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U.S. China News 2011.11.30

Wed, November 30, 2011

China military denounces US-Australia defense upgrade
Reuters
But the Chinese spokesman indicated that Beijing was not shunning Washington. Chinese and US defense officials, led by Under Secretary of Defense Michele Flournoy, will hold talks in Beijing next Wednesday, Geng told the briefing.
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China Says No Worries over Historic US Visit to Burma
Voice of America
November 30, 2011 China Says No Worries over Historic US Visit to Burma Stephanie Ho | Beijing The Chinese government is indicating it is not perturbed by an imminent and landmark meeting between US and Burmese officials, despite Chinese media reports
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Chinese solar companies reject US trade complaint
BusinessWeek
“Any trade restrictive measures that may be imposed will unavoidably cause serious impairment to the sustainable development of the green energy industries as well as consumers’ interests both in China and the United States,” said the statement.
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How a Chinese cave got listed on the US stock market
Reuters
By Melanie Lee YISHUI, China (Reuters) – A Chinese tourism company listed in the United States wants investors to pour their money down a dark hole. Literally. China’s “Underground Grand Canyon,” about an hour’s drive outside the smoggy city of Linyi
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Stocks Supported by US, China Economic Hopes
ABC News
By NATALIYA VASILYEVA AP Business Writer Stock markets rebounded Wednesday as renewed optimism over the state of the US economy and fresh Chinese policy easing supported sentiment despite the failure of European finance ministers to announce radical
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China Banks Get Higher Grades Than Most U.S. Rivals by S&P
San Francisco Chronicle
30 (Bloomberg) — Bank of China Ltd. and China Construction Bank Corp. were upgraded by Standard & Poor’s after the ratings firm revised its criteria, giving the Chinese lenders higher grades than most of their largest US rivals.
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US Stock Futures Higher On China Bank Reserve Ratio Cut
Wall Street Journal
By Polya Lesova US stock futures rose on Wednesday after China announced a cut in banks’ reserve-requirement ratio and as investors awaited a batch of US economic data. Futures on the Dow Jones Industrial Average rose 64 points to 11629 and those on
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China rejects US solar complaint
Albany Times Union
A group of China’s biggest solar energy companies, including giants Suntech Power Holdings Co., Yingli Green Energy Holding Co. and Trina Solar Ltd., rejected a US trade complaint that they are unfairly supported by the Chinese government and said
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US moves to counter China in Pacific
The Australian
The concept of Asia-Pacific better incorporates American ambitions: it refocuses the locus of its strategic policy from the Middle East to East Asia. China has previously expressed its reservations on the strengthening of American defence capacity on
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AT&T, China Telecom Agree to Expand Services in China, US
BusinessWeek
30 (Bloomberg) — AT&T Inc., the largest US telephone carrier, and China Telecom Corp. agreed to expand an 11-year partnership to provide more communication services to multinational companies in both countries. AT&T will offer more services China,
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U.S.China Trade Dispute Could Stall Arizona’s Solar Progress
Sacramento Bee
“Arizona jobs are at stake in the brewing solar trade war between the US and China. As with most trade wars and protectionism, we stand to lose much more than we could gain – in this case, jobs for Arizonans and Americans,” said Barry Broome,
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China to US: India a ‘lesser power’, not an equal
Business Standard
This first took place during the conversations between US assistant secretary of state for East Asia, Kurt Campbell, and Chinese vice-minister Cui Tiankai, during their inaugural USChina consultations on the Asia-Pacific region in Honolulu, Hawaii.
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Key question is whether US and China are willing to accept reduction targets
Irish Times
“The key question is still whether the US and China are willing to commit to reduction targets within a legally binding framework,” said Stig Schjølset, the agency’s head of EU carbon analysis. “But we do not expect China to be willing to take on
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US students point to larger China nuclear arsenal
AFP
WASHINGTON — An unconventional project by US university students has concluded that China’s nuclear arsenal could be many times larger than current estimates, drawing the attention of Pentagon analysts. The Washington Post reported Tuesday that
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Viewpoint: China Poses Increasing Threat to US Economy and National Security
IndustryWeek
On a monthly basis, the US now imports roughly 560% more advanced technology products from China than it exports to China. By Michele Nash-Hoff,president, ElectroFab Sales Last week the USChina Economic and Security Review Commission submitted their
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Viewpoint: India – a BRIC between China and US
BBC News
India has already started producing more additional GDP than Germany, and China is contributing more to the world economy incrementally than even the United States. At the last G20 meeting, the European countries looked upon India and China for help in
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China joins solar trade war with potential action against US manufacturers
Clean Energy Authority
First, CASM (Coalition of American Solar Manufacturers) lashed out against alleged Chinese PV dumping practices in the US Then CASE (Coalition for Affordable Solar Energy) responded that CASM’s practices amounted to protectionism.
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China Looking to Invest in US Infrastructure
Minyanville.com
By Davis MacMillan November 29, 2011 04:00 PM China, America’s favorite international lender, has announced a desire to invest in infrastructure projects in the US and Western Europe. In an article in the Financial Times on Sunday (registration
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China files US civil suit against Taiwanese for stolen $38.8 million
AsiaOne
The Republic of China government recently filed a civil suit against Ching Chi-ju, a Taiwanese national diplomatic broker currently living in the United States, at the Superior Court in California, asking Ching for the return of the US$29.8 million
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China Halts US College Freedom at Class Door
China Digital Times
The muzzling of Stewart’s journal exposes the compromises to academic freedom that some American universities make in China. While professors and students openly discuss sensitive subjects such as the Tibetan independence movement or the 1989 Tiananmen
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Debunking the Myth that China is Selling US Treasury Securities
The Market Oracle
Over the most recent 6-month period, China has reduced its position by about 6%. This could be the beginning of a trend which would create severe issues for the US, namely much higher interest rates. As I first discussed in AFA, China’s huge US debt
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Haitong Securities To Raise Up To US$1.67B In IPO -Sources
Wall Street Journal
Its initial public offering makes it only the second Chinese brokerage to seek a Hong Kong listing after Citic Securities Co.’s US$1.7 billion IPO in October. Haitong, China’s second-largest brokerage by total assets after Citic Securities,
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Winning US World Cup Team enjoys Mission Hills Hainan in China
WorldGolf.com
HAIKOU, China — Mission Hills China’s new resort – Mission Hills Hainan – drew rave reviews from competitors as first-time host of golf’s 56th World Cup. The American team of Matt Kuchar and Gary Woodland took the trophy with a final-round
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US: China drift toward more state control ‘troubling’
Jerusalem Post
By REUTERS WASHINGTON – The United States on Wednesday criticized China, which is nearing the 10th anniversary of its entry into the World Trade Organization, for drifting away from market reforms and toward more state control of its economy.
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US Based Athletes’ Performance Supporting Chinese Olympic Athletes for the
MarketWatch (press release)
PHOENIX, Nov 30, 2011 (GlobeNewswire via COMTEX) — Athletes’ Performance is honored to announce a new partnership with the Chinese Olympic Committee (COC) to support selected teams and individuals as they prepare for the 2012 Summer Olympics to be
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EMERGING MARKETS-Latam FX seesaws on Europe, USChina gains
Reuters
Latin American currencies swing sharply on Europe news * US sales and China easing helps lift LatAm currencies * Real, Mexico and Chile pesos firm; Colombia peso slips * Colombia peso falls on GrupoSura payment on ING purchase By Jeb Blount and Michael
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China’s panda gift will cost us millions
Herald Scotland
Reporting on the imminent arrival of two giant pandas in Scotland, Deborah Anderson wrote: “The pandas were given to the UK as a gift from China” (“Edinburgh poised to welcome pandas”, The Herald, November 28). This most definitely is not the case.
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China decries Canada’s “bad example” in climate talks
Reuters
Russia and Japan have refused to support an extension of Kyoto beyond 2012, saying that the treaty is meaningless if the biggest emitters — China and the United States — do not sign up for binding cuts. (Reporting by David Stanway; Editing by Nick
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Australia backs security pact with US, India
Reuters
Earlier this month, it agreed to host a de facto US base in the north of the country which would provide military reach into southeast Asia and the South China Sea, where China has disputes with several other states over sovereignty.
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Obama Invokes Cold-War Security Powers to Unmask Chinese Telecom Spyware
Bloomberg
The survey represents “very high-level” concern that China and other countries may be using their growing export sectors to develop built-in spying capabilities in US networks, said a senior US intelligence official who asked not to be named because he
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Nepal may be venue of opposing Chinese and Indo-US Security interests
Telegraphnepal.com
We can learn from the way Myanmar is extracting benefit from the existing hostile relation between China and India. Kathmandu too can utilize its maneuvering capabilities in its relations with India, China, US and other European countries as against
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US House votes to end country caps for work visas; India to benefit
Economic Times
“This makes no sense and has resulted in decades-long backlogs for nationals from India, as well as China, and it makes it impossible for certain US employers to attract and retain certain essential workers they need to help keep America competitive.
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China’s Soviet-Era Aircraft Carrier Sets Sail for More Testing
BusinessWeek
30 (Bloomberg) — China’s rebuilt Soviet-era aircraft carrier set sail for its second sea trials, the defense ministry said, as the US and China look to bolster their influence in regional waters. The carrier finished refitting and testing after its
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Shares down on US banks, China worries
The Korea Herald
South Korean stocks finished 0.49 percent lower on Wednesday as investor sentiment was dented by outlook cuts on US banks and concerns about Chinese manufacturing data, analysts said. The local currency climbed against the US dollar.
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Prof. Gillis: Muddy Waters FMCN Report Attacks Crony Corporate Governance in China
Business Insider
That leads to delisting of all US listed Chinese stocks and big problems for MNCs. Read Chuck Schumer’s letter to the PCOAB yesterday (on my blog http://www.chinaaccountingblog.com) Q:What agreements do you expect China and US regulators to reach on joint
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Solar Stocks Fall as Focus Media Reverses Loss: China Overnight
BusinessWeek
The Bloomberg ChinaUS 55 Index slid 0.8 percent to 96.48 at the close of trading in New York, and is down 3.3 percent this month. Solar companies from Suntech Power Holdings Co. to Trina Solar Ltd. fell after a research group said the industry needs
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Scenarios: Impact of euro zone crisis on US economy
Reuters
continues to gradually improve in the United States, the impact should be limited since international trade is not the primary engine of US growth. A serious slowdown throughout the European Union would lessen its import appetite, hurting China.
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Companies Would be Urged to Share Cyber Threats With U.S. in House Measure
Bloomberg
(6758) and Citigroup Inc. (C) The National Counterintelligence Executive said this month that hackers and illicit programmers in China and Russia are pursuing American industrial secrets, jeopardizing an estimated $398 billion in US research.
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US Stocks Soar Following Joint Central Bank Plan
Wall Street Journal
The US dollar fell sharply against the euro and the yen. The People’s Bank of China indicated it was loosening monetary policy after it said the reserve requirement ratio for banks will be lowered by 0.50 percentage point as of Dec.
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Komatsu Looks for Acquisition Targets in US, Europe, CEO Says
BusinessWeek
Caterpillar Inc., Komatsu’s larger US rival, last month offered as much as HK$6.89 billion ($884 million) to buy China’s ERA Mining Machinery Ltd. to expand sales in China, following its $8.8 billion acquisition of Bucyrus International Inc. in July.
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Emerging Stocks Rise for Second Day on Europe, US Data
Bloomberg
“G-10 economic news continues to be important, headline risk in Europe and the state of the US economy are very significant barometers for global markets.” MSCI’s emerging-markets index has slumped 21 percent this year as countries from China to Brazil
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Johnson Controls: Shanghai plant not leaking lead
San Francisco Chronicle
15, 2011 file photo shows a man riding a motorcycle past a battery factory of Johnson Controls nearby Kanghua New Village, in Shanghai, China. The US battery maker said independent tests show that its factory in Shanghai was not the cause of severe
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Buy American, local this holiday season
Superior Telegram
Many of us could and should buy American made products more often. We should do it rather than purchasing on a cost basis only. Cost of products made in China and other Eastern countries are lower a lot of the time because US wages are higher and we
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Records: Mo. officials cautioned about Mamtek
BusinessWeek
The company said it wanted to expand production in the US, and its project was presented to 12 Midwestern states by former Missouri Gov. Bob Holden, who is chairman of the Midwest USChina Association, which promotes trade between the countries.
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China to hold first AIDS Walk on Great Wall
AsiaOne
BEIJING – China is due to hold its first AIDS Walk – a fundraising walkathon already popular in the US – on the Great Wall, organisers said Wednesday, as the nation steps up its fight against the disease. The AIDS Walk first took place in Los Angeles
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