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CGCC Week In Review

     

Connecting People, Building Trust, Expanding Cooperation

week39 | 2020

week39 | 2020

Trump Demands U.N. Hold China to Account for Coronavirus Pandemic - The New York Times
In speeches broadcast at this year’s Covid-compromised General Assembly, the presidents of China and the United States punctuated an intensifying schism between the two superpowers.
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China blasts US House bill, denies forced labor in Xinjiang - ABC News
China on Tuesday lashed out at the passage of a bill by the U.S. House of Representatives that threatens sanctions over the alleged use of forced labor in China’s Xinjiang region, calling the accusation a lie.
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House Passes Short-Term Spending Bill to Keep Government Funded Through Dec. 11 - WSJ
The House Tuesday night passed a short-term spending bill keeping the government funded through Dec. 11, after Democrats reached a deal with the White House over farm aid and food assistance.
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Stocks Close Sharply Lower; Dow Drops More Than 500 Points - WSJ
The Dow Jones Industrial Average dropped more than 500 points, falling in tandem with oil and gold prices and sparking worry among some investors of further turbulence ahead.
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TikTok and Oracle Spar Over Ownership, Threatening Deal - WSJ
Disagreement between TikTok and its potential U.S. partner spilled into the open, with dueling messages from Oracle Corp. ORCL 1.79% and the Chinese-owned video app operator over the ownership structure for a proposed U.S.-based version of the company.
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China’s export machine comes roaring back to life | Financial Times
Big economies may be struggling but their appetite for Chinese electronics is growing
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Global Trade Returns Faster Than Expected - WSJ
Global trade is rebounding much more quickly this year than it did after the 2008 financial crisis, lifting parts of the world economy and defying predictions the pandemic could send globalization into permanent retreat.
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Supreme Court Vacancy Sets Off Debate as Trump Plans for Ginsburg Successor - WSJ
WASHINGTON—The death of Supreme Court Justice Ruth Bader Ginsburg six weeks before Election Day stirred political jockeying by both parties, with Republicans pushing to move quickly on a successor and Democrats assessing options they have to keep the seat open.
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WeChat Ban Blocked by Federal Judge in Ruling Against Trump Administration - WSJ
A federal judge in California temporarily blocked the Trump administration’s executive order curbing Americans’ use of WeChat, upholding a motion from users of the popular Chinese-owned messaging and e-commerce app.
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week38 | 2020

week38 | 2020

Commerce Department Prohibits WeChat and TikTok Transactions to Protect the National Security of the United States - U.S. Department of Commerce
In response to President Trump’s Executive Orders signed August 6, 2020, the Department of Commerce (Commerce) today announced prohibitions on transactions relating to mobile applications (apps) WeChat and TikTok to safeguard the national security of the United States.
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China market to open further to most competitive US companies: Chinese ambassador - ECNS
China's market will continue to open further for US companies in areas where the United States is most competitive such as energy, agriculture and finance, Chinese Ambassador to the United States Cui Tiankai has said.
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Judge Clears China’s Harbin to Buy Bankrupt Vitamin Seller GNC - WSJ
Vitamin seller GNC Holdings Inc. won court approval to sell itself to its largest shareholder, China’s Harbin Pharmaceutical Group Co., despite national-security concerns raised by Sen. Marco Rubio.
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China-US investment falls to lowest in almost a decade | Financial Times
Political tensions and coronavirus fallout hit commerce between world’s biggest economies
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Trump Administration Pushes for U.S. Control of TikTok - WSJ
WASHINGTON—Trump administration officials are looking to give American investors a majority share of the company that will take over the Chinese-owned video-sharing app TikTok, according to people familiar with the matter.
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Fed Sets Higher Hurdles for Rate Increase - WSJ
WASHINGTON—The Federal Reserve pledged to support the economic recovery by setting a higher bar to raise interest rates and by signaling it expected to hold rates near zero for at least three more years.
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U.S. Sanctions Chinese Firm Helping Build Military Base in Cambodia - WSJ
The U.S. imposed sanctions against a Chinese company that it said is responsible for helping to build a military base for Beijing in Cambodia, a new phase in a U.S. effort to pressure companies helping in China’s military expansion around the world.
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Donald Trump says a coronavirus vaccine could be 'three weeks, four weeks' away - ABC News
US President Donald Trump says a vaccine for COVID-19 could be ready in three or four weeks, despite some US public health officials urging caution about that accelerated timeline.
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W.T.O. Says American Tariffs on China Broke Global Trade Rules - The New York Times
A World Trade Organization panel said Tuesday that the United States violated its rules by imposing tariffs on China in 2018, drawing an angry response from the Trump administration.
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Terry Branstad, U.S. Ambassador to China, Is Stepping Down - WSJ
HONG KONG—Terry Branstad is stepping down as U.S. ambassador to China, ending a more than three-year tenure at the forefront of Washington’s increasingly strained relationship with Beijing.
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Trump administration to review Oracle’s TikTok deal this week | Financial Times
Panel will recommend whether to approve ‘technical partnership’ with China’s ByteDance
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China’s Economy Picks Up Speed as Shoppers, Moviegoers Return - WSJ
BEIJING—China’s economic recovery accelerated in August, with retail sales, the last holdout among the economy’s major components, returning to pre-coronavirus levels by showing their first month of growth this year.
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What’s Biden’s New China Policy? It Looks a Lot Like Trump’s - WSJ
Even with an administration change in January, China would face continued heightened friction with the U.S.
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Oracle Wins Bid for TikTok in U.S., Beating Microsoft - WSJ
Oracle Corp. ORCL -0.58% won the bidding for the U.S. operations of the video-sharing app TikTok, people familiar with the matter said, beating out Microsoft Corp. MSFT -0.65% in a high-profile deal to salvage a social-media sensation that has been caught in the middle of a geopolitical standoff.
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Global Economic Recovery Shows Signs of Slowing - WSJ
LONDON—The global economy is bouncing back strongly from the collapse it suffered in the spring, but fresh data suggest the early gains from the lifting of coronavirus lockdowns are already exhausted, adding to evidence that the world economy could take many months, if not years, to heal.
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week37 | 2020

week37 | 2020

Coronavirus tally: Global COVID-19 cases top 28 million, as U.S. cases rise to 6.4 million - MarketWatch
The global tally for confirmed cases of the coronavirus that causes COVID-19 climbed to 28.19 million on Friday, according to data aggregated by Johns Hopkins University, while the death toll rose to 909,927.
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TikTok sale: Trump says he won't give Chinese app an extension to divest interest in US operations - CNN
President Donald Trump said Thursday he will not extend the fast-approaching September 20 deadline he set for ByteDance, the Chinese-owned parent company of Tiktok, to sell the popular app or have it be banned.
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China imposes curbs on U.S. diplomats in response to U.S. move - Reuters
China on Friday said it had imposed restrictions on staff at the U.S. Embassy and its consulates in mainland China and Hong Kong, responding to U.S. measures announced early this month.
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A Surprisingly Durable Recovery Faces Tougher Tests - WSJ
With the easy gains from reopenings behind us, recovery going forward may be slower
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US companies defy Trump’s threats about ‘decoupling’ from China | Financial Times
US companies are ignoring Donald Trump’s threats to “decouple” from China and repatriate manufacturing, according to a survey of more than 200 companies with operations in the country.
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TikTok, U.S. Discuss Ways to Avoid Sale - WSJ
TikTok’s Chinese parent, ByteDance Ltd., is discussing with the U.S. government possible arrangements that would allow the popular video-sharing app to avoid a full sale of its U.S. operations, according to people familiar with the matter.
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U.S. Stock Futures Rise After Tech Selloff - WSJ
U.S. stock futures ticked higher Wednesday, a day after a tech rout drove the Nasdaq Composite into correction territory.
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Senate aims for Thursday vote on scaled-down coronavirus aid bill - Reuters
The U.S. Senate later this week aims to vote on a drastically scaled-back Republican coronavirus aid bill, Majority Leader Mitch McConnell said on Tuesday, despite opposition from Democrats who are needed for any measure to be enacted into law.
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US companies are sticking with China despite rising tensions and pressure from Trump - CNN
American companies in China are feeling increasingly pessimistic about trade tensions between Washington and Beijing. But very few want to uproot their business in the world's second biggest economy.
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徐辰:中美关系四十年的得与失- 清华金融评论
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Trump raises prospect of ‘decoupling’ US economy from China | Financial Times
President vows to end reliance on Beijing as he ratchets up anti-China rhetoric in re-election campaign
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China Launches Initiative to Set Global Data-Security Rules - WSJ
HONG KONG—China is launching its own initiative to set global standards on data security, countering U.S. efforts to persuade like-minded countries to ringfence their networks from Chinese technology.
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week36 | 2020

week36 | 2020

Struggling airlines lead U.S. planned job cuts in August - Reuters
U.S. employers announced another 115,762 job cuts in August, led by struggling airlines as the COVID-19 pandemic weighs on travel and financial assistance from the government lapses.
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Exclusive: White House Asks U.S. Agencies to Detail All China-Related Funding - The New York Times
The White House has asked U.S. government agencies for extensive details of any funding that seeks to counter China's global influence and business practices, or supports Beijing, amid growing tensions between Washington and Beijing.
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U.S. Stocks Fall Amid Decline in Tech Shares - WSJ
U.S. stocks fell sharply Thursday in their worst showing since June, driven by a broad decline in many of the technology companies that have led the market higher in recent months.
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Asian stocks rise on signs of recovery in China’s services sector - FT
Asia-Pacific shares edged higher after Wall Street notched new record highs and data indicated that activity in China’s services sector grew again in August.
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U.S. and Global Factory Output Picks Up, but Jobs Picture Is Mixed - WSJ
U.S. factory output continued to grow in August, according to a pair of surveys released Tuesday, but the picture for employment was mixed, a possible sign of lingering uncertainty about the coronavirus pandemic among American manufacturers.
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U.S. Imposes New Restrictions on Chinese Diplomats - WSJ
The Trump administration plans to impose new restrictions on Chinese diplomats in the U.S., citing Beijing’s use of similar measures on U.S. envoys.
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Pompeo hopeful China's Confucius Institutes will be gone from U.S. by year-end - Reuters
U.S. Secretary of State Mike Pompeo said on Tuesday he was hopeful that Chinese Confucius Institute cultural centers on U.S. university campuses would all be shut down by the end of the year.
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TikTok Deal Faces Complications as U.S. and China Ratchet Up Tit-for-Tat - The New York Times
China’s new export rules, which could delay or scuttle a sale of TikTok, have further turned giant companies into pawns in a geopolitical struggle.
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American, Delta End Domestic Change Fees - WSJ
American Airlines Group Inc. and Delta Air Lines Inc. said they were removing change fees on most domestic flights, as the levies emerged as a new competitive battleground among airlines.
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China trialling 4 vaccine candidates overseas - - FT中文网
China has started international clinical trials for four Covid-19 vaccine candidates, the National Health Commission said on Monday.
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What China’s new export rules mean for TikTok’s US sale | Financial Times
Beijing wants to signal its control over ByteDance’s AI tech without riling the US
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China’s Yuan Strengthens as Trade and Economic Concerns Fade - WSJ
China’s yuan has rallied to its strongest levels in more than a year, as the country’s economy continues to recover and investors grow less concerned about fresh U.S. tariffs.
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TikTok Talks Could Face Hurdle as China Tightens Tech Export Rules - WSJ
China announced new restrictions on artificial-intelligence technology exports that could further complicate the sale of TikTok’s U.S. operations, while intensifying the tech battle between the world’s two largest economies.
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The Real China Reshoring Isn’t What You Think - WSJ
There has been lots of talk about shifting manufacturing away from China. But the most obvious reshoring that’s happening now is actually being done by the Chinese themselves.
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China’s Attempts to Spur Consumption Show Signs of Working - WSJ
BEIJING—A gauge of Chinese business activity outside the factory floor rose to its highest level in 2½ years in August, a sign that Beijing’s efforts to stimulate consumption at home are having an impact.
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week35 | 2020

week35 | 2020

Walmart joins Microsoft bid for TikTok as CEO of social media app quits - Reuters
Walmart Inc said it was joining Microsoft in a bid for social media company TikTok’s U.S. assets, revealing its plans hours after the video company’s chief executive said he would step down.
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Job Seekers, Homebuyers, Stock Investors Are Expected to Benefit From Fed’s New Strategy - WSJ
The Federal Reserve’s new strategy means that interest rates are likely to stay exceptionally low for a longer—a boon to people looking for work, buying a home or investing in stocks.
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Ant’s Giant IPO Avoids U.S. Markets but Embraces U.S. Banks - WSJ
Citigroup, JPMorgan Chase and Morgan Stanley stand to gain when the financial-tech behemoth goes public.
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WEF postpones Davos 2021 over coronavirus fears | Financial Times
Annual landmark of global power brokers’ calendar pushed back to next summer
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China’s STAR Board Defies Financial Gravity in a Hot Market - WSJ
Shares listed on a Nasdaq-style technology board in China are trading at huge premiums to near-identical stocks in Hong Kong, as mainland investors pour money into a hot market.
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Historic Contraction in Rich Economies Presages Long Climb Back - WSJ
LONDON—The world’s rich economies experienced the deepest contraction in at least six decades in the spring, according to fresh data published Wednesday, while continuing outbreaks of the novel coronavirus mean their path back to pre-pandemic levels of output likely will be fraught.
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White House Announces $1 Billion Plan to Create AI, Quantum Institutes - WSJ
The White House on Wednesday will announce that federal agencies and their private sector partners are committing more than $1 billion over the next five years to establish 12 new research institutes focused on artificial intelligence and quantum information sciences.
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Ant Group reveals $2.6bn profit as it files for blockbuster IPO - Financial Times
Jack Ma’s Ant Group revealed it earned Rmb18bn ($2.6bn) in net profit last year as it filed documents for an initial public offering that may raise a record $30bn.
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U.S. Firms in China Say Trump’s WeChat Ban Will Hit Them Where It Hurts - WSJ
U.S. businesses in China are pushing back against a looming Trump administration ban on WeChat app, with a report Wednesday shedding light on just how vital the tool is to companies doing business in the world’s second-largest economy.
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TikTok had ‘no choice’ but to sue Trump administration | Financial Times
Video-sharing app says executive order banning it in the US was politically motivated
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China’s Economy Is Bouncing Back—And Gaining Ground on the U.S. - WSJ
Success in containing Covid-19 is bringing life back to normal and helping close the economic gap with a rival
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Senior U.S., Chinese Officials Say They Are Committed to Phase-One Trade Deal - WSJ
WASHINGTON—Senior U.S. and Chinese officials said they were committed to carrying out the phase-one trade accord between the two nations, the two governments said, after the two sides discussed the pact Monday evening U.S. time.
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Biden says he is willing to ‘shut down’ US to contain Covid-19
Democratic candidate vows to follow advice of scientists if elected in November
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Lawsuit Claims U.S. WeChat Ban Is Unconstitutional - WSJ
WASHINGTON—A WeChat users group that says it isn’t affiliated with the app’s owner filed a lawsuit against the Trump administration late Friday, seeking to block an executive order that would bar transactions with WeChat.
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Coronavirus Lifts Government Debt to WWII Levels—Cutting It Won’t Be Easy - WSJ
As countries world-wide boost spending to battle the new coronavirus, government debt has soared to levels not seen since World War II.
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week34 | 2020

week34 | 2020

China cautious on hitting back at US companies after Huawei sanctions - Financial Times
Beijing is unlikely to upset the innovation and economic benefits brought by American groups, say analysts
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Fed Sees Need for Additional Support but Is Vague on Timing - WSJ
Federal Reserve officials said at their meeting last month they expected the economy would require greater government support to recover from the coronavirus pandemic, though they didn’t signal at which of their coming meetings they would deploy those tools.
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U.S. and China to hold trade talks in the coming days - CNBC
The U.S. and China have agreed to go back to the negotiating table in the coming days to review the progress of their “phase one” trade deal, according to the Chinese commerce ministry.
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Coronavirus crisis creates a chance to tackle US jobs inequality | Financial Times
Rethink the labour market to retool the post-pandemic economy
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Premium Retailers Ride China’s Recovery From Covid-19 Crisis - WSJ
SHANGHAI—The coronavirus pandemic has created a divide in China’s consumer economy, with makers of premium products rebounding strongly but those catering to mass-market consumers finding it tougher to return to growth.
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U.S.-China Trade Talks Delayed, Not Derailed - WSJ
U.S. and Chinese trade negotiators plan to confer by video in the coming days over progress in fulfilling terms of the “Phase One” trade deal and U.S. actions against Chinese technology firms, according to officials in both nations.
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Trump Expresses Support for Oracle to Buy TikTok - WSJ
President Trump voiced support on Tuesday for Oracle Corp. ORCL 2.20% to buy the U.S. operations of TikTok, adding a fresh wrinkle to the bidding for the Chinese-owned video-sharing app.
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Chip and phone supply chain shaken as Huawei faces mortal threat | Ars Technica
The global chip and smartphone industries are bracing for severe disruption after the US launched tougher sanctions against Huawei that some said could mean “death” for the company.
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DNC Nominates Joe Biden to Lead Nation Through Pandemic - WSJ
Democrats formally made Joe Biden their presidential nominee, a role he has sought for more than three decades, capping a come-from-behind victory in the primaries he secured with a broad coalition of his party’s voters.
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U.S. Tightens Restrictions on Huawei’s Access to Chips - WSJ
The U.S. Commerce Department issued new rules curbing Huawei Technologies Co.’s access to foreign-made chips, expanding the Trump administration’s restrictions on the Chinese telecom company’s link to crucial components.
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U.S. Executives Who Left China Amid Pandemic Are Stuck Abroad—and May Never Return - WSJ
SHANGHAI—Thousands of China-based U.S. and other foreign business executives remain stranded outside the country due to coronavirus-related travel restrictions, leading some to give up hope of returning and posing operational challenges for their companies.
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China’s Recovery Loses Some Momentum as Retail Sales Disappoint Again - WSJ
BEIJING—China continued to build on its post-coronavirus recovery in July, though momentum cooled slightly as challenges at home and abroad piled up and Beijing eased off stimulus measures.
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Trump signals he has more Chinese companies in his sights - Financial Times
Donald Trump has signalled that he is considering taking action against more Chinese companies, including Alibaba, one day after he ordered ByteDance to divest TikTok’s operations in the US within 90 days.
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In a U.S.-China Tech Divorce, Businesses Would Have to Pick Sides - WSJ
The technology industries of the U.S. and China are in some ways deeply intertwined and in others remarkably separate. The latest actions on the part of the U.S. aim to sever what ties remain.
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Weekend U.S.-China talks on trade deal postponed indefinitely- MarketWatch
The U.S. and China have canceled plans for a virtual weekend meeting to assess their so-called phase one trade deal as it hits its six-month mark, Bloomberg reported Friday afternoon, citing people familiar with the matter.
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week33 | 2020

week33 | 2020

CGCC News
CGCC’s 2020 Annual Business Survey spotlights a path forward for Chinese Enterprises in the U.S.
On August 12th, 2020, over 200 American and Chinese company executives, including representatives from the U.S.-China Bu...
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White House report says most COVID-19 job losses are likely temporary - Business Insider
A majority of the jobs lost during the coronavirus pandemic and ensuing recession are likely only temporary, according to a Thursday report from the Trump administration.
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Aberdeen warns of ‘dramatic’ undervaluations in China delistings - Financial Times
One of the UK's biggest asset managers has warned that investors could get a raw deal if the US goes ahead with plans to force Chinese companies off American exchanges unless they submit to audit inspections.
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U.S. Labels Chinese Language Education Group a Diplomatic Mission - The New York Times
State Department officials said the move was aimed at informing American schools of potential propaganda from the government group’s programs, largely known as Confucius Institutes.
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Wall Street bank fees from China listings jump despite political tension | Financial Times
Wall Street banks have earned hundreds of millions in fees from Chinese groups selling shares in New York and Hong Kong in 2020, illustrating the fee pool that is at stake as Washington threatens to delist these companies from US markets.
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Corporate America Worries WeChat Ban Could Be Bad for Business - WSJ
U.S. companies whose fortunes are linked to China are pushing back against the Trump administration’s plans to restrict business transactions involving the WeChat TCEHY 3.11% app from Tencent Holdings Ltd., TCEHY 3.11% saying it could undermine their competitiveness in the world’s second-biggest economy.
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China’s Xi Speeds Up Inward Economic Shift - WSJ
For decades, Chinese leaders embraced foreign investments and exports to power China’s economy. Now, with the world in recession and U.S.-China tensions deepening, President Xi Jinping is laying out a major initiative to accelerate China’s shift toward more reliance on its domestic economy.
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Fed to Lower Rates for Cities, States Seeking Short-Term Loans - WSJ
The Federal Reserve said Tuesday it would reduce the rates it charges cities and states seeking short-term loans from an emergency lending program that has seen little takeup so far.
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China to Bring Up WeChat, TikTok in Next U.S. Trade Talks - Bloomberg
U.S. and Chinese negotiators plan to discuss progress of their trade deal in the coming days, with Beijing pushing to widen the agenda to include Washington’s recent crackdown on businesses including TikTok and WeChat.
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U.S.-China Trade Deal Is ‘Fine,’ Trump Adviser Kudlow Says - Bloomberg
The trade deal is “fine” and China is “substantially” increasing purchases of American goods, U.S. President Donald Trump’s top economic adviser Larry Kudlow said, dismissing concerns that rising tensions between the two countries might jeopardize the deal.
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China General Chamber of Commerce USA Launches 2020 Annual Business Survey on Chinese Enterprises in the U.S.
Survey finds that Chinese companies remain committed to U.S. market despite ongoing uncertainty
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China’s Strong July Auto Sales Fuel Hopes for Growth - WSJ
SHANGHAI—Chinese consumers flocked back to auto dealerships in July, boosting car makers’ hopes of returning to growth in the second half of the year and signaling a broader rebound in the world’s second-largest economy.
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Global threats are reordering supply chains, says report | Financial Times
Covid-19 and other risks mean quarter of products could be sourced from new countries in 5 years
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Tech, Financial Firms Eye Ways to Save TikTok’s U.S. Operations From Ban - WSJ
Several investment and technology firms are exploring a potential deal for the U.S. operations of TikTok, which is facing a Trump administration ban, but they each would have to surmount hurdles at least as high as the Chinese social-media platform’s main suitor, Microsoft Corp.
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U.S. Broadens Attack on Chinese Internet Giants With WeChat Order - WSJ
HONG KONG—The Trump administration is widening its attack against Chinese internet giants by targeting a social media app, WeChat, TCEHY -7.37% that is used daily by ordinary Chinese but by few Americans, further cementing a divide in the global internet.
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China Becomes a Refuge for U.S. Companies After Overcoming Covid-19 - WSJ
SHANGHAI—China has long been an important destination for U.S. companies. In the June quarter, the world’s second-largest economy became a vital refuge for many of them as China’s rebounding consumer economy helped offset the damage from tumbling sales back home.
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week32 | 2020

week32 | 2020

Update -China hopes U.S. will cooperate to create favourable conditions for trade deal, says top diplomat - Reuters
China urges the United States to strengthen cooperation so as to create favourable conditions for the implementation of the phase one trade deal, said its top diplomat Yang Jiechi on Friday.
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White House Seeks Crackdown on U.S.-Listed Chinese Firms - WSJ
Chinese companies with shares traded on U.S. stock exchanges would be forced to give up their listings unless they comply with U.S. audit requirements under a plan recommended Thursday by the Trump administration.
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President Trump signs order banning TikTok, WeChat in 45 days - ABC News
President Trump issued a pair of executive orders that would impose new limits on Chinese social-media apps TikTok and WeChat, escalating tensions with Beijing and effectively setting a 45-day deadline for an American company to purchase TikTok’s U.S. operations.
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US chip industry plots route back to homegrown production | Financial Times
America leads the world in design and equipment, but only makes 12 per cent of supply
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Pandemic Lays Bare U.S. Reliance on China for Drugs - WSJ
The shortage of a simple, over-the-counter painkiller shows how dependent the U.S. has become on China for vital pharmaceutical supplies.
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Pompeo threatens broader crackdown on China apps | Financial Times
Secretary of state says US is also ready to act against country’s cloud computing companies
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TikTok defends sale of US arm as investors move behind Microsoft - Financial Times
Chinese group had ‘no choice’ but to comply with demands from US regulators and sell app
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Business and Personal Bankruptcy Filings in the U.S. Rose in July - WSJ
The number of businesses seeking chapter 11 protection rose 52% in July from a year earlier as the coronavirus pandemic roiled the economy and upended businesses from coast to coast.
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U.S., Chinese Officials to Meet Aug. 15, Assess Trade Deal - WSJ
The U.S. and China have agreed to high-level talks on Aug. 15 to assess Beijing’s compliance with the bilateral trade agreement signed early this year, according to people briefed on the matter.
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China factory activity expands at fastest rate in 9 years | Financial Times
Manufacturing survey data beat expectations amid early signs of recovery in Japan and South Korea
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Trump seeks Treasury cut in Microsoft deal to acquire TikTok unit | Financial Times
US president drops opposition to purchase but insists government should receive ‘very large percentage’
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Global Factories Increase Production but Overseas Demand Remains Soft - WSJ
Factories across the U.S., Europe and parts of Asia increased production in July, but the upswing was held back by weak global trade and suggested a long and precarious road ahead for the global economy.
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China Won the First Leg of the Post-Covid Race. The Next One Will Be Harder. - WSJ
The first official read on China’s economy in July confirmed the nation has pulled ahead in the struggle to rekindle growth after the damage of the pandemic.
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July Jobs Data Will Provide Clues on Strength of the Recovery - WSJ
The July jobs report, to be released Friday, could be among the most politically consequential of the economic downturn caused by the coronavirus pandemic.
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China’s Manufacturing Recovery Picks Up the Pace - WSJ
BEIJING—An official gauge of China’s factory activity expanded at a faster pace in July, as improving demand inside and outside the country kept the recovery of the world’s second-largest economy on track.
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week31 | 2020

week31 | 2020

China needs 'explosive' buying to meet U.S. farm import target - Reuters
With nearly seven months gone, an ambitious $36.5 billion target for Chinese imports of U.S. farm goods this year may not be quite out of reach, but it’s looking like a big, big stretch.
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U.S. Economy Contracted at Record Rate Last Quarter; Jobless Claims Rise to 1.43 Million - WSJ
The economy contracted at a record rate last quarter and July setbacks for the jobs market added to signs of a slowing recovery as the country faces a summer surge in coronavirus infections.
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China says U.S. fuelling new Cold War due to presidential election - Reuters
China on Thursday accused the United States of stoking a new Cold War because certain politicians were searching for a scapegoat to bolster support ahead of the U.S. presidential election in November.
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Gold price hits record high as investors’ Covid-19 fears escalate | Financial Times
Precious metal passes its nominal 2011 peak, helped by extraordinary monetary policy
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China Tries Its Favorite Economic Cure: More Construction - The New York Times
At a cavernous factory in the Chinese city of Xuzhou, 100 new workers have just been hired to produce giant construction cranes.
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Fed Maintains Stimulus Commitment as Economic Outlook Dims - WSJ
Federal Reserve Chairman Jerome Powell said on Wednesday the U.S. economy faces a long road to recovery that will require greater public vigilance to prevent the spread of the coronavirus pandemic and more spending from Congress and the White House.
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Tencent Bid Target Could Join Chinese Exodus From U.S. Markets - WSJ
Tencent Holdings proposed to buy out other investors in its search-engine affiliate Sogou for about $2.1 billion, in what could become the latest instance of a Chinese technology company abandoning the U.S. stock market.
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Fed Outlook Turns Gloomier as Coronavirus Spreads - WSJ
Federal Reserve officials meet Tuesday and Wednesday facing growing doubts about the prospect for a sustained economic rebound due to the nation’s uneven public-health response to the coronavirus.
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Pfizer Foresees Lasting Demand for Covid-19 Vaccine - WSJ
Pfizer Inc. said it expects global demand for vaccinations against coronavirus illnesses to last at least several years, sharpening a long-term forecast for its experimental Covid-19 vaccine as the company moves forward with the final-stage of clinical testing.
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Dollar on Course for Worst Month in Almost a Decade - WSJ
The dollar is on track to close out its worst month since April 2011 as a rise in coronavirus infections across the U.S. threatens to damp the economic recovery and keep low interest rates in place for longer.
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Once a Source of U.S.-China Tension, Trade Emerges as an Area of Calm - The New York Times
The trade deal is providing a rare point of stability as relations between the United States and China fray over Hong Kong, the coronavirus and accusations of espionage.
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U.S. Exits Chinese Consulate, as Nations’ Ties Deteriorate - WSJ
At dawn on Monday, as the deadline to leave the U.S. consulate in the southwestern Chinese city of Chengdu approached, staff were still trickling out with briefcases in hand, just minutes before the U.S. flag was lowered in the courtyard.
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Chinese listings surge on Wall Street despite tensions
Chinese companies have raced to sell shares on Wall Street this year even as relations between Washington and Beijing plunged to their lowest ebb in decades.
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China Fortifies Hong Kong’s Role as Financial Powerhouse - WSJ
Beijing wagers that its crackdown on former British colony won’t undermine foreign-investment flows, as business with mainland flourishes.
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Investors Set Aside Coronavirus Worries, Driving a ‘Melt-Up’ in Markets - WSJ
Stocks, bonds and commodities are heading for their strongest simultaneous four-month rise on record, highlighting the breadth of the market recovery during the 2020 economic slowdown.
Read More

week30 | 2020

week30 | 2020

Pfizer, BioNTech Get $1.95 Billion Covid-19 Vaccine Order From U.S. Government - WSJ
The U.S. has agreed to pay Pfizer Inc.and BioNTech SE nearly $2 billion to secure 100 million doses of their experimental Covid-19 vaccine to provide to Americans free of charge, the latest sign the government is readying plans to make vaccines available if proved to work safely.
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The Pandemic Isn’t Bringing Back Factory Jobs, at Least Not Yet - The New York Times
It’s a moment of reckoning for global supply chains. But that doesn’t mean companies are flocking back to the United States.
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China orders closure of US consulate in Chengdu in retaliation for Houston - CNN
China has ordered the closure of the United States consulate in Chengdu, days after Washington forced the Chinese consulate in Houston to cease operations.
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China’s BYD Gets Extension on $1 Billion California Mask Deal - WSJ
BYD Co., 1211 7.43% a Chinese electric-car maker turned mask producer, said it had secured a second reprieve on a troubled $1 billion deal to sell N95 masks to the state of California after missing a Sunday deadline to win a required federal certification.
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US spends $2bn to secure Covid-19 vaccine | Financial Times
BioNTech and Pfizer announce deal for 100m doses of coronavirus inoculation candidate
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Fed Deliberates How and When to Roll Out More Economic Support - WSJ
Federal Reserve officials are set to discuss next week how to provide more economic stimulus, though they have signaled comfort leaving policy on hold until they learn more about how the coronavirus pandemic is weighing on the U.S. economy.
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How Europe Kept Coronavirus Cases Low Even After Reopening - WSJ
When Western European countries began phasing out their lockdowns this spring, a surge of coronavirus cases was widely expected to follow. Months on—even as Europeans mingle in bars, restaurants and crowded beaches—that still hasn’t happened.
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Blacklisting of Chinese Firms Rattles American Supply Chains - WSJ
The addition of 11 Chinese companies to a U.S. trade blacklist of entities Washington says are linked to human-rights abuses of the Uighur minority group in Xinjiang is entangling major brands and likely to further a reordering of supply chains that feed American consumers.
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Chinese consulate in Houston ordered to close by US - BBC News
The U.S. ordered the abrupt closure of China’s consulate in Houston, citing a need to protect American intellectual property and private data, an escalation in bilateral tensions that Beijing condemned as outrageous and unprecedented.
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US dollar dominance could amplify crisis impact, IMF fears | Financial Times
Reliance on currency makes weaker exchange rates less effective shock absorbers, study finds
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White House shoots down extending unemployment benefit boost | Financial Times
Continuing $600 a week payments emerges as a sticking point as stimulus talks begin in earnest
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Coronavirus Vaccine Data Raises Hope for Trio of Candidates - WSJ
The prospects of successfully developing a coronavirus vaccine as soon as this year were buoyed Monday when three of the world’s leading candidates reported positive early trial data.
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The $52 Trillion Bubble: China Grapples With Epic Property Boom - WSJ
Real-estate surge eclipses the one in U.S. housing in the 2000s; desperate buyers undeterred by Covid pandemic
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China’s Economy Appears Back on Track, but Challenges Remain - WSJ
BEIJING—China reported a robust rebound in the second quarter of the year, avoiding a recession and putting the world’s second-largest economy back on a growth trajectory even as other countries struggle with the impact of the coronavirus pandemic.
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U.S. Companies Lose Hope for Quick Rebound From Covid-19 - WSJ
Big U.S. companies are deciding March and April moves won’t cut it.
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week29 | 2020

week29 | 2020

Barr Urges U.S. Companies to Resist Serving as ‘Pawns’ for China - The New York Times
The attorney general accused several companies by name of appeasing an authoritarian government to preserve access to a huge consumer market.
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The IMF should turn to special drawing rights in its Covid-19 response - Financial Times
An issue of SDRs would help developing countries inadequately covered by current financial safety nets. The writer is the governor of the People’s Bank of China.
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Trump Administration Turns Up Pressure on China on Several Fronts - WSJ
The Trump administration is intensifying U.S. pressure on China, piling on visa bans, sanctions and other restrictions that are battering already unsettled ties between the world’s two largest economies.
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White House to impose visa restrictions on Huawei workers | Financial Times
Travel ban represents the latest escalation in Washington’s dispute with Beijing
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Central banks expand their role to address the crisis | Financial Times
Far from being impotent, they have again been crucial actors in the pandemic
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China Is First Major Economy to Return to Growth Since Coronavirus Pandemic - WSJ
BEIJING—China has become the first major economy to return to growth since the coronavirus started sweeping across the world earlier this year.
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US President Donald Trump signs Hong Kong Autonomy Act, and ends the city’s preferential trade status - SCMP
US President Donald Trump took two actions against China in response to Beijing’s moves on Hong Kong on Tuesday, signing an executive order ending the city’s preferential trade treatment, and enacting a bill that would require sanctions against foreign individuals and banks for contributing to the erosion of Hong Kong’s autonomy.
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U.S. and China, Caught in ‘Ideological Spiral,’ Drift Toward Cold War - The New York Times
Relations are in free fall. Lines are being drawn. As the two superpowers clash over technology, territory and clout, a new geopolitical era is dawning.
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‘This Is Not a Normal Recession’: Banks Ready for Wave of Coronavirus Defaults - WSJ
The largest U.S. banks signaled that the worst of the coronavirus recession is yet to come, opting to stow away tens of billions of dollars to prepare for an expected wave of loan losses.
Read More
Florida reports record number of new Covid-19 cases | Financial Times
State has highest single day total since pandemic began as US ‘sunbelt’ surge continues
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Fed, Treasury Disagreements Slowed Start of Main Street Lending Program - WSJ
Disagreements between leaders at the Federal Reserve and Treasury Department in recent months slowed the start of their flagship lending initiative for small and midsize businesses, according to current and former government officials.
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China’s Imports and Exports Rebound as Coronavirus Fades in World’s Second-Largest Economy - WSJ
BEIJING—Chinese imports from the U.S. rose for the first time since the new coronavirus emerged earlier this year, showcasing Beijing’s post-pandemic purchasing power even as political tension between the world’s two largest economies continues to rise.
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Wall Street’s Earnings Forecast: Cloudy With a Chance of Turbulence - WSJ
Coronavirus uncertainties prompted hundreds of companies to pull their guidance, blinding analysts and investors.
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Trump Dims Hopes for New China Trade Deal - WSJ
President Trump damped expectations for a promised phase-two trade pact with China on Friday, saying the relationship between the countries has been too badly damaged by the coronavirus pandemic.
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Why China Isn’t Expected to Power a Global Recovery - WSJ
Getting the global economy back on its feet this year won’t be easy. But it will be even tougher without more help from China, the locomotive that powered recoveries from the world’s latest economic emergency.
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week28 | 2020

week28 | 2020

China stocks’ winning streak ends after state media shifts tone - Financial Times
Chinese shares recorded their largest weekly gain in five years, even as the benchmark index snapped an eight-day winning streak to stall a rally fuelled by retail investors and cheerleading state media.
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Live-Streaming Craze Turns Into a Lifeline for China’s Stores - WSJ
Chinese shoppers have long used their phones to buy almost everything they need. The coronavirus crisis has supercharged that trend, turning online retail into a show which has hooked millions of stay-at-home consumers.
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China says ties with US at lowest point since 1979 - Financial Times
China has acknowledged that ties with the US are at their lowest point since the normalisation of relations in 1979, in comments that suggest Beijing wants to ease tensions, analysts said.
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New Coronavirus Surges Slow Economic Recovery - WSJ
The nation’s fledgling economic recovery is losing momentum, as a new wave of coronavirus infections causes businesses to scale back or reshutter in several big states and consumers to retreat anew.
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Fed withdraws from repo market after 10 months | Financial Times
US central bank’s aggressive intervention brought short-term borrowing costs under control
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China’s Yuan Rallies as Economy Recovers - WSJ
China’s yuan strengthened to levels last hit in March, as confidence builds that the country’s economy is shaking off the coronavirus pandemic, and as local stock markets soar.
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Trump administration could try to undermine Hong Kong dollar peg: report - MarketWatch
The U.S. Trump administration may seek to retaliate against China for a controversial new security law by targeting some Hong Kong banks for supporting it, according to a report from Bloomberg News on Wednesday.
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White House Warns Against Chinese Investment, Citing Risk of Further Sanctions - The New York Times
Economic and security officials warned a federal fund against putting retirement savings in China at “a time of mounting uncertainty” for the relationship.
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China scales back meat imports over virus concerns - Financial Times
Restrictions against processing plants in US, Europe, Brazil, and Canada to push up food prices.
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China’s Belt and Road urged to take green route | Financial Times
In April, 260 environmental organisations sent an unusual request to China’s finance minister: do not bail out 60 Chinese-backed overseas projects suffering from Covid-19’s economic fallout.
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Trump Defends China Trade Deal After Adviser Says It’s ‘Over’ - The New York Times
Peter Navarro, the White House trade adviser, quickly walked back his remarks, which caused markets to dive.
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U.S. Business Groups Urge China to ‘Redouble Efforts’ to Implement Trade Deal - WSJ
NEW YORK—As senior U.S. and Chinese economic officials plan to discuss China’s compliance with a trade deal signed early this year, more than 40 American business groups called on Beijing to step up purchases of U.S. manufactured goods as well as energy and other products as part of the agreement.
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‘Flying Blind Into a Credit Storm’: Widespread Deferrals Mean Banks Can’t Tell Who’s Creditworthy - WSJ
Banks have pulled back sharply on lending to U.S. consumers during the coronavirus crisis. One reason: They can’t tell who is creditworthy anymore.
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China Is Unlikely to Meet Purchase Targets for U.S. Energy - WSJ
WASHINGTON—Economic fallout from the coronavirus pandemic has cast doubt on whether China can meet its targets to buy U.S. goods under this year’s trade deal—with energy emerging as the biggest casualty.
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U.S. Unemployment Rate Fell to 11.1% in June - WSJ
Unemployment fell and the U.S. economy regained 4.8 million jobs in June, but the recent surge in coronavirus infections could throw the recovery off course.
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week27 | 2020

week27 | 2020

Chinese Oil Futures Draw More International Interest - WSJ
Foreign companies and investors are warming to Chinese oil futures, a boost to a project that Beijing hopes will boost the yuan’s appeal and loosen the dollar’s hold on global commodity pricing.
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The great interruption continues | Financial Times
Leaders should now be asking how we create the strongest feasible recovery
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Global Manufacturing Shows Fresh Signs of Recovery - WSJ
In some countries, including France and the U.K., manufacturing sectors return to growth
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Stock market today: Dow rallies more than 200 points to close out its best quarter since 1987 - CNBC
Stocks rose broadly on Tuesday as Wall Street wrapped up its best quarterly performance in decades.
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FCC: Huawei and ZTE officially designated 'national security threats' - CNBC
U.S. carriers cannot use an $8.3 billion government subsidy program, known as the Universal Service Fund, to purchase, maintain or support any equipment or services from both vendors.
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Coronavirus Sends Oil Prices on Wild, Six-Month Ride - WSJ
The coronavirus transformed global oil markets in the first half of 2020, sending prices on a wild ride and spurring historic changes to energy supply chains and products used to invest in crude.
Read More
Supreme Court Orders Restructuring of Consumer-Finance Watchdog - WSJ
WASHINGTON—The Supreme Court ordered changes to a government consumer-finance watchdog created in the wake of the 2008 financial crisis, capping a 10-year battle over the agency by ruling its structure was unconstitutional because the director held too much unchecked power.
Read More
Coronavirus Cases Pass 10 Million Globally - WSJ
Coronavirus cases world-wide passed 10 million, with more than 500,000 deaths, as parts of the U.S. took steps to reverse their reopenings in response to surging case numbers, especially among young people.
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Fed Opens Lending Program for New Issuance of Corporate Debt - WSJ
The Federal Reserve formally opened Monday its $500 billion lending program to support issuance of new debt by large corporations, the last of nine emergency programs it is running to backstop lending markets reeling from the coronavirus pandemic.
Read More
Coronavirus Erases Guidance From 40% of S&P 500 - WSJ
More than 40% of the companies in the S&P 500 have pulled their guidance, as the coronavirus pandemic has doused U.S. corporations in uncertainty, and their shares together have fallen more than the broader index.
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China to Fast-Track Coronavirus Vaccine Trial Based on Advanced Genetics Technology - WSJ
A research institute run by China’s military received approval to conduct human clinical trials of a new Covid-19 vaccine developed using advanced genetics technology, in a notable breakthrough for China’s quickly developing pharmaceutical industry.
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China Message to U.S.: Crossing ‘Red Lines’ Could Put Trade Deal at Risk - WSJ
Beijing has begun quietly delivering a message to Washington: U.S. pressure over matters China considers off limits could jeopardize Chinese purchases of farm goods and other U.S. exports under the “Phase One” trade deal.
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week26 | 2020

week26 | 2020

Food Exporters Resist China’s New Coronavirus Restrictions - WSJ
China is tightening restrictions on food imports as it seeks to stave off a resurgence of the coronavirus, but its efforts are meeting resistance from government agencies of major food exporters.
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US Senate passes China sanctions bill over Hong Kong - Financial Times
The US Senate has unanimously passed a bill that would impose sanctions on Chinese officials who undermine Hong Kong’s semi-autonomous status, as well as the banks and state entities that do business with them. 
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Trump administration says Huawei, other Chinese companies backed by military: report - MarketWatch
Chinese companies including Huawei Technologies Inc., China Mobile Communications Group and Hikvision Visual Technology Co. could face U.S. sanctions after a finding by the Trump administration that they are owned or controlled by China's military, Reuters reported Wednesday.
Read More
Soybean Prices Rally as China Ramps Up Buying - WSJ
China has ramped up its purchases of U.S. soybeans recently, sparking a rebound in prices and making the crop profitable again for U.S. farmers after the coronavirus pandemic had slammed demand.
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Fed’s Bullard: As Bad as Economy Has Been, 90% of Output Maintained
St. Louis Fed leader James Bullard remains optimistic the U.S. economy can see a meaningful rebound over the final six months of the year as it continues addressing the fallout of the coronavirus pandemic.
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Coronavirus Cases Are Accelerating Across U.S. - WSJ
Covid-19’s spread is picking up steam in a larger swath of the U.S. as cases have increased at a faster rate nationwide for nearly two weeks, an acceleration that isn’t attributable solely to increased testing, a Wall Street Journal analysis shows.
Read More
Silicon Valley CEOs Criticize Trump’s Visa Restrictions - WSJ
Silicon Valley executives criticized President Trump’s order suspending new immigration on several employment-based visas programs, warning it could damage the U.S. tech industry’s competitiveness and ultimately jeopardize domestic job creation.
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Trump threat to 'decouple' U.S. and China hits trade, investment reality - Reuters
Conflicting talk from Trump administration officials about “decoupling” the U.S. economy from China is running into a challenging reality: Chinese imports of U.S. goods are rising, investment by American companies into China continues, and markets are wary of separating the world’s biggest economies.
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Global Economy Shows Signs of Pulling Out of Its Slump - WSJ
The global economy is gradually pulling out of its stall as businesses reopen after pandemic-induced lockdowns, with output contracting at a slower pace in the U.S., Europe and Asia this month, according to surveys of purchasing managers.
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Cash Remains King as Companies Close a Dismal Second Quarter - WSJ
Giant companies from McDonald’s Corp. MCD 0.48% to Intel Corp. INTC 0.79% are husbanding cash, cutting costs and tapping debt, all moves that bolster their resilience amid persistent uncertainty wrought by the new coronavirus.
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U.S. Companies Brought Back Foreign Profits as Coronavirus Struck - WSJ
WASHINGTON—U.S. companies brought home $124 billion in foreign profits in this year’s first quarter, the highest level since an immediate rush after the 2017 tax law, according to data released Friday by the Commerce Department.
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How to Win Friends and Influence China in the Post-Covid World - WSJ
In his 2005 book “The World Is Flat,” Thomas Friedman laid out his now-famous “Dell Theory of Conflict Prevention,” which states that two nations that are both part of a major global supply chain—like that of Dell Technologies—won’t go to war with each other.
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As Coronavirus Resurges in Beijing, Much of China Has Bounced Back - WSJ
SHANGHAI—Millions of Beijing residents are back under lockdown as the Chinese capital contends with a new cluster of coronavirus cases. Schools are closed and residents can’t leave the city without a recent negative nucleic acid test.
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May’s U.S. Jobs Rebound Was Widespread - WSJ
Nearly all U.S. states added jobs last month, as business reopenings allowed most areas of the country to start recovering from huge employment losses endured earlier in the coronavirus pandemic.
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How the Coronavirus Will Reshape World Trade - WSJ
When the global economy finally gets beyond the pandemic, expect it to be less globalized than before.
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week25 | 2020

week25 | 2020

Trump renews threat to cut ties with Beijing, a day after high-level U.S.-China talks - Reuters
President Donald Trump on Thursday renewed his threat to cut ties with China, a day after his top diplomats held talks with Beijing and his trade representative said he did not consider decoupling the U.S. and Chinese economies a viable option.
Read More
Jobless claims dip to 1.51 million in mid-June, but layoffs remain stubbornly high - MarketWatch
The numbers: About 1.5 million people applied for traditional jobless benefits in mid-June, but the high number of people still seeking or receiving financial aid suggests a fresh wave of layoffs may be crashing over the economy and stunting an embryonic recovery.
Read More
China to Accelerate U.S. Farm Purchases After Hawaii Talks - Bloomberg
China plans to accelerate purchases of American farm goods to comply with the phase one trade deal with the U.S. following talks in Hawaii this week.
Read More
Businesses to Slash Overseas Investment Amid Pandemic Risks - WSJ
Businesses will slash new overseas investments by 40% this year and as much as 10% next year, according to new United Nations forecasts, as disruptions from the coronavirus pandemic push multinationals to bring production closer to home. The trend will hit poorer, developing countries hardest.
Read More
Powell Says Economic Gains Are at Risk if Stimulus Measures End Prematurely - WSJ
Federal Reserve Chairman Jerome Powell said recent economic improvement could be jeopardized if Congress curtailed support to workers displaced and businesses shuttered by the coronavirus pandemic.
Read More
Pompeo, Top Chinese Envoy Meet Amid Heightened Tensions - WSJ
WASHINGTON—Secretary of State Mike Pompeo met with his Chinese counterpart in Hawaii, part of an effort by Washington and Beijing to manage a relationship that has badly deteriorated over issues ranging from the status of Hong Kong and Taiwan to the coronavirus pandemic.
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Green shoots welcome but recovery still a long road, Fed's Powell says - Reuters
A full U.S. economic recovery will not occur until the American people are sure that the novel coronavirus epidemic has been brought under control, Federal Reserve Chair Jerome Powell said on Tuesday, as he began the first of two days of hearings before U.S. lawmakers.
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U.S. Retail Sales Rose Record 17.7% in May - WSJ
U.S. shoppers opened their pocketbooks at malls and auto dealerships in May as states eased restrictions to contain the novel coronavirus, boosting retail spending and adding another sign the economy is recovering from earlier lockdowns to contain the pandemic.
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US firms can work with Huawei on 5G and other standards- CNBC
U.S. firms can work with Huawei on setting standards for next-generation technologies, the Department of Commerce said Monday.
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Oil Demand Is Headed for Record Rebound in 2021 - WSJ
The coronavirus pandemic will hammer global growth and oil demand this year, but supply cuts from producers and a record rebound in demand next year will help to rebalance the oil market, the International Energy Agency said.
Read More
U.S. Further Loosens Restrictions on Chinese Airline Flights - WSJ
The Trump administration further eased plans to restrict passenger flights by mainland Chinese airlines to the U.S. after China said it would permit more passenger flights by the US. airlines.
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China a Bright Spot for U.S. in Gloomy Global Trade Picture - WSJ
WASHINGTON—China has retaken its mantle as America’s largest trading partner, emerging as a rare bright spot for U.S. farmers and other exporters as the coronavirus pandemic constrains global commerce.
Read More
Hong Kong’s Bid for Chinese Tech Listings Gets $6.6 Billion Endorsement - WSJ
Hong Kong’s status as a venue for major Chinese technology companies got a boost Thursday, as shares in mobile-games group NetEase Inc. NTES -0.48% jumped on their debut in the city, while e-commerce company JD.com Inc. fixed a price for its own US$3.9 billion offering.
Read More
American Express Gets Nod to Start Operating Card Network in China - WSJ
China’s central bank gave American Express Co. AXP 3.12% the green light to start operating a card-clearing network that will process transactions in yuan, giving the U.S. card company greater access to the country’s spenders.
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Chinese Consumers Add Fuel to Factory-Led Economic Recovery - WSJ
BEIJING—China’s factory-led recovery enjoyed an extra boost last month as Chinese consumers stepped up to make big-ticket purchases, pushing up home prices and auto-sales numbers and prompting economists to increase their growth outlook for the world’s second-largest economy.
Read More

week24 | 2020

week24 | 2020

China’s Trillion-Dollar Campaign Fuels a Tech Race With the U.S. - WSJ
China has embarked on a new trillion-dollar campaign to develop next-generation technologies as it seeks to catapult the nation ahead of the U.S. in critical areas.
Read More
Lawmakers Push to Invest Billions in Semiconductor Industry to Counter China - The New York Times
New legislation aimed at supporting the semiconductor industry is a sign of shifting consensus in Washington, where industrial plans are now in vogue.
Read More
Treasury Secretary Mnuchin says 'we can't shut down the economy again' - CNBC
Treasury Secretary Steven Mnuchin told CNBC on Thursday that shutting down the economy for a second time to combat the spread of Covid-19 isn’t a viable option and could cause even more headaches for Americans.
Read More
Second Pandemic Wave Would Inflict Big Economic Cost, Says OECD - WSJ
A second wave of lockdowns to counter a resurgent novel coronavirus would deal a terrible blow to a global economy already facing a severe contraction, the Organization for Economic Cooperation and Development said Wednesday.
Read More
Fed Officials Project No Rate Increases Through 2022 - WSJ
WASHINGTON—Federal Reserve officials signaled plans to keep interest rates near zero for years and said they were studying how to provide more support to a U.S. economy battered by the coronavirus and related shutdowns.
Read More
China Auto Sales Recovery Rolls Into Second Month - WSJ
SHANGHAI—China’s auto sales were up by double digits in May, as pent-up demand and promotions extended April’s rebound.
Read More
Senate Faults Oversight of Chinese Telecom Companies in U.S. - The New York Times
Senate investigators said Tuesday that government officials had “exercised minimal oversight” of the risks posed by three Chinese telecom companies that operate on American communications networks.
Read More
U.S. layoffs ease in April; hiring slumps to record low - Reuters
Layoffs in the United States fell in April, but remained the second-highest on record, while hiring hit an all-time low, suggesting the labor market could take years to recover from the COVID-19 crisis despite a surprise rebound in employment in May.
Read More
Discretionary Stocks Are Making a Comeback - WSJ
New winners and losers have emerged in the stock market as states continue to reopen and consumers venture out after weeks of diminished spending during the coronavirus shutdowns.
Read More
World Bank Sees 5.2% Decline in Global Economy in 2020 From Coronavirus - WSJ
The global economy is expected to shrink by about 5.2% in 2020 as a result of the coronavirus pandemic, making it one of the four most severe downturns in 150 years, the World Bank said Monday.
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Recession in U.S. Began in February, Official Arbiter Says - WSJ
WASHINGTON—The U.S. officially entered a recession in February, marking the end of the 128-month expansion that was the longest in records reaching back to 1854.
Read More
Chinese Electric-Car Maker Gets U.S. Approval to Supply N95 Masks - WSJ
BYD Co., 1211 -0.48% a Chinese car and battery maker backed by Warren Buffett, will be able to fulfill a much-needed $1 billion mask contract with California after weeks of delays over federal certification.
Read More
Americans Are More Troubled by Police Actions in Killing of George Floyd Than by Violence at Protests, Poll Finds - WSJ
WASHINGTON—Voters by a 2-to-1 margin are more troubled by the actions of police in the killing of George Floyd than by violence at some protests, and an overwhelming majority, 80%, feel that the country is spiraling out of control, according to a new Wall Street Journal/NBC News poll.
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China May exports slip back into contraction, imports worst in four years - Reuters
BEIJING (Reuters) - China’s exports contracted in May as global coronavirus lockdowns continued to devastate demand, while a sharper-than-expected fall in imports pointed to mounting pressure on manufacturers as global growth stalls.
Read More
U.S. Eases Flight Ban on Chinese Airlines - WSJ
The Trump administration eased off plans to block passenger flights by mainland Chinese airlines to the U.S. on Friday, after China said it would permit some passenger flights by U.S. airlines.
Read More

week23 | 2020

week23 | 2020

CGCC News
[CGCC E-Connects] "The Road Ahead: Opportunities for U.S. & China Relations” Webinar
On May 27th, CGCC co-hosted "The Road Ahead: Opportunities for U.S. & China Relations” webinar with Concordia as part of...
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[CGCC E-Connects] Accounting for the income tax effects of the CARES Act and the COVID-19 pandemic (in Chinese)
Companies need to consider how the income tax provisions of the Coronavirus Aid, Relief, and Economic Security (CARES) A...
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Jobless claims climb 1.88 million at end of May, but there are growing signs U.S. unemployment is peaking - MarketWatch
The numbers: Some 1.88 million Americans applied for traditional jobless benefits at the end of May and another 623,000 filed new claims under a federal-relief program, but the number of unemployed collecting government checks appears to have stabilized as more workers return to their jobs.
Read More
China Steps Back in Airline Dispute With the Trump Administration - The New York Times
Beijing will allow limited flights by international carriers to resume after the White House threatened to block Chinese passenger jets from flying to the U.S.
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美国新冠纾困措施批准九周后,刺激资金已经基本耗尽 - 华尔街日报
九周前,美国国会为抗击新冠疫情批准了有史以来规模最大的经济纾困措施,现在,大部分直接纾困资金已经花掉或已决定拨付。这些资金旨在维持美国经济运转。
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White House Weighs Options for Next Stimulus Bill - WSJ
WASHINGTON—President Trump is planning to meet with his senior advisers as soon as this week to discuss policy options for the next coronavirus relief package as the administration prepares for negotiations with Capitol Hill, according to a senior administration official.
Read More
U.S. Plans to Block Flights by Chinese Airlines - WSJ
The Trump administration threatened Wednesday to bar mainland Chinese airlines from flying to and from the U.S. starting later this month, saying Beijing has failed to approve resumption of these routes by U.S. carriers.
Read More
Global Services Sector Sees Tentative Pickup as Coronavirus Lockdowns Ease - WSJ
China’s services activity returned to strong growth in May after a three-month slump, while services in the U.S. and the rest of the world improved a little but continued to contract.
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The U.S. Consumer Is Nesting. Will That Last? - WSJ
Clorox Co., CLX 1.25%Amazon.com Inc. AMZN 0.06% and Domino’s Pizza Inc. DPZ 0.33% can’t ramp up fast enough to meet demand for cleaning products, home deliveries and snack food. More people are streaming videos from Netflix and music from Spotify. Shares of Peloton Interactive Inc. PTON 6.89% have soared as fitness buffs scrap their gym memberships.
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Global stocks rise on economic rebound optimism
Global stocks climbed to their highest levels in three months as optimism about a speedy economic recovery eclipsed geopolitical risks.
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Dear America, A Cold War With China Will Be Expensive - WSJ
Divorces can be messy and expensive: They entail financial sacrifices in exchange for independence and peace of mind. The unfolding U.S.-China breakup will be no different.
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China’s Shift Away From Hard Growth Targets Hits Domestically and Globally - WSJ
BEIJING—By ditching a formal economic growth target for this year, China’s leaders are acknowledging continued global uncertainty amid the coronavirus pandemic.
Read More
Return to the Road Drives Oil Price to Largest Ever Monthly Gain - WSJ
U.S. oil prices notched their largest monthly gains on record in May, recovering a big chunk of the losses caused in March and April when the country went into lockdown to counter the spread of the coronavirus.
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CBO Says Economy Could Take Nearly 10 Years to Catch Up After Coronavirus - WSJ
The U.S. economy could take the better part of a decade to fully recover from the coronavirus pandemic and related shutdowns, the Congressional Budget Office said Monday.
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China’s Barely Begun Economic Recovery Shows Signs of Stalling - WSJ
China’s economic recovery hit a speed bump in May as the coronavirus pandemic began curbing the world’s demand for Chinese goods.
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Fed's Powell fears second coronavirus wave, reiterates crisis-fighting pledge - Reuters
Federal Reserve Chair Jerome Powell on Friday said a potential surge in U.S. coronavirus infections could derail the recovery from the deep downturn triggered by the pandemic, even as he reiterated the central bank’s vow to keep fighting the crisis.
Read More
U.S.-China Disputes Growing Harder to Solve - WSJ
President Donald Trump’s decision to downgrade relations with Hong Kong shows how his clashes with China increasingly feature ideological differences that are harder to resolve than the trade dispute that has primarily defined the administration’s approach to the relationship with its biggest rival.
Read More

week22 | 2020

week22 | 2020

CGCC News
[CGCC E-Connects] - "Health & Safety: Bringing People Back to Work During the Pandemic" Webinar
On May 22nd, CGCC member company Brio Benefit Consulting partnered with Think HR to host "Health & Safety: Bringing Peop...
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[CGCC E-Connects] - How to Prepare Your Back to Work Plan (Q&A) with Comrise
CGCC member company Comrise recently shared an article featuring a Q&A with the company's U.S. President, Chris Ciulla, ...
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Why the U.S. May Remove Hong Kong's 'Special Status' - The New York Times
Washington has long given the former British colony a special status on trade and other issues. Changing that would threaten its position as a global business hub.
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Two Chinese Tech Firms Get Nod for Secondary Listing in Hong Kong - Morningstar
Two of China's most valuable U.S.-listed companies have won approvals from Hong Kong's stock exchange for multibillion-dollar share sales in the city, amid pressure from U.S. lawmakers for greater financial scrutiny of Chinese companies.
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U.S. Economy Contracted 5% in the First Quarter as Coronavirus Hit - WSJ
The U.S. economy’s first-quarter contraction was slightly steeper than initially estimated, and a key measure of corporate profits weakened as the coronavirus and related shutdowns began to have an effect.
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Dow Climbs Above 25000 as Optimism Builds - WSJ
U.S. stocks surged Wednesday, climbing to levels not seen since early March, on optimism that economic activity is gathering steam and authorities may offer more stimulus to bolster the recovery.
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As Its Economy Slows, China Embraces a Weaker Currency - WSJ
China set a reference rate for the yuan at its weakest point in 12 years, a signal that Beijing sees the benefits of a weaker currency as it grapples with an economic slowdown and rising tensions with Washington.
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Western Economies See Biggest Slump Since Financial Crisis - WSJ
The world’s developed economies saw the largest fall in output since the global financial crisis in the first three months of the year, as governments began to impose lockdowns designed to limit the spread of the novel coronavirus.
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NYSE reopens trading floor after two-month Covid shutdown - Financial Times
The New York Stock Exchange has partially reopened its famous Wall Street trading floor, with around a quarter of brokers returning after a two-month shutdown caused by the coronavirus crisis.
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Coronavirus Hits China's Economy, and Young Workers Suffer - The New York Times
Relations with the United States are at their lowest point in decades and Hong Kong is seething with fear and anger, but China’s biggest problem by far is getting its people back to work. Millions of workers were laid off or furloughed while China battled the coronavirus outbreak. Many of those who kept their jobs have seen their pay cut and future prospects narrow.
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Investment in U.S. Shale Projects to Halve in 2020, IEA Says - WSJ
Investment in the U.S. shale sector will drop by half this year, the International Energy Agency said Wednesday, predicting a period of pain for producers, even as oil prices rally.
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In Coronavirus Fight, Uncertainty Emerges as the New Enemy - WSJ
When it comes to economic recovery, the coronavirus remains Public Enemy No. 1. But not far behind is an equally insidious force: uncertainty.
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Steep Drop in Trade Flows Shows Pitfalls of Cross-Border Supply Chains - WSJ
Global trade flows tumbled in the first quarter, a preview of what could be the largest contraction in international commerce in decades, as the coronavirus pandemic causes policy makers and multinationals to reconsider globe-spanning supply chains that have become a defining feature of the world economy.
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For Economy, Worst of Coronavirus Shutdowns May Be Over - WSJ
Truck loads are growing again. Air travel and hotel bookings are up slightly. Mortgage applications are rising. And more people are applying to open new businesses.
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week21 | 2020

week21 | 2020

CGCC News
[CGCC E-Connects] Returning to Work Resources
As many offices around the country devise official plans for the gradual return of their employees back to the workplace...
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[CGCC E-Connects] State Income Tax Series - Evolving nexus theories and filing options for Chinese companies in the U.S. (In Chinese)
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Large Tech Companies Prepare for Acquisition Spree - WSJ
After pushing the pause button during the coronavirus pandemic, big enterprise-technology companies later this year are expected to go on a shopping spree for smaller tech firms, industry analysts say.
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For Many, Remote Work Is Becoming Permanent in Wake of Coronavirus - WSJ
Companies across the economy are considering a permanent shift to remote work in the aftermath of the coronavirus outbreak, following the lead of tech-sector giants.
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China drops mention of GDP goal as parliament opens, virus slams economy - Reuters
China dropped its annual growth target for the first time on Friday and pledged more government spending as the COVID-19 pandemic hammers the world’s second-biggest economy, setting a sombre tone to this year’s meeting of parliament.
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U.S. Economic Recovery Will Drag On Through Next Year, CBO Says - WSJ
Congressional Budget Office sees sharpest labor-market deterioration since 1930s amid coronavirus
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Powell, Mnuchin Outline Contrasting Perils Facing Economy - WSJ
Trump administration is counting on sharp bounceback in commercial activity, but Fed officials are less confident
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Chinese Companies Could Be Forced to Give Up U.S. Listings Under Senate Bill - WSJ
WASHINGTON—Chinese companies could be forced to give up their listings on American stock exchanges under legislation approved by the Senate on Wednesday.
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Neither Coronavirus Nor Trade Tensions Can Stop U.S. Companies’ Push Into China - WSJ
Relations between the U.S. and China are at their lowest point in decades, and the Covid-19 pandemic has rattled consumers the world over. U.S. companies and brands are doubling down on China anyway.
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U.S. Is Using Taiwan as a Pressure Point in Tech Fight With China - The New York Times
The Trump administration has for years sparred with China over tariff threats, technology and the terms of their trade deal. But in a pair of actions last week, the administration escalated those economic tensions in a way that comes close to touching a red line for Beijing: its contentious relationship with Taiwan.
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China Ramping Up Purchases of U.S. Farm Goods - WSJ
China has significantly stepped up purchases of U.S. agriculture products in the past two months, according to U.S. officials, even as purchases in other sectors fall short of expectations under the first phase U.S.-China trade deal.
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Jay Powell warns US recovery could take until end of 2021
Fed chair says economy may not fully bounce back until virus vaccine is available
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China’s record Brazil soyabean imports impede US trade target
Beijing faces ‘Herculean’ effort to meet phase one trade goals with Washington
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Business cannot simply awake from this coma and carry on
It made sense to support everyone when the coronavirus crisis first hit but now hard choices are needed
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China's trade faces 'unprecedented' challenges amid pandemic: commerce minister - Reuters
BEIJING (Reuters) - Global demand has slumped significantly due to the coronavirus outbreak and trade faces unprecedented challenges, China’s commerce minister said on Monday.
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Coronavirus Vaccine Front-Runners Emerge, Rollouts Weighed - WSJ
Governments and drugmakers are weighing how to roll out coronavirus vaccines, including reserving the first batches for health-care workers, as several shots race to early leads.
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Car Makers See Chinese Market Picking Up, Leaving U.S. and Others Behind - WSJ
BERLIN— Volkswagen AG VOW 5.37% , the world’s biggest car maker, saw its global sales shrink by almost half in April, but as coronavirus lockdowns in the U.S. and Europe stunted demand the reopening of China’s economy offered signs of recovery.
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week20 | 2020

week20 | 2020

CGCC News
[CGCC E-Connects] In the Time of COVID-19: Crisis response to M&A – now, next, and beyond (In Chinese)
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[CGCC E-Connects] "Health and Safety Briefing – Returning to Work" Webinar
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CGCC Donates 100,000 Surgical Masks To NYC
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Trump threatens new taxes on companies that make goods outside United States - Reuters
President Donald Trump threatened on Thursday to impose new taxes on American companies that produce goods outside the United States, another move his administration could make to push supply chains away from China and raise new trade barriers.
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Trump Says He Doesn't Want to Talk to Xi Right Now, Could Even Cut China Ties - The New York Times
U.S. President Donald Trump signaled a further deterioration of his relationship with China over the novel coronavirus, saying he has no interest in speaking to President Xi Jinping right now and going so far as to suggest he could even cut ties with the world's second largest economy.
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Chinese Economy’s Recovery From Coronavirus Starts Off Slowly - WSJ
China’s economic activity showed some signs of improvement in April as the first country hit by the coronavirus began returning to work, though rising joblessness continued to weigh heavily on consumer spending.
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CFTC warns on return to negative oil prices -- Financial Times
US regulator urges market infrastructure providers to brace for future sub-zero drops
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New York and New Jersey Start to Reopen Their Economies - WSJ
Construction firms can resume nonessential operations in the coming days across New Jersey and in the northernmost counties of New York, officials said Wednesday, as both states moved forward with a limited economic restart amid the coronavirus crisis.
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Powell Says Washington Will Need to Spend More to Battle Downturn - WSJ
Federal Reserve Chairman Jerome Powell urged the White House and Congress to spend more money to ensure their initial response to the coronavirus-induced economic downturn isn’t squandered.
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中国第一季度杠杆率显著上升 - 华尔街日报
中国央行表示,随着中国政府在新冠疫情期间放松货币政策以恢复经济发展,中国第一季度整体杠杆率显著上升。
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China’s Coronavirus Back-to-Work Lessons: Masks and Vigilance - The New York Times
Efforts to get back to business have been inconsistent and sometimes stricter than workers elsewhere might tolerate. Still, the country could set a path for the rest of the world.
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Trump Administration Tells Federal Retirement Plan to Avoid Chinese Stocks - WSJ
The Labor Department is pressuring the overseer of the federal government’s $594 billion Thrift Savings Plan, the nation’s largest 401(k)-type plan, to cancel a plan that would allow investment in Chinese stocks.
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U.S. Consumer Prices Expected to Keep Falling During Lockdowns - WSJ
U.S. consumer prices are expected to have fallen for the second consecutive month in April after energy prices collapsed and efforts to contain the new coronavirus disrupted demand for a wide array of goods and services.
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Why the Economic Recovery Will Be More of a ‘Swoosh’ Than V-Shaped - WSJ
Until recently, many policy makers and corporate executives were hoping for a V-shaped economic recovery from the coronavirus pandemic: a short, sharp collapse followed by a bounce back to pre-virus levels of activity.
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Investment Between U.S. and China Falls as Tensions, Coronavirus Take Toll - WSJ
Investment between the U.S. and China is off to a weak start in 2020 and could worsen, according to a report published Monday that tallies a continuing slide in a once-vibrant business relationship due to “political friction, regulatory tightening and market dynamics.”
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As Pandemic Spreads, Regard for China Recedes in West - WSJ
The coronavirus pandemic is exacting an expanding toll on China’s standing in the West, with U.S. and European views on cooperation with Beijing ranging from trade to bilateral ties steadily dimming, officials and analysts say.
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Big Money Managers Take Lead Role in Managing Coronavirus Stimulus - WSJ
The Federal Reserve’s giant program of corporate bond buying is about to kick in. It will hand a critical new role in propping the struggling economy to a business with increasing clout in the financial world: money management.
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China Chases Self-Reliance in Chips, but the U.S. Still Holds a Trump Card - WSJ
China’s efforts to reduce its reliance on American chips continue apace as the world’s two largest economies head for a collision once again.
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week19 | 2020

week19 | 2020

CGCC News
[CGCC E-Connects] In the time of COVID-19: Tax Implications And Opportunities Stemming From The CARES Act - Net Operating Loss Carryback (In Chinese)
Join CGCC Member Company EY for a 15-minute audio discussion in Chinese on important developments regarding COVID-19 rel...
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US-China trade negotiators vow to save phase one deal on first call during pandemic - SCMP
China’s Vice-Premier Liu He, US Treasury Secretary Steven Mnuchin and US Trade Representative Robert Lighthizer spoke by phone on Friday to discuss bilateral trade.
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Why Home Prices Are Rising During the Pandemic - WSJ
The economy is shrinking, businesses are closing and jobs are disappearing due to the coronavirus pandemic. But in the housing market, prices keep chugging higher.
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Unemployment Claims Data Point to Record Wave of Job Loss - WSJ
U.S. workers filed 3.2 million unemployment claims last week, suggesting job loss could crest this month.
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In Detroit, Scramble for Cash Upends High-Profile Vehicle Rollouts - WSJ
The U.S. car companies are slashing capital spending and delaying some vehicle models to blunt the Covid-19 pandemic’s fallout, a sign of much leaner times ahead in Detroit after a long stretch of prosperity.
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Coronavirus Casts Deep Chill Over U.S.-China Relations - WSJ
Pandemic has brought relations between the two to a modern-day nadir as they try to outmaneuver one another to shape the world order
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China Counters Coronavirus Crunch With a Surprise Rise in Exports - WSJ
BEIJING—Chinese exports rose unexpectedly in April, bucking a pandemic-induced economic slump that has crimped demand and disrupted supply chains world-wide.
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Global Brands Need China’s Consumers to Spend. They Might Have to Wait. - WSJ
Global brands are hoping China’s gigantic consumer market will help rekindle growth as the world tries to recover from the coronavirus pandemic. They are facing an uphill battle.
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Fed policymakers see slow, uneven U.S. recovery after coronavirus downturn - Reuters
The U.S. economy could start to recover in the second half of the year after what is shaping up to be the worst recession in decades, but growth is likely to be slow and uneven, several top Federal Reserve policymakers indicated on Tuesday.
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Chinese Business Group in the U.S. Donates More Than 2.5 Million Medical Supplies - MarketWatch
China General Chamber of Commerce – U.S.A. (CGCC) and CGCC Foundation, together with its regional chapters and member companies, have donated 2,567,444 pieces of personal protective equipment (PPE) to more than 40 hospitals and clinics, and 19 government agencies in 20 states across the U.S., as of April 29th, 2020.
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Stimulus Spending Emerges as Friction Point in Congress - WSJ
WASHINGTON—After committing trillions of dollars to support the coronavirus-stricken economy, lawmakers are starting to disagree on how much more to spend—and whether pulling back too soon could stunt a recovery.
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Global Factory Output Plunges, With Slow Rebound Projected - WSJ
Factory output plummeted across Asia, Europe and Latin America during April, according to surveys of purchasing managers, as efforts to limit the spread of the novel coronavirus dealt a blow to the global economy that has few precedents in its breadth and abruptness.
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Global Deaths from Coronavirus Pass 251,000 - WSJ
More than a quarter of a million people world-wide have died from the new coronavirus, a milestone in the pandemic, as several hard-hit countries took steps toward reopening.
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April Jobs Report Likely to Show Highest Unemployment Rate on Record - WSJ
April’s employment report, to be released Friday, will almost certainly show that the coronavirus pandemic inflicted the largest one-month blow to the U.S. labor market on record.
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Some U.S. Coronavirus Curbs Ease, as Cases Rise at Slower Rate - WSJ
U.S. state governors are grappling with the push-and-pull between easing pandemic restrictions and extending them, as reported coronavirus cases continue to climb but at a lower rate and tensions over restrictions rise with warmer temperatures.
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week18 | 2020

week18 | 2020

CGCC News
[CGCC E-Connects] In the Time of COVID-19: The economic impact payment to individuals (In Chinese)
Join CGCC Member Company EY for a 15-minute audio discussion in Chinese on important developments regarding COVID-19 rel...
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SCG America news: Perla on Broadway Reaches the Top at 35th Floor
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SCG America news: New York center's Manhattan View sold PH1C penthouse condo
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Here’s a first look at Nova Kitchen & Bar, an Asian-fusion palace that brings the 5 Elements of Asian culture to life in Garden Grove
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'W-shaped' recovery may be too optimistic, Fed's Powell suggests - Reuters
Federal Reserve Chair Jerome Powell has sketched out an altogether bumpier ride for the U.S. economy than many are predicting - one that sees business activity stop and start for months to come, until an effective treatment or vaccine for the novel coronavirus can be found.
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Federal Small-Business Aid: Too Little Bang, Too Few Bucks - WSJ
If the goal was to save as many jobs as possible, the places where the U.S. government’s first $350 billion in small-business loans and grants went were less than ideal. Here’s hoping the follow-on round of $310 billion in aid now under way is going better.
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Trump’s Trade Deal With China Is Another Coronavirus Victim - WSJ
Covid-19 has disrupted trade flows and economies all over the world. No surprise, then, that it is disrupting hopes for better trade relations between the U.S. and China, too.
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Trump Administration Remains Hopeful on China Trade Pact Despite Coronavirus - WSJ
WASHINGTON—A senior U.S. trade official expressed confidence Wednesday that Beijing will meet its obligations under the trade deal with Washington, despite fallout from the coronavirus pandemic and doubts by experts about China’s ability to meet purchase targets.
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China’s Exporters Are Feeling Gloomy Even as Economy Restarts - WSJ
China’s factories are resuming production, but pandemic-triggered recessions around the world have manufacturers pessimistic about export demand, figures published Thursday show.
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Even for Companies With Business From Coronavirus, the Picture Is Mixed at Best - WSJ
United Parcel Service Inc. UPS -5.97% is logging higher revenue as homebound Americans shop online during the coronavirus pandemic. But its more profitable business of delivering big shipments to offices and stores has dried up.
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China Unveils New Date for Legislative Meeting Delayed by Coronavirus - WSJ
China announced a new date for its annual legislative conclave, now set for late May after a 2½-month delay, signaling confidence that the country’s coronavirus contagion has been sufficiently contained.
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Pandemic Triggers a Wave of Distress, Bankruptcy in Corporate America - WSJ
A second wave could hit this year as companies labor under the weight of new debt, advisers say
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Oil Swings Wildly, Touching Lowest Level Since 1986 - WSJ
Dysfunction in the oil market intensified Tuesday, sending the most popularly traded U.S. oil benchmark at one point to its lowest level since at least 1986 before it recovered somewhat.
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Commerce Department Tightens Rules on Exports to China - WSJ
WASHINGTON—The Trump administration is tightening the country’s export-control restrictions to prevent U.S. companies from sending products abroad that could strengthen China’s military.
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Antibribery Compliance Has to Continue, Officials Say - WSJ
Officials in charge of enforcing a U.S. antibribery law predicted that the novel coronavirus would create incentives for corruption and urged companies to keep their guards up.
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Coronavirus Projected to Trigger Worst Economic Downturn Since 1940s - WSJ
WASHINGTON—The coronavirus shutdown will induce the sharpest economic downturn and push the U.S. budget deficit to the highest levels since the 1940s, the Congressional Budget Office projects.
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China Seeks to Ease Medical Goods Shipment Delays With New Rule - WSJ
China offered a new route for producers of medical goods to obtain export approval, a move that could help ease recent shipment delays of face masks, test kits and other critical medical equipment to fight coronavirus to the U.S. and other countries.
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week17 | 2020

week17 | 2020

CGCC News
[CGCC E-Connects] In the Time of COVID-19: Assisting Business with Paid Leave Requirements and Refundable Tax Credits (In Chinese)
Join CGCC Member Company EY for a weekly 15-minute audio discussion in Chinese on important developments regarding COVID...
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[CGCC E-Connects] The Other Ugly Virus of 2020: Anti-Asian Bias Podcast
In the midst of our current global health crisis, the deliberate use of terms like “Chinese flu” and “Wuhan virus” has u...
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Statement on the Politicization of Chinese Investments in the U.S.
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美国众议院通过4,840亿美元小企业和医院救助方案 - 华尔街日报
周四,在冠状病毒大流行期间返回国会大厦的众议员们戴上口罩,彼此保持距离,投票通过了向应对疫情影响的小企业和医院提供下一轮援助的方案。
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U.S. states test safety of reopening as pandemic pushes jobless claims higher - Reuters
An array of U.S. merchants in Georgia and other states prepared on Thursday to reopen for the first time in a month under newly relaxed coronavirus restrictions, as another week of massive unemployment claims highlighted the grim economic toll of the pandemic.
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Statement on the Politicization of Chinese Investments in the U.S.
China General Chamber of Commerce – USA (CGCC) recently has noticed the trend of abusing the concept of national security in the U.S., and the politicization of business targeting Chinese investments.
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China struggles with sharp rise in unemployment - FT
Payment of benefits stalls as coronavirus causes spike in jobless numbers
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Why the Global Recession Could Last a Long Time - The New York Times
Fears are growing that the worldwide economic downturn could be especially deep and lengthy, with recovery limited by continued anxiety.
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Oil Price Rout to Hit U.S. Regional Economies - WSJ
Tumbling oil prices will have broad regional impacts on the U.S. economy, hitting states far afield from Texas, which was the engine of a national energy boom during the past decade.
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Coronavirus: China extends welfare support to vast migrant labour force amid ‘unprecedented challenges’ - SCMP
State Council has announced a new package of welfare support to help China’s vulnerable migrant workers weather the impact of the coronavirus pandemic.
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What’s in the New Coronavirus Stimulus Bill - WSJ
The $484 billion interim emergency bill passed by the U.S. Senate on Tuesday includes expanded funding for small businesses and hospitals, and money for coronavirus testing. The House is expected to pass the bill this week, and President Trump has said he would sign it into law. Here’s a look at what is in the legislation, and what was left out.
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Coronavirus Ravages China’s Economy—and It’s Just Getting Started
China’s GDP shrank 6.8% year-over-year in the first three months of 2020, the first quarterly decline since at least 1992
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Governments Face Pressure to Ease Coronavirus Lockdowns - WSJ
Reported coronavirus deaths topped 40,000 in the U.S. Sunday as the pandemic showed early signs of easing in some states, ramping up pressure to re-evaluate lockdowns.
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U.S. Oil Costs Less Than Zero After a Sharp Monday Selloff - WSJ
U.S. oil futures plunged below zero for the first time Monday, a chaotic demonstration of the dwindling capacity to store all the crude that the world’s stalled economy would otherwise be using.
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Pandemic Makes U.S.-China Economic Breakup More Likely, U.S. Businesses in China Say - WSJ
SHANGHAI—The coronavirus pandemic is making the “decoupling” of the U.S. and Chinese economies a more realistic prospect, American companies in China say, as it disrupts supply chains and further strains relations between the two countries.
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Beijing Still Wants Microchips Made in China - WSJ
The Covid-19 pandemic has triggered worries about the reliance of global supply chains on China, especially for drugs and medical equipment. But China is concerned about its own dependence on imported supplies in one strategically vital sector: microchips.
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U.S. Suspends Tariffs for Some Importers Affected by Coronavirus - WSJ
The Trump administration said it would allow some companies to delay payment of import tariffs due to economic hardship triggered by the new coronavirus, but the relief was much more limited than many officials and business leaders had signaled.
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week16 | 2020

week16 | 2020

CGCC News
Fighting COVID-19 | We are all in this together
As the coronavirus outbreak evolves quickly in the US, numbers of COVID-19 cases continue to rise. California, including...
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[CGCC E-Connects] In the Time of COVID-19: Helping Business Capture Employee Retention Tax Credit (In Chinese)
Join CGCC Member Company EY for a 15-minute audio discussion in Chinese on important developments regarding COVID-19 rel...
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[CGCC E-Connects] “Thrive in 30 Webinar: Tips for Setting a Homeschooling Schedule”
On Tuesday, April 14th, CGCC member company Brio Benefit Consulting co-hosted a webinar with Private Prep titled, “Thriv...
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Brio has been named one of the 2020 Best Companies to Work for in New York
CGCC member company Brio Benefit Consulting has earned the distinction of being named one of the 2020 Best Companies to ...
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CGCC Chairman's Message on COVID-19 Pandemic
As the number of COVID-19 cases continues to climb throughout the United States, all of us at CGCC have been doing our p...
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Coronavirus government response updates: Trump says some states can start reopening 'literally tomorrow' - ABC News
As the U.S. economy continued to worsen dramatically with another staggering jobless claims report out Thursday, President Donald Trump said Thursday some states could start reopening "literally tomorrow."
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Stock Futures Rally, Pointing to Second Week of Gains for U.S. Indexes - WSJ
U.S. stock futures rallied Friday, signaling that the major equity benchmarks may end higher for a second week, buoyed by optimism that parts of the American economy may begin reopening in coming days.
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China Records First Ever Contraction in Quarterly GDP on Coronavirus - WSJ
China’s economy shrank 6.8% in the first three months of 2020 compared with a year earlier, the first such contraction since Beijing began reporting quarterly gross domestic product in 1992.
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Donald Trump to announce guidelines on reopening US economy
President cites data that country has passed peak of virus on day total deaths pass 28,000
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The world economy is now collapsing
A microbe has overthrown our arrogance and sent global output into a tailspin
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U.S. Economy ‘Contracted Sharply and Abruptly,’ Fed’s Beige Book Says - WSJ
The U.S. economy entered a deep downturn in the past few weeks as efforts to contain the spread of the coronavirus forced businesses across the country to shut their doors and lay off workers, the Federal Reserve said Wednesday.
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China Delays Mask and Ventilator Exports After Quality Complaints - The New York Times
Chinese officials have begun inspecting every shipment of N95 respirators, ventilators and other medical supplies for quality issues before export, a policy likely to delay the arrival of critical gear at hospitals around the world that are struggling to cope with the coronavirus pandemic.
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China’s Export Bump Won’t Last, But Stimulus Bump Might - WSJ
China’s economy has often been portrayed as yoked to both debt and exports. In March, both those old workhorses showed signs of life.
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Treasury, Airlines Reach Agreement on Coronavirus Aid - WSJ
The biggest U.S. airlines reached an agreement in principle with the federal government on financial assistance aimed at preventing layoffs in an industry hit hard by the coronavirus pandemic.
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Coronavirus Hit on China Trade Eases, but Export Outlook Is Bleak - WSJ
Chinese businesses are bouncing back, but the pandemic has depressed economic activity and consumer demand in key Western markets
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The Coronavirus Economic Reopening Will Be Fragile, Partial and Slow - WSJ
From airlines to car makers, companies are planning to gear up again. The new normal will look anything but.
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CGCC Chairman’s Message on COVID-19 Pandemic
As the number of COVID-19 cases continues to climb throughout the United States, all of us at CGCC have been doing our part to help flatten the curve while offering resources to various companies to mitigate the various impacts on our members.
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Most Insurers Won’t Touch Coronavirus Coverage for Businesses. In China, It’s Easy to Get. - WSJ
Insurance companies in China are taking on an unusual mission: They are promising to cover business losses from the coronavirus pandemic, as hundreds of millions of people return to work, and the country tries to rev up its economic engine.
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Coronavirus Crisis Legacy: Mountains of Debt - WSJ
The full impact of the coronavirus pandemic may take years to play out. But one outcome is already clear: Government, businesses and some households will be loaded with mountains of additional debt.
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Car Makers Get a Boost as Chinese Plants Slowly Return to Life - WSJ
When China’s economy crashed early this year, Western manufacturers with a strong presence there suffered.
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week15 | 2020

week15 | 2020

CGCC News
[CGCC E-Connects] CARES Act Retirement Update
On April 8th, CGCC member company Brio Benefit Consulting hosted a webinar discussion regarding the recently enacted "Co...
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Support Low-Income University Students during COVID-19 through CGCC’s Remote Education and Living Initiative (REAL)
The ongoing COVID-19 Pandemic has greatly altered the lives of millions across the globe. While many have been privilege...
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[CGCC E-Connects] In the time of COVID-19: Tax Implications And Opportunities Stemming From The CARES Act (In Chinese)
In light of the COVID-19 global pandemic, companies are facing complex challenges as they navigate new legislative actio...
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Largest U.S. Car Insurer State Farm Rolls Out $2 Billion Consumer Financial Relief Program - WSJ
The nation’s biggest car insurer, State Farm Mutual Automobile Insurance Co., is slashing $2 billion of premiums owed on 40 million vehicles, making it the latest carrier to offer consumers a financial-relief program as auto claims have plunged under shelter-at-home restrictions.
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US weekly jobless claims mount by another 6.6m - Financial Times
A total of 6.6m Americans filed for first-time unemployment claims in a surge for the third consecutive week after the coronavirus pandemic forced the closure of non-essential businesses and sent shockwaves through the US labour market.
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Trump says airline bailout proposal could be unveiled this weekend - MarketWatch
President Donald Trump said Thursday that his administration's proposed bailout program for the airline industry may be unveiled this weekend.
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Globalisation and national resilience can coexist despite Covid-19 - FT
Disease spreads along trade routes, but so do the knowledge and resources to beat them
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