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☆ Henry Kissinger meets with China's defense minister in Beijing
▼ + stars: | 2023-07-18 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

Former U.S. diplomat Henry Kissinger appears on a screen as he delivers a video address to the participants of the World Economic Forum (WEF) 2023, in the Alpine resort of Davos, Switzerland, January 17, 2023. BEIJING — Henry Kissinger, a former U.S. secretary of State, met with China's defense minister, Li Shangfu, in Beijing on Tuesday, the ministry said in a statement. Kissinger's meeting with Li comes as John Kerry, special presidential envoy for climate, is also in Beijing for climate talks. Li and his U.S. defense counterpart have not spoken officially despite increased tensions around the Taiwan Strait. Blinken said he failed to restore military-to-military talks with China during his visit last month.

Persons: Henry Kissinger, BEIJING — Henry Kissinger, Li Shangfu, Li, John Kerry, Janet Yellen, Antony Blinken, Blinken Organizations: U.S, Economic, State, Embassy, CNBC, Treasury, China Locations: Davos, Switzerland, BEIJING, U.S, Beijing, China, Taiwan Strait

☆ China is telling anyone who'll listen it's open for business again – but its economy has a Xi Jinping problem
▼ + stars: | 2023-07-18 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

China is signaling to the rest of the world that it's open for business again. Both Elon Musk and Janet Yellen have made trips to Beijing recently. But less money is flowing into the country – with foreign investors likely alienated by Xi Jinping's authoritarianism. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. Spooked investors responded by dumping Chinese stocks in a $6 trillion blowout, while the onshore Chinese yuan dropped against the US dollar.

Persons: Elon Musk, Janet Yellen, Xi, Li Qiang, John Kerry, Mark Mobius, he'd Organizations: Service, Privacy, China, Tesla, Communist Party, Bain, Co, Big Tech Locations: China, Beijing, Wall, Silicon, Tianjin, Shanghai, West

☆ John Kerry Tilts at Chinese Coal Plants
▼ + stars: | 2023-07-17 | by ( The Editorial Board | ) www.wsj.com time to read: 1 min

Review & Outlook: Speaking at the World Economic Forum in Davos on Jan. 17, 2023, Joe Biden's presidential envoy for climate linked his crusade against climate change to fighting the Nazis in World War II. Images: AP/STF/AFP/Getty Images Composite: Mark KellyChina said Monday that its economy nearly stalled to a 0.8% growth rate in the second quarter, but never fear, John Kerry is here. The U.S. climate envoy is in Beijing this week to tell Chinese officials that they need to follow America in putting their economy further at risk by moving away from fossil fuels at a rapid pace.

Persons: Joe Biden's, Mark Kelly China, John Kerry Organizations: Economic, Jan, Getty Locations: Davos, AFP, U.S, Beijing

☆ U.S. and China envoys seek to revive climate diplomacy
▼ + stars: | 2023-07-17 | by ( ) www.cnbc.com time to read: +1 min

US climate envoy John Kerry gestures as he speaks next to China's special climate envoy Xie Zhenhua during a session at the World Economic Forum annual meeting in Davos on May 24, 2022. Fabrice Coffrini | Afp | Getty ImagesU.S. climate envoy John Kerry said it was "imperative that China and the United States make real progress" in the four months before the COP28 global climate talks in Dubai, as he met his counterpart Xie Zhenhua in the Chinese capital on Monday. He also urged China to partner with the United States to cut methane emissions and reduce the climate impact of coal-fired power, with the two sides aiming to rebuild trust following a suspension in talks last year. Kerry praised the "incredible job" China has been doing in building up renewable energy capacity but said it had been undercut by the construction of new coal power plants. China has pledged to start reducing coal consumption, but not until 2026, and new coal power project approvals have accelerated since last year.

Persons: John Kerry, Xie Zhenhua, Fabrice Coffrini, Xie, Kerry Organizations: Afp, Getty Locations: Davos, China, United States, Dubai

☆ China's quarterly report card is in, and it's bad — but Beijing is unlikely to step in and prop up the economy just yet
▼ + stars: | 2023-07-17 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

China posted GDP growth of 6.3% in the second quarter of 2023, badly missing expectations. Even so, China is unlikely to unleash major stimulus measures to boost the economy because it's already in so much debt. And while the GDP did grow year-on-year, it bears noting that the comparison is with a low base from last year when China's economy was battered by on-off COVID-19 restrictions. "There are growing hopes for 'big bang' stimulus to fire up China's growth," Vishnu Varathan, the head of economics and strategy at Mizuho Bank, wrote in a Monday note before China's second-quarter GDP release. The inherent risk with such high debt levels is that a default threatens a domino impact on the Chinese economy — and even the world.

Persons: Vishnu Varathan, China's, Liu Guoqiang, Zhu Min, Robert Carnell, ING's, Carnell, Nomura Organizations: Service, Reuters, Mizuho Bank, Bloomberg, International Monetary Fund, Asia Pacific Locations: China, Wall, Silicon, Beijing, Tianjin

The executives plan to hold meetings with U.S. officials to talk about market conditions, export controls and other matters affecting their businesses, one of the sources said. Intel and Qualcomm declined to comment, and officials at the White House did not immediately return a request for comment. The sources said other semiconductor CEOs may also be in Washington next week. The chip industry has been warmly received in Washington in recent years as lawmakers and the White House work to shift more production to the U.S. and its allies, and away from China. Many U.S. chip firms get more than one-fifth of their revenue from China, and industry executives have argued that reducing those sales would cut into profits that they reinvest into research and development.

Persons: Arnd, Biden, Pat Gelsinger, Cristiano Amon, Andrea Shalal, Stephen Nellis, Karen Freifeld, Chris Sanders, Edmund Klamann Organizations: Intel Corporation, REUTERS, Intel Corp, Qualcomm Inc, Intel, Qualcomm, White, Huawei Technologies Co, Reuters, Huawei, Nvidia, Nvidia Corp, Thomson Locations: Davos, Switzerland, Washington, China, U.S, Beijing, Many U.S, San Francisco, New York

☆ John Kerry to step into searing China heat as world’s two biggest polluters try to fix fractured ties
▼ + stars: | 2023-07-15 | by ( Nectar Gan | ) edition.cnn.com time to read: +10 min

China Energy Investment Corporation, the world’s largest generator of coal-fired power, said its production of electricity reached a historic high on Monday. Kerry, 79, has traveled to China twice since being appointed as US President Joe Biden’s special climate envoy. Li, the Greenpeace analyst, said he would be closely watching who will meet with Kerry in Beijing. That would require the country to phase out coal power, which accounts for about 60% of its total electricity generation. “The expansion of coal is a grave challenge for China’s climate policy,” Li said.

Persons: John Kerry, ”, Li Shuo, Nancy Pelosi’s, ” Li, Andy Wong, Kerry, Biden, Antony Blinken, Xi Jinping, Janet Yellen, China’s Premier Li Qiang, Blinken, Wang Yi, Alex Wang, Joe Biden’s, Xie Zhenhua, Arnd Wiegmann, Li, Xie Jianhua, Ding Xuexiang, Xi, Obama, Xie, ” Kerry, “ I’m, Stringer, Wang, “ It’s, “, ” Wang Organizations: Hong Kong CNN, Beijing Sunday, Greenpeace, Washington, US, Taiwan —, China Energy Investment Corporation, China’s Premier, University of California, US State Department, China’s Ministry of Ecology, Economic, Blinken, Kerry, CNN, COP28, UCLA, Global Energy Monitor Locations: Hong Kong, Beijing, United States, China, Greenpeace China, Taiwan, Jakarta, “, Los Angeles, Kerry, Shanghai, Tianjin, People’s Republic of China, Davos, Switzerland, Washington, Paris, China Glasgow, Dubai, Lianyungang, China's, Jiangsu, AFP

☆ John Kerry steps into searing China heat as world’s two biggest polluters try to fix fractured ties
▼ + stars: | 2023-07-15 | by ( Nectar Gan | ) edition.cnn.com time to read: +10 min

Persons: John Kerry, ”, Li Shuo, Nancy Pelosi’s, ” Li, Andy Wong, Kerry, Biden, Antony Blinken, Xi Jinping, Janet Yellen, China’s Premier Li Qiang, Blinken, Wang Yi, Alex Wang, Joe Biden’s, Xie Zhenhua, Arnd Wiegmann, Li, Xie Jianhua, Ding Xuexiang, Xi, Obama, Xie, ” Kerry, “ I’m, Stringer, Wang, “ It’s, “, ” Wang Organizations: Hong Kong CNN, Greenpeace, Washington, US, Taiwan —, China Energy Investment Corporation, China’s Premier, University of California, US State Department, China’s Ministry of Ecology, Economic, Blinken, Kerry, CNN, COP28, UCLA, Global Energy Monitor Locations: Hong Kong, Beijing, United States, China, Greenpeace China, Taiwan, Jakarta, “, Los Angeles, Kerry, Shanghai, Tianjin, People’s Republic of China, Davos, Switzerland, Washington, Paris, China Glasgow, Dubai, Lianyungang, China's, Jiangsu, AFP

☆ Fact Check-World Economic Forum not banning natural conception
▼ + stars: | 2023-07-14 | by ( Reuters Fact Check | ) www.reuters.com time to read: +1 min

An article that falsely claims the World Economic Forum (WEF) has banned natural conception is being shared in several modes online. Seen in full (here ), the article claims in its headline: “WEF Bans Natural Conception: All Babies Must Be Lab-Grown by 2030”. “The World Economic Forum never called for banning natural conception and lab grown babies. These are false claims to discredit the important work that the World Economic Forum does on serious global challenges,” a WEF spokesperson told Reuters via email. It does not have decision-making power such as the power to ban natural conception (here).

Persons: ”, Read Organizations: Economic, Reuters

REUTERS/Arnd Wiegmann/File PhotoJuly 14 (Reuters) - The chief executives of Intel Corp (INTC.O) and Qualcomm Inc (QCOM.O) are planning to visit Washington next week to discuss China policy, according to two sources familiar with the matter. The executives plan to hold meetings with U.S. officials to talk about market conditions, export controls and other matters affecting their businesses, one of the sources said. Intel and Qualcomm declined to comment, and officials at the White House did not immediately return a request for comment. The sources said other semiconductor CEOs may also be in Washington next week. U.S. officials are considering tightening export rules affecting high-performance computing chips and shipments to Huawei Technologies Co Ltd, sources told Reuters in June.

Persons: Arnd, Biden, Andrea Shalal, Stephen Nellis, Karen Freifeld, Edmund Klamann Organizations: Intel Corporation, REUTERS, Intel Corp, Qualcomm Inc, Intel, Qualcomm, White, Huawei Technologies Co, Reuters, Huawei, Nvidia, Thomson Locations: Davos, Switzerland, Washington, China, U.S, San Francisco, New York

☆ U.S. climate envoy John Kerry to visit China as talks pick up again
▼ + stars: | 2023-07-12 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

US climate envoy John Kerry (L) gestures as he speaks next to China's special climate envoy Xie Zhenhua (R) during a session at the World Economic Forum annual meeting in Davos on May 24, 2022. BEIJING — John Kerry, special presidential envoy for climate, is set to visit Beijing from July 16 to 19, according to announcements from the U.S. and China. Kerry's trip will mark the third time in a month that a high-level U.S. official has traveled to China for talks. Treasury Secretary Janet Yellen ended a four-day trip to Beijing on Sunday. Secretary of State Antony Blinken visited Beijing in late June, months after he was originally scheduled to travel there in February.

Persons: John Kerry, Xie Zhenhua, BEIJING — John Kerry, Kerry, Janet Yellen, Antony Blinken, Blinken Organizations: U.S . State Department, Sunday Locations: Davos, BEIJING, Beijing, U.S, China, People's Republic of China

☆ Teen hacked Uber, Revolut and Grand Theft Auto maker, London court hears
▼ + stars: | 2023-07-11 | by ( Sam Tobin | ) www.reuters.com time to read: +2 min

REUTERS/Arnd Wiegmann/File PhotoLONDON, July 11 (Reuters) - A teenage member of the Lapsus$ hacking group hacked Uber (UBER.N) and fintech firm Revolut then blackmailed the developers of best-selling videogame Grand Theft Auto, prosecutors have told a London court. Arion Kurtaj, 18, is said to have targeted Revolut and Uber in September 2022, accessing around 5,000 Revolut customers' information and causing nearly $3 million of damage to Uber. Prosecutors allege he hacked Rockstar Games days later and threatened to release the planned Grand Theft Auto sequel's source code in a Slack message sent to all Rockstar staff. Kurtaj later embarked on a solo cyber crime spree, Barry said, first targeting Revolut then Uber two days later before hacking Rockstar Games. He has previously pleaded guilty to two offences under the Computer Misuse Act and one count of fraud.

Persons: Arnd, Revolut, Arion Kurtaj, Uber, Kevin Barry, Kurtaj, Barry, Sam Tobin, Nick Macfie Organizations: Economic, REUTERS, Auto, Prosecutors, Rockstar, BT Group, Nvidia Corp, London's, BT, EE, Computer, Nvidia, Thomson Locations: Davos, Switzerland, London, Lapsus, London's Southwark

☆ Opinion: The election that couldn’t happen in high school
▼ + stars: | 2023-07-09 | by ( Richard Galant | ) edition.cnn.com time to read: +15 min

CNN —In the classic 1999 film, “Election,” the high school student government vote has everything: naked ambition, campaign poster shredding, ballot manipulation, infidelity and more. But what the gifted writer Tom Perotta likely couldn’t imagine was an election in which two unpopular candidates square off for president. That doesn’t happen in high school, even in a satirical movie. The president supports stripping that state of its first-in-the-nation primary status in favor of South Carolina, the state that energized Biden’s 2020 campaign. “In the runup to the 2024 elections, Democrats plan to put the Supreme Court on trial,” wrote David Mark.

Persons: Reese Witherspoon, Tracy Flick, ” Matthew Broderick, Jim McAllister, Tracy, Tom Perotta, Joe Biden, Donald Trump, Trump, Harry Enten, “, Julian Zelizer, ” Biden, Biden, specter, … ” Dana Summers, Robert F, Kennedy Jr, — Lyndon Johnson, Jimmy Carter, George H.W, Bush —, Kennedy, ”, MAGA, Sen, Lindsey Graham’s, Trump’s, Dean Obeidallah, Graham, Michael Flynn, Flynn, Peter Bergen, Erik German, Bill Bramhall, ” “ Flynn, ‘, America’s, …, Geoff Duncan, Drew Sheneman, Roe, Wade, David Mark, … ” Lisa Benson, GoComics.com, Biden romped, Jack Ohman, Kara Alaimo, Coles Whalen, ’, Alice Driver, Clay Jones, Mark Zuckerberg, Elon Musk, Meta, David Zurawik, Victoria, Olesya Khromeychuk, Victoria Amelina, Andrei Kartapolov, Sharp, ” Khromeychuk, ” Don’t, Sheikh Mohammed Al, Issa, David A, Nicole Hemmer, Jill Filipovic, Sonia Pruitt, Lynda Lin Grigsby, Sara Stewart, Jharrel Jerome, Boots Riley, Holly Thomas, Phoebe Waller, Indiana Jones, Harrison Ford, He’s, goddaughter Helena, Archimedes, Jones, Waller Organizations: CNN, Capitol, Trump, Biden, Agency, Republicans, RFK Jr, New, ”, FBI, Economic, Republican National, Republican Party, GOP, Democratic, McKinsey & Company, Twitter, Facebook, Russian Duma Defense, Hollywood, “, Indy Locations: New Hampshire, South Carolina, ” Bergen, German, Davos, Georgia, California, “, Russian, Ukrainian, Kramatorsk, Ukraine, New York, Donetsk, Auschwitz, Here’s, Oakland , California

Public prosecutors in Japan have not released information regarding the case and did not respond to CNN’s request for comment. Rina Gonoi, a former member of Japan's Ground Self-Defense Force, checks old photos on her phone. “That makes it hard for people to speak out.”Rina Gonoi says she endured physical and verbal sexual abuse while she served in Japan's Self-Defense Forces. In 1992, Japan’s National Defense Academy finally began accepting women, which made it possible for them to become senior officers. “We are aware that the perpetrators of sexual harassment cases are scheduled to be punished severely.

Persons: Tokyo CNN — Rina Gonoi, Gonoi, “, ”, Rina Gonoi Gonoi’s, Staff Yoshihide Yoshida, dishonorably, Rina Gonoi, Philip Fong, Japan’s, Fumika Sato, ” Sato, Sato, ” Rina Gonoi, Rina, Shinzo Abe, Richard A, Brooks, –, ” Gonoi, Gonoi’s, I’d, Yasukazu Hamada, Fumio Kishida, hasn’t, you’ve, “ I’m Organizations: Tokyo CNN, Defense Force, Japan’s Ministry of Defense, Staff, Defense Forces, NHK, Public, Getty, Hitotsubashi University, Defense Ministry, CNN, National Press Club, Japan’s National Defense Academy, Defense, Japan’s, Self - Defense Force, Ministry of Defense, ”, “, SDF Locations: Japan’s, Japan, AFP, Japan's, North Korea, China, Tokyo, Higashi, Miyagi, Fukushima

☆ Homeless World Cup brings its message of hope to California
▼ + stars: | 2023-07-08 | by ( Rachel Nostrant | ) www.reuters.com time to read: +3 min

The 40-team tournament, which runs from July 8-15 at the University of California at Sacramento, is the brainchild of Homeless World Cup Foundation. Fahrudin Muminovic represented Bosnia and Herzegovina at the 2019 Homeless World Cup in Wales. This is the first time the Homeless World Cup will take place in the U.S. There are two different fields of play, the World Cup, which consists of both men's and co-ed teams, and the Women's World Cup, featuring women-only matches. The final match will be held July 15, five days before 32 teams take the field for the 9th annual FIFA Women's World Cup in Australia and New Zealand.

Persons: Shannon Stapleton, Mel Young, Fahrudin Muminovic, Sienna Jackson, Young, “, ” Young, Rachel Nostrant, David Gregorio Our Organizations: REUTERS, University of California, Homeless, Foundation, World Economic, Team USA, Sacramento State, Youth Center, U.S, FIFA, Thomson Locations: Los Angeles , California, U.S, California, Sacramento, Bosnia, Herzegovina, Wales, Srebrenica, South Africa, France, Denmark, Australia, New Zealand

☆ Analysis: How Michael Flynn went down the conspiracy theory rabbit hole
▼ + stars: | 2023-07-08 | by ( Zachary B. Wolf | ) edition.cnn.com time to read: +13 min

When you have General Flynn and Sidney Powell suggesting somehow the military should indeed seize voting machines. As we say in the podcast, Trump called him publicly at a recent conference in May, where he vowed to bring back Mike Flynn again, implying that Flynn would be part of his national security team. WOLF: Do you have any insight into how this kind of conspiracy theory fever afflicts a person? Why does it happen to Michael Flynn and not retired Army Gen. Stanley McChrystal, who I learned from your podcast was a mentor to Flynn in Afghanistan? From intelligence work to conspiracy theoriesWOLF: You talk in the podcast about encountering Flynn in his previous line of work – somebody involved in the intelligence community.

Persons: Donald Trump, Trump, Rudy Giuliani, Sidney Powell, Michael Flynn, Patrick Byrne, Giuliani, Powell, Flynn, Byrne, Jack Smith, Peter Bergen, ”, who’s, Smith, WOLF, “, ” He’s, President Trump, Mike Flynn, It’s, Covid, Stanley McChrystal, Richard, Hofstadter, ” There’s, that’s, You’ve, they’re, Vladimir, Putin, That’s, Obama, Hillary Clinton, John Locher, Osama bin Laden Organizations: CNN, … Prosecutors, Trump, Twitter, New, Apple, Spotify, White, Defense Intelligence Agency, World Economic, Army, State Department, Republican, New America, Oklahoma, Oklahoma City, Black Panthers, Puerto Locations: New America, Bergen, BERGEN, Washington ,, United States, America, Davos, Switzerland, Afghanistan, Russian, Ukraine, Bedford , New Hampshire, New York, Miami, Puerto Rican

☆ Opinion: Trump’s enthusiasm for bringing back Michael Flynn is a revealing sign
▼ + stars: | 2023-07-06 | by ( Opinion Peter Bergen | Erik German | ) edition.cnn.com time to read: +9 min

Which raises the question: Who would Trump bring back into his orbit should there be a second Trump term? Flynn was handsomely repaid by Trump when he won the 2016 presidential election, gaining the critical position of national security adviser. That is, they agree or strongly agree with statements such as “the federal government should declare the US a ‘Christian nation….’”The “ReAwaken America Tour”The ReAwaken America crowd looks to be a highly energized vanguard within this population. For an Audible podcast that we produced about Flynn and his role in ReAwaken America, Clark told us he considers Flynn “to be kind of like a father figure to [him],” and he hopes that Flynn will be Trump’s vice-presidential candidate. On tour, Flynn is dubbed, without irony, “America’s general,” and, at the event we attended in May, America’s general was the unquestionable star of the show.

Persons: Peter Bergen, Peter Bergen ”, Erik German, “, Donald Trump, can’t, Trump, Michael Flynn, Flynn, We’re, Flynn wouldn’t, Mike Pence, Joe Biden, ”, Andrew Whitehead, Samuel Perry, Paul Djupe, Jacob Dennen, Donald, ’, Clay Clark, Clark, Flynn “, America’s, …, Klaus Schwab, Schwab, I’m, ” Flynn, he’s Organizations: New, Arizona State University, Apple, Spotify, CNN, White House, Trump, Peter Bergen CNN, Trump National Doral Hotel, Republican, FBI, White, Denison University, Economic, America, Twitter, Facebook, Miami Locations: New America, Miami, Afghanistan, Iraq, Russian, America, Oklahoma, ReAwaken America, Davos, Switzerland

BEIJING, July 5 (Reuters) - China's Commerce Minister told foreign pharmaceuticals firms they can expect "more development opportunities" during a roundtable on Wednesday, his ministry said, as drugmakers bemoan government procurement policies pricing them out of the market. Foreign pharmaceuticals firms have struggled to cement any inroads they have made into the world's second-largest economy, with the government maintaining a drug procurement programme that forces them to slash their prices and refusing to approve the use of any foreign COVID-19 vaccines during the pandemic. But as China pursues home-grown modernisation it will also open up "more development opportunities for foreign-funded enterprises, including the pharmaceutical industry," Wang told the meeting. Wang told the meeting on Wednesday that his ministry will expand the channels of communication for responding to and solving concerns, with the meeting resulting in 25 specific suggestions to be taken forward. Reporting by Joe Cash; Additional reporting by Kevin Yao;Editing by Elaine HardcastleOur Standards: The Thomson Reuters Trust Principles.

Persons: Roche, Takeda, Wang Wentao, Wang, Li Qiang, Li, drugmakers, Joe Cash, Kevin Yao, Elaine Hardcastle Organizations: China's Commerce, AstraZeneca, Bayer, Merck, Novo Nordisk, Pfizer, Sanofi, Moderna, Wednesday, Economic, Thomson Locations: BEIJING, China, Tianjin

☆ More firms report on deforestation, yet few have plan to stop it - CDP
▼ + stars: | 2023-07-05 | by ( Simon Jessop | ) www.reuters.com time to read: +2 min

Summary 1,043 companies report on deforestation to CDP in 2022Less than 10% have a 'robust' plan to end it by 2025Collective $80 bln hit flagged by 269 companiesLONDON, July 6 (Reuters) - The number of companies reporting on their management of deforestation risk has risen 300% over the last five years, yet most have no plan in place to stop it, environmental disclosure platform CDP said on Thursday. A total of 1,043 companies responded to an annual survey by CDP covering their operations in 2022. Of those to report, 269 firms estimated the potential cost of leaving risks unaddressed at almost $80 billion combined, or an average of $300 million per company, CDP added. Estimates on the cost of responding to risks from 342 companies totalled $5.9 billion or an average of $17.4 million each. Thomas Maddox, Global Director, Forests and Land Use at CDP, said the "record-breaking" year for disclosures was encouraging for transparency.

Persons: Thomas Maddox, Maddox, Simon Jessop, Emma Rumney Organizations: Global, European Union, Britain, Companies, Thomson Locations: Montreal

Such a penalty would be far higher than any previously imposed by Brussels. But China’s stuttering economy and Beijing’s focus on elections in the United States and Taiwan next year are driving a calculation by Chinese policymakers that it is still worth engaging. But the Chinese are looking beyond the United States, and 2023. “Beijing policymakers are hedging their bets,” Rana Mitter, director of Oxford University’s China Center, told DealBook. “They believe that the Biden administration is using softer language but in practice seeking to contain China.

Persons: Illumina, Janet Yellen, Biden, Yellen’s, ” Rana Mitter, DealBook, “, ” Organizations: European Union, Financial Times, Economic, China, Oxford University’s China Center Locations: Brussels, China, Beijing, United States, Taiwan, Tianjin, Netherlands, Washington

The non-manufacturing PMI fell to 53.2 from 54.50 in May, indicating a slowdown in service sector activity and construction. Nomura has been the most bearish, cutting its forecast for growth in China's gross domestic product (GDP) this year to 5.1% from 5.5%. "This indicates the urgent need for a more powerful package of policy measures... to ensure the annual growth targets," he added. The government has set a modest GDP growth target of about 5% for this year after badly missing its 2022 goal. China's cabinet this month pledged to promote a sustained economic recovery "in a timely manner".

Persons: Rob Carnell, Julian Evans, Pritchard, Nomura, Bruce Pang, Jones Lang LaSalle, Li Qiang, ING's Carnell, Joe Cash, Sam Holmes Organizations: . Services, National Bureau, Statistics, ING, Capital Economics, PMI, Jones, Reuters, Thomson Locations: BEIJING, China, Asia, Pacific, Tianjin, Beijing

BEIJING, June 30 (Reuters) - China's manufacturing activity contracted for a third straight month in June, albeit at a slower pace, an official factory survey showed on Friday, as pressure builds for policymakers to release more stimulus to shore up weak demand. "Economic momentum is still quite weak in China," said Zhiwei Zhang, president and chief economist at Pinpoint Asset Management in a note. "It is not clear if the weak economic data would push the government to launch aggressive stimulus measures soon," he added. The official non-manufacturing PMI fell to 53.2 from 54.50 in May, indicating a slowdown in service sector activity and construction. The composite PMI, which includes both manufacturing and non-manufacturing activity, dropped to 52.3 from 52.9.

Persons: Zhiwei Zhang, Nomura, Li Qiang, Joe Cash, Sam Holmes Organizations: . Services, National Bureau, Statistics, Reuters, PMI, Thomson Locations: BEIJING, China, Tianjin, Beijing

☆ China unveils sweeping foreign policy law as Xi consolidates power — and aims to counter the US
▼ + stars: | 2023-06-29 | by ( Simone Mccarthy | ) edition.cnn.com time to read: +7 min

Hong Kong CNN —China has unveiled a sweeping foreign relations law enshrining its right to impose “countermeasures” against actions that it deems a threat – in Beijing’s latest bid to bolster its position amid strained relations with the West. “This is the first comprehensive foreign relations law … but it (reads) more like Xi Jinping’s foreign policy declaration,” Zhao said, adding that its release comes at a moment when Xi is focused on countering what it sees as US efforts to contain China. “The party, not the government, runs China’s foreign relations. The law also includes China’s pledge to promote “high-level opening-up” of its economy, development of foreign trade and and encouraging and legally protecting foreign investment. In recent months, a campaign against consulting and due diligence firms has unnerved foreign businesses in China.

Persons: enshrining, Antony Blinken, Jinping, –, Zhao Leji, “, Xi, Washington, Lockheed Martin, Suisheng Zhao, University of Denver’s Josef, ” Zhao, ”, China’s, Sung, Li Qiang, Zhao Organizations: Hong Kong CNN, West, Global Times, Lockheed, Raytheon, Communist Party, Center for, Cooperation, University of Denver’s, University of Denver’s Josef Korbel School of International Studies, Australian National University’s Taiwan Studies Locations: Hong Kong, China, Beijing’s, Beijing, China’s, United States, Ukraine, Taiwan, Center for China, Tianjin, Europe, Denver

[1/2] A worker works on a production line at a factory of a ship equipments manufacturer, in Nantong, Jiangsu province, China March 2, 2020. China Daily via REUTERSBEIJING, June 29 (Reuters) - China's factory activity likely contracted for a third straight month in June, albeit at a marginally slower pace, a Reuters poll showed on Thursday, underscoring the need for further policy stimulus to counter weak demand at home and abroad. An index reading above 50 indicates expansion activity on a monthly basis and a reading below indicates contraction. The government has set a modest GDP growth target of about 5% for this year after badly missing its 2022 goal. The highest reading in the poll was 49.7, still short of breaking into expansion territory, while the lowest reading was 48.0.

Persons: Nomura, Li Qiang, Joe Cash, Madhumita Gokhale, Anant Chandak, Simon Cameron, Moore Organizations: REUTERS, PMI, Thomson Locations: Nantong, Jiangsu province, China, REUTERS BEIJING, Tianjin, Bengaluru

☆ LVMH owner Bernard Arnault reportedly visits China after luxury spending rebound
▼ + stars: | 2023-06-28 | by ( Laura He | ) edition.cnn.com time to read: +4 min

LVMH reported its first-quarter sales surged 17% from a year ago, beating analyst expectations, driven by a rebound in China’s luxury market from the downturn it experienced during the pandemic. Luxury goods spending bounced back more quickly than any other sector in the first quarter. Although the economic momentum has lost steam in the past couple of months, growth in luxury goods sales has accelerated. China was one of the world’s largest luxury goods markets before Covid hit. Bain & Co. estimated earlier this year that Chinese consumer spending accounted for around 17% of the global luxury market in 2022.

Persons: Hong Kong CNN — Bernard Arnault, Elon Musk, Morgan, Jamie Dimon, Musk, Caijing, Christian Dior, LVMH didn’t, LVMH, ”, Jean, Jacques Guiony, “, Li Qiang, ” Li Organizations: Hong Kong CNN, LVMH, WF, CNN, Consumers, Bain & Co Locations: Hong Kong, China, Beijing, ” Beijing

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