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U.S. China News 2011.08.03

Wed, August 3, 2011

China Criticizes Washington for Debt Deal, But Continues to Invest in US
Fox News
Still, that doesn’t mean China will be switching out of US treasuries anytime soon. The problem is that China, in effect, has to keep investing in the US or it will also suffer the consequences. The US and China, some argue, are joined at the hip.
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Massive Global Cyberattack Targeting US, UN Discovered; Experts Blame China
Fox News
The world’s most extensive case of cyber-espionage, including attacks on US government and UN computers, was revealed Wednesday by online security firm McAfee, and analysts are speculating that China is behind the attacks. “What is happening to all
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US Court Rejects Dismissal in China Internet Filter Case
PCWorld (blog)
The Web filter makers and another defendant, Chinese electronics vendor Haier, also argued the US court had no jurisdiction over the case because the companies were acting solely in China. The US court dismissed the motions, stating the companies had
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Hillary Clinton Attempts to Improve China and U.S. Relationship
Christian Post
In hopes of improving relations between the US and China, the rapper will perform at a concert later this year to promote global education initiatives in America, along with Barack Obama’s 100000 Strong Initiative that aims to send American students to
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China Side-Steps US Financial Crisis With Innovative Strategies
New America Media
Members of the Obama administration serially assured China that the United States would uphold the integrity of the dollar, maintaining as deadpan a demeanor as possible, while knowing that printing more money is inevitable.
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The Circuit: China hacks, broadband speeds, international cybercrime bill
Washington Post (blog)
By Hayley Tsukayama LEADING THE DAY: Security experts from McAfee Security revealed Wednesday that they have found evidence of a wide range of cyber attacks on the United States that appear to have originated from China, The Washington Post reported.
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Debt Deal: What the World Thinks of Us Now
TIME (blog)
The debt deal out of Washington may have averted a big sell-off of US Treasury bonds. But even though big Treasury holders like China and Japan haven’t run for the hills, the response of foreign countries to the deal has been pretty tepid.
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China says US deal ‘failed to defuse debt bomb’
Business Times – Malaysia
BEIJING: China warned Wednesday that tortured efforts to raise the US limit on borrowing had failed to defuse Washington’s “debt bomb”, and signalled it would further diversify its holdings away from the dollar. After months of bitter negotiations with
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China more dependent on crude oil than US
China Daily
The Jinghua Times quoted Lin Boqiang, the director at the China Center for Energy Economics Research at Xiamen University, as saying China exceeded the US in foreign crude oil dependency because the US is exploring natural gas as a way to change their
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Top 8 Cities by GDP: China vs. The U.S.
Business Insider
Social-economically, the analysis found a stark contrast between the US and China in the urban-suburban-rural divide. Chinese cities represent a greater proportional concentration of wealth and consumption, whereas suburbs and satellite cities are
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China’s Hony Capital Invests US$100 Million In Yaohua Glass
NASDAQ
SHANGHAI -(Dow Jones)- China’s private-equity firm Hony Capital Ltd. said Wednesday it has invested US$100 million in China Yaohua Glass Group Ltd. and secured a 60% stake in the Chinese glass maker, in its latest bid to gain access to the integration
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Analysis: Asia decoupling? Not without more help from China
Reuters
As for the export linkages, China has supplanted the West as the largest trading partner for many Asian economies, but that doesn’t fully protect them. Some of what China imports from its Asian neighbors goes into making other goods destined for US and
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US debt woes stoke concerns in China
China Daily
Government data shows that China’s forex reserves totaled nearly US$3.2 trillion as of the end of June. China held US$1.153 trillion in US Treasury debt as of the end of April. Chinese leaders have repeatedly appealed to the US government to avoid
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Stocks drop on gloomy economic news
USA Today
Asian central banks are especially concerned because they’re the largest holders of US debt. China and Japan respectively hold $1.16 trillion and $912.4 billion in US Treasury securities. By raising its debt ceiling, the US avoids a default.
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China media: U.S. still faces debt ‘time bomb’
MarketWatch
By Aaron Back BEIJING -(MarketWatch)- The US still faces a long-term debt crisis despite the passage of a law to raise the country’s debt ceiling that averted default, China’s official Xinhua News Agency said in a commentary piece on Wednesday.
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China Nuvo Solar Target Acquisition SurgLine Signs Agreement for Sales to U.S.
PR Newswire (press release)
The US is divided into 21 Veterans Integrated Service Networks, or VISNs — shared systems of care working together to better meet local health care needs and provides greater access to care. Learn more at http://www.va.gov China Nuvo Solar Energy,
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US exports chopsticks to China
Digital Spy
By Ben Lee, Editorial Assistant An American company is exporting millions of chopsticks to China after the country began experiencing a chopstick shortage. Georgia Chopsticks in Georgia produces two million chopsticks a day. A large bulk goes to China,
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Emerging-market booms in doubt as China tackles internal challenges
Chicago Tribune
After all, they have argued in client meetings, not only has growth in China and Brazil been strong while the US and Europe have limped along, but investors still haven’t indulged adequately in emerging stocks and bonds, given the tremendous expansion
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Chrysler CEO: Industry faces reckoning with China
Reuters
TRAVERSE CITY, Michigan (Reuters) – US and European automakers better watch their rear-view mirrors as competition from Chinese rivals will result in a “day of reckoning” down the road, the head of Fiat SpA (FIA.MI) and Chrysler Group LLC said on
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Ahead of the Bell: Texas Instruments
Forbes
AP , 08.03.11, 09:14 AM EDT DALLAS — Semiconductor manufacturer Texas Instruments Inc. could be weakened by a slowdown in key industrial and consumer markets in China and the US, according to a Sterne Agee analyst who downgraded the shares Wednesday.
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Iran’s oil bourse, a new pressure on US dollar
Tehran Times
However, not everyone takes notice of them, especially China. In fact, Iran supplies China with about one million barrels of oil per day presently and is estimated to account for at least 15% of China’s imports for 2011. China simply ignores the US
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West’s mid-life crisis points to power shift east
Reuters
China’s consumption accounts for just a third of its gross domestic product, less than half the level in the United States. China showed off its potential in 2008, when it quickly ramped up a large stimulus program to counter the global recession,
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Reuters: China’s Shortcut to America via Reverse Mergers
Benzinga
“shell brokers” such as Halter who purvey paper companies; investment banks who specialize in financing a firm after a reverse merger; and auditors, usually small shops, who are lightly regulated in the US–and not at all in China and Hong Kong.
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Silvercorp Q1 net profit up 82 per cent to US$25.6 million
Winnipeg Free Press
The company, with mines in China and Canada, reports in US dollars. In its financial report, Silvercorp said it hit record silver production of 1.6 million ounces in the quarter, a 15 per cent year-over-year increase. Silvercorp is the largest primary
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Global Public Opinion: Declining US, Rising China
Heritage.org (blog)
While the reaction to China’s economic rise is optimistic, global opinion is more consistently negative when it comes to the prospect of China equaling the US in terms of military power. The most shocking data in the survey reveals that among American
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Why Did Pakistan’s Spy Chief Make a Secret Trip to China This Week?
TIME (blog)
But lurking ever on the sidelines of the fraught US-Pakistani alliance is China, a country whose prestige in Pakistan still seems greater than its actual presence. For years, Beijing has cultivated military ties with Pakistan specifically as a
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US reputation suffers in Asia
The Japan Times
The relative economic decline of the United States and its key Asian ally, Japan, have reinforced regional perceptions that America and the US-led alliance system are no longer as dependable as before. The rapid, seemingly unstoppable, rise of China
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China stocks dive in Asia on US sell-off
Chinavestor.com (blog)
August 3, 2011 (Chinavestor) China stocks fell in Asia on Wednesday following the sharp sell-off in the US a day before. The Hang Seng Index (INDEXHANGSENG:.HSI) fell 428.7 points or 1.9%, the most in three months. The Shanghai Composite Index
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The GOP generations
Politico (blog)
Should we LAUGH or CRY that the COMMUNIST CHI-COM Govt of China and the STILL COMMUNIST leaders of RUSSIA are SCOLDING BARRY and the US CONGRESS for their INSANE SOCIALIST\MARXIST out of control SPENDING!!!!! Who ever thought we would see the day when
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Britain at greatest risk of terrorism
The Independent
The heightened threat in Northern Ireland has resulted in the UK being ranked higher than the US, France, Spain, China and Sri Lanka in the Terrorism Risk Index compiled by respected analysts Maplecroft. Britain is now at greater risk from terrorist
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China’s Economy: Train Wreck Waiting to Happen
Seeking Alpha
A Wall Street Journal op-ed piece on July 9 explained why China was the developed country and the US was the emerging market. One of the examples was the high-speed rail system in place in China. The op-ed described how wonderful the rail system is and
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Expanding internationally? Consider these business-friendly countries
St. Louis American
China – The story of China’s economy has been dominating financial news for the past couple of years. Even in the wake of the worldwide financial crisis, China is still standing tall as a trade partner for US companies. One thing to keep in mind is
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The Oil and the Glory: The big worry about China on the energy patch
Foreign Policy
So it is that a final agreement on how to collaborate on advanced batteries will exclude discussion of intellectual property, said Khalil Amine, a leading battery scientist at Argonne National Laboratory, where the USChina meeting will be held
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Why does speculation grow in South China Sea
People’s Daily Online
Some ASEAN member countries are traditionally US allies, and US influence has deep roots in the region. They are expecting the United States to return to Asia. Especially those countries that have sovereignty disputes with China hope US involvement
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Clear Channel Outdoor moves to 2Q profit
Forbes
International revenue rose 19 percent to $71 million, helped by higher revenue in China, Sweden and other markets. “We continued to see positive business momentum across many of our outdoor markets during the second quarter,” said Chief Financial
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Insight: Debt relief replaced with recession fear
Reuters
Italy and Spain are edging closer to the euro area debt danger zone, China’s economy is slowing and Japan is mired in recession after the March earthquake. The gloom is hitting the corporate world as analysts cut earnings forecasts globally,
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Exclusive: AmEx to keep ICBC stake after hedging deal
Reuters
Employees of the Industrial and Commercial Bank of China (ICBC) wait for customers on its opening day in Brussels January 20, 2011. HONG KONG (Reuters) – American Express Co (AXP.N) has assured Industrial and Commercial Bank of China Ltd (ICBC) (1398.
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Portman: American Workers Deserve Relief when China Doesn’t Play by the Rules
PoliticalNews.me (press release)
This change would strengthen the enforcement of US trade laws with countries such as China and other nonmarket economies. “Opening markets to increase American exports and vigorous enforcement of trade laws go hand-in-hand. Gaining fair access to over
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Consequences of the Debt-Extension Resolution for Commodities
Seeking Alpha
We’ve previously talked about how to participate in China and concluded that two favored American plays are Apple (AAPL) and Wal-Mart (WMT), among a very small group that would likely benefit for the next several years.
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US debt deal will hold back its economy
China Daily
Because the outcome will not raise US growth, and eliminates the possibility of a fiscal stimulus, it increases the risk of a new round of US quantitative easing to attempt to kick start its economy. This would increase inflationary pressure in China
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US Steel Gets To $47 On Firm Outlook
Forbes (blog)
We expect this trend to continue in the coming years as the biggest iron ore consumer, China, continues to explore domestic sources of iron ore production. This should help US Steel’s margins in the near term. Tubular steel demand is expected to pick
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Probability of US ratings downgrade less likely now: BlackRock
Channel News Asia
BlackRock however added that growth in Asia is slowing; for example, the firm is forecasting growth from China to come in at 8 to 9 per cent next year. And economists agree that inflationary pressures and a slowdown from big spenders such as the US are
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Cargo terminal proposal part of national debate over jobs, environment
Bellingham Herald
“It’s simply inconsistent to say we’re going to cut carbon pollution, but we’re indifferent to whether it comes from the United States or somewhere else,” he said. According to the International Energy Agency, China surpassed the US last year as the
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Debt-Ceiling Deal Does Little For Global Economic Ills
NPR
“When everyone sees that global growth is slowing down — it’s not just the US, we’re also seeing China and Europe slowing down — they go, ‘Oh no, it’s going to be harder than ever to dig our way out of this mess,’ ” says Harvard economist Kenneth
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