China

China’s most recent threat, large ships, awakens the US
12Oct By TheGreenZoneNo Comments
China, World

China’s most recent threat, large ships, awakens the US

In a belated recognition that China has cornered the construction of ocean-going commercial vessels, those ships crucial to secure sea-borne supply chains, the United States is this year turning to its Asian allies to help it catch up in a hurry and thwart another geopolitical threat. In June, South Korean shipbuilder Hanwha Ocean bought the loss-making Philly Shipyard in Philadelphia for US$100 million, a deal approved by Washington in September. This may not sound like much, but it allows a foreign shipbuilder into an industry that has been highly protected to its considerable detriment. Under America’s century-old Jones Act, vessels transporting goods between US ports must be built, owned and crewed by Americans. China’s 13 shipyards (and growing) has more capacity...
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Economists urge stronger action from China to combat deflation.
12Oct By TheGreenZoneNo Comments
China, Market

Economists urge stronger action from China to combat deflation.

China moved to further ramp up support for the economy, promising more aid for the slumping property sector and indebted local governments. But officials still haven’t convinced economists that they’re doing enough to defeat deflation. At a highly anticipated briefing on Saturday, Finance Minister Lan Fo’an refrained from putting a price tag on China’s fiscal stimulus as investors expected, signaling that details would come when China’s legislature meets in the coming weeks. The supportive measures he did announce, however, gave little indication Chinese authorities felt any urgency to ramp up consumption, which many economists see as essential to reflating the economy and putting it on a more positive growth trajectory. “The policy to support consumption sounds quite...
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<strong>China is spying through its cars</strong>
11Oct By Joe RodriguezNo Comments
China

China is spying through its cars

There are increasing worries that China could be leveraging its high-tech electric vehicles for espionage. These cars, packed with advanced sensors and internet connectivity, have the capability to gather extensive data, such as personal and biometric information, along with location details. The fear is that the Chinese government might misuse this data, sparking serious concerns about national security and privacy. As these vehicles become more widespread, the discussion around their safety grows more urgent. Recent reports indicate that a popular electric vehicle brand in Australia may have a hidden backdoor, allowing the manufacturer to eavesdrop on conversations. This revelation comes on the heels of a month filled with alarming technological warfare incidents, underscoring th...
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<strong><br>US lawmakers urge President Joe Biden to bring home Americans wrongfully detained in China</strong>
8Oct By Joe RodriguezNo Comments
China, USA


US lawmakers urge President Joe Biden to bring home Americans wrongfully detained in China

In recent years, the troubling trend of wrongful detentions of US citizens abroad has drawn significant attention from human rights organizations and government officials.  Of particular concern is the rise in cases of Americans wrongfully detained in China, which now surpasses that of any other country.  The increasing number of US citizens held under dubious circumstances by Chinese authorities has heightened tensions between Washington and Beijing, creating a serious diplomatic challenge.This disturbing trend not only highlights the risks faced by Americans in China but also reflects the broader geopolitical complexities between the two bickering global powers.  As China's government tightens its grip on dissent and continues to exert control over foreign in...
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Following a vote, an EU executive is ready to impose duties on Chinese electric vehicles.
5Oct By TheGreenZoneNo Comments
China, Market, World

Following a vote, an EU executive is ready to impose duties on Chinese electric vehicles.

The European Commission said on Friday it had received enough support in a vote of EU members to impose tariffs of up to 45% on imports of Chinese-made electric vehicles in the bloc's highest-profile trade case, risking retaliation from Beijing. France-based broadcaster Euronews cited diplomatic sources as saying that Poland voted in favor of the move, but Germany, the region's biggest economy and major car producer, opposed it.The European Commission, which oversees the bloc's trade policy, has proposed final duties for the next five years to counter what it sees as unfair Chinese subsidies after a year-long anti-subsidy investigation.In a vote on Friday, 10 EU members backed tariffs and five voted against, with 12 abstentions, EU sources said.It would have taken opposition from a qua...
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The European Union decides to levy taxes on electric cars made in China.
5Oct By TheGreenZoneNo Comments
Asia, China, Market, World

The European Union decides to levy taxes on electric cars made in China.

The European Union on Friday voted to adopt definitive tariffs on China-made battery electric vehicles (BEVs). “Today, the European Commission’s proposal to impose definitive countervailing duties on imports of battery electric vehicles (BEVs) from China has obtained the necessary support from EU Member States for the adoption of tariffs,” the EU said in a statement. The EU first announced that it would slap higher tariffs on Chinese electric vehicle imports in June, on the grounds that they benefited “heavily from unfair subsidies” and posed a “threat of economic injury” to electric vehicle producers in Europe. Duties were also disclosed for individual companies, depending on the extent of their cooperation with the probe. Provisional duties were put in place from early Jul...
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China’s Real Estate Market: An Analysis of the Boom and Bust
1Oct By TheGreenZoneNo Comments
Asia, China, Market

China’s Real Estate Market: An Analysis of the Boom and Bust

China’s property sector is sinking. Once the economic backbone by which hundreds of million Chinese went from poverty to the middle class, the industry is now seeing slumps in the value of real estate that threaten not only household wealth and revenue for local governments, but also the overall growth of the Chinese economy, a key indicator of the Chinese Communist Party’s legitimacy and right to rule.  Behemoth property developers such as Evergrande and Country Garden have gone under. In an attempt to mitigate the fallout, Chinese authorities last week rolled out stimulus measures designed to stabilize the market and to prevent the downward spiral that has seen the value of new homes sold drop by over 23 percent through August 2024.   In the Unit...
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What do Chinese people think of Xi Jinping’s concerns about the economy?
1Oct By TheGreenZoneNo Comments
Asia, China, Market, World

What do Chinese people think of Xi Jinping’s concerns about the economy?

China’s sputtering economy has its worried leaders pulling out all the stops. They have unveiled stimulus measures, offered rare cash handouts, held a surprise meeting to kickstart growth and tried to shake up an ailing property market with a raft of decisions - they did all of this in the last week. On Monday, Xi himself spoke of "potential dangers" and being "well-prepared" to overcome grave challenges, which many believe was a reference to the economy. What is less clear is how the slowdown has affected ordinary Chinese people, whose expectations and frustrations are often heavily censored. But two new pieces of research offer some insight. The first, a survey of Chinese attitudes towards the economy, found that people were growing pessimistic and disillusioned about t...
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Xi Jinping unintentionally hit the wrong target with his massive money cannon.
30Sep By TheGreenZoneNo Comments
China, Market

Xi Jinping unintentionally hit the wrong target with his massive money cannon.

Sure, Wall Street. Go ahead. Ride the dragon. There was a moment of grace on Tuesday for investors, market analysts, and finance's top brass when Beijing announced measures to try to reinvigorate China's croaking economy. Pan Gongsheng, a governor of the People's Bank of China, the country's central bank, announced that 800 billion yuan, or about $114 billion, would be injected into the stock market. Policymakers also said they were discussing raising a fund designed to stabilize stocks and announced rules allowing Chinese banks to keep less money in reserve, freeing up 1 trillion yuan to go out asloans. They also lowered the People's Bank of China's medium-term lending rate and key interest rates for banks and customers. Homebuyers can also now put less money down on their p...
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China orders banks to begin lowering the interest rates on current mortgages.
30Sep By TheGreenZoneNo Comments
Asia, China, Market

China orders banks to begin lowering the interest rates on current mortgages.

China's central bank has issued a directive for financial institutions to begin reducing interest rates on existing mortgages, marking a pivotal step in the country’s efforts to support its struggling economy. This announcement comes as part of broader measures aimed at stimulating growth amid ongoing economic challenges as detailed in a report by Reuters. The report further stated that, the decision to cut mortgage rates is expected to provide much-needed relief to millions of Chinese homeowners who have been grappling with rising living costs and a sluggish property market. The central bank's instruction is particularly timely, given that many families are facing financial strain due to the economic downturn worsened by the COVID-19 pandemic and subsequent lockdowns. According to ...
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