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☆ The Real Problem With China’s Economy: Xi Jinping’s Government - The New York Times
▼ + stars: | 2023-08-26 | by ( Eswar Prasad | ) www.nytimes.com time to read: +2 min

The numbers portray a stalling economy, but there is a far more profound concern. Chinese consumers and businesses are losing confidence that their government has the ability to recognize and fix the economy’s deep-seated problems. If President Xi Jinping’s government doesn’t tackle this fundamental issue, any other measures will have little impact in arresting the downward spiral. This confidence problem is apparent in the tepid private investment and weak household consumption over the past year. The worrying cognitive dissonance between the government and entrepreneurs became apparent during a recent trip I took to China.

Persons: Xi Organizations: Chinese Communist Party, Technology, Ant, Entrepreneurs Locations: China, United States, Beijing

☆ Biden's executive order may have a 'chilling' effect on U.S. tech investments in China: Professor
▼ + stars: | 2023-08-10 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBiden's executive order may have a 'chilling' effect on U.S. tech investments in China: ProfessorEswar Prasad, professor of trade policy at Cornell University, discusses U.S. President Joe Biden's signing of an executive order aimed at regulating new U.S. investments and expertise that supports Chinese development of sensitive technologies.

Persons: Eswar Prasad, Joe Biden's Organizations: Cornell University Locations: China

☆ China slams Biden's order limiting U.S. overseas tech investment
▼ + stars: | 2023-08-10 | by ( Clement Tan | ) www.cnbc.com time to read: +2 min

Dong Wenjie | Moment | Getty ImagesChina criticized President Joe Biden's long-awaited executive order regulating fresh U.S. investment in technology — but stopped short of issuing immediate counter measures. "China expresses its grave concern and reserves the right to implement measures," the Chinese Commerce Ministry said in the statement, according to a CNBC translation. Biden's order comes amid an escalating race for global technology supremacy. watch now"This seriously deviates from the market economy and fair competition principles that the U.S. has always advocated," the Chinese Ministry of Commerce added. The wording on Biden's executive order appears similar to a toned-down version of the initial Outbound Investment Transparency Act the Senate recently introduced.

Persons: Dong Wenjie, Joe Biden's, Prasad, Janet Yellen Organizations: Images China, Chinese Commerce Ministry, Biden, CNBC, Chinese Ministry of Commerce, Cornell University, Treasury, Senate Locations: Shanghai, Asia, China, China , Hong Kong, Macao, U.S, Japan, Netherlands, Beijing

Dentons, the largest Western law firm in China in terms of staff, said yesterday it would separate from Dacheng, its unit there. The two firms merged in 2015, and Dentons even added Chinese characters to its logo to signal its commitment to the country. That made it impossible to follow legal industry standards and best practice, a person familiar with Dentons’ decision-making told DealBook. “Standards are diverging between China and Western economies,” Eswar Prasad, a trade policy professor at Cornell and a former head of the I.M.F.’s China division, told DealBook. Employees at financial firms operating in China have reportedly been forced to attend lessons in the ideology of President Xi Jinping.

Persons: Dentons, DealBook, Eswar Prasad, “, Xi Jinping Organizations: Cornell Locations: China, Western, ’, Sequoia

☆ China's economy is 'sputtering' after roaring back to life, professor says
▼ + stars: | 2023-08-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina's economy is 'sputtering' after roaring back to life, professor saysEswar Prasad, professor of trade policy at at Cornell University, says the key question for the government is whether it can rebuild confidence in the private sector.

Persons: Eswar Prasad Organizations: Cornell University

☆ China should act decisively to pull 'sputtering' economy back from the brink, says Cornell professor
▼ + stars: | 2023-08-01 | by ( Sumathi Bala | ) www.cnbc.com time to read: +2 min

A Nanjing Road pedestrian street on October 1, 2022 in Shanghai, China. Yan Daming | Visual China Group | Getty ImagesChina's authorities need to take decisive policy action to pull its "sputtering" economy back from the brink, according to Eswar Prasad, an economics professor at Cornell University. Last week, China hinted at moves to "adjust and optimize" policy measures in what the leadership acknowledged as a "torturous" economic recovery. watch now"It certainly looks like the Chinese economy is sputtering after roaring back to life," following the easing of Covid restrictions, said Prasad, a former head of the International Monetary Fund's China division. The unemployment rate among young people between the ages of 16 to 24 was 21.3% in June — a fresh record.

Persons: Yan Daming, Eswar Prasad, Prasad, CNBC's, — Organizations: Visual China, Getty, Cornell University, Beijing, International Monetary, Reuters Locations: Nanjing, Shanghai, China

☆ 'Damage control' is key in U.S. Janet Yellen's visit to China, professor says
▼ + stars: | 2023-07-07 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email'Damage control' is key in U.S. Janet Yellen's visit to China, professor saysEswar Prasad of Cornell University says officials in China can deal with anti-China rhetoric from the U.S., as long as it doesn't lead to hostile actions that could keep China from its economic development.

Persons: Janet Yellen's, Eswar Prasad Organizations: Cornell University Locations: U.S, China

☆ Yellen's visit to China is 'crucial' to U.S.-China engagement, professor says
▼ + stars: | 2023-07-07 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +2 min

watch nowU.S. Treasury Secretary Janet Yellen's visit to China is "crucial" to ensuring that both countries continue talking to each other, said Eswar Prasad, an economics professor at Cornell University. "The crucial element, which is embodied in Janet Yellen's visit, is that the two sides keep talking on technical levels, but also at the very senior policy levels," Prasad told CNBC's "Squawk Box Asia" on Friday. Tensions between the two countries have shot up in recent years, since the U.S.-China trade war started in 2018 during the Trump-era. Her visit comes weeks after Secretary of State Antony Blinken's visit to Beijing — the first high-level meeting between the two countries after months of tensions. US Treasury Secretary Janet Yellen arrives at Beijing Capital International Airport in Beijing on July 6, 2023.

Persons: Janet Yellen's, Eswar Prasad, Prasad, CNBC's, Yellen, Premier Li Qiang, Liu He, Yi Gang, Antony Blinken's, Janet Yellen, Mark Schiefelbein, Biden, Andy Rothman, Matthews, Rothman Organizations: Treasury, Cornell University, U.S ., Trump, Premier, Treasury Department, Beijing Capital International Airport, Afp, Getty, CNBC, Matthews Asia Locations: China, U.S, Beijing, Washington

☆ American offices are half-empty. That could be the next big risk for banks
▼ + stars: | 2023-04-10 | by ( Julia Horowitz | ) edition.cnn.com time to read: +9 min

“I’m more concerned than I’ve been in a long time,” said Matt Anderson, managing director at Trepp, which provides data on commercial real estate. About $270 billion in commercial real estate loans held by banks will come due in 2023, according to Trepp. Questions about the health of banks with sizable exposures to commercial real estate loans cause customers to pull deposits. That forces lenders to demand repayment — exacerbating the sector’s downturn and further damaging the banks’ financial position. The likeliest outcome is thought to be an uptick in defaults and reduced access to funding for the commercial real estate industry.

☆ U.S. will probably take significant retaliatory measures against China, says professor
▼ + stars: | 2023-02-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailU.S. will probably take significant retaliatory measures against China, says professorEswar Prasad of Cornell University says "there is a very strong bipartisan view that the U.S. administration needs to take a much stronger attitude against China, and this is unfortunate."

☆ A big challenge for China is rallying private sector confidence, professor says
▼ + stars: | 2023-01-27 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailA big challenge for China is rallying private sector confidence, professor saysEswar Prasad of Cornell University discusses the outlook for China's economic recovery and says the question is whether there will be a set of policies and a framework to boost private sector confidence.

☆ A stablecoin collapse could spill into the U.S. bond market and economy, professor warns
▼ + stars: | 2023-01-13 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

The near $1.4 trillion collapse of the crypto market in 2022 didn't make a dent to traditional assets like stocks or to the real economy. Stablecoins are a type of digital currency that is supposed to be pegged one-to-one with a fiat currency such as the U.S. dollar or the euro. Tether says that more than 58% of its reserves are held in U.S. Treasury Bills, accounting for around $39.7 billion. "And a large volume of redemptions even in a fairly liquid market can create turmoil in the underlying securities market. And given how important the Treasury securities market is to the broader financial system in the U.S. ...

☆ A crypto crash for big stablecoins is likely to send shudders through other financial markets too, a Cornell professor warns
▼ + stars: | 2023-01-12 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

A crashed stablecoin could pose a threat to the wider financial system, a Cornell professor warned. The companies that issue stablecoins would have to redeem their government bond holdings if the digital tokens fail, Eswar Prasad said Thursday. "A large volume of redemptions, even in a fairly liquid market, can create turmoil in the underlying securities market," Prasad said. The turmoil hasn't yet spilt over into traditional financial markets, but financial watchdogs are worried that stablecoin issuers' government bond holdings pose that risk, according to Prasad. "The fact that we haven't had spillovers from this part of the financial ecosystem into traditional financial markets or into the real economy certainly seems to be suggestive of the fact that there is a firewall," he added.

☆ A stablecoin run could impact traditional financial markets, professor warns
▼ + stars: | 2023-01-12 | by ( Arjun Kharpal | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailA stablecoin run could impact traditional financial markets, professor warnsEswar Prasad, the Tolani senior professor of trade policy at Cornell University, said he thinks stablecoin issuers are holding U.S. Treasuries in their reserves. Any run on a stablecoin could see Treasuries sell off, with the impact being felt across the bond market, Prasad said. CNBC's Arjun Kharpal reports.

☆ Why a strong U.S. dollar is bad for 'the rest of the world'
▼ + stars: | 2023-01-09 | by ( Tom Chitty | ) www.cnbc.com time to read: +1 min

The U.S. dollar is the world's dominant currency and plays a key role in global trade. While that may seem like good news to Americans, it's bad news for much of the world. The rest of the world despises how dominant the dollar is, yet they go to the U.S. dollar, because there really isn't much of an alternative," said Eswar Prasad, an economist at the Brookings Institution and professor and Cornell University. Besides being the go-to currency for international financial transactions, commodities such as oil are also bought and sold in U.S. dollars. Watch the video above to learn about how a strong dollar contributed to an economic and political crisis in Sri Lanka.

☆ China's reopening: Things will probably stabilize after the first quarter of 2023, professor says
▼ + stars: | 2023-01-03 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina's reopening: Things will probably stabilize after the first quarter of 2023, professor saysEswar Prasad of Cornell University says that like much of the rest of the world, it'll take China "a little while" to learn how to live with Covid-19.

☆ When China and Saudi Arabia meet, nothing matters more than oil
▼ + stars: | 2022-12-08 | by ( Laura He | ) edition.cnn.com time to read: +9 min

Saudi Arabia is China’s largest trading partner in the Middle East and the top global supplier of crude oil. Saudi Arabian Foreign Ministry/Anadolu Agency/Getty ImagesEnergy is coreLast year, bilateral trade between Saudi Arabia and China hit $87.3 billion, up 30% from 2020, according to Chinese customs figures. China’s crude imports from Saudi Arabia stood at $43.9 billion in 2021, accounting for 77% of its total goods imports from the kingdom. Beyond security of supply, Saudi Arabia could offer Beijing another prize with bigger geopolitical ramifications. Eurasia Group’s Kamal believes it’s “highly unlikely” that Saudi Arabia would take such a step, unless there is an implosion on the US-Saudi relationship.

☆ China's 'modest' Covid and economic measures aren't going to cut it, professor says
▼ + stars: | 2022-12-02 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina's 'modest' Covid and economic measures aren't going to cut it, professor saysEswar Prasad of Cornell University says it's "interesting that the leadership seems to have allowed at least some room for the protests to play out … [but] the big question is whether the message is getting through to the country's top leadership."

☆ Xi warned about Taiwan interference — but don't expect an imminent invasion, analysts say
▼ + stars: | 2022-10-18 | by ( Su-Lin Tan | ) www.cnbc.com time to read: +5 min

watch nowChina will continue to work toward becoming more self-reliant, but don't expect President Xi Jinping to move on Taiwan by force, analysts said. In a nearly two-hour speech, Chinese President Xi Jinping outlined his vision for the country for the next five years. Xi Jinping has made very clear what his intentions are: he wants a private sector that is controllable, that is manageable. He said Xi's speech, consistent with Beijing's comments in recent months, suggested the government viewed a more state-dominated economy as the pathway to stability. "Xi Jinping has made very clear what his intentions are: he wants a private sector that is controllable, that is manageable."

☆ China is very concerned about its susceptibility to external influences, says professor
▼ + stars: | 2022-10-17 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina is very concerned about its susceptibility to external influences, says professorEswar Prasad of Cornell University says such influences include those financial and economic in nature that could have implications for its security strategy.

☆ Financial Times: Ţările cu un ritm lent de vaccinare împotriva COVID vor avea o redresare economică slabă
▼ + stars: | 2021-04-06 | by ( Publika.Md - Aici Sunt Știrile | ) www.publika.md time to read: +2 min

Ţările cu multe cazuri noi de COVID-19 şi un ritm lent de vaccinare vor înregistra o redresare economică slabă, potrivit Financial Times, citează Agerpres. FMI şi ONU avertizează că statele sărace afectate de consecinţele economice şi sanitare ale pandemiei riscă să se confrunte cu o criză a datoriilor. Potrivit indicelui Brookings-FT, SUA şi China, primele două cele mai mari economii ale lumii, conduc redresarea economică la nivel global, dar fiecare cu un mix de politici diferit. Astfel, în timp ce SUA mizează pe stimulente fiscale, China se axează pe termen lung pe creşterea consumului şi a sectorului serviciilor. Politicile indecise afectează încrederea consumatorilor şi a mediului de afaceri din economiile mai slabe, ceea ce se adaugă constrângerilor economice, concluzionează Eswar Prasad.

Persons: ., Eswar Organizations: Financial Times, FMI, ONU Locations: SUA, China, Europa, America

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