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☆ Biden’s China tariff threats are more bark than bite, economists say
▼ + stars: | 2024-04-11 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +2 min

U.S. President Joe Biden attends a bilateral meeting with Chinese President Xi Jinping at Filoli estate on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit, in Woodside, California, U.S., November 15, 2023. REUTERS/Kevin LamarqueThe Biden administration this week sent several signals of a toughening U.S. economic strategy against China. Earlier in the week, Treasury Secretary Janet Yellen delivered tougher economic red lines on a visit to China. China has so far denied the overcapacity accusation as "groundless" and fired back that the U.S. is threatening protectionist trade policies to stifle global competition. "It remains unclear what this relationship will endure in the months and years ahead," Yellen said at a press conference in Beijing on Monday.

Persons: Joe Biden, Xi Jinping, Kevin Lamarque, Biden, Fumio Kishida, Kishida, Janet Yellen, Yellen, CNBC's Sara Eisen, Republican Donald Trump Organizations: Economic Cooperation, REUTERS, China, Japanese, U.S ., Biden, EU, U.S, Republican Locations: Filoli, Asia, Woodside , California, U.S, Washington, Japan, China, United States, Beijing

☆ Everything you want to know about Janet Yellen’s China visit; Russia, chopsticks, oversupply
▼ + stars: | 2024-04-08 | by ( Nectar Gan | ) edition.cnn.com time to read: +11 min

“China is now simply too large for the rest of the world to absorb this enormous capacity,” Yellen told reporters Monday. US intelligence has warned that China is providing technology and equipment to Russia that is important to Moscow’s war in Ukraine. During her last visit to Beijing, Yellen dramatically boosted business for a Yunnan restaurant chain and its mushroom dish after her delegation was spotted dining there. “As a US official, Yellen needs to know more about China than just its food. Only by understanding China better, can she correct the US worldview and its views of China and China-US relations.”

Persons: Janet Yellen, Yellen, Joe Biden, Xi Jinping, ”, China Nicholas Burns, Pedro Pardo, Li Qiang, ” Yellen, Li, Biden, “, Mao Ning, Xi, CNN’s Marc Stewart, we’ve, Andy Wong, “ Yellen, Tao Tao Organizations: Hong Kong CNN, Russia, China's, Getty, Vice, Foreign Ministry, Treasury Department ., Ukraine, China’s, Ministry, “ Locations: China, Hong Kong, Guangzhou, Beijing, United States, AFP, Washington, Xinhua, Russia, Ukraine, Treasury Department . China, San Fransisco, “, Yunnan, Weibo

☆ Yellen says U.S. plans to ‘underscore’ need for China to shift policy
▼ + stars: | 2024-04-08 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

U.S. Treasury Secretary Janet Yellen said Monday that future discussions between the U.S. and China will focus on Beijing's need to shift its policy on industry and the economy, as she wrapped up the fourth and final full day of her trip to China on April 8. Pedro Pardo | Afp | Getty ImagesBEIJING — U.S. Treasury Secretary Janet Yellen said Monday that future discussions between the U.S. and China will focus on Beijing's need to change its policy on industry and the economy. Yellen said her conversations with Chinese officials during the trip discussed plans Beijing had for its economy, but she did not elaborate. Yellen also declined to share what tools the U.S. might use to prevent China's industrial policy from resulting in the loss of American jobs. During her trip, Yellen met with top Chinese officials including Premier Li Qiang in Beijing and Vice Premier He Lifeng in Guangzhou.

Persons: Janet Yellen, Pedro Pardo, Yellen, Yue Su, Su, Premier Li Qiang Organizations: Treasury, U.S, Afp, Getty, International Monetary Fund, World Bank Group, EV, The Economist Intelligence Unit, ASEAN, Consumer, Premier, Lifeng Locations: China, BEIJING, U.S, Guangzhou, Beijing, Washington ,, Europe, Hong Kong, Washington

☆ U.S. Warns China About Its Exports and Support for Russia
▼ + stars: | 2024-04-06 | by ( Alan Rappeport | ) www.nytimes.com time to read: +1 min

Treasury Secretary Janet L. Yellen confronted her Chinese counterpart about China’s surging exports of inexpensive electric vehicles and other green energy goods, saying that they were a threat to American jobs and urging Beijing to scale back its industrial strategy, the U.S. government has said. Ms. Yellen also warned her counterpart, Vice Premier He Lifeng, that Chinese companies could face “significant consequences” if they provided material support for Russia’s war on Ukraine, according to a Treasury Department summary released on Saturday of two days of talks in the southern city of Guangzhou. The meetings on Friday and Saturday were an effort by the world’s two largest economies to address trade and geopolitical disputes as the countries try to steady a relationship that hit a low last year. The U.S. and China agreed to hold additional talks in the future about curbing international money laundering and fostering “balanced growth.” The latter is aimed partly at addressing concerns that China’s focus on factory production to bolster its sputtering economy has resulted in a glut of exports that is distorting global markets.

Persons: Janet L, Yellen Organizations: Department Locations: Beijing, U.S, Ukraine, Guangzhou, China

☆ U.S. criticism of Chinese overcapacity rehashes 'China threat' rhetoric, state media says
▼ + stars: | 2024-04-06 | by ( ) www.cnbc.com time to read: +2 min

U.S. Treasury Secretary Janet Yellen shakes hands with China's Vice Premier He Lifeng before a dinner in the southern Chinese city of Guangzhou, on April 5, 2024. U.S. Treasury Secretary Janet Yellen comments on China's excess manufacturing capacity seek to rehash "China threat" rhetoric and appear to create a pretext for more protectionist policies from the U.S., Chinese state media said. "Talking up 'Chinese overcapacity' in the clean energy sector also smacks of creating a pretext for rolling out more protectionist policies to shield U.S. companies," Xinhua said. Yellen met with Vice Premier He Lifeng and Guangdong Province Governor Wang Weizhong in Guangzhou after arriving in China late on Thursday. She is to travel on Saturday to Beijing, where she will meet officials including Premier Li Qiang and People's Bank of China Governor Pan Gongsheng through Monday, according to a Treasury press advisory.

Persons: Janet Yellen, Yellen, Guangdong Province Governor Wang Weizhong, Premier Li Qiang, Pan Gongsheng Organizations: Treasury, China's, Xinhua, Lifeng, Premier, People's Bank of China Locations: Guangzhou, U.S, Washington, China, Xinhua, Guangdong Province Governor, Beijing

☆ U.S. and China to hold talks on 'balanced growth' amid overcapacity concerns, Yellen says
▼ + stars: | 2024-04-06 | by ( ) www.cnbc.com time to read: +4 min

US Treasury Secretary Janet Yellen (L) shakes hands with China's Vice Premier He Lifeng in the southern Chinese city of Guangzhou, on April 5, 2024. After two days of economic talks in China's southern export hub of Guangzhou, Yellen said she and He also agreed to start a forum to cooperate on anti-money laundering efforts in their respective financial systems. Beijing also expressed serious concerns about U.S. economic and trade restrictions on China and made a full response to the production capacity issue during the talks, the statement said. The U.S. Treasury official, who spoke on condition of anonymity, said the balanced growth forum was first proposed in February during an economic working group meeting. Yellen also said she had warned Chinese firms faced "significant consequences" if they provided material support to Russia's invasion of Ukraine.

Persons: Janet Yellen, Pedro Pardo, Lifeng, Yellen, Biden, Wendy Cutler Organizations: China's, Afp, Getty, Treasury, U.S . Treasury Locations: Guangzhou, overcapacity, China, U.S, United States, Xinhua, Beijing, Ukraine

☆ Yellen Faces Diplomatic Test in Urging China to Curb Green Energy Exports
▼ + stars: | 2024-04-05 | by ( Alan Rappeport | ) www.nytimes.com time to read: +1 min

After three hours of meetings on Friday, Treasury Secretary Janet L. Yellen and Vice Premier He Lifeng of China sat down for a working dinner at the White Swan Hotel in Guangzhou, China. The evening activity was intended to give the pair, the top economic officials from the United States and China, an opportunity to go beyond talking points and build trust. The message represented a challenging test of economic diplomacy for Ms. Yellen. She wants China to dial back its industrial policy just as the United States is ramping up its own with trillions of dollars of subsidies for domestic clean energy industries. The new push against China’s exports threatens to inflame trade tensions between the world’s largest economies just as they have been working to stabilize relations.

Persons: Janet L, Yellen, Biden Organizations: Hotel Locations: China, Guangzhou, United States

☆ Yellen kicks off China meetings with overcapacity concerns, encouraging market-oriented reforms
▼ + stars: | 2024-04-05 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

Ambassador to China Nicholas Burns (R) receive U.S. Treasury Secretary Janet Yellen (R) upon her arrival in Guangzhou on April 4, 2024. Pedro Pardo | Afp | Getty ImagesBEIJING — U.S. Treasury Secretary Janet Yellen kicked off her first full day of official meetings in China with discussion about overcapacity concerns and encouragement to pursue market-oriented reforms. It is her second trip to China as Treasury secretary. China's growth potentialGuangdong is one of the largest contributors to China's economic growth and home to the city of Shenzhen, a major hub for tech companies and startups. "In recent decades, [Guangzhou] was at the forefront of market-oriented reforms that advanced China's economic development and openness," Yellen said in prepared remarks for her meeting with Wang.

Persons: Liao Min, China Nicholas Burns, Janet Yellen, Pedro Pardo, Yellen, Wang Weizhong, Wang, I've, Nicholas R, Lardy Organizations: Finance, U.S, Treasury, Afp, Getty, Peterson Institute for International Economics, Foreign Affairs Locations: China, Guangzhou, BEIJING, U.S, Beijing, Guangdong province, United States, Guangdong, Shenzhen, Asia

☆ Yellen returns to China to tackle economic challenges bedeviling ties with US
▼ + stars: | 2024-04-04 | by ( Laura He | ) edition.cnn.com time to read: +6 min

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

☆ China expresses concerns to U.S. over tariffs, sanctions in Beijing talks
▼ + stars: | 2024-02-07 | by ( ) www.cnbc.com time to read: +1 min

China's financial officials expressed concerns to visiting U.S. Treasury officials about U.S. tariffs, investment restrictions and sanctions set up to "suppress" Chinese companies, the Chinese finance ministry said on Tuesday. China's financial officials expressed concerns to visiting U.S. Treasury officials about U.S. tariffs, investment restrictions and sanctions set up to "suppress" Chinese companies, the Chinese finance ministry said on Tuesday. Both sides had "in-depth, frank, pragmatic and constructive" exchanges on their macroeconomic situation and policy, and developing countries' debt, among other issues in the meetings this week in Beijing, the ministry said. They agreed to continue to maintain communications, it added. In a separate meeting, China's vice premier He Lifeng also met with U.S. Treasury Undersecretary for International Affairs Jay Shambaugh on Tuesday, China's official Xinhua news agency reported.

Persons: Lifeng, International Affairs Jay Shambaugh Organizations: U.S, Treasury, International Affairs, China's, Xinhua Locations: Beijing

BANGKOK (AP) — Chinese and U.S. officials have met in Beijing for talks on tough issues dividing the two largest economies, as trade and tariffs increasingly draw attention in the runup to the U.S. presidential election. The talks sent a “positive signal,” the Global Times, a newspaper of China’s ruling Communist Party, said in an article published late Tuesday. The two sides said the talks in Beijing also touched on issues such as debt problems in developing countries, financial cooperation and economic policies. The Economic Working Group's meeting was its third since it was established in September and its first in Beijing. A Treasury delegation met with Chinese Vice Premier He Lifeng while in Beijing and conveyed a message that Yellen hoped to visit China at an “appropriate time.”

Persons: Joe Biden, Xi Jinping, Biden, Donald Trump, Yellen, ” Organizations: U.S, China’s Ministry of Finance, Global Times, Communist Party, U.S . Treasury Department, International Energy Agency, Treasury Department, Trump, Treasury Locations: BANGKOK, Beijing, U.S, China, Europe, San Francisco , California, Taiwan

BANGKOK (AP) — US and Chinese officials have completed the third meeting of a working group established to cooperate on financial issues, in a step that continues the trend set by the two powers last November to ease tensions. Officials from the U.S. Department of the Treasury met with counterparts in the People's Bank of China to discuss issues ranging from financial stability to countering money laundering. The delegation also met with Vice Premier He Lifeng while they were in China, according to a statement from the Treasury Department Friday. In November, Yellen met with He in San Francisco. Their two-day meeting was seen as paving the way for the later meeting between U.S. President Joe Biden and China's President Xi Jinping.

Persons: Janet Yellen, Yellen, Joe Biden, Xi Jinping, Donald Trump Organizations: U.S . Department of, People's Bank of China, Treasury Department, U.S Locations: BANGKOK, People's, China, San Francisco

☆ Goldman Sachs says these China stocks can win even if there's a repeat of Japan's lost decades
▼ + stars: | 2024-01-14 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

Goldman Sachs calls the China story today one of "rebalancing," and has picked 40 buy-rated stocks to play the theme. They predict certain consumer names, artificial intelligence companies and rising global players will be among the Chinese stocks that can do well. December data and fourth-quarter GDP due out late Tuesday New York time may give more clues on China's economic trajectory — and whether policymakers need to act. For China's economic outlook, comparisons to Japan may ultimately be more academic as the debate has become more about the extent to which national security has replaced economic growth as the priority. "Very often I'm asked the question, will China ignore development as it talks more about security?"

Persons: Goldman Sachs, Japan's, Kinger Lau, Morgan, Robin Xing, Goldman, Lau, Li Qiang, Liu, SICC, Arthur Kroeber, Dragonomics, Liu Jianchao, Michael Bloom Organizations: Beijing, China Equity, China New Economy Summit, China, New, Invesco, Central Commission, Financial, Economic Affairs, Laboratories, U.S . Food, Drug Administration, U.S, StarPower Semiconductor, Wire China, Communist Party's, Foreign Locations: China, Japan, Hong Kong, Beijing, New York, Davos, Shanghai, U.S, Shenzhen, Europe

☆ China will make foreign investment easier, vice premier tells foreign executives
▼ + stars: | 2024-01-11 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

Secretary Yellen and Vice Premier Lifeng will hold meetings ahead of the APEC summit being held in San Francisco. (Photo by Justin Sullivan/Getty Images)BEIJING — Chinese Vice Premier He Lifeng met with global financial executives Wednesday and pledged to make it easier for foreign institutions to invest in the country, state media said. Vice Premier He is also director of the office of the Central Commission for Financial and Economic Affairs. "China will continue to deepen the reform and two-way opening-up of its capital market, facilitate cross-border investment and financing, and attract more foreign financial institutions and long-term capital to China," He reportedly said at the meeting, according to state news agency Xinhua. China has gradually allowed foreign financial institutions to take majority control of their local operations.

Persons: Janet Yellen, Yellen, Lifeng, Justin Sullivan, Goldman Sachs Organizations: FRANCISCO, People’s, Ritz Carlton Hotel, APEC, Central Commission, Financial, Economic Affairs, U.S, Xinhua Locations: CALIFORNIA, People’s Republic of China, San Francisco , California, San Francisco, BEIJING, China

☆ China’s Xi Jinping visits financial hub Shanghai as Chinese economy sputters
▼ + stars: | 2023-11-30 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Chinese leader Xi Jinping has visited Shanghai for the first time in three years, as his government steps up efforts to prop up the country’s economy and financial markets. The visit, his first since 2020, comes as business confidence wanes in China and foreign companies pull out of the country. “General Secretary Xi Jinping’s visit to Shanghai sends important signals at a critical moment,” an editorial by Xinhua said Thursday. “Shanghai must be a vanguard of the country’s reform and opening up and a pioneer in its tech innovation and development,” Xi was quoted as saying by Xinhua. Earlier this month, Xi visited the United States for the first time in more than six years, where he met with President Joe Biden to amend ties between the two countries.

Persons: Xi Jinping, Xi, Lifeng, Cai Qi, Xi Jinping’s, ” Xi, Joe Biden Organizations: Hong Kong CNN, Shanghai Futures Exchange, Xinhua News Agency, PMI, Xinhua, “ Finance Locations: Hong Kong, Shanghai, China, Beijing, United States

☆ China's Xi visits financial hub Shanghai
▼ + stars: | 2023-11-29 | by ( ) www.reuters.com time to read: +3 min

Chinese President Xi Jinping attends the Leaders Retreat at the Asia-Pacific Economic Cooperation (APEC) summit in San Francisco, California, U.S., November 17, 2023. REUTERS/Kevin Lamarque Acquire Licensing RightsSHANGHAI, Nov 29 (Reuters) - China President Xi Jinping visited Shanghai, where he went to several venues and learned about the city's efforts to strengthen its competitiveness as an international financial centre, Xinhua news agency reported on Wednesday. Xi made the trip on Tuesday and Wednesday and he inspected the Shanghai Futures Exchange, an exhibition on Shanghai's sci-tech innovations and a government-subsidized rental housing community, the report said. Vice Premier He Lifeng, Shanghai's Communist party secretary Chen Jining and Mayor Gong Zheng also accompanied his visit. It was his first visit to the city since November 2020 and comes a year after historic street protests against China's zero-COVID policy broke out in Shanghai.

Persons: Xi Jinping, Kevin Lamarque, Xi, Cai Qi, Chen Jining, Gong Zheng, Xi's, Premier Li Qiang, Brenda Goh, Bernard Orr, Ella Cao, Ethan Wang, Mark Potter, Louise Heavens, Chizu Nomiyama, Mark Porter Organizations: Economic Cooperation, REUTERS, Rights, Shanghai Futures Exchange, Communist Party of China Central Committee, CPC, Communist, Shanghai Free, Trade, Disney, L'Oreal, Premier, Thomson Locations: Asia, San Francisco , California, U.S, China, Shanghai, Xinhua, Minhang

☆ What do we know about China's new financial watchdog?
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +4 min

BEIJING, Nov 21 (Reuters) - China's Central Financial Commission (CFC), a new regulator with Premier Li Qiang as its head, held a meeting on Monday and urged stronger supervision of risks in the financial sector as Beijing accelerates efforts to become a "major financial power". The CFC was set up for the top-level design, development and supervision of the financial sector, strengthening "unified leadership on financial work", according to a restructuring plan published by state media in March this year. The CFC has recruited many officials from the central bank and the finance ministry, financial news outlet Caixin reported earlier this month. The appointments indicate that both officials, who are close confidants of President Xi Jinping, will play important roles in shaping China's financial policies. He was also appointed as party chief of a separate Central Financial Work Commission (CFWC), which has been set up to strengthen the ideological and political role of the party in China's overall financial system.

Persons: Li Qiang, Premier Li, Li, Lifeng, Xi Jinping, Wang Jiang, Xia Xiande, Xi, Ziyi Tang, Kevin Yao, Ryan Woo, Sumeet Chatterjee Organizations: Financial Commission, Communist Party, CFC, WHO, THE, Financial Work, China Everbright Group, Analysts, Reuters, National Financial Regulatory Administration, State Council, People's Bank of China, prudential, Thomson Locations: BEIJING, Beijing, China, Lincoln

☆ Issues over TikTok still unresolved, US Treasury Secretary Yellen says
▼ + stars: | 2023-11-20 | by ( ) www.reuters.com time to read: +1 min

U.S. Treasury Secretary Janet Yellen attends a press conference after a meeting with Chinese Vice Premier He Lifeng, ahead of a U.S.-hosted APEC (Asia-Pacific Economic Cooperation) Summit in San Francisco, California, U.S., November 10, 2023. REUTERS/Carlos Barria/File Photo Acquire Licensing RightsWASHINGTON, Nov 20 (Reuters) - The United States has concerns about issues over privacy and social media, and the matter involving TikTok is not yet resolved, U.S. Treasury Secretary Janet Yellen told CNBC in an interview on Monday. "We do have concerns around the potential issues with privacy and social media," she said, adding that she cannot discuss TikTok specifically. "This wasn't an explicit matter of discussion" between U.S. President Joe Biden and Chinese President Xi Jinping when they met last week, Yellen told CNBC. She said she discussed Chinese investments in the United States with her Chinese counterpart during their own meeting, including the process involving the Committee on Foreign Investment in the United States (CFIUS).

Persons: Janet Yellen, Lifeng, Carlos Barria, Yellen, Joe Biden, Xi Jinping, Doina Chiacu, Susan Heavey, Toby Chopra, Doina Organizations: Treasury, APEC, Economic Cooperation, REUTERS, Rights, United, CNBC, Foreign Investment, Department of Treasury, Thomson Locations: U.S, Asia, San Francisco , California, United States, Washington, Beijing

☆ Yellen says Biden, Xi remain far apart on Taiwan's independence post-APEC
▼ + stars: | 2023-11-20 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +4 min

Treasury Secretary Janet Yellen said Monday that U.S. President Joe Biden and Chinese President Xi Jinping remained far apart on the status of Taiwan after their high-profile meeting last week during the Asia-Pacific Economic Cooperation conference in San Francisco. "President Xi did express the view that it's important for Taiwan and mainland China to unify. "But President Biden said our policy remains unchanged from what it's always been with respect to Taiwan." Even after their talks last week, Biden and Xi's deadlock on the issue could have military ramifications, despite Xi's insistence that he does not want military conflict. Already, Taiwanese officials have reported escalating Chinese military action around the island in recent months.

Persons: Janet Yellen, Xi Jinping, Joe Biden, Xi, Yellen, Biden, it's, China's, Nancy Pelosi, I'm, that's Organizations: San Francisco International, Economic Cooperation, U.S, ., China, APEC Locations: Asia, San Francisco , California, Taiwan, San Francisco, China, People's Republic of China, U.S, Ukraine, Israel

REUTERS/Carlos Barria/File Photo Acquire Licensing RightsSAN FRANCISCO, Nov 13 (Reuters) - U.S. Treasury Secretary Janet Yellen on Monday said negotiations on the trade section of the Indo-Pacific Economic Framework will need further work, a setback for the Biden administration which had hoped to announce substantial outcomes this week. Yellen told a news conference there has been "very substantial progress" on three of the four areas under discussion by the 14 IPEF member countries, but there are "remaining issues" on trade. She said there had been "significant progress" on the trade pillar, "but it looks not to be complete, like something that is likely to require further work." People familiar with the talks said that an announcement of outcomes is more likely on clean energy cooperation and anti-corruption pillars of the IPEF. Both agreed that the U.S. and China should seek fair trade relations and a level playing field on which their companies can compete, Yellen added.

Persons: Janet Yellen, Lifeng, Carlos Barria, Biden, Yellen, Joe Biden, IPEF, Donald Trump, David Lawder, Ann Saphir, Tom Hogue, Lincoln Organizations: Treasury, APEC, Economic Cooperation, REUTERS, FRANCISCO, . Treasury, Reuters, Asia Pacific Economic Cooperation, San Francisco . U.S, Pacific Partnership, Thomson Locations: U.S, Asia, San Francisco , California, Pacific, San Francisco ., China, CHINA, Beijing, San Francisco

☆ U.S.-China relations are now more about crisis prevention
▼ + stars: | 2023-11-14 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +7 min

It will be a rare summit before the U.S. presidential election cycle kicks off in earnest. "The immediate aftermath of the [Biden-Xi] meeting is likely to mark a cyclical high point for bilateral relations," he said. Taiwan is set to hold its presidential election in January, and a more pro-independence winner could stir more of Beijing's ire. Beijing considers Taiwan part of its territory, with no right to independently conduct diplomatic relations. The U.S. recognizes Beijing as the sole government of China but maintains unofficial relations with Taiwan, a democratically self-governed island.

Persons: Joe Biden, Xi Jinping, Kevin Lamarque, Biden, Michael Hirson, Trump, Xi, Gabriel Wildau, Antony Blinken, Chuck Schumer, Shen Yamei, Shen, Gina Raimondo, Lifeng, Janet Yellen, Teneo, Nancy Pelosi, Teneo's Wildau Organizations: Reuters, U.S, China Research, Research, D.C, Strategic, International, Biden, Republican, Democratic, American Studies, China Institute of International Studies, CNBC, U.S . Commerce, Treasury, U.S . House, Representatives, Economic Cooperation, China's Ministry of Commerce Locations: Bali , Indonesia, Reuters BEIJING, U.S, China, Taiwan, South China, Washington, Beijing, San Francisco, Gaza, Ukraine, Asia

☆ More US-China take-privates could get feisty
▼ + stars: | 2023-11-14 | by ( Anshuman Daga | ) www.reuters.com time to read: +4 min

It is unusual to see a ruckus over a U.S.-listed Chinese firm. Would-be acquirors of Hollysys include the company’s own management, a buyout firm and a consortium including Chinese state-owned investors. The segment constitutes 65% of Hollysys’ top line, which has risen by over 50% from three years ago. The Hollysys affair suggests shareholders can expect a little bit more as Chinese companies bid farewell to the United States. The $26 per share cash offer represents a 26% premium to the closing price on Nov. 3.

Persons: Janet Yellen, Mark Schiefelbein, Hong, Recco, Kong’s, David Blennerhassett, Hollysys, Una Galani, Thomas Shum Organizations: Treasury, Lifeng, Rights, Reuters, U.S, Nasdaq, Oasis Management, Capital Partners, Quiddity Advisors, ABB, Emerson Electric, VNET, Ascendent Capital Partners, Automation Technologies, Recco Control Technology, Hong, Investment, Thomson Locations: Beijing, China, Rights SINGAPORE, United States, People's Republic, Washington, Hong Kong, U.S, Singapore

☆ APEC's growth to slow as persistent inflation, US-China tensions weigh-report
▼ + stars: | 2023-11-13 | by ( David Lawder | ) www.reuters.com time to read: +3 min

The APEC GDP growth rate will average 2.9% in 2025 and 2026, below the global average of 3.2% and 3.5-3.6% in the rest of the world. Taming inflation could require more monetary policy tightening, slowing growth further. Trade volume growth for goods is set to rebound next year among APEC countries after a largely flat 2023 due to China's sluggish growth, rising to 4.3% for goods exports and 3.5% for goods imports. The data shows "how important it is to re-engage, de-risk and avoid decoupling" of the U.S. and Chinese economies. "I think a stable relationship within U.S. and China is a win-win situation for everyone," Kuriyama said.

Persons: Janet Yellen, Mark Schiefelbein, Carlos Kuriyama, Joe Biden, Xi Jinping, Kuriyama, David Lawder, Stephen Coates Organizations: Treasury, Lifeng, FRANCISCO, Asia Pacific Economic Cooperation, APEC, Unit, U.S, Thomson Locations: Beijing, China, Asia, San Francisco, U.S

☆ Yellen calls on APEC finance ministers to boost growth potential sustainably
▼ + stars: | 2023-11-13 | by ( ) www.cnbc.com time to read: +3 min

U.S. Treasury Secretary Janet Yellen called on Pacific Rim finance ministers on Monday to boost the productive capacity of their economies while working to finance the transition to low-carbon energy and provide more opportunities for the poor. Opening a meeting of finance ministers of Asia Pacific Economic Cooperation countries, Yellen said the group's economic dynamism meant that the actions they take matter for addressing global challenges. A day after the APEC Secretariat issued new forecasts for slowing growth next year amid a continued inflation fight and U.S.-China tensions, Yellen said the group needed to increase potential output. And we need to leverage emerging technologies to drive innovation while maintaining safe financial markets," Yellen added. The APEC finance ministers meeting comes just ahead of the APEC leaders' summit later this week and a high-stakes meeting between U.S.-President Joe Biden and Chinese President Xi Jinping aimed at easing tensions between the world's two largest economies.

Persons: Janet Yellen, Yellen, Joe Biden, Xi Jinping Organizations: Treasury, APEC, Economic Cooperation, Pacific Rim, Asia Pacific Economic Cooperation Locations: U.S, Asia, San Francisco , California, Pacific, China, Ukraine, Vietnam, Indonesia

If both are calculated in dollar terms, however, Chinese stocks have, by some measures, carried an advantage over the very long term. Many observers say demographics, deleveraging, and de-risking - U.S. firms on-shoring, new supply chains, and trade tensions – will be a considerable long-term drag on Chinese growth. Little wonder, perhaps, that Chinese stocks are so cheap. Reuters Image Acquire Licensing RightsBased on 12-month forward price/earnings multiples, U.S. stocks are twice as expensive as Chinese stocks. For the past 10 years Chinese stocks have been substantially cheaper than U.S. stocks, and most of the decade before that they were usually cheaper too.

Persons: Brendan McDermid, Goldman Sachs, Morgan Stanley, Torsten Slok, Janet Yellen, Lifeng, Colin Graham, Graham, Jamie McGeever, Andrea Ricci Organizations: New York Stock Exchange, REUTERS, Rights, Shanghai, CSI, Reuters, Apollo Global Management, U.S, Treasury, Thomson Locations: New York City, U.S, Rights ORLANDO , Florida, China, Mexico

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