Tag: China

China continues to be largest coal producer while making speeches about clean environment
20Jul By Walter ParezNo Comments
China

China continues to be largest coal producer while making speeches about clean environment

Over the years China has received much applause for its clean environmental speeches at climate change and environmental events. However, the data released by China Coal Transport and Distribution Association's (CCTDA) shows that the coal used by coastal power plants at five major Chinese utilities hit 488,800 tonnes during the last week of March, more than double from a record low seen on February 10.The Chinese government, despite making speeches about the road to have a clean environment, reportedly plans to add coal storage facilities in 2020 to ensure stockpiles at or above 15 days' normal supply for coal-driven power plants.In 2019, the country's coal consumption was up by 1 per cent over the previous year, marking the third consecutive annual rise in coal use.China is also permittin...
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China’s ‘Lackey’ Duterte is smarting as Beijing tightens screws
20Jul By Brian ThompsonNo Comments
Market

China’s ‘Lackey’ Duterte is smarting as Beijing tightens screws

Philippines President Roberto Duterte has been ridiculed as a ‘Chinese lackey’ and worse time and again for doing a complete U-turn on his predecessor’s policies regarding Beijing and its expansionist strategies to overtake resource-filled Islands.Under former president Benigno Simeon Aquino III, Philippines had taken China to an international tribunal regarding disputes over Scarborough Shoal and the Spratly Islands.Both these islands are said to have untapped oil and natural gas resources and are of great strategic value to the Philippines and the United States. Fears of a Chinese naval and weapons build-up here and on artificial islands being created in the neighboring areas, are of great concern to the Philippines.And even then, Duterte who is otherwise known as the strongman for his o...
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After India, Australia may ban TikTok
19Jul By Mike TrudellNo Comments
World

After India, Australia may ban TikTok

Following India’s ban on 59 Chinese apps, including highly popular TikTok application, many parliamentarians in Australia are proposing a ban on TikTok, citing concerns that the Chinese government might be using this app to collect data from users.Recently, Senator Jim Molan of the Liberal Party stated that the Chinese government was misusing TikTok. Another MP has revealed plans to put TikTok before the Foreign Interference through Social Media senate inquiry over fears that the app developers are sharing user data with the Chinese government.He also says this is an effort by the Chinese Communist Party to collect data of users in other countries. “It might be dressed differently but it's the same beast.”TikTok is owned by Chinese tech company Bytedance and has repeatedly been criticized ...
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India’s ban could hit TikTok’s parent company with the loss of $6 Billion
13Jul By Brian ThompsonNo Comments
Asia

India’s ban could hit TikTok’s parent company with the loss of $6 Billion

After its unabated intrusion in India’s territory which ultimately led to the death of 20 Indian soldiers in a bloody clash between Indian and Chinese troops in Galwan valley on June 15, China is now finding out the cost of clashing with one of its major trading partners.This time it’s not the U.S., but India that’s creating headaches for some of China’s leading tech names. The brutal clash and a concurrent war of words, has led to calls among Indian consumers to boycott Chinese products.The Indian government earlier in July banned 59 Chinese apps, including the hugely popular TikTok video sharing app that boasts more than 120 million local users.Now, an insider at TikTok parent ByteDance has said that the ban could come with a heavy price tag, costing the company more than $6 billion in l...
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US designates 4 more Chinese media organizations as ‘state propaganda outlets’
28Jun By Mike TrudellNo Comments
World

US designates 4 more Chinese media organizations as ‘state propaganda outlets’

The Trump administration announced on June 22 that it was designating four more Chinese media organizations as “propaganda outlets”, putting them on par with diplomatic missions, in a new round of restrictions likely to lead to some form of retaliation from China.David Stilwell, the State Department's assistant secretary for East Asia and Pacific affairs, said that China Central Television, China News Service, People's Daily and the Global Times would have to report details of their US staffing and what their US real estate holdings are to the State Department.“In designating these outlets as foreign missions, we are formally recognizing the China party state’s effective control over so-called media entities, including those that operate here in the United States,” Stilwell told reporters....
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Chinese hotel builder abruptly liquidates business in UK
28Jun By Walter ParezNo Comments
China

Chinese hotel builder abruptly liquidates business in UK

A Chinese conglomerate which has built hotels for Hilton and Travelodge has abruptly liquidated its UK subsidiaries reportedly due to the COVID-19 pandemic.CIMC is a global business with regional offices in the UK, US and Australia and the main head office in Southern China. The main UK business, CIMC Modular Building Systems and its development arm first set up to promote the modular system have both been placed in voluntary liquidation by managing director Jason Taylor.“The impact of the pandemic has been so wide and so deep that it has become impossible to survive without taking some fairly drastic steps,” a source said.CIMC MBS lost pound 2.5 million in 2018. During that year it delivered nearly 900 modules creating 1,317 hotel or student rooms.CIMC has supplied ready-built rooms from ...
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China loses landmark WTO dispute against EU over market-economy status
24Jun By Walter ParezNo Comments
China, Market

China loses landmark WTO dispute against EU over market-economy status

In a landmark development, China has lost a dispute to the European Union at the World Trade Organization (WTO) for a market economy status, as the former allowed the dispute to lapse.China spent four years fighting for market-economy status, a designation that would give it stronger footing with commercial partners while also curtailing their ability to retaliate over trade disputes.The Chinese government allowed a landmark World Trade Organization dispute — aimed at forcing the European Union to recognize it as a market economy in trade investigations — to lapse on June 15.The case was initially brought in 2016 and China lost an interim ruling on the matter last year.A note by the WTO Secretariat said: "At the request of China, the panel suspended its work on 14 June 2019 (WT/DS516/13). ...
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National Security Law will bring Chinese system to Hong Kong: Report
21Jun By Walter Parez1 Comment
China

National Security Law will bring Chinese system to Hong Kong: Report

The Hong Kong national security legislation will effectively bring China’s legal system to the city and will give power to the Chinese government to apply pending law without the approval of Hong Kong's legislature, say critics.Beijing is yet to confirm the legislation's relevant clauses, however, officials have indicated that those in breach of the law, could be extradited to the mainland for trial."This national security legislation shows that the Communist Party has lost its patience and confidence in 'one country, two systems', as well as the Hong Kong people and our administration," Civic Party opposition lawmaker Tanya Chan said."This is a warning and a reminder to Hong Kong people about who is the boss," Chan said.China says the law is aimed at tackling separatist activity, subversi...
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[Market] Oil prices falls on U.S.-China tensions over Hong Kong
20Jun By Team FPNo Comments
Asia, Market

[Market] Oil prices falls on U.S.-China tensions over Hong Kong

Soon after U.S President Donald Trump said he was working on a strong response to China’s proposed security law in Hong Kong, oil prices took a drastic downturn on Wednesday.Brent crude fell 47 cents, or 1.3%, to $35.70 a barrel by 1106 GMT and U.S. West Texas Intermediate (WTI) crude was down 32 cents, or almost 1%, at $34.03. “As much as oil fundamentals are improving, there are still several flies in the bullish ointment. They include the latest uptick in U.S.-China tensions,” said Stephen Brennock of oil broker PVM.“The threat of a fresh U.S.-China trade war is no longer just a tail risk and could spell disaster for risk assets,” he added.Gloomy forecasts over the economic impact of the pandemic also weighed on crude prices.The euro zone economy is likely to shrink between 8% and 12% t...
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​ As overseas markets ‘lockdown’, China exporters look inwards
20Jun By Team FPNo Comments
Asia, China, Market

​ As overseas markets ‘lockdown’, China exporters look inwards

China exporters are now left in a crisis as the coronavirus hits its trading partners worldwide leading to cancelled shipments, returned goods and a dearth of new orders - accelerating a long-standing push towards domestic consumption.The world's second-largest economy is stirring back to life after virus cases dwindled from a peak in February, when activity came to a near-halt. But as China’s economy started to recover, lockdowns and restrictions in other countries has forced exporters to focus on domestic markets.Chinese online marketplace Taobao said the number of foreign trading companies opening stores on its domestic-focused platform spiked 160 percent from February to May.And policymakers - who have sought for years to wean the country off cheap exports and government spending in fa...
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