Thursday, May 23, 2019

Huge steel and coal layoffs show just how big China’s industrial slowdown really is

BEIJING (Reuters) - China said on Monday it expects to lay off 1.8 million workers in the coal and steel industries, or about 15 percent of the workforce, as part of efforts to reduce industrial overcapacity, but no timeframe was given. It was the first time China has given figures...

China’s Xi to promote globalization at Davos, not war and poverty

China's President Xi Jinping will promote "inclusive globalization" at this month's World Economic Forum (WEF) in Davos and will warn that populist approaches can lead to "war and poverty", Chinese officials said on Wednesday. This year's forum, from Jan. 17-20, is expected to be dominated by discussion of a surge...

The dragon’s new teeth

At a meeting of South-East Asian nations in 2010, China's foreign minister Yang Jiechi, facing a barrage of complaints about his country's behaviour in the region, blurted out the sort of thing polite leaders usually prefer to leave unsaid. “China is a big country,” he pointed out, “and other...

Philippines open for business with China, says finance minister

Opportunities for the two countries to cooperate on infrastructure, says Carlos Dominguez. The Philippines' new government plans to court Chinese investment to fund an ambitious infrastructure programme, the latest sign of warming ties between the two nations that have been at loggerheads over territorial claims in the South China Sea. “The...

China starts work on $50 bln Asian Infrastructure Investment Bank

China has begun preparations to set up a multilateral bank to fund infrastructure projects in Asia, the finance ministry said on Friday, looking to tap into demand for infrastructure growth as regional economies develop. In a statement, the ministry said the planned Asian Infrastructure Investment Bank would have a capital...

China Quietly Prepares Golden Alternative to Dollar System

China, as current chair of the G-20 group of nations, called on France to organize a very special conference in Paris. The fact such a conference would even take place in an OECD country is a sign of how weakened the hegemony of the US-dominated Dollar System has become. On...

This Map Shows Why The South China Sea Could Lead To The Next World...

The South China Sea is a powder keg of territorial claims mixed with oil and gas resources. Almost every country in the area has a longstanding animus toward at least one of its neighbors. China claims 90% of the Sea, and Beijing is viewed with fear and suspicion throughout the region. The...

China sets up largest gold fund

A gold sector fund involving countries along the ancient Silk Road has been set up in northwest China's Xi'an City during an ongoing forum on investment and trade this weekend. The fund, led by Shanghai Gold Exchange (SGE), is expected to raise an estimated 100 billion yuan (16.1 billion U.S....

The Renminbi is the second most used currency for cross border payments with China...

SWIFT’s RMB Tracker shows that the RMB is now the second most used currency for cross border payments with China and Hong Kong. In May 2014, 12% of cross border payments with China and Hong Kong were done using the RMB, up 36% from one year ago. The US...

Is Scarborough Shoal Worth a War?

If China begins to reclaim and militarize Scarborough Shoal, says Philippines President Benigno S. Aquino III, America must fight. Should we back down, says Aquino, the United States will lose "its moral ascendancy, and also the confidence of one of its allies." And what is Scarborough Shoal? A cluster of rocks and...

China central bank injects $12.3 bn through 7-day reverse repos

China's central bank on Wednesday pumped more money into the market to ease a liquidity strain and aid the slowing economy. The People’s Bank of China (PBOC) conducted 80 billion yuan ($12.3 billion) in seven-day reverse repurchase agreements (repo), a process in which central banks purchase securities from banks with...

Malaysia-China sign historic 14 agreements worth RM144b

PM Najib Razak says it is the biggest ever recorded with his official visit overseas and a historic achievement for both countries. Malaysian and Chinese companies made history today with the signing of 14 agreements worth RM144 billion. Prime Minister Najib Razak said the amount was the biggest ever recorded in...

Europeans Push Back Against Beijing in the South China Sea

France has thrown its hat into the acrimonious South China Sea debate, calling for more European naval patrols in a contested waterway that is at the center of a growing dispute between China and the United States and its Asian allies. French Defense Minister Jean-Yves Le Drian, speaking Sunday at...

China’s Great Wall Motor to Invest in Russia Plant

SHANGHAI—Chinese auto maker Great Wall Motor Co. is planning to build a car factory in Russia even as the auto maker faces setbacks building its brand at home and abroad. In a statement to the Hong Kong exchange Monday, the company said it planned to invest an initial 2.1 billion...

China bank chief says speculators caused yuan fall

Chinese central bank governor Zhou Xiaochuan has accused "speculative forces" of targeting the country's currency, the yuan. He said there was no reason for the yuan to keep depreciating in value and that China would not let international speculators dominate market sentiment. Mr Zhou's remarks come as Chinese markets prepare to...

Chinese leader in Belarus to sign multibillion dollar deals

MINSK, Belarus (AP) — Chinese President Xi Jinping traveled Sunday to Belarus for a three-day trip to sign deals worth billions of dollars as Beijing looks to build greater inroads into Europe's economy. Xi said Sunday that Belarus could become a key hub for China's much-vaunted Silk Road vision —...

China’s exports tumble again in May as global demand stays weak

May's soggy Chinese trade data offered the latest sign that the world's second-largest economy was still a long way off from full health. Exports in dollar-denominated terms tanked 4.1 percent on-year, more than double April's 1.8 percent fall and slightly worse than estimates for a 3.6 percent decline, Reuters said...

Is China Being Wooed by Fantasies of Western Acceptance?

In the area of finance and creation of new financial institutions much hope of many nations has been placed on China. Last year China played a catalytic role in helping establish a new BRICS Infrastructure Development Bank to finance infrastructure projects in select emerging economies. Soon after Beijing announced...

Security Is Only as Good as Your Fastest Computer

China now dominates supercomputing. That matters for U.S. national security. China has, for the seventh time in a row, taken the top prize as the global leader in supercomputing. The Sunway TaihuLight, at the National Supercomputing Center in Wuxi, a city near Shanghai, has clocked a theoretical peak performance of...

ISIS Caliphate meets China’s Silk Road Economic Belt

This report examines the clashing ambitions between ISIS and China. With ISIS’s declaration of a caliphate that encompasses China’s Muslim Xinjiang, Chinese strategists will now consider how ISIS’s Eastward pivot will impact China’s own Westward march to create a Silk Road Economic Belt across Eurasia. While the Western U.S.-led...

China has crossed a major investment threshold that is going to change the entire...

Back in October, the Financial Times wrote that China's outbound investment will soon surpass the amount invested inside the country, marking a new step in the rise of this new economic power. "This is just a matter of time; if it doesn’t happen this year then it will happen in...

Latin America: China’s power play right under the U.S.

China is making its biggest bet ever on Latin America, just as the United States is turning its back. China poured billions of dollars into Latin America in 2015. Chinese banks sent nearly $30 billion in loans to Latin American governments last year, more than double the amount from 2014. It's...

A Bank Too Far?

The Asian Infrastructure Investment Bank (AIIB) has gained a boost with the announcement that at least four Group of Seven countries have agreed to become founding members, drawing surprise and alarm from Washington. The Beijing-backed bank appears to be gaining momentum for its expressed goal of addressing wide infrastructure...

China pays big to expand its clout along the new Silk Road

China, already at the centre of world trade, plans to spend billions of dollars to revive intercontinental land routes and develop maritime links to expand commerce and give it more weight in a freight system dominated by European shipping lines. President Xi Jinping set out his vision during a September...

How Weak Is China?

The Real Story Behind the Economic Indicators. China's economy is slowing. But is it still growing? China says yes, with an official growth rate of 6.9 percent in 2015 and a target of at least 6.5 percent for 2016. A CNN poll of industry economists yielded a consensus of 6.5...

Did China Trade Cost the United States 2.4 Million Jobs?

The question of whether trade with China has inflicted lasting harm on the United States is the subject of some much-celebrated research by three distinguished economists: David Autor, David Dorn, and Gordon Hanson. They argue that import growth from China cost the United States about 2.4 million jobs over a dozen years....

Capital flight pushes China to the brink of devaluation

Beijing cannot keep burning through reserves at a record pace to defend the yuan and at the same time loosen monetary policy. It has to choose. China is perilously close to a devaluation crisis as the yuan threatens to break through the floor of its currency basket, despite massive intervention...

China to Design New Russian High-Speed Railway

Russia forced to look east for development knowhow after fallout with West. ST. PETERSBURG, Russia - China has signed up to design a high-speed railway between the Russian cities of Moscow and Kazan, one of the first concrete examples of the new business with China that Russian officials have been...

China seeking to link Iran to its New Silk Road

Iran is arguably one of China's closest partners in the Middle East. And with economic sanctions on Tehran set to be eased, DW examines China's latest proposal to integrate Iran into its New Silk Road Initiative. Seeking to capitalize on the easing of international sanctions on Iran, China's railway authority...

Malaysia to award $18.3b KL-Kelantan rail project to China

Malaysia is awarding a RM55 billion (S$18.3 billion) rail project to China Communication Construction Company (CCCC), just two weeks after Prime Minister Najib Razak made public the plan to build the Kuala Lumpur-Kelantan line. The 620km mega project will be the third involvement of China firms in major projects in...

Article Filter Options