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☆ China's property crisis could take up to a decade to fix, warns an economist who was censored for his bearish views on the economy
▼ + stars: | 2023-09-27 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

China's property crisis may take up to a decade to resolve, economist Hao Hong told CNBC. Hong's WeChat and Weibo social media accounts were suspended last year after a series of bearish posts on China's economy. "Fixing the property sector may be a multi-year or even a decade's work in front of us. The property sector, along with related industries, contributes as much as 30% to the country's GDP. Still, there may be an upside ahead for China's economy once the property market's problems are resolved, Hong told CNBC.

Persons: Hao Hong, Hong's WeChat, —, Keng, that's, Hui Ka Yan, Hong, Hao, 洪, China's, Hong's, Li Daokui, Evergrande Organizations: CNBC, Weibo, Service, Grow Investment, China, Bloomberg, Investment, CFA, Twitter, Nikkei, Bank of Communications International, People's Bank of China Locations: China, Shanghai, Weibo

☆ What is Scarborough Shoal in the South China Sea and why are China and the Philippines disputing it?
▼ + stars: | 2023-09-26 | by ( Martin Petty | ) www.reuters.com time to read: +5 min

The Philippines coastguard said the mission, approved by President Ferdinand Marcos Jr, showed its determination to maintain a presence at the shoal. Located in the middle of the South China Sea and near shipping lanes carrying an estimated $3.4 trillion of annual commerce, its position is strategic for Beijing. A landmark 2016 ruling on the South China Sea by the Permanent Court of Arbitration, which went largely in favour of the Philippines, was not tasked with establishing sovereignty. China has not acknowledged the presence of militia in the South China Sea. The Pentagon stated mutual defence commitments would be invoked over an attack "anywhere in the South China Sea" and that coastguard vessels are among those protected.

Persons: Ferdinand Marcos Jr, Rodrigo Duterte, Thomas, Marcos, Martin Petty, Sharon Singleton Organizations: SCARBOROUGH, coastguard, China's coastguard, Philippines coastguard, Guard, Philippine Coast Guard, REUTERS, WHO, China's, Mutual, Treaty, Pentagon, Thomson Locations: Philippines, South China, Beijing, Manila, China, Scarborough, Philippine, British, South, Spratly, China's, United States, Washington

☆ Biden administration blacklists China firms for Moscow, Tehran drone links
▼ + stars: | 2023-09-26 | by ( Clement Tan | ) www.cnbc.com time to read: +2 min

A broken window is seen after Russia launched 33 drones into the direction of Kyiv region, Ukraine on September 10, 2023. In a separate statement, the Ukrainian Air Force said that Russia sent 33 Shahed unmanned aerial vehicles (UAVs) toward Kyiv and Ukrainian forces shot down 26 of them. Anadolu Agency | Anadolu Agency | Getty ImagesThe Biden administration slapped fresh trade curbs on 11 Chinese and five Russian companies Monday, targeting foreign actors seen as compromising national security and drawing Beijing's ire. None of the Chinese entities cited were able to immediately respond to CNBC's requests for comment. CNBC was unable to reach the spokesperson of one company for comment, while some of the companies did not have public contact details.

Persons: Biden, Hong, Alan Estevez Organizations: Ukrainian Air Force, Anadolu Agency, Getty, Asia, Technology, U.S, Commerce Department's, of Industry, Commerce, Industry, CNBC Locations: Russia, Kyiv region, Ukraine, Kyiv, Ukrainian, Anadolu, U.S, Hong Kong, St . Petersburg, Iran, Yemen, Washington

[1/2] People visit the booth of Alibaba's logistics unit Cainiao at the 2021 China International Fair for Trade in Services (CIFTIS) in Beijing, China September 3, 2021. REUTERS/Florence Lo Acquire Licensing RightsSept 26 (Reuters) - Alibaba Group (9988.HK) on Tuesday kicked off its restructuring with a plan to list its logistics arm Cainiao in Hong Kong that would make the unit the first to be separated since the Chinese e-commerce giant announced its break-up six months ago. U.S.-listed shares of Alibaba pared early premarket trading losses following Tuesday's announcement and were down 0.4% at $86.86 by 1037 GMT. Alibaba in late March announced its biggest restructuring in its 24-year history. In the months since, the company has approved a process to start external financing for its international commerce arm and was also looking to list its cloud unit.

Persons: Florence Lo, Alibaba, Cainiao, Dealmakers, Jack Ma, Daniel Zhang, Brenda Goh, Ayushman, Varun, Barbara Lewis Organizations: Fair for Trade, Services, REUTERS, Alibaba, HK, Tuesday, Smart Logistics Network, Reuters, Intime, Thomson Locations: Beijing, China, Hong Kong, Cainiao, Hong Kong . U.S

☆ Exclusive: Some Evergrande creditors plan to join winding-up petition if no new debt plan by Oct 30
▼ + stars: | 2023-09-26 | by ( Scott Murdoch | Thomson Reuters | Scott Murdoch Has Been A Journalist For More Than Two Decades Working For Thomson Reuters | ) www.reuters.com time to read: +5 min

An aerial view shows the 39 buildings developed by China Evergrande Group that authorities have issued demolition order on, on the man-made Ocean Flower Island in Danzhou, Hainan province, China January 6, 2022. Evergrande has been in the process of seeking creditors' approval for its proposals to restructure offshore debt worth $31.7 billion, which includes bonds, collateral, and repurchase obligations. In July, the hearing for that winding-up petition against Evergrande was adjourned to Oct. 30, in order to wait for the result from the developer's meeting with creditors to vote on its debt restructuring plan. Evergrande needs approval from more than 75% of the holders of each debt class to approve the plan. Many of the defaulted developers have been scrambling to get their offshore creditors' approval for debt restructuring plans to avoid collapse or being forced into liquidation proceedings.

Persons: Aly, Evergrande's, Evergrande, homebuyers, Scott Murdoch, Donny Kwok, Sumeet Chatterjee, Kim Coghill Organizations: China Evergrande Group, Rights, China Evergrande, Group, Thomson Locations: Danzhou, Hainan province, China, HK, Hong Kong, Shenzhen

☆ Evergrande's debt revamp roadblock hits China property investors' sentiment
▼ + stars: | 2023-09-25 | by ( ) www.reuters.com time to read: +4 min

China Evergrande Group's logo is seen on its headquarters in Shenzhen, Guangdong province, China, Sept. 26, 2021. "Its debt restructuring plan is now stuck and can't go any further," said Steven Leung, sales director at UOB Kay Hian in Hong Kong. Evergrande's offshore debt restructuring involves a total of $31.7 billion, which includes bonds, collateral and repurchase obligations, potentially making it one of the world's biggest such exercises. "Concern over the financial health (of developers) still clouds the property sector, especially those smaller property developers with high gearing but very few property projects on hand," Leung said. The latest roadblock in Evergrande's debt restructuring plan opens a new front for the developer just a week after police detained some staff at its wealth management unit, sending its shares slumping.

Persons: Aly, Group's, Hengda, Hong, Steven Leung, UOB Kay Hian, Leung, Evergrande, Donny Kwok, Anne Marie Roantree, Sumeet Chatterjee, Lincoln, Sam Holmes Organizations: REUTERS, HK, Hengda, Estate Group Co, China Oceanwide Holdings, National Bureau of Statistics, Thomson Locations: China, Shenzhen, Guangdong province, HONG KONG, firming, Seng, Hong Kong, Bermuda

☆ Exclusive-U.S. Exploring Potential Space Force Hotline With China, U.S. Commander Says
▼ + stars: | 2023-09-25 | by ( Sept. | At A.M. | ) www.usnews.com time to read: +2 min

By Sakura Murakami and Nobuhiro KuboTOKYO (Reuters) - The United States Space Force has had internal discussions about setting up a hotline with China to prevent crises in space, U.S. commander General Chance Saltzman told Reuters on Monday. The chief of space operations said a direct line of communication between the Space Force and its Chinese counterpart would be valuable in de-escalating tensions but that the U.S. had not yet engaged with China to establish one. The comments come as the U.S. Space Force looks into establishing a branch in Japan, as China's military ambitions in the Indo-Pacific unnverve its neighbours and the war in Ukraine spotlights the importance of space capabilities in warfare. Saltzman, who held talks with top Japanese defence officials in Tokyo on Monday, confirmed that the space force was exploring the potential establishment of a local headquarters in Japan. The U.S. Space Force, founded in 2019, also does not have a direct line of communication with its Russian counterpart.

Persons: Sakura Murakami, Nobuhiro Kubo TOKYO, Chance Saltzman, Saltzman, Joe Biden, Nobuhiro Kubo, Philippa Fletcher, Toby Chopra Organizations: United States Space Force, Space Force, State Department, U.S . Space Force Locations: China, U.S, Japan, Ukraine, Taiwan, Tokyo, South Korea

U.S. Chief of Space Operations Chance Saltzman speaks during an interview with Reuters in Tokyo, Japan September 25, 2023. REUTERS/Nobuhiro Kubo Acquire Licensing RightsTOKYO, Sept 25 (Reuters) - The United States Space Force has had internal discussions about setting up a hotline with China to prevent crises in space, U.S. commander General Chance Saltzman told Reuters on Monday. The chief of space operations said a direct line of communication between the Space Force and its Chinese counterpart would be valuable in de-escalating tensions but that the U.S. had not yet engaged with China to establish one. Saltzman, who held talks with top Japanese defence officials in Tokyo on Monday, confirmed that the space force was exploring the potential establishment of a local headquarters in Japan. The U.S. Space Force, founded in 2019, also does not have a direct line of communication with its Russian counterpart.

Persons: Chance Saltzman, Nobuhiro Kubo, Saltzman, Joe Biden, Sakura Murakami, Philippa Fletcher, Toby Chopra Organizations: Chief, Space, Reuters, REUTERS, Nobuhiro, Rights, United States Space Force, Space Force, State Department, U.S . Space Force, Thomson Locations: Tokyo, Japan, China, U.S, Ukraine, Taiwan, South Korea

☆ China's economic situation isn't as dire as it seems, and policymakers in Beijing were just expecting too much, economist says
▼ + stars: | 2023-09-25 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

China's economy isn't doing as bad as it seems, according to economist Nancy Qian. But Beijing has been disappointed due to outsized expectations for economic growth. Though it's weighed down by a bloated property sector and looming demographic problems, China's economic growth actually clocked in at 6.3% year-over-year over the second quarter, according to the Organization for Economic Cooperation and Development. That's the second-highest projected growth rate among countries tracked by the OECD, with the US, by comparison, slated to grow just 2.2% this year. AdvertisementAdvertisement"But is China's economy really in dire straits?

Persons: Nancy Qian, it's, That's, Qian Organizations: Service, Organization for Economic Cooperation, Development, OECD, Northwestern University, Northwester's, Research Lab, China Econ, Syndicate, Japan Locations: Beijing, Wall, Silicon, China, Italy, Spain, Sweden

☆ South Korea Hosts Japan, China as US Allies Try to Reassure Beijing
▼ + stars: | 2023-09-25 | by ( Sept. | At P.M. | ) www.usnews.com time to read: +3 min

A senior South Korean government official said China has been proactive in seeking trilateral cooperation and arranging meetings since relations soured between Seoul and Beijing in 2017 over the deployment of a U.S. THAAD anti-missile system in South Korea. Japan and South Korea have an interest in avoiding conflicts and maintaining a stable security relationship with China, and Beijing's assistance in slowing down, if not halting, North Korea's extensive nuclear development program, he added. Tuesday's meeting involve South Korean Deputy Foreign Minister Chung Byung-won, Japanese Senior Deputy Foreign Minister Takehiro Funakoshi, and Nong Rong, China's assistant minister of foreign affairs. Chinese foreign ministry spokesperson Wang Wenbin told a briefing on Monday that China, Japan and South Korea are close neighbours and important cooperative partners, and strengthening trilateral cooperation serves their common interests. The trilateral summits have traditionally involved China's prime minister, but South Korea is also pushing for a separate visit by President Xi Jinping.

Persons: Josh Smith, Hyonhee Shin, Yoon Suk Yeol, Fumio Kishida, Joe Biden, Tong Zhao, Zhao, Chung Byung, Takehiro Funakoshi, Nong Rong, Wang Wenbin, Xi Jinping, Hyonhee, Liz Lee, Gerry Doyle Organizations: South Korean, Carnegie Endowment, International Peace Locations: Hyonhee Shin SEOUL, South Korea, China, Japan, Washington, Seoul, Tokyo, Korea, Beijing, U.S, United States

Those talks were suspended amid legal, diplomatic, and trade disputes between Seoul and Tokyo over issues dating to Japan's 1910-1945 occupation of Korea. A senior South Korean government official said China has been proactive in seeking trilateral cooperation and arranging meetings since relations soured between Seoul and Beijing in 2017 over the deployment of a U.S. THAAD anti-missile system in South Korea. Tuesday's meeting involve South Korean Deputy Foreign Minister Chung Byung-won, Japanese Senior Deputy Foreign Minister Takehiro Funakoshi, and Nong Rong, China's assistant minister of foreign affairs. Chinese foreign ministry spokesperson Wang Wenbin told a briefing on Monday that China, Japan and South Korea are close neighbours and important cooperative partners, and strengthening trilateral cooperation serves their common interests. The trilateral summits have traditionally involved China's prime minister, but South Korea is also pushing for a separate visit by President Xi Jinping.

Persons: Park Jin, Japan Takehiro Funakoshi, Foreign Affairs of China Nong Rong, Jung Byung, Yoon Suk Yeol, Fumio Kishida, Joe Biden, Tong Zhao, Zhao, Chung Byung, Takehiro Funakoshi, Nong Rong, Wang Wenbin, Xi Jinping, Josh Smith, Hyonhee, Liz Lee, Gerry Doyle Organizations: South Korean Foreign, Foreign Affairs, Japan, Foreign Affairs of, Political Affairs, South Korean, Carnegie Endowment, International Peace, Thomson Locations: Foreign Affairs of China Nong, SEOUL, South Korea, China, Japan, Washington, Seoul, Tokyo, Korea, Beijing, U.S, United States

☆ Trade ties between China and the EU are 'at a crossroads' over Russia's war in Ukraine, senior official warns
▼ + stars: | 2023-09-25 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

China's relations with the EU are "at a crossroads," a senior official said. The FT reported comments from Valdis Dombrovskis on China's support for Russia's war in Ukraine. "We can choose a path towards mutually beneficial relations...or we can choose a path that slowly moves us apart." Given Beijing's support of states' territories, he said "it's very difficult for us to understand China's stance on Russia's war against Ukraine, as it breaches China's own fundamental principles." China, for its part, has deepened its trade ties to Russia over the last year.

Persons: Valdis, Valdis Dombrovskis, Dombrovskis, Jeffrey Sonnenfeld Organizations: Service, European Union, European Commission, Financial, Ukraine, Yale Locations: Ukraine, Wall, Silicon, Beijing, China, Russia

☆ China could do 'a lot' to reduce EU perception of risk - EU trade chief
▼ + stars: | 2023-09-25 | by ( ) www.reuters.com time to read: +3 min

BEIJING, Sept 25 (Reuters) - The European Union has no intention of cutting ties with China even as the bloc takes steps to lower economic dependencies and de-risk, but China "could do a lot" to help reduce the perception of risk, the EU trade chief said on Monday. The EU has long complained about a lack of level playing field in China and the politicisation of the business environment. Europe's economic ties with China are deep, but China "could do a lot to help reduce our perception of risk," Trade Commissioner Valdis Dombrovskis said in a speech delivered at the Tsinghua University in Beijing. Dombrovskis is expected to share his concerns with Chinese Vice Premier He Lifeng at a high-level economic and trade dialogue in Beijing on Monday. The EU's trade deficit with China widened to $276.6 billion in 2022 from $208.4 billion a year earlier, Chinese customs data show.

Persons: Valdis Dombrovskis, Dombrovskis, Ryan Woo, Bernard Orr, Yew, Himani Sarkar, Jacqueline Wong Organizations: European Union, EU, Tsinghua University, European Commission, Global Times, Thomson Locations: BEIJING, China, Moscow, Ukraine, Beijing, Europe, EU

☆ Philippines Removes Chinese Barrier at Disputed Shoal in 'Special Operation'
▼ + stars: | 2023-09-25 | by ( Sept. | At A.M. | ) www.usnews.com time to read: +4 min

By Enrico Dela CruzMANILA (Reuters) -The Philippines said on Monday it executed a "special operation" to remove a floating barrier installed by China at a prime fishing patch in the South China Sea, a move that could stoke tension after a years-long detente in Asia's most disputed waters. Hours after the national security adviser had vowed to take action, the Philippine coastguard said it had removed the floating cordon, at the behest of President Ferdinand Marcos Jr and his special task force on the South China Sea. Japan's government urged calm and said the South China Sea was central to regional stability. "Our country strongly opposes any conduct that heightens tension in the South China Sea," Japanese Chief Cabinet Secretary Hirokazu Matsuno said at a regular press conference. China on Monday said the shoal, which it calls Huangyan Island, was "China's inherent territory", over which it had indisputable sovereignty.

Persons: Enrico Dela Cruz, Ferdinand Marcos Jr, Rodrigo Duterte, Hirokazu Matsuno, Huangyan, Wang Wenbin, Enrico dela Cruz, Liz Lee, Kiyoshi Takenaka, Kanupriya Kapoor, Martin Petty, Alex Richardson Organizations: stoke, coastguard, Philippine coastguard, Philippine, China, South China, Chinese coastguard Locations: Philippines, China, South China, Asia's, Scarborough, Philippine, Manila, Washington, Beijing, British, South, Hague, Tokyo

☆ China central-bank adviser proposes structural reforms to revive economy
▼ + stars: | 2023-09-24 | by ( ) www.reuters.com time to read: +2 min

[1/2] Paramilitary police officers stand guard in front of the headquarters of the People's Bank of China, the central bank (PBOC), in Beijing, China September 30, 2022. REUTERS/Tingshu Wang/File Photo Acquire Licensing RightsSHANGHAI, Sept 24 (Reuters) - China has limited room for further monetary policy easing, and it should pursue structural reforms such as encouraging entrepreneurs rather than counting on macroeconomic policies to revive growth, a central bank adviser said on Sunday. "More importantly, we will again miss the opportunity for structural reforms." Liu proposed on Sunday a new round of structural reforms that could aid the economy immediately, while also injecting long-term growth momentum. Liu said on Sunday that China should give clearer recognition to private businesses' status, both ideologically and politically.

Persons: Tingshu Wang, Liu Shijin, Liu, Jamie Freed Organizations: People's Bank of China, REUTERS, Rights, People's Bank of China's, U.S, Bund Summit, Development Research Center, State Council, Shanghai, Thomson Locations: Beijing, China, Shanghai

☆ China state asset manager plans $14 bln emerging industry fund -report
▼ + stars: | 2023-09-24 | by ( ) www.reuters.com time to read: +1 min

SHANGHAI, Sept 24 (Reuters) - China Reform Holdings Corp, a Chinese manager of state assets, plans to raise at least 100 billion yuan ($13.70 billion) for a fund that will invest in emerging industries, the China Business News reported on Sunday. China's state-owned enterprises (SOEs) have been ramping up investment in emerging and strategic industries such as artificial intelligence, new energy, new materials and biotech as part of Beijing's SOE reforms. China Reform Holdings was set up in 2021 and tasked with deepening SOE reforms. It managed nearly 860 billion yuan of assets at the end of 2022, according to the company's website. ($1 = 7.2980 Chinese yuan renminbi)Reporting by Shanghai newsroom; Editing by Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

Persons: Jamie Freed Organizations: China Reform Holdings Corp, China Business, SOE, China Reform Holdings, Shanghai, Thomson Locations: SHANGHAI, China, China's

☆ Australia seeks separate dialogue on China wine dispute
▼ + stars: | 2023-09-24 | by ( ) www.reuters.com time to read: +2 min

[1/2] Bottles of Australian wine are seen at a store selling imported wine in Beijing, China November 27, 2020. REUTERS/Florence Lo/File Photo Acquire Licensing RightsSYDNEY, Sept 24 (Reuters) - Australia wants a separate dialogue with China on their dispute over wine, the agriculture minister said on Sunday, rejecting Beijing's proposal to link wine with other trade issues as the two nations slowly seek to improve battered relations. China's removal of tariffs last month on Australian barley has raised hopes for an easing of wine tariffs, in place since 2021, which have hammered the country's wine exports. China on Thursday proposed a "packaged solution" that would tie the wine dispute to those about duties on Australian imports of Chinese railway wheels, wind towers and stainless steel sinks, state news agency Xinhua reported. China was Australia's top wine export market before COVID, peaking at A$1.2 billion ($770 million) for the 12 months to January 2020 when the pandemic hit.

Persons: Florence, Murray Watt, Watt, Sam McKeith, William Mallard Organizations: REUTERS, Rights, Xinhua, Agriculture, Australian Broadcasting Corp, World Trade Organization, COVID, Thomson Locations: Beijing, China, Australia, COVID, Sydney

☆ China state asset manager plans $14 billion emerging industry fund, China Business News reports
▼ + stars: | 2023-09-24 | by ( ) www.reuters.com time to read: +1 min

Coins and a banknote of China's yuan are seen in this illustration picture taken February 24, 2022. REUTERS/Florence Lo/Illustration/File Photo Acquire Licensing RightsSHANGHAI, Sept 24 (Reuters) - China Reform Holdings Corp, a Chinese manager of state assets, plans to raise at least 100 billion yuan ($13.70 billion) for a fund that will invest in emerging industries, the China Business News reported on Sunday. China Reform Holdings was set up in 2021 and tasked with deepening SOE reforms. It managed nearly 860 billion yuan of assets at the end of 2022, according to the company's website. ($1 = 7.2980 Chinese yuan renminbi)Reporting by Shanghai newsroom; Editing by Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

Persons: Florence Lo, Jamie Freed Organizations: REUTERS, Rights, China Reform Holdings Corp, China Business, SOE, China Reform Holdings, Shanghai, Thomson Locations: China, China's

HANGZHOU, China, Sept 23 (Reuters) - China's eastern city of Hangzhou stepped up security ahead of the Asian Games opening ceremony later on Saturday as organisers hope to get the sporting extravaganza off to a smooth start with President Xi Jinping among the dignitaries set to attend. Roads in a sizeable 'traffic control area' around the city's Olympic stadium were blocked off, at least one metro station was shut, and other Games centres were closed off ahead of an opening ceremony organisers say will be "mesmerizing". Some of those making the trek out towards the stadium were left frustrated by the size of the sealed off area. Organisers hope a high-tech opening ceremony on Saturday will help drum up excitement for the Games. Dozens of smiling volunteers greeted arriving journalists in Hangzhou this week, with some expressing relief that the event was finally getting started.

Persons: Xi Jinping, Li Jian, Xiaolan, @Future, Xi, Beijing's, Bashar al, Assad, Anurag Thakur, Martin Quin Pollard, Ian Ransom, Xihao Jiang, Peter Rutherford Organizations: Games, Thomson Locations: HANGZHOU, China, Hangzhou, Asia, Syria, India, Tokyo

Dombrovskis, who is also the bloc's trade commissioner, is on a four-day visit to China seeking more balanced economic ties with the EU. Citing the bloc's trade deficit as an example, he added "the EU also needs to protect itself in situations when its openness is abused." LITMUS TESTThe EU blames its 400 billion euro trade deficit partly on Chinese restrictions on European companies. A "thousand" barriers to market access have propelled the trade deficit to its "highest in the history of mankind", EU Ambassador to China Jorge Toledo lamented at a forum in Beijing on Thursday. One with whom the EU wishes to work towards a more balanced trade and investment relationship."

Persons: Valdis Dombrovskis, Jason Xue, Dombrovskis, China Jorge Toledo, Lifeng, Moscow, Brenda Goh, Albee Zhang, Shri Navaratnam, William Mallard Organizations: European Commission, Reuters, REUTERS, Rights, European Union, Bund Summit, EU, Global Times, Thomson Locations: Shanghai, China, Moscow, Russian, Ukraine, Beijing, Dombrovskis

☆ Philippines weighing legal options against China over coral reef 'destruction'
▼ + stars: | 2023-09-22 | by ( Neil Jerome Morales | ) www.reuters.com time to read: +3 min

MANILA, Sept 22 (Reuters) - The Philippines is exploring legal options against China accusing it of destruction of coral reefs within its exclusive economic zone (EEZ) in the South China Sea, an allegation rejected by Beijing an attempt to "create political drama". The Philippines foreign ministry late on Thursday said it was awaiting assessments from various agencies of the extent of environmental damage in Iroquois Reef in the Spratly islands and would be guided by solicitor general Menardo Guevarra. Any move to pursue arbitration would be highly controversial after the Philippines' landmark 2016 victory in a case against China that concluded Beijing's claim to sovereignty over most of the South China Sea had no basis under international law. Iroquois Reef is close to the Reed Bank, where the Philippines hopes to one day access gas reserves, a plan complicated by China's claim to the area. Coral in the South China Sea has been used for limestone and construction materials, traditional medicines and even souvenirs and jewelry.

Persons: Menardo, Guevarra, Mao Ning, Neil Jerome Morales, Martin Petty Organizations: China, Department of Foreign Affairs, South China, Reed Bank, Thomson Locations: MANILA, Philippines, South China, Beijing, Spratly, Hague, China, South, Manila, Vietnam, Malaysia

☆ US finalizes rules to prevent China from benefiting from $52 billion in chips funding
▼ + stars: | 2023-09-22 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

The regulation is the final hurdle before the Biden administration can begin awarding $39 billion in subsidies for semiconductor production. The landmark "Chips and Science" law provides $52.7 billion for U.S. semiconductor production, research and workforce development. The regulation prohibits funding recipients from significantly expanding semiconductor manufacturing capacity in foreign countries of concern for 10 years. The final rules prohibit material expansion of semiconductor manufacturing capacity for leading-edge and advanced facilities in foreign countries of concern for 10 years. The final rule ties expanded semiconductor manufacturing capacity to adding cleanroom or other physical space, defining material expansions as increasing production capacity by more than 5%.

Persons: Florence Lo, Biden, Gina Raimondo, Raimondo, David Shepardson, Kim Coghill Organizations: REUTERS, Rights, U.S . Commerce Department, Commerce Department, Thomson Locations: China, U.S, Russia

☆ EU trade chief seeks more balanced economic ties on China visit
▼ + stars: | 2023-09-21 | by ( ) www.reuters.com time to read: +3 min

Trade Commissioner Valdis Dombrovskis will take part in a joint economic and trade dialogue, meet Chinese officials and European companies active in China and deliver two speeches during his Sept. 23-26 trip to Shanghai and Beijing. For the European Union, the visit is designed to renew dialogue with China after its COVID-19 closure and as EU wariness grows over Beijing's closer ties with Moscow following Russia's 2022 invasion of Ukraine. The EU blames its 400 billion euro ($426.32 billion) trade deficit partly on Chinese restrictions on European companies and says the EU market is largely open. The European Union Chamber of Commerce in China said in a report on Wednesday that Chinese authorities were sending contradictory messages to foreign businesses. The EU is also expected to be asked during the visit to clarify what it means by "de-risk" in the context of China.

Persons: Valdis, Francisco Seco, Valdis Dombrovskis, Dombrovskis, Philip Blenkinsop, Barbara Lewis Organizations: European Commission, Rights, Beijing, Trade, European Union, EU, European Union Chamber of Commerce, Thomson Locations: Brussels, Belgium, Rights BRUSSELS, China, Shanghai, Beijing, Moscow, Ukraine, EU

☆ China's AI 'war of a hundred models' heads for a shakeout
▼ + stars: | 2023-09-21 | by ( Josh Ye | ) www.reuters.com time to read: +5 min

Additionally, companies have also announced dozens of "industry-specific LLMs" that link to their core model. However, investors and analysts say that most were yet to find viable business models, were too similar to each other and were now grappling with surging costs. Several other big name entrepreneurs and tech executives are behind new Chinese AI startups, such as Google China's former chief Kai-Fu Lee and Yan Juejie, a former vice-president of SenseTime (0020.HK). Others said that China's largest tech companies Alibaba, Tencent and Baidu ultimately had the biggest headstart and deep pockets to succeed, given their large user bases and wide range of services. For instance, they could easily offer generative AI services as an additional plug-in to their cloud users.

Persons: Baidu's, Robin Li, Ernie Bot, Tingshu Wang, OpenAI's, Esme Pau, Pau, Yuan Hongwei, Meta, Baichuan, Wang Xiaochuan, China's, Wang, Yuan, Kai, Fu Lee, Yan Juejie, SenseTime, Tony Tung, Tung, Josh Ye, Brenda Goh, Sam Holmes Organizations: Baidu, REUTERS, HK, Huawei, Nvidia, China, Macquarie Group, Y, Baichuan Intelligence, Inc, Sogou, Google, Partners, Thomson Locations: Beijing, China, HONG KONG, Alibaba, United States, Washington, Shenzhen

HANGZHOU, China, Sept 21 (Reuters) - China hopes to make a splash with the Asian Games, opening on Saturday, but nationwide excitement has been muted as the economy sputters and some locals question the cost of the sporting extravaganza. Organisers this week expressed confidence in holding a "magnificent" games, thanks to President Xi Jinping’s "important instructions" and great, broad-based efforts. "People care more about their own lives, and the Asian Games are not on the top of their list of concerns," Yan said. [1/4]A woman poses for pictures in front of statues of the three mascots of the 19th Asian Games Hangzhou 2022, near the Hangzhou Asian Games Village, in Zhejiang province, China September 20, 2023. "There's a saying online: 'The Hangzhou city government, when encountering even a dog, wishes they could catch it and give it a fresh coat of paint'."

Persons: Xi Jinping’s, Xi, Bashar al, Assad, John Yan, Yan, Jiang, It's, Mark Dreyer, Tingshu Wang, Wu Lili, Zhang, Jules Boycoff, it's, Dylan Martinez, Martin Quin Pollard, Xihao Jiang, William Mallard Organizations: Asian Games, COVID, Games, Sports, Beijing Olympics, Asian, Hangzhou, REUTERS, Pacific University, Thomson Locations: HANGZHOU, China, Hangzhou, Beijing, Zhejiang province, Zhejiang, Shanghai, U.S ., Oregon, West

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