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U.S. China News 2011.08.11

Thu, August 11, 2011

China says low US rates affecting its economy
Reuters
BEIJING (Reuters) – Near zero US interest rates would affect China’s economy, a senior official at China’s top economic planning agency said, but added it is too early to say the world economy is headed for another recession.
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Shippers say China, India can offset US, Europe woes
Reuters
Aug 11 (Reuters) – Business from China and India is robust enough for shippers such as Paragon Shipping , Box Ships Inc and Seanergy Maritime Holdings not to be losing sleep over financial crises in the United States and Europe, executives said.
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Only 1.2% Of American Spending Actually Ends Up In China
The Consumerist
On top of that, only 10% of American spending is on durable goods. And USA still dominates that category, clocking in at 66%, while China is only 12%. It gets even better. 11.5% of what US shoppers spend goes towards goods and services produced
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US wants explanation on why China needs aircraft carrier
AHN | All Headline News
Washington is mainly concerned of China’s military might because Asian superpower is not as transparent as the US and other countries about its military acquisitions, about its military budget. “And we’d like to have the kind of open,
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US debt crisis leaves China three major difficulties
People’s Daily Online
China needs to take into account the difficulties and adopt countermeasures. The downgrade of the US debt credit rating and falling US debt value will first lead to shrinkage in China’s foreign exchange assets. Liu Yuhui, director at the Financial
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US urges China to restore writer’s liberties
AFP
BEIJING — The United States urged China on Thursday to restore a dissident writer’s freedoms a day after he was allowed to leave a detention centre on condition he limit his movements and contacts. Blogger Ran Yunfei, 43, was sent home for six months
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China today: Counterfeits “R” Us
CBS News
Last month an American woman living in Kunming, the capital of China’s Yunnan Province, wrote about her experience in a fake Apple Store. An entire store selling Apple products?–?iPads, iPods, laptops, and software?–?was replicated.
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China Says India and US Primary Culprits in Recent Cyber Attacks
2point6billion
11 – China has suffered nearly half a million cyber-attacks in the last year alone, many of which have originated in India and the United States, the Chinese government claimed in an official report released on Tuesday. The report, conducted by China’s
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METALS-LME copper up on China trade data, US rate pledge
Reuters Africa
SHANGHAI, Aug 11 (Reuters) – LME copper rose on Wednesday as investors picked up commodities, spurred by China’s strong July trade figures and the US Federal Reserve’s pledge to keep borrowing rates near zero for at least two years.
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China Should Urgently Review U.S. Debt Risk, Central Bank’s Paper Reports
Bloomberg
10 (Bloomberg) — Johanna Chua, Hong Kong-based head of Asian economic research at Citigroup Inc., talks about China’s economy, central bank monetary policy and currency. Chua also discusses Standard and Poor’s decision to downgrade US debt,
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Trade Deficit of U.S. Unexpectedly Widens to $53.1 Billion on Export Slump
Bloomberg
10 (Bloomberg) — Frank Lavin, chairman of public affairs at Edelman Asia Pacific and a former undersecretary of international trade at the US Department of Commerce, discusses Federal Reserve monetary policy and China’s trade surplus.
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Carlos Boozer: I plan to play overseas during lockout
SportingNews.com
Carlos Boozer enjoyed his overseas experience with the US Olympic team. (AP Photo) Boozer cited his experience in China with the US Olympic team as one of the main motivating factors. “If the NBA season gets delayed or postponed, I plan on using those
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China Nuvo Solar Target Acquisition SurgLine Announces Agreement With Western
PR Newswire (press release)
11, 2011 /PRNewswire/ — China Nuvo Solar Energy, Inc. (OTCQB: CNUV) today announced that SurgLine, Inc. has signed an agreement with Tandem Receivable Solutions to a western distributorship. Tandem, working as an Independent Revenue and Contracting
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Love for China blooms in heart of American
China Daily
By Zhao Ruixue and Ju Chuanjiang (China Daily) Eunice Moe Brock was born in Hebei, and, although she lived in the US for decades, the 94-year-old has returned to China to share her passion for flowers. Zhao Ruixue and Ju Chuanjiang report.
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RPT-BofA in talks to sell big China bank stake-sources
Reuters
The US bank now owns 25.6 million shares, including 23.6 million that come out of a lock-up on Aug. 29. It is free to sell the remaining shares in 2013. The US bank is eager to retain about half of the stake as a bet on growth in China, one source said
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Many tasks ahead for new US ambassador
China Daily
“Amid the concerns over the gloomy economic future of the US, it is Lock’s responsibility to relieve the anxiety in China toward US debt after the downgrade of US government credit rating,” said Zhou Qi, a researcher at the Chinese Academy of Social
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China Grants US$15.2 Million For Distance Learning, Science And Technology
Bernama
This funding is part of ten agreements signed on in Beijing on Wednesday, the second day of a six-day state visit of the Mozambican President Armando Guebuza to China. Other agreements cover the establishment in Mozambique of a cooperation centre for
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China’s Ban on US Professors Elicits Silence
Bloomberg
Colleges are “so eager to jump on the China bandwagon, they put financial interests ahead of academic freedom.” Almost 40000 undergraduates from China study at US universities, the most from any foreign country, according to the Institute of
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Chinese authorities find 22 more fake Apple stores
Reuters
But enforcement is spotty, and the United States and other Western countries have often complained China is woefully behind in its effort to stamp out intellectual property (IP) theft. In May, China was listed for the seventh year by the US Trade
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Jobs belong in US, not China
Coastal Courier
Starting in the 19th century, the United States surpassed Great Britain as the industrial leader, and we never looked back. America was every country’s desired trading partner. Today, the balance of trade is changing once again as China becomes the
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Tudou Holdings Said to Press Ahead With U.S. Listing Plan
San Francisco Chronicle
11 (Bloomberg) — Tudou Holdings Ltd., the operator of China’s second-largest online-video website, is pressing ahead with a planned US initial public offering, two people with knowledge of the matter said, after a report the company was approached by
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Taiwan significant to US, CRS analysis shows
Taipei Times
As a “critical concern” the study says that the US has interests in the “ties or tension” across the Taiwan Strait, which affect global peace and stability. US policy also seeks a cooperative relationship with China, which opposes US arms sales and
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Analysis: Debt deal, downgrade add to view of waning U.S. power
Reuters
In a blog post, Joseph Nye, a Harvard University professor, argued that US domestic problems are soluble and that perceptions of American decline, particularly vis-a-vis China, are exaggerated. Nye said the symbiotic nature of the relationship meant
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Li & Fung H1 profit falls on rising costs and weak U.S., Europe
Reuters
Li & Fung sources more than half of its goods from China — whose currency has risen sharply against the US dollar in the past few years and where labor and raw material costs have also surged. Excluding one-off gains of $46.5 million from disposal of
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China urges US oil giant to hasten clean-up
SKNVibes.com
(Beijing, ZZZ) – China has called on the US energy giant behind a massive oil spill to speed up its clear-up efforts and issue a public apology after it missed a deadline to clean the sea bed, state media said Thursday. The State Oceanic Administration
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AB InBev’s US Cost-Cutting, Brazil Price Hikes Boost Profit
Wall Street Journal
The company performed better in Asia, reporting a 12.1% increase in volumes excluding the impact of small purchases and sales. Analysts were expecting a 5% increase. Ab InBev said beer sales volumes in China — up 11.7% — helped drive the increase.
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China and US move closer on antitrust collaboration
International Law Office
In establishing a framework for enhanced cooperation between the Chinese and US agencies, the memorandum of understanding will allow China and the United States to move to the next stage in their collaboration on competition law and policy matters.
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Aftershocks of US credit rating
China Daily
By Yi Xianrong (China Daily) The downgrading of the US credit rating on Friday by Standard & Poor’s Ratings Services, from AAA to AA+ with a negative outlook, has further jolted the global capital and commodity markets and intensified worldwide
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Behind its lectures, China is a sinner, too
Financial Times
By Jamil Anderlini in Beijing Immediately after Standard & Poor’s rating agency announced its historic downgrade of US sovereign debt last Friday, China’s official Xinhua news agency published a scathing editorial, excoriating the profligate western
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American Superconductor Announces Workforce Reduction
TheStreet.com (press release)
changes in China’s political, social, regulatory and economic environment may affect our financial performance; problems with product quality or product performance may cause us to incur warranty expenses and may damage our market reputation and
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U.S. Futures, European Stocks, Metals Rally; Treasuries Decline
San Francisco Chronicle
Zinc led gains in metals, rising 3.9 percent and nickel jumped 3.2 percent as the strengthening yuan may boost demand in China, the biggest user of the metals. Corn climbed 0.9 percent before the US Department of Agriculture’s monthly crop report that
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U.S. May Ship More Coal, Raising European Supply, Macquarie Says
Bloomberg
“A big push” to encourage natural-gas burning in the US may drive up coal exports to Europe, China and India, said Hayden Atkins, an analyst in London at Macquarie’s commodities unit. The closing of Germany’s nuclear plants will increase demand in that
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Inflation Rears Its Ugly Head… in China, Not US
Wall Street Daily
China has acknowledged that inflation will exceed its annual target of 4% this year. But with debt crises raging in the United States and Europe, China’s central bank is widely expected to hold interest rates steady. Since October, China has raised
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Asian Markets Follow Sharp US Swings
Voice of America
Park says a lack of global demand should also ease concerns about severe inflation in China and other countries in the region. The Asian Development Bank is urging central banks in Asia to pause measures to contain high inflation until global market
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In China, a New Hotel Every Two Weeks
Fox Business
(c) Hilton Hotels & Resorts You don’t have to travel often to know that congee, fried rice and dim sum aren’t standard breakfast fare at American hotels. As high-end consumers in China continue to wield their growing spending power, hotel chains are
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New Republic: Four Steps To Avoid Global Depression
NPR
Gary Locke, right, after announcing that Locke will be the next US ambassador to China, in the Diplomatic Room of the White House Wednesday, March, 9, 2011. Locke is replacing Jon Huntsman. President Barack Obama, left, shakes hands Commerce Sec.
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NDRC’s Zhang Says Yuan Gains to Be ‘Gradually,’ Radio Says
Bloomberg
Loose US monetary policy will also erode the purchasing power of China’s foreign exchange reserves, Zhang was cited as saying. The yuan strengthened beyond 6.4 per dollar for the first time in 17 years today after the US Federal Reserve said Aug.
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Amid US credit rating downgrade, China trade surplus grows
TimesWireService
Amid US credit rating downgrade, China trade surplus grows. This July China’s trade surplus swelled to $31.5 billion, its highest level in more than two years. Since the cause of this swelling is the strength of European demand and Asian emerging
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Oil Prices Seen Lower As US Recession Odds Increase
Forbes
Cheaper oil prices bodes well for heavy oil importing nations like the US and Europe, but also for important emerging market nations like India and China. China is battling three year high inflation levels of 6.5% and lower energy costs would help.
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Alibaba Q2 net up, sees global econ threat to H2
Reuters
United States and Europe, which are struggling with crippling debt crises. “The global economy, especially in Europe and America, we think will turn weak,” said Jonathan Lu, chief executive of Alibaba.com. Alibaba.com said revenue from its China
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Report: Magic’s Howard won’t play overseas
FS Florida
Dwight Howard is one of the most popular NBA players in China, but a new rule means he won’t be playing professionally in the country of approximately 1.3 billion people. (Photo by CSPA/US PRESSWIRE) ORLANDO, Fla. — It appears that Dwight Howard has
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Beijing Downgrades US-Treasury to A+ – Is Anybody Listening?
Gold Seek
However, with the DAX Index tanking, it’s a signal that traders are starting to worry that slowing economies in Italy, Spain, France, China and the US could weaken demand for German exports. In June, German exports fell -1.1% to €88.3-billion,
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U.S. Soccer Goes Solar With Yingli Deal
Mediapost.com
by Karl Greenberg, 4 minutes ago Yingli Green Energy has signed a multi-year deal that makes it the first “Official Renewable Energy Partner” of US Soccer. The China-based company also has the official sponsorship of the US Men’s, Women’s and Youth
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Denmon helps U.S. to victory
Springfield News-Leader
University of Missouri star Marcus Denmon scored 10 points to help Team USA to a 96-56 victory over Japan in a 30-minute scrimmage in Shenzhen, China, in preparation for the World University Games. Team USA will have a full-scale scrimmage against the
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US jobs data strikes optimistic note for economy
Reuters
Imports from China also rose nearly 5 percent to $34.4 billion, lifting the closely watched trade gap with that country to $26.7 billion, the highest in 10 months. US exports fell for a second consecutive month to $170.9 billion, as shipments to Canada
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Trade Deficit in U.S. Probably Shrank in June on Cheaper Oil
Bloomberg
Manufacturers have enjoyed stronger demand from emerging nations such as China and Brazil before recent concerns about the European and US economies raised the risk of a global slowdown. Peoria, Illinois-based Caterpillar, the world’s largest
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