alternative from rival MediaTek.
China doubles new renewable capacity in 2020; still builds thermal plants
China’s 2020 figure is ahead of the 60.4GW of new wind capacity added globally in 2019, according to Global Wind Energy Council China seeks to raise the share of non-fossil fuels in its primary energy consumption to 25 per cent by 2030, up from 15 per cent in 2020
Shanghai Reports First COVID-19 Cases Since November
The three cases were identified in a cancer center worker and two of his close contacts amid a citywide vaccination drive. In the wake of the Shanghai cases, officials are urging residents to refrain from traveling during the upcoming Lunar New Year holiday to prevent additional outbreaks. On Wednesday, China’s National Health Commission said migrant workers returning home between Jan. 28 and March 8 are encouraged to get tested for COVID-19 prior to traveling, and must submit to a 14-day health monitoring period and compulsory tests upon arriving in their hometowns.
Shanghai reports 3 local COVID-19 confirmed cases since Nov, screens 14,411 contacts
Shanghai found three local confirmed COVID-19 cases in its downtown Huangpu and Xuhui districts on Thursday, two months since the last local case was reported in the city, the municipal health authorities said Thursday.
15 million people given Covid-19 vaccines in China as Spring Festival nears
Dozens of new coronavirus cases reported in winter weather in the county’s north Transport ministry forecasts 40 per cent drop in holiday traffic as public urged to stay home for Lunar New Year
Coronavirus: is China ready for the mRNA vaccine revolution?
The focus at home has been on the well-established path of inactivated formulas to fight Covid-19 b But some companies are heeding the call to investigate the potential of a whole new kind of technology
Wuhan mayor to step down, a year after he came under fire over coronavirus response
There was no announcement about Zhou Xianwang’s departure but he is not identified as mayor in official report He was among those criticised over the initial handling of the outbreak in the central Chinese city where virus was first detected
China to impose virus testing on new year travellers
The mainland plans to impose strict Covid testing requirements during the Lunar New Year holiday season, when tens of millions of people are expected to travel, as it battles the worst wave of new infections since March 2020.
CHINA VS USA: CHINA WILL WIN THE RACE OF INTERNET OF THINGS
As per global market research firm International Data Corporation (IDC) China will outperform the United States to turn into the world’s biggest Internet of Things (IoT) market in 2024 in the race of China vs USA. The present reality remains at the cusp of another industrial revolution. Driving the revolution are a few arising innovations like 5G, Internet of Things, artificial intelligence, robotics, 3D printing, autonomous systems, cloud computing, and blockchain which are all fuelled by data.
Sweden faces Chinese blowback over Huawei ban
Sweden’s telecom regulator banned use of equipment from Huawei and ZTE in October.
5G to fuel traditional sector upgrade
The plan comes with China already having built more than 718,000 5G base stations as of mid-December and with 5G signals available in more than 300 cities at prefecture level and above.
Chinese EV giant BYD seeks US$3.9 billion from Hong Kong stock placement
Company plans to place 133 million new shares at HK$225, or a 7.8 per cent discount on the closing price on Wednesday of its current stock It will use the cash to replenish its working capital, repay interest bearing debt and invest in R&D
Can TikTok owner ByteDance break the mobile payments duopoly of Alipay, WeChat Pay?
The stakes are high for Douyin Pay, as Alipay and WeChat Pay continue to dominate China’s mobile payments industry Other Chinese hi-tech giants, including Meituan and Pinduoduo, are also expected to compete in mobile payments
Do fintech giants Alipay and WeChat Pay have monopoly power? China’s new regulation leaves experts guessing
A draft regulation from China’s central bank specifies two different markets for assessing the market power of fintech companies Experts say the use of two terms is ‘sowing confusion’ and defining markets should be left to antitrust courts
Ant Group fintech digital payment antitrust
The People’s Bank of China has proposed new antitrust rules for non-bank digital payment companies, which are likely to pressure the duopoly held by Ant Group and Tencent over the market. The rules set the standard for monopolistic behavior in China’s third party digital payment market. If implemented, they are likely to trigger regulatory scrutiny of Ant Group and Tencent.
China’s Top Financial Regulator Rejects ‘State Monopoly’ Criticism
China’s top financial regulator dismissed claims the nation is distorting its economy through “state monopoly capitalism” as pressure grows on China to align more with global trade rules. Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission, said the accusations are a big “misunderstanding” of how its economy operates.
China Telecom, China Mobile and Unicom apply to New York Stock Exchange to reverse delistings ordered by Donald Trump
Request to review deslistings came as Joe Biden inaugurated as next US President NYSE delisted three of China’s biggest telecoms in response to executive order by former US President Donald Trump
Luxury Look: At-Home Fitness Is the One to Watch in 2021
While much of China has managed to return to a post-coronavirus sense of normalcy, at-home fitness appears to be here to stay and is evolving quickly.
China’s Xinjiang more than doubled its US exports in 2020, despite Trump’s sanctions and bans
Xinjiang’s exports to the US rose by 116 per cent last year, led by strong sales of wind turbines, some chemicals and Christmas decorations Figures come as new US President Joe Biden plots his course on Xinjiang, but analysts do not expect a dramatic shift from hardline Trump era
China-Australia relations: Covid-19 probe spat adds to tiny capital pool to make Down Under the no-go market for Chinese IPOs
Relations have frayed after Australian Prime Minister Scott Morrison called for an independent investigation into the origins of the novel coronavirus But even before tensions arose over the pandemic, Chinese companies were not opting for Australian listings because the market lacks liquidity
China-Australia relations: Beijing raises wool import quota, but move not seen as sign of warming ties
Chinese buyers led the way in purchases of Australian wool at recent auctions There had been concerns that exports of wool could be dampened by the recent strong rise in the Australian dollar
Japan weighs in on South China Sea dispute, adding to pressure on Beijing
Permanent mission to UN sends note saying China’s territorial baselines on some islands and reefs fail to satisfy conditions in United Nations convention It also accuses China of restricting freedom of navigation and overflight
Rescuers drilling new shafts to free trapped miners
Rescuers in China were drilling new shafts on Thursday to reach gold miners who have been trapped underground for 11 days after an explosion, including one they hope to use to bring the survivors to safety.
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