Wednesday, October 17, 2018

China will need to cut 3.5 million jobs across six core industries as tonic...

A 10 per cent capacity reduction is needed in six main industries, according to new research. China's excess capacity problem is daunting by any yardstick. The nation’s ability to produce manufactured goods outstrips not only the demands of the mainland economy, but that of the entire global economy, as indicated by...

China’s High-Speed Rail Diplomacy

Beijing Sets its Sights on the U.S. Market. A sense of uncertainty hangs over American infrastructure, as the United States muddles through with its aging nuclear plants, careworn bridges, and potholed highways. In past eras, the United States excelled at building major projects; now, it lags behind other countries. That...

SCO defense ministers’ conference held in Kazakhstan

ASTANA, June 8 (Xinhua) -- Chinese State Councilor and Defense Minister Chang Wanquan said here Wednesday that maintaining regional security is the top priority for the Shanghai Cooperation Organization (SCO) countries. Chang made the remarks when he addressed the 13th conference of SCO defense ministers, which was held in the...

BRICS Bank inks strategic cooperation deal with China Construction Bank

The New Development Bank (NDB) launched by the BRICS countries on Wednesday signed a strategic cooperation agreement with China Construction Bank, the country’s second-largest lender. “The NDB, as per its mandate, is building partnerships with major banks in its member countries. Cooperation with CCB is important for us, given the key role it...

Should Russia Be Afraid of Chinese Plans in the Far East?

A recent memorandum of cooperation signed by Moscow and Beijing has Russians worried about Chinese “colonization” of the Far East. However, a careful analysis of the situation suggests there is little reason for Russians to fear Chinese industrial expansionism. After hearing Russian politicians and pundits react to Moscow and Beijing’s...

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...

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...

U.S. to Press China to Curb Industrial Output

BEIJING — The Obama administration plans to use annual talks with leaders in Beijing to push for cuts in excess Chinese industrial output, which has inundated foreign markets with discounted steel, aluminum and other products, Treasury Secretary Jacob J. Lew said in Beijing on Sunday ahead of the meeting. The...

US Steel given green light to seek China import ban

The US has given the go-ahead for the country’s largest steel producer to seek a ban on imports from Chinese rivals, in the first known case in which trade sanctions could be used in retaliation for alleged China government-backed hacking of commercial secrets. The move comes ahead of a meeting...

A Court You’ve Never Heard of Is About to Raise the Stakes in the...

An international tribunal’s decision will reorder the tense chess game over the South China Sea — and test Washington’s commitment to the Philippines. An obscure court in The Hague will soon issue a ruling likely to inflame tensions in the South China Sea and force Washington to clarify how far...

China’s New Silk Road Into Europe Is About More Than Money

Beijing is spending billions on new ports and rail lines, but its ambitions for Europe are as much about geopolitics as commerce. China is actively building out the European portion of its ambitious new “Silk Road” plan, with port deals from Greece to the Netherlands, railroad investments in Greece, Serbia,...

The Silk Road railway will not work without Poland

The Ukrainian state-owned railways have recently presented a project of a possible branch of the New Silk Road railway. It would connect Ukraine and Europe with Iran, thereby facilitating commercial contacts with various states of the Persian Gulf and even India. Now they need Poland. For the time being, the launch...

Is China on a Path to Debt Ruin?

There's still a chance to avoid the worst. It depends on how bold the government is willing to be. In the first quarter of 2016, Chinese debt rose to 237 percent of GDP — a level comparable to that of the U.S. or the Eurozone and yet much larger than...

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...

Massive Bailout Needed in China, Banking Analyst Chu Says

Charlene Chu, a banking analyst who made her name warning of the risks from China's credit binge, said a bailout in the trillions of dollars is needed to tackle the bad-debt burden dragging down the nation’s economy. Speaking eight days after a Communist Party newspaper highlighted dangers from the build-up...

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...

Chinese Bank Buys Huge London Gold Vault Expanding Influence on World Gold Market

China is serious about gold and continues to expand its influence on the world gold market. On Monday, China’s largest bank announced the purchase of one of Europe’s biggest gold vaults. Reuters reported the sale: ICBC Standard Bank is buying Barclays’ London precious metals vault, giving the Chinese bank the capacity...

ICBC buys Barclays’ US$80bn London gold vault

ICBC Standard Bank is buying Barclays' London precious metals vault, giving the Chinese bank the capacity to store gold worth more than US$80bn in the secret location. The vault is one of the largest in Europe, with a capacity to hold 2,000 tonnes of gold, silver, platinum and palladium. It...

Pentagon: Chinese Military Modernization Enters New Phase

China's decades-long military modernization “entered a new phase” last year under the aggressive leadership of President Xi Jinping, a new Pentagon report on Beijing’s military capabilities said today. The “sweeping transformation” includes making the formerly mass army a nimbler, more balanced force that is acquiring the kind of expeditionary...

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...

Trading places

Economists take a new look at the evidence that the U.S. has lost millions of jobs to China. Tennessee has abundant hardwood forests, and business sectors related to them thrived for many years. Yet the state’s employment levels in the flooring, furniture-making, and cabinetry industries have cratered — down by...

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....

Shadow Lending Crackdown Seen Forcing China Banks to Sell Bonds

A crackdown on banks hiding bad loans in China looks set to trigger a flood of capital raising just as global investors warn of risks to the financial system. New rules require lenders to make full provisions for loan rights they have transferred to other financial institutions, people familiar with the matter...

Five Signs of China’s Growing Influence in the World Gold Market

As we’ve been reporting for months, China is quietly becoming a dominant player in the world gold market, as the yellow metal shifts from the West to the East. Now the mainstream media is starting to take notice. Not only is China the top consumer of gold in the world,...

China’s yuan fixing by PBOC jumps most since 2005

China's central bank guided the yuan higher at the sharpest pace since 2005 on Friday in a move analysts attributed to the dollar's weakness against major currencies. The central bank, the People's Bank of China (PBOC), set the midpoint of the yuan trading band against the dollar at 6.4589, down...

Eurasia Silk Road Economic Transformation

Over recent months I have often written about the potential of China’s strategic One Belt, One Road Eurasian and Asian infrastructure Great Project to act as a global economic transformer toward positive, sustained economic growth. It’s becoming clear by the day that strategic economic planners in Beijing have been...

Soros Says China’s Economy Looks Like the U.S. Before the Crisis

Billionaire investor George Soros said China’s debt-fueled economy resembles the U.S. in 2007-08, before credit markets seized up and spurred a global recession. China’s March credit-growth figures should be viewed as a warning sign, Soros said at an Asia Society event in New York on Wednesday. The broadest measure of...

Forecasting the Aftermath of a Ruling on China’s Nine-Dash Line

A tribunal is likely to rule on China's hazy claims to South China Sea sovereignty. How Beijing and others react isn't set in stone. The arbitration tribunal of five impartial experts that has been considering the Philippines suit against China under the U.N. Convention on the Law of the Sea...

China’s Stocks Tumble Most in Seven Weeks to Break Trading Calm

China's stocks sank the most in almost two months, pushing a gauge of volatility up from its lowest level this year as turnover surged. The Shanghai Composite Index dropped as much as 4.5 percent, the biggest loss since Feb. 29, before paring declines to 2.3 percent at the close. Industrial...

China’s New Gold Fix First Step In Moving The Price Of Gold To $10,000...

Today one of the top money managers in the world told King World News that China's new gold fix is the first step in moving the price of gold to $10,000 – $20,000. China Introduces Its Own Gold Fix Stephen Leeb: “What China has essentially done today is introduced their own...

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