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U.S. China News 2011.07.27

Wed, July 27, 2011

US Senate confirms Gary Locke as ambassador to China
Xinhua
At a May 26 Senate Committee on Foreign Relations hearing on his nomination, Locke called “a sign of the importance of the bilateral relationship” between US and China. Obama’s nomination of a current member of his cabinet to serve in the new post
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China protests against US spy flights near its coast: report
Reuters
Asian media reported the Chinese jets were attempting to intercept a US U-2 reconnaissance plane. “We demand that the US respect China’s sovereignty and security interests and take concrete measures to boost a healthy and stable development of military
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China Stock Futures Fall on U.S. Debt Impasse; Vanke May Drop
Bloomberg
By Bloomberg News – Wed Jul 27 01:30:43 GMT 2011 China’s stock futures fell, signaling the benchmark index may drop, as wrangling between US lawmakers over plans to raise the country’s debt limit fueled concerns that global economic growth will falter.
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China?s Hands Tied On US Debt Threat
MyFox Phoenix
(NewsCore) – BEIJING — China is concerned about the US debt impasse, but unlike in past situations, Beijing has little choice but to cross its fingers and hope its vast holdings of Treasury notes keep their value, MarketWatch reported Wednesday,
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U.S., China Sign Pact on Information Sharing for Acquisitions
Bloomberg
By Bloomberg News – Wed Jul 27 11:33:34 GMT 2011 The US and China signed an agreement in Beijing today to increase information sharing between government agencies in the world’s two biggest economies on cross-border mergers and acquisitions.
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Exclusive: Fake Apple Store Found, Photographed in Chengdu, China
PC Magazine
Cook also said that sales in China have increased by more than six times in the past year. Apple has not commented on the fake store phenomenon. Intellectual property laws are much weaker in China than they are in the US, and it’s unclear if Apple
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Corn Declines as Rains in U.S., China Ease Concerns on Crop Yield Losses
Bloomberg
Corn declined as rain and cooler weather in growing areas of the US eased concerns about yield losses. Wheat retreated after Egypt said it bought Russian grain. Rains in the US northern and southern plains and North China may favor development of corn
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US Rep Camp:Panel To Focus ‘Aggressively’ On China Trade Abuses
NASDAQ
By Andrew Ackerman, Of DOW JONES NEWSWIRES WASHINGTON -(Dow Jones)- US House Ways & Means Committee Chairman Dave Camp (R., Mich.) said Wednesday he plans to focus “aggressively” on trade abuses by China after lawmakers return from their August recess,
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Phelps, Pellegrini make history at swim worlds
Seattle Post Intelligencer
US Michael Phelps looks on as Japan’s Takeshi Matsuda looks at the scoreboard after their races in the men’s 200m Butterfly final at the FINA Swimming World Championships in Shanghai, China, Wednesday, July 27, 2011. Phelps won the gold medal as
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China boosts naval power with carrier program: sources
Reuters
“That will have significant security implications to forces operating in the Western Pacific, including the US, Japan and Australia, so this is a watershed development.” The carrier will add to regional concerns about China’s military modernization and
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China and Greece meet in women’s water polo final; U.S. to play for fifth
SI.com
China and Russia were tied 9-9 at the end of regulation time, but the home side got the win in the first extra period. Olympic gold medalists the Netherlands and two-time defending champions the United States played consolation matches Wednesday.
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Exclusive: SEC builds new tips machine to catch the next Madoff
Reuters
By Sarah N. Lynch and Matthew Goldstein WASHINGTON/NEW YORK (Reuters) – For more than three years, US securities regulators investigated allegations of accounting fraud at a small telecom firm called China Voice Holding Corp, but could not make a case.
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China news agency leases plum Times Square ad space
Reuters
Xinhua’s US expansion is seen as an effort to burnish the country’s image and build its brands here. A Pew Research Center poll earlier this year found that 43 percent of Americans saw China as a “serious problem.” “This is all part of the process of
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China’s Plan to Beat US: Missiles, Missiles and More Missiles
Wired News (blog)
Those are the two striking themes that emerge from Chinese Aerospace Power, a new collection of essays edited by Andrew Erickson, an influential China analyst with the US Naval War College. Today, the PLA possesses as many as 2000 non-nuclear ballistic
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Aquino should be invited to visit US before China – CSIS
Philippine Star
WASHINGTON – Philippine-US relations have vastly improved since the 2010 election of President Benigno Aquino III and he should be invited to make an official visit to Washington in September before he goes to Beijing, the Center for Strategic and
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DeNA unleashes Mobage social games platform on US, China
Games.com News (blog)
Pocket Gamer reports that the first phase of DeNA’s conquest for global mobile games domination has begun with Mobage’s release in the US, China and a list of English-speaking countries. The platform, first released for Android phones, will expand into
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HK Shares End Flat As US Debt-Ceiling Gridlock Continues
Wall Street Journal
China Pacific Insurance dropped 4.5% to HK$30.50, after US private equity firm Carlyle Group raised US$988 million by selling part of its stake in the Chinese insurer at the bottom of the indicative price range, people familiar with the situation said
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US men lose to Hungary, 9-8, at water polo World Championships
Los Angeles Times (blog)
US Water Polo Coach Terry Schroeder has been sending reports from the FINA World Championships in Shanghai, China. Here’s his latest, after the team’s loss Tuesday to powerful Hungary. Hungary vs. the USA turned out to be a great battle that was fought
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Read China’s lips
CNN (blog)
Fully two-thirds of that total – around $2 trillion – is invested in dollar-based assets, largely US Treasuries and agency securities (ie, Fannie Mae and Freddie Mac). As a result, China surpassed Japan in late 2008 as the largest foreign holder of US
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US lawmaker vows look at China trade ‘abuses’
BusinessLIVE
Many have already signed investment agreements with China that give their investors more rights in China than US investors have while others like the European Union have announced plans to begin talks with Beijing, he said. Camp also criticized Obama
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China state economists: U.S. unlikely to default
MarketWatch
By China Bureau BEIJING (MarketWatch) — The US is unlikely to default on its debts, but the US fiscal situation remains worrisome, the China Daily Wednesday cited two Chinese state economists as saying. Xu Hongcai, an economist at the state-run China
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China will match US soon, says Blair
Ninemsn
China will “soon” be a global power with the same might as the United States, former British prime minister Tony Blair predicts. And when that time came, he said it would important for Western nations to present a united front.
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US-Pakistani relations outdated, experts say
Washington Times
He added that if Pakistan develops stronger relations with China, the United States should turn its attention toward India, Pakistan’s regional rival. Pakistan’s relationship with China includes a peculiar approach toward terrorism, said Sadanand Dhume
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US-Adopted Children Seeking Root in China
CRIENGLISH.com
Adopted Chinese children from 90 American families attended a welcome ceremony in Beijing on Wednesday, marking the start of their root-seeking journey which will feature a whirlwind of tours to China’s ancient relics. The adopted children, aged from
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Chinese Stocks in the U.S.: Baidu, China Mobile, Sohu
San Francisco Chronicle
July 26 (Bloomberg) — The Bank of New York Mellon China ADR Index, which tracks American depositary receipts, rose 1.1 percent to 446.57. The American Stock Exchange China Index gained 1.1 percent to 260.38. The Shanghai Composite Index added 0.5
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US debt crisis fuels Japan’s yen gains
MarketWatch
By Lisa Twaronite, MarketWatch TOKYO (MarketWatch) — Japan’s the second-largest holder of US Treasurys after China, but when it comes to the ongoing US debt-ceiling impasse, it’s already the biggest loser. A US government default or sovereign
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World to US: ‘You’re No. 2’ – but can China be No. 1?
Christian Science Monitor
But 72 percent of the French, 67 percent of the Spanish, 65 percent of the British, and 61 percent of the Germans see China overtaking the US as the world’s superpower. Even 46 per cent of Americans think China has or will overshadow them.
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Crash Club – what happens when three economies collide
The Guardian
From three directions, the United States, the European Union, and China are blindly speeding toward the same intersection. The question is: will anyone survive to attend the prom? Let me reprise the obvious, but seldom discussed.
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Corn futures fall on favorable US, China weather
Forex Pros
Forexpros – Corn futures edged lower on Wednesday, pulling back from four-day high as favorable weather in the US and China eased concerns over global crop conditions. On the Chicago Mercantile Exchange, corn futures for September delivery traded at
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Chinese Expansion Critical to American Superconductor and Satcon Technology’s
MarketWatch (press release)
The US lost the top spot due in part to China’s $11.5 billion in asset-financing for clean technology in the second quarter of this year. The Bedford Report releases stock research on the alternative energy sector so investors can stay ahead of the
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M&A Binge: China Gobbles Up More Foreign Companies
CNBC.com (blog)
There have been a record 33 deals worth $2.3 billion announced between China and American companies, second only to the $4.5 billion China has spent buying Australian companies. “Prior to 2005, China’s reserves were held, almost exclusively in dollars
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Romney accuses Obama of not standing up to China
Boston Globe
If necessary, Obama says, a president must “take China to the mat.” Instead, the video declares that Obama has insufficiently protected intellectual property rights, impinging job creation by allowing US companies to be usurped by Chinese copycats.
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The US Debt Ceiling: The How, Why and What Could Happen?
Huffington Post
Further afield, with China the largest holder of US debt, the concern could spread globally towards countries relied upon to drive future growth. But failing to raise the ceiling isn’t an option and may cause an eventual default further down the line.
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Gaming the GRE test in China, with a little online help
Reuters
For Chinese, post-graduate study at a US school is the ticket to prestige, adventure, and possibly higher wages. “ETS’s Office of Testing Integrity closely monitors testing, investigates security issues and assures score validity worldwide for all ETS
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Mullen talks of gulf in military relations
China Daily
By Li Xing and Li Xiaokun (China Daily) WASHINGTON / BEIJING – The militaries of the United States and China remain divided on serious issues such as arms sales to Taiwan, disputes over the South China Sea and US naval reconnaissance missions within
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Analysis: International lenders may fold on Macau casino plans
Reuters
Wynn Macau and MGM China may not have the same cash flow clout at the local level because they may need to repay their US listed parent firms in dividends, he said. With an opaque regulatory system and a new Chinese leadership set to take the stage
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Jon Huntsman says campaign has “terrific presence” in early primary states
CBS News
Republican presidential contender Jon Huntsman, the former US ambassador to China and Utah governor who is considered a moderate in the field, said today that his campaign has a “terrific presence” in early presidential nominating states,
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Carson Block Highlights China’s ‘Risky Business’
Business Insider
Today he is the best-known short seller in the China market, having triggered collapses in the share prices of six Chinese companies listed in the US and Canada, three of which have subsequently been suspended or de-listed. “I realised this problem was
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What is driving the price of commodities and the price of food?
CattleNetwork.com
Significant drivers in the current US food economy have been China and biofuels, but because the market has been unable to easily respond to those major consumers, other forces have pushed and pulled on commodity prices more than would have been
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How fast will the Chinese revalue to dump dollars?
Credit Writedowns
The first chart shows US import prices from China are back to their highs of 2008. The price of US imports from China is going through the roof. The second chart shows the Chinese terms of trade which are similarly getting back to the lows of 2008.
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Fund managers line up defensive options
Reuters
Compounding worries for funds chasing alternatives to debt-drenched economies in the West, Gray said emerging market assets didn’t look “particularly attractive” either as a dip in consumer demand hit exports and industry in places like China.
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Cargill Defines Food Chain While Assailing Government Hoarding
Bloomberg
By John Lippert – Wed Jul 27 04:00:01 GMT 2011 Gregory Page, chief executive officer of Cargill Inc., leaves after a meeting with US President Barack Obama and Hu Jintao, president of China, in Washington, DC, on Jan. 19, 2011.
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ABA Section to Focus on Protections for the Disabled Internationally
Texas Lawyer
If a US company goes into China, it can be a good market for them if they understand what they want to get out of it. With China, you’ve got a lot of homework to do. One example: In the past year, I was advising a company on setting up an operation in
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India, China, Middle East drive 30pc spike in diamond sales
The Australian
Meanwhile, there has been a steadily growing appetite from the newly affluent in markets such as India and China to own the gems. This has more than offset sluggish demand from Europe and the US. Kieron Hodgson, an analyst at Charles Stanley,
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