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U.S. China News 2011.08.18

Thu, August 18, 2011

Day 1: Biden says USChina partnership critical to global economy
Los Angeles Times
By Michael A. Memoli Vice President Joe Biden said that the United States and China “hold the key” to the global economy Thursday, the first full day of a visit focused as much on a broader relationship between the two global powers as building a
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Low-key US officials spark China debate
BBC News
The low-key actions of two top US officials have sparked heated debate among China’s netizens about the nature of public servants. A photograph of new US Ambassador to China Gary Locke ordering coffee and carrying his own backpack generated thousands
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US, China Basketball Game Erupts in Melee
Voice of America (blog)
A photograph from the China Daily showed three uniformed Chinese players and a fourth individual kicking a Georgetown player as the fallen player tried to get up off the court. The report said another Georgetown player had a chair thrown at him by an
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US losing ground to India, China in science, technology: Obama
Economic Times
Obama has time and again exhorted American students to focus hard on competing with their counterparts in India and China. On his bus tour to ‘connect’ to rural America, the President once again hammered in his point that the country needs to raise the
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INSIGHT-China’s exporters feel the pain of shoppers in Europe, US
Reuters
Li Rongcan, assistant minister of commerce, warned that overseas demand for Chinese goods remains shaky in the face of debt problems in the United States and the European Union, the China Daily newspaper quoted him as saying. “New orders will probably
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China Minmetals, Sinosteel Price-Fixing Case Revived by U.S. Appeals Court
Bloomberg
By Sophia Pearson – Thu Aug 18 16:24:45 GMT 2011 China Minmetals Corp., China’s biggest state-owned metals trader, and Sinosteel Corp. must face claims they conspired to fix the price of magnesite sold in the US, a federal appeals court ruled.
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Contempt or Cooperation–Prospects for USChina Economic Relations
American Enterprise Institute
By Philip I. Levy | ChinaUS Focus Since the onset of global financial crisis in 2008, there have been civil, plodding, and ineffectual efforts to rebalance the global economy. These talks have involved many of the world’s major economies,
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Jardine, USA Remains Undefeated At World Games
SUAthletics.com
SHENZHEN, CHINA – The USA Men (5-0) survived their first test of the 2011 World University games and rode a 10-0 run that stretched from the end of the third quarter into the first two minutes of the fourth period to an eventual hard-fought 94-84 win
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US advances to semifinals of World University games with 96-30 rout of Finland
Washington Post
By AP, SHENZHEN, China — Elena Delle Donne and Devereaux Peters each had 17 points for the United States in a 96-30 win Thursday against Finland in the quarterfinals of the World University games. NNemkadi Ogwumike had 12 points and Jacki Gemelos and
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China’s Tudou slides on US debut
BBC News
Among the companies that looked to tap into US investor demand were Chinese online dating site Jiayuan and Chinese social network firm Renren. Renren, which models itself as a Chinese facebook, jumped 29% on its US debut in May. Jiayuan, China’s
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China stocks drop ahead US data
Chinavestor.com (blog)
A broad sell-off hit China stocks in Hong Kong as well for the Hang Seng index (INDEXHANGSENG:.HSI) fell 272.8 points or 1.4% for the day. Stocks that fell outnumbered those that advanced four to one among 42 components of the index.
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Kissinger Sings Convergence Theme With China’s “Red Song” Choir
The New American
“We can’t view ourselves as American business people. We must be global business people,” DeFeo said, crediting Kissinger for his role in opening up China to the United States. “Clearly, Dr. Kissinger is an American treasure.” Treasure?
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Broad US export growth to China: report
China Daily
WASHINGTON – Exports to China rose broadly across the United States last year, the USChina Business Council said in annual report aimed at reducing anti-China trade sentiment in Congress. “In 2010, exports to China rose 32 percent – faster than export
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Taiwan in the Lurch
Wall Street Journal
This may have taken one contentious issue off the table for US Vice President Joe Biden’s trip to China this week. But that harmony comes at the cost of weakening America’s longstanding commitment to Taiwan’s autonomy. Washington should be under no
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The China dilemma for US
China Daily
That’s why China needs to increase its internal consumption faster than exports decline. The large import costs of coal, steel, oil, copper and other commodities must be covered with exports. China needs the US and Europe to remain relatively solvent
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Winner Medical Granted the COTTON USA Mark
PR Newswire (press release)
With growing majorities of consumers perceiving US cotton-containing finished goods to be more durable, comfortable and stylish, our group would be able to deepen the expansion of international medical market and consumer market in China for PurCotton®
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US claim on stealth helicopter ludicrous: analysts
The News International
ISLAMABAD: Military analysts and sources in national security have revealed that the recent claims in the western media that Pakistan had passed on downed US helicopter’s stealth secrets to Beijing were part of a sinister campaign to hurt the Pak-China
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America can’t afford complacency on China
Reuters Blogs (blog)
China will also continue to welcome foreign (including American) investment into sectors and regions that Beijing knows must grow—meaning more profit-making opportunities in China for US firms. China will work to gain access to state-of-the-art
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US gropes, muscular China wrestles
Asia Times Online
By Benjamin A Shobert Several decades have passed since the United StatesChina relationship was first marked by the sort of mutual suspicion and acrimony that currently pervades. In the aftermath of the 2008 financial crisis, the US model,
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Evergreen Solar’s failure shows US weakness in clean energy
Boston Globe
China and Germany, with vastly smaller economies, invested more in clean energy than the United States last year. It was Chinese competition that ultimately doomed Evergreen Solar. Americans who tout the old nostrum that all businesses need is a level
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Coca-Cola invests US$4bn for long-term growth in China
FoodBev.com
The Coca-​Cola Company and its Chinese bottling partners are to invest US$4bn over the next three years, commencing 2012. By the end of 2011, Coca-​Cola and its China bottling partners Swire Beverages and Cofco Coca-​Cola Beverage Company will have
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US and Mexico refer China to WTO over rare earth restrictions
SteelGuru
The WTO ruled that China’s export controls on a number of rare earths such as bauxite, coke and magnesium broke international trade laws. The complaint had been filed by the US, the European Union and Mexico in 2009. The ruling was seen as a sign that
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Asian Markets Fall on Global Worries; US Data Eyed
Morningstar.com
In banks, HSBC, Europe’s biggest lender by market value erased 2% after a report that US regulators are stepping up scrutiny of European banks in the country. Standard Chartered eased 1.4%. Chinese banks also declined with China Construction Bank Corp.
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China Might Stop Purchasing US Treasuries as Growth Slows says Roach
Dice News
The Achilles’ heel of the American consumer is having its aftermaths in China, which may no more buy US Treasuries as it has decided to shift its focus from exports to internal consumption, said the non-executive chairman, Morgan Stanley Asia,
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U.S. and China Trade Decelerates Faster
Seeking Alpha
What we observe is that the economies of both the US and China continue to realize slowing rates of trade growth, indicating that both economies are continuing to decelerate. The rate at which China’s more strongly growing economy is pulling in goods
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China’s Big Economic Bubble: 5 Reasons It’s Sure to Burst
International Business Times
The result: “Everything we did in our microwork [on commodities] kept leading us back to China’s property market.” Chanos recalled being at a research conference in 2009 when an analyst enthusiastically cited numbers of China’s robust building boom,
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Fed Researchers Say Europe Borrowed From China To Buy Crappy American Mortgages
DealBreaker.Com
The Fed researchers started out from a popular explanation of the financial crisis, that a “global savings glut” in certain countries (above all China but also other emerging markets, the OPEC countries etc.) inflated an asset bubble in the US as
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US looks to India, China to make world stable
Hindustan Times
PTI Acknowledging that it was facing resource constraints in dealing with a number of conflicts around the world, the US has said it was looking up to emerging powers such as India and China to play their roles in bringing about stability.
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China has right to own aircraft carriers
People’s Daily Online
They even took the chance to play up the “China threat theory” again. US State Department spokesperson Victoria Newland recently answered several questions about China’s first aircraft carrier at a daily press briefing, and hundreds of millions of
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Photos: Lebron James China Tour 2011
Denver Post
US basketball player Lebron James of the NBA Miami Heat is taking advantage of his time off by visiting China. James is undertaking a 2011 China tour to travel the country and meet with the locals. He will be stopping in Chengdu, Xian, and Shanghai
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Unions, industry unite on China
Sydney Morning Herald
Ed Husic, who holds the western Sydney seat of Chifley, told the meeting: ”My private view is we have China getting angry about us meeting a Tibetan monk [the Dalai Lama] but we don’t say anything about how our manufacturing sector is being hit by
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Attacks in Israel Kill 6, Injure Dozens; Biden Praises US Ties With China
PBS NewsHour
China holds the largest share of the United States‘ debt — an estimated $1 trillion — and has criticized the United States for accumulating such a heavy debt burden. Xi, who is expected to make a reciprocal visit to Washington, is on course to become
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MSU’s Draymond Green, UDM’s Ray McCallum keep US perfect at World University Games
Detroit Free Press
Michigan State’s Draymond Green scored six points, and Detroit Mercy’s Ray McCallum added four as the United States defeated Israel, 94-84, at the World University Games this morning in Shenzhen, China. Green shot 2-for-5 from the field.
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METALS-Copper falls to one-week low on growth fears
Reuters
Highlighting growing concerns about the outlook for the global economy, Morgan Stanley slashed its global growth forecast for 2011 and 2012, saying the US and the euro zone were “dangerously close to a recession”. Moves by China to tighten monetary
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UK’s Darius Miller, US basketball team win fifth straight
Lexington Herald Leader
SHENZHEN, CHINA – University of Kentucky senior Darius Miller and the United States shook off a rally from Israel to win 94-84 Thursday in the quarterfinals of the World University Games basketball tournament in Shenzhen, China.
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Lenovo strategy pays off, remains upbeat on outlook and tablet plans
ZDNet (blog)
Lenovo’s strategy to defend mature markets such as the US and Europe, hold its market share in China and grow aggressively in emerging markets is paying off nicely even as rivals struggle. The company reported strong quarterly earnings, shipped 81000
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Weston business bringing jobs to US from China
Stamford Times
Buoyed by a line of credit by JPMorgan Chase, Kiss-u Corps will move manufacturing operations from China to the US, said company owner Amy Davis. Stamford-based Women’s Business Development Council (WBDC) helped Davis secure the line of credit.
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Warburg Pincus and KPCB China Pumps $100M to Chinese E-Tailer Xiu.com
PR Newswire (press release)
18, 2011 /PRNewswire-Asia/ — China’s largest fashion E-Tailer Xiu.com raised a $100 million worth of joint funds from US private equity fund Warburg Pincus and venture capital KPCB China the online retailer announced Wednesday.
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Her life’s true path leads to China | Philadelphia Inquirer | 2011-08-18
Philadelphia Inquirer
We are innovators and China needs us. We need them. All of us will do best building bridges of innovation and prosperity together. Though I don’t know exactly how it will happen, I do know this: The time of wall-building is over.
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US wealth inequality on par with China and African dictatorships
AMERICAblog (blog)
We’re about the same level of inequality as China. And, of course, China, half the population are rural peasants who are not part of the modern world. And if we were to compare us with African countries, dictators in different places, you know,
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Colorado congressmen risk environment for rare earth refinement
The Colorado Independent
By Troy Hooper | 08.18.11 | 7:47 am Rare earth metals used to manufacture magnets for electric vehicles, display screens for electronics, rechargeable batteries and smart bombs are almost entirely mined in China but that could soon change. US Reps.
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JA Solar’s CEO Discusses Q2 2011 Results – Earnings Call Transcript
Seeking Alpha
This will help the global [unintelligible] sustain its growth along with the US and China, and the market picking up in the years to come. Turning now to Italy, after government suddenly changed its subsidy policy in March, we saw quite a lot of
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Get ready for Armageddon
Macleans.ca
In 2010, the US spent about $663 billion on its military, China about $78 billion. If the People’s Republic carries on buying American debt at the rate it has in recent times, then within a few years US interest payments on that debt will be covering
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The Note’s Must-Reads for Thursday, August 18, 2011
ABC News (blog)
LINK Bloomberg News’: “Biden Meets China’s Future Leader Xi Jinping” US Vice President Joe Biden met his Chinese counterpart Xi Jinping today in Beijing, kicking off a visit that US officials say is primarily aimed at forging ties with the man set to
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