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☆ Western countries are lining up to name and shame China for overproduction
▼ + stars: | 2024-05-27 | by ( Huileng Tan | ) www.businessinsider.com time to read: +6 min

Read previewWestern countries are lining up to call out China for its barrage of cheap exports that are flooding the world's markets. "We will continue to monitor the potential negative impacts of overcapacity and will consider taking steps to ensure a level playing field, in line with World Trade Organization (WTO) principles." China pushes back on criticism, industrial profits rose in AprilBeijing has consistently resisted the West's criticism that it is dumping cheap goods on the world market. Chinese authorities say the West's accusations are protectionist and aimed at containing China's economic growth. In April, profits at China's industrial companies rose 4% from a year ago, reversing a drop in March, according to official statistics released on Monday.

Persons: —, Janet Yellen, Olaf Scholz, Bruno Le Maire, Yu Weining, Joe Biden, Biden, Josh Lipsky, Lipsky Organizations: Service, Business, EU, Bloomberg, World Trade Organization, China's Commerce Ministry, European Commission, International Monetary Fund Locations: China, France, Stresa, Italy, Beijing, United States

☆ The world is scarred from China shock 1.0. They're not about to let 2.0 happen so easily.
▼ + stars: | 2024-04-04 | by ( Huileng Tan | ) www.businessinsider.com time to read: +8 min

This could create a "China shock 2.0" that impacts other economies around the world. AdvertisementThis is just one of the industries the world is bracing for in the next phase of the "China shock." What happened in China shock 1.0? How Beijing could be creating China shock 2.0Now, China is targeting three new strategic industries that the rest of the world is also eyeing. What are the US and the rest of the world doing about China shock 2.0?

Persons: —, Xi, David H, Autor, David Dorn, Gordon H, Hanson, Rajiv Biswas, who's, Biswas, keener, Janet Yellen, Yellen, it's, Wang Wenbin, Wang, Nomura Organizations: Service, Beijing, OECD, European Union, Department of Energy, Treasury, European Commission, EU, Act, Wall Street, Bloomberg Locations: China, EU, Beijing, Communist China, Georgia, Southeast Asia, Africa, Latin America

Though its fate in the Senate is unclear, anti-China sentiment and pressure on lawmakers from the White House could force the issue. That belies the technical and legal hurdles in selling TikTok, as well as divisions within the U.S. tech community over the proposed legislation. The heads of the chamber’s Intelligence Committee — Mark Warner, Democrat of Virginia, and Marco Rubio, Republican of Florida — support the bill. So do the sometimes progressive John Fetterman, Democrat of Pennsylvania, and the hawkish Ted Cruz, Republican of Texas. It’s long overdue to push back and this bill does exactly that,” Fetterman posted on social media.

Persons: Mark Warner, Marco Rubio, John Fetterman, Ted Cruz, ” Fetterman Organizations: TikTok, Senate, chamber’s Intelligence, Democrat, Republican Locations: Washington, China, Virginia, Florida, Pennsylvania, Texas

☆ Asia markets set to bounce at the start of the week, ahead of China benchmark lending rate release
▼ + stars: | 2023-11-20 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: +1 min

Investors watch computer screens displaying stock price figures at a stock exchange hall. Jiang Sheng | Visual China Group | Getty ImagesAsia-Pacific markets were mostly set to eke out gains on Monday after most major bourses ended lower in the previous session, while investors watched for changes to China's benchmark lending rates. The People's Bank of China's one-year loan prime rate — the peg for most household and corporate loans in China — is currently at 3.45%. Futures for Hong Kong's Hang Seng index stood at 17,728, pointing to a higher open compared to the HSI's close of 17,454.19. Japan's Nikkei 225 was also set to open slightly lower, with the futures contract in Chicago at 33,500 and its counterpart in Osaka at 33,490 against the index's last close of 33,585.20.

Persons: Jiang Sheng, China —, Alibaba Organizations: Visual China, Getty, People's Bank, Nikkei Locations: Asia, Pacific, China's, China, Hong Kong, Chicago, Osaka, Australia

☆ China, Australia to restart annual meetings as trade resumes
▼ + stars: | 2023-11-07 | by ( ) www.reuters.com time to read: +4 min

Australia's Prime Minister Anthony Albanese meets with China's President Xi Jinping at the Great Hall of the People in Beijing, China, November 6, 2023. President Xi Jinping said on Monday stable ties between China and Australia served each other's interests and both should expand cooperation, sending a clear signal that China was ready to move on from recent tensions. The Australian prime minister said he had used the four-day visit to advocate for Australia's interests in trade, human rights, regional and global issues. "While there are differences between us, both Australia and China benefit from cooperation and dialogue," Albanese said. Australia and China had agreed to cooperate on trade, climate change and agriculture, the Australian government said in a statement.

Persons: Anthony Albanese, Xi Jinping, Lukas Coch, Li Qiang, Albanese, " Albanese, Li, Xi, Kirsty Needham, Ellen Zhang, Robert Birsel Organizations: Australia's, of, People, REUTERS Acquire, Rights, U.S, Islands Forum, Thomson Locations: Beijing, China, Rights BEIJING, SYDNEY, Australia, People . China, India, Japan, Pacific, United States, South China, Britain, Sydney

☆ Global funds dumped another $3 bln in China stocks in Oct -Morgan Stanley
▼ + stars: | 2023-11-06 | by ( Summer Zhen | ) www.reuters.com time to read: +1 min

HONG KONG, Nov 6 (Reuters) - Global fund managers sold China equities sharply in October despite further steps from authorities aimed at boosting the world's second-largest economy, according to a report from Morgan Stanley that cited data from fund flow tracker EPFR. "The outflows (are) mostly due to regional funds' rebalancing out of China, in which European-domiciled funds led," Morgan Stanley analysts led by Gilbert Wong said. According to Morgan Stanley, persistent outflows have resulted in foreign long-only managers being their most underweight on China since 2018. Stocks sold off include JD.com (9618.HK), Xiaomi (1810.HK) and China Construction Bank (601939.SS). Separately, Goldman Sachs prime services data showed hedge fund net allocation to China increased to 8.5% as of end-October, up from 8.1% at end-September.

Persons: Morgan Stanley, Gilbert Wong, Stocks, Goldman Sachs, Summer Zhen, Edwina Gibbs Organizations: Global, Reuters, Investors, CSI, HK, China Construction Bank, Baidu, AIA, Thomson Locations: HONG KONG, China, Hong Kong, U.S

☆ Can U.S. drone makers compete with cheap, high-quality Chinese drones?
▼ + stars: | 2023-10-11 | by ( Brad Howard | In | ) www.cnbc.com time to read: +2 min

The U.S. domestic drone industry has found itself at a disadvantage when it comes to producing these useful remote-controlled flying machines in America. Chinese drone maker DJI remains the king of the industry, controlling more than 70% of the global drone market. DJI drones are currently used by state university researchers, police departments, firefighters and other groups across the U.S. that could be affected by potential bans on Chinese-produced drones. "It is going to be key that the U.S.-produced drones, or drones produced by trusted allies, become more affordable." Watch the video above to find out if the U.S. drone industry can compete with Chinese drone producers.

Persons: Adam Bry, Adam Welsh, Mark Montgomery Organizations: CNBC, Israel, Center, Foundation for Defense of Democracies Locations: America, China, U.S, DJI, Russia, Ukraine

☆ China rebukes EU after formal launch of EV subsidy probe
▼ + stars: | 2023-10-04 | by ( ) www.reuters.com time to read: +2 min

Car miniature, "Electric vechicles (EVs)" words, EU and Chinese flags are seen in this illustration taken, September 26, 2023. China also urged the European Union to safeguard the stability of the global supply chain and a strategic partnership between the two, while "prudently" applying trade remedies. The formal launch of the EU investigation came with an announcement in the bloc's official journal, which said China had been invited for consultations, although it did not give a timeframe. Information gathered by the Commission tended to show that producers in China benefited from subsidies to the detriment of EU industry, it added. The European Commission has said China's share of EVs sold in Europe has risen to 8% and could reach 15% in 2025.

Persons: Dado Ruvic, EVs, Chen Aizhu, Philip Blenkinsop, Christian Schmollinger, Clarence Fernandez Organizations: REUTERS, Rights, European Union, European Commission, World Trade Organization, Commission, European, Thomson Locations: Rights SINGAPORE, BRUSSELS, China, Europe

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

☆ VIEW Reactions to EU probe of Chinese electric cars imports
▼ + stars: | 2023-09-13 | by ( ) www.reuters.com time to read: +6 min

EUROPEAN COMMISSION PRESIDENT URSULA VON DER LEYEN"Global markets are now flooded with cheaper electric cars. "So I can announce today that the Commission is launching an anti-subsidy investigation into electric vehicles coming from China. UK TRADE MINISTER KEMI BADENOCH"I think it just highlights the difficulties that all countries are having with the supply chain for electric vehicles. "China's apparent advantage and cost-competitive imports are already impacting European auto makers' domestic market share, with a massive surge in electric vehicle imports in recent years. At the same time, the US Inflation Reduction Act (IRA) is also a game-changer in the electric vehicle value chain.

Persons: Annegret, URSULA VON DER, LAURENCE BOONE, BRUNO LE MAIRE, Von der, KEMI BADENOCH, MATTEO SALVINI, SIGRID DE VRIES, AIWAYS, ALEXANDER KLOSE, Aiways, KINGSMILL, they've, They've, STUART COLE, AJ BELL, DANNI HEWSON, Josephine Mason, Catherine Evans, Louise Heavens Organizations: REUTERS, European Commission, European Union, FRENCH FINANCE, EU, League, GENERAL, Volkswagen, BMW, Tesla, INSTITUTE SENIOR, CITI, Reuters, Thomson Locations: Berlin, Germany, China, Europe, Brussels

☆ Those desperate to break the deadlock in Ukraine are hoping China will turn on Russia. They shouldn't hold their breath.
▼ + stars: | 2023-08-15 | by ( Kelsey Vlamis | Erin Snodgrass | ) www.businessinsider.com time to read: +4 min

One expert said it was "naïve American diplomacy" to think something fundamental between China and Russia had changed. But the idea that China would turn on Russia anytime soon may be little more than wishful thinking. "It is clever Chinese diplomacy to keep meeting and talking, and it is naïve American diplomacy to think that this means something fundamental has changed," English said. He added threats from the West are also unlikely to turn China against Russia, as Xi knows that Europe is more dependent on trade with China than the other way around. "The West needs to stop looking at Chinese behavior through Western eyes, and start understanding it from a Chinese perspective."

Persons: Xi, Putin, Robert English, Xi Jinping, Vladimir Putin, Volodymyr Zelenskyy, Antony Blinken, Simon Miles, Miles, Wang Wenbin Organizations: Saudi, Service, Privacy, China, NATO, University of Southern, Duke University's Sanford School of Public, Soviet Union, Foreign, Associated Press Locations: China, Russia, Wall, Silicon, Ukraine, University of Southern California, Soviet Union, Eastern Europe, Moscow, West, Saudi Arabia, American, Europe, Soviet, Saudi

TOKYO/BEIJING, June 20 (Reuters) - Oil prices slipped on Tuesday after China cut benchmark lending rates less than some expected, sowing further concern over the oil demand outlook in the world's largest crude importer. U.S. West Texas Intermediate (WTI) crude for July was down 99 cents from Friday's close at $70.79. The more active WTI crude contract for August delivery was down 71 cents from Friday at $71.22 per barrel. "The rate cuts ... were widely expected, hence it did not offer a bullish push to the oil markets," said Tina Teng, a markets analyst at CMC Markets in Auckland. "Oil traders may need to see a materialized strong economic rebound in China to improve their outlook on oil demand," Teng said.

Persons: Brent, Tina Teng, Teng, Jerome Powell, Katya Golubkova, Andrew Hayley, Jamie Freed, Tom Hogue Organizations: . West Texas, CMC Markets, European Central Bank, . Federal, Organization of, Petroleum, OPEC, JPMorgan, Thomson Locations: TOKYO, BEIJING, China, United States, Auckland, Russia, Moscow, OPEC, Nigeria, Iran, Venezuela, Tokyo, Beijing

☆ How does China benefit from sanctions on Russia?
▼ + stars: | 2023-03-22 | by ( Reuters Editorial | ) www.reuters.com time to read: 1 min

PoliticsHow does China benefit from sanctions on Russia? PostedWith Moscow under pressure to sell surplus volumes no longer going to the EU, China has saved billions of dollars on purchases of cheaper Russian oil and coal and made returns trading excess supplies. Ryan Brooks reports.

☆ Yellen says price cap on Russian oil will benefit China
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: 1 min

NUSA DUA, Indonesia, Nov 14 (Reuters) - China's purchases of Russian oil are "completely consistent" with Western countries' plans to keep Russian crude on the world market and Beijing will benefit from the new price cap mechanism to be imposed in December, U.S. Treasury Secretary Janet Yellen said on Monday. Yellen told reporters on the sidelines of the G20 summit in Bali that China and other buyers of Russian oil will have more leverage to negotiate lower prices. "We see the price cap is something that benefits China benefits India, and benefits all purchasers of Russian oil," Yellen said. Reporting by David Lawder; Editing by Christian SchmollingerOur Standards: The Thomson Reuters Trust Principles.

☆ Asian stocks mixed as caution reigns ahead of U.S. midterms
▼ + stars: | 2022-11-08 | by ( Kane Wu | ) www.reuters.com time to read: +3 min

MSCI's gauge of Asia Pacific stocks outside Japan (.MIAPJ0000PUS) narrowed gains to rise 0.12% at 0517 GMT. "The thing to watch ... will be the U.S. midterms today and the CPI data tomorrow," said Redmond Wong, Saxo Markets' market strategist for Greater China, in a note on Tuesday. Japan's Nikkei 225 (.N225) gained as much as 1.44%, hitting an eight-week high, as investors scooped up chips and other technology stocks. Analysts said U.S. mid-term elections on Tuesday could impact markets. Brent crude fell 0.32% to $97.61 a barrel by 0526 GMT, while U.S. crude fell 0.38% to $91.44 a barrel.

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