CGCC Week In Review

     

Connecting People, Building Businsess

week8 | 2018

week8 | 2018

CGCC News
On WSJ, CGCC Wish You A Healthy, Happy And Prosperous Year of the Dog
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Weekly Headlines
China’s top economic aide Liu He heading to US in bid to defuse trade tensions
China is ramping up top-level engagement with the United States in a bid to defuse trade tensions by sending its most influential economic policymaker to Washington for talks.
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U.S. Blocks a Chinese Deal Amid Rising Tensions Over Technology
United States officials have torpedoed a Chinese state-backed group’s plan to buy an American electronics company, signaling the Trump administration’s continuing skepticism toward Chinese investment deals, particularly those that involve transferring technological know-how.
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China's Huawei set to lead global charge to 5G networks
China’s Huawei is forging closer commercial ties with big telecom operators across Europe and Asia, putting the company in prime position to lead the global race for next-generation 5G networks despite U.S. allegations it poses a security threat.
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Almost 800m Tencent users send digital hongbao for lunar new year
Nearly 800m people went online to send money to friends and relatives over the Chinese New Year festival as technology continues to permeate even the most ancient of traditions in China.
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Fed Gives Bullish Signals on Economy
Federal Reserve officials signaled growing confidence in the U.S. economy when they met in January, bolstering their plans to continue raising short-term interest rates as soon as next month.
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U.S. Treasury official slams China's 'non-market behaviour'
The U.S. Treasury’s top diplomat ramped up his criticisms of China’s economic policies on Wednesday, accusing Beijing of “patently non-market behaviour” and saying that the United States needed stronger responses to counter it.
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China would not be the only country hurt by US steel tariffs
Heavy tariffs and quotas on steel will hurt China, but other countries may well bear the brunt of such measures.
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China's Harbin Pharma to buy stake in U.S. health retailer GNC
China’s state-controlled drugmaker Harbin Pharmaceutical Group Holding Co will buy an about 40 percent stake in U.S. nutritional supplements retailer GNC Holdings Inc for $300 million and are in talks for a joint venture in China, the companies said.
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China's R&D input '2nd-highest in the world'
China has been the world leader in patent applications on inventions for seven consecutive years, said Wan Gang, president of the China Association for Science and Technology.
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China's mobile payments surge to $17 trillion
Mobile payments in China totalled 81 trillion yuan (S$17 trillion) for the first 10 months of 2017, nearly 40 per cent more than the whole of the previous year as cashless transactions become increasingly popular, official data showed.
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Australia, U.S., India and Japan in talks to establish Belt and Road alternative: report
Australia, the United States, India and Japan are talking about establishing a joint regional infrastructure scheme as an alternative to China’s multibillion-dollar Belt and Road Initiative in an attempt to counter Beijing’s spreading influence, the Australian Financial Review reported on Monday, citing a senior U.S. official.
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Spotlight: This Spring Festival sees Chinese tourists smarter about overseas consumption
Chinese consumers are picking up smarter ways of overseas spending during this year's Spring Festival holiday, encouraging tourism industries of various countries to upgrade their services to suit China's new consumer demands.
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week7 | 2018

week7 | 2018

Weekly Headlines
The Spy Masters' Case Against Huawei Is Flimsy
The Chinese phone maker\'s biggest offense may be it\'s too successful.
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Trump weighs tariffs, quotas on U.S. steel, aluminum imports
WASHINGTON (Reuters) - U.S. President Donald Trump said on Tuesday he was considering a range of options to address steel and aluminum imports that he said were unfairly hurting U.S. producers, including tariffs and quotas.
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SEC blocks Chicago Stock Exchange sale to China-based investors
U.S. regulators on Thursday killed the politically sensitive sale of the Chicago Stock Exchange (CHX) to a group led by China-based investors, saying a lack of information on the would-be buyers threatened the ability to properly monitor the exchange after the deal.
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US trade move against China snared in legal concerns
The Trump administration’s largest anticipated trade move against China has become bogged down in an internal debate focused in large part on legal concerns, even as Beijing is stepping up a frantic lobbying campaign to avert confrontation. 
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China’s ambassador to US says it is ‘dangerous to advocate confrontation’
It is dangerous to advocate confrontation in relations between the United States and China, and wishful thinking to believe Beijing will change the nature of its politics, China’s ambassador in Washington was quoted as saying by state media on Thursday.
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Apple in talks for first order with a Chinese chipmaker
Apple is in talks with state-backed Yangtze Memory Technologies to buy NAND flash chips from it, a move that will mark the U.S. giant's first purchase from a Chinese memory chipmaker and a huge boost to the local sector.
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Governor calls for cooperation on ‘common threat’ of climate change
California and China can collaborate on climate change and other issues of common interest despite differences, Governor Jerry Brown said at a celebration in San Francisco.
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CRRC to start production of MBTA cars in Springfield in 2018
Technicians at the Great Boston transit system's rail yard are test driving Springfield's future. The prototype Orange Line cars represent a step toward greater reliability and frequency of service for the Massachusetts Bay Transportation Authority.
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China reports increase in FDI in January
Foreign direct investment (FDI) into the Chinese mainland rose 0.3 percent year on year to reach 80.36 billion yuan (12.67 billion U.S. dollars) last month, data showed Wednesday.
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White House Proposes $4.4 Trillion Budget That Adds $7 Trillion to Deficits
President Trump's budget proposal was delivered Monday to the Capitol. The plan discards longtime Republican orthodoxy about balancing the budget, instead embracing last year's $1.5 trillion tax cut and new spending on a major infrastructure initiative.
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White House releases 55-page, $1.5 trillion infrastructure plan
The White House on Monday officially released a 55-page proposal for President Trump's long-awaited infrastructure overhaul.
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China names JPMorgan Chase as yuan clearing bank in U.S
China’s central bank on Tuesday named JPMorgan Chase & Co. as yuan clearing bank in the United States, as Chinese authorities seek to boost global use of the yuan.
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China updates 'sensitive sectors' for outbound investment
China on Sunday updated its list of "sensitive sectors" for outbound investment subject to additional regulation, deleting telecoms and electricity and adding the arms industry and several high-profile sectors.
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China in push to lure overseas tech talent back home
Funds offer housing and seed capital to attract executives and scientists working in US
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China pledges 'employment first' policies to create millions of jobs
China will boost its job creation effort and promote entrepreneurship this year, Meng Wei of the National Development and Reform Commission (NDRC) said.
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week6 | 2018

week6 | 2018

Weekly Headlines
China's Ant plans equity fundraising at potential $100 billion valuation
China’s Ant Financial Services Group is planning to raise up to $5 billion in fresh equity that could value the online payments giant at more than $100 billion, people familiar with the move told Reuters.
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Anti-China bill being softened after U.S. companies complain
Proposed legislation in Congress aimed at preventing China from acquiring sensitive technology is being softened after protests by big U.S. companies that fear a loss in sales, four people with knowledge of the matter said this week.
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The Man Who Bets Tencent’s ‘Moonshot’ Money
Chinese internet giant Tencent Holdings Ltd. says it wants to improve the world through technology. David Wallerstein is on it.
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China’s Didi targets US$287 billion car-sharing business with new rental network alliance
The company will join hands with the Renault-Nissan-Mitsubishi alliance and Chinese carmakers Geely Auto and BAIC, among others, to offer electric vehicles for hire
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China's foreign trade up 16.2 pct in January
China's foreign trade volume rose 16.2percent year-on-year in January to 2.51 trillion yuan (397 billion U.S. dollars).
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China to further reduce SOE debts
The State Council Wednesday unveiled an array of measures to further reduce leverage of state firms in its latest effort to rein in financial risks.
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US trade deficit grows 12.1% in Trump’s first year
The US trade deficit grew 12.1 per cent to its highest level since 2008 in Donald Trump’s first year in office, suggesting that the president is making little headway in his promise to rewrite America’s trading relationship with the world.
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6.5 mln Chinese to travel overseas during Spring Festival holiday: report
SHANGHAI, Feb. 3 (Xinhua) -- A total of 6.5 million Chinese will travel overseas during the upcoming week-long Spring Festival holiday, said a report released by China Tourism Academy and Ctrip.
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Powell to Give Congressional Monetary Policy Testimony Feb. 28-March 1
Federal Reserve Chairman Jerome Powell will deliver his first semiannual monetary policy report to the House Financial Services Committee on Feb. 28, the committee said Tuesday.
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Internet giant Alibaba throws Chinese conglomerate Wanda a lifeline and buys US$744m stake in film unit
Alibaba’s 7.66 per cent stake in Wanda Film follows a 34 billion yuan investment led by Tencent for a 14 per cent stake in Wanda Commercial
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Beijing Inches Closer to Becoming the World's Busiest Airport
Beijing inched one step closer to taking the crown for the world’s busiest airport. As the ranks of the Chinese middle class swell and more people take to the skies, passenger traffic at Beijing’s international airport rose to a new record of 95.8 million last year.
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China smartphone sales down for first time since 2009
World’s biggest market sees 4.9% fall during 2017 as consumers buy fewer handsets.
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China launches dumping probe into U.S. sorghum imports amid rising trade tension
China has launched an anti-dumping and anti-subsidy investigation into imports of sorghum from the United States, the Ministry of Commerce said on Sunday, less than a fortnight after U.S. President Donald Trump slapped steep tariffs on imports of solar panels and washing machines.
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What to Expect From Federal Reserve Chair Jerome Powell's Tenure
Friday marked the last day for Janet Yellen as the head of the Federal Reserve, giving way to her successor, 64-year-old Jerome Powell.Powell previously worked as a partner at private equity firm The Carlyle Group and was nominated to the Fed’s Board of Governors by President Barack Obama in 2011.
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Tencent Buys Stake in Skydance, Production Company Behind ‘Terminator’
Tencent takes less than 10% of Skydance, on terms that value production company at about $1.5 billion
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week5 | 2018

week5 | 2018

CGCC News
CGCC-DC Celebrates Chinese New Year
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Weekly Headlines
Chinese IPOs in US expected to soar in 2018 despite Beijing regulatory pressure
Data centres, streaming businesses, education and life science among sectors boosting early 2018 pipeline
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Chinese firms shine in Brand Finance’s 2018 most valuable brand ranking
China's share of global brand value grew to 15 percent in 2018, London-based Brand Finance announced on Thursday.
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Alibaba to acquire 33pc stake in Ant Financial, clearing the way for Alipay operator’s IPO
E-commerce giant Alibaba raises annual sales forecast after posting a 56 per cent year-on-year increase in revenue to US$13 billion in the December quarter
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Chinese start-ups set sights on car industry
From Alibaba in e-commerce to Didi Chuxing in ride-hailing, Chinese start-ups have changed the landscape of the global tech industry. And now they are coming for cars.
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China's effort to attract foreign investors to US$11 trillion bond market is starting to pay off
China’s efforts to open up its domestic bond market, the world’s third largest, are starting to pay off, by pulling in foreign investors drawn to relatively high yields in a newly stable currency.
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Trump's maiden SOTU address receives mixed response
In his maiden State of the Union (SOTU) address on Tuesday night, U.S. President Donald Trump touted his first year in office, while pitching his second-year agenda as he pinned hope on bipartisanship amid an intensifying political divide in Congress.
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Remarks by President Trump in State of the Union Address
President Donald Trump delivered his first State of the Union address on Tuesday night.
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Trump alarms China with ‘Cold War’ rhetoric in State of Union address
China raised alarms Wednesday over what it called President Trump’s “outdated Cold War mentality” after an address that described Beijing as a global rival and set an increasing tough line against China’s economic and military reach.
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Huawei’s US expansion hits another speed bump as Verizon bails out of smartphone deal
US security concerns continue to thwart the efforts of China’s largest telecommunications equipment maker to forge a smartphone distribution pact with a major American mobile network operator.
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Singapore Overtakes China as Largest Asian Investor in U.S. Property
It was the first time since 2012 that the city outspent China, according to data from Real Capital Analytics and Cushman & Wakefield Inc. Deals by Chinese investors plunged 66 percent to $5.9 billion as regulators cracked down on capital outflows.
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China’s e-commerce trio invest US$5.4 billion in Wanda’s bricks-and-mortar retail business
Tencent is increasingly eyeing offline opportunities and the investment comes a week after its showed interest in buying Carrefour’s mainland operations.
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After Trump tariffs, Chinese solar company says it will build U.S. factory
A week after the Trump administration unveiled tariffs of up to 30% on imports of solar panels, one of China's biggest manufacturers announced that it plans to open a new plant in the U.S. JinkoSolar said in a statement Monday that its board of directors had given the go-ahead to "finalize planning for the construction of an advanced solar manufacturing facility in the U.S."
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China's 2017 industrial profits post fastest growth in six years
Profits for China’s industrial firms rose at the slowest pace in a year in December as Beijing’s anti-smog curbs hit activity, but profits clocked their fastest annual rise in six years as cost cutting and a construction boom helped businesses in 2017.
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Trump’s State of the Union theme: \'A safe, strong and proud America\'
President Donald Trump will use his first official State of the Union address to tout economic progress under his watch while outlining efforts to secure America’s borders, according to White House officials.
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Auto tariffs to be cut ‘gradually’, impact will probably be limited
Experts said on Sunday that the Chinese auto industry is now in a much better position to face competition deriving from lower tariffs and that the impact of lower tariffs on the Chinese auto market and foreign carmakers' localization strategy in China would be limited.
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week4 | 2018

week4 | 2018

CGCC News
CGCC Gala Press
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Weekly Headlines
America is open for business' — Read Trump's full closing speech at Davos
President Donald Trump delivered the closing address to the World Economic Forum in Davos, Switzerland on Friday.
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Trump opens door to US rejoining TPP
Donald Trump has for the first time opened the door to the US rejoining the Trans-Pacific Partnership a year after withdrawing from it as one of his first acts in office. 
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Ambassador: China doesn’t seek world domination
Cui Tiankai, China’s ambassador to the United States, talks about U.S.-China relations, solar tariffs, synthetic opioids and North Korea with Editorial Page Editor Bill Sternberg.
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China Calls on Trump to Stop Mistreating Its State-Run Companies
The Trump administration is discriminating against Chinese state-owned enterprises seeking to expand in the U.S., according to the head of a top Chinese agency overseeing state assets valued at $24 trillion.
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China goes on tech-hiring binge and wages soar, closing gap with Silicon Valley
Tens of thousands of people are being hired to shore up cybersecurity, help censor online content, and try to make China No.1 in the application of artificial intelligence (AI), as capital pours into both start-ups and more mature businesses at a time when the government is demanding rapid development.
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China Will Open Financial Sector This Year, Xi Adviser Says
China will implement measures this year to meet a commitment announced in November to give foreign investors greater access to its financial sector, Liu He, a key economic adviser to President Xi Jinping told the World Economic Forum in the Swiss town of Davos.
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US weighing ‘many billions’ of dollars in sanctions on Chinese items via accelerated probe
Trump administration could release results of investigation into China’s intellectual property practices early, triggering punitive action, analyst said
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China’s new growth model will ‘create opportunities’ for foreign firms
China will create opportunities for foreign companies under an economic model based on quality rather than breakneck growth, and there will be new measures to open up its markets this year, Liu He said in a speech at Davos on Wednesday.
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2018 global growth to roll to highs not seen in eight years: Reuters poll
The global economy is expected to grow at a robust pace this year and reach an altitude not seen since 2010, as momentum builds in developed economies and inflation revives, Reuters polls of over 500 economists showed.
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U.S. solar panel import tariff to hit European, Asian manufacturers
U.S. President Donald Trump’s decision to slap tariffs on solar panel imports is a blow to a booming global industry, and hit stocks in European and Asian solar groups on fears their business might suffer.
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Businesses Cut Back on Overseas Investments
Businesses around the world cut back on their overseas investments for the second straight year in 2017, a surprise development that suggests the globalization of economic activity may be slowing.
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Signs point to revival in international use of China's yuan
The sale of a 900-million-yuan ($140 million) offshore bond has added to signs that the international use of the Chinese currency is recovering after several years in the doldrums.
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Listed Chinese Firms Bought $192 Billion Worth of Opaque Investment Products in 2017
Chinese companies are buying more opaque, high-yielding investment products that are used by banks to raise funds and boost lending, a potentially troubling sign for China’s debt-fueled economy.
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Inequality gap widens as ‘world’s richest 1% get 82% of the wealth,’ Oxfam says
Just 42 people own the same amount of wealth as the poorest 50 percent worldwide, a new study by global charity Oxfam claimed.
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Populist swing alarms financial titans
The $160bn Bridgewater hedge fund produced a chart last year about modern politics that was alarming for at least two reasons. First, the number crunching revealed that the proportion of votes garnered by populist, anti-establishment candidates in the west, such as US President Donald Trump, France’s Marine Le Pen and Jeremy Corbyn, leader of the UK Labour party, exploded from 7 per cent in 2010 to 35 per cent in 2017.
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week3 | 2018

week3 | 2018

CGCC News
China General Chamber of Commerce – USA (CGCC) Hosts Chinese Lunar New Year of the Dog Gala
On Wendesday, January 17, 2018, China General Chamber of Commerce – USA (CGCC)—the largest nonprofit organization representing Chinese enterprises in the United States—hosted the Chinese Lunar New Year of the Dog Gala at the Ziegfeld Ballroom in New York. Honorary Chairman of CGCC, Vice-Chairman of the 12th CPPCC National Committee Tung Chee-Hwa, Chinese Ambassador to the United States Cui Tiankai delivered keynote speeches. On behalf of Governor Andrew Cuomo, Patrick Foye, President of Metropolitan Transportation Authority delivered Chinese New Year celebration remarks.
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ZTE Aiming to Launch 5G Smartphone in U.S. By Early 2019
Chinese smartphone maker ZTE Corp. aims to launch a smartphone with faster 5G internet capabilities in about a year, according to Lixin Cheng, chief executive officer of the company’s mobile device business.
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Weekly Headlines
Google and Tencent partner up on patents
Google and Tencent have struck a long-term agreement to cross-license patents on a wide range of products and technologies in a move that could give the US technology company a way of accessing the Chinese market where many of its products and services are not available.
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China doubts credibility of U.S. report on IPR protection
A spokesman of China's Ministry of Commerce Thursday expressed doubts over "the objectivity and credibility" of a U.S. report that listed some Chinese marketplaces as "notorious markets" for pirated and fake products.
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2017 marked a turning point for capital flows, China currency regulator says
China's cross-border capital flows reached a turning point last year as they became basically balanced compared to previous net outflows, the foreign exchange regulator said on Thursday.
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Cui Tiankai: Protectionism impedes relationship of China-US
The China General Chamber of Commerce – the largest non-profit organization representing Chinese companies in the US, hosted their annual Lunar New Year gala in New York on Jan. 17. The event highlights the importance of business ties between the world’s two largest economies at a time when many are worried about protectionism from US President Donald Trump.
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China's 2017 GDP growth accelerates for first time in seven years
China’s economy grew faster than expected in the fourth quarter of 2017, as an export recovery helped the country post its first annual acceleration in growth in seven years, defying concerns that intensifying curbs on industry and credit would hurt expansion.
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First Chinese takeover of US group under Trump gets go-ahead
After a series of Chinese acquisitions of US assets were torpedoed by the US government in 2017 over national security concerns, Washington cleared its first Beijing-backed takeover of an American company since Donald Trump became president a year ago.
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China non-financial ODI drops 29.4 pct in 2017
China's non-financial outbound direct investment (ODI) saw a drastic decline in 2017 amid government efforts to curb irrational investment overseas.
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China's JD.com targets $2 billion fundraising at logistics unit
China’s second-biggest e-commerce firm JD.com has kicked off a fundraising round at its logistics unit with a target of at least $2 billion, and eventually plans to list the business overseas, people with direct knowledge of the matter said.
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Chinese automaker at Detroit auto show: We're coming to the U.S. in 2019
China's GAC Motor vowed Monday at the Detroit auto show to sell cars to Americans by the fourth quarter of 2019, posing an increasingly realistic possibility that a Chinese automaker will finally reach the U.S. market.
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week2 | 2018

week2 | 2018

CGCC News
DeHeng NY Advises on Shanghai Hongxiao’s Acquisition of miVIP
DeHeng Chen, LLC (“DeHeng NY”) has advised Shanghai Hongxiao Science and Technology Co., Ltd (“Shanghai Hongxiao”), a shareholding company of listed company Shanghai Hongda Mining Co., Ltd. (“Shanghai Hongda”) on its $300 million acquisition of an 80% equity interest in miVIP Healthcare Holdings, LLC (“miVIP”), a healthcare management company. The deal closed on January 1, 2018.
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Weekly Headlines
The Chinese are now buying as much stuff as Americans, a game-changer for the world economy
The mighty force of consumerism has taken hold in China. In 2018, retail sales in China are expected to equal or surpass sales in the United States for the first time, another definitive marker in China's rise to economic superpower status.
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Trump renews call for internet tax, making a veiled threat against Amazon
President Donald Trump repeated an earlier call for an internet tax, in a thinly veiled shot at Amazon's Jeff Bezos, who owns The Washington Post.
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China’s trade surplus with US hits record high in 2017 amid rising tensions
China’s trade surplus with the United States last year rose to a record high, a statistic that is unlikely to help ease tensions between the world’s two largest economies.
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Chinese Regulator Denies Curbing U.S. Treasury Purchases
China’s foreign exchange regulator on Thursday dismissed a media report that said the country was stepping back purchases of U.S. Treasurys.
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China accuses United States of taking protectionist stance on foreign investment
China said on Thursday that protectionist sentiment is rising in the United States and criticised Washington for blocking a high-profile Chinese takeover of a US financial firm on security grounds.
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Chinese Retailer JD.com’s Latest Gig: Supplying Restaurants
Most Chinese consumers go to JD.com to buy electronic gadgets and other items. Restaurant operator Zhang Zong uses China’s No. 2 e-commerce company to deliver 400 million pounds of carp heads.
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China Becomes One of the Top 5 U.S. Patent Recipients for the First Time
Chinese companies have increased the number of U.S. patents they’ve received by tenfold in less than 10 years, another sign that the world’s second-largest economy is succeeding in its strategy to transform from Silicon Valley’s factory to a powerhouse of research.
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China leading on world’s clean energy investment, says report
The report, released today by the US-based Institute for Energy Economics and Financial Analysis (IEEFA), details the rising importance of China’s firms and investors for low-carbon projects outside the country.
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China Weighs Slowing or Halting Purchases of U.S. Treasuries
China added to bond investors’ jitters on Wednesday as traders braced for what they feared could be the end of a three-decade bull market.
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FedEx Readies for Surge in E-Commerce With New Hub in Shanghai
FedEx Corp. expects growing cross-border online transactions to be a driving force for its business in China as the company prepares to open one of its largest facilities in Shanghai.
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Facebook says China's Xiaomi will make Oculus Go hardware and a similar VR headset for China
Facebook said Chinese smartphone maker Xiaomi will make the hardware for its upcoming Oculus Go virtual-reality headset. Xiaomi is also building a product called the Mi VR Standalone for the Chinese market based on Go technology and powered by a Qualcomm processor. Executives from the three companies presented at an event at the 2018 Consumer Electronics Show in Las Vegas.
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China steel production cuts set to take effect
China is set to implement some of its strictest cuts to steel production this week in a bid to head off choking winter pollution and further consolidate a fractious industry.
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China sets up 30 billion yuan fund to boost services trade industry: Xinhua
China has launched a 30 billion yuan ($4.63 billion) investment fund to boost the services trade industry, in an effort to further improve the country’s foreign trade structure, the official Xinhua News Agency said on Monday.
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US trade deficit rises more than expected to a near 6-year high on record imports
The U.S. trade deficit increased more than expected in November as imports of goods surged to a record high amid strong domestic demand, making it likely that trade will subtract from economic growth in the fourth quarter.
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China isn't just a manufacturing hub anymore, UBS says
Beijing's push to transition its economy has led to the country moving on from simply being known as the world's factory, according to a top executive at Swiss bank UBS.
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week1 | 2018

week1 | 2018

Weekly Headlines
US Added 148000 Jobs in December; Unemployment at 4.1%
The Labor Department released the latest figures on hiring and unemployment, with another gain capping a year of increasing opportunities for American workers.
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YY's Chinese Game-Streaming Service to Seek U.S. IPO
Chinese live-streaming company YY Inc. is planning to spin off and list its eSports video platform Huya Broadcasting in the U.S., people familiar with the matter said.
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China to stick with 'around 6.5 percent' growth goal in 2018
China will keep its target for economic growth at “around 6.5 percent” in 2018, unchanged from last year, policy sources told Reuters, as it seeks to balance efforts to reduce debt risks while keeping the world’s second-largest economy stable.
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Chinese yuan strengthens to 20-month high against USD
The central parity rate of the Chinese currency renminbi, or the yuan, strengthened to a 20-month high against the U.S. dollar on the second trading day of 2018.
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The Cashless Society Has Arrived— Only It’s in China
Soliciting handouts near a grocery store, Zhao Shenji, a slender man with shorn hair, made giving easy for Beijing residents accustomed to relying on their smartphones.
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Made in China: New and Potentially Lifesaving Drugs
One new drug promises to stop cancer from spreading to other organs. Another would treat blood cancer. A third would use the body’s immune system to kill tumors. All three show encouraging results, and need just one more step to be approved for use in the United States. The drugs have something else in common: They were created in China.
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U.S. Bars Merger of MoneyGram, China’s Ant Financial
An American national-security panel refused to approve a deal for Chinese billionaire Jack Ma’s Ant Financial Services Group to buy MoneyGram International Inc., the companies said Tuesday, in the latest sign the U.S. is tightening scrutiny of investment from China at a time of greater tensions between the two countries.
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Beijing to build technology park for developing artificial intelligence
A technology park dedicated to developing artificial intelligence will be built in Beijing in five years, authorities said. The park will be situated in suburban Mentougou district in western Beijing, covering 54.87 hectares, Beijing News reported, citing a plan released by Mentougou authorities Tuesday.
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China set to top Japan as world's biggest natural gas importer
Beijing's crackdown on pollution has put China on track to overtake Japan this year as the world's biggest importer of natural gas, used to replace dirtier coal.
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Spotlight: Xi's New Year speech "inspiring, practical" -- experts, analysts
Chinese President Xi Jinping's New Year speech has conveyed a "inspiring and practical" message that combines "broad strategic vision with meticulous attention to detail" for a more prosperous and peaceful future, said international experts and analysts.
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China SOEs move to set up first institutional compliance systems
Chinese state-owned enterprises are establishing institutional compliance systems for the first time, as regulators roll out new anti-bribery guidelines in the latest crackdown on corruption by President Xi Jinping.
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China puts US$15,000 annual personal cap on overseas bank card withdrawals
New limits on the amount of money people can withdraw from their Chinese bank accounts while overseas will come into effect on Monday, in the latest move by Beijing to tighten its capital account controls and curb money outflows.
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