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CGCC Week In Review

     

Connecting People, Building Trust, Expanding Cooperation

week42 | 2018

week42 | 2018

Weekly Headlines
U.S. Edges Toward New Cold-War Era With China
WASHINGTON—The Trump administration is moving deliberately to counter what the White House views as years of unbridled Chinese aggression, taking aim at military, political and economic targets in Beijing and signaling a new and potentially much colder era in U.S.-China relations.
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In China, a Dot-Com Déjà-Vu - WSJ
We’ve seen it before: the crazy spending, the stratospheric valuations. Twenty years later, it looks like the dot-com boom all over again, but this time the players are much bigger—and Chinese.
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Chinese Drugmaker’s IPO Tests a Slumping Biotech Market - WSJ
A Chinese cancer drug developer is pushing ahead with an initial public offering in Hong Kong, despite a global markets rout and the recent poor performance of other biotechnology startups that have listed in the city.
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week41 | 2018

week41 | 2018

CGCC News
CGCC Hosted 2018 Lunch & Learn Series No.4 Event “US-China Economic Outlook”
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Weekly Headlines
U.S. Strengthens Controls on Nuclear Technology Exports to China - WSJ
U.S. officials Thursday imposed new restrictions on nuclear exports to China after concluding that Beijing was seeking to illicitly acquire the technology to bolster its military and to undermine U.S. industry.
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Fed Officials See Strong Economy Justifying Interest Rate Rises - WSJ
WASHINGTON—The Federal Reserve has become the center of attention at the White House and on Wall Street for rising interest rates that helped knock stocks off balance this week.
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Trump and Xi Plan to Meet Amid Trade Tension - WSJ
With U.S. markets tanking and the trade battle with China intensifying, the White House decided to move ahead with plans for President Trump to meet with Chinese leader Xi Jinping at a multilateral summit in November to see if the two leaders can find a way out of the mess, according to officials in both nations.
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Greener tint to China project finance - FT
China is experimenting with more green financing as other sources of domestic lending tighten, but its share of green bond issuance globally has slipped.
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Asia-Pacific equity markets face steep declines - FT
To say Asia-Pacific equities had a bad day on Thursday might be underselling it. Here’s a round-up of falls by the region’s top stock benchmarks following on from the worst day in eight months for US stocks.
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China, Aiming to Borrow as Cheaply as Apple and Microsoft, Launches U.S. Dollar Debt Offering - WSJ
China has launched a multibillion-dollar bond offering to investors outside the country, seeking to borrow money as cheaply as some of America’s strongest companies at a time of heightened tensions with its largest trading partner.
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China’s Huawei Seeks to Chip Away at Silicon Valley’s AI Supremacy
SHANGHAI—Huawei Technologies Co. unveiled two new computing chips aimed at powering artificial-intelligence applications, marking the Chinese telecommunications giant’s first major push into high-end technology dominated by U.S. chip giants.
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Mnuchin warns China on currency devaluations
The US Treasury secretary has warned China not to engage in competitive devaluations of the renminbi as the two countries spar over their economic relations and engage in an escalating trade war.
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Trump says China not ready to reach trade deal, repeats threat of more tariffs
WASHINGTON (Reuters) - President Donald Trump on Tuesday repeated his threat to slap tariffs on an additional $267 billion of Chinese imports if Beijing retaliates for the recent levies and other measures the United States has imposed in an escalating trade war between the economic giants.
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Exclusive: Codelco in talks to sell copper to China's Minmetals in three-year deals- Reuters
LONDON (Reuters) - Codelco is in talks to sell up to 60,000 tonnes of copper a year to China Minmetals from 2019 to 2021, marking a change in sales strategy at Chile’s state-owned miner which typically made deals on an annual basis, industry sources said.
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IMF chief economist not concerned about China's ability to defend currency- Reuters
NUSA DUA, Indonesia (Reuters) - International Monetary Fund Chief economist Maurice Obstfeld said on Tuesday that he was not concerned about the Chinese government’s ability to defend its currency despite the recent depreciation of the yuan.
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The U.S.-China Trade Battle Spawns a New Era of Tariff Dodges - WSJ
One day in June, seven months after the U.S. imposed stiff tariffs on plywood from China, a wood importer in Oregon got a call from a supplier asking if he would like to get some Chinese plywood tariff-free.
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week40 | 2018

week40 | 2018

Weekly Headlines
Apple, Amazon deny Bloomberg report on Chinese hardware attack | Reuters
(Reuters) - Apple Inc (AAPL.O) and Amazon.com Inc (AMZN.O) denied a Bloomberg Businessweek report on Thursday that said their systems had been infiltrated by malicious computer chips inserted by Chinese intelligence agents.
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Chinese Tech Shares Tumble on Spying Concerns - WSJ
HONG KONG—The escalating trade fight between Washington and Beijing is sending a chill through investors in Chinese technology companies that sell to the U.S.
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Pence Calls on Google to Drop Mobile Search Project in China - WSJ
WASHINGTON—The Trump administration took aim at Google Thursday, calling on the tech giant to halt development of a project it said would accelerate censorship efforts in China.
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World Bank trims East Asia's 2019 GDP forecast on trade frictions | Reuters
The World Bank slightly lowered its growth estimate for East Asia and the Pacific for next year as trade tensions and volatile capital flows cloud the global economic outlook.
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Congress, eying China, votes to overhaul development finance | Reuters
WASHINGTON (Reuters) - The U.S. Senate on Wednesday passed legislation overhauling the way the federal government lends money for foreign development, creating a $60 billion agency intended largely to respond to China’s growing influence.
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U.S. Judge Orders China’s ZTE to Two More Years of Monitoring - WSJ
A U.S. judge ordered ZTE Corp. ZTCOY -1.39% to another two years of scrutiny by a court-appointed monitor, following the Chinese telecom giant’s violation of a settlement resolving charges that it dodged U.S. sanctions on Iran and North Korea.
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Tencent Music files for U.S. IPO, first-half revenue surges
HONG KONG (Reuters) - Tencent Music Entertainment, which owns China’s most popular music apps, has filed for a U.S. IPO seeking funds to develop content and new services, in what is expected to be one of the biggest U.S. listings by a Chinese company this year.
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China hires 12 banks for sovereign dollar bond issue
HONG KONG (Reuters) - China has hired 12 banks including Bank of China (601988.SS), Goldman Sachs (GS.N), Deutsche Bank (DBKGn.DE) and China Construction Bank (601939.SS) for its second sovereign dollar bond offering in over a decade.
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Pompeo to visit China Monday
BEIJING (Reuters) - U.S. Secretary of State Mike Pompeo will travel to China on Monday, Chinese State Television reported on Wednesday, citing a Chinese Foreign Ministry spokeswoman, with the two countries embroiled in an escalating trade war.
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Germany's Hubject enters cooperation with Star Charge China | Reuters
FRANKFURT (Reuters) - Germany’s Hubject, which is developing a method to map and pay at electric charging stations, has entered a cooperation agreement with Star Charge China, it said on Monday.
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U.S. Pivots to China, With Nafta Deal in Hand - WSJ
WASHINGTON—White House officials are betting that concluding a trade deal with Mexico and Canada will give them more ammunition in their high-stakes battle with China on economic issues and national security.
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Trump says too soon to talk with China on trade | Reuters
WASHINGTON (Reuters) - U.S. President Donald Trump on Monday said it was “too soon” for Washington to talk to Beijing about working out a deal on trade, suggesting U.S. tariffs have yet to exert enough pressure to force Beijing into making concessions at the negotiating table.
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Jack Ma relinquishes ownership of Alibaba’s legal structures | Financial Times
Jack Ma has quietly relinquished his ownership of the legal entities at the heart of Alibaba, symbolically handing back the keys to the Chinese technology giant he founded 19 years go.
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China’s Economy Losing Steam as Trade Conflict With U.S. Intensifies - WSJ
BEIJING—An intensifying trade brawl with the U.S. is starting to take a heavier toll on China’s economy, as weakening foreign demand and sluggish domestic consumption cause Chinese manufacturers to significantly scale back production.
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U.S. and Canada Reach Nafta Deal - WSJ
The U.S. and Canada reached a dramatic, last-minute deal late Sunday night on revising the North American Free Trade Agreement, lifting a cloud of uncertainty over the quarter-century-old continental commercial bloc.
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week39 | 2018

week39 | 2018

CGCC News
“CONNECTION” CGCC Chicago 2018 Annual Gala Held in Chicago
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Weekly Headlines
China Renaissance shares plunge on trading debut
Shares in China Renaissance, a specialist investment bank backed by an Alibaba affiliate, plunged a fifth during its trading debut, following lacklustre Chinese tech-focused and “new economy” flotations.
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A Tesla Without Elon Musk Would Threaten Electric-Car Maker’s Future - WSJ
The legal threat from securities regulators to ban Elon Musk from Tesla Inc. TSLA -0.67% raises the specter of a once-unfathomable exit that would potentially have dire consequences for the electric-car company.
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Chinese Startup Woos SoftBank at $75 Billion Valuation - WSJ
Global investors including SoftBank Group Corp. 9984 4.65% and private-equity firm KKR KKR -1.79% & Co. plan to invest in the latest fundraising by Bytedance Ltd., the owner of China’s most popular news-aggregation app, according to people familiar with the matter.
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Trade war weighs on China industrial profits - FT
Profit growth at China’s large industrial companies slowed to a five-month low last month in what analysts say is a sign the US-China trade dispute is hurting the world’s second-largest economy.
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Google confirms ‘Project Dragonfly’ for China - FT
A Google executive has for the first time publicly confirmed the existence of the company’s ‘Project Dragonfly’ venture to build new search tools for China, during a tense hearing with US lawmakers about online privacy.
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China state groups gobble up struggling private companies - FT
Chinese state-owned enterprises have nationalised at least 10 privately owned groups this year, prompting warnings that the trend risks sucking the vitality out of China’s economy.
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As trade war rumbles, China steps up opening of financial markets
SHANGHAI (Reuters) - The worsening Sino-U.S. trade war has battered China’s stocks and currency this year but that hasn’t stopped foreign investors rushing into the country’s capital markets, which are increasingly opening up despite rising protectionism.
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Senior Chinese diplomat says China, U.S. must avoid Cold War mentality
BEIJING (Reuters) - China and the United States can compete but should not view each other with a Cold War mentality and should avoid thinking it is a zero-sum game, the Chinese government’s top diplomat said, amid deteriorating ties between the superpowers.
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At U.N., Trump Defends His Administration’s Hard-Line Trade Policies
UNITED NATIONS—President Trump criticized international organizations and alliances as unaccountable and defended his administration’s hard-line trade policies, urging fellow world leaders on Tuesday to chart their own paths toward sovereignty.
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China's currency will not replace the US dollar - FT
The full effect of President Trump's 'America First' doctrine is not yet known, but for economist Jeffrey Sachs, the US dollar is likely to suffer. At a recent conference hosted by Columbia University, Mr Sachs argued that Trump's tariffs and his broader affinity for upending trade agreements and multilateral treaties would diminish the US's role on the world stage. Eventually, he said, we'll see an alternative payments system in which the dollar, euro and China's renminbi share the global reserve currency spotlight.
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Exclusive: China steel giant Baowu in talks to take over rival Magang - sources | Reuters
BEIJING/MANILA (Reuters) - Top Chinese steelmaker China Baowu Steel Group is in talks to take over rival Magang Group, three sources familiar with the discussions said, a deal that would help entrench the nation’s position as a serious competitor in global steel markets.
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China rejects US call for trade talks as tariffs imposed - FT
Sino-US tensions escalated sharply at the weekend as China declined an invitation to explore further trade talks and summoned Washington’s ambassador to Beijing to protest over sanctions imposed on a Chinese military officer.
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China Evergrande to pay $2.1 billion for minority stake in Guanghui Group | Reuters
HONG KONG (Reuters) - Property developer China Evergrande Group (3333.HK) said it would pay some $2.1 billion for a minority stake in Guanghui Group, becoming the second-biggest shareholder in a company which has energy and vehicle sales businesses.
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Asian firms shuffle production around the region as China tariffs hit | Reuters
SEOUL/TOKYO (Reuters) - A growing number of Asian manufacturers of products ranging from memory chips to machines tools are moving to shift production from China to other factories in the region in the wake of U.S. President Donald Trump’s tariffs on Chinese imports.
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China says U.S. trying to force it to submit on trade as new tariffs kick in | Reuters
BEIJING (Reuters) - The United States and China imposed fresh tariffs on each other’s goods on Monday as the world’s biggest economies showed no signs of backing down from an increasingly bitter trade dispute that is expected to knock global economic growth.
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week38 | 2018

week38 | 2018

CGCC News
China Re and The Hanover Enter Into Equity Acquisition Agreement to Purchase Entire Equity Interest of Chaucer at a Consideration of US$865 Million
On 13 September 2018, China Reinsurance (Group) Corporation (“China Re”) entered into an equity acquisition agreement wi...
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Weekly Headlines
Haier suspends plan to sell US-made, GE-branded goods in China | Financial Times
Haier Group, the world’s largest white goods company, has suspended plans to sell products made in the US by its GE Appliances brand in China, citing the deepening trade war between Washington and Beijing, its chief executive said.
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China's Tencent Music seeks $2 billion in U.S. IPO: sources | Reuters
HONG KONG (Reuters) - Tencent Music Entertainment Group, China’s biggest music-streaming company, is seeking to raise about $2 billion in a U.S. listing, according to three people close to the deal, down from the up to $4 billion that had been touted earlier.
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China money rates rise as cash demand, bond issuance sap liquidity
SHANGHAI, Sept 21 (Reuters) - China's primary money rates rose this week as demand for cash increased ahead of two national holidays and regular corporate tax payments, and as a high concentration of local government bond issuance tightened overall liquidity.
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US port weighs cost of Donald Trump’s trade war - FT
As container trucks rolled by under his office window near the Port of Baltimore, Cono Bucolo, a 68-year-old customs broker, described the reality of operating on the front lines of US president Donald Trump’s trade war.
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Alibaba’s Jack Ma Discards Promise to Create One Million American Jobs - WSJ
Chinese technology tycoon Jack Ma is recanting his promise to create one million jobs in the U.S., citing the trade spat between the world’s two biggest economies.
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Tencent Music aims to raise $2bn in US IPO - FT
Tencent Music Entertainment is aiming to raise at least $2bn in an initial public offering, a smaller amount than anticipated for what had been expected to be the largest US flotation of the year.
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China LNG tariff casts shadow over new U.S. export terminals
NEW YORK/LONDON (Reuters) - China set a 10 percent tariff on U.S. liquefied natural gas (LNG) imports, extending a trade dispute into energy and casting a shadow over U.S. export terminals that would propel the United States into the world’s second-largest LNG seller.
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Chinese Premier Li Denounces Unilateral Trade Moves
TIANJIN, China—Chinese Premier Li Keqiang defended the rules-based global trading system and, in a nod to China’s trade tensions with the U.S., said problems should be resolved through consultations, not unilateral action.
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China Retaliates With Tariffs on $60 Billion of U.S. Goods
The Chinese government said Tuesday it plans to impose new tariffs on $60 billion in U.S. exports, prompting President Trump to reiterate a threat to punch back by hitting Chinese goods worth more than four times that much.
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Why the future of electric cars lies in China - FT
Is the future of electric vehicles damaged by the chaos surrounding Tesla? Absolutely not. Whether the company survives in its present form or not is irrelevant. The future of EVs will not be determined by anything that happens in California but by decisions being taken 6,000 miles away in Beijing.
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HNA’s $1.2bn acquisition of e-commerce group thrown into doubt - FT
The Rmb7.5bn ($1.2bn) acquisition by Chinese aviation-to-finance conglomerate HNA of one of the country’s major e-commerce platforms has been thrown into question as the group struggles to cope with prolonged financial distress.
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China promises ‘retaliation’ for latest round of US tariffs - FT
The Chinese government hit back at President Trump on Tuesday, saying that his decision to tax more than half of all Chinese exports to the US had undermined recent efforts to reach a negotiated settlement and would spark counter-measures.
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Lex_China/e-bikes: lead astray
E-bike enthusiasts brag they can avoid breaking a sweat and pumping out emissions all at once. But they cannot claim that mass adoption of the bikes in China has left no trace. A recent study by Wood Mackenzie, an energy research firm, estimates that roughly 15 per cent of global lead production is used in making e-bike batteries for Chinese consumers.
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As its trading debut looms, China's Meituan locked in battle of super-apps | Reuters
(This version of the story corrects $100 million to $100 billion in 13th paragraph)
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U.S. and China Ramp Up Trade Threats - WSJ
President Trump’s economic conflict with China is set to escalate this week, as the administration plans to unveil fresh tariffs on $200 billion in Chinese products entering the U.S. and Beijing debates new ways to retaliate against U.S. corporations doing business in China.
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week37 | 2018

week37 | 2018

CGCC News
A Centenary Story of C.V. Starr & Co: China and the US in 2018 and Beyond
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Weekly Headlines
Lawmakers Reach Deal to Avoid Shutdown Drama Before Midterms
WASHINGTON—Lawmakers reached a bipartisan deal on Thursday to keep the government open until after the midterm elections, while also passing a first tranche of spending bills and sending them to President Trump’s desk.
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China Hits Record-Low Investment Growth as Beijing Battles a Slowdown
BEIJING—Investment in factories, railways and other projects in China so far this year grew at its slowest pace in more than a quarter-century, pointing to challenges in government efforts to arrest an economic slowdown.
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Trump denies pressure for trade deal as China welcomes U.S. talks invite
WASHINGTON/BEIJING (Reuters) - U.S. President Donald Trump said on Thursday that the United States was under no pressure to make a trade deal with China, even as Chinese officials welcomed an invitation from Washington for a new round of talks with more U.S. tariffs looming.
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China’s Sovereign-Wealth Fund Interested in Buying HNA’s Deutsche Bank Stake - WSJ
China’s sovereign-wealth fund and other large investors have expressed interest in potentially buying shares in Deutsche Bank AG from embattled Chinese conglomerate HNA Group Co., according to people familiar with the matter.
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China steps up collection of payroll taxes - FT
Corporate China is bracing for a big tax increase as the government steps up collection of payroll levies that fund the country’s social insurance programmes, after years of allowing smaller companies to shirk their obligations.
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US seeks talks with China to defuse trade tensions - FT
The US is trying to arrange talks with China in an attempt to defuse the escalating trade war before President Donald Trump follows through on a threat to impose tariffs on another $200bn of the country’s imports.
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China Woos U.S. Companies Again, Curbs Trade Threats - WSJ
BEIJING—Chinese leaders are stepping up a charm offensive with U.S. multinationals and dropping earlier threats of retaliation as Beijing changes tack to keep the trade fight with Washington from scaring off foreign investors.
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China Aug new loans fall as cooling economy makes both banks, borrowers wary | Reuters
BEIJING, Sept 12 (Reuters) - Chinese banks made fewer new loans in August than expected, highlighting problems facing the central bank as it tries to boost credit to smaller companies facing weaker demand at home and shrinking export orders.
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U.S. Businesses Ramp Up Lobbying Against Trump’s Tariffs - WSJ
WASHINGTON—From California apple growers to Maine lobstermen, businesses are joining forces to try to persuade President Trump that tariffs are hurting U.S. industries.
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China’s ‘everything app’ aims to raise $4bn - FT
Meituan Dianping is the world’s largest food delivery company but few global investors could even pronounce its name before its roadshow kicked off last week — a pickle for an issuer aiming to raise up to $4.4bn.
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Didi Chuxing slides to $580m first-half loss - FT
Chinese ride-hailing company Didi Chuxing made a net loss of more than Rmb4bn ($580m) in the first half of the year, and is still paying billions of dollars annually in subsidies two years after winning an expensive battle with Uber.
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China seeks WTO backing for sanctions on U.S. over dumping duties | Reuters
GENEVA (Reuters) - China will ask the World Trade Organization (WTO) next week for permission to impose sanctions on the United States, for Washington’s non-compliance with a ruling in a dispute over U.S. dumping duties, a meeting agenda showed on Tuesday.
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Trump Presses Apple to Shift Production to U.S.
President Trump called on Apple Inc. AAPL -0.81% to shift production to the U.S. and out of China, reviving a longstanding criticism and pressuring the iPhone maker to help fulfill the administration’s economic goal of restoring American manufacturing.
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Alibaba’s Daniel Zhang to Succeed Jack Ma as Chairman Next Year - WSJ
Chinese e-commerce tycoon Jack Ma said he would step down as executive chairman of Alibaba Group Holding Ltd. BABA 1.56%in a year, handing over the reins to CEO Daniel Zhang.
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The 5G Race: China and U.S. Battle to Control World’s Fastest Wireless Internet - WSJ
The early waves of mobile communications were largely driven by American and European companies. As the next era of 5G approaches, promising to again transform the way people use the internet, a battle is on to determine whether the U.S. or China will dominate.
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week36 | 2018

week36 | 2018

Weekly Headlines
Amid trade row, China to allow soybean imports from Ethiopia | Reuters
BEIJING (Reuters) - China will start allowing soybean imports from Ethiopia, customs authorities said on Friday, as the world’s top importer seeks to reduce its reliance on supplies of the oilseed from the United States amid a trade row with Washington.
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Chances Fade for U.S.-China Trade Deal - WSJ
The prospect of resolving the U.S. trade battle with China is fading as the White House draws closer to a deal to revise the North American Free Trade Agreement.
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China August FX reserves fall slightly more than expected to $3.11 trillion | Reuters
BEIJING (Reuters) - China’s foreign exchange reserves fell slightly more than expected in August as the dollar extended gains and Beijing took steps to stabilize its yuan currency in the face of mounting trade tensions with the United States.
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China’s biggest bitcoin miner in $1bn fundraising - FT
China’s biggest bitcoin mining company Bitmain Technologies is hoping to raise up to $1bn in pre-IPO private funding even as the falling value of bitcoin has hit demand for its products and brought down prices.
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Mobike gives up on bike hire in Manchester - FT
The sharing economy may be conquering the world but its limits have been demonstrated in the northern English city of Manchester where Chinese cycle hire company Mobike has decided to pull out because of widespread vandalism and theft.
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Sino-US trade war prompts rethink on supply chains - FT
Steve Madden is shifting handbag production to Cambodia; Vietnam is sucking up some production for Hoover-maker Techtronic Industries; Google’s hardware maker Flex is searching for new production centres from Mexico to Malaysia.
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To Counter China, U.S. Looks to Invest Billions More Overseas
The U.S. is finalizing plans to double funding for big infrastructure projects around the world, seeking to counter China’s growing influence.
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Amazon Hits $1 Trillion Valuation
Amazon.com Inc. AMZN 1.33% followed Apple Inc. AAPL 0.32% to become the second U.S. company to reach $1 trillion in market value, reflecting the online retailer’s striking transformation from a profitless bookseller into a disruptive force of commerce.
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FCC Seeks to Expedite Deployment of 5G Wireless Networks
WASHINGTON—Federal regulators will vote in three weeks on a plan to accelerate next-generation 5G wireless networks around the U.S. by overriding some local rules that could hold up deployment.
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China state banks seen intervening to support renminbi - FT
Large Chinese state banks intervened in the offshore renminbi forwards market in recent days to ease depreciation pressure by raising the cost to investors of betting that the currency will weaken.
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Automakers fret as China clamps down on capacity, seeks consolidation | Reuters
BEIJING (Reuters) - Some automakers in China are alarmed by proposed government restrictions on investing in new manufacturing capacity and the ways in which Beijing is trying to trigger consolidation of the country’s flabby auto industry through mergers and strategic cooperation.
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China pledges $60bn for Africa as Xi rejects ‘debt trap’ claims - FT
Xi Jinping, China’s president, has pledged $60bn for African development over the next three years while countering criticism that Beijing is trying to ensnare African governments in a debt trap.
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week35 | 2018

week35 | 2018

CGCC News
CGCC Hosts “Chinese Investment in the US: The Path Forward” Forum in Houston
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CGCC Hosted MasterMind Series “Breakfast & Conversation with Madam Fu Ying” in New York
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Weekly Headlines
Tencent and Chinese Gaming Rivals Shudder as Government Tightens Grip - WSJ
BEIJING—China will limit videogame releases and set new restrictions on play time for youths, sending a shudder through the industry in the world’s largest game market.
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Trump ready to ratchet up China trade war with more tariffs: report | Reuters
WASHINGTON (Reuters) - U.S. President Donald Trump is prepared to quickly ramp up a trade war with China and has told aides he is ready to impose tariffs on $200 billion more in Chinese imports as soon as a public comment period on the plan ends next week, Bloomberg News reported on Thursday.
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China plans income tax breaks to boost consumption | Reuters
BEIJING (Reuters) - China’s parliament moved on Friday to raise the threshold for collecting income taxes, the first major adjustment in seven years, in a bid to boost incomes and personal spending power in a slowing economy.
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Trump Hammers Google Again, but Signals Against Regulation
President Trump continued his criticism for a second straight day that Google’s search engine is biased against conservatives, while saying he prefers not to pursue regulation of the internet giant.
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Michael Bloomberg’s economic forum caught in US-China crossfire
A high-profile forum set up by Michael Bloomberg, Henry Kissinger and a host of global business leaders to improve understanding between the US and China has been caught in the crossfire between Washington and Beijing, forcing the organisers into an abrupt change of plans.
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China says trade issues with U.S. can only be resolved through talks as equals
BEIJING (Reuters) - China’s commerce ministry said on Thursday that trade issues with the United States can only be resolved through talks as equals, adding that China will stick to the steady opening of its economy regardless of U.S. actions.
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China’s Himin Solar chief confronts local government over debt - - FT
China’s Himin Solar was flying high a decade ago as the world’s largest solar water-heating company, securing $100m in an investment round involving Goldman Sachs.
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Trump claims China hacked Clinton emails -FT
Donald Trump claimed early on Wednesday that China had hacked the emails of Hillary Clinton, but offered no evidence to back up his assertion.
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China’s Fosun keeps building profits while sticking to acquisitions - FT
Fosun International, the acquisitive Chinese investment group, posted Rmb6.86bn ($1bn) in net profits for the first half of 2018, a 17 per cent increase on the previous year as the company continues to buy up assets in China and overseas, in contrast to its peers.
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U.S. to Pay Farmers $4.7 Billion to Offset Trade-Conflict Losses
The Trump administration pledged to pay farmers $4.7 billion to offset losses from trade disputes with foreign buyers of U.S. agricultural products.
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Trump Hails U.S.-Mexico Trade Pact, Says ‘We’ll See’ With Canada
President Trump moved closer to revising the North American Free Trade Agreement by striking a deal with Mexico, but cast new doubts over the quarter-century-old pact by threatening to leave out Canada.
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China finance minister says will control local govt debt risks
BEIJING, Aug 28 (Reuters) - China will strengthen its management of local government debt and control debt risks, the finance minister said on Tuesday, according to Xinhua News Agency.
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China warns investment may weaken further, to make 'good use' of fiscal policy | Reuters
BEIJING (Reuters) - China’s investment growth, already at record lows, may weaken even further in the future and authorities should step up fiscal and financial measures to give it a boost, the state planner said on Monday.
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Yuan hits four-week high as China signals support, revives X-factor for fixing | Reuters
SHANGHAI (Reuters) - China’s yuan finished Monday afternoon trade at a near 4-week high to the dollar after the central bank revived a “counter-cyclical factor” in its daily fixing to support the currency, halting a record 10-week slide that rattled global markets and irritated Washington.
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Inside the Factory of China’s Future - WSJ
CHANGSHA, China—The blueprint for China’s industrial future lies on a dustless factory floor known as Workshop 18, where workers in dark blue uniforms work alongside robots to build pump trucks that can blast cement up the world’s tallest skyscrapers.
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week34 | 2018

week34 | 2018

CGCC News
54 CGCC Member Companies Ranked in the 2018 Fortune Global 500
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Weekly Headlines
Waymo sets up subsidiary in Shanghai as Google plans China push | Reuters
BEIJING/SHANGHAI (Reuters) - Alphabet Inc’s (GOOGL.O) self-driving unit Waymo has set up a subsidiary in Shanghai, according to a business registration filing, the latest sign that the U.S. internet giant is attempting to make new inroads into China.
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Baidu makes next fintech move
Baidu employees pose for a photograph at the company's booth during a high-tech exhibition in Beijing. (Photo by A Qing/For China Daily)
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U.S.-China Trade Talks End With No Sign of Progress - WSJ
WASHINGTON—Trade talks between the U.S. and China failed to produce any visible sign of progress, reducing the prospects of a deal soon, people closely tracking the talks said.
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Australia bans China’s Huawei from 5G network over national security - FT
Australia has banned Chinese telecoms equipment makers Huawei and ZTE from providing 5G technology to local mobile phone operators due to concerns over national security.
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U.S.-China trade war escalates as new tariffs kick in | Reuters
BEIJING/WASHINGTON (Reuters) - The United States and China escalated their acrimonious trade war on Thursday, implementing punitive 25 percent tariffs on $16 billion worth of each other’s goods, even as mid-level officials from both sides resumed talks in Washington.
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Trade war imperils foreign banks’ China plans - FT
As the trade war between the US and China intensifies, there is a growing expectation that collateral damage could spill on to Wall Street, disrupting US banks’ plans to expand in mainland China.
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Few thrills ahead for Trump from a Fed on a mission of its own
(Reuters) - “Not thrilled” may become a regular state of mind for U.S. President Donald Trump in the months ahead, as the Federal Reserve is likely to press on with interest rate rises to recalibrate policy for an economy boosted by the president’s own tax cuts.
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Chinese traders ditch cheap U.S. coal for domestic supply as tariffs loom
BEIJING (Reuters) - Some Chinese coal traders handling U.S. imports have begun sourcing future supplies domestically, people with knowledge of the matter said, as they await delivery of the last U.S. cargoes to arrive before hefty tariffs kick in on Thursday in a deepening trade row between the world’s top two economies.
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U.S., China to resume trade talks in Washington amid low expectations
WASHINGTON (Reuters) - U.S. and Chinese officials are set to resume contentious trade talks on Wednesday under the cloud of a prediction by U.S. President Donald Trump that there would be no real progress.
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China’s flourishing biotech start-ups look to be ‘true innovators’ - FT
Han Yusheng, a Chinese entrepreneur with a background in biology, established Burning Rock to promote the early diagnosis and treatment of cancer, especially lung cancer, using next-generation sequencing-based diagnostics in 2014 with the help of venture capital firms including Sequoia Capital China.
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Ant Financial’s IPO plan dented as cash burn and regulators hit Alibaba affiliate - FT
A blockbuster listing of Ant Financial, the fast-growing electronic payment affiliate of China’s leading tech group Alibaba, has again been delayed as it continues to burn cash and faces a crackdown on non-traditional financial institutions.
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U.S. Moves Toward New Tariffs on China Despite Fresh Round of Trade Talks - WSJ
WASHINGTON—The Trump administration is moving closer this week to levying tariffs on nearly half of Chinese imports despite broad opposition from U.S. business and the start of a fresh round of talks between the U.S. and China to settle the trade dispute.
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China’s Anbang Puts a $5.5 Billion Luxury Hotel Portfolio on the Block - WSJ
China’s Anbang Insurance Group Co. is looking to unload a luxury hotel collection that it acquired for $5.5 billion two years ago, according to people familiar with the matter, as pressure builds on the company to raise cash following its seizure by the government.
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Apple Pulls Illegal Apps Targeted by Chinese State Media - WSJ
BEIJING—Under fire from Chinese state media, Apple Inc. AAPL 2.00% said it removed illegal gambling apps from its App Store in China—a move that could help quell the latest challenge for the American tech giant in its most important market outside of the U.S.
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U.S. firms warn next China tariffs to cost Americans from cradle to grave
WASHINGTON (Reuters) - A broad cross-section of U.S. businesses has a message for the Trump administration: new tariffs on $200 billion of Chinese imports will force Americans to pay more for items they use throughout their daily lives, from cradles to coffins.
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week33 | 2018

week33 | 2018

Weekly Headlines
China Premier says will introduce new measures to boost private investment: Xinhua | Reuters
SHANGHAI (Reuters) - China’s Premier Li Keqiang said the country will step up reforms and roll out new incentives to remove obstacles to private investment and business, the official Xinhua news agency reported.
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Chinese internet stock sell-off may shake faith in FANGs | Reuters
SAN FRANCISCO (Reuters) - A steep downturn in heavyweight Chinese internet stocks and recent weakness in half of the so-called FANG group have some investors worried that a key component of Wall Street’s near-decade long rally may be low on fuel.
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Google CEO Tells Employees Company Isn’t Close to Launching Search Engine in China - WSJ
Google Chief Executive Officer Sundar Pichai defended to employees the internet giant’s controversial push to do more business in China but said the company is “not close to launching a search product” in the country, according to a person briefed on the comments.
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Renminbi jumps back from 19-month low - FT
China’s currency strengthened on Thursday, helping to lift the renminbi back from its lowest point since early 2017 that it touched a day earlier.
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China millennials face pension shortfall - FT
More than half of Chinese millennials are facing a pension shortfall by neglecting to save for their retirement, new research has found, raising concerns over the country’s ageing population and mounting debt pile.
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China to send vice-ministerial trade delegation to US in late August - FT
China’s Commerce Ministry will send a delegation led by vice minister Wang Shouwen to the US for trade talks at the end of August.
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Smaller Cities Are a Big Worry in China’s Too-Hot Property Market - WSJ
BEIJING—China’s booming housing market has been a rare bright spot of late as the broader economy cools, but there are signs of trouble beneath the surface.
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Tencent Stuns With First Profit Drop in at Least a Decade
Tencent Holdings Ltd. joined the ranks of Facebook Inc. by reporting shockingly poor quarterly numbers, underscoring how tech superstars that led the market to new heights are showing signs of strain.
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Y Combinator to open incubator in China | Financial Times
Y Combinator, the Silicon Valley start-up incubator that helped launch Dropbox and Airbnb, is launching in China and has recruited one of the country’s leading technologists to run it in a bid to tap into its fast-growing technology sector.
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China’s Growth Engine Sputters as It Battles U.S. Over Trade - WSJ
BEIJING—China’s economy continued to show signs of cooling, with fixed-asset investment slowing to a nearly two-decade low for the first seven months of the year as trade tensions with the U.S. escalated.
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Alibaba and Tencent in battle for China’s food delivery crown - FT
Finn Liu works 60-hour weeks in the heart of Beijing’s Silicon Valley — fuelled, in no small measure, by the meals he has delivered to his desk. He is not alone: come lunchtime, armies of uniformed delivery men descend on his office building, yelling out numbers as workers pour out to collect their noodles, rice bowls and salads.
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China fixed asset investment slows to record low - FT
Chinese industrial production and fixed asset investment growth came in below forecasts in July, with the latter falling to a record low as retail sales also disappointed.
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Chinese yuan weakens to 6.8629 against USD Monday - Xinhua | English.news.cn
BEIJING, Aug. 13 (Xinhua) -- The central parity rate of the Chinese currency renminbi, or the yuan, weakened 234 basis points to 6.8629 against the U.S. dollar Monday, according to the China Foreign Exchange Trade System.
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Turkish Drama Pummels Emerging Markets Around the World - WSJ
Turkey’s currency plunged again Monday, rattling other vulnerable emerging markets, while the country’s central bank made policy moves that failed to assuage investors about the economy’s perilous financial condition.
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Google Woos Partners for Potential China Expansion - WSJ
Google’s search engine is blocked in China. But inside the Beijing offices of smartwatch maker Mobvoi Inc., the internet giant looms large.
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week32 | 2018

week32 | 2018

Weekly Headlines
For Uber and Airbnb, New York City Turns Foe - WSJ
For Uber Technologies Inc. and Airbnb Inc., New York City has been a cradle of growth, with its 8.5 million residents and burgeoning tech startup scene.
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China’s Tariff Turnaround: U.S. Crude Oil Drops Off the Target List - WSJ
As China made good on its threat to impose 25% tariffs on $16 billion worth of U.S. imports, one big-ticket item originally on its hit list was conspicuously missing: crude oil.
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Turkish Crisis Rattles Currency Markets - WSJ
The Turkish lira tumbled as much as 12% against the dollar Friday, a shock that set off sharp falls in other emerging-market currencies and in the shares of several big European banks.
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The week in energy: the trade war heats up - FT
During the Cold War, there were countless thousands of words written about the theory of nuclear escalation: the prospect of conflicts flaring up into increasingly intense attacks, culminating in all-out nuclear war. The series of tariff disputes launched by US President Donald Trump suggests that we need an equally thorough investigation of the logic of trade war escalation.
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China’s Central Bank Lets the Credit Flow - WSJ
Asian equities were mixed Thursday, with a jump in Chinese stocks standing out from the pack.
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US-China trade tariffs cast shadow over cloud computing boom - FT
The information factories for the cloud computing age are about to get caught in the crossfire of the US-China trade war.
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China’s trade surplus with US drops slightly in July to US$28 billion, as tariffs start to bite | South China Morning Post
China’s trade surplus with the United States fell by about 3 per cent in July from the previous month, as the tariffs imposed by the two countries on each other’s imports took their first bite.
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U.S. to Impose Tariffs on Another $16 Billion in Chinese Imports - WSJ
WASHINGTON—The Trump administration completed plans Tuesday to impose new tariffs on $16 billion in Chinese imports to punish Beijing for its trading practices, bringing the total value of products covered by the duties to $50 billion by the end of the month.
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China’s Imports Jump as It Digs In for a Trade Fight - WSJ
BEIJING—China’s imports surged in July as it moved to shore up its economy and prepared for a long-term trade battle with the U.S.
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Trump claims US is winning trade war with China - FT
President Donald Trump has claimed the US is winning the worsening trade war with China and that his tariffs on imports will help reduce the US national debt, firing back a day after Beijing threatened retaliatory tariffs on $60bn of imports from the US.
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China drug scandals highlight risks to global supply chain - FT
The drug safety scandals in recent weeks have underlined the risks to international consumers posed by weak oversight in China, the world’s largest supplier of active pharmaceutical ingredients.
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China private equity funds suffer wave of closures - FT
Chinese alternative asset managers have become the latest casualty of the country’s crackdown on debt and financial risk, with a record number of private equity and hedge funds dissolving in recent months as new regulations limit their fundraising.
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Bigger Sales Than Apple? China’s Huawei Doesn’t Need the U.S. - WSJ
HONG KONG—Smartphone sales are falling globally, but a Chinese tech giant whose devices most Americans can’t even buy is doing a booming business, while nipping at the heels of Apple Inc.
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China Bears Score $7.1 Billion Victory in Long-Running ‘Pain Trade’ - WSJ
Investors are piling into bets against China’s stocks and currency, reviving what has been one of Wall Street’s most popular—and painful—trades in recent years.
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Renminbi holds firm in wake of PBoC move | Financial Times
China’s currency was slightly firmer on Monday after Beijing stepped in to stabilise the renminbi late last week and as analysts cautioned over possible further intervention.
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week31 | 2018

week31 | 2018

CGCC News
Openness and Opportunity: The Future of the China-US Corridor
With the theme “Openness and Opportunity: The Future of the China-US Corridor”, the forum convened a diverse array of ex...
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Weekly Headlines
China Reins In Yuan’s Rapid Depreciation - WSJ
BEIJING—China is moving to rein in the yuan’s rapid depreciation as investors bid down the tightly-controlled currency to its weakest level in more than a year amid growing worries over a bruising trade battle with the U.S.
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Apple’s Market Cap Hits $1 Trillion - WSJ
Apple AAPL 2.92% Inc. on Thursday became the first U.S. company to surpass $1 trillion in market value, underscoring the iPhone maker’s explosive growth and its role in the technology industry’s ascent to the forefront of the global economy and markets.
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China says it wants to resolve differences with U.S. 'on equal footing' | Reuters
SINGAPORE (Reuters) - China is willing to resolve differences with the United States on an equal footing, the Chinese government’s top diplomat said on Friday after meeting U.S. Secretary of State Mike Pompeo, but added they did not address their trade war too specifically.
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Trump's overture to emerging Asia drowned out by trade war | Reuters
SINGAPORE (Reuters) - When the U.S. Secretary of State flies into Southeast Asia this week with a new investment pitch for the region, the response could be: thanks a million, but please stop threatening a trade war with China that will make us lose billions of dollars.
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China Tower raises most in an IPO globally since 2016 - - FT中文网
China Tower Corporation, the world’s largest telecommunications tower group by revenue, has raised $6.9bn its initial public offering, the biggest amount garnered globally in a market debut since 2016.
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China crackdown on bad debt forces wave of loans on the market - - FT中文网
A tightening of credit and a crackdown on bad debt at banks in China has led to a flood of non-performing loans hitting the market at increasingly low prices.
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China central bank to fine-tune policy to ensure ample liquidity
BEIJING (Reuters) - China’s central bank will fine-tune monetary policy in a “pre-emptive” way to ensure liquidity is reasonably ample, it said on Wednesday, amid heightened trade tension that has stiffened economic headwinds.
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Huawei overtakes Apple as world No. 2 smartphone seller, gains ground in China
HONG KONG/SINGAPORE (Reuters) - China’s Huawei Technologies overtook Apple Inc (AAPL.O) to become the world’s second-biggest smartphone seller in the June quarter, data from market research firms showed, as it gained ground in Europe and expanded its lead back home.
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Trump Advisers Urge Raising Additional China Tariffs to 25% - WSJ
As Washington and Beijing struggle to break a trade impasse, some administration advisers are urging President Trump to raise the stakes with a sharp increase in the level of tariffs proposed for $200 billion in Chinese imports targeted for punitive measures.
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Pompeo hails Indo-Pacific funding pledge - - FT中文网
Mike Pompeo, US secretary of state, yesterday set out the Trump administration’s plans to respond to China’s $1tn international investment drive and boost the US’s role in the Indo-Pacific through what he hailed as a “new era” of investment.
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US groups hit out at proposed tariffs on Chinese e-bikes - - FT中文网
Uber, Bird and Lime have hit out at proposed US tariffs on electric bicycles and scooters imported from China, pitting some of Silicon Valley’s fastest-growing companies against US President Donald Trump.
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China toughens security stance on foreign buyers of sensitive assets - - FT中文网
Foreigners seeking “strategic” stakes in listed Chinese companies could face broader national security reviews under rules drafted by China’s commerce ministry, a sign Beijing is preparing to hit back at western efforts to curb Chinese acquisitions of sensitive technologies.
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Soda, Motorcycle Prices Rise as Tariffs Hit Home for Consumers - WSJ
Consumers are starting to see higher prices for recreational vehicles, soda, beer and other goods that now cost more to make as a result of recent tariffs on metals and parts.
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Trump Again Threatens to Shut Down Government - WSJ
WASHINGTON—President Trump renewed a threat to shut down the government unless Congress provides money for a wall at the southern border and enacts new curbs on immigration, reviving a battle he said last month should wait until Republicans gained more solid majorities after the November elections.
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Trump Says He ‘Opened Up Europe’ for Farmers. Europeans Disagree. - WSJ
A day after President Trump hailed “a breakthrough agreement” on trade with Europe, European officials said the president and his aides are exaggerating the scope of their new pact.
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week30 | 2018

week30 | 2018

CGCC News
International Cooperation Forum at 2018 NGA Summer Meeting in New Mexico
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Weekly Headlines
Exclusive: China eyes infrastructure boost to cushion growth as trade war escalates - sources
BEIJING (Reuters) - China plans to put more money into infrastructure projects and ease borrowing curbs on local governments to help soften the blow to the economy from the Sino-U.S. trade war, policy sources told Reuters.
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China is at a 'historic juncture,' with outcome uncertain: IMF staff report - MarketWatch
The Chinese economy is at a "historic juncture" having to move from "high speed" growth to "high quality" growth, and how this shift is carried through will determine the country's development path for decades to come.
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China’s suffocation of Qualcomm-NXP merger signals new era - FT中文网
In late May, a team of Qualcomm lawyers arrived in Beijing to seal a deal with Chinese competition regulators, optimistic that they would  soon clear the last hurdle in the US semiconductor company’s proposed $44bn acquisition of the Dutch-owned NXP.
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Chinese E-Commerce Startup Fetches Nearly $24 Billion Valuation in Nasdaq IPO
HONG KONG—A three-year-old Chinese internet startup earned a nearly $24 billion market valuation in an initial public offering in New York, drawing high investor demand ahead of a string of larger internet IPOs from the country in the coming months.
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China flexes muscles by scuppering $44bn chip deal
Beijing’s failure to approve Qualcomm bid amid US trade tensions rattles global M&A. Qualcomm admitted defeat in its attempted $44bn takeover of Dutch chipmaker NXP after failing to win approval from Chinese regulators for what would have been the semiconductor industry’s largest ever takeover.
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U.S., Europeans Agree to Iron Out Trade Differences
WASHINGTON—President Donald Trump and European Commission President Jean-Claude Juncker turned down the heat on a trade dispute between two of the world’s largest economic powers, suggesting Wednesday they would hold off on further tariffs while they talk through their differences.
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Tariff Dispute Threatens China’s Thirst for U.S. Oil - WSJ
For the American oil industry, which President Donald Trump has declared is entering an era of “energy dominance,” an escalating trade fight with China would represent a lost opportunity for U.S. efforts to break into a strategic market.
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Chinese Reversing Big U.S. Real Estate Buying Spree That Had Helped Boost Prices - WSJ
Chinese real-estate investors, facing pressure from Beijing, are reversing a yearslong buying spree in the U.S. where they often paid record prices for marquee properties like New York’s Waldorf Astoria hotel.
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Trump Administration Plans Up to $12 Billion in Farm Aid to Ease Concerns Over Trade Disputes - WSJ
WASHINGTON—The Trump administration said Tuesday it would extend $12 billion in emergency aid to farmers amid signs the U.S. agricultural sector is beginning to feel the impact of President Donald Trump’s escalating trade disputes with major U.S. trading partners.
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China’s cabinet unveils fresh measures to boost economy - FT中文网
China has announced a mix of tax cuts and infrastructure spending citing “uncertainty”, as it ramps up efforts to stimulate demand and counteract a weakening economy.
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China Tower targets $8.7bn in listing - FT中文网
China Tower Corporation, the largest telecoms tower group by revenue, is seeking to raise up to $8.68bn in a Hong Kong initial public offering that would value the state-backed company as high as $35bn.
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Cloud Migration Set to Ramp Up in China - CIO Journal. - WSJ
Companies in China have been slower to embrace cloud computing, compared to U.S. firms, citing the cost and complexity of workload migrations, as well as added security and regulatory issues, according to a new McKinsey & Co. report.
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China Targets Apple With Push Into Advanced Smartphone Screens - WSJ
CHENGDU, China—China’s campaign to become a global power in advanced manufacturing is playing out at a high-tech factory in Sichuan province, where engineers are aiming to supply display screens for Apple Inc.’s AAPL -0.23% top-tier iPhones.
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What the Fed Is Missing, Again - WSJ
The Federal Reserve isn’t worried about the yield curve, and it has reason why. The problem: It is pretty much the same reason it wasn’t worried about the yield curve before the financial crisis.
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China’s Latest Consumer Scandal: Unsafe Vaccines - WSJ
HONG KONG—Chinese Premier Li Keqiang called for a government investigation into “the entire process chain of all vaccine production and sales,” after a drug company allegedly sold more than 250,000 doses that failed to meet safety standards.
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week29 | 2018

week29 | 2018

CGCC News
CGCC sponsors Good Beer 2018: Craft Beer and Food Festival
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Weekly Headlines
U.S. Envoy to China Feels the Heat From Trade Fight - WSJ
BEIJING—When Terry Branstad left behind 22 years as Iowa governor to become ambassador to China in 2017, he brought to the job relationships with both presidents, Donald Trump and Xi Jinping.
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Congress to Toughen Foreign Investment Reviews Amid Trade Fight With China - WSJ
Congress is poised to strengthen the procedures for vetting both foreign investments in the U.S. and overseas transactions involving cutting-edge American technology.
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Trump Says He’s Ready to Impose Tariffs on $500 Billion in Chinese Imports - WSJ
WASHINGTON—President Donald Trump on Friday reiterated his threat to put a tariff on every dollar of China’s roughly $500 billion in exports to the U.S.
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Chinese signal readiness to boycott US goods during trade conflict - - FT中文网
A majority of Chinese consumers would be prepared to boycott US goods in the event of a trade war with Washington, a survey has found, signalling the high stakes in the escalating conflict between the two countries.
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There’s a bigger worry in China than trade tension - - FT中文网
International Investors are too fixated on trade tension between the US and China. Instead, they would do well to take heed as Beijing continues a war against non-bank lenders and fintech companies that is tightening liquidity and spooking investors in mainland China.
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The discrepancy at the heart of US-China trade tensions - - FT中文网
In mid-June, as Washington and Beijing were hurtling towards a multibillion-dollar trade war, the US Supreme Court weighed in on an obscure Sino-American commercial dispute. In a unanimous decision, the justices overturned a 2014 ruling by a lower court that had exonerated Hebei Welcome Pharmaceutical and other Chinese drugmakers of colluding to fix prices.
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U.S. Expects China to Buy Even More Iranian Oil After Sanctions - WSJ
There is one big hitch in U.S. plans to stem buying of Iranian oil: China.
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Yuan Hits One-Year Low, Testing China's Tolerance for Weakness
The yuan fell to the lowest since August as the dollar rallied, raising speculation that Chinese officials are comfortable with the currency’s weakness.
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U.S. Dealers Expect Foreign Cars to Cost More If Auto Tariffs Enacted - WSJ
Consumers should expect higher prices on imported cars if President Donald Trump’s proposed 25% tariff on foreign-built vehicles shipped into the U.S. is enacted, according to car sellers.
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Latest Sign of China’s Slowdown: A Technology Cash Crunch - The New York Times
HONG KONG — Wang Shidong and his two partners were still finishing graduate school two years ago when they raised $45 million in less than two months to start a venture capital fund. His wife, an elementary-school teacher in their home village, was “terrified” that he got to manage so much money, Mr. Wang said.
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Rush into bank credit triggers worries for China’s $1tn money market fund sector - FT中文网
Investors have warned of growing systemic risks in China’s $1.09tn money market fund industry, as funds buy up bank credit despite a surge in bad debt this year.
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China Targets U.S. Tech Startups in Investment Loophole - WSJ
Tighter national security reviews have curbed Chinese deal-making in the U.S., but a new study shows China is pouring money into cutting-edge American technologies at a record pace this year through loosely regulated venture capital investments.
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China Snubs Xiaomi With Pushback Against Dual-Class Shares - WSJ
China’s two main stock exchanges said investors on the mainland won’t be able to use a trading link with Hong Kong to buy into companies with supervoting shares, a setback for recently listed smartphone maker Xiaomi Corp.
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Boeing works to avert US-China trade war escalation | Financial Times
Boeing is working actively behind the scenes to avert an escalation of the bitter US-China trade war, amid concerns about the risks for a company that is the top US exporter.
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China Growth Slows Slightly Ahead of Effects From U.S. Trade Fight - WSJ
BEIJING—China’s economic expansion slowed a notch in the second quarter, weighed down by a top-priority government debt cleanup even before growth takes an expected hit from the trade fight with the U.S.
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week28 | 2018

week28 | 2018

Weekly Headlines
China’s Effort to Control Debt Loses Steam - WSJ
BEIJING—China is letting up on its drive to keep a lid on debt growth as it faces a softening economy at home and escalating trade tensions with the U.S.
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Apple Sets $300 Million Clean Energy Fund for China Amid Trade Tensions - WSJ
Apple Inc. AAPL 1.68% said it would launch a $300 million clean-energy fund for China with 10 of its suppliers, extending the U.S. tech giant’s commitment to China at a time of mounting trade tension between its home country and its most important overseas market.
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China’s Trade Surplus With U.S. Hits Record as Fight Intensifies - WSJ
BEIJING—China’s trade surplus with the U.S. surged to a record monthly high in June, with exports swelling just as trade tensions between the world’s two largest economies escalated.
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Let It Slide: Beijing Lets Yuan Weaken by Most in 18 Months
China guided the yuan to its largest one-day drop against the U.S. dollar in a year and a half, with an intensifying trade conflict between the world’s two largest economies putting fresh pressure on the Chinese currency.
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This Time Around, Chinese Consumer Products Would Face Tariffs
WASHINGTON—The Trump administration is expanding the battlefield in its trade fight with China, moving beyond industrial goods to threaten tariffs for the first time on a range of consumer products that illustrates how dependent the U.S. consumer economy is on imports.
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Tesla to Build Auto Factory in Shanghai - WSJ
SHANGHAI— Tesla Inc. TSLA 1.24% will build a factory in Shanghai, the city government said Tuesday, a move expected to boost sales in the world’s largest auto market but that comes as U.S. companies face pressure to keep jobs at home.
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China Plans More Retaliatory Tariffs as Trade Dispute With the U.S. Worsens - WSJ
BEIJING—China reacted angrily to the Trump administration’s new tariff plans for $200 billion in Chinese goods, calling the move a “totally unacceptable” escalation and vowing to roll out unspecified countermeasures.
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U.S. Unveils Additional Tariffs on $200 Billion More in Chinese Imports - WSJ
WASHINGTON—The White House said it would assess 10% tariffs on a further $200 billion in Chinese goods, deepening the dispute with Beijing, while sending a message to other trading partners that the U.S. won’t back away from trade fights.
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Tesla Buyers in China Are Early Casualties in Trade Wrestle - WSJ
SHANGHAI—Tesla buyers in China will be among the first consumers to feel the pinch from the U.S.-China trade dispute.
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China to use tariff revenue to aid companies hit by US duties - FT中文网
China will minimise the impact of its ongoing tariff war with the US on its economy by using tariff revenues to aid affected companies and employees, Beijing’s commerce ministry announced Monday.
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China’s Taste for Soybeans Is a Weak Spot in the Trade War With Trump - The New York Times
XIAOWUSILI, China — For all its economic might, China hasn’t been able to solve a crucial problem.
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U.S. Trade Representative Announces ‘Exclusion’ Process for Products Hit by U.S. Tariffs on China - WSJ
WASHINGTON—The U.S. Trade Representative outlined a way for companies to get their products excluded from fresh tariffs on $34 billion worth of Chinese exports that were imposed on Friday.
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Xiaomi shares fall almost 5% in Hong Kong debut | Financial Times
Shares in Xiaomi dropped nearly 5 per cent at the open in Hong Kong on Monday, marking a disappointing start for one of the most highly-anticipated public offerings of 2018.
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How U.S. and China Tariffs Are Rippling Through U.S. Industries
Makers of whiskey, cheese, auto parts and more are contending with the U.S.-China tariff battle
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week27 | 2018

week27 | 2018

CGCC News
Statement on US-China Tariffs
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Weekly Headlines
China market turmoil revives memories of previous carnage | Financial Times
Turmoil has returned to Chinese financial markets after more than two years of relative calm, reviving memories of 2015-16, when an equity market rout combined with currency depreciation captured the attention of global investors and sparked worries about systemic risk.
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U.S. Has Launched ‘Largest Trade War in Economic History,’ China Says - WSJ
BEIJING—China accused the U.S. of launching “the largest trade war in economic history,” forcing China to counterattack.
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U.S., China Dig In for Long Trade War as Tariffs Take Effect - WSJ
The U.S. and China slapped levies on $34 billion of each other’s exports, the first tangible shots in a trade battle that both sides are bracing to fight for months—if not years.
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China keeps LNG off tariff list for now, could be trade weapon later | Reuters
BEIJING (Reuters) - China’s omission of liquefied natural gas (LNG) from its vast list of U.S. products that face hefty import duties from Friday has preserved a potential weapon should the trade war with Washington deepen.
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In Tariff Fight With Trump, China Scraps Plan to Strike First - WSJ
BEIJING—As the U.S. and China gear up to slap each other with tariffs Friday, Beijing’s leadership faced the thorny question of whether to strike first, or let Washington take the lead.
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China warns U.S. is 'opening fire' on the world with tariff threats | Reuters
BEIJING (Reuters) - The United States is “opening fire” on the world with its threatened tariffs, China warned on Thursday, saying no one wants a trade war but it will respond the instant U.S. measures go into effect, as Beijing ramped up the rhetoric in the heated dispute.
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Trump set to deny China Mobile access to US market | Financial Times
The Trump administration has cited national security concerns to deny China Mobile entry into the US, dealing a blow to one of China’s biggest state-owned telecoms providers amid a looming trade war between the two countries.
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China’s Currency Just Hit Its Weakest Point Against the Dollar in Almost a Year - WSJ
The yuan on Tuesday slumped to its weakest value against the U.S. dollar in nearly a year.
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China’s Export Growth to U.S. Abruptly Slows as Tariffs Near
China releases some trade data early, days before U.S. tariffs are set to take effect
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Trump Cites Car-Tariff Threat as Biggest Trade Leverage - WSJ
WASHINGTON—President Donald Trump said he sees his threat to impose global auto tariffs as his biggest weapon to extract concessions from trading partners, shedding more light on his broader trade policy strategy.
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Auto Makers in the U.S., Including Tesla and Ford, Brace for Additional Tariff From China
Beijing is set to impose an extra 25% tariff on American auto imports this week
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ZTE Replaces Board, but Power Structure Remains
Moves come in response to U.S. penalties that have devastated Chinese company’s business
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week26 | 2018

week26 | 2018

CGCC News
Is International Arbitration in China Impartial?
CGCC co-hosts International Arbitration forum with US-China legal representatives
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CGCC 2018 Annual Member Meeting Held in Washington DC Welcome New Board Members
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Weekly Headlines
China defends WTO record as it takes aim at US tariffs | Financial Times
China has defended its record at the World Trade Organization, presenting itself as a responsible partner in international commerce as the US distances itself from multilateral institutions.
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Trade War Punctures China’s Pride in Its Technology - WSJ
BEIJING—To the list of casualties in the trade battle between the U.S. and China add another: Chinese chest-thumping about the country’s prowess in innovation.
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China eases foreign ownership curbs as trade war looms | Financial Times
China has cut the number of industrial sectors closed to foreign investment as Beijing tries to appeal to international businesses ahead of a looming trade war with the US.
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China's BYD launches world's biggest battery factory | Reuters
SHANGHAI (Reuters) - Chinese electric carmaker BYD Co Ltd has opened a new lithium battery plant in the northwestern province of Qinghai, which will be the world’s biggest when construction is fully completed next year, it said on Thursday.
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Why Investors Aren’t Worried China Will Weaponize Its Treasurys Hoard - WSJ
Intensifying trade tensions have U.S. investors parsing China’s possible responses to the latest Trump administration salvos, concerned about everything from escalating tariffs to currency devaluation.
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China Sends Yuan to Fresh Six-Month Low
The currency’s value has also started to weaken not just against the dollar, but on a global basis
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GE Narrows Focus to Power, Aviation in Latest Revamp - WSJ
General Electric Co. unveiled plans Tuesday to shed two big business units, the culmination of a drastic effort to revitalize what once was one of the U.S.’s largest and most-valuable companies.
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Renminbi weakens past Rmb6.6 per dollar | Financial Times
The renminbi weakened past the Rmb6.6 per dollar mark for the first time in six months on Wednesday amid expectations that China’s central bank will move to prevent it from falling too far.
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Trump Eases Demand for New Tools to Limit Chinese Investment - WSJ
WASHINGTON—President Donald Trump suggested he would scrap plans for new restrictions on Chinese investment in U.S. technology and rely mainly on existing tools that some of his advisers have labeled inadequate to guard against the purchase—and theft—of innovations vital to the U.S. economy.
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U.S. Stocks Fall as Trade-War Fears Rattle Markets
U.S. stocks tumbled on Monday but later pared declines as investors grappled with conflicting messages from senior White House officials on the future of trade policy between the world’s two biggest economies.
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U.S. Investment Restrictions Won’t Name China but Will Apply Broadly, Mnuchin Says - WSJ
WASHINGTON—Treasury Secretary Steven Mnuchin said that the Treasury Department’s proposed investment restrictions, part of the ongoing trade battle against China, won’t specifically name Beijing but will target “all countries that are trying to steal our technology.”
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China’s Xi Tells CEOs He’ll Strike Back at U.S. - WSJ
BEIJING—Chinese President Xi Jinping is responding to the Trump administration’s trade-clash escalations with a bare-knuckle approach that makes a bruising fight more likely.
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China’s Meituan-Dianping Files for IPO, Reveals Loss of Nearly $3 Billion in 2017
The company is targeting a valuation of more than $60 billion, sources say
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China Eases Credit Policy as U.S. Tariffs Near
Cut in reserve requirement is meant to support growth as expansion slows and a trade war heats up
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Trump Plans New Curbs on Chinese Investment, Tech Exports to China
Treasury is crafting rules that would block firms with at least 25% Chinese ownership from buying companies involved in ‘industrially significant technology’
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week25 | 2018

week25 | 2018

CGCC News
CGCC Released 2018 Business Survey Report on Chinese Enterprises in the U.S.
On June 20, the China General Chamber of Commerce-USA (CGCC) and CGCC Foundation released 2018 Business Survey Report on...
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Secretary Wilbur Ross: We Are Hopeful to Reach Mutually Beneficial Solutions to Help Both Economies Grow
On June 20th, China General Chamber of Commerce – USA (CGCC) hosted the 2018 SelectUSA Reception in Washington, DC. Wilb...
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Weekly Headlines
Meituan Wants to Be the Grubhub of China
BEIJING—China’s burgeoning middle class, which increasingly is going online for everything from ordering lunch to booking hotel rooms, is fueling expectations that an 8-year-old startup with an innovative smartphone app will go public at a lofty $60 billion valuation this year.
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OPEC inches closer to boosting oil output as Iran hints cartel is ‘cooking’ up a deal
OPEC appeared to be on the brink of raising oil supply on Friday, after de-facto leader Saudi Arabia looked to have convinced arch-rival Iran to cooperate over production policy.Energy ministers have been laying the groundwork all week for Friday's biannual meeting in Vienna, Austria, where OPEC is expected to ease supply constraints that have been in place since January 2017.
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Daimler Issues Profit Warning as Chinese Tariffs Hit U.S.-Built SUVs - WSJ
BERLIN—The escalating trade war between the U.S. and China has claimed an unintended victim: Germany’s premium car manufacturer, Daimler AG.
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China's Xiaomi secures seven cornerstone investors for $6.1 billion Hong Kong IPO | Reuters
HONG KONG (Reuters/IFR) - Chinese smartphone maker Xiaomi Corp has lined up $548 million from seven cornerstone investors including U.S. chipmaker Qualcomm Inc for its Hong Kong IPO of up to $6.1 billion, according to a term sheet seen by Reuters.
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EU to Begin Retaliatory Tariffs Against U.S. on Friday - WSJ
BRUSSELS—The European Union will start imposing retaliatory tariffs on U.S. goods on Friday, in response to President Donald Trump’s duties on steel and aluminum imports from the bloc.
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Chinese investment in the United States has plummeted 92% this year
Chinese investment in the United States nosedived in the first five months of 2018 amid mounting tensions between the world's two largest economies.
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China trade war could permanently scar U.S. soybean market: Braun | Reuters
CHICAGO (Reuters) - As the trade fight between the United States and China escalates, many agriculture market participants have taken comfort in the idea that China cannot fulfill its soybean needs without importing massive quantities of the U.S. product.
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Markets Begin to Take Threat of Trade War Seriously - WSJ
Global stocks, commodities and bond yields tumbled Tuesday, the starkest sign yet of investors betting tensions between the U.S. and China could escalate into a trade war.
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Risk of Chinese Currency Devaluation Rises With Latest Tariffs Threat - WSJ
The Trump administration’s threat to slap tariffs on another $200 billion in Chinese goods has reignited fears that Beijing will turn to a powerful but risky weapon: a depreciation of its currency.
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Exclusive: China's Xiaomi cuts valuation after pulling mainland offering: sources | Reuters
HONG KONG/SHANGHAI (Reuters/IFR) - Chinese smartphone maker Xiaomi has lowered its likely valuation to between $55 billion and $70 billion following its decision to delay its mainland share offering until after its Hong Kong IPO, three sources with direct knowledge of the matter said.
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Senate votes to block Trump’s relief for ZTE | Financial Times
The US Senate has voted to block Donald Trump’s deal with ZTE, which had allowed the Chinese telecoms equipment maker to resume operations after a month-long hiatus.
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Donald Trump Threatens New Tariffs on $200 Billion in China Imports - WSJ
WASHINGTON—President Donald Trump escalated a trade conflict with China Monday, asking his administration to identify a new list of $200 billion in Chinese goods that would be penalized with tariffs.
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China's tariffs on U.S. oil would disrupt $1 billion monthly business | Reuters
SINGAPORE (Reuters) - China’s threat to impose duties on U.S. oil imports will hit a business that has soared in the last two years, and which is now worth almost $1 billion per month.
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China Issues Retaliatory Tariffs as Trade Fight Heats Up
Beijing retaliated against planned U.S. tariffs on Chinese goods by targeting high-value American exports—including farm products, cars, and crude oil—bringing the world’s two biggest economies closer to an all-out trade war.
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Google to invest $550 million in Chinese e-commerce giant JD.com | Reuters
SINGAPORE (Reuters) - Google will invest $550 million in Chinese e-commerce powerhouse JD.com, part of the U.S. internet giant’s efforts to expand its presence in fast-growing Asian markets and battle rivals including Amazon.com.
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week24 | 2018

week24 | 2018

CGCC News
CGCC Foundation sponsored Chinese Kunqu Opera Performance in New York
CGCC Foundation sponsored the signature Kunqu Opera show of “Peony Pavilion” on June 10. CGCC members enjoyed this fanta...
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Weekly Headlines
Foreign Investors Are Biggest Buyers of Chinese Government Debt - WSJ
SHANGHAI—Foreign investors have emerged as the biggest buyers of government bonds in China’s domestic market this year, a surprise development that is largely due to the inclusion of Chinese bonds in a major global index and the yuan’s resilience.
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China’s Investors Pour Into Western Biotech Startups - WSJ
Fledgling biotechs and medical-technology startups in the U.S. and Europe have found a new source of funding for their costly research: China.
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Trump approves US tariffs on $50bn in Chinese imports | Financial Times
US president Donald Trump has decided to impose tariffs on about $50bn in imports from China, in a move due to be announced on Friday that will bring the world’s two largest economies closer to a trade war.
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Exclusive: China's Lufax targets $2 billion in fresh funding amid IPO delay - sources | Reuters
HONG KONG (Reuters/IFR) - China’s Lufax aims to raise up to $2 billion in fresh funding, valuing one of the country’s largest online wealth management platforms at $40 billion, as it opts for private investment ahead of a delayed listing, said people familiar with the deal.
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Fed Raises Interest Rates, Sets Stage for Two More Increases in 2018 - WSJ
WASHINGTON—Federal Reserve officials signaled Wednesday they could pick up the pace of interest-rate increases this year and next to keep a rapidly expanding economy on an even keel.
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U.S. Prepares to Proceed With Tariffs on Chinese Goods
The Trump administration, deepening its global trade offensive, is preparing to levy tariffs on tens of billions of dollars of Chinese goods in the coming week, perhaps as early as Friday—a move that is likely to spark heavy retaliation from Beijing.
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Wall Street Firms Face a New $15 Billion Hurdle in China - WSJ
BEIJING—China’s promise to liberalize access to its fast-evolving securities markets comes with a new hurdle for Wall Street firms, leaving them uncertain about meeting hefty asset requirements to do business in the world’s second-largest economy.
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Tesla to cut 9% of jobs in 'difficult but necessary' reorganization
Tesla told employees Tuesday it will cut about 9 percent of its workforce, trimming mostly salaried positions.
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AT&T’s Time Warner Takeover Wins Judge’s Approval in Defeat for Justice Dept.
WASHINGTON — A federal judge on Tuesday approved the blockbuster merger between AT&T and Time Warner, rebuffing the government’s effort to stop the $85.4 billion deal, in a decision that is expected to unleash a wave of corporate takeovers.
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Senators Move to Sink Trump’s ZTE Deal - WSJ
美国共和党参议院领袖罕见地向总统特朗普(Donald Trump)发难,定于本周发起表决,这次表决料将推翻白宫令中国通讯企业中兴通讯股份有限公司(ZTE Corp., 简称:中兴通讯)恢复业务的交易。
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Huawei patent case shows Chinese courts' rising clout | Reuters
(Reuters) - A smartphone patent fight between Huawei Technologies Co Ltd and Samsung Electronics Co (005930.KS) could reach a global resolution through a ruling by a Chinese court, a development that reflects the growing attractiveness of China as a quick and effective forum for intellectual property disputes.
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Trump, Kim agree on denuclearization, but deal seen symbolic | Reuters
SINGAPORE (Reuters) - U.S. President Donald Trump and North Korean leader Kim Jong Un pledged on Tuesday to work toward complete denuclearization of the Korean peninsula while Washington committed to provide security guarantees for its old enemy.
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G7 left reeling after Trump’s last-minute reversal
With a single tweet from Air Force One, Donald Trump torpedoed weeks of painstaking diplomacy and drove a wedge deeper between the US and the G7 countries that traditionally consider themselves Washington’s closest allies.
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China Oceanwide’s $2.7 Billion Takeover of Genworth Financial Passes U.S. Security Review
A U.S. national security panel approved a Chinese conglomerate’s $2.7 billion takeover of Richmond, Va.-based insurer Genworth GNW 2.42% Financial Inc., after the companies convinced authorities they would take extraordinary steps to secure Americans’ personal data.
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History beckons for Trump and Kim
Donald Trump and Kim Jong Un are the unlikeliest of statesmen, but fate has thrown the US President and the North Korean tyrant an opportunity granted to few historic figures -- together they can change the world.
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week23 | 2018

week23 | 2018

CGCC News
CGCC-DC Members Kicking Off Summer with Team-Building Cookout
Members of China General Chamber of Commerce – Washington D.C. Chapter gathered at Burke Lake Park in Fairfax, Virginia ...
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Weekly Headlines
After Scrutinizing Facebook, Congress Turns to Google Deal With Huawei - WSJ
Members of Congress have begun scrutinizing Google’s relationship with China’s Huawei Technologies Co.—roping another Silicon Valley giant into Washington’s escalating digital cold war with Beijing.
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China's ZTE apologizes, pledges reboot after agreeing to pay $1 billion fine to US
The chairman of ZTE apologized to staff and customers on Friday after the Chinese technology firm agreed to pay a $1 billion fine to the United States to end a ban that has crippled key businesses, including smartphones.
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G7 leaders set to clash with combative Trump over tariffs, trade | Reuters
QUEBEC CITY (Reuters) - Leaders of the Group of Seven rich nations are set to clash with a combative U.S. President Donald Trump on Friday when they pressure him to lift sanctions on steel and aluminum they fear could lead to a trade war.
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Foreign investment slump worse than thought and facing new risks, U.N. says
GENEVA (Reuters) - Global foreign direct investment (FDI) fell by almost a quarter to $1.43 trillion last year and the outlook is clouded by risks including trade wars and debt, the United Nations trade and development agency UNCTAD said on Wednesday.
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EU presses ahead with retaliation to US steel tariffs
The EU has confirmed plans to target €2.8bn of US products with extra tariffs as it prepares its retaliation against Donald Trump’s move to hit European steel and aluminium with punitive duties.
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U.S. Trade Is Trump’s Main Focus at G-7 Gathering
President Donald Trump, heading into this weekend’s meeting of the Group of Seven industrialized nations, has signaled his intention to continue pursuing an aggressive trade agenda even if it comes at the expense of America’s standing in the world.
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Exclusive: China's ZTE signed preliminary agreement to lift U.S. ban: sources | Reuters
(Reuters) - ZTE Corp (000063.SZ) has signed an agreement in principle that would lift a U.S. Commerce Department ban on buying from U.S. suppliers, allowing China’s No. 2 telecommunications equipment maker to get back into business, according to sources familiar with the matter.
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How China’s Yuan Is Outperforming Major Currencies
China’s yuan has outperformed other major currencies against the U.S. dollar over the past six months, against a backdrop of ongoing trade concerns and heightened stock volatility. But the yuan’s resilience might not last long, as the greenback makes a comeback.
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China Offers to Buy Nearly $70 Billion of U.S. Products to Fend Off Trade Tariffs
China offered to purchase nearly $70 billion of U.S. farm, manufacturing and energy products if the Trump administration abandons threatened tariffs, according to people briefed on the latest negotiations with American trade officials.
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Chinese State-Owned Developer Pulls Out of San Francisco Project
A major Chinese state-owned property developer has pulled out of a large-scale biotech industrial park project in San Francisco, becoming the latest Chinese firm to scale  back ambitious real-estate investments in the U.S.
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China pushes state banks into home rental market at their own risk
As property prices rocket across China, Beijing has appealed to the country’s banks and insurers to help accelerate the development of rental markets as a way of making homes more affordable – and rein in speculative sale markets.
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Koch-Financed Groups Launch Campaign to Halt U.S. Import Tariffs
WASHINGTON—Three organizations financed by conservative billionaire industrialists Charles and David Koch are launching a multimillion-dollar campaign against President Donald Trump’s tariffs on imports.
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Trade Tensions Intensify as Allies Rebuke U.S., Testing Trump Ahead of G-7
Trump administration shows no sign of backing down from tariffs in face of pushback
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China Launches Probe of Foreign Chip Makers
Micron Technology of the U.S. and Samsung Electronics and SK Hynix of South Korea say they are cooperating, but don’t say what the investigation is about
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U.S., China End Latest Trade Talks Without Settlement
The U.S. and China moved closer to imposing tariffs on one another as negotiators made little progress in talks and Beijing threatened that it won’t abide by a deal on farm and other products if the U.S. goes ahead with sanctions.
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week22 | 2018

week22 | 2018

CGCC News
CGCC met with Japanese Chamber of Commerce and Industry of New York
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CGCC Hosted “Global Partnership & Global Innovation: China and Israel”
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Weekly Headlines
US presses China to sign long-term import contracts
Washington is pressing Beijing to enter into multiyear contracts to buy US agricultural and energy imports as part of a broader trade deal aimed at reducing the $337bn bilateral trade deficit with China.
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China Cuts Tariffs Ahead of U.S. Commerce Secretary’s Visit to Beijing
China announced Thursday evening that it would cut tariffs sharply on July 1 for an eclectic array of imported goods, the latest in a series of moves by Beijing to dismantle steep trade barriers at a time of rising frictions with the United States.
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White House to Impose Metal Tariffs on E.U., Canada and Mexico
WASHINGTON — The Trump administration said on Thursday that it would impose steep tariffs on metals imported from its closest allies, provoking retaliation against American businesses and consumers and further straining diplomatic ties tested by the president’s combative approach.
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Beijing agrees to loosen foreign investment ‘negative list’
Beijing said it would issue a list of planned relaxations on foreign investment by June 30, meeting a key US demand just 48 hours before US commerce secretary Wilbur Ross is due in Beijing to lead a third round of trade talks with vice premier Liu He.
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China says reserves right to retaliate to U.S. actions against its investments | Reuters
BEIJING (Reuters) - The United States’ measures against China’s investments are against World Trade Organization rules, and China reserves the right to take countermeasures, the commerce ministry said on Thursday.
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What is China's A-share MSCI inclusion on June 1? | Reuters
SHANGHAI (Reuters) - Global market research and index company MSCI Inc will add roughly 230 China-listed shares to its emerging market benchmark in a two-step process starting on June 1, a move expected to drive a surge of foreign money into the country’s stock markets.
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Why Italy’s Political Turmoil Is Causing Financial Angst Elsewhere
Italy’s political convulsions have raised new fears about the future of the euro, the single currency of the European Union that was introduced 16 years ago.
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U.S. Tariff Threat Could Scuttle Planned Trade Talks With China
The White House’s surprise decision to move forward with tariffs and other sanctions against China threatens to derail trade talks scheduled for this weekend, according to people with knowledge of the matter on both sides.
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U.S. Moves Ahead on China Trade Curbs, Catching Beijing Off Guard - WSJ
The Trump administration sent a sudden, harsh message to its Chinese counterparts, saying the U.S. was moving forward with its threat to apply tariffs on Chinese imports and other actions to restrict Beijing from accessing sensitive U.S. technology.
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ZTE sidelines two more senior executives amid US-China negotiations on export ban | South China Morning Post
ZTE Corp has sidelined two senior executives amid ongoing negotiations between the US and China over an export ban that has threatened the survival of the Chinese telecommunications equipment supplier, according to people familiar with the matter.
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Chinese buyers find tight U.S. sorghum supply after trade spat | Reuters
CHICAGO (Reuters) - Chinese grain merchants seeking to resume purchases of U.S. sorghum after an anti-dumping probe by Beijing that had halted trade between the world’s biggest buyer and seller of the grain are now finding supplies tight, according to dealers.
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U.S. and China clash over 'technology transfer' at WTO | Reuters
GENEVA (Reuters) - Chinese and U.S. envoys sparred at the World Trade Organization on Monday over U.S. President Donald Trump’s claims that China steals American ideas, the subject of two lawsuits and a White House plan to slap huge punitive tariffs on Chinese goods.
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week21 | 2018

week21 | 2018

CGCC News
CGCC and Its Member Companies Met with The Governor of Kentucky to Discuss Business Cooperation
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Rethinking the Role of Chinese State-owned Companies in the US Market
Steven Tan Xu, President of China Telecom (Americas) Corporation, discusses the company's global strategy
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Weekly Headlines
Ross Plans to Visit China June 2-4 for Next Round of Trade Talks
U.S. Commerce Secretary Wilbur Ross is scheduled to visit China June 2-4 to continue trade discussions with Vice Premier Liu He.
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Trump Signs Banking Bill, Adding to Regulators’ To-Do List
Sixteen months after Donald Trump took office, financial regulators have a crowded to-do list. It grew even longer Thursday, as the president signed into law a bipartisan bill enacting some long-sought changes to the industry rule book.
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Trump Pulls Out of North Korea Summit Meeting With Kim Jong-un
President Trump on Thursday pulled out of a highly anticipated summit meeting with Kim Jong-un, accusing the North Koreans of bad faith and lamenting that “this missed opportunity is a truly sad moment in history.”
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China Inc returns to U.S. soybean market as trade tensions ease | Reuters
BEIJING/SINGAPORE (Reuters) - China’s state grain stockpiler has returned this week to the U.S. soybean market for the first time since early April, a sign Beijing is preparing to resume purchases as trade tensions between the world’s top two economies ease, two sources said.
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Trump Administration Looks Into New Tariffs on Imported Vehicles - WSJ
WASHINGTON—The Trump administration is using national-security laws to consider imposing new tariffs on vehicle and auto-parts imports, the Commerce Department said Wednesday.
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US disinvites China from multinational military exercise
The Pentagon says it has uninvited China from a multinational military exercise to be held this summer in the Pacific.
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Trump Backs Away From Demand for Immediate North Korean Denuclearization
President Trump opened the door on Tuesday to a phased dismantling of North Korea’s nuclear weapons program, backing away from his demand that the North’s leader, Kim Jong-un, completely abandon his arsenal without any reciprocal American concessions.
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Bank Deregulation Bill Clears Congress
Congress took a big step Tuesday to relax a wave of crisis-era restrictions placed on financial firms, as the House approved a plan to ease rules for small and midsize banks.
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Congressional Opposition Mounts Over White House Approach to Chinese Tech Deals
Lawmakers are moving to thwart Trump administration efforts to ease restrictions on Chinese telecommunications giant ZTE Corp. and other sensitive technology, citing fears the positions would compromise national security in the latest twist in trade negotiations between the world’s largest economies.
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Chinese Tech Unicorns Try a Different Approach to Raising Cash - WSJ
After multiple rounds of fundraising, some of China’s most valuable private technology companies are turning to a less common way of raising capital: Issuing convertible securities.
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China says it will cut tariffs on some auto parts and vehicles
China's Finance Ministry said that it will cut import tariffs on some vehicles to 15 percent, down from as much as 25 percent.
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U.S., China Agree on Outline to Settle ZTE Controversy - WSJ
The U.S. and China have agreed on the broad outline of a deal that would save imperiled Chinese telecom giant ZTE Corp., according to people with knowledge of the matter in both countries, as the two sides move closer to resolving their trade dispute.
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UPDATE 1-China will actively and steadily deleverage, tackle risks -sources | Reuters
China will “actively and steadily” deleverage and tackle financial risks, sources said on Monday, underscoring concerted efforts by Beijing to defuse a potentially damaging economic fallout from years of cheap money and loose lending practices.
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Treasury, USTR Send Mixed Messages Over Tariffs on Chinese Imports​
The Treasury secretary and the administration’s top trade official took markedly different positions over whether the U.S. will move forward with tariffs on Chinese imports, punctuating several days of negotiations between the world’s two biggest economies with a question mark.
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US and China step back from brink of trade war
The US has stepped back from the brink of a trade war with China after Washington halted plans to impose tariffs on up to $150bn of imports, according to the US Treasury secretary.
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week20 | 2018

week20 | 2018

CGCC News
CGCC Provides Testimony at Public Hearing on the Proposed Section 301 Tariffs on Chinese Imports and Voices for the Legal Rights and Interests of Chinese Enterprises
China General Chamber of Commerce-USA (CGCC) provided oral testimony at the public hearing in Washington D.C. held by Se...
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CGCC hosted 2018 Lunch & Learn Series No. 3 “New York Public Library Commercial Database Training Luncheon”
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Weekly Headlines
China, Signaling Thaw With U.S. Over Trade, Approves Toshiba Microchip Deal
In a prelude to an easing of trade tensions between Washington and Beijing, Chinese officials ended a monthslong delay by approving Toshiba’s sale of a majority stake in its lucrative microchip unit to an American-led group.
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China retreats from U.S. sorghum probe amid global market havoc | Reuters
BEIJING (Reuters) - China dropped its anti-dumping probe into imports of U.S. sorghum on Friday, beating a hasty retreat from a dispute that wreaked chaos across the global grain market and raised concerns about rising costs and financial damage at home.
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China Casts Doubt on Report of $200 Billion Trade Deficit Offer - Bloomberg
China cast doubt on reports that it had offered to reduce its annual trade surplus with the U.S. by $200 billion through increased imports of American products.
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China vice premier says proactively seeking resolutions on trade dispute with U.S.: Xinhua | Reuters
BEIJING (Reuters) - China’s Vice Premier Liu He said China was proactively seeking appropriate resolutions on the trade dispute with the United States during his visit of Washington, official Xinhua News Agency reported on Thursday.
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China's outbound investment continues rapid growth - Xinhua | English.news.cn
BEIJING, April 16 (Xinhua) -- China's non-financial outbound direct investment (ODI) continued to see double-digit growth in the first quarter of the year, official data showed Monday.
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Trump Says ‘There Has Been No Folding’ Over Possible ZTE Deal - WSJ
WASHINGTON—President Donald Trump sought to counter criticism of his administration’s efforts to ease tough U.S. penalties on Chinese telecommunications giant ZTE Corp.
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U.S. Could ‘Fatally Undermine’ the WTO: China's Ambassador - Bloomberg
The Trump administration is delivering the World Trade Organization “three hard blows” that could destroy the body’s ability to regulate global commerce, China’s ambassador to the Geneva-based body said.
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Why Chinese Vice-Premier Liu He has the most difficult job in the US-China trade talks | South China Morning Post
When China’s vice-premier, Liu He, set off for Washington on Tuesday to resume talks to avert a much-dreaded trade war, he was facing a difficult challenge.
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Nation stays on solid growth path in April - Chinadaily.com.cn
China's economic growth momentum held up in April despite slowing fixed-asset investment and retail sales growth, with analysts expecting the nation's policy stance to remain unchanged in the coming months.
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U.S., China still 'very far apart' on trade: U.S. ambassador
The United States wants China to give a timetable on how it will open up its markets to U.S. exports as the two countries are still “very far apart” on resolving trade frictions, U.S. Ambassador to China Terry Branstad said on Tuesday.
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U.S., China Discussing Deal on ZTE, Agricultural Tariffs
The U.S. and China are closing in on a deal that would give China’s ZTE Corp. a reprieve from potentially crippling U.S. sanctions in exchange for Beijing removing tariffs on billions of dollars of U.S. agricultural products, said people in both countries briefed on the deal.
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Senators ditch plan to review US outbound investments
Senior senators have ditched a controversial plan that would have made US companies’ outbound investments to China and other countries potentially subject to national security reviews, after months of lobbying by General Electric and IBM.
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U.S. Businesses to Make Their Case Against China Tariffs
In hearings, U.S. trade representative’s office expects to hear complaints, but some manufacturers support proposed duties
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JPMorgan applies to set up majority-owned securities business in China
JPMorgan Chase & Co said on Monday it has applied to China’s securities regulator to set up a securities business in which the U.S. bank would own a majority stake under recently relaxed ownership rules.
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Trump Extends Lifeline to Sanctioned Tech Company ZTE
President Donald Trump said he was working with Chinese President Xi Jinping to keep ZTE Corp. in business, throwing an extraordinary lifeline to the Chinese telecommunication giant that has been laid low by U.S. moves to cut off its suppliers.
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week19 | 2018

week19 | 2018

CGCC News
CGCC-Houston member East West Bank and CEO Dominic Ng Participate in Asian Society Texas Center China-U.S. Business Symposium
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Weekly Headlines
News Corp chief urges governments to review tech algorithms
The head of News Corp has called for governments to create an “algorithm review board” to keep tech companies in check, the latest in a long line of attacks on internet platforms from Rupert Murdoch’s media group.
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US-China trade tensions cast doubt over Liu He visit
China’s vice-premier Liu He’s trip to Washington next week for a second round of Sino-US trade talks might be delayed because of continuing rifts in the Trump administration and unfinished preparatory discussions, according to people briefed on the planned negotiations.
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Spoiled Relations: U.S. Goods Stuck at China Ports as Tensions Heat Up
Ford cars and California fruits are among the goods piling up at Chinese ports, the result of increased inspections that business groups say is China’s way of reminding the U.S. how important its market is to American exporters.
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China credit spreads near 2-year highs on default worries
China credit spreads hit their widest level in nearly two years this week following new regulations that undermined long-held assumptions about implicit guarantees on debt linked to local governments.
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China's ZTE says main business operations cease due to U.S. ban | Reuters
ZTE Corp’s main business operations have ceased due to a ban imposed by the U.S. government, but China’s second biggest telecom equipment maker is trying to have the ban modified or reversed, it said on Wednesday.
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US-China trade tensions increase after import delays
Chinese inspectors are delaying imports of US agricultural products, luxury automobiles and even pet food, exacerbating tensions just days before bilateral trade talks are scheduled to resume.
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Trump, China's Xi discuss trade ahead of talks next week
U.S. President Donald Trump and Chinese President Xi Jinping discussed ongoing trade issues on Tuesday, as both sides continue to position themselves amid a heated feud over tariffs between the world’s two largest economies.
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Trump’s China trade adventures far riskier than his Nafta ones
For those staring into the vast chasm that is the gap between the US and China on trade that was laid bare on Friday and looking for hope, there was really only one thing to seize on. US president Donald Trump has laid out extreme demands and promised extreme responses before. Yet, in his almost 16 months in office, he has so far only rarely delivered them.
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China Plans New Risk-Management Rules for Financial-Services Firms
China is drafting new rules to rein in businesses offering multiple financial services after runaway growth in recent years has left regulators without a firm handle on their risks to the economy.
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China April exports bounce back more than expected despite U.S. trade brawl
BEIJING (Reuters) - China’s exports rebounded more strongly than expected in April after a surprise drop the previous month, suggesting global demand remains relatively resilient and providing a cushion to the economy amid a heated trade dispute with the United States.
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Mattis urges anti-China measure to be included in U.S. defense bill
Defense Secretary Jim Mattis urged top lawmakers shepherding a must-pass defense bill through Congress to include measures that would tighten oversight of foreign investment in the United States in hopes of hampering Chinese efforts to gain access to sensitive U.S. technology.
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Xi's Top Economic Adviser to Visit U.S. on Trade Mission
Chinese President Xi Jinping’s top economic adviser plans to visit Washington for follow-up trade talks after Trump administration officials traveled to Beijing last week, according to the White House.
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ZTE asks U.S. Commerce Department to suspend business ban
China’s ZTE Corp (0763.HK) (000063.SZ) has submitted an application to the U.S. Commerce Department’s Bureau of Industry and Security (BIS) for the suspension of a business ban, it said in a filing to the Shenzhen stock exchange on Sunday.
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Scientists in China Race to Edit Crop Genes, Sowing Unease in U.S.
Chinese-owned Syngenta makes strides in new technologies to alter plant DNA, as U.S. farmers worry that cutting-edge agricultural science is shifting East
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U.S. Jobless Rate Falls Below 4% For First Time Since Late 2000
Unemployment in the U.S. fell in April to one of the lowest levels of the post-World War II era, the result of a historically long jobs expansion that shows little evidence of slowing.
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week18 | 2018

week18 | 2018

CGCC News
2018 China-California Business Summit Held in Los Angeles
The 3rd annual, 2018 California-China Business Summit (CA-China Business Summit) was held in Los Angeles on May 3rd at t...
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CGCC holds a Business Symposium with a delegation from the Department of Commerce of Yunnan Province
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CGCC hosted 2018 Lunch & Learn Series No.2 “China and U.S. Business Etiquette in the #MeToo Era”
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Weekly Headlines
China Is Already Canceling U.S. Soybean Orders
Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.
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U.S.-China Trade Talks End With Key Differences Still Unresolved
Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.
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US demands China cut trade deficit by $200bn
The US has demanded that China slash tariffs, reduce the bilateral trade deficit and eliminate state subsidies for strategic industries, as Washington staked out a hardline position in negotiations that concluded in Beijing on Friday.
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Trump Trade Officials Will Present a Hard Line in China, but Internally They Are Divided
Top Trump administration officials are arriving in China this week armed with tough talk about Beijing’s need to change its trade practices. But within the United States delegation there is little consensus about what concessions America should try to extract — or the best approach to getting the Chinese to agree.
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White House Considers Barring Chinese Telecom Sales as Tensions Mount
The Trump administration is considering executive action to further restrict the sale of Chinese telecommunications equipment in the United States, people briefed on the discussions said, in a move that could ratchet up tensions between China and the United States as the countries vie for technological dominance.
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Xiaomi’s Hong Kong IPO Is Expected to Be World’s Biggest This Year
Xiaomi Corp., one of China’s top smartphone makers, said it would launch its initial public offering in Hong Kong—bringing to the city what is expected to be the world’s biggest IPO this year.
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White House Considers Restricting Chinese Researchers Over Espionage Fears
WASHINGTON — It sounds like something out of a science fiction movie: In April, China is said to have tested an invisibility cloak that would allow ordinary fighter jets to suddenly vanish from radar screens.
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Ross Softens Expectations for a U.S.-China Trade Deal This Week
Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.
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China’s Biggest Tech Unicorns Stampede to Go Public
An unprecedented wave of Chinese technology companies is accelerating plans to raise money from the global capital markets, hoping to leverage investors’ optimism about the sector and lock in buoyant stock valuations.
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Trump Postpones Steel Tariff Decision for EU, Other U.S. Allies
President Donald Trump eased trade pressure on top U.S. allies Monday, giving the European Union and some nations outside the bloc more time to negotiate deals that would exempt them from U.S. steel and aluminum tariffs.
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Exclusive: U.S. Treasury meets business groups on Chinese investment bill
U.S. Treasury officials met with about 10 industry groups on Monday to discuss the latest draft of legislation that would tighten scrutiny of foreign investment in order to limit Chinese efforts to acquire sophisticated U.S. technology, four sources familiar with the meeting said.
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China Is Set to Take a Hard Line on Trump’s Trade Demands
Staking an assertive negotiating stance, China says it will refuse to discuss President Trump’s two toughest trade demands when American officials arrive in Beijing this week, potentially derailing the high-level talks.
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China's Baidu to sell majority of financial services unit for $1.9 billion
China’s Baidu Inc said it will sell a majority stake in its financial services business for about $1.9 billion to a consortium led by TPG Capital Management LP [TPG.UL] and Carlyle Group LP, as it seeks funding to take on established fintech firms in China.
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