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Congress is fighting back with its own toolkit designed to counter the growing influence of Chinese and Russian corruption campaigns. Those discussions present a timely and consequential opportunity to kickstart a wide-ranging approach to fighting Chinese corruption campaigns abroad. Nowhere is China's corruption on such open display as in the Belt and Road Initiative (BRI), an international corruption scheme cloaked in the language of economic development and interconnectedness. Without new tools for countering China's exporting of corruption, the United States will eventually feel the economic and governance hangover of Chinese corruption. Without CROOK's improved protections, American companies doing business abroad will eventually fall into China's influence trap.
Persons: Scott Greytak, Xi Jinping, Defense Nobuo Kishi, CROOK, Biden, we've, Succès Masra, Bobi, Elaine Dezenski, CROOK's Organizations: Transparency, Service, Defense, American, Foreign Affairs, Overseas, Chinese Community Party, Initiative, Foundation for Defense, Democracies, Foundation, Defense of Democracies, US Agency for International Development Locations: China, Africa, Southeast Asia, Mexico, Chad, Uganda, Beijing, United States
Hedge funds have underestimated the risks of investing in China, a geopolitical analyst told Insider. Hedge funds with big positions in Chinese companies will likely be proceeding with caution after the regulatory environment rocked markets over the last week. Bloomberg reported the fund holds the largest exposure to Chinese American Depositary receipts out of the top US hedge funds. Many hedge funds viewed China as a big opportunity in the wake of Donald Trump's presidency, since the US had changed its tactics in dealing with China. Many hedge funds, he said, believed that the US was going to be more hawkish on China.
Persons: China's, Chase, Matt Gerken, Donald Trump's, Gerken, Carson Block, Xi Jinping, Gary Gensler, Xi, Bradley Saacks Organizations: Tiger, titans, Tiger Global Management, Bloomberg, Sculptor Capital Management, D1 Capital Partners, Foreign Companies, Company, BCA Research, Muddy Waters Research, Securities and Exchange Commission Locations: China
FILE PHOTO: Workers labour at a construction site in Shanghai, China July 12, 2021. However, manufacturers are grappling with new challenges from higher raw material prices, surging logistics costs and global supply chain bottlenecks. China will boost the autonomy of its macro policies, the Politburo said, adding that it would keep the Chinese currency yuan basically stable on a reasonable and balanced level, while ensuring the supply of commodities and prices remain stable. The government will support the fast development in new energy vehicles sector and will strive to solve bottleneck issues, it said. It reiterated its existing policy on the property sector - houses are for living in, not for speculation and called for stabilising land and property prices and market expectations.
Persons: Aly, Xi Jinping Organizations: REUTERS, Communist Party, Xinhua News Agency, People’s Bank of China Locations: Shanghai, China, BEIJING
China to keep stable macro policies in 2nd half, Politburo says
  + stars: | 2021-07-30 | by ( Reuters Staff | ) www.reuters.com + 0.00   time to read: +3 min
“(We) will do well in cross-cyclical adjustments of macro policies, maintain the continuity, stability and sustainability of macro policies, make overall plans to effectively link up this year’s and next year’s macro policies,” the official Xinhua News Agency quoted the Politburo as saying following a meeting chaired by President Xi Jinping. China’s prudent monetary policy would keep liquidity “reasonably ample” to help small businesses and struggling industries recover, the Politburo said. Fiscal policy should be “proactive” and more effective in managing the pace of local government bond issuance and budgeting investments. It also said China would boost the autonomy of its macro policies and keep the yuan currency basically stable on a “reasonable and balanced level”, while ensuring stable supply and prices of commodities. China has been squeezed by U.S. bans on cutting-edge technologies, and has been stepping up investment in domestic innovation.
Persons: Aly, Xi Jinping, Ding Shuang, ” Ding, Beijing’s, Organizations: Communist, REUTERS, People’s Bank of China, Xinhua, Agency, Standard Chartered Locations: BEIJING, China, Shanghai, Hong Kong, Beijing
Review: Turning Beijing’s playbook against it
  + stars: | 2021-07-30 | by ( Pete Sweeney | ) www.reuters.com + 0.00   time to read: +6 min
But 60 pages of painstaking footnotes, many of them quoting internal statements by Communist Party leaders and intellectuals, make it rather compelling. That terrified Chinese officials who were convinced the Americans aspired to repeat in Beijing what they had accomplished in Moscow. The United States and allies like Japan should join China-led institutions, including the Belt and Road infrastructure initiative, and then seek to dilute Beijing’s influence. Even as admirals fret about armed Chinese drone swarms, American venture capitalists shower money on mainland artificial intelligence startups. China was the third-largest market for American goods in 2019, and a critical part of the U.S. supply chain.
Persons: Xi Jinping, Mao Zedong, Carlos Garcia Rawlins, Zhou Enlai, Zhou, Doshi, Joe Biden’s, Yale University’s Paul Tsai, Iraq’s Saddam Hussein, “ blunting, Donald Trump, Goldman Sachs, Xi, , Rush Doshi, Peter Thal Larsen, Oliver Taslic Organizations: Communist Party of, REUTERS, Reuters, American, Joe Biden’s National Security Council, Brookings Institution, Yale, Yale University’s Paul Tsai China Center, Communist Party, United, People’s, World Trade Organization, Asian Infrastructure Investment Bank, U.S . Pacific Fleet, Association of Southeast Asian Nations, Pentagon, People’s Liberation Army, Pacific, Treasury, Starbucks, Oxford University Press Locations: Communist Party of China, Beijing, China, Carlos Garcia Rawlins HONG KONG, United States, Soviet Union, Moscow, America, Japan, Republic
The famed short seller predicted that the US would delist companies in China in the next few years. China's Gaotu Techedu has been "the worst stock ever" for the activist short seller Carson Block. The founder of Muddy Waters Capital told Insider in an interview that his short on Gaotu Techedu, an online-education provider, was "just brutal." Gaotu Techedu also got caught up in the implosion of the family office Archegos, which had built up a highly leveraged position in the name, according to reports. With the recent massive sell-off in Chinese stocks, Block is unsure about making any quick moves in the space.
Persons: Carson Block's, Gaotu, China's Gaotu Techedu, Carson Block, Citron, Gaotu Techedu, Sen, John Kennedy, Block, Xi Jinping, Jinping, Xi, Tal Organizations: Muddy Waters Capital, Bloomberg, Grizzly Research, Citron Research, Foreign Companies, Company, Securities and Exchange Commission, GSX Locations: China
U.S. Vice President Kamala Harris disembarks from Air Force Two as she arrives at El Paso, Texas, U.S., June 25, 2021. REUTERS/Evelyn HocksteinWASHINGTON, July 30 (Reuters) - Kamala Harris will become the first U.S. vice president to visit Vietnam next month during a trip that will also include Singapore and is aimed at rallying international support to counter China's growing influence. Harris' trip will follow one that Defense Secretary Lloyd Austin made this week to Hanoi. read more"President Biden and Vice President Harris have made it a top priority to rebuild our global partnerships and keep our nation secure, and this upcoming visit continues that work," the White House said in a statement outlining Harris's travel plans. read moreOn her first overseas trip in office, Harris visited Mexico and Guatemala in June with the aim of lowering migration from the region.
Persons: Kamala Harris disembarks, Evelyn Hockstein WASHINGTON, Kamala Harris, Harris, Symone Sanders, Lloyd Austin, Biden, Austin, Rodrigo Duterte, Harris's, Murray Hiebert, Wendy Sherman, Joe Biden, Xi Jinping, Nandita Bose, Doina Chiacu, David Brunnstrom, Aradhana Aravindan, Joe Bavier, Alistair Bell, Daniel Wallis Organizations: Air Force, REUTERS, Former, White, U.S, Washington's Center, Strategic, International Studies, Moderna, Thomson Locations: El Paso , Texas, U.S, Vietnam, Singapore, Former U.S, South China, Hanoi, Philippines, China, Southeast Asia, Asia, United States, Japan, Australia, India, Indonesia, Cambodia, Thailand, South Korea, Mongolia, Washington, Mexico, Guatemala
He has demanded absolute loyalty from party members, launched an ideology drive to shore up their faith, and unleashed a crackdown on internal dissent. What it takes to joinHu's journey to become a party member began in September 2019 with a five-page, handwritten letter. "Almost in any sector you're in, there's a glass ceiling if you're not a party member," he added. Using party membership simply as a way to get ahead is something Xi wants to stop. "Xi is trying to make loyal party members out of all party members, and it's not clear it's going to have that much success because people are leading busy lives."
Persons: Hu, Xi Jinping, Xi, Xiao Ya, Bruce Dickson, Dickson, doesn't, Julian Li, Mao Zedong, Li, He didn't, didn't, Karl Marx, Mao, Jiang Zemin, Jack Ma, Ma, Robin Li, that's, Grünberg, Chinese Communist Party Dickson, isn't, it's, It's Organizations: Chinese Communist Party, Communist, Communist Party, George Washington University, Nis Grünberg, Mercator Institute for China Studies, People's Liberation Army, PLA, Baidu, CNN, Overseas, China Morning Locations: China, Xinjiang, Hong Kong, South China, Guangzhou, Guizhou, Nis, Beijing, People's Republic of China, today's China, London, United Kingdom, United States, Chinese
China’s New Ambassador to the U.S. Adopts Placating Tone
  + stars: | 2021-07-29 | by ( Lingling Wei | ) www.wsj.com sentiment -0.77   time to read: +1 min
NEW YORK—China’s new envoy to the U.S. struck a conciliatory note upon his arrival in Washington on Wednesday, pledging to repair the increasingly testy relationship between the two world powers days after Chinese Foreign Ministry officials greeted a visiting senior State Department official with a chilly lecture on diplomacy. Qin Gang, a veteran diplomat and trusted aide to President Xi Jinping, said in remarks posted on the website of China’s embassy in the U.S. that he will “endeavor to bring China-U.S. relations back on track, turning the way for the two countries to get along with each other…from a possibility into a reality.”His tone contrasted sharply with the tense exchange between senior Chinese and U.S. diplomats in the port city of Tianjin on Monday, when a Chinese vice foreign minister gave U.S. Deputy Secretary of the State Wendy Sherman an earful, saying Washington was entirely to blame for the souring bilateral relationship. The more placating remarks by Mr. Qin—in which he said he would “seek to build bridges of communication and cooperation with all sectors of the U.S.”--show that Beijing still hopes to reset relations with Washington—but on its own terms. In a commentary that roughly coincided with Mr. Qin’s remarks, China’s official Xinhua News Agency urged the U.S. to “discard its habitual bullying of China.”
Persons: Qin Gang, Xi Jinping, State Wendy Sherman, Washington, Qin —, Qin’s, China’s, Organizations: Foreign Ministry, State Department, State, Washington, Mr, Xinhua News Agency Locations: U.S, Washington, China, Tianjin, Beijing
WASHINGTON — Frustrated with the U.S., Ukraine is cutting deals with a rival superpower, inviting China to build infrastructure while holding back criticism of Beijing's human rights record. Just days before the cooperation deals were clinched, Kyiv chose to stay silent about China's alleged human rights abuses. "When Ukraine signed the declaration, China started asking [Ukraine] to withdraw it. Brad Adams, executive director of the Asia Division of Human Rights Watch, said China has a pattern of coercing governments to refrain from criticizing Beijing's human rights record. Oleg Nikolenko, the spokesperson for Ukraine's foreign ministry, said Ukraine remained committed to a trans-Atlantic future.
Persons: WASHINGTON —, Andriy Sharaskin, Sharaskin, Dmytro Kuleba, Oleksiy Arestovych, Arestovych, Volodymyr Zelenskyy, Biden, Zelenskyy, Xi Jinping, Xi, Aleksandar Vučić, Jim Townsend, Brad Adams, Adams, Aleksey Filippov, Evelyn Farkas, Farkas, Oleg Nikolenko Organizations: U.S, Kyiv, Human Rights, NBC, Associated Press, Embassy, European Union, NATO, White, White House, Initiative, Center, New, New American Security, Asia Division of Human Rights, Ukraine, Motor Sich, Authorities, Skyrizon, Motor, Getty, Strategic and Security Studies, State Department, Moderna Locations: Ukraine, China, Xinjiang, Ukrainian, Central, Eastern Europe, Canada, China's, Washington, Russia, Moscow, Crimea, Europe, U.S, Piraeus, Serbia, Hungary, Balkans, Serbian, Beijing, New American, Kyiv, Motor Sich, Russian, Marinka, Donetsk, AFP, People's Republic of China, United States, Eurasia
Democrats look ahead as infrastructure deal falls short of Biden’s climate promises. Credit... T.J. Kirkpatrick for The New York Times The $1 trillion infrastructure deal reached by a bipartisan group of senators on Wednesday would make a significant down payment on President Biden’s ambitious environmental agenda. But the money for provisions to cut the pollution fueling climate change is a fraction of the $2 trillion that Mr. Biden once vowed to spend. But Mr. Schatz, who has pushed Mr. Biden to follow through on his ambitious climate pledges, issued a warning. “If all we do is nibble around the edges and do some resilience programs,” he said, “we’re not solving climate change.” Coral Davenport and Read moreHere’s a closer look at what’s in the bipartisan infrastructure deal.
Persons: Chuck Schumer, T.J . Kirkpatrick, Biden’s, Biden, Brian Schatz, “ It’s, Schatz, , , Coral Davenport, Read, Qin Gang, Qin, China’s, Xi Jinping, Washington’s, Xi’s, Xi, you’ve, Drew Thompson, Kathryn Goodwin, Sarahbeth Organizations: Capitol ., The New York Times, Republicans, Democrats, Analysts, Capitol, ., White, Investments, East, Qin, Chinese Foreign Ministry, Kyodo, Stills, Getty, Pentagon, New York Times Locations: New York, Hawaii, States, Glasgow, . Credit, Washington, Boston, East Coast, U.S, Chinese, Beijing, United States, Xinjiang, Hong Kong, China
Deng's economic reforms are now in danger of a complete rollback which may well have wide-ranging consequences for Beijing's economy and markets. China's various markets are among the worst performing in a world where most equity markets are up by double digits. Shanghai shares are down 1.8% year-to-date as of Wednesday, while China-H shares – that is, mainland Chinese shares that trade on the Hong Kong Stock Exchange – are down 12.3%. may be forced to take steps to neutralize China's external projections of strength, many of which may mask some serious internal weaknesses. —Ron Insana is a CNBC contributor and a senior advisor at Schroders.
Persons: Deng, Xi Jinping, Mao, Churchill, George H.W, Bush, Bill Clinton's, Jason Zweig, — Ron Insana Organizations: Ant Group, Hong Kong Stock Exchange, World Trade Organization, Wall Street, Twitter, CNBC Locations: Beijing, U.S . China, China, Shanghai, Hong Kong, Turkey, U.S, Japan, Australia, South Korea, Taiwan, Russia, East, , Schroders
The Senate unanimously passes a $2.1 billion emergency spending bill to secure the Capitol and aid Afghan refugees. The Infrastructure Plan: What’s In and What’s Out Comparing the infrastructure plan President Biden proposed in March with the one the Senate may take up soon. But the money for provisions to cut the pollution fueling climate change is a fraction of the $2 trillion that Mr. Biden once vowed to spend. But Mr. Schatz, who has pushed Mr. Biden to follow through on his ambitious climate pledges, issued a warning. In the presidential race, President Biden carried the county with more than 72 percent of the vote and more than 380,000 votes.
Persons: T.J . Kirkpatrick, Biden, , Chuck Schumer, , Patrick Leahy, Tom Cotton, Mitch McConnell of, Luke Broadwater, Joe Raedle, MacGuineas, Biden’s, you’re, Ted Kennedy, Mitch McConnell, We’ve, Brian Schatz, “ It’s, Schatz, Coral Davenport, Read, Bill de Blasio, Desiree Rios, The New York Times WASHINGTON —, Mr, de Blasio, Elisa Sobo, ” Rebecca Robbins, Sharon Otterman, O.A.S, Francisco O . Mora, Mora, Lynne Sladky, Manny Diaz, Diaz, ” Mr, Frank, Kimberly Green, Obama, Carlos Trujillo, Donald J, Joint Base Andrews, Kenny Holston, Andrew M, Cuomo, Karine Jean, Pierre, ” Read, Nicole Craine, Butch Miller, Richard Barron, Miller, Fulton, Chuck Martin, Jan Jones, Martin, Barron, Bill, Lauren Groh, Brad Raffensperger, John Moore, , Brett M, Kavanaugh, Jen Psaki, Biden “, Sen, Patrick J . Toomey, Ms, Psaki, Russia Paul Whelan, Maxim Shemetov, Paul, Whelan, “ He’s, Haley Stevens, ” Ms, Stevens, Trevor Reed, Reed, Vladimir V, Putin, there’s, ’ ”, Elizabeth Whelan, Whelan’s, Joey Reed, Reed’s, Trevor, August Pfluger, Ayatollah Ali Khamenei, Hassan Rouhani, Hassan Rouhani —, Rouhani’s, Ebrahim Raisi, Khamenei, Khamenei’s, Rouhani, Raisi, Qin Gang, Qin, China’s, Xi Jinping, Washington’s, Xi’s, Xi, you’ve, Drew Thompson Organizations: Capitol, Capitol Police, The New York, Democrats, U.S . Capitol Police, U.S, National Guard, White, Trump, Republican, U.S ., Read, ., Lawmakers, Senate, Federal Budget, Management, The New York Times, Investments, East, Capitol ., United States Senate, Republicans, Analysts, New York City, Credit, The New York Times WASHINGTON, Treasury Department, Internal Revenue Service, Department of Health, Human Services, San Diego State University, Treasury, Cuban, Cuban American Democrat, Mr, Florida International University . Credit, Associated Press, Organization of American, Western, Cuban American Democrats, Communist, Florida Democratic Party, Florida International University, Caribbean Center, Joint Base, Gov, New, Veterans Affairs Department, Georgia Republicans, The New York Times Republicans, Georgia’s, Assembly, Democratic, The Atlanta, State Senate, State, , Supreme, Getty, Centers for Disease Control, U.S . Marine, Embassy, Democrat, CNN, American, IK, Texas Republican, EPA, Iran’s, Iran’s Fars News Agency, Qin, Chinese Foreign Ministry, Kyodo, Stills, Pentagon Locations: United States, New York, Vermont, Arkansas, Afghanistan, U.S, America, Mitch McConnell of Kentucky, Miami, . Credit, Washington, Boston, East Coast, United States of America, Hawaii, States, Glasgow, New, New York City, Cuban American, Organization of American States, Cuba, Haiti, Florida, Caribbean, South Florida, Cuban, Lower Macungie Township, Pa . Credit, California, Georgia, Fulton County, Atlanta, Fulton, State, Fulton County’s, Georgia’s, Maricopa County, Phoenix, Pennsylvania, Russia, Moscow, Michigan, Mordovia, Tehran, Iran’s Fars, Chinese, Beijing, Xinjiang, Hong Kong, China
The Senate votes 98-0 for $2.1 billion in emergency spending to secure the Capitol and aid Afghan refugees. The White House issued a statement announcing the administration’s support, suggesting that President Biden would sign it. The Infrastructure Plan: What’s In and What’s Out Comparing the infrastructure plan President Biden proposed in March with the one the Senate may take up soon. But Mr. Schatz, who has pushed Mr. Biden to follow through on his ambitious climate pledges, issued a warning. In the presidential race, President Biden carried the county with more than 72 percent of the vote and more than 380,000 votes.
Persons: T.J . Kirkpatrick, Biden, , Chuck Schumer, , Rosa DeLauro, Patrick Leahy, Tom Cotton, Mitch McConnell of, Luke Broadwater, Read, O.A.S, Francisco O . Mora, Mora, Lynne Sladky, Manny Diaz, Mr, Diaz, ” Mr, Frank, Kimberly Green, Obama, Carlos Trujillo, Donald J, Kenny Holston, Andrew M, Cuomo, Karine Jean, Pierre, Rebecca Robbins, Dan Levin, Annie Karni, Joe Raedle, MacGuineas, Biden’s, you’re, Ted Kennedy, Mitch McConnell, We’ve, Brian Schatz, “ It’s, Schatz, Coral Davenport, Bill de Blasio, Desiree Rios, The New York Times WASHINGTON —, de Blasio, Elisa Sobo, ” Rebecca Robbins, Sharon Otterman, Nicole Craine, Butch Miller, Richard Barron, Miller, Fulton, Chuck Martin, Jan Jones, Martin, Barron, Bill, Lauren Groh, Brad Raffensperger, John Moore, , Brett M, Kavanaugh, Jen Psaki, Biden “, Sen, Patrick J . Toomey, Ms, Psaki, Russia Paul Whelan, Maxim Shemetov, Paul, Whelan, “ He’s, Haley Stevens, ” Ms, Stevens, Trevor Reed, Reed, Vladimir V, Putin, there’s, ’ ”, Elizabeth Whelan, Whelan’s, Joey Reed, Reed’s, Trevor, August Pfluger, Ayatollah Ali Khamenei, Hassan Rouhani, Hassan Rouhani —, Rouhani’s, Ebrahim Raisi, Khamenei, Khamenei’s, Rouhani, Raisi, Qin Gang, Qin, China’s, Xi Jinping, Washington’s, Xi’s, Xi, you’ve, Drew Thompson, ” Read Organizations: Capitol, Capitol Police, The New York Times, Democrats, U.S . Capitol Police, U.S, National Guard, White, Trump, Republican, U.S ., Cuban, Cuban American Democrat, Mr, Florida International University . Credit, Associated Press, Organization of American, Western, Cuban American Democrats, Communist, Republicans, Florida Democratic Party, Florida International University, Caribbean Center, Defense Department, Food and Drug Administration, Gov, New, North Carolina Department of Health, Human Services, Department of Veterans Affairs, ., Lawmakers, Senate, Federal Budget, Management, Investments, East, Capitol ., United States Senate, Analysts, New York City, Credit, The New York Times WASHINGTON, Treasury Department, Internal Revenue Service, Department of Health, San Diego State University, Treasury, Georgia Republicans, The New York Times Republicans, Georgia’s, Assembly, Democratic, The Atlanta, State Senate, State, , Supreme, Getty, Centers for Disease Control, U.S . Marine, Embassy, Democrat, CNN, American, IK, Texas Republican, EPA, Iran’s, Iran’s Fars News Agency, Qin, Chinese Foreign Ministry, Kyodo, Stills, Pentagon Locations: United States, New York, Connecticut, Vermont, Arkansas, Afghanistan, U.S, America, Mitch McConnell of Kentucky, Cuban American, Miami, Organization of American States, Cuba, Haiti, Florida, Caribbean, South Florida, Cuban, New York City, California, . Credit, Washington, Boston, East Coast, United States of America, Hawaii, States, Glasgow, New, Georgia, Fulton County, Atlanta, Fulton, State, Fulton County’s, Georgia’s, Maricopa County, Phoenix, Pennsylvania, Russia, Moscow, Michigan, Mordovia, Tehran, Iran’s Fars, Chinese, Beijing, Xinjiang, Hong Kong, China
A Chinese Yuan banknote is seen in front of displayed stock graph in this illustration taken May 7, 2021. REUTERS/Dado Ruvic/IllustrationSINGAPORE, July 28 (Reuters) - Carnage in China's financial markets signals the beginning of a new era, investors say, as the government puts socialism before shareholders and regulatory changes rip apart the old playbook. The new model appears to place common prosperity, as President Xi Jinping has put it, ahead of helter-skelter growth, investors say. "Chinese entrepreneurs and investors must understand that the age of reckless capital expansion is over," said Alan Song, founder of private equity firm Harvest Capital. Bankers and investors say it was heralded last November when regulators torpedoed the listing of Jack Ma's fintech Ant Group, publicly clipping Ma's wings and burning the global funds that had paid up, anticipating a slice of the world's biggest float.
Persons: Dado Ruvic, Xi Jinping, Deng Xiaoping, Alan Song, Jack Ma's, Jefferies, Xing, Xi, Yuan Yuwei, Yuan, Didi, Ming Liao, Jack Liu, Prashant Bhayani, it's, Vidya Ranganathan, Nick Macfie Organizations: REUTERS, Communist Party, Harvest, Bankers, Group, Hang, HK, ANZ, Communist, Olympus Hedge Fund Investments, Prospect, Institute of International Finance, 51job Inc, Techedu, Citi Private Bank, BNP, Wealth Management, Thomson Locations: SINGAPORE, China, York, COVID, Beijing, Hong Kong, Asia, North America, Europe
UBS on why now may be the best time for China to launch regulatory crackdowns
  + stars: | 2021-07-28 | by ( ) www.cnbc.com sentiment -0.99   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUBS on why now may be the best time for China to launch regulatory crackdownsKelvin Tay of UBS Global Wealth Management says China needs to use the opportunity now with regulatory crackdowns because there will be tailwinds from the global economic recovery. In addition, President Xi Jinping is also approaching the end of his second five-year term next year.
Persons: Kelvin Tay, Xi Jinping Organizations: UBS, UBS Global Wealth Management Locations: China
China makes market tea leaves very hard to read
  + stars: | 2021-07-28 | by ( Jennifer Hughes | ) www.reuters.com + 0.00   time to read: +3 min
REUTERS/Jason LeeHONG KONG, July 28 (Reuters Breakingviews) - Chinese stocks are having their Wile E. Coyote moment. An unrelenting stream of crackdowns out of Beijing has finally prompted investors to look down and realise they’re over the cliff’s edge, plummeting into bear-market territory. The tea leaves might have been hard to read, but they were clearly steeping. And the $28 billion chips-to-capacitors producer Naura Technology (002371.SZ) is one-third more valuable than it was in June. It also is trading on 24 times profit, above the 22 times reached four years ago, according to Jefferies analysts.
Persons: Xi Jinping, Jason Lee HONG, Didi Global’s, Jeffrey Goldfarb, Katrina Hamlin Organizations: National People's Congress, of, People, REUTERS, Reuters, HK, Rlx Technology, titans, Technology, Jefferies Locations: Beijing, China, Jason Lee HONG KONG, Hong Kong
As China Reins in Private Sector, Another Businessman Gets 18 Years
  + stars: | 2021-07-28 | by ( Paul Mozur | ) www.nytimes.com sentiment -0.99   time to read: +1 min
Sun Dawu, a rural tycoon and outspoken critic of the Chinese Communist Party, was sentenced to 18 years in prison Wednesday, the latest in a string of harsh punishments meted out by China against business leaders. The 67-year-old Mr. Sun had been detained in November after a land dispute between his company, Dawu Agricultural and Animal Husbandry Group, and a neighboring state-owned farm. As his agricultural empire grew he created a town around his holdings and provided services, like hospital care, to employees. The harsh sentence comes amid broader efforts by the Chinese leader, Xi Jinping, to muzzle outspoken business leaders and bring the private sector to heel. Under Mr. Xi, a growing number of tycoons have been punished and a barrage of new rules have laid low corporate Goliaths in the technology and education industries.
Persons: Sun, Xi Jinping, Xi, Tencent, Didi, Alibaba Organizations: Chinese Communist Party, Dawu, Animal Husbandry Locations: China, Beijing, Stocks
REUTERS/Evelyn HocksteinWASHINGTON, July 27 (Reuters) - President Joe Biden on Tuesday warned that if the United States ended up in a "real shooting war" with a "major power" it could be the result of a significant cyber attack on the country, highlighting what Washington sees as growing threats posed by Russia and China. Some of the attacks affected fuel and food supplies in parts of the United States. During a June 16 summit in Geneva between Biden and Russian President Vladimir Putin, Biden shared a list of critical infrastructure the U.S. considers off-limits to nation-state actors. Since then, senior members of the Biden administration's national security team have been in constant contact with senior members of the Kremlin over cyber attacks on the United States, the White House has said. Trump went through four permanent or acting directors of national intelligence during his four years in office.
Persons: Joe Biden, Evelyn Hockstein WASHINGTON, Cybersecurity, Biden, Vladimir Putin, Xi Jinping, Biden's, Donald Trump, Trump, Nandita Bose, Grant McCool Organizations: National Intelligence, REUTERS, Washington, Colonial Pipeline, Biden administration's, Kremlin, White, Trump, Thomson Locations: McLean , Virginia, Washington , U.S, United States, Russia, China, U.S, Geneva, Ukraine, Washington
Chinese communists are souring on capitalism
  + stars: | 2021-07-26 | by ( Pete Sweeney | ) www.reuters.com + 0.00   time to read: +4 min
REUTERS/StringerHONG KONG, July 26 (Reuters Breakingviews) - The Chinese Communist Party’s affair with capitalism is souring rapidly. Beijing is forcing the country’s $120 billion private tutoring industry to turn non-profit, an unprecedented move that wiped out billions of dollars in value at a swathe of listed Chinese firms. Neither are caused by private educators, however, and online courses compensated for decades of under-investment in poorer regions. Officials also want Ant and Tencent to cut the fees they charge commercial banks for finding them qualified borrowers. Chen Yun, one of the architects of Chinese economic reforms in the 1980s, once said free markets should be contained like a bird inside a cage.
Persons: Stringer HONG, Gaotu, Warburg Pincus, Xi Jinping prioritised, Chen Yun, Robyn Mak, Katrina Hamlin Organizations: REUTERS, Reuters, Tal Education, HK, China's State Council Locations: Jinan, Shandong, China, Stringer HONG KONG, Beijing, York
But Wang insisted in a statement that the ball was in the United States' court. "When it comes to respecting international rules, it is the United States that must think again," he said, demanding that Washington remove all unilateral sanctions and tariffs on China. Bonnie Glaser, an Asia expert at the German Marshall Fund of the United States, said it was important for the two sides to maintain some form of engagement. At the same time, there appeared to be no agreement in Tianjin for follow-up meetings or mechanisms for ongoing dialogue. Reporting by Michael Martina and David Brunnstrom; Editing by Mary Milliken and Dan GreblerOur Standards: The Thomson Reuters Trust Principles.
Persons: Yuri Gripas, Wendy Sherman's, Wang Yi, Joe Biden, Sherman, Washington, Wang, Bonnie Glaser, Glaser, Biden, Xi Jinping, Jen Psaki, Xi, Trump, John Kerry, Eric Sayers, Scott Kennedy, Michael Martina, David Brunnstrom, Mary Milliken, Dan Grebler Organizations: Pentagon, REUTERS, WASHINGTON, Washington, Ministry, German Marshall Fund of, U.S ., Biden, World Health Organization, American Enterprise Institute, Washington's Center, Strategic, International Studies, Thomson Locations: Arlington , Virginia, U.S, China, Beijing, Washington, Tianjin, Alaska, Hong Kong, Xinjiang, Tibet, United States, Iran, Afghanistan, North Korea, Asia, Italy, Japan, Australia, India
Hong Kong (CNN) In January 2013, months after taking the helm of China's ruling party, Xi Jinping gathered the country's top politicians and asked them why the Communist Party of the Soviet Union had collapsed. Nine years later, none of the above apply to the Chinese Communist Party (CCP). But as Xi moved to consolidated the party's power, he took great lengths to guarantee his own. From the inside, Xi saw a party beset by weak leadership, intense infighting, rampant corruption, lax discipline and faltering faith. He joined the Standing Committee in 2007 as the son of a former Communist Party leader, with governing experience in a major province.
Persons: Xi Jinping, Lenin, Stalin, Xi, Mao Zedong, Cai Xia, Deng Xiaoping, Deng, Xi Zhongxun, Cai, Hu Jintao, Mao, Zhou Yongkang, Xu Caihou, what's, Aleksandra Kubat, Jiang Zemin, Nis Grunberg, Grunberg, Xi hasn't, Richard McGregor, Jude Blanchette, Sun Zhengcai, Hu Chunhua, Liu He, Wang Qishan, Carl Minzner, Jinping, Mercator, Donald Trump, Yan Xuetong, Biden, McGregor, he's Organizations: CNN, Communist Party of, Soviet, Soviet Communist Party, Party, Chinese Communist Party, CCP, Citizens, Communist Party of China, CPC, Central, CPC Central Military Commission, World Trade Organization, Beijing, Central Party School, Lau China Institute, King's College London, Xi, CCP wasn't, Communist Party, Mercator Institute for China Studies, 20th Party Congress, Central Military Commission, Lowy Institute, Fordham Law School, Pew, European Union, EU, Foreign Affairs, Institute of International Relations, Tsinghua University Locations: Hong Kong, Soviet Union, Shenzhen, Guangdong, China, Japan, Beijing, Xi's, Tiananmen, Nis, Berlin, Chongqing, United States, Osaka, United Kingdom, Russia, Australia, India, American, Asia
The officials, briefing ahead of Sherman's talks in Tianjin with Chinese State Councilor and Foreign Minister Wang Yi, said the world's two largest economies needed responsible ways to manage competition. "This is why the U.S. wants to ensure that there are guardrails and parameters in place to responsibly manage the relationship," he said. Chinese officials publicly lambasted the United States at that meeting in Alaska, accusing it of hegemonic policies, while U.S. officials accused China of grandstanding. The official briefing on Saturday said the Tianjin meeting would be a continuation of the Alaskan talks and "all dimensions of the relationship will be on the table." Bilateral ties have soured to such a degree that the prospect of significant outcomes from Tianjin talks seems almost unthinkable in foreign policy circles.
Persons: Wendy Sherman, Denis Balibouse, Sherman's, Wang Yi, Sherman, Defense Lloyd Austin, Antony Blinken, Washington's, Wang, Joe Biden's, Wilbur Ross, Biden, Xi Jinping, Michael Martina, David Brunnstrom, Tian, Mary Milliken, Matthew Lewis Organizations: United Nations European, REUTERS, WASHINGTON, Washington, U.S, Defense, State, Beijing, U.S . Commerce, Thomson Locations: Syria, Geneva, BEIJING, China, Beijing, Tianjin, U.S, Washington, Singapore, Vietnam, Philippines, India, Asia, United States, Alaska, grandstanding, Hong Kong, Italy
China bars for-profit tutoring in core school subjects -document
  + stars: | 2021-07-23 | by ( Reuters Staff | ) www.reuters.com + 0.00   time to read: +5 min
SHANGHAI (Reuters) - China is barring tutoring for profit in core school subjects to ease financial pressures on families that have contributed to low birth rates, news that sent shockwaves through its vast private education sector and share prices plunging. FILE PHOTO: People stand outside the headquarters of the New Oriental Education & Technology Group in Beijing, China, November 25, 2016. Existing online tutoring firms will be subject to extra scrutiny and after-school tutoring prohibited during weekends, public holidays and school vacations, the document said. Scholar Education Group and Koolearn Technology Holding Ltd both tumbled nearly 30% in Hong Kong. Shares of other U.S.-listed Chinese education companies, including China Online Education Group, Zhangmen Education Inc and 17 Education & Technology Group Inc also plunged.
Persons: Thomas Peter, , Xi Jinping, ” Citi, Gaotu Techedu Organizations: New Oriental Education & Technology Group, REUTERS, Koolearn Technology Holding, China’s State Council, Chinese Society of Education, China International Capital Corp, Reuters, Xinhua, Education, Company, , TAL Education, China Online Education, Zhangmen, & Technology Group Inc, Tencent, Inc Locations: SHANGHAI, China, Beijing, Hong Kong and New York, China’s, Hong Kong, U.S, New York
Existing online tutoring firms will be subject to extra scrutiny and after-school tutoring prohibited during weekends, public holidays and school vacations, the document said. China’s for-profit education sector has been under scrutiny as part of Beijing’s push to ease pressure on school children and reduce a cost burden on parents that has contributed to a drop in birth rates. In June the official Xinhua news agency quoted President Xi Jinping as saying schools, rather than tutoring firms, should be responsible for student learning. Shares of other U.S.-listed Chinese education companies, including China Online Education Group, Zhangmen Education Inc and 17 Education & Technology Group Inc also plunged. The rules threaten the listing ambitions of numerous venture capital-backed education firms, including Alibaba-backed Zuoyebang, and online education platforms Yuanfudao and Classin, both backed by Tencent.
Persons: , Xi Jinping, ” Citi, Gaotu Techedu, Samuel Shen, Tony Munroe, Julie Zhu, Tom Westbrook, William Maclean, Andrea Ricci, Philippa Fletcher Organizations: New Oriental Education & Technology Group, Koolearn Technology Holding, China’s State Council, Chinese Society of Education, China International Capital Corp, Reuters, Xinhua, Education, Company, , TAL Education, China Online Education, Zhangmen, & Technology Group Inc, Tencent, Inc Locations: SHANGHAI, China, Hong Kong and New York, China’s, Hong Kong, U.S, Beijing, New York, Shanghai, Singapore
Total: 25