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Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEncouraging that China is making domestic demand a top priority but scale may fall short: JPMorganGrace Ng, senior Greater China economist at JPMorgan, says the housing downturn and youth unemployment rate are major drags on China's domestic consumption recovery.
Persons: JPMorgan Grace Ng Organizations: JPMorgan Locations: China
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina is better prepared for Trump's second term and will fight back wherever possibleZhou Bo of Tsinghua University, also Former Senior Colonel (Ret.) of China's PLA discusses China's opinion of a second Trump term.
Persons: Zhou Bo Organizations: China, Tsinghua University, China's PLA, Trump
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDevelopment of autonomous vehicle technology will lead to 'one planet, two systems': AnalystMichael Dunne of Dunne Insights says that Trump could follow China's playbook to promote production of autos in the U.S..
Persons: Michael Dunne, Dunne, Trump Locations: U.S
Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementPresident-elect Donald Trump is quickly fleshing out his cabinet, giving a sense of what his second administration will look like. Now he's Trump's nominee for defense secretary. AdvertisementTreasury secretary — TBD: Trump's pick for his top economic advisor is being closely watched considering the key role the economy played in the election.
Persons: , Donald Trump, Trump, JD Vance, Let's, — Matt Gaetz, Kevin McCarthy, Gaetz, he's, he'd, Mike Johnson, He's, State — Marco Rubio, Rubio, Pete Hegseth, Slaven Vlasic, Hegseth, Hegseth's, Scott Bessent, Howard Lutnick, Cantor Fitzgerald, Bessent, Lutnick, Dan DeFrancesco, Grace Lett, Ella Hopkins, Hallam Bullock, Amanda Yen, Milan Sehmbi Organizations: Business, Service, Trump, Republicans, Senate, Department, Justice, State, Fox News, Getty, Defense, Army Locations: Florida, Silicon, China, Taiwan, Ukraine, Russia, Poland, Israel, New York, Chicago, London
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina's debt swap plans won't help much, rumored real estate fund would have a greater impactVincent Chan of Aletheia Capital says that China's planned local government debt conversion is too small from a stimulus point of view, rather the rumored 4 trillion RMB fund to purchase unsold property inventory could help boost confidence in the real estate sector.
Persons: Vincent Chan, China's Organizations: Aletheia
Read previewIt is no secret that China's shipbuilding capacity is unmatched on the world stage and that its shipyards are churning out new warships at a breakneck pace. China's shipbuilding industry has over 230 times the capacity of the US, according to recent estimates from the Office of Naval Intelligence, representing about 50% of the total global shipbuilding capacity. The shipyards building China's navyDalian is another significant Chinese shipyard and was site of production for the CNS Shandong aircraft carrier. The China Power Project at CSIS has carefully documented developments in Chinese shipbuilding, including work at the yards and new vessels. That push in military shipbuilding is propelled by China's political motivations and blue-water navy goals.
Persons: , Brian Hart, Matthew Funaoile, It's, it's, Funaoile, Hart, Xi Jinping Organizations: Service, Business, of Naval Intelligence, Jiangnan Shipyard, Liberation Army's, Pentagon, US, PLAN, Shandong, China State Shipbuilding Corporation, Fujian, Wuchang Shipyard, Fujian Maritime Safety, Zhonghua Shipyard, China Power, Center for Strategic, International Studies, CSIS, Airbus, Getty, Communist Party, PLA Locations: Dalian, China, Huangpu Wenchong, Hong Kong, Jiangnan, Hudong, Shanghai, Bohai, Wuchang, Wuhan, Taiwan, Fujian, Zhonghua
A banner plays up China's trade-in policy at a home goods expo in Qingdao, Shandong province, China, on June 1, 2024. Nurphoto | Nurphoto | Getty ImagesBEIJING — China's plan to boost consumption by encouraging trade-ins has yet to show significant results, several businesses told CNBC. Analysts are not overly optimistic about the extent to which the trade-in program could support retail sales. China's retail sales for August are due Saturday morning. Retail sales in June rose by 2%, the slowest since the Covid-19 pandemic, while July sales growth saw a modest improvement at 2.7%.
Persons: Jens Eskelund, Tao Wang, Sally Loh, Otis, Kone, We've, Ilkka Hara, Hara Organizations: Nurphoto, Getty, BEIJING, CNBC, EU Chamber of Commerce, UBS Investment Bank, China, U.S, Otis Locations: Qingdao, Shandong province, China, Greater China
Anti-aircraft artilleries at a military parade to mark the 70th anniversary of the end of World War II on Sept. 3, 2015 in Beijing, China. "Because of that increase in military activity we cannot discount the possibility of heightened tensions," Japan said for the first time in its annual Defense White Paper. With its westernmost island only 68 miles from Taiwan, Japan hosts more than 50,000 American troops, hundreds of U.S. military aircraft, and an aircraft carrier strike group that Washington could deploy to defend Taiwan. Japan's 548-page assessment also highlighted China's plans to double its nuclear arsenal to more than 1,000 warheads by 2030. It mentioned attempts by neighboring North Korea to boost its nuclear strike capability with surveillance satellites and new, more advanced missiles, some with sufficient range to strike the United States.
Persons: Vladimir Putin, Kim Jong Organizations: NATO, Taiwan, North Locations: Beijing, China, Japan, Taiwan, readying, North Korea, Russia, U.S, Washington, Ukraine, Europe, United States, Moscow, Pyongyang
Chinese state media shared a video of what it characterized as a submarine detection device dropped by a US Navy aircraft. The apparent sonobuoy was discovered in the South China Sea near the Second Thomas Shoal. AdvertisementChina's coast guard found a submarine detection device dropped by a US Navy aircraft somewhere in the South China Sea, a state broadcaster reported. Maritime patrol aircraft often use them and other detectors in open waters to track submarine movements and locations. Video footage shared by Chinese state media on Wednesday showed a US Navy aircraft, what appears to be a P-8 Poseidon, dropping an object resembling a sonobuoy into the South China Sea.
Persons: Thomas Shoal, Organizations: US Navy, Military, Service, Business Locations: South China, China
In today's big story, we're looking at China's strict approach to overseeing its AI development and the threat it poses to the world. The country's history of censorship and surveillance is extending to its approach to AI , writes Business Insider's Linette Lopez. AdvertisementThe CCP's plan for AI is about shaping reality and enforcing its power, according to internal documents. What to do ahead of May's jobs report. Permabull Tom Lee said it's a great time to buy stocks — shocking — with a new jobs report set to drop on Friday.
Persons: , Kiran Ridley, Stringer, Getty, Tyler Le, Insider's Linette Lopez, Linette, chatbots, Jinping, Xie Huanchi, we've, Ken Griffin's, Permabull Tom Lee, it's, Stocks, Keith Gill, It's, Amazon's, Alyssa Powell, boomer, Gen, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover, Grace Lett, Annie Smith Organizations: Service, Harvard, Business, Chinese Communist Party, of, People, Getty, Citadel Securities, BI, GameStop, Cloud, Prime, Apple, American Express, Research, Boomers Locations: China, Beijing, Xinhua, New York, London, Chicago
According to the CCP's plan, by 2020, China was supposed to have "achieved iconic advances in AI models and methods, core devices, high-end equipment, and foundational software." Censorship requirements may slow China's AI development and limit the commercialization of domestic models, but they will not stop Beijing from benefiting from AI where it sees fit. We're not seeing a huge gap between the models Chinese companies have been able to roll out. The current price war is a race to the bottom, similar to what we've seen in the Chinese technology space before. A race to the bottom may simply beggar China's AI ecosystem.
Persons: Xi Jinping, China doesn't, there's, Beijing's, Reva Goujon, We're, It's, ChatGPT, Xie Huanchi, couldn't, you'll, , Kenneth DeWoskin, it's, Matt Sheehan, they're, chatbot, Sheehan, Ernie Bot, There's, Alibaba, ByteDance's, Paul Triolo, Albright, we've, haven't, DeWoskin, Sam Altman, Elon Musk Organizations: Chinese Communist Party, CCP, Intelligence, Cyberspace Administration, Getty, Freedom, University of Michigan, Deloitte, CAC, Carnegie Endowment, International Peace, Baidu, Bloomberg, Companies, Brookings Institution, Beijing, The Commerce Department Locations: China, Beijing, China's, Hong Kong, Xinhua, , Washington, Brussels, Berlin, Taiwan, US, Xinjiang
U.S. crude oil inventories fell 3.104 million barrels in the week ended May 10, according to market sources citing American Petroleum Institute figures on Tuesday. Gasoline inventories fell by 1.269 million barrels and distillates rose by 673,000 barrels. "Expectations of another drawdown in U.S. oil inventories should support oil prices," ANZ Research said in a note. Oil prices also found support from a softer U.S. dollar and stimulus measures from China, said independent market analyst Tina Teng, with a weaker greenback making dollar-denominated oil cheaper for investors holding other currencies. "The U.S. CPI and China's economic data are key to driving oil prices for the rest of the week," she added.
Persons: David Knox, Petra Nova, Brent, Tina Teng, Teng Organizations: NGR Energy, JX Nippon Oil & Gas Exploration Corporation, WA Parish, U.S, . West Texas, American Petroleum Institute, ANZ Research, Federal, CPI Locations: NGR, Bend County, Petra, WA, China, Fort McMurray
China's new teaser for its lunar base appeared to show a NASA Space Shuttle taking off. The Space Shuttle was later blurred out in a state media version of the CGI video. AdvertisementA new concept video showcasing China's planned lunar base appeared to feature a NASA Space Shuttle lifting off from the facility — a detail that was then omitted in a later broadcast of the clip. Related storiesIt's unclear if showing a Space Shuttle was intended by China's space administration, but the spacecraft using a Chinese base in 2045 would be nearly impossible. Beijing says it plans for its international lunar base to be built jointly by other countries as a collaborative effort.
Persons: , CNSA, It's, Artemis Organizations: NASA Space Shuttle, Shuttle, Service, China National Space Administration, Research, American, NASA, Space, Orbiter, Getty, Orion Spacecraft, Elon, SpaceX, International Space, Space Shuttle, Business Insider Locations: China, Beijing
China launched the Chang'e-6 probe to collect samples from the far side of the moon. AdvertisementChina on Friday launched a probe to collect samples from the far side of the moon, as it stepped up its space race against the US. The Chang'e-6 probe successfully lifted off from China's Wenchang Space Launch Center at 5.37 a.m. It will collect around two kilograms of lunar samples from the far side of the moon for analysis. "People want to know why this happened," Yi Xu, a professor at the Space Science Institute of Macau University of Science and Technology and a member of the Chang'e-6 science team told The New York Times.
Persons: , maria, Yi Xu Organizations: Service, US, NASA, Space Science Institute of Macau University of Science, Technology, New York Times Locations: China
Read previewAfter a meeting with Japanese and South Korean officials in Tokyo on Friday, US Space Force commander Gen. Stephen Whiting warned about a growing threat. China, he said, is "moving at breathtaking speed in space," and is developing a range of weapons that threaten America's space supremacy, reported Stars and Stripes. "For the first time in decades, US leadership in space and space technology is being challenged," Meink added. Chance Saltzman, Chief of Space Operations at United States Space Force, last year warned against taking US space supremacy for granted. Air Force Lieutenant General Gregory Guillot (L) and US Space Force Lieutenant General Stephen Whiting (R) on July 26, 2023.
Persons: , Stephen Whiting, They're, Troy Meink, Space.com, Meink, Chance Saltzman, I'm, Saltzman, Whiting, Dominic Chiu, Gregory Guillot, BRENDAN SMIALOWSKI, Donald Trump, Chiu, Artemis, Frank Lucas, Anthony Mastalir, Graeme Thompson, Thompson, Tory Bruno, Arthur Herman, John F, Kennedy, Ronald Reagan, we've Organizations: Service, Korean, Space Force, Business, National Reconnaissance Office, Space Operations, United States Space Force, Eurasia Group, Air Force, US Space Force, House Science, Technology Committee, Brig, US Space Forces, Pentagon, United Launch Alliance, NBC News, Hudson Institute Locations: Tokyo, China, Colorado, Australia, Russia
Vietnamese real-estate tycoon Truong My Lan was sentenced to death for her role in a $12.5 billion fraud case. Lan's fraud case is part of Communist Party Secretary Nguyen Phu Trong's corruption crackdown. Lan, the chairwoman of real-estate developer Van Thinh Phat Group, was arrested in 2022 over the fraud case. AdvertisementThe high-profile fraud case has scandalized the country and is raising questions about the one-party state. For context on the scale of the Vietnam fraud case, consider the 1MDB case, which rocked Malaysia and the world when it started to unravel in 2015.
Persons: Truong, Lan, Communist Party Secretary Nguyen Phu, , Van Thinh, Zachary Abuza, Trang Bui, Bui Organizations: Communist Party Secretary, Service, Prosecutors, Vietnamese Communist Party, National War College, Washington DC, Bloomberg, Cushman, Nikkei Locations: Vietnam, China, Malaysia, Malaysian, Hanoi, Washington, Wakefield
In today's big story, we're looking at how China's plan for reinvigorating its economy has the rest of the world worried . The country is overproducing goods and then flooding global markets with them to save its struggling economy, writes Business Insider's Huileng Tan. Decades ago, as the country opened up its economy, China underwent rapid industrialization, allowing it to produce cheap goods. AdvertisementUS Treasury Secretary Janet Yellen has already warned China shock 2.0 could destabilize the global economy, specifically impacting green-energy exports . He pointed to China's GDP growth outpacing the US when the numbers are adjusted for disinflation and inflation in each country, respectively.
Persons: , Chelsea Jia Feng, Huileng Tan, Huileng, China's, Janet Yellen, Tyler Le, Ray Dalio, that's, it's, Dalio's, Nicholas R, Lardy, Donald Trump, M, There's, Angus Deaton, Walter Huang, Sevonne Huang, Justin Sullivan, Alyssa Powell, Tesla, Hubspot, Mikel Jaso, Zers, That's, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover, Grace Lett Organizations: Service, Business, West, New York Federal Reserve, Bridgewater Associates, Getty, Apple, Reuters, Google, McKinsey Locations: China, Glendale, Ariz, New York, London, Chicago
The work report presented Tuesday by Premier Li Qiang to the National People’s Congress outlined plans for modest increases in overall spending and a hefty 7.2% jump in funding for the military. Li's work report is designed to showcase for the nation achievements in the past year and convey the top leadership's priorities for this year. Photos You Should See View All 60 ImagesApart from the ambitious growth target, “There is no reform, no liberalization, no action plan and no messaging of reassurance,” he said. — Another 10.4 billion yuan ($1.4 billion) will go to upgrading industries and modernizing manufacturing. “We will work to build China's self-reliance and strength in science and technology,” the report said.
Persons: it’s, Premier Li Qiang, Li, Xi Jinping's, James Zimmerman, , Tianchen Xu, What's, , Xu, ” Lynn Song Organizations: BEIJING, Premier, National People’s, Communist, American Chamber of Commerce, Economist Intelligence Unit, Baidu, Greater China, ING Economics, Locations: China, Beijing, Washington, Hong Kong, Greater
Read previewFBI Director Christopher Wray warned that Chinese hackers are targeting critical US infrastructure in a bid to potentially "wreak havoc" on the lives of ordinary Americans in testimony to Congress. Speaking to the House Select Committee on the Chinese Communist Party on Wednesday, Wray said that China is seeking to infiltrate electrical grids, water treatment plants, oil and gas networks, and transport systems. AdvertisementWray's testimony comes after the Justice Department announced that it had disrupted a group of Chinese hackers who infiltrated old routers belonging to private citizens and small businesses. The sole purpose is to be ready to destroy American infrastructure, which would inevitably result in chaos, confusion, and potentially mass casualties." The House select committee Wray testified to was created to counter the intensified threat posed by China, a rare example of bipartisan consensus amid Washington's stark partisan divides.
Persons: , Christopher Wray, Wray, They're, Joe Biden, Xi Jinping, Mike Gallagher Organizations: Service, Chinese Communist Party, Business, Justice Department, FBI, CNN Locations: China, San Francisco, Taiwan, Ukraine, South China, Wisconsin
FBI Director Christopher Wray on Wednesday warned Congress about a range of threats against the U.S., from Chinese hackers to heightened terrorist risks after the Oct. 7 attack on Israel. The FBI director has long warned about the Chinese government’s hacking capabilities. Cyberattacks and disinformation warfare can work in tandem, Wray warned. He also noted that AI can enhance foreign adversaries abilities to collect personal data and feed it into disinformation and influence operations. Heightened Terrorist Risk“We are, since Oct. 7, in a heightened threat environment from various forms of terrorist risk,” Wray warned, alluding to Hamas’ attack on Israel last year.
Persons: Christopher Wray, ” Wray, ” TikTok, Wray, , Organizations: Wednesday, U.S, Chinese Communist Party, FBI, Intelligence Locations: Israel, U.S, China, PRC, Iran
China's Xi Jinping and President Joe Biden are meeting in San Francisco at the APEC summit. AdvertisementPresident Joe Biden seems keen to ease tensions with his main global rival, China's leader Xi Jinping, against a backdrop of global chaos and conflict. Russia's President Vladimir Putin and Chinese President Xi Jinping pose with heads of delegations participating in the Third Belt and Road Forum in Beijing on October 18, 2023. Sun, the Stimson Center expert, said Xi will be seeking to use the meeting to burnish his image as a global statesman and head off China's economic woes. But whatever agreements Xi brokers with the US president it's unlikely to change his core mission: Chinese global dominance.
Persons: China's Xi Jinping, Joe Biden, , Xi Jinping, SERGEI, Jonathan Ward, Vladimir Putin, Biden, Xi, Putin, GRIGORY SYSOYEV, Ward, Yun Sun, Jeremy Chan, SAUL LOEB, Xi's, it's Organizations: APEC, Service, Economic Cooperation, Getty Images, Atlas Group, Russia's, Forum, Stimson Center, Eurasia Group, Getty Locations: San Francisco, China, Ukraine, Asia, East, Russia, Iran, Getty Images China, Beijing, Gaza, Israel, Palestine, Europe, Ethiopia, Argentina, Nusa Dua, Bali, Taiwan
CNBC's Investing in Space newsletter offers a view into the business of space exploration and privatization, delivered straight to your inbox. Coming in at a whopping 212 pages, the document represents the latest in-depth, albeit unclassified, view of China's military ambitions. The Pentagon highlighted that the space capabilities of the Chinese military, or PLA, are continuing to "mature rapidly" thanks to "significant economic and political resources to growing all aspects of its space program." China's PLA has a "Strategic Support Force," or SSF, under which is the "Space Systems Department", or SSD, that leads its military space operations. The Pentagon emphasized that most of those Chinese satellites can "support monitoring, tracking, and targeting of U.S. and allied forces worldwide, especially throughout the Indo-Pacific region."
Persons: CNBC's Michael Sheetz, landers, it's, Richard DalBello, China isn't Organizations: Taiyuan Satellite, CNBC's, Pentagon, PLA, Force, Systems Department, U.S, China, GPS, NASA Locations: Taiyuan, Shanxi Province, United States, Xi's, China, Namibia, Pakistan, Argentina, Kenya, U.S, Baku
Morning Bid: China spends, eyes on whether Europe lends
  + stars: | 2023-10-25 | by ( ) www.reuters.com   time to read: +2 min
[1/2] A China yuan note is seen in this illustration photo May 31, 2017. Microsoft (MSFT.O) and Google parent Alphabet (GOOGL.O) each beat forecasts, but their share prices went in opposite directions as investors zeroed in on cloud computing. On the luxury front Kering (PRTP.PA), owner of Gucci and Balenciaga, reported a bigger-than-expected drop in third-quarter sales. Gucci's revamped look, unveiled last month in Milan by designer Sabato De Sarno, is yet to hit stores. European loans data and a survey of German business conditions will be closely watched later on Wednesday.
Persons: Thomas White, Tom Westbrook, Gucci, Balenciaga, LVMH, Birkin, Gucci's, Sabato De Sarno, Michele Bullock, Sam Holmes Organizations: REUTERS, Giants, Microsoft, Google, Nasdaq, Facebook, . Santander, Deutsche Bank, Dassault, Dassault Systemes, CME Group, Hilton, Boeing, IBM, Meta, Thomson Locations: China, Asia, Milan, Japan
A Chinese navy ship is seen sailing in the South China Sea, October 4, 2023. REUTERS/Adrian Portugal/File Photo Acquire Licensing RightsMANILA, Oct 16 (Reuters) - The Philippine military has called out China to stop "unsafe actions" in the South China Sea, after a Chinese navy ship shadowed and attempted to cut off a Philippine navy vessel conducting a resupply mission late last week. A Chinese People's Liberation Army Navy (PLAN) vessel came as close as 350 yards as it tried to cross in front of the Philippine ship near Thitu island, Manila's biggest and most strategically important outpost in the South China Sea, according to armed forces chief Romeo Brawner. It was the latest in a series of attempts by China to monitor and block Philippine resupply missions to personnel in Manila-occupied features in the Philippines' exclusive economic zone in the South China Sea. China's claims sovereignty to almost the entire South China Sea, through which more than $3 trillion of trade passes each year.
Persons: Adrian Portugal, Romeo Brawner, Brawner, Ferdinand Marcos, Neil Jerome Morales, Gerry Doyle Organizations: REUTERS, Rights, Philippine, Liberation Army Navy, PLAN, China's PLAN, Washington, Thomson Locations: South China, Rights MANILA, China, Philippine, Thitu, Manila, Philippines, Beijing
That would be up from the 197 exaflop computing power the country currently has. For context, one exaflop is equivalent to the computing power of two million mainstream laptop computers, according to Counterpoint Research. The Chinese ministries said that the increased computing power will be required to support applications in industries including finance and education. "China aims to invest in growing in its computing power especially the AI, as it sees its major cloud providers launching AI solutions en masse for consumers and enterprises," Bassi said. Many AI applications currently are sold via cloud computing services, such as those offered by Chinese giants like Alibaba and Tencent .
Persons: Akshara Bassi, Bassi Organizations: U.S, Research, CNBC Locations: China
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