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☆ China rushes to swap Western tech with domestic options as U.S. cracks down
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +10 min

China spent 1.4 trillion yuan ($191 billion) replacing foreign hardware and software in 2022, marking a year-on-year increase of 16.2%, according to IT research firm First New Voice. Two firms awarded the Harbin tenders were subsidiaries of China Electronics Corporation and China Electronics Technology Group Corporation - both heavily targeted by U.S. sanctions. The U.S. Department of Commerce, China Electronics Corporation and China Electronics Technology Group Corporation did not return requests for comment. Despite heavy spending on domestic substitution, however, foreign firms are still dominant suppliers for banking and telecoms database management. Non-Chinese companies held 90% of market share for banking database systems at the end of 2022, according to EqualOcean, a tech consultancy.

Persons: Tyrone Siu, Kendra Schaefer, Mo Jianlei, Eric Zheng, Brenda Goh, Katerina Ang Organizations: REUTERS, Companies Beijing, Reuters, New, Trivium China, Liberation Army, Tech, Chinese Academy of Sciences, BMC, U.S, Cyberspace Security, China Telecommunications Corporation, Qualcomm, U.S . Treasury, Google, Apple, China Electronics Corporation, China Electronics Technology Group Corporation, Microsoft, Adobe, China Tobacco, Microsoft Windows, Chinese Academy of Engineering, European Union Chamber of Commerce, of Commerce, Shanghai, U.S . Department of Commerce, HUAWEI, Huawei, IDC, Financial, Lenovo, HK, Beijing, Thomson Locations: Dongguan, Guangdong province, China, BEIJING, Washington, State, Beijing, Gansu province, Harbin, Xiamen, U.S, American, Shanghai

That means the relationship between the two nations is interlaced and complex and far more nuanced than much of the debate might have suggested. “We need a totally new approach to China,” DeSantis said in the first half hour of the debate. “We’re going to have economic independence from China, where we’re decoupling our economy.”But the two economies are in fact deeply intertwined, and still depend on each other despite rising tension. “The United States will, in certain circumstances, need to pursue targeted actions to protect its national security. “We benefit greatly from access to cheaper products, a wide array of products and products in some cases where China has a technological lead.

Persons: Ron DeSantis, Vivek Ramaswamy, Doug Burgum, ” DeSantis, “ We’re, Janet Yellen, ”, Gina Raimondo, Yellen’s, ” Raimondo, ‘, “, Laxman, Jamie Dimon, Tim Cook, Eric Zheng, Burgum, Vladimir Putin, China —, Biden Organizations: CNN, Florida Gov, North Dakota Gov, Republican, US, Elon, Tesla, Starbucks, JPMorgan, Apple, American Chamber of Commerce, Geological Service Locations: China, ”, United States, Beijing, Shanghai, Moscow, Washington

☆ US Commerce Secretary Gina Raimondo urges American businesses to keep investing in China (Analysis)
▼ + stars: | 2023-08-30 | by ( Michelle Toh | ) edition.cnn.com time to read: +7 min

Hong Kong CNN —US Commerce Secretary Gina Raimondo urged American businesses to keep investing in China on Wednesday, even after saying some US firms had called the world’s second biggest economy “uninvestable.”Speaking at an American Chamber of Commerce event in Shanghai, the secretary encouraged companies to continue expanding in the country. “The message is to continue to do what you’re doing,” Raimondo told executives. Eric Zheng, president of AmCham Shanghai, told CNN after Raimondo’s appearance that he had not been hearing the term “uninvestable” from businesses on the ground. “In order to be globally competitive, they have to be in this market despite all the challenges.”Warm wordsRaimondo is the first US commerce secretary to visit China in five years. Andy Wong/APThe issue highlights the tightrope the commerce secretary is walking.

Persons: Gina Raimondo, ” Raimondo, Raimondo, Aly Song, ”, Wang Wenbin, Li Qiang, Antony Blinken, Janet Yellen, John Kerry, Eric Zheng, Andy Wong, Wang Wentao, Lifeng, Yellen, Foreign busineses, Chen Jining, Nazak Nikakhtar, Trump, Zheng, “, —, Jadyn Sham, Alex Stambaugh Organizations: Hong Kong CNN — US, American, of, Reuters, Shanghai, Biden, CNN, Covid, US Commerce Department, US Department of Commerce, Foreign, Department, Department of Commerce Locations: Hong Kong, China, Shanghai, Beijing, United States, decouple, “

☆ China should set clear rules for due diligence sector amid probes - US business lobby
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: 1 min

SHANGHAI, May 9 (Reuters) - The American Chamber of Commerce in Shanghai said on Tuesday it was concerned about reports of investigations into U.S. due diligence and consulting firms in China and urged authorities to provide more guidance for the sector. "We are concerned by recent reports about investigations of US companies in China that specialize in due diligence or consulting," said Eric Zheng, president of the American Chamber of Commerce in Shanghai"It would be helpful if the authorities would more clearly delineate the areas in which companies can or cannot conduct such due diligence." Reporting by Brenda Goh in Shanghai; Editing by Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

Capvision said in a statement soon after the broadcast that it would resolutely abide by national security rules. The CCTV report was the first clear indication of the national security scope of recent police action against several consulting firms. "The state security organ and other authorities will intensify law enforcement against activities that endanger national security, such as illegal consulting," the state-owned Global Times said. The revisions will see all documents, data, materials and items "related to national security and interests" given the same protection as state secrets. The law does not define China's national security or interests.

Hong Kong CNN —China’s state security authorities raided multiple offices of international advisory firm Capvision, state media reported Monday, part of a broader crackdown on the consulting industry as Beijing tightens control over what it considers sensitive information related to national security. The consultancy firm, which is headquartered in Shanghai and New York, adds to a growing list of global consulting companies that have been ensnared in Beijing’s widening crackdown on what it perceives as national security risks. In the report, Capvision was singled out as a “leading company” in the industry. According to state security police, he downloaded 5,000 documents from his state-owned company’s internal network. The authorities said he had provided clients with six pieces of information that were classified as state secrets, CCTV said.

☆ Foreign business groups in China wary as new Xi term begins
▼ + stars: | 2022-10-24 | by ( Josh Horwitz | ) www.reuters.com time to read: +2 min

SHANGHAI, Oct 24 (Reuters) - Overseas business groups in China expressed on Monday wariness about President's Xi Jinping's newly unveiled leadership team and his stated priorities, with some urging against greater state intervention in the market. While the European business group was positive on remarks Xi made on environmental protection, it said it wanted more clarity on how China planned to remain committed to reform and opening up but also how it would "stay independent and self-reliant". "It is not clear how these two statements can be reconciled in practice," it said. Overseas businesses in China have grown increasingly critical of policies such as a tough zero-tolerance stance on COVID-19, which they say is discouraging investment and preventing them from attracting foreign staff. Register now for FREE unlimited access to Reuters.com RegisterReporting by Josh Horwitz; Editing by Robert BirselOur Standards: The Thomson Reuters Trust Principles.

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