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U.S. China News 2011.03.10

Thu, March 10, 2011

China welcomes Locke nomination for US ambassador post
Reuters
China welcomes the nomination of Gary Locke as ambassador to China,” Foreign Ministry spokeswoman Jiang Yu told reporters at a regular press briefing. “ChinaUS relations are extremely important. We hope that the new ambassador appointed by the US can
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Debasing dollar not solution to USChina trade imbalances: experts
Xinhua
NEW YORK, March 9 (Xinhua) — Debasing the US dollar would not help reduce the massive US trade deficit with China, economists on a panel at the Council on Foreign Relations said in New York Wednesday. In 2010, the US trade deficit with China jumped to
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US STOCKS-Futures fall after Spain downgrade, China data
Reuters
For details, see [ID:nLDE7290LH] * China swung in February to an unexpected trade deficit of $7.3 billion, its largest in seven years, but economists said the drop was likely to prove temporary. [ID:nTOE72903F] * S&P 500 futures SPc1 lost 6.1 points
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US officials pushed products deemed unsafe by China
Moneycontrol.com
Kirk and Larsen have traveled to China together three times over the past five years as co-chairs of the USChina Working Group of the US Congress, which they co-founded in 2005. The group connects members of Congress with Chinese academics,
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BMW ups dividend after China helps 2010 results
Reuters
In market number two, the United States, it recorded a 10.1 percent sales increase to 266580 units. China, including Hong Kong and Taiwan, the third-biggest region for BMW, saw an 85.3 percent increase in sales to 183328 units. The announcement came as
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China’s blistering car sales finally hit the brakes
USA Today
By Chris Woodyard, USA TODAY After years of increasing at a blistering pace, China’s car sales have finally slowed. Not fallen. Just slowed. Car sales were up 2.6% in February compared to a year ago. They were the slowest in two years in February,
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U.S.-Taiwan Business Council tells Obama to wake up about China
Examiner.com
In the white paper Hammond-Chambers writes: “Taiwan policy took a hazardous turn with the language included by the Obama Administration in its November 17, 2009 USChina joint statement. The statement appears to show the US moving toward support for
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PM flubs her lines: not even US puts China in a corner
Sydney Morning Herald
She talked up prospects for more military co-operation between Australia and the US in response to China’s growing power, and apparently said nothing to discourage the US from pushing China into a corner. This not only encourages America down a path
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Janet Carmosky and Marshall Meyer on USChina economics
VideoTCBN
Marshall Meyer, the Richard A. Sapp Professor of Management at The Wharton School, and TCBN’s CEO Janet Carmosky talk about inflation and social unrest in China, opportunities for the USA in agriculture and health care, and our respective dysfunctions
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German exports slip; China passes US as top export destination
CanadianBusiness.com
Economists at UniCredit said China passed the United States as an export destination for Germany in December, with 6.6 per cent of exports going there while 6.5 per cent are destined for the United States. Neighbouring France remains Germany’s number
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SPECIAL REPORT-Warren Buffett’s China car deal could backfire
Reuters
It’ll be a huge nightmare from a PR and marketing standpoint, and the truth is, the market is China,” he said. “If we have a branding issue, it impacts the global sales. BYD is not in a rush to come to the US market.” While consultants and executives
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China: another retailer bites the dust
Financial Times (blog)
The property boom in the UK and the US was a real boon for home decoration retailers, as people repainted the walls and put up new shelves in their new abodes. But in China, the market is nothing short of a DIY disaster. Following hot on the heels of
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China Trade Deficit Reaches $7.3 Billion, Hope For US Exports
24/7 Wall St. (blog)
Economists believe China’s surplus will appear again for the rest of they year, but there was one number in the announcement which should give US businesses some hope. Imports to China rose 19.4% The concern that China still manipulates the yuan and
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China Development Bank Issues US$1.93 Billion Loan to Reliance Communications
2point6billion
10 – The heavily indebted Indian mobile operator Reliance Communications (RCOM) has just signed the final documentation with China Development Bank (CDB) for a US$1.33 billion loan, as the both sides agreed in a Memorandum of Understanding back in
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Asian Shares End Down;China Trade Data, Libya Concern Weigh
Wall Street Journal
In foreign-exchange markets, the US dollar rose against the euro as heightened tensions in Libya and the unexpected China trade deficit encouraged a selloff in risk-sensitive currencies. The euro was fetching $1.3816 from $1.3907 late in New York on
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Don’t fear China, PM tells US
Sydney Morning Herald
PRIME Minister Julia Gillard has told Americans they should not feel threatened by China’s economic rise, and has promised Australian help to promote democracy in the Middle East. In an address to the United States Congress in Washington,
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US Concerned Chinese Companies May Be Aiding Iran Nuclear Weapon Effort
Bloomberg
Einhorn’s comments are the latest reflection of unease among US officials and proliferation experts that China remains a gap in enforcing United Nations sanctions on Iran, which the government in Beijing supported last year.
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Rochelle Riley: US will send 75 million jobs to India or China, top educator warns
Detroit Free Press
“Close to 75 million jobs will have to be outsourced to India and China,” Rhee, the former chancellor of the Washington, DC public schools, predicted in an interview before heading to the State Capitol to testify before a joint meeting of the Senate
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China Hongqiao Aims To Relaunch Hong Kong IPO To Raise Around US 1 Billion
NASDAQ
HONG KONG -(Dow Jones)- China Hongqiao Group Ltd., which scrapped a plan to raise up to US$2.2 billion in an initial public offering in January, plans to relaunch the IPO in March to raise around US$1 billion, a person familiar with the situation said
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China’s yuan strengthens 35 basis points to 6.5713 per US dollar Thursday
People’s Daily Online
The central parity rate was set at 6.5713 per US dollar, compared with 6.5748 yuan per US dollar on Wednesday, according to the China Foreign Exchange Trading system. The central parity rate of the yuan hit a record high of 6.5651 against the USdollar
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China’s biz jet-setters: no longer flying under the radar
Reuters
But China has only around 200 private aircraft, according to official estimates, far fewer than the 11000 in the United States. US executives, including those at government-owned General Motors Co GM.UL, are now getting back on corporate planes as the
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US highest for bipolar rates worldwide, study finds
Los Angeles Times
They spoke to residents of Brazil, Bulgaria, Colombia, India, Japan, Lebanon, Mexico, New Zealand, Romania, Shenzen (China) and the US The United States led with 4.4% of people who had experienced a bipolar spectrum disorder at some point in their
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TREASURIES-Bonds firm, soft China data adds fuel to safety bids
Reuters
TOKYO, March 10 (Reuters) – US Treasuries firmed in Asia on Thursday, helped by a fall in regional share prices following weak Chinese trade data, safety bids amid concerns over European debt problems, and a solid auction results the previous day.
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US replaces diplomat after Okinawa comments irk Japan
Reuters
The United States replaced a senior diplomat handling policy toward Japan on Thursday and apologized after his reported comments threatened to strain ties between the allies at a time of political deadlock in Tokyo and worries about a rising China.
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China Becomes “Billionaire Factory to the World”
Wall Street Journal (blog)
But China, Russia, India and Brazil are moving up fast. The US still dominates, with 413 billionaires, compared to Asia, which came in second with 332. The US gained 23 new billionaires and lost 13, recording a net gain of 10.
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Former Defense Engineer Arrested for Taking Military Technology to China
eWeek
The FBI affidavit said Liu flew to China on Nov. 12, but was stopped by the US Customs and Border Protection agents on his return on Nov. 29. During a screening, agents found a conference lanyard for a nametag amongst his luggage, even though he’d said
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Japan names new foreign minister
Tehran Times
TOKYO (AFP) – Japan’s centre-left government on Wednesday named as its new foreign minister Takeaki Matsumoto, who hails from a powerful political family but faces tricky relations with the US, China and Russia. Prime Minister Naoto Kan picked the
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China’s new brew
Asia Times Online
They believe China could soon leapfrog Japan and Germany to become the world’s second largest coffee consumer after the US, where average consumption is now over 3 cups per day. “Japan was at the current Chinese consumption level in the mid 1960s but
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China Reports Unexpected Trade Deficit as Export Growth Cools
Bloomberg
Photographer: Forbes Conrad/Bloomberg China reported an unexpected $7.3 billion trade deficit, the biggest in seven years, buttressing the government’s case against US arguments for faster gains in the yuan. Exports rose 2.4 percent in February from a
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U.S.-Listed China Stocks Vulnerable to Management Buy-Outs
Seeking Alpha
Some US-listed China stocks are priced at bankruptcy levels, which will lead the way to more “Going Private” transactions. Yesterday China Security & Surveillance (CSR) announced that they received a non binding “Going Private” proposal from its
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China quake kills at least 16
CNN International
By Steven Jiang, CNN Beijing (CNN) — The death toll from Thursday’s earthquake in southwest China is at least 16, with more than 160 injured, a local official told CNN. The 5.4-magnitude earthquake hit near the Myanmar border, the US Geological Survey
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US firm to move China operations to lower cost region
Plastics News
GUANGZHOU, CHINA (March 8, 2011) -— Stung by rapidly escalating wages and other costs in China, American-owned medical plastics firm Guangzhou Fortunique Ltd. is planning to move some of its labor-intensive operations from China to a lower-cost Asian
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Malaysia monitors Aussie rare earth plant
The Associated Press
Lynas says the refinery is expected to be operational late this year and could meet nearly a third of world demand for rare earths, excluding China. The United States, Canada and Australia have rare earths but stopped mining them in the 1990s as
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Evergreen Solar posts big loss after plant closure
Reuters
Its products have faced stiff competition from cheaper Chinese rivals, and Evergreen has pursued a strategy to outsource manufacturing to China. Evergreen’s string ribbon silicon wafers use half the polysilicon of traditional products, but are still
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China PBOC Drains Net CNY10 Bln From Money Market This Week
Wall Street Journal
SHANGHAI (Dow Jones)–The People’s Bank of China drained a net CNY10 billion (US$1.52 billion) from the money market this week through its open-market operations, its first weekly fund withdrawal in four months, as the central bank steps up efforts to
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Australian Dollar Down Late, China Data Disappoints
Wall Street Journal
At 0510 GMT, the Australian dollar was changing hands at US$1.0053, down from US$1.0064 late Wednesday, but just above an expected support level of US$1.0050. Should it break even lower, Callow tipped further support around US$1.0000.
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CRI Hourly News (updated at 14:00 2011/03/10)
CRIENGLISH.com
More than a 100 years ago Gary’s grandfather left China on a steamboat bound for America.” Locke said he was ” deeply humbled and honored” to be chosen as the next US ambassador to China. “I am going back to the birth place of my grandfather,
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Nikkei slumps 1.46% to 5-week low on oil supply concerns
Xinhua
Adding to investor consternation Thursday was China reporting a 7.3 billion US dollars trade deficit in February, marking the nation’s first trade deficit since March 2010 and its largest in seven years. Further contributing to a bearish market mood,
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China Reports 68% Jump in Hacking Attacks on Government Websites in 2010
Bloomberg
(Source: Bloomberg) China said computer hacking attacks against websites of the nation’s government agencies jumped 68 percent last year, and called on local regulators to follow the US and the European Union in stepping up Internet policing.
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Obama Said to Direct Overhaul of US Government Trade Agencies
Bloomberg
The administration may have an opportunity to reorganize the Commerce Department now that Secretary Gary Locke has been tapped to be the next US ambassador to China. US Trade Representative Ron Kirk, former Pfizer Inc. Chief Executive Officer Jeffrey
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Molycorp sees rare earth prices remaining high
Reuters
N), the largest US producer of rare-earth metals, posted a narrower net loss and said it expects prices of its materials to remain high as China continues to restrict exports. Its shares rose almost 5 percent in postmarket trading on the news.
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Geithner says lending cuts could hurt US influence
Reuters
“At the Asian Development Bank, if the US does not support this capital increase, we will fall behind countries like China and India.” The Obama administration has been at pains to highlight the need to protect the United States‘ ability to project its
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US increasing its engagement with Asia-Pacific region: Hillary Clinton
Times of India
The US has launched a strategic and economic dialogue with China to build greater trust between the governments and to coordinate policy on consequential issues facing both the nations, she said. She said the US‘ relationships with the APEC economies
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Gross Dumping Treasuries Leads Managers Calling Rally’s End
Bloomberg
The US is the world’s biggest debt issuer, with $14.2 trillion outstanding. Most of that is owned by US government entities, foreign countries such as China and Japan, and investors including mutual funds, pension funds, insurers and banks.
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