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U.S. China News 2011.06.30

Thu, June 30, 2011

U.S. caught China buying more Treasuries than disclosed
Reuters
The real reason for the change, a Reuters investigation has found, was more serious: The Treasury had concluded that China was buying much more in US government debt than was being disclosed, potentially in violation of auction rules, and it wanted to
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China eases govt procurement rules after US pressure
Reuters
It said that starting from Friday China would stop enforcing three regulations linking government procurement contracts to “indigenous innovation” rules. The USChina Business Council, a Washington DC-based organisation that represents US companies
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Russia eyes closer links with US and China as relations with EU cool
Telegraph.co.uk
World Trade Organization membership, visa wrangles and Russia’s warming to China and the US rather than the EU were the main themes of the Kremlin-sponsored St Petersburg International Economic Forum. Attended by a weighty line-up of political leaders
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US Reliance on Exports for Growth May Boost China’s Role
Wall Street Journal (blog)
Exports, and that means whether it’s directly to China or not, they are certainly the linchpin.” With unemployment figures still inflated, Blitz said there are sentiment risks as consumers and businesses both show unease about the state of the economy.
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Asteroid hit will be catastrophic for India, US, China
TwoCircles.net
By IANS, London : If an asteroid hits India, US or China, these countries will suffer a catastrophic loss of lives and be crippled beyond the possibility of any recovery, scientists have said. Countries that will be worst affected in the event of a
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Senator says US should question China’s role in Myanmar
Times of India
PTI | Jun 30, 2011, 12.12pm IST WASHINGTON: Expressing concern over China’s role in Myanmar, especially as a channel for “illicit exports” from North Korea believed to be bound to that country, a key American Senator has said the US administration
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New Bond Mutual Fund Theme: A China Bond Fund For US Investors
24/7 Wall St. (blog)
The current dollar-peg that has been so controversial has been said to artificially keep China’s currency valued much lower than if the nation were to instantly unravel that pegged trading band. US interest rates are extremely low and China is often
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Home Depot Accused of Violating Buy American Act
ABC News
By LYNEKA LITTLE Home Depot is the target of a lawsuit for allegedly selling goods manufactured in China and other prohibited countries to US government agencies in violation of the Buy American Act, according to court documents.
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Hong Kong Strain of Scarlet Fever Unlikely to Spread to U.S., Experts Say
U.S. News & World Report
By Denise Mann THURSDAY, June 30 (HealthDay News) — A new strain of drug-resistant scarlet fever appears to be rapidly spreading through Hong Kong and mainland China, but US infectious disease experts remain confident that the new bug isn’t heading
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US, Philippines hold drills near South China Sea
Press TV
The United States and the Philippines have launched regular naval exercises close to the South China Sea, showcasing US‘ high-profile military presence in the region at a sensitive time, experts said. The 11-day exercises, called Cooperation Afloat
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China and India Outpacing US in Consumerism
Self Storage Industry News
Typically, Americans have been portrayed as the world’s ultimate consumers, but in a recent Harris Interactive Poll, consumers in India and China were more than twice as likely as Americans to say they enjoy clothes shopping. In the US, 39 percent said
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US, PHL push for Spratlys issue in ASEAN forum agenda
GMANews.TV
Among the dialogue partners are the US, European Union, Australia, Canada, China, India, Japan, New Zealand, South Korea, and Russia. Six countries have territorial claims on the South China Sea. They are the Philippines, China, Vietnam, Brunei,
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US Consulate General celebrates ahead of anniversary
China Daily
He also extended that gratitude to their many other friends at all levels in the provincial government, private sector, and civil society throughout Southwest China. US President Obama has said that there is no bilateral relationship in the world more
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The US and China
American Conservative Magazine
Showing softness on core values will reinforce the view of many Chinese that the United States is in decline, thus encouraging China to miscalculate US resolve [bold mine-DL]. As Friedberg writes, “Soft-pedaling talk of freedom will not reassure
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New San Francisco bridge built in China to be shipped to US – Fullermoney
Proactive Investors UK
My view – Who would have predicted this a decade ago, and what does it tell us about China’s competitiveness, including engineering skills? About a year ago, Andy Grove of Intel fame wrote an article: How to Make an American Job Before It’s Too Late,
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Aluminum Makers Seek U.S. Action on China to Counter Weak Yuan
Bloomberg
In several decisions, the Commerce Department in the Obama and Bush administrations rejected requests by US companies for so-called countervailing duties on imports from China to compensate for the weak currency. A low-priced currency makes exports of
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China’s green power plan
People’s World
The difference, however, between the US and China, is that the latter has taken further steps in its pursuit of renewable energy. According to DIY Green Energy, the cost of solar power, for example, was falling there. Dr. Hao Guoqiang, Vice President
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Economic woes in US affect other countries
China Daily
Export-oriented economies tend to suffer for a long time when key export markets decline, such as the US. And as US inflation reflects an erosion in the purchasing power of money in both US domestic and international markets, China – the biggest
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US seeks coordination with China, India on Myanmar
Indian Express
As he prepares to take on the role of US President Barack Obama’s point man on Myanmar, Derek Mitchell intends to strengthen policy coordination with key players like India, China and Japan to achieve the global objectives in the Southeast Asian nation
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China Wants To Buy A Big Piece Of Facebook
Business Insider
Image: AP China wants to buy a huge chunk of Facebook, a source at a fund that buys stock from former Facebook employees tells us. This source learned of China’s interest when it approached him to see if he could help put together a stake large enough
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British banks slip below China, France and Japan in world rankings
This is Money
is still dominated by US names, with Banking of America holding its number one place, followed by JP Morgan Chase at two and Citigroup at four. Japan’s Mitsubishi UF J Financial Group came in fifth, followed by Industrial Commercial Bank of China.
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Australia’s ‘Big Four’ banking on China growth
China Daily
China is Australia’s largest trading partner and the opening of our Beijing branch better positions us to support our customers’ trade and investment flows between China and Australia and New Zealand,” Westpac Institutional Bank Group Executive Rob
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Yuan-a Buy Europe? China Investment in the Eurozone
Seeking Alpha
The last comments from China regarding its thinking on US debt came from Li Daokui, an adviser to the People’s Bank of China on June 8th, 2011; stating, “I think there is a risk that the US debt default may happen.” adding, “I really hope they would
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China a major economic and security challenge to US: Senator
Economic Times
WASHINGTON: With a major military build up in progress and its holding of the largest share of US debt, China poses a challenge to US‘ economic and national security, a top Republican Senator has said, pointing out that several of its neighbours were
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US coach leaves Yao’s Shanghai baskteball team
AFP
The dramatic turn around led to the 41-year-old American being named as head coach to China’s national team, which he led to the title in the 2010 Asian Games in November. This past season, the Sharks however posted a 12-20 record, failing to make the
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China Eases Tax Burden On Poor With Law Change
NPR
The Standing Committee of the National People’s Congress approved a measure Thursday to raise the minimum income level at which workers must pay taxes from 2000 yuan (US$300) to 3500 yuan (US$540) a month. China’s legislature raised the threshold for
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Self-interest in China’s helping hand
Asia Times Online
Also, it was evident on the visit that China wants to diversify its export market to reduce its reliance on United States markets, especially at a time when trade protectionism is growing in the US. China has little to gain from attaching political
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China America Holdings in Definitive Agreement to Acquire China Ziyang
MarketWatch (press release)
risk factor disclosure contained in our Securities and Exchange Commission (the “SEC”) filings, including our Form 10-K for the year ended September 30, 2010. Contact: China America Holdings, Inc. Lillian Wong US Representative 954-363-7333 ext.
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Rights lawyers in China harassed, tortured: Amnesty
Reuters
Blind legal activist Chen Guangcheng, held under informal house arrest since his release from jail last year, was beaten unconscious and not allowed to visit a doctor, his wife said, according to a US advocacy group.
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Fourth facts
The City Wire
Source: Population clock $3.2 million — In 2010, the dollar value of US imports of American flags. The vast majority of this amount ($2.8 million) was for US flags made in China. $486026 — Dollar value of US flags exported in 2010.
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USChina, a “complex” relationship
Reuters
The US wants to figure out just how much of its debt is in Chinese hands. This information might become essential for the US Treasury to tempt down any concerns that might arise at the market if the nervousness of the bond market boils over.
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Mobile Industry News US Rebounds To Lead Global Technology Revenue
Top Tech News
Last year, the US was third as a driver of future revenue growth for the tech industry. This year, America has rebounded, outpacing China and India for the crown. So say the results of an annual Technology Industry Business Climate survey from KPMG.
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Census Update: What the World Will Look like in 2050
TIME
By Claire Suddath Thursday, June 30, 2011 Here is the world in 2050, as imagined by the US Census Bureau: India will be the most populous nation, surpassing China sometime around 2025. The US will remain exactly where it is now: in third place,
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Chinese Biopharmaceutical Association Successfully Holds 16th Annual Conference
PR Newswire (press release)
In his opening remarks, Mr. Chen recognized CBA’s contributions in promoting scientific communications and collaborations between the US and China, and encouraged the CBA to continue to serve as a bridge between the US and Chinese biopharmaceutical
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Taiwan unveils upgraded fighter jets
AFP
TAIPEI — Taiwan on Thursday unveiled an upgraded version of its locally developed fighter jet in a bid to boost its air defences against China after the US declined to sell it F16 warplanes. Taipei began the upgrade in 2009 after Washington,
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Buffett-backed BYD makes turbocharged debut in China
Reuters
By Soo Ai Peng and Fang Yan SHANGHAI/BEIJING, June 30 (Reuters) – BYD Co Ltd , the Chinese automaker backed by US billionaire Warren Buffett surged more than 40 percent on its Shenzhen debut, as investors bet on a strong outlook for the company’s
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Neil Gaiman Talks AMERICAN GODS, DOCTOR WHO, Writing a Musical, Ray Bradbury
Collider.com
of American Gods, what supplemental material he would like to include with the series, the story he’s looking to write for a Ray Bradbury tribute, how much it meant to him to be able to write an episode of Doctor Who, how China has inspired him to
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“Ping Pong Diplomacy” anniversary to be celebrated at US Table Tennis Open in
The Republic
AP This year event organizers are celebrating the 40th anniversary of Ping Pong Diplomacy, a week of table tennis exhibition games in China in April 1971 that helped open China to the world. US Open officials are holding a private anniversary event
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Ai Weiwei: Artist, Dissident and … Tax Evader?
Huffington Post (blog)
Taxes are a tricky business in any country, let alone China. Tax codes are usually overly complicated and let’s face it, if you are making money, you can afford to hire accountants who think “creatively.” American country singer Willie Nelson owed
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Other parties play role in China’s government
China Daily
“Many non-communist officials who have regular exchanges with our department have told us that they have been trusted with full power and authority in their work and will accordingly shoulder full responsibility,” Chen said.
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IPO attorneys see flat to weak second half of 2011
MarketWatch
Expectations for a robust market in the US for IPOs in 2011 is far rosier than in China and the UK The survey showed 55% of Chinese attorneys, including those in Hong Kong, and 70% of UK securities attorneys believe their local IPO markets will remain
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Worldview: Republicans’ stance on debt could have drastic consequences for the
Philadelphia Inquirer
Under Republican and Democratic administrations alike we have been able to finance this debt because US Treasury bills are considered the world’s safest investment. Countries such as China and Saudi Arabia keep their excess funds in T-bills because of
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Samsung seeks US import ban against Apple products
San Jose Mercury News
Though Apple is a US company, many of its products are assembled in China and exported to the United States. Apple spokesman Steve Park in Seoul declined comment on the complaint. Consumers shouldn’t worry about being able to buy products.
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U.S. Commodities Day Ahead: Scrapping Fails to End Ship Losses
Bloomberg
wheat and sugar, aims to buy potash at the same price as China instead of the higher rates it had agreed in previous years, the nation’s largest importer of the fertilizer said. Cotton farmers in Texas, the biggest US growers, may abandon a record
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Gates moved US closer to reality
Asia Times Online
Such an assertion sounds banal today, nearly three years after the outbreak of a global financial crisis that would underline Washington’s relative decline vis-a-vis China and other emerging powers and bolster the perception that the 21st-century was
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