Strained by escalating political tensions and a resurgence of COVID-19, Hong Kong’s stock market remains bearish. Taiwan’s Caixin Media chairman Xie Jinhe says that the slump in the stock market reflects Hong Kong’s uncertain future. As the sweeping national security law is imposed on Hong Kong, several countries including the UK, Canada, Australia and New
Amid the escalating standoff between the United States and China over Hong Kong, the power of U.S. sanctions is emerging. Chinese state-owned banks have announced their intent to cooperate with recent U.S. sanctions on Hong Kong officials in order to protect financing and access to overseas investments. These banks are among the wealthiest in the
The future of TikTok is in the crosshairs as the app faces a September ban from the United States unless its parent company sells it to Microsoft or another U.S. company. But Microsoft’s decades-long ties to Beijing could muddy the waters. The video-sharing app, which is wildly popular among American teens, has come under bipartisan scrutiny over
Commentary Elon Musk has been making headlines recently for his massive growth in wealth due to the sharp rise in Tesla stock. Many now note that the South African billionaire has overtaken Warren Buffet on the world’s wealthiest people list. What many seem to overlook is precisely how he’s obtained this recent success. While it’s well covered that his companies got their start on two decades worth of government
News Analysis The most valuable publicly traded company in the United States—Apple Inc.—attracts almost universal admiration for its iconic brand, resiliency, and stock market performance. Not so for the most valued Chinese-listed company, Kweichow Moutai, whose 2.1 trillion yuan ($301 billion) market capitalization shot past the No. 2 Chinese-listed company, Industrial & Commercial Bank of
To an increasing number of people, America’s policy of “engagement” with China’s communist dictatorship has proven to be a deadly mistake. With Secretary of State Mike Pompeo’s landmark speech on China and the closure of the Houston Chinese consulate, America appears to be entering a new era of US-China relations. According to Solomon Yue, the goal is
News Analysis Investors in Chinese startup ByteDance Technology Co. are watching with increasing concern as countries around the world are closely scrutinizing the company’s popular social-video app TikTok because of security and intelligence concerns. TikTok, an app popular with teenagers to share user-created short videos, has come under fire for its potential as an espionage
The Chinese regime announced on July 26 that the third peak of this year’s flooding season has arrived in the upstream region of Yangtze River, while the second peak reached the midstream area. Roughly 459 million people live in the Yangtze River drainage basin as of the end of 2017, with 51 percent of them living
The conglomerate Tomorrow Group responded on July 18 to Beijing’s announcement of takeovers of nine of its subsidiaries with an online version of a “solemn statement.” The Tomorrow Group was founded in 1999 by Xiao Jianhua, who has been suspected of being a “white glove” (money launderer) for certain high-ranking communist officials in China. Chinese
WASHINGTON—China is the most powerful adversary that the United States has faced in recent history, and Washington needs to respond effectively to counter Beijing’s growing strength and aggressive behavior, according to experts. During a hearing held by the Senate Banking Committee, titled “US-China: Winning the Economic Competition,” on July 22, a panel of experts shared their
While the UK public was focused on Huawei’s involvement in the country’s 5G project, the Chinese regime quietly raised close to $2 billion on the London Stock Exchange last month, through a special listing programme between London and Shanghai. More listings are expected to take place in the coming months. On June 17, the China
A new round of flooding has emerged in upstream Yangtze River and is moving downstream, fast. An expert says this is creating a dilemma for the Three Gorges Dam. Rumors of Chinese banks collapsing are flooding social media in China. Worried customers have descended on several banks to withdraw their money. Police took people into custody,
News Analysis Globalisation, which has shaped the world economic order over the past few decades, was already in trouble before the pandemic. And with the emergence of COVID-19, the retreat from global economic integration has gained momentum, setting in motion a global reordering that’s expected to play out over decades. For the United States, President
Chinese premier Li Keqiang admitted that the global pandemic has brought “an unprecedented impact” on the Chinese economy, during a July 13 speech at an economic seminar. Explaining that the situation was grim, Li said the Chinese regime needed to support labor-intensive enterprises in order to create more jobs. Difficulties At a Monday seminar with Chinese economists
Commentary According to the IMF, global fiscal support in response to the crisis will be more than $9 trillion, approximately 12 percent of the world’s GDP. This premature, clearly rushed, probably excessive, and often misguided chain of so-called stimulus plans will distort public finances in a way we have not seen since World War II. The enormous increase
Commentary “Decoupling” from China seems easier said than done. Despite signals from U.S. political leaders to reduce economic and financial affiliation with the Chinese regime, in practice, U.S. financial institutions seem to be edging ever closer to Beijing. On the ground, evidence suggests that there’s more work to be done on the “decoupling” front. U.S. companies’ investments
Prime ministers Scott Morrison and Shinzo Abe met in a virtual leaders summit on July 9 to discuss ways for Australia and Japan to work together as trading partners and strategic allies as tensions grow in the Indo-Pacific region. Morrison said the meeting would build on the Australian-Japanese Special Strategic Partnership in a time when “there was global economic and strategic
News Analysis China wants its banking industry to share the pain and help to boost a slumping economy—to the tune of 1.5 trillion yuan ($212 billion). To combat the worst economic downturn in 40 years as the country attempts to rebound from the CCP virus crisis, the Chinese Communist Party’s (CCP) State Council has asked
Sen. Tom Cotton (R-Ark.) and Rep. Mike Gallagher (R-Wis.) applauded the Pentagon’s decision to issue a list of Chinese companies that are owned or controlled by the Chinese military. The list of 20 Chinese companies was published on June 24 in response to a request by Sens. Cotton, Gallagher, Chuck Schumer (D-N.Y.), and Ruben Gallego (D-Ariz.), laid out
News Analysis After a 6.8 percent year-over-year drop in the first quarter of 2020—the first decline in the Chinese economy since Beijing began quarterly reporting in 1992—a slow recovery is starting to take shape in the second quarter. But the positives are fleeting and “does not mean a return to anything approaching the old levels of growth,” said
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