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Blinken to raise China’s support for Russia’s defense industrial base during visit

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By Simon Lewis WASHINGTON (Reuters) – U.S. Secretary of State Antony Blinken on an upcoming visit to China is expected to raise U.S. concerns Beijing is helping Russia build up its defense industrial base to fight the war in Ukraine, State Department spokesperson Matthew Miller said on Tuesday. The U.S. has warned China not to aid Moscow’s war effort since Russia’s full scale invasion of Ukraine in February 2022, which came just weeks after Russia and China declared a “no limits partnership.” “What we have seen over the past months is that there have been materials moving from China to

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Iran able to ‘handle situation’ and spare Middle East more tension, China’s foreign minister says

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BEIJING (Reuters) – China said it believed Iran could “handle the situation well and spare the region further turmoil” while safeguarding its sovereignty and dignity, referring to an attack on Iran’s embassy in Syria and its retaliatory strike over the weekend. Chinese Foreign Minister Wang Yi told his Iranian counterpart Hossein Amir-Abdollahian via a phone call on Monday that China appreciated Iran’s emphasis on not targeting regional and neighbouring countries, according to the official Xinhua news agency on Tuesday. Wang also said he noted Iran had described its actions as limited and carried out in self-defence. China strongly condemns and

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Philippine protesters trample on Xi effigy, condemn China’s maritime ‘aggression’

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MANILA (Reuters) – Protesters in Manila trampled on an effigy of Chinese President Xi Jinping on Tuesday as they condemned China’s “aggression” against the Philippines in the South China Sea. The protesters marched towards the Chinese consulate in Manila, chanting “China leave!” while others called out China’s “aggression” against Filipino people in the South China Sea. The Philippines and China have had a series of maritime run-ins, including an incident last month where China used water cannon to disrupt a Philippine supply mission to soldiers stationed on a grounded warship in the disputed Second Thomas Shoal. “Our message is addressed

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Biden to speak to China’s Xi on Taiwan, Ukraine, Philippines

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By Nandita Bose and David Lawder WASHINGTON (Reuters) – U.S. President Joe Biden and Chinese President Xi Jinping will hold their first direct talks Tuesday since meeting in November, with Biden looking to keep tensions from mounting ahead of Taiwan’s presidential inauguration in May. Biden will use the call to reaffirm the U.S.’s support for Beijing’s “One China policy” and reiterate the importance of peace and stability across the Taiwan Strait, said a senior administration official, who did not wish to be named. Biden and Xi agreed in November to reopen military communications and cooperate to curb fentanyl production. They

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Philippines says China’s ‘coercive, aggressive’ actions discussed with top U.S. security adviser

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By Karen Lema and Mikhail Flores MANILA (Reuters) – The Philippines on Tuesday said its national security adviser and his U.S. counterpart discussed “coercive, aggressive and deceptive actions” by Beijing in the South China Sea, as a diplomatic row intensifies between the two Asian neighbours. Philippine National Security Adviser Eduardo Ano “expressed his appreciation for the United States’ continued assurances and reaffirmation of its ironclad commitment” to their alliance, the Philippine National Security Council said in a statement. The phone call on Monday was on the heels of a series of maritime run-ins and heated verbal exchanges between China and

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KENNETH RAPOZA: Mexico Is Becoming China’s Mini-Me

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“Nearshoring” – or “friend shoring” as Treasury Secretary Janet Yellen describes it – was supposed to help companies and the U.S. economy derisk from China. The concept began with President Trump’s tariffs in 2018. It grew with the Covid and Asian lockdowns that drove up shipping costs. When President Biden imposed export restrictions, it became clear the U.S.-China relationship faced a prolonged decline. Those geopolitical risks caused companies like Ford to advise their Chinese partners to move to Mexico or lose their business. And so here we are: Mexico is becoming China’s mini-me. Nearshoring is approaching its “be careful what

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EU, US discussed how to address China’s role as conduit for goods to Russia

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By Daphne Psaledakis WASHINGTON (Reuters) – The European Union and its allies are considering steps to address the export from China of goods that could help Russia’s military, including by imposing further sanctions, the bloc’s sanctions coordinator said on Thursday. EU Sanctions Envoy David O’Sullivan said he discussed with U.S. counterparts this week how to address China’s growing role and the role of production hubs in Southeast Asia as sources of advanced technology products, as the partners look to crack down on Moscow’s evasion of Western sanctions imposed over the war in Ukraine. “We will continue to see how we

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Proposed US TikTok ban ‘not fair’, China’s foreign ministry says

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BEIJING (Reuters) – There is “no fairness to speak of” in citing national security to reduce the competitive advantage of other countries, a spokesperson of the Chinese foreign ministry said on Thursday, criticising a U.S. bill to force a TikTok divestiture or ban. The measure is the latest in a series of moves in Washington to respond to U.S. national security concerns about China, from connected vehicles to advanced artificial intelligence chips to cranes at U.S. ports. Wednesday’s bill, overwhelmingly passed by the U.S. House of Representatives, would give TikTok’s Chinese owner ByteDance about six months to divest the U.S.

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‘All These Individuals Are Let In’: DCNF Reporter Reveals China’s ‘Endgame’ As Migrants Flood US

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‘All These Individuals Are Let In’: DCNF Reporter Reveals China’s ‘Endgame’ As Migrants Flood US Harold Hutchison on March 8, 2024 A Daily Caller News Foundation reporter said that a simplified screening process for illegal immigrants from China might have an “endgame” benefiting the Chinese Communist Party. DCNF investigative reporter Phil Lenczycki reported in January that United States Customs and Border Patrol (CBP) reduced the number of questions to vet illegal aliens from China to five as opposed to 40 in April 2023, according to an email obtained by the DCNF. Lenczycki told podcast host Bryan Dean Wrightin an episode of

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House GOP Introduces Legislation To ‘Root Out’ China’s ‘Malign Influence’ In US

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House GOP Introduces Legislation To ‘Root Out’ China’s ‘Malign Influence’ In US Harold Hutchison on February 29, 2024 House Republicans introduced legislation Thursday to counter the Chinese Communist Party and to address threats posed by the People’s Republic of China. The legislation, HR 7476, is also known as the Countering Communist China Act and covers a number of policy fronts, including trade, intellectual property, defense and the promotion of human rights, according to a fact sheet and press release from the Republican Study Committee (RSC). The legislation calls for a free-trade agreement with several countries in the region, including Taiwan,

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Blinken Asks For China’s And India’s Help To Stop Russian Nuclear Space Weapon: REPORT

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Blinken Asks For China’s And India’s Help To Stop Russian Nuclear Space Weapon: REPORT Will Kessler on February 17, 2024 Secretary of State Antony Blinken spoke with his Chinese and Indian counterparts at a conference in Munich, Germany, on Friday and Saturday, trying to convince them to talk to Russian officials about not putting a nuclear weapon in space, according to The New York Times. Blinken told his Chinese and Indian counterparts that the detonation of a nuclear weapon in space targeting US satellites would also harm Chinese and Indian satellites, leading all global communications to fail, according to the

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China’s major state banks defend yuan as stock markets slide – sources

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(Reuters) – China’s major state-owned banks were heavy sellers of dollars on Wednesday, three people with direct knowledge of their activity said, steadying the yuan as it came under pressure in currency trade as the economy remains shaky. State banks often act on behalf of China’s central bank in the foreign exchange market, but they could also trade on their own behalf or execute clients’ orders. One of the people said the selling was “very forceful” to defend the yuan at around 7.1820 per dollar in the onshore spot market. All the sources spoke on condition of anonymity as they

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China’s factory activity shrinks again, weak demand hobbles economy

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BEIJING (Reuters) -China’s manufacturing activity contracted for the fourth straight month in January, an official factory survey showed on Wednesday, suggesting the sprawling sector and the broader economy were struggling to regain momentum at the start of 2024. The official purchasing managers’ index (PMI) rose to 49.2 in January from 49.0 in December, driven by a rise in output but still below the 50-mark separating growth from contraction. It was in line with a median forecast of 49.2 in a Reuters poll. The data provides the first official snapshot of how the world’s No.2 economy has started off the new

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Marketmind: Forget China’s overbuilding fallout – it’s jobs, jobs and Fed

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By Alden Bentley (Reuters) – A look at the day ahead in Asian markets. The court-ordered liquidation of debt-laden China Evergrande was expected and hardly rattled Asian investors aside from its bond holders and property developers, meaning Japan’s employment data Tuesday and the midweek U.S. Federal Reserve policy statement could be better attention grabbers. China’s blue-chip CSI300 Index and the Shanghai Composite Index took the Evergrande news in stride, both dropping 0.9% on Monday. But the liquidation of the developer with more than $300 billion in liabilities cannot be great for sentiment, which had been showing signs of recovery since

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China’s vice premier urges more support for listed firms amid market rout

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BEIJING (Reuters) – Chinese Vice Premier He Lifeng on Monday called for greater support for listed companies in an effort to help stabilise capital markets, the Xinhua News Agency reported, amid a protracted stock market rout. Chinese policymakers have taken steps to support the country’s stock markets following recent sharp falls. “Listed companies are an important micro foundation for high-quality economic development,” He said at a national video conference on promoting the development of listed companies. “Promoting high-quality development of listed companies helps to achieve high-level technological self-reliance, accelerate the construction of a modern industrial system and enhance market confidence.”

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China’s Guangzhou first to completely ease purchase limit on large homes

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BEIJING (Reuters) – China’s major southern city of Guangzhou fully relaxed home purchase limits for some people on Saturday and said it would increase affordable housing supply, in a move to support the local property market. Properties with a floor area of more than 120 square metres (1,292 square feet) are excluded from housing purchase restrictions, according to a notice from the southern city government. The move means that people can buy as many apartments of that size as they want, whether they already own one or not, said Wang Xiaoqiang, analyst at Zhuge Real Estate Data Research Centre. “Guangzhou

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‘Snowball’ derivatives feed China’s stock market avalanche

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By Li Gu and Vidya Ranganathan SHANGHAI (Reuters) – China’s plunging stock market is leading to losses on billions of dollars worth of derivatives linked to the country’s equity indexes, fuelling further selling as retail investors offload their positions. Stock markets in Hong Kong and on the mainland plunged on Monday, extending a long spell of weakness driven by an exit of foreign investors alarmed by China’s wobbly economy. Share prices stabilised somewhat on Tuesday after authorities announced plans to support the market, but analysts were hesitant to cheer. The small-cap CSI1000 index has traded below the 5,000 level this

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China’s residential foreclosures increase 43% in 2023

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BEIJING/HONG KONG (Reuters) – The number of foreclosed homes in China rose 43% year-on-year in 2023, according to a private survey on Monday, highlighting a worrying trend of rising mortgage delinquencies amid a sustained property market slump and a patchy economic recovery. The number of foreclosed homes up for auction stood at 389,000 units last year, said China Index Academy, a major independent real estate research firm. A total of 99,000 units worth a combined 150 billion yuan ($20.84 billion) were successfully sold at auctions, the firm said. Total foreclosures, including commercial, residential and industrial properties, land, garages and parking

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China’s embrace of GMO crops gains momentum with new import, planting approvals

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By Mei Mei Chu BEIJING (Reuters) -China on Thursday approved additional varieties of genetically modified soybeans and corn for import and production while expanding their planting areas nationwide, as part of a drive to improve food security and reduce imports. The agriculture ministry approved the domestic production of six more varieties of genetically modified corn, two of soybeans and one of cotton, and another two of gene-edited soybeans, a notice on the ministry’s website said. The planting zones for most of the varieties were expanded from “ecologically suitable” areas to the whole country, according to the notice. Previously, some corn

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Explainer-Why are there concerns about China’s pension system as its population ages?

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By Farah Master HONG KONG (Reuters) – China’s ageing population threatens key Beijing policy goals for the coming decade of boosting domestic consumption and reining in ballooning debt, posing a severe challenge to the economy’s long-term growth prospects. China’s population aged 60 and over reached 296.97 million in 2023, about 21.1% of its total population, up from 280.04 million in 2022, and there are widespread concerns that its pension system cannot keep up without significant reform as the country rapidly ages. HOW DOES CHINA’S PENSION SYSTEM WORK? China’s pension system is made up of three pillars, including the basic pension

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China’s Country Garden nears full exit from Australia with residential project sale

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By Lewis Jackson SYDNEY (Reuters) – Indebted Chinese developer Country Garden has agreed to sell a stake in an Australian residential project, the latest in a series of sales which bring it closer to a complete exit from the country. Australian subsidiary Risland had agreed to sell its partial interest in most of the Wilton Greens development, some 330 hectares located about 65 km (40 miles) southwest of Sydney, according to an undated statement reviewed by Reuters on Thursday. “The divestment also allows Risland to rebalance its portfolio and continue to seek new opportunities to operate in the important Australian

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China’s SAIC set to add 14 vehicle vessels to boost exports

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SHANGHAI/BEIJING (Reuters) -SAIC Motor Corp plans to add 14 vehicle vessels in the next three years to its fleet of carriers as the state-owned Chinese automaker aims to boost sales in overseas markets, it said on Wednesday. SAIC-owned Anji Logistics operates 31 carriers that have been shipping vehicles produced by Chinese automakers including Dongfeng, Yutong Bus and Great Wall Motor as well as SAIC’s own brands to South East Asia, Mexico, South America and Europe, the company said. SAIC, which sold 1.2 million vehicles out of China in 2023, aims to increase its sales in overseas markets to 1.35 million

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JPMorgan’s Dimon, top bankers meet China’s Li, Ukraine’s Zelenskiy in Davos

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By Antoni Slodkowski and Megan Davies DAVOS, Switzerland (Reuters) – JPMorgan CEO Jamie Dimon, Bank of America CEO Brian Moynihan, Standard Chartered CEO Bill Winters and Blackstone CEO Steve Schwarzman met Chinese Premier Li Qiang on the first day of the World Economic Forum meeting on Tuesday. Governor of the People’s Bank of China (PBOC) Pan Gongsheng and members of the Chinese government who are part of its delegation in Switzerland were also present at a private lunch with business leaders hosted by the WEF in Davos. “I’m glad that people are all talking,” Dimon told Reuters as he was

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China’s yuan ousts dollar to become most traded currency in Moscow in 2023

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By Elena Fabrichnaya and Alexander Marrow MOSCOW (Reuters) – The Moscow Exchange trading volume in Chinese yuan surpassed that of the U.S. dollar in 2023, the Kommersant daily reported on Tuesday, as Moscow pursues a de-dollarisation strategy in the face of Western sanctions on its financial system. Moscow is becoming increasingly dependent on Beijing and the “no limits” partnership between the two countries, having increased energy supplies to China and stepped up purchases of Chinese goods from cars to smartphones as European and U.S. brands left the Russian market over Russia’s actions in Ukraine. Yuan trading accounted for almost 42%

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Japanese firms expect China’s 2024 economic prospects to remain grim

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BEIJING (Reuters) – Japanese firms in China expect economic prospects in the world’s second-largest economy to remain grim this year, according to a report from the Japanese Chamber of Commerce and Industry in China released on Monday. About three-quarters of the 1,700 respondents in a survey said they expected the Chinese economy to worsen or to remain the same. China is Japan’s largest trading partner, and one of the biggest investment destinations for Japanese companies. Uncertainty about China’s economic prospects and pessimism about weak demand were cited as top reasons why 48% of the companies surveyed said they did not

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