The European Union Chamber of Commerce in China issued a new “Position Paper” demanding the same trade concessions the United States has sought in the Sino-U.S. trade war. EU Chamber of Commerce President Jörg Wuttke published “Position Paper 2019/2020” that demands China to adopt “Competitive Neutrality” to end unfair protection and financial favoritism for its
News Analysis WASHINGTON—Globalization, the most powerful economic force to have shaped the world over the past two decades, is now giving way to a new world order. Souring sentiment against globalization, particularly in developed countries, has led to a global revival of nationalism. President Donald Trump seized the moment by taking a protectionist stance with
India’s efforts to ward off Chinese influence in its backyard got a major boost with the signing of seven deals with Bangladesh, its Southern Asian neighbor, on Oct. 5. The signings followed a visit by Bangladeshi Prime Minister Sheikh Hasina to India. The agreements included adopting a standard operating procedure on India’s use of the Chattogram (also known
In recent weeks, the founders of China’s biggest tech companies announced their resignations one after the other. Then, the government of Hangzhou City—one of China’s key manufacturing bases and an emerging tech hub—announced on Sept. 20 that it would send 100 officials to work with 100 of the “most important” private companies in town. These
The back-and-forth tussle between the United States and China in the Sino–U.S. trade war has taken a new turn, with Beijing’s sudden offensive aimed at the American economy and causing a political fiasco for Trump that could affect next year’s U.S. presidential elections. For the first time in history, a world economic power has taken
News Analysis Drone attacks on Saudi Arabia’s oil facilities are costing China another $97 million a day as the largest customer of Saudi Arabia, and the world’s biggest crude oil importer. The Sept. 14 attack by ten armed drones on state-owned Aramco’s Khurais oilfield was launched from over 745 miles (1,200 kilometers) away by Houthi rebels in Yemen. Huge
A U.S. State Department official called out Chinese tech firms such as Alibaba, Baidu, and Tencent as Huawei “siblings” for their role in facilitating China’s pervasive state surveillance and global agenda. “Chinese technology giants have become deeply enmeshed in Beijing’s system of oppression at home and its increasingly assertive strategic ambitions globally,” said Christopher Ford, the assistant secretary of state
News Analysis Global transactions slowed in the first half of 2019 led by China, which saw mergers and acquisitions (M&A) plunge to a 5-year low as U.S.-China trade war pain set in. Chinese leader Xi Jinping launched his ambitious infrastructure investment project, the “One Belt, One Road” (OBOR) initiative, in September 2013, which traced the
The International Monetary Fund reported that China is suffering its first series of annual current account deficits in 25 years because its savings rate is shrinking fast. The IMF’s mission since its 1945 founding has been to ensure the stability of the global monetary system of exchange rates and payments for its 189 member nations
News Analysis China’s factory production activity fell in August for the fourth consecutive month as the world’s second-largest economy continues to suffer from slowing economic growth. August’s purchasing managers index (PMI) fell to a reading of 49.5, according to official metrics released on Aug. 31 from the National Bureau of Statistics. That’s 0.2 points below
A number of Japanese companies are considering relocating their part of their manufacturing away from China, after the latest round of U.S. tariffs which went into effect on Sept. 1. Among those contemplating relocation is Japanese fashion retailer Uniqlo, which has 52 stores in the United States and 698 stores in China. The retailer is
U.S. President Donald Trump and Japan Prime Minister Shinzo Abe reached an agreement on Aug. 25, whereby the latter promised to import $7 billion more of U.S. agricultural products. Although both Trump and Abe did not directly mention the U.S.-China trade talks, some observers have analyzed that it would have a potential impact on Beijing’s negotiating tactics. US-Japan
The state-owned China Railway Rolling Stock Corp. (CRRC), the world’s biggest railcar-maker by revenue, is set to gain a foothold in the European rail market, after a proposed deal to acquire a German factory. CRRC has so far relied heavily on the domestic market for the majority of its business. According to China’s state-run daily China
News analysis European Union officials are pushing President-elect Ursula von der Leyen to update its Standards Policy to favor EU tech firms by slapping tariffs on the United States and China. During the rise of globalism and internationalization of supply chains, the European Union supported multilateral standards development organizations (SDOs), with the argument that they
That is Stephen Moore, the Chief Economist of the Heritage Foundation. In the wake of the Fed’s lowering the interest rate, Trump’s new tariffs on China, the RMB falling to a historic low and the U.S. designation of China as a currency manipulator, we need to make sense of the whole sequence of events. How are they
The founder of Chinese telecom giant Huawei said on Aug. 19 that he expects no relief from Washington’s 90-day extension to a reprieve that allows the firm to buy from U.S. companies to supply existing customers. Instead, the U.S. decision to add another 46 Huawei affiliates onto the economic blacklist while granting the extension is
News Analysis A crisis of confidence has gripped China’s regional lenders, as Beijing moved to nationalize its third major financial institution since May. Hengfeng Bank Co., a regional lender based in Shandong Province, received official approval for restructuring by taking a lifeline from an entity affiliated with the Shandong provincial government, as well as Central
Commentary A recent 76-nation study found a noticeable correlation between patience and prosperity. Indeed, a world map depicting the degree of patience in countries bears a striking similarity to Transparency International’s Corruption Perceptions Index. The more patient and less corrupt a country is, the more prosperous it tends to be. The authors of the new
WASHINGTON—China has resorted to currency manipulation, allowing the yuan to fall against the U.S. dollar, in an apparent effort to blunt the effect of the trade war on the Chinese economy. The United States labeled Beijing a currency manipulator, after the Chinese renminbi weakened to its lowest level since 2008, slipping below the level of 7 per dollar, which had been
Commentary China already knows who it wants in the Oval Office after the 2020 election—his name is Beijing Joe Biden. Well, anyone with a “D” after their name would do, but “Beijing Joe” is their preferred candidate. China hasn’t had it easy under President Trump, who came into office vowing to renegotiate harmful, outdated trade deals that put U.S. workers
