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U.S. China News 2011.06.03

Fri, June 3, 2011

China claims US started global ‘Internet war’ after Google attack
ZDNet (blog)
China has not only refuted claims that it was responsible for the incident but now accuses the United States of starting a global “Internet war.” Larry Dignan is Editor in Chief of ZDNet and SmartPlanet as well as Editorial Director of ZDNet’s sister
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Gates Urges U.S.China Focus on Common Interests Instead of Differences
Bloomberg
His positive tone belied tensions over territorial disputes in the South China Sea and California-based Google Inc. (GOOG)’s discovery of an attempted cyber-attack that the company said appeared to originate in China. US diplomats are working on
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US urges China rights on Tiananmen anniversary
AFP
WASHINGTON — The United States on Friday urged China to free opponents and respect the basic rights of its citizens, 22 years after the communist state crushed a democracy uprising in Tiananmen Square. The anniversary comes as China mounts another
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Malaysia: Asia shouldn’t choose between US, China
The Associated Press
SINGAPORE (AP) — Asian countries shouldn’t have to choose between being allies of the US or China and must avoid another Cold War-style polarization in the region, Malaysia’s prime minister said Friday. Asia should foster cooperation between the US,
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US investigating Google claim of China hacking
SecurityInfoWatch
BY PAISLEY DODDS AND RAPHAEL G. SATTER AP — Authorities in the United States are investigating a Google claim that hackers in China stole email details of senior US government officials – an issue that illustrates the problem of attribution in
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VP Says China to Keep Development Momentum of ChinaUS Ties
CRIENGLISH.com
Visiting Chinese Vice President Xi Jinping says that China is willing to maintain the good momentum in the development of ChinaUS ties. Xi made the remarks during a meeting Thursday with US Vice President Joe Biden in Italy’s capital of Rome,
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China calls US culprit in global ‘Internet war’
Philippine Star
BEIJING(AP) – The Chinese military accused the US on Friday of launching a global “Internet war” to bring down Arab and other governments, redirecting the spotlight away from allegations of major online attacks on Western targets originating in China.
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China May Surpass U.S. as Biggest Bank Market by 2023, PwC Says
San Francisco Chronicle
June 3 (Bloomberg) — China may overtake the US to become the world’s largest banking market by around 2023 after the financial crisis dragged down asset values of banks in developed markets, according to PricewaterhouseCoopers LLP.
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Australia’s Petsec sells China operations to invest more in US shale oil, Gulf
Washington Post
By AP, SYDNEY — Petsec Energy says it is selling its China operations to free up cash to invest in US exploration, including extracting shale oil. The Sydney-based company said in a statement Thursday that it sold its Chinese subsidiary,
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China under suspicion in US for Lockheed hacking
Reuters
The Far East, in fact, and a country that not so long ago hosted the Olympics,” said one US official who asked for anonymity, but was reluctant to point the finger at China by name. Official and private US cyber-security told Reuters that forensic
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Peter Worthington: Pakistan seeks a new BFF in China. The US should let it
National Post (blog)
Pakistan, embarrassed by the bin Laden escapade, suddenly has become more open to China helping it, probably to make the US more compliant and generous. Pakistan has “invited” China to build a naval base at Gwadar, on the Indian Ocean, near the mouth
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US ban on China’s bids for Pentagon contracts reflects “cold war mentality”
Philippine Star
The crackdown on Chinese investments is not in the best interests of China or of the US, Gu said. The US promised to lift its ban on high-tech exports to China during the ChinaUS Strategic and Economic Dialogue held in May, and agreed to speed up the
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Top US official heads to China, SKorea next week
eTaiwan News
AP The top US diplomat for east Asia will travel to China and South Korea next week to discuss regional affairs and the situation on the Korean peninsula. The State Department says Assistant Secretary for East Asian and Pacific Affairs Kurt M. Campbell
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Bligh heads trade mission to China, US
Sydney Morning Herald
Queensland Premier Anna Bligh will lead a 10-day trade mission to China and the US this month to try to stimulate the state’s export, tourism and biotechnology industries. Ms Bligh will head to China on June 20 to talk up business between Queensland
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Investing In China Is Fraught With Business Landmines
Forbes (blog)
Labor is cheap so many American companies have outsourced our manufacturing jobs to China. There is a growing middle class of newly affluent consumers who will pay outrageous prices for iPads and iPhones made in China for US distribution,
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Southeast Asia rises in US reset
Asia Times Online
China’s Chief of Staff General Liang Guangjie will also be there, the highest-ranking Chinese official to attend the conference in its history. Both sides seem to be keen to demonstrate that USChina relations and military exchanges are back on an even
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Gates hopes to improve USChina relations
Forbes
By ROBERT BURNS , 06.03.11, 03:16 AM EDT SINGAPORE — US Defense Secretary Robert Gates is meeting with his Chinese counterpart on the sidelines of an Asian security summit, hoping to add momentum to a recent improving trend in relations between the
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Emerging markets ready to lead IMF – China researcher
Reuters
“It still demonstrates an order dictated by the United States and Europe. This increasingly out-dated fashion does not satisfy the demands of emerging powers.” China’s Central Bank Governor Zhou Xiaochuan said last month that the IMF’s future
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ADR Report-China-based stocks fall on rate hike concerns
Reuters
[ID:nL3E7H312E] US-listed shares of China Life Insurance Co Ltd (LFC.N) fell 1.8 percent to $50.86 and PetroChina (PTR.N) lost 1.7 percent to $140.24. Baidu Inc (BIDU.O) shares also fell 1.7 percent to $136.18. The BNY Mellon index of leading American
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US runs up massive trade deficits with China, Mexico, Japan and Germany
Bizjournals.com
America’s balance of trade with China, Mexico, Japan and Germany plummeted more than $10 billion into the red during the first quarter of 2011, according to new figures from the US Bureau of Economic Analysis. The worst imbalance is with China.
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Chinese biopharmaceutical company to invest $40M in US operation in Rockville, Md.
Washington Post
Md. — One of China’s leading biopharmaceutical companies plans to invest $40 million in a new US operation in Montgomery County. Maryland Gov. Martin O’Malley made the announcement Thursday while on an economic development trip to Asia.
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US asks China, India to join hands on Burma
Hindustan Times
PTI The US on Thursday asked India and China to join hands with it to achieve true democracy in Burma and protection of human rights of its people, saying the two Asian nations “remain important” for engaging the Burmese regime.
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U.S. Rating Agencies Will Avoid Causing Panic, China’s Yu Says
Bloomberg
By Bloomberg News – Fri Jun 03 12:15:50 GMT 2011 US ratings companies will limit the severity of their assessments of the nation’s creditworthiness to avoid causing investor panic, Yu Yongding, a former Chinese central bank adviser, said today.
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America’s Wind Power Jobs Could Be Heading To China (VIDEO)
Huffington Post
China accounted for 48 percent of the global wind power installation market in 2010, according to Navigant Consulting, and the country now has more wind capacity than the US — 45 gigawatts there versus 40 gigawatts here. Lisa Frantzis, the managing
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Three members of volleyball program look to ChinaUSA Invitational
Purdue Exponent
Junior libero Carly Cramer, sophomore outside hitter Catherine Rebarchak and assistant coach Kathy Jewell were selected to one of two US development teams that will take part in the ChinaUSA Invitational Tournament. Twenty-four of the nation’s top
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Rio eyes switch from US dollars to the yuan
The Australian
IN another sign of China’s growing power in world markets, the world’s third-largest miner is openly canvassing switching its iron ore settlements from US dollars to the Chinese yuan as China buys more iron ore and pressure grows to trade in the
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FTSE creeps higher as US payroll numbers loom
Reuters
FTSE, mired since Tuesday as a raft of economic data from Europe, the United States and China saw sentiment dip over the health of the global economic recovery, rose cautiously – up 15.89 points or 0.3 percent at 5856.30, by 0753 GMT.
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US must face new reality of cyber-threats
Utility Products
That grants us the option that China might have availed itself of after the Google incident and that we may, or may not, have employed after the sophisticated Stuxnet attacks on Iran’s nuclear plants: the “Who, us?” shrug of digital deniability.
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GE Leads Push in Congress to Spur U.S. Production of Rare-Earth Minerals
Bloomberg
(GE) led companies in urging Congress to spur US production of rare earths, needed for wind turbines, aircraft engines, medical devices and cell phones, and to reduce dependence on supplies from China. Congress is considering two bills that would
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Neighbourhood botch
The Australian
Wesley avoids all the simplistic and unrealistic binary choices between China and the US that Hugh White, for example, posed in his September 2010 Quarterly Essay, “Power Shift: Australia’s Future Between Washington and Beijing”.
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Asian Shares Mixed On Caution Pre-US Jobs; LG Electronics Falls
Wall Street Journal
Japan’s Nikkei Stock Average was down 0.5%, Australia’s S&P/ASX 200 was flat, South Korea’s Kospi Composite was flat, Hong Kong’s Hang Seng Index fell 0.3% and China’s Shanghai Composite rose 0.9%. Dow Jones Industrial Average futures were down 22
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The China-Pakistan Alliance
The National Interest Online
Today, another such confluence of interests exists in Pakistan: China and the United States have a vested interest in containing violent Islamic extremism. With the recent killing of Osama Bin Laden and the uncertainty of Pakistan’s role, some US
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Richard Gere says US must do more for Tibet
AFP
He called for the Obama administration, as part of its initiative to raise the number of US students in China to 100000, to encourage study of not only Mandarin but also Tibetan and other minority languages. The United States should refuse China’s
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Report: Countries holding U.S. debt also get foreign aid
The Hill (blog)
The Congressional Research Service found that more than a dozen countries – including China, Brazil, Russia, Mexico and India – that hold at least $10 billion in Treasury securities also get US assistance in a variety of areas, from fighting HIV or the
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China, India, US, UK & EU want Bhattarai as next-Nepal PM’
Telegraphnepal.com
“Lately ambassadors of China, India, US, UK and EU upon meeting Bhattarai have assured of their support”, Poudel also claims. But China has no Ambassador at the moment. Whether Girija Prasad…sorry Pushpa Kamal will allow that to happen is a matter of
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GLOBAL ECONOMY-Jobs, services data paint gloomy picture
Reuters
But higher prices hit other regions, including Russia and India, and conflicting data gave a confusing view of China. US nonfarm payrolls increased 54000 last month, the Labor Department said, as high energy prices and the effects of Japan’s earthquake
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Analysis: China funds knock on foreign doors in search of growth
Reuters
funds industry in the United States. But with the mainland’s global clout rising following the financial crisis, Chinese fund managers are more confident of venturing overseas and are initially targeting foreign money seeking China exposure.
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Independents enter China’s political arena
USA Today
Much like US campaigns, candidates have tapped high-profile personalities to assist their candidacies. The team advising candidate Li Chengpeng includes blogger Han Han and film director Feng Xiaogang. Han Han, 28, has a reputation for insolent
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‘Made in the USA‘ label will return, some experts say
StandardNet
By Len Boselevic, Pittsburgh Post-Gazette A recent study by a global business strategy consultant offers an upbeat prediction for beleaguered US manufacturers. “We expect net labor costs for manufacturing in China and the US to converge by around 2015
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Paul Ryan’s foreign policy vision
Washington Post (blog)
Our alliances were vital to our victory in the Cold War, and they need to be revitalized to see us through the 21st century.” As for China, he bats down the idea that we should go along to get along. “We should welcome the contributions and strengths
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China Watch: SEC on the China Case, Fear the Aircraft Carrier?
Wall Street Journal (blog)
Be very not afraid: How worried should the world be about China’s aircraft carrier? (Wired) A home for hackers? Top US Navy officer Gary Roughead warns on the difficulty of pinning the blame for cyberattacks on China (Reuters) Tigger faces the trigger:
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Moody’s Gets Ready to Downgrade Large US Banks
Investing Daily
By Jim Fink Banks remain the stocks to own in China because they continue to benefit from China’s transition to a market-oriented economy. This morning, at the Sanford C. Bernstein & Co. Strategic Decisions Conference in New York City,
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A US strategy for fighting cyberattacks
Los Angeles Times
The Pentagon is developing a new cyberwarfare strategy that calls for the use of military force in response to certain kinds of damaging online attacks on US institutions. Google Inc.’s offices in Beijing, China. Google Inc., owner of the world’s most
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US economy creates only 54000 jobs in May
UPI.com
Restrictions on developing US oil and natural gas and China’s explicit policy of subsidizing exports but suppressing the value of its currency are the root causes of US unemployment. These conditions are further exacerbated by healthcare costs that are
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