By Simin Chen Commentary With China lagging behind in semiconductor manufacturing capabilities, local governments have stepped up chip production under Chinese leader Xi Jinping’s ambitious industrial policy “Made in China 2025.” Chip manufacturers across the country suddenly boomed. However, industry scandals and bad news have occurred one after another. Fabs have been reportedly sprung up
Amid a crippling trade war with the United States, declining demand, and supply chain disruptions due to the COVID-19 pandemic, foreign companies are leaving China in droves. South Korean companies, Japanese companies, Taiwanese companies, and American companies such as Microsoft, Google, and Apple are all moving their production out of China. The Epoch Times received a set of internal
WASHINGTON—TikTok, a video-sharing mobile application, reportedly accepted a bid from Oracle for its U.S. business, rejecting the other contender Microsoft. President Donald Trump earlier set a mid-September deadline for TikTok’s parent company ByteDance to sell the app’s American operations. Microsoft Corp. on Sept. 13 confirmed in a statement that its bid was rejected. “ByteDance let us know
Jiang Pengyong, a Chinese senior official’s grandson, is going public with his story of participating in a scheme to purchase personal protective equipment from foreign countries and selling them to the Chinese regime. Jiang initially agreed to the scheme because he thought he was contributing to the nation’s epidemic crisis. Jiang procured the medical supplies
Commentary Amid drastic international and domestic changes, the Chinese Communist Party (CCP) recently claimed to have made a major strategic deployment—accelerating the formation of a “dual circulation” economic model that centers on “internal circulation” and having “international circulation” play a supporting role. What is this so-called international economic circulation and what does the CCP plan
Japan, India, and Australia are planning a new global supply network and are working out an initiative called the Supply Chain Resilience Initiative (SCRI) to reduce dependency on China, experts say. The initiative is a result of the emerging geopolitics in the post-coronavirus world, they say. “This cooperation is well-related to current U.S. policy toward
The price of oil plunged by over 1.5 percent and gasoline futures similarly dipped lower intraday on Sept. 7, as Saudi Arabia slashed prices of Asian crude supply and lackluster economic recovery in China clouds expectations for a pickup in demand. Brent crude was trading at $41.91 a barrel, down 75 cents or 1.8 percent, by 1:50
News Analysis U.S. technology stocks suffered the biggest two-day loss since March on Sept. 3 and 4. Leading the way downward were U.S. chipmakers which underperformed the broader sector following news that China is planning policy changes to boost its domestic semiconductor industry. The stock drop suggests trepidation from investors. But despite Beijing’s will to
st Party has a long history of retaliating against other country’s decisions that involve what it deems as threats to its power. The regime’s response to a U.S.–Taiwan deal would be “all about Beijing’s decision matrix,” said David Stilwell, assistant secretary of state for East Asia and Pacific affairs. “But, our job is to obviously
Commentary In April of this year, the Chinese regime announced that it would launch a digital currency pilot program. In early August, China’s four major banks—Bank of China, China Construction Bank, Industrial and Commercial Bank of China, and Agricultural Bank of China—expanded digital currency testing in first-tier cities, such as Shenzhen. By mid-August, the Chinese
Multi-level marketing giant Herbalife Nutrition Ltd. has agreed to $123 million to settle federal charges that it bribed Chinese officials to advance its business in China, the U.S. Department of Justice said on Aug. 28. Herbalife, a Los Angeles-based multi-level marketing company that sells health and dietary supplements, admitted to engaging in a decade-long scheme
Commentary Misguided lockdowns have destroyed the global economy, and the impact is likely to last for years. The fallacy of the “lives or the economy” argument is evident now that we see that countries such as Taiwan, South Korea, Austria, Sweden, or Holland have been able to preserve the business fabric and the economy while doing a much
News Analysis The controversial national security law Beijing imposed on Hong Kong last month has been a boon for Chinese investment banks looking to take market share in the territory. Hong Kong has traditionally been the place for mainland Chinese companies to raise debt and equity funding from foreign investors. And in this setting, Wall
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
