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U.S. China News 2011.07.07

Thu, July 7, 2011

WTO Slap At China Export Restrictions Belied By US Import Curbs
Forbes (blog)
In hailing this week’s ruling by a World Trade Organization dispute settlement panel that certain Chinese government restrictions on raw material exports violate China’s WTO commitments, US Trade Representative Ron Kirk made the point that such
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China Cautions US Against Official Meeting with Dalai Lama
Voice of America
July 07, 2011 China Cautions US Against Official Meeting with Dalai Lama VOA News China has warned the United States not to hold official meetings with the Dalai Lama, who is in Washington as part of an 11-day meditation ritual.
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Asia Stocks Fall on China Rate Rise, Slower U.S. Service Growth
San Francisco Chronicle
July 7 (Bloomberg) — Asian stocks fell, driving down the regional benchmark by the most in a week, after China raised interest rates and US service-industry growth slowed, raising concern global economic growth may weaken.
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US, China to Meet Next Week on Auditor Inspections
CFO.com Magazine
A May visit sparked optimism about China’s willingness to cooperate on US audits of accounting firms operating in China. Seeking to reach a bilateral agreement enabling the Public Company Accounting Oversight Board to inspect audit firms in China,
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Can US afford to snub China in space quest?
CBS News
“Obviously, the ‘Wolf Clause’ runs counter to the trend that both China and the United States are trying to push ahead their exchanges and cooperation in science and technology,” said the Xinhua article. In remarks to the House Appropriations
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Michael Pettis Blames Spanish Debt On Germany And US Debt On China
Business Insider
Take the USChina case, for example. The US has been arguing for years that China had to raise the value of the currency sharply in order to rebalance the global economy and bring down China’s current account surplus and, with it, the US deficit.
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China owns more debt than thought: Did US win Inflation war?
Commodity Online
The ball, served by Bernanke, and returned by China, is now in the United States‘ court. Bernanke and Congress will have to decide to what end they’re interested in China owning US debt. With China owning more debt than once thought—it could
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Pinoys in US protest China’s acts in Spratlys
ABS CBN News
of Philippine territory under the United Nations Convention on the Law of the Sea. “Filipinos all over the United States are standing up and saying that this should not be happening,” Lewis said. She added, “China you are a bully, China stay out.”
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US jobs data lifts FTSE to 2-month closing high
Reuters
Miners, hurt by concerns earlier in the week that China’s steps to cool its overheating economy was stifling growth, rebounded strongly following the US jobs data, and as analysts sounded more upbeat on China. Michael Wen, head of Chinese Equities at
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Economic indicators suggest maybe things aren’t so bad
Globe and Mail
in China, Brazil and elsewhere are working. “The menacing inflationary pressures may finally be submitting to the control of policy makers in the world’s growth markets,” HSBC said in a press release. Now, let’s turn to the US labour market.
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US Timber Exports to China Have Lessened the Economic Blow for Some
Fox News
In 2010, timber exports to China more than doubled compared with 2009. The country spent $270 million on US trees, surpassing Japan and Canada as the largest foreign timber market. The winners are the big, private timber companies.
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US apology to Chinese overdue
China Daily
By Li Yang (China Daily) US lawmakers have called upon both houses of Congress to make an official statement of regret for the 1882 Chinese Exclusion Act and related legislation, which banned Chinese immigration and naturalization. By passing the act,
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Forex News – China’s Rate Hike, Portugal’s Credit Downgrade, and Slowing US
FXstreet.com
by ForexMansion.com Analysis Team – ForexMansion.com | View company’s profile Pessimism continued to dominate global financial markets on Wednesday after China raised its benchmark interest rates by 25 basis points, while Moody’s Investors Services
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China to Trounce US in Next Decade
The National Interest Online
The Western financial crisis heralded a significant shift in the balance of power between the United States and China. Most starkly, it brought forward the date when the Chinese economy will overtake the US economy in size from 2027 (the Goldman Sachs
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Cegedim : 2010 audited Pharmaceutical marketing expenditure results published
MarketWatch (press release)
Spending on meetings and other events saw an increase of just over 5% worldwide to US $13 billion. This represents over 14% of global marketing spend. Use of events was up significantly in Japan (+14%), China (+19%) and Latin America (+18%).
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China not an obstacle for bid to join US visa waiver process: Yang
China Post
The China Post–Foreign Minister Timothy Yang said that he is “cautiously optimistic” about Taiwan’s prospects for inclusion in the United States Visa-Waiver Program (VWP) candidate list in the second half of this year. He also noted that pressure from
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US ISM non-manufacturing index down from 54.6 to 53.3 in June
FXstreet.com
Sentiment remained fragile in the wake of the previous day’s downgrade of Portugal, a rate hike by China (1yr lending rate up 25bp to 6.56%) announced during the London morning causing another jolt, and weaker US services ISM data contributing.
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Slowing Demand From China Will Test Miners’ Mettle
Wall Street Journal
It costs around US$30 dollars for Rio and BHP to get a ton of iron ore onto a boat in Australia. That same ton is currently worth $175 at the port in China, leaving a huge profit margin. Paul Young, mining analyst at Deutsche Bank, says delays in
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South China Sea: Plenty of Hazards for All
Carnegie Endowment for International Peace
When I was a student in the Naval Officer Candidate School, learning to drive ships, I was taught about the hazards of the South China Sea, where our instructors told us to stay away from those dangerous islands and shoals. Today, it is one of the most
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OIL FUTURES: Crude Up On Forecast Of Lower US Inventories
Wall Street Journal
“The market may be supported by the [quick recovery after] adverse events [Wednesday],” he said in a note, referring to China’s interest rate hike and Moody’s downgrade of Portugal’s debt rating, which he said had quickly been priced in.
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Cost of Consumer Goods Much Higher in China Than US
The Epoch Times
By Gao Zitan Photos showing prices of vegetables advertised in an American grocery store right before Thanksgiving 2010 were circulated by netizens in China where food prices have been soaring. (Photo from a Chinese website) A blogger on Weibo,
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US should prevent military conflicts with China
China Daily
The United States should prevent war with a rising China, for any military conflicts would be catastrophic for both sides and the entire world economy, said US Navy Lieutenant Commander Matthew Harper in the latest Proceedings magazine of the US Navy
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Yihaodian May Sell Shares as Wal-Mart-Backed Online China Retailer Expands
Bloomberg
Baidu Inc., China’s most popular search engine operator, and Sina Corp., which owns the nation’s third most-visited website, are among China-based companies that have chosen the US for initial public offerings. “We’ll do whatever it costs to secure a
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U.S. Stock-Index Futures Decline Before Reports on Service Industry, Jobs
Bloomberg
US stocks rose, posting their sixth advance in seven days, as gains in transportation and consumer-staple companies overshadowed a slowdown in service-industry growth and China’s interest-rate increase. Bloomberg’s Pimm Fox also speaks.
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Philip Morris Smokin’ Up To $69, Boss
Forbes (blog)
In 2010, Philip Morris International’s brands sold in approximately 180 countries, giving it an industry leading estimated share of 28% of the total international cigarette market, excluding China and the US, with number one or number two market
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Loonie racks up solid gain amid positive US employment data, higher oil prices
Winnipeg Free Press
The Canadian dollar lost about a quarter of a US cent on Wednesday as the US dollar appreciated amid another interest rate hike by China to lower inflation and a downgrade of Portuguese debt to junk status.
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Beijing’s consensus lesson
Asia Times Online
In a recent USChina Economic and Security Review Congressional Commission (USCC) hearing, Adam Segal, the Ira Lipman Senior Fellow at the Council on Foreign Relations commented that, “In 2009 … the government announced that companies that wanted to
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Tavis Smiley Takes the Show on the Road to China
PR Newswire (press release)
For the third night, Smiley with a special appearance by Princeton professor Cornel West, talks with Andrew Ballen, an African American expatriate who is bringing Hip-hop music and American culture to China. Ballen has a unique perspective on Chinese
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Corn and soybeans higher at Midsession
Dairy Herd Management
Outside market support and news that China has purchased US corn and may be looking for more is helping to rally prices. Strong gains in crude oil and the stock market and weakness in the dollar are also supportive factors.
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China puts a hand on North Korean wheel
Asia Times Online
By strengthening its ties with China, North Korea wants to balance the US. This is Pyongyang’s new game.” Sunny Lee (sleethenational@gmail.com) is a Seoul-born columnist and journalist; he has degrees from the US and China.
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China stocks await US jobs data
Chinavestor.com (blog)
Investors in China were concerned about effects of the latest interest rate hike. Some fear more tightening may choke off growth. But investors in Hong Kong were cautiously optimist before employment data in the US Airliners benefited the most among
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Suspect in 2001 UW arson back in US; awaits extradition
The Seattle Times
for Urban Horticulture is back in the US and in federal custody, awaiting extradition to Washington state to stand trial. Justin Solondz, 31, was expelled from the People’s Republic of China after serving a three-year prison term for selling drugs.
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Key articles: Is US military preeminence in jeopardy?
CNN (blog)
If the Obama plan for defence cuts is implemented, the US share will fall further. If China or some other rising power chooses to make defence a higher priority, US military pre-eminence could decline even more precipitously.
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US GOLD – Comex gold shrugs off ECB interest rate hike; market awaits news on
FXstreet.com
York moved marginally lower Thursday following decisions by Europe and China to raise interest rates; however, the downside is seen as limited as the market has already shifted its focus back to the lingering debt problems in the US and eurozone.
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Beijing arrests while the West (partner in crime) sleeps
AsiaNews.it
The goods produced by this cheap labor largely occupy the US market. Together with the non-tariff and tariff barriers created by the Communist regime, they become the source for the huge USChina trade deficit every year. The accumulation of huge trade
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China Blames Oil Spill on US Company
The Epoch Times
By Shannon Liao The Chinese regime is blaming ConocoPhillips China, Inc. for an oil spill in the Bohai Sea last month. Officials did not say what COPC had done wrong, only that China National Offshore Oil Corporation (CNOOC) was not responsible,
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Chinese entrepreneur building ‘dual-shore’ software company in Kirkland
The Seattle Times
ISoftStone aims to find a niche by creating software for specialized industries, such as banking and telecommunications, and by helping US companies gain a foothold in China. Liu calls this model “dual-shore,” combining skills from the US and China.
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Sterling strengthens against the US dollar and euro
Olive Press
The euro also slipped against the safer haven currencies on concerns over China. Later this week, the ECB is forecast to raise interest rates. Call in now for a live exchange rate. In the USA, the US dollar strengthened against most other currencies on
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90 Years of Red Chinese Tyranny
Patriot Post
A few decades ago, the contrast between the economies of the United States and China was stark. More recently, however, the Chinese Communist government has allowed the “liberalization” of their economy while American Socialists have subjected ours to
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Obama must stand firm on auto mileage standards
Baltimore Sun
foreign oil by billions of barrels, global warming emissions by millions of tons, and we could be saving American families billions of dollars in fuel costs just by increasing national standards to a level equivalent with China, Europe and Japan.
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China Auto Logistics Announces $5.25 Million Private Equity Placement Above
MarketWatch (press release)
The addition of $5.25 million in cash provides us with additional flexibility in pursuing our acquisition goals this year, as well as other growth plans aimed at continuing to build CALI’s leadership in China’s Internet and auto industries,” Mr. Tong
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Do US firms have a global responsibility?
Albany Times Union (blog)
Or should an American firm draw the line at cooperating with repressive policies? For that matter, should we have policies on such corporate behavior? Should Microsoft cooperate with China on search engine censorship?
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China to import Argentine corn, beef
Agriculture Online
BUENOS AIRES (Dow Jones)–China and Argentina have completed the sanitary agreements needed to start exports of corn and beef from the South American country, wrapping up negotiations kicked off late last year, according to Argentina’s agriculture
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Trading Ahead of Jobs Number: Morning Call
TheStreet.com
By Scott Redler 07/07/11 – 08:28 AM EDT US futures rose 0.4% ahead of key US economic data on jobless claims, retail sales and crude inventories that should update investors on the state of the American consumer. Global markets were positive as well,
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