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U.S. China News 2011.07.25

Mon, July 25, 2011

Clinton seeks to reassure China amid US debt stalemate
Washington Post
Clinton’s words highlighted the complex, intertwined and sometimes antagonistic relationship between the US and China. While China eagerly and aggressively competes with the US in almost every field, it is also the largest foreign holder of US dollar
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US urges China help ahead of N. Korea talks
AFP
SHENZHEN, ChinaChina must pressure North Korea against taking further “provocative action”, a senior US official said Monday, after Pyongyang launched a deadly barrage against South Korea last year. An aide to US Secretary of State Hillary Clinton
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U.S. says China not abusing anti-monopoly law
Reuters
BEIJING (Reuters) – China has not misused its anti-monopoly law as a trade barrier, a senior US official said on Monday, brushing aside some of the criticism that Beijing has used it to unfairly block the expansion of global firms in the country.
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GE moving X-ray leadership team from US to China
Sacramento Bee
AP BEIJING — GE Healthcare, a maker of diagnostic imaging equipment, said Monday it is moving its X-ray global headquarters from the United States to Beijing as it seeks to tap China and other emerging markets. The General Electric Co. unit is the
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China’s Stocks Decline on U.S. Debt Concerns, Chinese Bullet-Train Crash
Bloomberg
Woods also discusses negotiations between US lawmakers over raising the nation’s debt limit. He speaks with Rishaad Salamat on Bloomberg Television’s “On the Move Asia.” (Source: Bloomberg) China’s stocks fell the most in six months as railway shares
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Iran And China Are Discussing An Oil Barter To Circumvent US Sanctions
Business Insider
Image: AP Iran and China are reportedly in talks to use a barter system to continue oil trade between the two countries, according to Financial Times. This comes after US imposed financial sanctions have prevented China from paying at least $20 billion
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China Projected to Accumulate More Wealth Than U.S.
Seeking Alpha
Due to capital controls and an undervalued currency, among other factors one major impact of China’s large savings would be asset price inflation both in the domestic economy and in foreign markets. As of May this year China holds $1.1 Trillion of US
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Infographic: How China’s Clean Tech Industry Crushes The US
Fast Company
Finally, China has the US beat on renewable energy incentives–a key factor that has also led incentive-happy countries like Germany and Spain to become major renewable energy players (Germany, however, recently cut its solar PV tariffs,
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Two fake Apple stores closed in China, report says
CNET
But there’s a distinct reason why almost all manufacturing has left the USA for place like Brazil, China and Mexico…. and you don’t have to be a A+ economist to figure it out. by Starbuckfsd (83 comments ) July 25, 2011 9:02 AM PDT Get off your high
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China resists chance to criticise
Sydney Morning Herald
Mr Cheng said there may be nationalist elements in China – ”a tiny, tiny minority” – who might not mind seeing the US economy take the hit, because that would feed into the narrative among some people in China that the United States‘ days as a global
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US Designs to Destabilise Asia
Kashmir Watch
During the last two decades, political experts have already been saying that the US which is acting upon a secret strategy, wants to make India the superpower of Asia in order counterbalance China, while this game has openly been disclosed by the US
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U.S. Stock Futures, Dollar Decline as Gold Gains as U.S. Debt Talks Stall
Bloomberg
“The US bond markets, and Treasuries in particular, have proven remarkably resilient in the face of all these risk factors, most of them coming out of Washington.” Secretary of State Hillary Clinton today reassured China, the top holder of American
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China should not worry about debt impasse: c.bank
Reuters
By Kevin Yao BEIJING (Reuters) – China should not worry about stalled US talks over the debt limit, an academic adviser to the People’s Bank of China said on Monday, predicting that politicians will ultimately reach a deal to avert a crisis.
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A Vision for Economic Renewal – An American Jobs Agenda
Huffington Post (blog)
We found there are six vital policy areas that our government must address in order to create millions more jobs now: manufacturing, trade and globalization, USChina trade, the infrastructure crisis, jobs in the green economy, and youth unemployment.
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US Treasury Holders Grin and Bear It
Wall Street Journal
And that isn’t just US banks that are pushed toward owning them by capital rules and the Federal Reserve, which owns $1.63 trillion of Treasurys after its latest quantitative-easing program. Take China. It held at least $1.159 trillion of US Treasurys
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China Scrambled Two Fighter Jets To Repel A US Spyplane Last Month
Business Insider
“This was not between Taiwan and China, but between China and the US,” said a senior Taiwanese defence official. “The Chinese crossed the line to repel a perceived intrusion by a US reconnaissance aircraft.” A Chinese defence source said: “This once
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Ringgit Drops on U.S. Debt Impasse, China Manufacturing Forecast
Bloomberg
Manufacturing in China, Asia’s biggest economy, contracted in July from June, according to a preliminary Purchasing Managers’ Index published by HSBC Holdings Plc on July 21. The government and HSBC will release their final readings on Aug. 1.
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TEST: Fighting Phelps stays on track in China
AFP
SHANGHAI — US swimming star Michael Phelps kept his world championships on track Monday as he fought back in a “deadly field” to reach the final of the 200m freestyle. It has been a slow start for the 14-time Olympic champion, part of the US team that
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Dana Vollmer wins 100 butterfly for U.S. swimming’s first gold medal at worlds
Washington Post
She won Monday in 56.87 seconds, beating Aussie Alicia Coutts (56.94) and China’s Lu Ying (57.06). The time she swam in the preliminaries (56.47) was the fourth-best ever and fastest by a woman not wearing one of the speed suits that were banned in
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Emerging-Market Stocks Fall on U.S. Debt Talks; Shanghai Composite Tumbles
Bloomberg
Secretary of State Hillary Clinton today reassured China, the top holder of American debt, the US will resolve the impasse, while People’s Bank of China adviser Xia Bin said he remains confident an agreement will be reached.
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No three-peat for USA women after a shocking loss
Palo Alto Online
A bid for a three-peat at the FINA World Championships by the USA Women’s National Team ended following a 9-7 loss to Russia in the quarterfinals on Monday in Shanghai, China. Leading 6-2 early in the third quarter, the US was blitzed by five straight
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Asia Pacific Summits: How China, US And ASEAN Can Collaborate – Analysis
Eurasia Review
It’s time that China, the United States and Southeast Asia think about collaborating on non-traditional security projects. By Zha Daojiong THE SEASON of multilateral diplomacy between ASEAN Foreign Ministers and their Dialogue Partners has begun in
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What does the IMF likes and dislikes about China’s economy?
«Market Leader» – news and previews making you rich.
According to the IMF’s report released in late June, the Yuan, which used to be pegged to the US Dollar, is still undervalued by 3-23%. The report says that the Yuan exchange rate is below the mid-term fundamentals, which means that China’s currency
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U.S. bondholders in China still waiting for a deal
Marketplace
But, secondly, and maybe more importantly, economists I’ve talked to say China’s actually not that scared, and here’s why: China’s holdings of US debt are mainly through its central bank. It’s not a case of a bunch of private banks holding the debt,
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Hong Kong Stocks Decline as U.S. Debt Impasse Threatens Exports
San Francisco Chronicle
HSBC Holdings Plc slid 0.7 percent on concern a US default may hurt lenders’ earnings. China Railway Construction Corp., builder of more than half the nation’s rail links since 1949, sank 5 percent while China Railway Group Ltd. lost 6.7 percent after
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National Governors Conference: China Sellout Begins With the First Amendment
The New American
A major component of this year’s annual NGA confab was the first-ever USChina Governors Forum, which brought the US governors together with four of their Chinese counterparts, the governors of Zhejiang, Anhui, Yunnan, and Qinghai provinces.
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NYMEX-Crude falls as US, Europe debt woes weigh
Reuters
[ID:nL6E7IP0C2] * Iran and China are discussing using a barter system to exchange Iranian oil for Chinese goods and services, as US sanctions have blocked China from paying at least $20 billion for oil, the Financial Times said.
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U.S May Avoid Technical Default, China CASS Researcher Says
San Francisco Chronicle
China will likely see its US debt holdings depreciate “significantly” due to US inflation and a weaker dollar in the medium term, Zhang said. High levels of US debt will remain a long-term problem for the world’s debt holders and financial markets,
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China Needn’t Take U.S. Default Risk Seriously, Researcher Says
San Francisco Chronicle
July 25 (Bloomberg) — China needn’t take the risk of a US default seriously as politicians in Washington will reach a deal on the debt limit in the end, said Zhu Baoliang, chief economist at the State Information Center, a state-backed research
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China’s Apple frenzy triggers wave of smuggling
Reuters
“When customers ask us about maintenance, we just tell them, don’t worry, these are all real from Hong Kong and they won’t go faulty,” said Xu, with about 5 iPads stacked beside him on his glass display filled with rows of phones from Nokia,
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China’s M&A Gate Still Isn’t Wide Open
Wall Street Journal (blog)
The two largest takeovers—Joy Global Inc.’s US$1.4 billion bid for China’s International Mining Machinery Holdings Ltd. and Nestlé SA’s US$1.7 billion offer for 60% of Chinese candy maker Hsu Fu Chi International Ltd.—fall into that category.
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<B>Ajai Shukla:</B> US-Pak – Intertwined, but going nowhere
Business Standard
Significantly, China has appeared less than eager to shoulder the burden of Pakistan. After the US held back $800 million in military aid, China’s foreign ministry spokesperson, Hong Lei, was asked on July 12 whether China would fill that gap.
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US Baptists building bridges in China through basketball clinics
Associated Baptist Press
By Jim White XI’AN, China (ABP) — Coordinating their efforts through the Virginia Baptist Mission Board and the local YMCA, a group from Virginia and both Carolinas lead basketball clinics in July for youth in the central Chinese city of Xi’an
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China revels in US economic misery
Statesman Journal
It is no secret that China is the beneficiary of what is happening in America. China wants to go back to those years when they were the nest of civilization. They want to lead the world again, but America is in the way. What should they do?
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Sector-wide Shuffle for China’s PV Industry as Period of High Profit Closes
RenewableEnergyWorld.com
By Liu Yuanyuan, Contributor Beijing, China — The global photovoltaic (PV) market reached US$50 billion in 2010, spurring the rapid growth of China’s PV industry. However, its high profitability is coming to an end. Local manufacturers of solar
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ASEAN Optimistic About Regional Security, Challenges Remain
Voice of America
ASEAN Secretary General Surin Pitsuwan says the foreign ministers from the 10 Southeast Asian nations, the United States, China, Russia and other countries in the region made constructive progress on a number of issues that threaten stability in Asia.
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Luxottica Continues on its Strong Growth Path
MarketWatch (press release)
The Group’s products are designed and manufactured at its six manufacturing plants in Italy, two wholly-owned plants in the People’s Republic of China and one plant in the United States devoted to the production of sports eyewear.
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Sea of Red in Asia, China Down Nearly 3 Percent; New Record High for Gold
HoweStreet.com
In the wake of a budget ceiling impasse, markets in Asia are down sharply with China leading the way, down nearly 3 percent. Seriously, does anyone think Congress will not pass something? The US is not going to default and everyone knows it.
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The Debt Ceiling: What China Is Doing
Heritage.org (blog)
But there is some evidence that China has stopped buying so much in the way of US Treasury bonds. This makes perfect sense: Bonds aren’ta good buy when the seller might tell you tha tpayments are suspended. So what’s the PRC doing with all the foreign
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Japan, ROK, US in tune on sea talks
The Daily Yomiuri
A joint press statement released after talks between Foreign Minister Takeaki Matsumoto and his US and South Korean counterparts called for the three nations to cooperate to help defuse tensions between China and some Southeast Asian countries over
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INSIGHT-More red flags for Carlyle’s China portfolio
Reuters
Last month, Ernst & Young said in the annual report of Carlyle investment, Concord Medical Services that the China-based company has not maintained effective internal controls over its financial reporting due to a lack of staff with knowledge of US
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USChina: Sunny side up
Lowy Interpreter
Hugh White’s reaction to my ‘It’s the economy, stupid’ corrective to the national security-dominated debate about ChinaUS relations and what they mean for Australia was predictable. He concedes that deep economic ties between the world’s top two
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Marine trekker to hoist unique backpack
WAVY-TV
That’s right, despite his plan to spend an entire year on a 5000-mile trek through Viet Nam, China, the Philippines, Malaysia, Brunei, Singapore, Thailand and Laos, Fiore will carry just one piece of luggage: A vest pack he designed himself,
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YRC to Study China Freight Units as Trucker Returns to ‘Roots’
Bloomberg
YRC purchased China’s Shanghai Jiayu Logistics Co. in 2008 and freight forwarder JHJ International Transportation Co. in 2005. The Overland Park, Kansas-based trucker was built with more than $2 billion in US acquisitions in 2003 and 2005 and has since
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