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Hong Kong CNN —Janet Yellen has kicked off her second visit to China as US treasury secretary to continue efforts to further stabilize ties between the world’s two largest economies. “During prior meetings with her Chinese interlocutors, Yellen has largely avoided taking a strong stance on controversial issues,” he said. Trade tensionsBiden administration officials have suggested raising tariffs on Chinese imports to “level” the playing field for trade. Former President Donald Trump has threatened to slap 60% tariffs on imports from China if he is re-elected. The “forces” are often referred to as emerging industries such as EVs, new materials and artificial intelligence.
Persons: Hong Kong CNN — Janet Yellen, Yellen, , ’ Yellen, Joe Biden, Xi Jinping, Li Qiang, Lifeng, Liu He, Pan Gongsheng, Lan Fo’an, Craig Singleton, , Biden, Xi’s, Donald Trump, Rick Waters, , Xi, Waters, don’t, ” Singleton Organizations: Hong Kong CNN, People’s Bank of China, Finance, Foundation for Defense of Democracies, Bali . Trade, Biden, Trump, Treasury Department Locations: China, Hong Kong, Georgia, United States, California, Guangzhou, Beijing, Washington, Bali ., Eurasia
But American apps have long been barred in China. “The TikTok bill appears likely to become law and China’s displeasure seems ironic, if not hypocritical, given its stance toward American social apps,” said Brock Silvers, managing director at Kaiyuan Capital. The Chinese government has said it strongly opposes a forced sale of TikTok, and it has the legal ability to do so. A man walks past the headquarters of ByteDance, the parent company of TikTok, in Beijing. “While China has completely banned [these] American apps, TikTok enjoys all the benefits of America’s free and open legal and political systems,” he said.
Persons: Hong Kong CNN — TikTok, ByteDance doesn’t, Wang Wenbin, , Brock Silvers, Wang, Joe Biden, TikTok, CNN Beijing’s, Trump, Greg Baker, , Winston Ma, Silvers, Alex Capri, Craig Singleton, “ We’ve, ” Capri Organizations: Hong Kong CNN, US, Foreign Ministry, Google, Kaiyuan, Chinese Commerce Ministry, ByteDance, Trump, CNN, Commerce Ministry, Getty, New York University School of Law, Foundation, National University of Singapore Business School, Foundation for Defense of Democracies, Weibo, Twitter, Facebook Locations: China, Hong Kong, United States, Beijing, TikTok, ByteDance, AFP, Washington, Washington , DC
Chinese President Xi Jinping waves as he walks with U.S. President Joe Biden at Filoli estate on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit, in Woodside, California, U.S., November 15, 2023. REUTERS/Kevin Lamarque/File Photo Acquire Licensing RightsSAN FRANCISCO/HONG KONG, Nov 16 (Reuters) - When Chinese President Xi Jinping met executives for dinner on Wednesday night in San Francisco, he was greeted with not one, but three standing ovations from the U.S. business community. All three were outcomes the United States had sought from China rather than the other way around, said two people briefed on the trip. Biden administration officials have acknowledged that creating functional military relations won't be as easy as semi-regular meetings between defense officials. That's not going to be a favor to us," one senior Biden administration told Reuters in October in the run-up to the Xi-Biden meeting.
Persons: Xi, Joe Biden, Kevin Lamarque, Xi Jinping, Alexander Neill, Biden, Nancy Pelosi's, hotlines, Craig Singleton, That's, China's, Drew Thompson, Vladimir Putin, it's, Li Mingjiang, Michael Martina, Greg Torode, Trevor Hunnicutt, Antoni Slodkowski, Laurie Chen, Don Durfee, Tom Hogue Organizations: U.S, Economic Cooperation, REUTERS, FRANCISCO, United States, Communist Party, Hawaii's, Commerce Department, Biden, Republican, ., Foundation for Defense of Democracies, Reuters, Pentagon, National University of Singapore, Analysts, Rajaratnam School of International Studies, Thomson Locations: Filoli, Asia, Woodside , California, U.S, HONG KONG, San Francisco, United States, United, China, Beijing, Chinese, Taiwan, Washington, Russia, Singapore
Foreign fund outflows from China’s so-called A-share market have entered “an unprecedented stage,” Morgan Stanley strategists wrote in a recent note. A-shares are yuan-denominated shares of mainland China firms that trade on the Shanghai Stock Exchange and the Shenzhen Stock Exchange. This seems highly unlikely under Xi.”Even Chinese investors seem to be plagued by a growing lack of faith in the future of the country’s economy. It will hit the economy in an all-around and indiscriminate way,” the fund said in a letter to its investors, which went viral. “Xi might wield vast control in China, but he can’t compel global investors to buy into his vision or risk their capital,” he said.
Persons: ” Morgan Stanley, , Alex Capri, Xu jingbai, ICHPL, Brock Silvers, Beijing’s “, Apple’s iPhones, George Magnus, Joe Biden, Goldman Sachs, Derek Scissors, Xi, Craig Singleton, Xi Jinping, Organizations: Hong Kong CNN — Investors, Shanghai Stock Exchange, Shenzhen Stock Exchange, Connect, CSI, Foundation, National University of Singapore Business School, Chinese Communist Party, Kaiyuan, , China’s Taiwan Affairs Office, China Centre of Oxford University, Global, People’s Bank of China, National People’s, Central Huijin Investment, American Enterprise Institute, Dingtai, Foundation for Defense of Democracies Locations: China, Hong Kong, Beijing, China’s, Shanghai, Shenzhen, Hai'an, China's Jiangsu, Capri, United States,
Russia’s Vladimir Putin, whose on-going assault on Ukraine is another major point of global instability and division, is expected to attend. The last time he was in Beijing was for the Winter Olympics opening ceremony in early 2022. Winning backing for China’s global leadership from a broad swath of developing and emerging economies is key to Xi’s strategy to push back against perceived international threats, analysts say. Overseas development finance from China’s two major development banks has also decreased significantly since a peak in 2016, the report’s data show. Ten years on, Chinese decision makers are becoming “more selective and more calculating” about the benefits of their financing, she said.
Persons: Xi Jinping, laud China’s, , weren’t, Russia’s Vladimir Putin, , Craig Singleton, , Kenya . Han Xu, Li Mingjiang, ” Jonathan Fulton, Luiz Inacio Lula da Silva, Cyril Ramaphosa, Narendra Modi, Sergei Lavrov, Alet Pretorius, ” It’s, Liang, Yun Sun Organizations: CNN, Global, Initiative, Foundation for Defense, Democracies, Getty, Communist Party, Hamas, Singapore’s Nanyang Technological University, Officials, Atlantic Council, Indian, Russia's, Boston University Global Development, Center, World Bank, Overseas, China’s National, Reform, China Program, Stimson Locations: China, Beijing, United States, Israel, Gaza, Ukraine, Ukraine’s, Washington, Kenya ., Xinhua, Russia, Moscow, China’s, Abu Dhabi, Fulton, Johannesburg, New Delhi, saddling
Defense Minister Li Shangfu has not been seen in public for three weeks, sparking speculation he is under investigation. Both Li and Qin serve among China’s five state councillors, a senior position in the cabinet that outranks a regular minister. Li also sits on the Central Military Commission, a powerful body headed by Xi that commands the armed forces. China's Defence Minister Li Shangfu gives a speech during the Moscow Conference on International Security on August 15. Last week, as speculation mounted over the whereabouts of the defense minister, Xi called for unity and stability within the military during an inspection in China’s northeast.
Persons: China’s, Li Shangfu, Weeks, Qin Gang, Xi, Li, Qin, outranks, “ What’s, , Drew Thompson, Xi Jinping, James Char, Lloyd Austin, Alexander Nemenov, Xi’s, Deng Yuwen, ” Rahm Emanuel, Agatha Christie’s, , , Craig Singleton, General Zhang Youxia, Zhang, He’s, Thompson, they’re, ” Thompson, Mao Zedong, Char, , ” Char, Jinping Organizations: Hong Kong CNN —, Defense, Foreign, Central Military Commission, People’s Liberation Army Rocket Force, Wall Street Journal, Communist Party, National University of Singapore, Rajaratnam, of International Studies, Belarus ’, US, Singapore’s Navy, China's, Conference, International Security, Getty, Twitter, Foundation for Defense of Democracies, Washington DC, Development Department, Rocket Force, Equipment Development Department Locations: China, Hong Kong, United States, Washington, Beijing, Singapore, Moscow, Belarus, Minsk, AFP, Japan, Soviet, Sichuan,
At Cambodia’s Ream Naval Base, China is nearing completion of what U.S. officials suspect will be its first overseas military outpost in the Indo-Pacific region. Beyond facilitating Chinese military adventurism in the South China Sea, the new base could provide the People’s Liberation Army (P.L.A.) with a staging ground to monitor and influence vital maritime routes like the Malacca Strait, through which an estimated 40 percent of the world’s trade flows. But the base also shines a light on Beijing’s broader embrace of an innovative strategy to challenge American military strength that has potentially grave implications for Washington and its allies. China has plainly stated that these points are designed to “provide support for overseas military operations” and “exert political and military influence” abroad.
Organizations: Ream, Liberation Army Locations: Base, China, South China, Malacca, Washington, Aden . China, Djibouti, East Africa, Equatorial Guinea, Solomon Islands, South Pacific
Together, experts say, these efforts aim to enhance China’s military reach, which currently includes only one operational overseas naval base in Djibouti on the Horn of Africa. “It’s a question of when – not if – China will secure its next overseas military outpost,” he said. This photo taken on August 1, 2017, shows Chinese People's Liberation Army personnel attending the opening ceremony of China's new military base in Djibouti. The Hambantota commercial port in Sri Lanka has long been considered a prime candidate for a Chinese naval base. However, China’s path to developing permanent overseas bases, if indeed that is its aim, is not straightforward.
Persons: FDD, Craig Singleton, , , , Tea Banh, FDD’s Singleton, Tang Chhin Sothy, Singleton, Xi Jinping, Stringer, ” AidData, Stephen J, Townsend, ” Townsend, Bata, Ali Bongo Ondimba, Ken Ishii, , ” Singleton, China’s, Aaron Favila, Isaac Kardon, Kardon, ” Kardon, BlackSky Singleton, Rob Wittman, Fu Tian, Seth Moulton, ” Moulton, Martin Meiners Organizations: South Korea CNN, People’s Liberation Army Navy, Foundation for Defense of Democracies, People’s Liberation Army, PLA, Ream, Base, CNN, China’s Ministry of Defense, Ministry of Foreign Affairs, Ream Naval Base, ” Cambodian Defense, Cambodian, Getty, Fleet, Communist Party, US, Liberation Army personnel, William & Mary University, Sri Lankan Navy, US Africa Command, Gabonese, of, Xinhua, Naval Research Academy, Carnegie Endowment, International Peace, East China Seas, China, Control, Organization, Force, Strategic, International Studies, Defense Department, Chinese Communist Party, , Virginia Republican, The Defense Department, Qingdao Port, People's Liberation Army Navy, China News Service, America, Pentagon, US Defense Department Locations: Seoul, South Korea, China, Beijing, Washington, Cambodia, Argentina, Cuba, Djibouti, of Africa, Africa, West Asia, Gulf, Thailand, United States, Preah Sihanouk, AFP, Horn of Africa, , South, Taiwan, Virginia, , Sri Lanka, Bata , Equatorial Guinea, Gwadar, Pakistan, Kribi, Cameroon, Ream, Vanuatu, Nacala, Mozambique, Nouakchott, Mauritania, Colombo, Equatorial Guinea, Gabon, West Africa, South China, East Asia, East, Asia, Washington In Washington, Nanchang, Qingdao, Shandong province, Massachusetts
Hong Kong CNN —US Commerce Secretary Gina Raimondo will travel to China next week, a visit that coincides with a worsening slowdown in the world’s second largest economy. Gina Raimondo, US commerce secretary, speaks during the SelectUSA Investment Summit in National Harbor, Maryland, US, on Tuesday, May 2, 2023. The Commerce Department announced on Monday that it was removing 27 Chinese companies from US export controls. China’s Ministry of Commerce welcomed the decision, saying it was conducive to trade and reflected the interests of both sides. That was followed earlier this month by President Biden signing an executive order that limits US investment in certain tech sectors of the Chinese economy, including AI and quantum computing.
Persons: Gina Raimondo, Raimondo, , Craig Singleton, Ting Shen, Trump, Biden, , Washington, Donald Trump, It’s, Xi, Singleton, — Kylie Atwood, Jeremy Diamond Organizations: Hong Kong CNN — US, Washington, Foundation for Defense of Democracies, Commerce Department, Beijing, SelectUSA Investment, Bloomberg, Getty, China’s Ministry of Commerce, ” Eurasia Group, Apple, Nike, Intel, Microsoft, General Motors, US Treasury Department, Mintz Group, Bain & Company, Communist Locations: Hong Kong, China, Beijing, Washington, Shanghai, National Harbor , Maryland, United States, Europe, Japan, New York, court
Fiscal stimulus, for instance, amounted to just a third of the aid offered in the United States, with no nationwide cash handouts. “A comprehensive policy mix — covering monetary and fiscal stimulus, including infrastructure, property, and consumption, alongside structural reforms,” would be helpful to rebuild confidence, they said. It was seen as a success and helped boost Beijing’s domestic and international political standing as well as China’s economic growth, which soared to more than 9% in the second half of 2009. China’s debt woes have only deepened during the Covid-19 pandemic, when three years of draconian restrictions and a real estate downturn drained the coffers of local government. “An infrastructure-led fiscal stimulus would need to be much bigger to have the same economic impact,” she said.
Persons: they’ve, , Robert Carnell, Craig Singleton, Alicia Garcia, Herrero, China “, wouldn’t, Zhu Min, Garcia, Xi Jinping, Derek Scissors, Singleton, Organizations: Hong Kong CNN, CNN, ING Group, Foundation for Defense of Democracies, Manufacturers, Asia Pacific, UBS Global Wealth Management, International Monetary Fund, Bloomberg, American Enterprise Institute Locations: Hong Kong, China, Asia, Pacific, Washington, , Beijing, United States, China’s, Tianjin
Washington-based analysts say Wang's return to the ministry should help China's foreign ministry resume normal operations after weeks of international speculation about Qin's fate. In the Chinese system, the top diplomat is not foreign minister but rather the director of the Chinese Communist Party's foreign affairs commission, a role Wang will continue to hold. Still, Wang's reappointment is a sign of problems in China's foreign policy establishment, said Blanchette. On Tuesday, content mentioning Qin was quickly removed from China's foreign ministry website after Wang's appointment. The tab on the website that typically holds the biography of the foreign minister simply read "Updating."
Persons: Wang Yi, Qin Gang, Xi Jinping's, Qin, Xi, Wang, Joseph Torigian, Vedant Patel, Blinken, Joe Biden, Rorry Daniels, Wang's, China's, Jude Blanchette, Craig Singleton, Michael Martina, David Brunnstrom, Don Durfee Organizations: Communist, American University, U.S . State Department, U.S, APEC, Asia Society Policy Institute, Communist Party, Washington's Center, Strategic, International Studies, Foundation for Defense of Democracies, Thomson Locations: Washington, United States, Beijing, U.S, China, China's, Xi's, India, California, Taiwan, scold Washington, Lincoln
Zhu Zheng/Xinhua/Getty ImagesSo many tourists flocked into Zibo, now dubbed China’s outdoor barbecue capital, that even the local tourism authorities urged visitors to go elsewhere. A few may, but most won’t.”A shop owner shows off grilled meat during a barbecue festival on April 29, 2023 in Zibo, eastern China. The city Zibo became a tourism hot spot after videos of its barbecue went viral online. China’s economy is navigating a growing array of challenges. The informal trade might reduce unemployment temporarily, and give people feeling poorer a boost, but it “won’t save China’s economy,” Tsang said.
Guangdong, the manufacturing powerhouse that abuts Hong Kong, said last month it will help college graduates and young entrepreneurs to find work in villages. Guangdong’s plan, which was widely panned on social media, coincided with the rate of urban unemployment among 16- to 24-year-olds surging to 19.6%, the second highest level on record. Kong Yiji, a famous literary figure from the early 20th century, has been one of the hottest memes on China’s social media since February. A tourist shop named 'Kong Yiji' in China's Zhejiang province. Other popular buzzwords have included “lying flat” and “letting it rot.”Authorities, uneasy about dissatisfaction expressed through memes, have banned the hashtag of Kong Yiji.
Censors removed hashtags for “Wuhan health insurance” from Weibo’s hot topics section after the demonstrations began in January. State media reported at the time that some other regions had already spent public money on mass testing. CFOTO/Future Publishing/Getty ImagesCovering the shortfallChina’s health insurance scheme is a key part of its limited social safety net. To protesters, however, it looked like local governments were dipping into their individual accounts to cover the shortfalls of the collective pool. “There has to be some resolution of the financial capacity of local governments to meet current, and prospective, age-related costs,” Magnus said.
Republicans are criticizing the Biden administration's response to the Chinese spy balloon. "Would Trump have let China fly a spy balloon over our country?" Chinese spy balloons were sighted three times during the Trump administration, US officials said. The CCP [Chinese Communist Party] can send spy balloons over our nuclear silos and we will do nothing." It's unclear what information the suspected Chinese spy balloon could have gleaned from its various positions.
Biden met with Chinese President Xi Jinping in November with that goal in mind and both leaders pledged more frequent communications. He has also sidelined some of his "wolf warrior" diplomats whose strident rhetoric alienated many of China's trade partners. Despite such pragmatic rhetoric, China's actions - especially its military activity around Taiwan and in the South China Sea - have not moderated, analysts said. Washington hopes for incremental progress on more specific but vital matters such as securing China's cooperation on fentanyl, global health, climate change and the cases of U.S. citizens detained there. That ... is more than deeply frustrating," said another source familiar with the administration's thinking, adding that China has rebuffed Washington's "very specific" proposals.
WASHINGTON/BEIJING, Feb 3 (Reuters) - U.S. Secretary of State Antony Blinken has postponed a visit to China that had been expected to start on Friday after a Chinese spy balloon was tracked flying across the United States, a U.S. official said. China earlier expressed regret that what it called a "civilian" airship had strayed into U.S. territory after being blown off course, an incident that sparked a political furor in the United States. Republican Senator Tom Cotton had called for Blinken to cancel his trip, while Republican former President Donald Trump, a declared presidential candidate for 2024, posted "SHOOT DOWN THE BALLOON!" It said it would continue to communicate with the United States to "properly handle" the unexpected situation. Senator Marco Rubio, the top Republican on the Senate intelligence committee, said the spy balloon was alarming but not surprising.
"The United States government has detected and is tracking a high-altitude surveillance balloon that is over the continental United States right now," Pentagon spokesperson Brigadier General Patrick Ryder told reporters. It was not clear how the discovery of the spy balloon might affect those plans. Senator Marco Rubio, the top Republican on the Senate intelligence committee, said the spy balloon was alarming but not surprising. A separate U.S. official said the spy balloon had been tracked near the Aleutian Islands and Canada before entering the United States. Spy balloons have flown over the United States several times in recent years, but this balloon appeared to be lingering longer than in previous instances, an official said.
Rolling lockdowns seriously dented household incomes, leading many to reduce spending, which in turn resulted in less tax revenue for local governments. “China’s runaway local debt poses a serious threat to the country’s overall economic health and will weigh heavily on China’s still-nascent recovery,” said Singleton. Debt that is backed by local governments but which doesn’t show up on their balance sheets could be much bigger. That’s more than 20% higher than the estimate of 53 trillion yuan made by Goldman Sachs in 2021. Their debt squeeze could pose a serious threat to China’s financial system, particularly to small regional banks.
[1/2] People line up at a makeshift fever clinic set up inside a stadium, amid the coronavirus disease (COVID-19) outbreak in Beijing, China December 19, 2022. "We stand ready to help any country in the world with vaccines, treatments, anything else that we can be helpful with," he said. "We want China to get COVID right," Blinken said earlier this month. “China faces a very challenging system in reopening,” Powell said, adding that its manufacturing, exporting and supply chain remain critical. Officials set up health centers and apps that told people with symptoms how to avoid infecting others, he said.
“The Chinese Communist Party is weaponizing technology companies to further its geopolitical goals,” Rubio said in an email. Human rights advocates and lawmakers are concerned Iranian authorities could use Tiandy’s video surveillance technology to help squelch a wave of anti-regime protests in the country. The Biden administration last month effectively banned the sale or import of new equipment from a number of Chinese surveillance firms. China has strongly rejected U.S. criticism of Chinese tech companies and of its treatment of Uyghurs or other Muslim minorities in the country. But he said it was “absurd” to portray Chinese technology as a security threat.
They spent 11.8 trillion yuan ($1.65 trillion) more than they raised in revenue between January and October, borrowing heavily to do so, according to data from China’s Ministry of Finance. Andy Wong/AP‘Widest in history’For nearly three years, local governments have borne the brunt of enforcing pandemic controls. The weak fiscal position of local governments has been a drag on the country’s overall financial standing. Kevin Frayer/Getty ImagesLow income, high costsWhy are local governments in this parlous state? In May, Beijing told local governments that they had to bear the costs for regular Covid testing in their regions.
Tiandy is one of several Chinese companies at the center of China’s vast domestic surveillance network, experts and human rights advocates say. A spokesperson for the Chinese embassy in Washington, Liu Pengyu, said the embassy could not speak on behalf of Chinese private companies. Last week, the Biden administration effectively banned the sale or import of new equipment from a number of Chinese surveillance firms but Tiandy Technologies was not named. Maya Wang, senior China researcher at Human Rights Watch, said Chinese surveillance technology tends to be less expensive and more attractive for some authoritarian governments. Like other video technology companies in China, Tiandy’s software includes an ethnicity tracking tool that supposedly can digitally identify someone’s race.
China does not want to see a nuclear-armed North Korea, nor does it want to see U.S. nuclear weapons in the region, but the prospect of an expanding U.S. military footprint raises other priorities for China, said Jenny Town of 38 North, a Washington-based North Korea project. "They see the United States, South Korea and Japan forming as a security bloc, creating a need for a counter bloc, which would include North Korea," she said, referring to China. "Americans have perennially overestimated China's influence over North Korea," said John Delury, professor of Chinese studies at Yonsei University in Seoul. "Sanction North Korea, which cut itself off from the world for three years because of COVID and continued testing missiles? The whole point is China doesn’t control North Korea."
HONG KONG — Chinese leader Xi Jinping’s first two terms in power were marked by intensifying competition and tensions with the United States. The United States does not seek conflict with China, Biden told a meeting of his top military advisers Wednesday. “China stands ready to work with the United States to find the right way to get along with each other in the new era,” he said. But China under Xi has a “superficial stability,” Johnson said. Hulton Deutsch / Corbis via Getty ImagesAt 69, Xi has appointed no obvious successor, indicating he may plan to stay in power indefinitely.
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