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U.S. China News 2011.08.15

Tue, August 16, 2011

US economic woes loom over Biden’s China trip
The Associated Press
His four-day trip to China will also include a stop in the southwest China city of Chengdu, where he will visit a high school and deliver a speech on USChina relations. The vice president will also visit Mongolia and Japan.
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Pakistan Likely Allowed China Access to Secret U.S. Helicopter: Reports
ABC News
In a report published hours later, The New York Times said China had “probably” examined the wreckage but cited American officials who said they “did not have definitive proof that the Chinese were allowed to visit Abbottabad.” Pakistan and China are
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Debt Crisis Could Be Turning Point for USChina
CNBC.com
China’s US Treasury holdings are the cornerstone for a lot of conspiracy theories about the changing relationship between the two powers. Apocalyptic Scenario The apocalyptic scenario goes a little like this: China’s increasing economic might and
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China dubs new US ambassador ‘the backpacker’
AFP
A column in the official China Daily newspaper said there were hopes Locke’s ancestry would “help him be a bridge between China and the United States and between the two peoples”. “However, we should not pin too many hopes on him adopting a more
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Can The U.S. Break China’s Stranglehold On Rare Earth Metals?
Fast Company
BY Ariel Schwartz Tue Aug 16, 2011 These elements are the building blocks of a modern society, and China has all of them. Until now. The US mining industry is starting to catch up. You may not know what rare earth metals are, but they probably feature
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Swimmer Missy Franklin’s awesome summer: winning medals, setting records
Washington Post
Maybe she’ll remember winning three gold medals at her first world championships in China. Or setting two American records in the process. Or being presented with a $20000 check as the top points earner on the grand prix circuit, beating out the likes
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US refuses Taiwan request for new jets: report
Reuters
Any fresh US arms support to Taiwan is likely to raise hackles in Beijing, but the advanced fighter jets have been an especially touchy point for China, which this week will host US Vice President Joe Biden. The bitter debate in the US Congress over
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Is China Freeloading Off The US Military’s Work In Afghanistan And Iraq?
Huffington Post
By Richard Weitz, The Diplomat China’s limited support for the US-led counterinsurgency campaigns in Afghanistan and Iraq, despite the growing Chinese economic stake in these countries, has provoked some irritation among US observers over China’s ‘free
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China gives Ethiopia US$500 million
The Africa Report
China has lent Ethiopia US$ 500 million that will be used to fund various development projects in the Horn of Africa country. China has lent Ethiopia US$ 500 million that will be used to fund various development projects in the Horn of Africa country.
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China Hasn’t Lost Appetite For U.S. Debt: The Ticker
Bloomberg
Problem is, China’s policy contributes to the fiscal malaise its leaders decry. The more US bonds China buys, the lower the US government’s borrowing costs and the less pressure politicians feel to get the country’s long-term finances under control.
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China XD Plastics Announces US$100 Million Equity Investment by Morgan Stanley
PR Newswire (press release)
has agreed to make a US$100 million equity investment for a significant minority ownership stake in the Company, subject to certain customary closing conditions. The investment by MSPEA will help China XD Plastics to expand and further upgrade its
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The world after the US downgrade
Livemint
It will not be easy for China to disengage from the US economy. If the US catches a chill, China will surely sneeze The economic uncertainties facing the US, particularly in the aftermath of the downgrade of its credit rating, have brought back fears
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Showdown certain unless China, US change tack
The Australian
Picture: Sam Mooy Source: The Australian CHINA and the US face “a showdown or some kind of confrontation” unless they change their thinking and outlook, according to the Dean of the School of International Studies at Beijing University, Wang Jisi.
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Dragon tries to slay US military
Asia Times Online
The new assertiveness on the part of China over US military spending is more radical that any spending-cuts proposal from the deficit-phobic Republican Party, as the former takes a stab at the core of American hard power and might in the world.
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US women defeat Slovakia 114-63 in World University Games
Lexington Herald Leader
Former Lexington Catholic star Natalie Novosel scored six points, had two rebounds, two assists and two steals in the US team’s 114-63 win over Slovakia Monday in Shenzhen, China. The US team (2-0) had six players score in double digits and everyone
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Miller helps Team USA to another blowout win
UKAthletics (blog)
15 at the Universiade Main Gym in Shenzhen, China. “South Korea gave us a different look,” said USA and Purdue University head mentor Matt Painter. “They had quickness at every single one of their positions. They were hard to handle.
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Fareed Zakaria: China’s Not Doing Us a Favor
China Digital Times
The economic situation between China and the US is the financial version of mutually assured destruction – that cold war doctrine of nuclear deterrence. If you destroy me, I will destroy you. Let me explain. I’ll start with the facts.
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Painter, USA Men Down Hungary, 102-53
Purdue Boilermakers
SHENZEN, China – Thanks in part to a US Men’s World University Games record six three-point field goals from John Jenkins (Vanderbilt), the 2011 USA Men’s World University Games Team (2-0) easily downed Hungary, 102-53, on Sunday. While the USA sank 12
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Hong Kong Stocks Advance as Company Earnings, U.S. Retail Sales Increase
Bloomberg
The Hang Seng China Enterprises Index of Chinese companies listed in Hong Kong advanced 4.7 percent to 10944.17. “Data from the US economy was surprisingly stronger last week, supporting investor sentiment,” said Alex Wong, asset- management director
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US and China: A tale of two countries
Daily News & Analysis
The result is that tax revenues are up 22 percent as a share of the Chinese economy, but down 7 percent as a share of the American economy. In China, jobs are everywhere. In America, joblessness is everywhere. There is a lesson here and it goes to the
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Why this love triangle works
PhysOrg.com
The bottom line, so we are told, is that Australia finds itself at the pointy end of an unstable triangle with China and US, laying waste to the grand strategy of better relations with China layered on the bedrock of the US alliance that has served
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Global Demand for U.S. Assets Weakened in June
Bloomberg
China’s Xinhua News Agency, in a commentary dated Aug. 2, warned the US still faces a “debt bomb,” and yet over the past three weeks, Treasury securities rallied as investors fled equities. Prior to today’s report, economists in a Bloomberg News survey
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China’s Chief-of-Staff in Israel — A Friendship With Limitations
Huffington Post (blog)
China is engaged now in a concerted effort to enhance its military profile and is showing signs of growing interest in the Middle East and the Mediterranean. A visit in Israel at a time of talks about the declining stature of the US in the region and
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Report: Importing Chinese Goods Isn’t All Bad
TPMDC
These costs include the salaries, wages, and benefits paid to the US workers and managers who staff these operations….Whereas goods labeled “Made in China” make up 2.7% of US consumer spending, only 1.2% actually reflects the cost of the imported
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EIA forecasts decline in crude oil demand for US in 2011
Oil & Gas Journal
US oil consumption, however, is forecast to contract from a year ago. Worldwide oil demand, led by China, will increase by 1.4 million b/d in 2011 to average 88.19 million b/d and by 1.6 million b/d in 2012, outpacing average global demand growth of
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US studios ready to stream shows online to China
EastDay.com
HOLLYWOOD studios are set to break into China’s massive Internet market as domestic video sites scramble to screen United States movies and dramas on their digital platforms, a move which could also curb rampant piracy. China’s Youku’s and Sohu’s
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China: 22 fake Apple Stores in Kunming
Generation NT (US)
The BirdAbroad blog is run by an expatriate American living in China, with the site reporting last month that they had discovered three Apple Stores in Kunming which appeared to be legitimate, but which in reality were not authorised by Apple.
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Asian Honey, Banned in Europe, Is Flooding US Grocery Shelves
Food Safety News
FDA has the laws needed to keep adulterated honey off store shelves but does little, honey industry says. by Andrew Schneider | Aug 15, 2011 A third or more of all the honey consumed in the US is likely to have been smuggled in from China and may be
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Diplomat Sees US Focus Shifting from Mideast to Asia-Pacific
Voice of America (blog)
Campbell tells The Australian that reports of US decline are “vastly overblown” and that most Asians appreciate that the democratic, free-market system is the best possible for dealing with current challenges. The diplomat says there are some in China
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Program offers educators yearlong stint in US
China Daily
Today, just a 12-hour flight away, 176 Chinese teachers have successfully made the trip from China to the United States to teach Mandarin and culture courses in American schools. In an effort to meet the increasing demand for Chinese language and
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Why China Won’t Save Oil Prices
Forbes
Yet, despite strong fundamentals in China, and 9% GDP growth forecast again this year, oil prices are declining. Maybe they would decline more, but the driver of oil remains the US and European economies, says Richard Soultanian, president of energy
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How Congress can start creating jobs in the U.S.
The Hill (blog)
If China doesn’t agree to participate, designate it a currency manipulator. (China ships fully one-third of its exports to the US and finances less than 10 percent of our public debt, so we have more leverage than some might suggest.
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Gloating China, Hidden Problems
Newsweek
Small wonder the Chinese news agency was on gloat mode during the week of Aug. 8. The US stock market fell off a cliff, bounced briefly, and then fell again. The Federal Reserve admitted the economy is close to stalling. And in China?
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NuCrane Manufacturing Ships First AP1000® Polar Crane to China
PR Newswire (press release)
We fully expect that ongoing cooperation between this US factory and its sister facilities in China will continue for years to come, showcasing the benefits of cooperation between the US and China in the nuclear energy arena.
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Ascent Solar Enters Major Strategic Alliance with TFG Radiant Group of China
MarketWatch (press release)
The East Asia territory includes China, Taiwan, Hong Kong, Malaysia, Indonesia, Thailand, Korea, and Singapore. Ascent retains all rights for the US and rest of the world. Pursuant to the strategic alliance, in addition to continuing to ramp its
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Perry Wooed China Firm Despite Security Flags
NewsMax.com
Nonetheless, as governor of Texas, Perry wooed Huawei Technologies for months, traveling to China and dining with the CEO of the firm. The company eventually decided to base its US operations in Plano, Texas. Perry lauded the company’s “really strong
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China Zenix Auto International Announces Record Quarterly Sales for Second
MarketWatch (press release)
Revenue for the second quarter ended June 30, 2011 increased 29.7% to a quarterly record of RMB1,131.2 million (US$175.0 million), from revenue of RMB872.1 million for the second quarter of 2010. Aftermarket sales in China grew 55.5% to RMB525.5
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China 360 deg Solutions Provides Additional Information on Previously Released
MarketWatch (press release)
Scope of Work: China 360 deg was engaged to attempt to identify any unusual accounting or business practices not in accordance with United States Generally Acceptable Accepted Principles (“US GAAP”). From July 12–16, 2011 and August 3–4, 2011,
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Can Energy-Efficient Windows Revive US Glass Manufacturing?
SolveClimate News
Traditional glass manufacturing in the United States has steadily waned in the past decade due to lower-cost production abroad, namely in China, as well as the ongoing recession in the domestic construction industry. Glass industry jobs fell by nearly
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Shekinna Stricken, Glory Johnson help US defeat Slovakia
GoVolsXtra
By News Sentinel staff Glory Johnson scored seven points and Shekinna Stricklen added six Monday as the United States women’s team routed Slovakia 114-63 at the World University Games in Shenzhen, China. US (2-0) plays Great Britain on Tuesday.
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As Opera Struggles in West, an Art Form Flourishes in China
TIME
That’s the idea behind Tian’s “I Sing Beijing,” a summer program bringing some 20 promising young professionals from the US, Europe and South America to China to learn to sing in Mandarin, a program that will culminate with a gala concert at the
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The Consumption Economy Is Dying—Let it Die
The Atlantic
Over roughly the same period, shipments from US apparel factories fell by 31% in real terms, while apparel jobs fell by 26%. The winner: Factories in China and elsewhere making clothes for the US market. It’s not just clothes, of course.
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Notre Dame basketball: US handles Hungary
South Bend Tribune
Notre Dame senior forward Tim Abromaitis started, played a team-high 19 minutes and scored seven points with five rebounds to help the United States to a 102-53 victory over Hungary on Sunday at the World University Games in Shenzhen, China.
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Time to question the dollar’s role as reserve
Financial Times
China’s central bank is most exposed with holdings of about $3000bn. Central banks would argue that there is no alternative to the dollar. This is true. However, it merely underlines that policy efforts must be directed towards the promotion of new
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‘S&P downgrade is a wake-up call partly for US, partly for rest of world’
Hindu Business Line
Imagine the external assets of the US — these are owned by large corporates — including the corporates operating in China that are owned by them. They have a strong national private assets position. As for their liabilities — it is the US Government
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