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Spread over websites in 30 countries, the propaganda material is interspersed with news aggregated from local news outlets and Chinese state media, according to a research report the Toronto-based group released on Wednesday. More than 100 websites disguised as local news outlets in Europe, Asia and Latin America are pushing pro-China content in a widespread influence campaign linked to a Beijing public relations firm, digital watchdog Citizen Lab has found. Spread over websites in 30 countries, the propaganda material is interspersed with news aggregated from local news outlets and Chinese state media, according to a research report the Toronto-based group released on Wednesday. Citizen Lab said the campaign began in mid-2020 and traced the network to public relations firm Shenzhen Haimaiyunxiang Media Co., Ltd., also known as Haimai. But a "press releases" button at a corner of its homepage leads to a range of Chinese state media articles on topics such as China's contribution to the global economic recovery and its push towards technological innovation.
Persons: Alberto Fittarelli, Citizen Lab, Mandiant Organizations: Citizen, Shenzhen Haimaiyunxiang Media, Roma, Times Locations: Lujiazui, Shanghai, China, Toronto, Europe, Asia, America, Beijing, United States, Shenzhen, Washington, Italian
AdvertisementGiraffes might just be the next thing banned on China's social media. The post doesn't mention China and instead promotes US efforts to track down endangered giraffes in Africa using GPS technology. But on Weibo, China's version of X, the embassy's post mysteriously went viral, with 970,000 likes and 180,000 comments as of Tuesday evening. AdvertisementInvestors flooded the giraffe post last weekend with comments complaining about China's slumping stock market, as Bloomberg, CNN, and Reuters reported. Irate commenters were copy-pasting the headline of a state media article, published on the same day as the giraffe post, that said the "entire country is filled with optimism."
Persons: , Xi Jinping, Peppa, Long, haven't, Weibo Organizations: Service, Embassy, Bloomberg, CNN, Reuters, CSI, Beijing, China Digital Times, Business Locations: China, Africa, Weibo, Republic, China's
WASHINGTON (AP) — For the first time in more than two decades, Mexico last year surpassed China as the leading source of goods imported to the United States. At the same time, the value of Chinese imports imports tumbled 20% to $427 billion. The last time that Mexican goods imported to the United States exceeded the value of China's imports was in 2002. The Trump administration began imposing tariffs on Chinese imports in 2018, arguing that Beijing's trade practices violated global trade rules. Supply-chain disruptions related to the COVID-19 pandemic also led U.S. companies to seek supplies closer to the United States ("near-shoring'').
Persons: Trump, Joe Biden, Biden, Organizations: WASHINGTON, U.S . Commerce Department, Democrats, Canada Trade, United States Locations: Mexico, China, United States, Washington, Beijing, U.S, Canada, North America, United
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewChina is taking steps to support its economy and stock markets, but there are limits to what can be achieved, said economist Eswar Prasad. Stock markets in China and Hong Kong have accelerated losses into 2024 after shedding trillions of dollars since 2021. "The likelihood of the prediction that China's GDP will one day overtake that of the US is declining," Prasad added to Nikkei. This is because Trump is likely to ratchet up trade protectionism, causing fragmentation in the trade and financial sectors, Prasad told Nikkei.
Persons: , Eswar Prasad, Prasad, China hasn't, Trump, Prasad doesn't, Donald Trump Organizations: Service, Cornell University, International Monetary Fund, Nikkei, Business, Stock, Reuters Locations: China, Hong Kong, Beijing, Asia
China's economy has crawled out of the pandemic far below the pace of what most analysts expected, and if policymakers don't step in with sufficient support in 2024, a "debt-deflation spiral" could ensue. Deflation and falling stocksThe researchers said China's leadership has failed to address the lopsided supply and demand dynamics in particular. Meanwhile, deflation has crushed corporate earnings and stock prices in China, as well as wage growth and tax revenues. Nominal GDP grew at 4.6% in 2023, 0.6 points below real growth. "The economy could fall into a debt-deflation spiral without adequate policy support."
Persons: Gene Ma, Phoebe Feng, Ma, Feng, Banks Organizations: Wall Street, Institute of International Finance, CSI, People's Bank of Locations: China, Beijing, People's Bank of China
Read previewChina's stock market watchdog upped its game over the weekend after its brutal week of selloff, vowing to prevent "abnormal market fluctuations" — but stock market investors don't seem quite convinced. These continued gyrations in China and Hong Kong's stock markets have widened losses that are now totaling $7 trillion following an extended market meltdown since their peaks in 2021, as foreign investors beeline for the exit. Still, Beijing's frequent pronouncements on market stabilization may not be a bad thing. Advertisement"The frequency of these statements may indicate market stabilization is becoming more important for policymakers," wrote analysts at Dutch bank ING wrote on Monday. "Formalization of a potential market stabilization fund could provide a short-term boost for markets but investor sentiment remains downbeat for now, awaiting improvement in fundamentals," the ING analysts added.
Persons: , selloff, Vishnu Varathan, Nomura Organizations: Service, China Securities Regulatory Commission, Business, Asia Asia, Mizuho Bank, Nomura, ING, Bloomberg Locations: China, Asia, Japan, Shanghai, Hong, Beijing
Chinese stocks have given up much of their recent gains as investors debate whether the bottom is really in. They screened for names with more than $1 billion in capitalization and expectations for earnings growth in the next two years. Such signals come at a time when Chinese stocks have sold off sharply. Chinese stocks – whether measured by those that trade in the mainland, Hong Kong or U.S. – have fallen for more than two years. "In the past Chinese companies grew rapidly, many companies' results grew exponentially," he said in Mandarin, translated by CNBC.
Persons: Evercore, Rachel Wang, Clocktower, Ye Yuhua, — CNBC's Michael Bloom Organizations: People's Bank of China, Seng Index, Shanghai, Morningstar, CNBC, Baidu, Li Auto Locations: U.S, Beijing, Hong Kong, China, Shanghai, Guangzhou
The US Navy in recent weeks has been shooting down Houthi anti-ship ballistic missiles. Washington has also conducted preemptive strikes in Yemen, destroying anti-ship ballistic missiles before the rebels are able to launch them. CENTCOM has not specified which anti-ship ballistic missiles have been used in the attacks on international shipping lanes. AdvertisementChina has a formidable arsenal of anti-ship ballistic missiles, like the DF-21D and DF-26, and is increasingly expanding it. Advertisement"It doesn't matter what's coming at them, really," said Macy, the retired admiral who served aboard multiple US Navy warships.
Persons: , Archer Macy, it's, Joe Biden, Jonathan, Bryan Clark, Mohammed Hamoud, Andy Wong, Clark, Shaan Shaikh, Shaikh, Carney, MCS2 Aaron Lau, Macy Organizations: US Navy, Pacific . Experts, Service, Pentagon, International Institute for Strategic Studies, Hudson Institute, People's Liberation Army Rocket Force, Military, Missile Defense, Center for Strategic, International Studies, Navy, Combat System Locations: China, Pacific, Iran, Yemen, Gulf of Aden, Washington, Tehran, CENTCOM, Gaza, Jan, Sana'a, Western, Beijing, Tiananmen, Red
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIt's 'quite dangerous' to be short China but we are missing a catalyst to be structurally longSean Taylor of Matthews Asia says despite Beijing's efforts to shore up investor confidence in China, the market lacks a catalyst to get long-term investors interested again.
Persons: Sean Taylor, Matthews Asia Locations: China
Nurphoto | Nurphoto | Getty ImagesBEIJING — Demand for new housing in China is set to drop by around 50% over the next decade, making it harder for Beijing to quickly bolster the country's overall growth. China's real estate sector and related industries have accounted for about a quarter of the country's gross domestic product. Zhang said China's housing demand would remain large, and policy support would gradually kick in. "Therefore, a significant decline in housing demand is very unlikely to happen," he said. The IMF report compared housing demand and new starts from the 2012 to 2021 period with estimates for 2024 to 2033.
Persons: Zhengxin Zhang, Zhang, Evergrande, Sonali Jain, Chandra, Nir Klein Organizations: Nurphoto, Getty, International Monetary Fund's, IMF, U.S ., People's Bank of China Locations: Huai'an, China, BEIJING, Beijing, Evergrande, Hong Kong, Asia, Pacific
Reports this week from The New York Times and The Wall Street Journal detail efforts by Chinese authorities to scrub the internet of negative takes on the state of its economy. According to the NYT, The Ministry of State Security said in its official WeChat account that citizens should not believe the "false narratives" about the trajectory of China, and instead should believe in President Xi Jinping's vision. The WSJ similarly reported that some of the nation's top officials have reiterated the importance of promoting the "bright prospects of China's economy." The NYT said tech platform Weibo had restricted dozens of accounts from posting after they had shared bleak economic realities with other users. The platform also warned its users in November, the report said, not to be "maliciously pessimistic" about China's economy.
Persons: Xi, Li Xunlei Organizations: The New York Times, Ministry of State Security, Zhongtai Securities, Weibo Locations: China, Beijing
Read previewBeijing's military spending and threat are likely far higher than portrayed by the Pentagon, which recently reported figures that indicate China's defense budget was nearly four times smaller than America's, two US analysts said on Monday. Peters and Beaver wrote that the Pentagon's assessment failed to account for China's military research spending. "Confusingly, the report does not attempt to account for either of these significant considerations in its treatment of China's defense budget topline," Peters and Beaver wrote. China's reported GDP for 2023 was around $17.8 trillion. "We should avoid overreacting to what seems to be this more accurate data of China's military push," Stavridis wrote.
Persons: , Robert Peters, Wilson Beaver, Peters, Beaver, Sen, Dan Sullivan, James Stavridis, Stavridis Organizations: Service, Pentagon, Business, Allison Center for National Security, Heritage Foundation, The Defense Department, Beaver, Beijing's, National Atlantic Treaty Organization, Bloomberg, China's Locations: China, Beijing, Taiwan, United States, Alaska
And — while it only represents a very small proportion of containers moved between the Far East and Europe — rail routes via Russia have seen an uptick in interest too. Rail through RussiaFirms have raised concerns about sending goods via rail through Russia, Sciglaite said. A train engine pulls carriages that started their journey in Yiwu, China into Barking rail freight terminal on January 18, 2017 in the U.K. Igor Tambaca, managing director of Rail Bridge Cargo, a Dutch logistics company, said China-Europe rail route bookings were up 37% over the past four weeks. Tambaca said the cost of sending one forty-foot container (FEU) from China to Europe via rail is currently around $7,900.
Persons: Liu Wenhua, Julija, RailGate, Hapag Lloyd, Sciglaite, Dan Kitwood, Igor Tambaca, Tambaca, Maria Magdalena Pavitsich, Pavitsich, Vladimir Putin, Davies Turner Organizations: China News Service, Getty, Air, CNBC, Rail, Cargo, OBB Rail Cargo Group, FEU, Initiative, British Locations: China, Europe, Russia, Manzhouli, Vietnam, Xeneta, East, European, Rotterdam, South Africa's, Ukraine, Yiwu, Barking, Kazakhstan, Belarus, Poland, Germany, Belgium, France, Red, Dutch, Turkey, Austrian, Asia, Xian, Chengdu, Suez, Africa, Moscow, Central Siberia, Beijing, Wuhan, Duisburg
Investment bank Jefferies has revealed its top stock picks that are exposed to major themes like innovation, new products, and emerging markets. The investment bank forecasts Prudential shares will rise 118% to 18,000 British pence over the next 12 months. The investment bank expects Hong Kong-listed shares of Alibaba to rise to 128 Hong Kong dollars ($17), which implies an 84% upside potential. The investment bank expects shares to rise 57% over the next 12 months. The investment bank believes ASML's current valuation of 33 times forward earnings is too low since it forecasts 49% earnings growth over the next two years.
Persons: Jefferies, Prudential Jefferies, Prudential's, Anil Wadhwani, Eddie Wu, Wu, Alibaba's, Joe Dickerson, Dickerson, — CNBC's Michael Bloom Organizations: Prudential, Jefferies, Hong, U.S, HSBC Jefferies, HSBC, ASML Semiconductor, DexCom Locations: U.K, Asia, China, India, Africa, Hong Kong, Alibaba
WASHINGTON (AP) — Chinese government hackers are busily targeting water treatment plants, the electrical grid, transportation systems and other critical infrastructure inside the United States, FBI Director Chris Wray will tell House lawmakers on Wednesday in a fresh warning from Washington about Beijing's global ambitions. “China’s hackers are positioning on American infrastructure in preparation to wreak havoc and cause real-world harm to American citizens and communities, if or when China decides the time has come to strike,” Wray will say. The comments align with assessments from outside cybersecurity firms including Microsoft, which said in May that state-backed Chinese hackers have been targeting U.S. critical infrastructure and could be laying the technical groundwork for the potential disruption of critical communications between the U.S. and Asia during future crises. The following month, Mandiant said that suspected state-backed Chinese hackers had used a security hole in a popular email security appliance to break into the networks of hundreds of public and private sector organizations globally. The Chinese government has lashed out at the committee, demanding that its members “discard their ideological bias and zero-sum Cold War mentality.”
Persons: Chris Wray, Wray, , ” Wray, Mandiant, they’re, Mike Gallagher of Organizations: WASHINGTON, Chinese Communist Party, Microsoft, U.S, Republican Rep Locations: United States, Washington, China, Asia, Mike Gallagher of Wisconsin
Chinese government hackers are busily targeting water treatment plants, the electrical grid, transportation systems and other critical infrastructure inside the United States, FBI Director Chris Wray will tell House lawmakers on Wednesday in a fresh warning from Washington about Beijing's global ambitions. "China's hackers are positioning on American infrastructure in preparation to wreak havoc and cause real-world harm to American citizens and communities, if or when China decides the time has come to strike," Wray will say. The comments align with assessments from outside cybersecurity firms including Microsoft, which said in May that state-backed Chinese hackers have been targeting U.S. critical infrastructure and could be laying the technical groundwork for the potential disruption of critical communications between the U.S. and Asia during future crises. The following month, Mandiant said that suspected state-backed Chinese hackers had used a security hole in a popular email security appliance to break into the networks of hundreds of public and private sector organizations globally. The Chinese government has lashed out at the committee, demanding that its members "discard their ideological bias and zero-sum Cold War mentality."
Persons: Chris Wray, Wray, Mandiant, they're, Mike Gallagher of Organizations: Chinese Communist Party, Microsoft, U.S, Republican Rep Locations: United States, Washington, China, Asia, Mike Gallagher of Wisconsin
China Evergrande Group's logo is displayed on a phone screen in this illustration photo taken on September 27, 2021. Jakub Porzycki | Nurphoto | Getty ImagesA liquidation order to property giant China Evergrande liquidation crisis this week deepened concerns about China's struggling real estate sector — but analysts say the spillover will likely be contained, with one saying it might actually be "good news." On Monday, a Hong Kong court issued a liquidation order to the embattled property developer after it failed to reach a restructuring deal with creditors. China Evergrande, once among the country's largest property developers, is the world's most indebted company — with more than $300 billion in liabilities. Still, questions remain on whether China will recognize the Hong Kong court order for Evergrande's liquidation — since most of the company's assets are in the mainland.
Persons: Jakub Porzycki, Shehzad Qazi, Lehman, Qazi, CNBC's, It's, China Evergrande, Evergrande, Linda Chan, Charlene Chu, we've, Chu Organizations: Nurphoto, CNBC, Lehman Brothers, Hong, Hong Kong Stock Exchange, China macrofinancial, Autonomous Research Locations: China, Hong Kong, Commerzbank
Oil prices are on pace for the first monthly gain since September as the U.S. and Iran stand on the brink of a more direct confrontation in the Middle East. The West Texas Intermediate contract for March was last down $1.09, or 1.40%, to trade at $76.73 a barrel on Wednesday. The Brent contract for March was trading at $81.90 a barrel, down 97 cents or 1.17%. Prices fell Tuesday after China factory activity contracted for the fourth consecutive month. The market is also waiting for the Federal Reserve's decision on interest rates Wednesday as well as crude inventory data in the U.S.
Persons: Brent, Tamas Varga Organizations: The West Texas Intermediate, Federal Locations: Iran, The, China, Brent, U.S
Read previewOn Monday, Chinese real-estate giant Evergrande was ordered by a Hong Kong court to liquidate after two years in a debt crisis. The court has appointed Alvarez and Marsal as liquidator to manage the company, Evergrande said in a filing to the Hong Kong Stock Exchange. So, protecting Evergrande's offshore investors probably isn't in Beijing's favor, because it could spur further speculation in the market, Møller added. Offshore creditors are owed $25 billion, the Hong Kong court document showed, per CNN. This is because liquidators appointed by Hong Kong's courts are unlikely to have much power over Evergrande's mainland assets, Hong added.
Persons: , Evergrande, Alvarez, Marsal, Emil Møller, Møller, there's, Xi Jinping's, Fern Wang, Wang, Hao Hong, liquidators, Hong, Siu Shawn Organizations: Service, Business, Hong Kong Stock Exchange, Steno Research, Lombard, KT Capital Group, CNN, Grow Investment, China Evergrande Group, Reuters, Century Business Herald, Hengda Real Locations: Hong Kong, Beijing, China, Denmark, Beijing's, homebuyers, Swiss, People's Republic of China, Hengda
With the Year of the Dragon less than two weeks away, China's economy wobbled again on Monday. Fragile growthIn late 2022, China's Communist Party finally called time on its harsh zero-COVID measures — but the economy hasn't enjoyed the post-lockdown rebound many forecasters had predicted. DeflationFalling prices are another source of China's economic woes. AdvertisementNone of that speaks to a dedication to the free market — so China will likely keep struggling to attract more foreign investment in 2024. The sell-off reflects investor concern about the economy's overall health, as well as Chinese tech companies falling behind their US rivals in the development of AI.
Persons: wobbled, Linda Chan, Evergrande, Liquidators, hasn't, they'll, Li Qiang, John Kerry, Janet Yellen, Elon Musk, Xi Organizations: Hong, Business, China's Communist Party, World Bank, Tesla, Communist Party, Bain, Co, Big Tech, CSI Locations: Hong Kong, Evergrande, Beijing, China, Japan, Shanghai
The US military is likely to intervene if China enacts a quarantine or blockade in China, experts say. Almost all of the surveyed experts — 96% — said the US would join the fight if China were to fully invade Taiwan. Experts aren't confident that US allies will get involvedHowever, the experts weren't as confident that US allies would jump into the conflict. Meanwhile, 60% of the experts were confident that US allies would assist militarily if China were to invade the island. CSIS also surveyed 35 experts and scholars from Taiwan, who were less optimistic about US intervention.
Persons: , Joe Biden, Xi Jinping, William Lai Ching, Tsai Ing, Beijing's, Xi Organizations: CSIS, Pentagon, Service, Center, Strategic & International Studies, People's Liberation Army, APEC, Democratic Progressive Locations: China, Taiwan, Beijing, Washington, Taipei, San Francisco
watch nowShares of China Evergrande were halted after plunging over 20% in early trading on Monday after a Hong Kong court ruled to liquidate the embattled property developer. It comes against the backdrop of a spiraling debt crisis in the country. China Evergrande, which was once one of the country's largest property developers, has in the last few years been enveloped in Beijing's debt crisis. Containing the contagionPolicymakers in China have been scrambling to stem the debt crisis in the beleaguered property sector. Last week, the People's Bank of China and the Ministry of Finance announced measures to help boost the liquidity available to property developers.
Organizations: Street, People's Bank of China, Ministry of Finance Locations: China, Hong Kong, Beijing
The plan to put China Cinda Asset Management , China Orient Asset Management and China Great Wall Asset Management under the jurisdiction of one of the world's largest sovereign wealth funds by assets will happen "in the near future," Xinhua added, without providing any further details. Beijing's actions follow a stock market rout amid burgeoning financial risks stemming from a debt crisis in its real estate sector. Last week, China's central bank announced its largest cut in mandatory cash reserves for banks since 2021. The property market slumped after Beijing cracked down on developers' high reliance on debt for growth in 2020, weighing on consumer growth and broader growth in the world's second-largest economy. China's real estate troubles are closely intertwined with local government finances since they typically relied on land sales to developers for a significant portion of revenue.
Persons: Beijing's Organizations: China Investment Corp, Xinhua, Asset Management, China Orient Asset Management, Wall Asset Management Locations: China, Xinhua, Beijing
Taiwan People's Party (TPP) presidential candidate Ko Wen-je speaks during an interview in New Taipei City on December 12, 2023. He urged his disappointed young supporters, some of them crying, not to give up, and framed himself as a one-man social movement crusading for political change. Since this social movement has not fully materialized, let's keep working hard," the former Taipei City Mayor told supporters in Mandarin. That kind of populist messaging appeals to people who feel like Taiwan's current economic and political system is not benefiting them. Taiwan's young and restlessIn any case, Taiwan's two major parties now face a battle to cater to younger voters that could come at the expense of older votes or a focus on broader strategic interests.
Persons: Ko Wen, Cheng, we'll, Ko, let's, Wei, Ting Yen, Sara Newland, Taiwan's, Newland, Lai Ching, Taiwan People's Party —, , Yuan, Beijing's, Tsai Ing, Annice Lyn, Xi Jinping, Lily, Hwa CHENG, HWA CHENG, Ho Organizations: Taiwan People's Party, AFP, Getty, TAIPEI, Taipei City Mayor, Democratic Progressive Party, Kuomintang, Franklin, Marshall College, CNBC, Sara Newland Smith, Ko's, Taipei, KMT, Smith College, National Taiwan University, Democratic, Chinese Communist Party, HWA, Afp, Sunflower Movement Locations: Taiwan, New Taipei City, China, Taipei, Xinzhuang, AFP
Aly Song | ReutersBEIJING — China and the U.S. are working toward creating a more stable and predictable environment for businesses, Chinese Commerce Minister Wang Wentao said Friday. U.S. and other foreign businesses in China have long complained of challenges to doing business in the Asian country, such as unequal treatment of foreign companies compared to local players. The move was widely seen as an improvement for foreign businesses, but no official policy has yet followed. When asked Friday for an update on data rules, Wang only said the "primary ministry is stepping up efforts to release them." When Raimondo visited China last year, she called for more action to improve predictability for U.S. businesses in China.
Persons: Aly Song, Wang Wentao, Gina Raimondo's, Wang, Raimondo, Biden Organizations: Chinese Communist Party, Reuters, Commerce, CNBC, Cyberspace Administration of China, CAC, of Commerce Locations: China, U.S, Yiwu, Zhejiang province, Reuters BEIJING, Washington, France
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