China Press Review – September 4, 2019

Press review

US, China must restart talks to end trade war, ensuring global semiconductor supply chains remain intact
Senior industry executives call on governments around the world to resist decoupling supply chains and disentangling economic cooperation.
www.scmp.com

How much economic pain can China tolerate in the trade war? Donald Trump is about to find out
A buying frenzy over pork in Shanghai might be a sign of economic trouble or an after-effect of the swine flu epidemic. Either way, it raises questions about the Chinese people’s capacity for withstanding the fallout from the US trade war
www.scmp.com

Trump taunts China as trade war rattles economy
‘While I am sure they would love to be dealing with a new administration … think what happens to China when I win’
www.asiatimes.com

US using trade war to stop China overtaking it, ex-Singapore diplomat says
Kishore Mahbubani says the US could have solved its trade dispute with China if it wanted to, but it is now a ‘geopolitical contest’ China’s Belt and Road Initiative was a ‘pre-emptive strike’ against the US and current world order
www.scmp.com

US-China trust needed more than trade deal to stop break-up of world economy, Singapore minister warns
Chan Chun Sing says the ‘most dangerous trajectory’ for global trade is nations big and small ‘fragmenting’ their supply chains to reduce economic risks The lack of strategic trust between Beijing and Washington is problematic for the global economy, Chan cautions
www.scmp.com

China’s top negotiator Liu He urges US senators to ‘deepen mutual understanding’ to resolve trade war
Bipartisan group hold meetings with the vice-premier and China’s top legislator Li Zhanshu, while trade talks remain on hold No sign of whether anti-government protests in Hong Kong were discussed
www.scmp.com

China is tightening and the US is easing, but both show signs of digging in for a long trade war
China pushes ahead with deleveraging and tightening standards to avoid systemic risks, while the US seeks stimulus These approaches appear opposite, but both are about girding up to maintain an advantage in the trade war
www.scmp.com

China’s economic prospects are less promising than Japan’s or South Korea’s at similar stages, US think tank says
Country needs tough reforms to boost economic growth and avoid ‘middle-income trap’, report says Amid trade war and teetering economy, China’s ‘economic miracle’ stalls
www.scmp.com

China will cut bank reserve requirement in ‘timely manner’: state media
will implement both broad and targeted cuts in the reserve requirement ratio (RRR) for banks “in a timely manner,” China’s cabinet said in a meeting on Wednesday, state media reported, an indication that a cut in the key ratio could be imminent. The People’s Bank of China (PBOC) has been widely expected by analysts to roll out more RRR cuts this year as the world’s second-largest economy sputters amid a trade war with the United States. “(We) will use both broad and targeted RRR cuts in a timely manner as tools to guide financial institutions to guide more funds into inclusive finance, and ramp up support for the real economy,” state broadcaster CCTV reported, citing the state council meeting, which was chaired by Premier Li Keqiang.
www.investing.com

EU and US jostle over Europe’s 5G future
Poland teams up with the United States to ensure only ‘trusted suppliers’ have access to telecoms network European Union looks for its own middle ground that will address security concerns
www.scmp.com

Huawei denies new tech theft claim and accuses the US of trying to disrupt the company
Chinese telecoms giant dismisses Portuguese inventor’s allegation of patent theft as an attempt to ‘take advantage of the current geopolitical situation’ Accuses the US government of tactics that ‘threaten, menace, coerce, entice and incite both current and former Huawei employees to turn against the company’
www.scmp.com

Huawei accuses US of cyber-attacks and threats to staff
Huawei has accused the US government of “using every tool at its disposal” to disrupt its business.
www.bbc.com

Smile-to-pay: Chinese shoppers turn to facial payment technology
New technology is rolling out across the country, despite concerns over privacy
www.theguardian.com

How China’s hi-tech AI food-delivery apps are no match for Chongqing’s ‘graceful disorder’
Food delivery couriers in Chongqing rely on their own topographical knowledge to deliver their orders Route recommendations are less useful in Chongqing because of the city’s bewildering road and address system
www.scmp.com

Tesla to Pay US$323 Million a Year in Taxes for New “Gigafactory” in Shanghai
Tesla has agreed to pay about US$323 million in yearly taxes as well as roughly US$2 billion in capital expenditure over the next five years on its newest Chinese plant.
www.china-briefing.com

China is building a ‘comprehensive system’ for tracking companies’ activities, report says
The new system could bring China significantly closer to its goal of tracking the actions of people and businesses so that it can reward behaviors it likes and punish behaviors it doesn’t — the so-called “social credit” system. While Beijing insists the system is meant to create a “fair, transparent and predictable” business environment, there are concerns about how the government might use the data, especially in light of escalating trade tensions with the U.S. The new system could also bring China significantly closer to its goal of creating a national social credit system, analysis indicates
www.cnbc.com

China condemns US blacklisting of nuclear firms and says American companies could be hurt as a result
Nuclear safety boss suggests Chinese companies will weather the move, thanks to partnerships with other countries
www.scmp.com

China ‘actively promoting’ nuclear fuel processing plant with French Areva
Commercial negotiations nearly complete for project which led to street protests over location in 2016 Announcement made at briefing to launch China’s first white paper on nuclear safety
www.scmp.com

HNA’s cash pile shrinks 20 times faster than debt as the progress of the conglomerate’s asset sale drags on
Cash, equivalents and short-term investments as of the end of June tumbled 61 per cent from a year earlier, according to HNA’s interim report Total debt fell 3 per cent HNA, once the biggest shareholder of the likes of Deutsche Bank and Hilton Worldwide Holdings, continues to struggle keeping up with its dues. It failed to repay a yuan-denominated bond in July and creditors seized some of its golf courses and other assets after a unit missed a loan payment.As bad as its financials are, HNA will probably be able to eventually pay back its debts because of government support, though risks remain that company will default on its obligations
www.scmp.com

Developers hope to leverage Shenzhen’s model city status, price residential project as most expensive in its area
China Jinmao Holdings Group, Power Construction Corporation of China forked out 8.3 billion yuan for the site in 2016 Only nine projects have been priced at more than 100,000 yuan per square metre in Shenzhen
www.scmp.com

Could these crystals be the next leap forward in China’s laser technology?
Researchers say they have developed a substance that is 13 times better in tests than widely used alternative Experiments could help solve a power source problem that has plagued commercial and military devices
www.scmp.com

After three months of Hong Kong protests, hated extradition bill withdrawn and independent study to probe social ills
In pre-recorded message televised in Hong Kong, chief executive makes four proposals Move comes a day after leaked audio recording of Lam’s remarks on quitting
www.scmp.com

Hong Kong’s Hang Seng surges on SCMP report city leader Carrie Lam plans to formally withdraw extradition bill
Hang Seng Index has not seen a surge like this in 10 months Property, retail, MTR shoot up, but analysts warn it is only temporary boost
www.scmp.com

Will tensions ease? Stunned city reacts to withdrawal of extradition bill that sparked Hong Kong protests
In pre-recorded message televised in Hong Kong, chief executive makes four proposals Move comes a day after leaked audio recording of Lam’s remarks on quitting
www.scmp.com

Hong Kong leader Carrie Lam to announce formal withdrawal of the extradition bill, meeting at least one key demand of protesters
City’s leader finally agrees to one of protesters’ five demands after weeks of insisting bill would not be withdrawn Lam is to meet pro-establishment allies this afternoon to tell them of her decision
www.scmp.com

China broke its promises to Hong Kong. That’s why the protest movement is back with a vengeance
Beijing has not really let Hong Kong people rule Hong Kong, contrary to the principle underpinning the Basic Law. When dissent is suppressed without resolving the underlying issue, protest just emerges in another form
www.scmp.com

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Alain Gillard
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