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☆ Fact check: Biden makes false and misleading claims during Pennsylvania campaign swing
▼ + stars: | 2024-04-19 | by ( Daniel Dale | ) edition.cnn.com time to read: +16 min

Washington CNN —President Joe Biden spent three days this week campaigning in the critical swing state of Pennsylvania. (The White House corrected the official transcript of Biden’s speech to make clear Biden should have said 2025 instead of 2024.) In other words, there will clearly still be some big and profitable corporations paying no federal income tax despite the existence of the new Biden tax. The center found that the top 0.1% of households paid an average effective federal tax rate of about 30.3% in 2020, including an average income tax rate of 24.3%. “The deficit is a trillion dollars lower, roughly, than when President Biden took office.

Persons: Joe Biden, Ambrose Finnegan, Biden, Jill Biden, PolitiFact, they’ll, it’s, “, Tami Luhby, —, ’ They’ve, Fuxian Yi, Yi, “ It’s, Derek Scissors, Trump, ” Biden, Biden’s “, Matthew Gardner, ” Howard Gleckman, Gleckman, Emmanuel Saez, Gabriel Zucman “, ”, I’ve, Donald Trump, ” Marc Goldwein, Goldwein, he’s, Afghanistan Biden, Biden’s, Finnegan, Finnegan “, Donald Judd, spokespeople, Andrew Bates Organizations: Washington CNN, Defense, Medicare, China, University of Wisconsin, Madison, American Enterprise Institute, CNN, Taxation, Economic, US, Biden, White, Urban, Brookings Tax, Urban Institute, University of California, Tax, Center, Trump, Federal Budget, Washington Post, Defense Department, Defense POW Locations: Pennsylvania, China, Iraq, Afghanistan, Scranton, Pittsburgh, America, Berkeley, “, New Guinea, ” New Guinea

☆ What Wall Street can expect from key Biden-Xi meeting as U.S.-China relations remain tense
▼ + stars: | 2023-11-14 | by ( Pia Singh | ) www.cnbc.com time to read: +7 min

Chinese companies, meanwhile, have accelerated in global patent holdings in the cybersecurity sector, according to a recent Nikkei report. More reassurance to Chinese investors To be sure, while these stocks continue to rally, investors in the U.S. largely remain cautious about making any trades based on expectations ahead of the Biden-Xi talks. If anything, Chinese investors could leave Wednesday with more reassurance—which China's economy desperately needs as it struggles to make a post-pandemic recovery. Chinese investors "remain concerned that the deterioration in the bilateral political relationship could have a negative impact on the Chinese economy," Matthews investment strategist Andy Rothman said. Shaun Rein of China Market Research Group told CNBC last week that the meeting "might lower down the temperature," but that he does not expect "anything meaningful" to come from it.

Persons: Joe Biden, Xi Jinping, Frederic Neumann, Neumann, Biden, Xi, Brian Gardner, Gardner, Neo Wang, Wang, Tesla, BYD, Matthews, Andy Rothman, Shaun Rein, Rein, Derek Scissors, CNBC's Organizations: HSBC, Economic Cooperation, South China Morning Post, U.S . Department of Commerce, Nikkei, Micro Devices, Intel, Nvidia, AMD, Micron, MU, Microsoft, Biden, China Market Research Group, CNBC, American Enterprise Institute Locations: China, U.S, Asia, San Francisco, Washington, Beijing, Tesla's China, Europe, South Korea, Japan

☆ The U.S.-China relationship isn't likely to improve, says AEI's Derek Scissors
▼ + stars: | 2023-11-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe U.S.-China relationship isn't likely to improve, says AEI's Derek ScissorsDerek Scissors, senior fellow at the American Enterprise Institute, joins 'Power Lunch' to discuss the U.S.-China relationship ahead of President Biden's meeting with President XI.

Persons: Derek, Derek Scissors, Biden's, XI Organizations: American Enterprise Institute, U.S . Locations: China, U.S

☆ China issues new bonds to prop up economy as global investors flee at 'unprecedented' pace
▼ + stars: | 2023-10-25 | by ( Laura He | ) edition.cnn.com time to read: +7 min

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, ”

☆ China's EV focus is in the pursuit of self-sufficiency, says Piper Sandler's Nancy Lazar
▼ + stars: | 2023-09-11 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina's EV focus is in the pursuit of self-sufficiency, says Piper Sandler's Nancy LazarDerek Scissors, Asia economist at the American Enterprise Institute and Nancy Lazar, chief global economist at Piper Sandler, joins 'The Exchange' to discuss China's effort to become self-sufficient, China's effort to grow its global auto market, and locating the timeline for peak pessimism of China's economy.

Persons: Piper Sandler's Nancy Lazar Derek Scissors, Nancy Lazar, Piper Sandler Organizations: American Enterprise Institute Locations: Asia

☆ Kelly Evans: Why China is turning into a liability for American companies
▼ + stars: | 2023-09-07 | by ( Kelly Evans | ) www.cnbc.com time to read: +4 min

Companies with high China exposure have been underperforming since early 2022, the firm notes. The tech sector actually has the largest sales exposure, with roughly 15% coming from China, compared with about 7.5% for the S&P 500 overall. Other particularly vulnerable industries include autos, with Tesla's high China exposure driving the industry average above 20% for sales to China, and Tesla shares are still 40% below their late 2021 highs. Autos are also one of the industries China is leaning hard on to drive its global exports, as its BYD has become the world's biggest electric car maker. Plus, certain luxury retail brands and myriad other industries from pharma to energy face trouble if their China exposure turns from a blessing to a curse.

Persons: China's, Piper Sandler, Derek Scissors, Xi Jinping, —, Kelly Evans Organizations: CNBC, Washington , D.C, Starbucks, Apple, Bloomberg, Micron, pharma Locations: China, Beijing, Washington ,, Taiwan

☆ Xi Jinping doesn't like private sector and foreign companies, says AEI's Derek Scissors
▼ + stars: | 2023-08-30 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailXi Jinping doesn't like private sector and foreign companies, says AEI's Derek ScissorsDerek Scissors, Asia economist at the American Enterprise Institute, joins 'The Exchange' to discuss U.S. Secretary Raimondo's visit to China, the impact of upcoming Commerce Department decisions on semiconductor export in China, and the possibility of license exemptions for export controls.

Persons: Derek, Raimondo's Organizations: American Enterprise Institute, U.S Locations: Asia, China

"The situation is already very bad for dollar-based funds to invest in China's tech sector. There isn't much room for things to get worse," said Beijing-based China Growth Capital partner Wayne Shiong. Biden's move will likely make China-focussed venture capital firms feel more urgency to raise yuan funds from Chinese investors, he said. In response to Biden's executive order, China's commerce ministry said it was "gravely concerned" and reserved the right to take countermeasures. But the executive order is barely going to do anything, and China escalating would risk turning a molehill into a mountain."

Persons: Florence Lo, Joe Biden's, Donald Trump, Weiheng Chen, Wilson Sonsini, Biden, Chen, Wayne Shiong, Biden's, Yuan, Pan, Trump, Derek Scissors, Kane Wu, Michael Martina, Roxanne Liu, Ziyi Tang, Yantoultra, Sumeet Chatterjee, William Mallard Organizations: REUTERS, U.S, Reuters Graphics Reuters, China Growth Capital, Chinese Academy of Social Sciences, TECH, Hua Hong Semiconductor, Analysts, American Enterprise Institute, Thomson Locations: China, U.S, HONG KONG, WASHINGTON, Beijing, Washington, Shanghai, Hong Kong, Singapore, Bengaluru

☆ Why China has few good options to boost its faltering economy
▼ + stars: | 2023-08-06 | by ( Laura He | ) edition.cnn.com time to read: +7 min

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

☆ China's economy doesn't appear to be turning a corner, says AEI's Derek Scissors
▼ + stars: | 2023-07-31 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina's economy doesn't appear to be turning a corner, says AEI's Derek ScissorsDerek Scissors, senior fellow at the American Enterprise Institute, joins 'The Exchange' to discuss China's weakening economic data, China's request for private sector case studies, and overseas stocks betting on China.

Persons: Derek, Derek Scissors Organizations: American Enterprise Institute Locations: China

☆ Economic expectations for China following zero-Covid haven't been met, says AEI's Derek Scissors
▼ + stars: | 2023-07-10 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEconomic expectations for China following zero-Covid haven't been met, says AEI's Derek ScissorsDerek Scissors, senior fellow at the American Enterprise Institute, joins 'The Exchange' to discuss Janet Yellen's visit to China, the possibility of changing U.S. export controls on China, and more.

Persons: haven't, Derek, Derek Scissors, Janet Yellen's Organizations: American Enterprise Institute Locations: China

☆ Yellen's China visit aims at 'new normal' with Beijing
▼ + stars: | 2023-07-05 | by ( Andrea Shalal | ) www.reuters.com time to read: +6 min

Chinese officials are concerned about the Biden administration's plans to limit U.S. companies' China investments and what they see as moves to decouple the two economies. "There is no substitute for diplomacy," said one senior administration official. "Secretary Yellen’s trip is more than a step toward preparation for a potential Biden-Xi meeting at APEC. Despite the cooling relations, trade between the U.S. and China grew in 2022 for the third year in a row, U.S. Commerce Department data show. Two other Cabinet secretaries, Commerce chief Raimondo and U.S. Trade Representative Katherine Tai, met in May with Chinese Commerce Minister Wang Wentao.

Persons: Janet Yellen's, Biden, COVID lockdowns, Antony Blinken, Xi Jinping, Wu Xinbo, Yellen's, Gina Raimondo, Derek Scissors, Yellen, Russia's Wagner, Joe Biden, Xi, Scott Kennedy, Jake Colvin, Donald Trump, Colvin, Lifeng, Liu He, Raimondo, Katherine Tai, Wang Wentao, Andrea Shalal, Michael Martina, Lun Tian Yew, Dan Burns, Heather Timmons, Andrea Ricci Organizations: . Treasury, China's Fudan University, American Enterprise Institute, U.S, Economic Cooperation, Biden, APEC, Center for Strategic, International Studies, Foreign Trade, . Commerce Department, Treasury, . Trade, Chinese Commerce, Thomson Locations: China, Russia, U.S, Beijing, Ukraine, United States, Asia, San Francisco, Washington, Zurich, Wang Wentao .

☆ China's previous monetary stimulus 'just isn't working,' a private survey shows
▼ + stars: | 2023-06-30 | by ( Clement Tan | ) www.cnbc.com time to read: +3 min

"For months, analysts have pumped the idea that Beijing has little choice but big-bang monetary easing," said Leland Miller, chief executive of China Beige Book. Shehzad Qazi Managing director, China Beige BookAs the report pointed out, "We already have monetary stimulus, it just isn't working." Major Wall Street banks — from Goldman Sachs and Bank of America to UBS and Nomura — recently cut their China growth projections. China Beige Book's survey involved 4,604 respondents in China across two periods: in mid-April, and from mid-May to mid-June. Derek Scissors Chief economist, China Beige Book

Persons: Leland Miller, it's, Shehzad Qazi, Goldman Sachs, Premier Li Qiang, Derek Scissors Organizations: Getty, People's Bank of China, China, Bank of America, UBS, Nomura, realtors, Premier Locations: China, Beijing, U.S

☆ Property will 'continue to weigh' on China's economic recovery: Economist
▼ + stars: | 2023-05-30 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailProperty will 'continue to weigh' on China's economic recovery: EconomistDerek Scissors from China Beige Book says China's property market will be a lagging indicator for the economic recovery, even if confidence improves in the coming months.

☆ Why China and Japan are praying the US won’t default
▼ + stars: | 2023-05-25 | by ( Laura He | ) edition.cnn.com time to read: +8 min

China and Japan are the largest foreign investors in American government debt. China was the largest foreign creditor to the United States for more than a decade. The falling value of Treasuries would lead to a drop in Japan and China’s foreign reserves. “If the United States defaults on its debt, it will not only discredit the United States, but also bring real financial losses to China,” it said. Analysts say Beijing has shown little willingness to fully integrate with global financial markets.

☆ Consumption in China may not be 'much better' than last year, says economist
▼ + stars: | 2023-03-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailConsumption in China may not be 'much better' than last year, says economistDerek Scissors of China Beige Book says the course of Chinese consumption should be clear by April.

☆ House Select Committee on China wants to emphasize public communication, says AEI's Derek Scissors
▼ + stars: | 2023-02-28 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHouse Select Committee on China wants to emphasize public communication, says AEI's Derek ScissorsCNBC's Eamon Javers and Derek Scissors, Asia economist at The American Enterprise Institute, join 'The Exchange' to discuss rising U.S.-China tensions, the high-profile House Select Committee hearing on business with China, and the need for explicit guidance.

☆ GDP impact of the Lunar New Year following China lifting its zero-Covid policy
▼ + stars: | 2023-01-17 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGDP impact of the Lunar New Year following China lifting its zero-Covid policyDerek Scissors, senior fellow at the American Enterprise Institute, and John Rutledge, chief investment strategist at Safanad, join 'The Exchange' to discuss the GDP impact of China lifting its zero-Covid policy, the spending habits of Chinese consumers and the need for property stability in China.

☆ China Dec factory activity extends declines on COVID infections - Caixin PMI
▼ + stars: | 2023-01-03 | by ( ) www.reuters.com time to read: +3 min

[1/2] A worker polishes a bicycle steel rim at a factory manufacturing sports equipment in Hangzhou, Zhejiang province, China September 2, 2019. The Caixin/Markit manufacturing purchasing managers' index (PMI) fell to 49.0 in December from 49.4 in November. China's larger official PMI survey on Saturday showed a much sharper decline, with the activity index falling to a near three-year low. The figures provide a snapshot of the challenges faced by Chinese manufacturers who now have to contend with surging infections after the country's abrupt COVID policy U-turn in early December. Chinese leaders have pledged to step up policy adjustments to cushion the impact on businesses and consumers of a surge in COVID infections at a time when a weakening global economy is hurting exports.

☆ It's going to take several months for Covid to work through China, says AEI's Scissors
▼ + stars: | 2022-12-29 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIt's going to take several months for Covid to work through China, says AEI's ScissorsJohn Rutledge, Safanad, and Derek Scissors, the American Enterprise Institute, joins CNBC's Brian Sullivan and the 'CNBC Special: Taking Stock 2023' to discuss China's reopening and how Covid is hammering the country right now.

☆ The first quarter of 2023 will be bad for China, says AEI's Derek Scissors
▼ + stars: | 2022-12-27 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe first quarter of 2023 will be bad for China, says AEI's Derek ScissorsDerek Scissors, American Enterprise Institute Asia economist, joins 'The Exchange' to discuss a possible China comeback as the country pivots away from its zero-Covid policy.

☆ What could GOP control of the House mean for U.S.-China tensions?
▼ + stars: | 2022-12-18 | by ( Megan Lebowitz | ) www.nbcnews.com time to read: +10 min

McCarthy also says he plans to create a House select committee on China, the first since the late 1990s. House Republicans will also investigate the origins of the coronavirus and “the CCP’s role in the spread,” the blog post said, although it is unclear whether that investigation would be part of the select committee. Tensions were further inflamed in August by Pelosi’s Taiwan visit, the first by a sitting U.S. House speaker since 1997. The most volatile issue in U.S.-China relations is the status of Taiwan, which Beijing has not ruled out seizing by force. Speaker of the House Nancy Pelosi speaks with Taiwan's President Tsai Ing-wen in Taipei, Taiwan on Aug. 3, 2022.

☆ The economic consequences of the unprecedented protests in China
▼ + stars: | 2022-11-28 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe economic consequences of the unprecedented protests in ChinaDerek Scissors, senior fellow at the American Enterprise Institute, and Longview Global's Drewardric McNeal join 'The Exchange' to discuss the unprecedented protests taking place in China, the political risks the protest could bring and the global economic risks the unrest might provoke.

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