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☆ China lost 36% of its billionaires to years of economic troubles and crackdowns
▼ + stars: | 2024-10-30 | by ( Hannah Abraham | ) www.businessinsider.com time to read: +7 min

According to Hurun's 2024 rich list, China lost 432 billionaires since the high of 1,185 in 2021. Hurun, a private research group that has tracked Chinese billionaires since 1999, said the total peaked in 2021 with 1,185 billionaires, a figure which fell to 753, a decline of 432, or 36% of the total. It comes as some of China's superrich choose to lie low or leave the country, finding covert ways to take their money with them. "The stories of the individuals on the Hurun China Rich List tell the story of the Chinese economy," said Rupert Hoogewerf, Hurun's Chairman and Chief Researcher. AdvertisementThat led, among other things, to regulatory crackdowns on tech platform companies and campaigns against China's rich entrepreneurs.

Persons: —, crackdowns, China's superrich, Zhang Yiming, Bytedance, Yiming, Zhong Shanshan, Rupert Hoogewerf, Robin Zeng, Li, Kerry Brown, Xi, Jack Ma, Alibaba, Brown, Joel Gallo, China shouldn't, it's Organizations: Service, Reuters, King's College London, Ant Group, & Partners, Bloomberg, New York University Shanghai, Communist Locations: China, Taiwan, Greater China

☆ Trump’s conviction: The former US president is trending on Chinese social media, and many are rejoicing
▼ + stars: | 2024-05-31 | by ( Nectar Gan | ) edition.cnn.com time to read: +4 min

And as China woke up Friday to the news of Trump’s conviction on 34 felony counts of falsifying business records, the country’s heavily censored social media lit up. Under leader Xi Jinping, China’s most assertive leader in decades, the country’s social media platforms have become increasingly dominated by anti-American, nationalistic voices. Second, can he still run for president?”But analysts say Trump’s conviction could be a tricky topic for Chinese state propagandists to navigate. So far, Chinese state media outlets have yet to publish the kind of blistering commentaries that previously appeared alongside news coverage of Trump’s legal entanglements. Alfred Wu, an associate professor at the Lee Kuan Yew School of Public Policy at the National University of Singapore, said China’s state media is unlikely to play up the coverage in the days ahead.

Persons: Donald Trump, it’s, Communist Party —, China’s, “ Trump’s, ”, Trump, Chuan Jianguo, “ Trump, influencers, Xi Jinping, –, Hu Xijin, “, Bill Bishop, Alfred Wu, Lee, they’re, Wu Organizations: CNN, Communist Party, Xinhua, Washington, Global Times, Lee Kuan Yew, of Public, National University of Singapore Locations: China, United States, Weibo, Beijing, America

☆ Trump Pushes Immigration Conspiracy Theories and Mass Deportations
▼ + stars: | 2024-02-04 | by ( Maggie Astor | ) www.nytimes.com time to read: +1 min

Former President Donald J. Trump, in an interview that aired on Fox News on Sunday, suggested falsely that Latin American governments were picking the citizens they didn’t want and shipping them to the U.S. border, resurrecting a claim that was central to his 2016 campaign. He also accused the Chinese Communist Party — without providing any evidence — of orchestrating illegal immigration into the United States, and said he believed China would try to interfere in the presidential election, adding that he liked President Xi Jinping “a lot.”Asked by the interviewer, Maria Bartiromo, whether he thought “military-aged men” from China were “being directed by the Communist Party to come here,” Mr. Trump said: “I believe so.”Referring to a recent incident in New York City in which a group of men identified by police officials as migrants from Latin America attacked police officers, Mr. Trump said: “The heads of these countries are smart. They’re not sending the people that are doing a great job and that they love in the country. They’re sending people, for the most part, that they don’t want, and they’re putting them into caravans.”

Persons: Donald J, Trump, Xi Jinping, Maria Bartiromo, ”, ” Mr, “ Organizations: Fox News, Communist Party, Latin America Locations: U.S, United States, China, New York City, Latin

☆ Goldman Sachs expects China stocks to make first annual gain in 4 years in 2024
▼ + stars: | 2023-11-22 | by ( Clement Tan | ) www.cnbc.com time to read: +4 min

"Our view is very clear," Kinger Lau, Goldman Sachs chief China equity strategist, told CNBC's "Squawk Box Asia" on Tuesday. China rebalancingWith just under six weeks of the year remaining, the MSCI China and CSI 300 indexes are both poised for third-straight annual losses. Goldman Sachs noted both mutual and hedge fund mandates globally are running with multi-year low allocations in Chinese stocks. Key changesIn their latest outlook paper, Goldman Sachs strategists upgraded the food and beverage sector to overweight from market weight and technology hardware sector to overweight from underweight. Real estate has been a key driver of the downturn in the Chinese economy after Beijing started cracking down on the debt levels of mainland developers in 2020.

Persons: Goldman Sachs, Kinger Lau, CNBC's, it's, Lau Organizations: Getty, 20th Central Committee, Chinese Communist Party, CSI Locations: Beijing, China

☆ A 2020 hack of the Japanese military was tied to cyberspies from China's People's Liberation Army
▼ + stars: | 2023-08-07 | by ( Katherine Tangalakis-Lippert | ) www.businessinsider.com time to read: +3 min

The Washington Post reported on a 2020 hack on the Japanese military conducted by Chinese cyberspies. The hack gave Chinese spies access to Japanese military plans, capabilities, and shortcomings. The Post on Monday detailed a previously unreported hack into Japanese military networks by China's People's Liberation Army in 2020. The hack offered Chinese cyberspies access to Japanese military plans, capabilities, and shortcomings, the outlet reported. The news, coupled with reports from May of China installing malware into US military systems, signals a significant escalation in how the People's Liberation Army — the military arm of China's ruling communist party — is targeting foreign adversaries.

Persons: Fumio Kishida Organizations: Washington Post, Service, The Washington Post, China's People's Liberation Army, Post, People's Liberation Army Locations: China, Wall, Silicon, U.S, Japan, United States, East Asia, Japanese

☆ The FBI surveilled J. Robert Oppenheimer for months on one man's suggestion. During the surveillance, interviewees alleged he was feeding nuclear secrets to the Soviet Union.
▼ + stars: | 2023-07-29 | by ( Sebastian Cahill | ) www.businessinsider.com time to read: +4 min

The FBI watched J. Robert Oppenheimer for months after he helped make the WWII-ending atomic bomb. Reports from the FBI show Oppenheimer was accused of Communism and spreading information to Russia. During the investigation, though, Pitzer said he had new doubts about Oppenheimer's loyalty to the country, due to his initial reservations about the development of the H-bomb. The Atomic Heritage Foundation does consider Oppenheimer likely to have held communist sympathies, but maintains that information in the report was exaggerated. At the end of the inquest, Oppenheimer's top-level security clearances were revoked, a devastating blow to the scientist.

Persons: Robert Oppenheimer, Oppenheimer, J, Christopher Nolan's, Edgar Hoover, Lewis Strauss, Hoover, Strauss, Kenneth Pitzer, Pitzer, Ward Evans, Jean Tatlock, Bernard Peters, Oppenheimer's, Jennifer Granholm, Granholm, AHF Organizations: FBI, Congress, Service, US Atomic Energy, Los Alamos National Laboratory, UC, Loyola University , Chicago, Atomic Energy, German Communist Party, Atomic Heritage Foundation, USA, US, Department of Energy, DOE Locations: Russia, Wall, Silicon, Soviet Union, UC Berkeley's

☆ As Ties to China Turn Toxic, Even Chinese Companies Are Breaking Them
▼ + stars: | 2023-06-15 | by ( Ana Swanson | ) www.nytimes.com time to read: +1 min

As it expanded internationally, Shein, the rapidly growing fast fashion app, progressively cut ties to its home country, China. Yet the clothing retailer can’t shake the focus on its ties with China. Along with other brands like the viral social app TikTok and shopping app Temu, Shein has become a target of American lawmakers in both parties. As relations between the United States and China turn increasingly rocky, some of China’s most entrepreneurial brands have taken steps to distance themselves from their home country. They have set up new factories and headquarters outside China to serve the United States and other foreign markets, emphasized their foreign ties and scrubbed any mention of “China” from their corporate websites.

Persons: Shein, Chinese Communist Party —, “, Marco Rubio Organizations: Chinese Communist Party, Republican Locations: China, Singapore, Nanjing, Ireland, Indiana, Washington, Florida, United States

☆ Dimon calls for Washington-Beijing engagement in first China visit since 2021 controversy
▼ + stars: | 2023-05-31 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

JPMorgan Chase & Co CEO Jamie Dimon on Wednesday called for "real engagement" between policymakers in Washington and Beijing, as Sino-U.S. relations continue to fray. Speaking at the JPMorgan Global China Summit in Shanghai — in his first visit to China since his 2021 apology for joking that JPMorgan would outlast the Chinese Communist Party — Dimon said that security and trade disputes between the world's two largest economies over are "resolvable." "You're not going to fix these things if you are just sitting across the Pacific yelling at each other, so I'm hoping we have real engagement," Dimon said, according to Reuters. In November 2021, Dimon expressed "regret" over remarks that JPMorgan would outlast China's ruling party, seeking to limit damage to the bank's growth ambitions in the country. The comments that invoked Beijing's ire came shortly after JPMorgan won regulatory approval to become the first foreign company to establish full ownership of a securities brokerage in China.

Persons: Jamie Dimon, Chinese Communist Party — Dimon, Dimon, JPMorgan Organizations: JPMorgan Chase, Company, Banking, Housing, Urban Affairs, Capitol, JPMorgan Global China Summit, Chinese Communist Party, Reuters, East, JPMorgan, Top U.S Locations: Washington , U.S, Washington, Beijing, U.S, Shanghai —, China, West, Top, South China

☆ After calling the Russia-Ukraine war a 'territorial dispute,' DeSantis says Putin is a 'war criminal' and 'basically a gas station with a bunch of nuclear weapons'
▼ + stars: | 2023-03-23 | by ( Kelsey Vlamis | ) www.businessinsider.com time to read: +3 min

Ron DeSantis called the Russia-Ukraine war a "territorial dispute" last week. When asked about the comment, DeSantis said Russia's invasion was "wrong" and Putin was a "war criminal." Ron DeSantis used some of his harshest words yet for Russian President Vladimir Putin and the invasion of Ukraine. DeSantis's comments come after he downplayed the US interest in the war, referring to it as a "territorial dispute" between Russia and Ukraine. When asked about his "territorial dispute" comment, DeSantis told Morgan his words had been "mischaracterized," adding that "obviously" Russia invaded last year, as well as Crimea in 2014, and was "wrong" to do so.

☆ GOP presidential candidate Nikki Haley appeared to shade Ron DeSantis, referencing his comments on the Ukraine war and calling it 'weakness'
▼ + stars: | 2023-03-21 | by ( Hannah Getahun | ) www.businessinsider.com time to read: +3 min

Haley made reference to Republicans who refer to the Ukraine war as a "territorial dispute." Some call it a mere 'territorial dispute,'" Haley wrote. The quote "territorial dispute" is a possible reference to a statement DeSantis made on March 13, when he called for an end to US aid for Ukraine. Prior to this statement, DeSantis had supported aid to Ukraine and later became defensive when a reporter asked him about his position earlier this month. New Hampshire Governor Chris Sununu also criticized DeSantis using the term "territorial dispute" to describe the war in an op-ed for the Washington Post.

☆ Ron DeSantis was invited to Ukraine to gain a 'deeper understanding' of the war after the Florida governor called Russia's full-scale invasion a 'territorial dispute'
▼ + stars: | 2023-03-16 | by ( Azmi Haroun | ) www.businessinsider.com time to read: +3 min

Ron DeSantis called Russia's year-long war in Ukraine a 'territorial dispute,' on Monday. On Tuesday, Ukraine's foreign ministry invited DeSantis to see the situation on the ground himself. Ron DeSantis to visit the war-torn country after DeSantis reduced Russia's full-scale invasion of its neighbor to a "territorial dispute," earlier this week. DeSantis' comments came via a statement sent to Fox News on Monday where he said that Russia's war in Ukraine was not a "vital interest." The next day, Ukraine foreign ministry spokesman Oleg Nikolenko pushed back against DeSantis' comments and extended an offer, per the BBC.

☆ After Ron Desantis got testy over a reporter’s question about Ukraine, he told Tucker Carlson the war should not be a US priority, moving closer to Trump’s position
▼ + stars: | 2023-03-14 | by ( Kelsey Vlamis | Hannah Getahun | Erin Snodgrass | ) www.businessinsider.com time to read: +4 min

Ron DeSantis has previously avoided taking a hard stance on the US's Ukraine policy. On Monday, DeSantis said in a statement the Ukraine war is not of "vital national interest." The US has since provided Ukraine with billions of dollars of military aid, which has had bipartisan support. For Biden and his European allies, support for Ukraine is framed as a vital part of protecting the sovereignty of the country. Prominent House Republicans Rep. Mike McCaul and Rep. Mike Turner have even called on Biden to increase existing support for Ukraine.

☆ DeSantis flip-flopped on aid to Ukraine after previously offering full-throated support for arming Kyiv
▼ + stars: | 2023-03-14 | by ( John Haltiwanger | ) www.businessinsider.com time to read: +5 min

Ron DeSantis says it's not in the "vital" interests of the US to help Ukraine defend itself from Russia. But as a member of Congress in 2015, DeSantis offered strong support for arming Kyiv. Trump's first impeachment was linked, in part, to his dealings with Ukraine and a decision to freeze vital security aid to Kyiv. To be sure, it was the Trump administration who first provided US lethal aid to Ukraine, providing Javelin anti-tank missiles. Recent polling also suggests that Republican voters are more likely than Democratic voters to oppose further aid to Kyiv.

☆ The House of Representatives will have more guys named 'Mike' than women chairing committees under the new Republican majority
▼ + stars: | 2023-01-10 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +3 min

House Republicans have announced a new slate of committee chairs for the new Congress. Six of the committees will be chaired by a man named Mike or Michael. On Monday, House Republicans sorted out a number of contested chairmanships, and House Majority Steve Scalise released a list of recommendations for chairmanships that were ratified by the conference on Tuesday. The result: men named "Mike" will outnumber women two-to-one among committee chairs. Under Democratic leadership in the previous Congress, 7 House committees were chaired by women.

☆ Lawmakers unveil bipartisan bill that aims to ban TikTok in the U.S.
▼ + stars: | 2022-12-13 | by ( Lauren Feiner | ) www.cnbc.com time to read: +2 min

TikTok, owned by Chinese company ByteDance, has raised fears in the U.S. that Chinese government officials could gain access to U.S. user data under Chinese law that could compel the company to hand over information. TikTok has insisted U.S. user data is safely stored outside of China, which it says should keep it out of reach of government officials. A new bill from a bipartisan group of lawmakers, if passed, would ban TikTok in the U.S. after years of broad concern across the Trump and Biden administrations about potential Chinese government influence on the company. FBI Director Christopher Wray testified before Congress recently that he's "extremely concerned" about the Chinese government's potential influence through TikTok on U.S. users. "It is troubling that rather than encouraging the Administration to conclude its national security review of TikTok, some members of Congress have decided to push for a politically-motivated ban that will do nothing to advance the national security of the United States," a TikTok spokesperson said.

☆ 1 in 5 of China's urban youth are unemployed. That's a huge headache for Xi Jinping
▼ + stars: | 2022-09-19 | by ( Laura He | Cnn Business | ) edition.cnn.com time to read: +9 min

The youth unemployment rate has repeatedly hit new highs this year , rising from 15.3% in March to a record 18.2% in April. In the past few months, mass layoffs have engulfed once booming Chinese industries ranging from private tutoring to real estate. Xi is seeking a historic third term when the Communist Party hold its congress next month. But youth unemployment will constitute a "major threat" to China's economic and political stability in the long run, he added. But the government seems unwilling to tackle the main reason behind China's economic slowdown this year — the zero Covid policy .

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