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CGCC Week In Review

     

Connecting People, Building Trust, Expanding Cooperation

week25 | 2018

week25 | 2018

Weekly Headlines
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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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

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 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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U.S. economy slows in first quarter, but wage growth accelerates
The U.S. economy slowed in the first quarter as consumer spending grew at its weakest pace in nearly five years, but a surge in wages amid tightening labor market conditions and lower tax rates suggested the setback is likely temporary.
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For China, the American Team of Trade Rivals Won’t Be Easy to Please
China is looking to dazzle a visiting U.S. trade delegation this week, arranging a session with President Xi Jinping and planning pledges to cut tariffs and ease regulations. It will likely take more than that to impress the visiting Americans and head off a looming trade war.
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week17 | 2018

week17 | 2018

Weekly Headlines
Global investors pile into China stocks ahead of MSCI index entry
SHANGHAI (Reuters) - Overseas investors are pumping billions of dollars into Chinese stocks and the country’s asset managers are rushing to launch index-tracking funds in a fervent build-up to China’s inclusion in MSCI’s widely tracked equity benchmarks.
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China urges US to avoid damaging business confidence
China appealed to Washington on Thursday to avoid damaging business confidence following a report that U.S. authorities are investigating whether Chinese tech giant Huawei violated sanctions on Iran amid spiraling technology tensions.
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North Korea’s Kim Jong Un and South Korean Leader to Pursue Peace Deal, Denuclearization
The leaders of North and South Korea agreed to pursue a peace agreement after historic talks on Friday, but largely steered clear of specifics on the question of Pyongyang’s nuclear weapons, leaving uncertainties about the regime’s willingness to cede ground on its arsenal ahead of a meeting between Kim Jong Un and President Donald Trump.
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Boeing to Open Plant in China This Year
Boeing Co. aims to have a new facility in China ready to complete some of its 737 jets by the end of this year, a sign that the aerospace giant is taking trade tensions in stride.
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Beijing Ready to Hit Back if U.S. Curbs Chinese Investments
The U.S. threat of investment restrictions is already damping the enthusiasm of Chinese businesses, with some canceling or slowing plans to invest in the American market, China’s Commerce Ministry said.
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American Express Is Ready to Charge Into China
American Express Co. cleared a hurdle in its yearslong effort to operate in China, potentially becoming the first U.S. card network to receive permission to offer services in the Chinese market.
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Didi Chuxing launches plan to turn car owners to car users
Didi Chuxing, China’s international challenger to Uber, has announced it is designing autonomous and new-energy cars with an alliance of 31 partners with the aim of turning global car owners into car users.
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Yields on 10-Year Treasurys Cross 3% Threshold
Long-term U.S. government bond yields topped 3% for the first time in more than four years, a sign that investors’ confidence in the stability of economic growth is outpacing fears about the longevity of the postcrisis expansion.
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Trump to Send Mnuchin to China for Trade Talks Next Week
President Donald Trump said he was sending a delegation of his top economic advisers to Beijing next week to try to settle trade disputes that have upset U.S.-China relations and rattled markets world-wide.
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In ZTE Battle, U.S. Suppliers Are Collateral Damage
American companies that supply chips, antennas and other gear to ZTE Corp. are bracing for a sizable revenue loss after the U.S. last week said they no longer would be able to sell components to the Chinese telecommunications giant.
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Chinese Investors Are Getting Fed Up With Their Country’s Dollar Debt
Big Chinese investors have pulled back from buying dollar-denominated debt of domestic companies, a factor that is driving up offshore borrowing costs for some Chinese firms.
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Chinese Ride-Hailing Giant Didi Hits Accelerator on Talks for IPO
China’s Didi Chuxing Technology Co., one of the world’s largest ride-hailing companies, is holding discussions about a multibillion-dollar initial public offering that could happen as soon as this year, according to people familiar with the matter.
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A U.S.-China Trade War Would Reshape Tech Investment
Technology has emerged as the early battleground in the U.S.-China trade dispute, triggering predictions of significant changes in the global investment strategies of Chinese tech companies.
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Tencent Music Plans IPO; Valuation Could Exceed $25 Billion
Tencent Music Entertainment Group, China’s largest music-streaming company, is preparing what would be one of the biggest technology IPOs ever following the successful debut of its European counterpart, Spotify Technology SA.
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China and US poised for fresh trade talks
China’s commerce ministry has welcomed the possibility of a visit by US Treasury secretary Steven Mnuchin for trade talks, in a sign that the two economies are entering a negotiation phase after threats of tariffs from both sides.
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week16 | 2018

week16 | 2018

CGCC News
2018 International Finance and Infrastructure Cooperation Forum Held at Bloomberg Headquarters in New York
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Weekly Headlines
ZTE warns US ban could threaten its survival, hurt American firms - CNBC
China's ZTE said Friday that a U.S. ban on exports to the technology firm could threaten its survival and adversely affect American companies.
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Proposed U.S. Tariffs on China Risk Penalizing Manufacturers Unevenly - WSJ
China is a significant source of materials for only a small fraction of products on President Donald Trump’s proposed list of tariffs, but they could disproportionately hit some U.S. manufacturers that depend on Chinese imports by driving up costs and forcing them to raise prices.
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U.S. Weighs Emergency Powers to Curb China Tech Investments - Bloomberg
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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Tesla Could Benefit From China’s New Rules for Foreign Auto Makers
China’s announcement Tuesday that it will ease its strict joint-venture rules on foreign auto makers could benefit Tesla Inc. TSLA at the same time the Silicon Valley auto maker needs a charge.
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Chinese Money Floods U.S. Biotech as Beijing Chases New Cures
Chinese investors are pumping money into U.S. drug startups as Beijing seeks to become a global leader in new medicines, adding to a flood of cash flowing to groundbreaking health firms.
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US media mogul Michael Bloomberg vows to stop Donald Trump’s trade war with China | South China Morning Post
Former New York City mayor Michael Bloomberg will be in Washington this week to lobby against US President Donald Trump’s plans to impose punitive tariffs on goods from China.
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China’s Central Bank Takes Pre-Emptive Move Against Ebbing Growth Momentum
China’s central bank gave a green light to banks to dig into reserves to lend more, signaling government worries about slowing momentum for economic growth amid rising trade tensions with the U.S.
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U.S. Says Huawei Is a Security Threat, So It’s Backing Off
Huawei Technologies Co. said it plans to refocus on existing markets, following a series of setbacks in the U.S. and as the technology industry gets caught up in the spiraling trade spat between Washington and Beijing.
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China to Ease Rules on Foreign Auto Makers
China’s move to ease trade tensions with the U.S. by scrapping joint-venture rules for auto makers could open a path to higher profits for American car companies, but some said untangling a web of partnerships forged with Chinese companies over decades may prove too difficult.
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China’s Economy Grows, and Its Trade Gap With the U.S. Widens
China’s economy grew at a healthy pace in the first three months of this year, propelled by strong household spending and heavy government investment in infrastructure.
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Chinese Tech Company Blocked From Buying American Components
China’s second-largest maker of telecommunications equipment will not be able to use components made in the United States after the Commerce Department said it failed to punish employees who violated American sanctions against Iran and North Korea.
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U.S. Wants to Retaliate Against China’s Restrictions on American Tech Firms
The U.S. is examining ways to retaliate against Beijing’s restrictions on U.S. providers of cloud computing and other high-tech services, effectively opening a new front on its trade offensive against China.
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‘China’s Hawaii’ set to become pilot free-trade port in next phase of country’s opening up
President Xi Jinping announces grand plan for Hainan that could see it challenging major ports such as Hong Kong and Singapore
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U.S. Offers Compromise on Autos, Boosting Hopes for Nafta Deal
The Trump administration is hammering out a compromise on auto-industry rules at the center of the North American Free Trade Agreement, increasing the chances that the U.S., Mexico and Canada can reach a deal this spring to revise the pact.
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U.S. refrains from labeling China, others as currency manipulators
The Trump administration again refrained from naming any major trading partners as currency manipulators on Friday, but the U.S. Treasury’s semi-annual currency report criticized China for the “non-market direction” of its economy and warned of global risks.
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week15 | 2018

week15 | 2018

CGCC News
Renovation Plans for Lesso Home in Westbury Long Island Announced
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Commentary: Building broader consensus for Asia's shared future
BOAO, China, April 9 (Xinhua) -- "When big rivers have water, the small ones are filled; and when small rivers have wate...
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Commentary: From Davos to Boao, globalization needs boost at defining moment
BOAO, China, April 8 (Xinhua) -- Over a year ago, Chinese President Xi Jinping vigorously defended free trade at the Wor...
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Weekly Headlines
China's trade surplus with U.S. soars in first quarter but March exports falter
China’s trade surplus with the United States surged nearly 20 percent in the first quarter, with some analysts speculating exporters were rushing out shipments to get ahead of threatened tariffs that are spurring fears of a full-blown trade war.
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Trump Asks Advisers to Study Rejoining Pacific Trade Pact Talks
A little over a year after withdrawing the U.S. from the Trans-Pacific Partnership, President Donald Trump has asked his top economic advisers to study the possibility of re-entering the trade pact negotiations.
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White House Plans to Escalate Trade Pressure on China
The Trump White House, confident that its hard-line strategy is succeeding, is planning to ratchet up the pressure on China by focusing on new tariffs and threatening to block Chinese technology investment in the U.S., according to officials familiar with the strategy.
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China’s Commerce Ministry Says Market Opening Is Independent of Trade Dispute
A Chinese government spokesman denied that recently announced policy changes constitute concessions to the Trump administration in the countries’ trade fight.
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China's Ant ups fundraising target, valuation could hit $150 billion: sources
China’s Ant Financial Services Group is in talks with investors to boost its fundraising target to at least $8 billion, which could see its valuation jumping to about $150 billion, people with knowledge of the plan said.
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More Than 100 Trade Groups Oppose China Tariff Plans
The business coalition opposing White House plans to levy tariffs against Chinese goods has doubled to 107 trade groups, ranging from such Washington, D.C. heavyweights as the National Retail Federation and the Security Industry Association to such smaller local groups as the San Diego Customs Brokers Association.
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China speeds up reforms opening finance sector to foreign ownership
Beijing has sped up the pace of ownership reforms for China’s banking, securities, futures, asset management and insurance sectors, shifting the timeline for implementation from years to just months after President Xi Jinping this week pledged further opening up of China’s economy to foreign investment.
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Fed Floats First Major Big-Bank Rule Change of Trump Era
The Federal Reserve proposed retooling capital rules and annual “stress tests” for the largest U.S. financial firms, the first major big-bank rule change of the Trump era.
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Xi Vows Greater Access to China, Warns Against ‘Cold War Mentality’
Chinese President Xi Jinping promised foreign companies greater access to China’s financial and manufacturing sectors, pledging Beijing’s commitment to further economic liberalization amid rising trade tensions with the U.S.
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China's Xi Jinping says tariffs on car imports will be cut this year
Chinese President Xi Jinping on Tuesday said his government would "significantly lower" tariffs on vehicle imports this year as part of efforts to further open its giant economy to the world.
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Jack Ma’s Ant Financial to Raise $9 Billion, Become World’s Biggest Unicorn
Chinese billionaire Jack Ma’s financial-technology business is about to vault into the ranks of the world’s most valuable companies.
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In Trade Fight, China Today Differs From 1980s Japan
The White House is looking at the U.S. trade fight against Japan in the 1980s and 1990s for lessons in its trade battle against China. But the two eras are as striking for their differences as they are for their similarities.
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Trump Officials Soften Tone on Trade Dispute With China
After threatening to slap China with new tariffs, Trump administration officials on Sunday softened some of the rhetoric, noting that the penalties aren’t imminent and there is ample time to work out a deal and step back from a possible trade war.
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China may let the yuan depreciate gradually as a tactical move in its trade war with the US
China is evaluating the potential impact of a gradual yuan depreciation, people familiar with the matter said, as the country’s leaders weigh their options in a trade spat with US President Donald Trump that has roiled financial markets worldwide.
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week14 | 2018

week14 | 2018

CGCC News
CGCC Hosted Closed-door Conversation with CGCC Business Executives
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CGCC Requests Comments from Members Regarding the Results of Section 301 Investigation
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Weekly Headlines
Trump asks US trade rep to consider another $100bn in China tariffs
US President Donald Trump said on Thursday that he had instructed the US trade representative to consider an additional $100bn in tariffs on Chinese imports on top of the measures targeting $50bn worth of goods already proposed. 
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Trade Deficit Hits Near Decade High, Raising Specter of Twin Deficits
The U.S. trade position worsened in February, raising the stakes in the Trump administration’s intensifying effort to narrow the gap between what the U.S. imports and what it sells abroad.
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China ready to defend its interests ‘at any cost’ in trade war after Donald Trump threatens extra tariffs on US$100bn of imports
China warned on Friday that it would escalate its retaliatory measures against the United States and defend its interests “at any cost” after Donald Trump threatened punitive tariffs on an additional US$100 billion worth of Chinese imports.
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US business to Trump: Don't go through with China tariffs
Hours after both the United States and China detailed plans for sweeping tariffs, trade groups warned that a tit-for-tat trade war between the world's two largest economies will have no winners.
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White House Tries to Tamp Down Trade War Fears as China Retaliates
White House officials moved quickly on Wednesday to calm fears of a potential trade war with China, saying the administration’s proposed tariffs were a “threat” that would ultimately help, not hurt, the United States economy, hours after China said it would punish American products with similar levies.
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Boeing Warns on U.S.-China Trade Risk
Boeing said Wednesday it would engage in talks with the U.S. and China in an effort to prevent their trade spat from harming the global aerospace industry.
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U.S. Announces Tariffs on $50 Billion of China Imports
The Trump administration on Tuesday threatened to slap stiff tariffs on some $50 billion in Chinese imports across 1,300 categories of products, unveiling the most aggressive challenge in decades to Beijing’s trade practices.
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China announces wide-ranging retaliation for US tariffs
China has said it will impose tariffs on 106 products originating from the United States, according to an announcement on state television on Wednesday, in response to tariffs on Chinese imports outlined hours earlier by the US.
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Huawei flourishes despite perennial hurdles in US
Huawei is the manifestation of everything the US fears and loathes about China: a high-tech giant, founded by a former army officer, that it believes has ties to the Communist party and the wherewithal to spy and steal intellectual property rights.
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U.S. Pork Producers, Fruit Growers Brace for China Tariffs
The escalating trade tensions between Beijing and Washington have pulled America’s farmers and agricultural exporters into the melee.
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Looming China Trade Action Divides Industry and Roils Markets
President Trump’s promise to take tough action against China’s unfair economic practices was one of his most popular campaign ideas. But as the United States prepares stiff trade measures and China retaliates, stock markets have plummeted and some of America’s biggest companies are pushing back.
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Trump to Nominate Justin Muzinich to Deputy Treasury Secretary Post
President Donald Trump will nominate Justin Muzinich as deputy treasury secretary, the White House said Monday.
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China Retaliates Against Trump Tariffs With Duties on American Meat and Fruit
China imposed tariffs on a range of U.S. goods, following through on a promise to retaliate against the Trump administration’s penalties on imports of Chinese steel and aluminum.
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China’s Huawei Is Determined to Lead the Way on 5G Despite U.S. Concerns
The U.S. government is trying to thwart Huawei Technologies Co.’s ascent in wireless technology, but the Chinese company is determined to prevail.
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China Unveils Plan for Overseas-Listed Tech Giants to Float Shares Back Home
The Chinese government on Friday unveiled a pilot plan to encourage qualified companies in select industries to float shares on its domestic stock market, paving the way for the country’s technology giants to list at home.
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week13 | 2018

week13 | 2018

CGCC News
China General Chamber of Commerce-USA Statement Regarding the Results of Section 301 Investigation
New York – China General Chamber of Commerce–USA (CGCC) is deeply concerned about the proposed actions of increasing tar...
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CGCC Hosted “Legal and Policy” Series No. 1: US-China Relations Outlook Under Trump’s Administration
On March 21, China General Chamber of Commerce – USA (CGCC) hosted “Legal and Policy Series 2018 No.1 US-China Relations...
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Weekly Headlines
Growth Bounces Back for Year at China’s Largest Banks
China’s largest banks saw profits rebound last year, boosted by higher interest rates, a strengthening economy and a Beijing campaign to rein in risky lending.
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After Donald Trump’s move, taxes cut for Chinese firms from factories to farms
China will reduce taxes – worth 240 billion yuan (US$38.15 billion) a year – for factories, transport firms, builders, telecom operators and farmers from May 1, as it comes under pressure from tax cuts made by US President Donald Trump.
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China is reportedly taking the first steps to pay for oil in yuan instead of US dollars this year
China is taking its first steps towards paying for imported crude oil in yuan instead of the U.S. dollar, three people with knowledge of the matter told Reuters, a key development in Beijing's efforts to establish its currency internationally.
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Trump's China tariffs may not begin until June: U.S. officials
U.S. President Donald Trump’s tariffs on Chinese goods may not be imposed until early June, administration officials said on Wednesday, with public consultations and potential tariff revisions buying time for negotiations to forestall them.
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U.S. economy grew at a pace very close to Trump’s 3 percent goal at end of last year
The U.S. economy expanded at a rate of 2.9 percent in the fourth quarter, the Commerce Department reported Wednesday, much better than Wall Street analysts expected and very close to President Trump's goal of 3 percent growth.
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Energy Transfer Forms a JV to Set Up Ethane Export Facility
Energy Transfer Partners, L.P. ETP is set to team up with Satellite Petrochemical USA Corporation for the construction of ethane export facility on the U.S. Gulf Coast.
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U.S. Weighs Use of Emergency Law to Curb Chinese Takeovers
The Trump administration is considering a crackdown on Chinese investments in technologies the U.S. deems sensitive by invoking a law reserved for national emergencies, among other options, according to people familiar with the matter.
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Local U.S. Officials Woo Chinese Investment Despite Trump Threat
With the Trump administration acting to squeeze China on trade, U.S. governors and mayors are delivering a different message to Chinese businesses looking to invest: Bring it on.
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China preparing list of retaliatory tariffs on U.S. imports: Global Times
China will soon announce a list of retaliatory tariffs on United States exports to China to counter an expected announcement from the United States of proposed new tariffs on Chinese imports, the Global Times said Wednesday.
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The Trade Issue That Most Divides U.S. and China Isn’t Tariffs
China has struck a hard stance on the issue at the root of the looming trade fight between Beijing and Washington: China’s government-led drive, which Washington describes as breaking international rules, to build the cutting-edge industries of the future.
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U.S. Pushes China on Cars and Finance in Tariff Talks
The Trump administration is urging China to lower tariffs on cars and open its market to U.S. financial services as part of talks to resolve a rise in trade tensions that has shaken global markets, according to a person familiar with the matter.
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China steps up effort to avert US trade war
Chinese officials are rushing to finalise new regulations by May that will allow foreign financial groups to take majority stakes in securities companies as they seek to avert a looming trade war with the US.
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U.S., China Quietly Seek Trade Solutions After Days of Loud Threats
China and the U.S. have quietly started negotiating to improve U.S. access to Chinese markets, after a week filled with harsh words from both sides over Washington’s threat to use tariffs to address trade imbalances, people with knowledge of the matter said.
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China leads blockchain patent applications
China was the most active filer of blockchain patent applications last year as the country’s technology and financial services groups rushed to claim exclusivity on the “mutual distributed ledger” that could revolutionise finance and other supply chains.
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New FCC Rule Would Step Up U.S. Fight Against China’s Huawei
The Federal Communications Commission is considering a new rule to further curb the U.S. business of Huawei Technologies Co., making it harder for small and rural carriers to purchase gear from Chinese telecom-equipment makers, according to people familiar with the matter.
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week12 | 2018

week12 | 2018

Weekly Headlines
Donald Trump to impose 25% tariffs on $60bn of Chinese imports
The Trump administration announced plans on Thursday to impose tariffs on up to $60bn in annual imports from China, raising fears of a trade war between the world’s two largest economies and sending US stocks sharply lower.
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China Fires Warning Shot at U.S. Over Tariffs
Beijing plans to roll out retaliatory tariffs on $3 billion worth of U.S. goods. Measures the Chinese Commerce Ministry rolled out Friday target $3 billion in U.S. goods, from fruit and pork to recycled aluminum and steel pipes that would be subject to higher tariffs.
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Trump replaces McMaster with Bolton in day of turmoil
Donald Trump has replaced his national security adviser HR McMaster with foreign policy hawk John Bolton, an explosive appointment that signals a further lurch to the right and points to a White House in turmoil.
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Trump Plans Stiff Trade Tariffs and Other Penalties on China
resident Trump on Thursday plans to announce at least $50 billion worth of annual tariffs and other penalties on China for its theft of technology and trade secrets, which administration officials say has robbed American companies of billions of dollars in revenue and killed thousands of jobs.
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China poised to open markets ‘beyond expectations’ as tough US tariffs loom, envoy says
Speaking at a China General Chamber of Commerce USA event, New York-based Consul General Zhang Qiyue said barriers will be removed or eased for foreign investors in the country’s financial sector and that market entry standards will be the same for Chinese and foreign banks.
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Best Buy to cease US sales of Huawei phones, report says
Best Buy, the largest US electronics retailer, is reportedly set to halt the sale of Huawei phones from its online and offline shelves, dealing a further blow to the handset maker after carrier AT&T pulled out of a deal to distribute its latest smartphone in the US earlier this year.
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China Allows Foreigners to Enter $27 Trillion Payments Market
China will permit foreign companies to access its $27 trillion payments market, further opening up the world’s second-largest economy.
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Trump to Ramp Up Trade Restraints on China
The White House is preparing to crack down on what it says are improper Chinese trade practices by making it significantly more difficult for Chinese firms to acquire advanced U.S. technology or invest in American companies, individuals involved in the planning said.
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World Economic Leaders Warn of Trade War as Mnuchin Defends Policies
President Trump’s plan to hit other countries with stiff tariffs on imports of steel and aluminum dominated a two-day gathering of global economic leaders, with foreign policymakers warning that the United States is on the cusp of triggering an international trade war as it put its “America First” policy into action.
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Targeting China, Trump Threatens Student Visas. That Would Hit a Big U.S. Export
The Trump administration’s proposed crackdown on China’s trade practices could hit one sector where the U.S. runs a big trade surplus: higher education.
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China's premier hopes trade war can be averted, pledges more open economy
Voicing hopes that Beijing and the United States could avoid a trade war, Premier Li Keqiang told the close of the annual parliament session that China would open its economy further, so that foreign and Chinese firms can compete on an equal footing.
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U.S. expected to impose up to $60 billion in China tariffs by Friday: sources
The Trump administration is expected to unveil up to $60 billion in new tariffs on Chinese imports by Friday, targeting technology, telecommunications and intellectual property, two officials briefed on the matter said Monday.
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Forty-five U.S. trade groups urge Trump to avoid tariffs against China
Forty-five U.S. trade associations representing some of the largest companies in the country are urging President Donald Trump not to impose tariffs on China, warning it would be “particularly harmful” to the U.S. economy and consumers.
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China Names Yi Gang as First New PBOC Governor in 15 Years
China’s incoming central bank governor, Yi Gang, signaled that he’ll push to maintain the course of financial liberalization set by his predecessor Zhou Xiaochuan
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Powell's Fed to show policy caution, shun political friction
Jerome Powell heads for his first interest rate increase as Federal Reserve Chairman this week with an unanswered question looming above others: could his optimism about the U.S. economy lead to more hikes than markets have prepared for?
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week11 | 2018

week11 | 2018

CGCC News
CGCC Hosts 2018 Lunch & Learn Series No. 1: How to Develop a Career Path
Three Tips to Move Your Career Forward
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Weekly Headlines
Chinese Tech Titan Alibaba Plans Stock-Market Homecoming
Technology giant Alibaba Group Holding Ltd. is working on a plan to list on a stock exchange in its home market, China, according to people familiar with the matter, more than three years after its blockbuster initial public offering in New York.
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Donald Trump’s threat to slap heavy tariffs on China ‘could devastate US economy’
American Chamber of Commerce warns that US president’s plan could prompt destructive trade war that would have serious impact on businesses and families
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China's Huawei says the US is 'too nervous,' vows to continue investment in American market
Chinese telecoms giant Huawei says it will continue to invest in the United States despite recent setbacks in its efforts to boost sales there.
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Trump Takes Aim at Next Tariff Target: China
Trade measures against Beijing would also include investment restrictions and visa limits to convince China to stop pressuring U.S. firms to transfer technology
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Senate Passes Bill Easing Banking Rules
Supporters say bill will spur more lending and boost economy while opponents believe it will bring back unnecessary risks to financial system and harm consumers
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Trump Picks CNBC’s Larry Kudlow as Top Economic Adviser
President Trump loves big personalities, live television, the stock market and loyalty. In choosing Larry Kudlow, a CNBC television commentator, to serve as the next director of the National Economic Council, he has checked all those boxes.
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Trump eyes tariffs on up to $60 billion Chinese goods; tech, telecoms, apparel targeted
U.S. President Donald Trump is seeking to impose tariffs on up to $60 billion of Chinese imports and will target the technology and telecommunications sectors, two people who had discussed the issue with the Trump administration said on Tuesday.
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Tax Revamp Drives Corporate CEOs’ Economic Outlook to 15-Year High
Chief executives of America’s largest companies raised their outlook for spending, hiring and sales to the highest level in 15 years in the first quarter after the passage of the U.S. tax overhaul.
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China’s Economy Grows Faster Than Expected on Strong Demand for Exports
Industrial production, a rough proxy for economic growth, expanded by 7.2% in January and February from a year earlier
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Trump’s Message in Blocking Broadcom Deal: U.S. Tech Not for Sale
With his swift rejection of Broadcom Ltd.’s hostile takeover of Qualcomm Inc., President Donald Trump sent a clear signal to overseas investors: Any deal that could give China an edge in critical technology will be swatted down in the name of national security.
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China announces cabinet reshuffle plan to streamline govt work
China on Tuesday unveiled a massive cabinet reshuffle plan to make the government better-structured, more efficient, and service-oriented.
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China Food Giant Says Trade War With U.S. Not Good for World
China’s biggest food company is sounding the alarm bells over escalating trade tensions with the U.S., pointing to potential suffering for the global economy and blow back for both countries if agricultural goods are used as bargaining chips in the fight.
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No winners – only catastrophe – in a China-US trade war, Beijing says
A trade war between China and the United States would be disastrous not only for the two countries involved, but also the rest of the world, Beijing warned on Sunday.
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China calls for fair treatment on its overseas investment
China's top state-owned enterprises (SOE) regulator Saturday called on other countries to treat Chinese investment fairly and equally.
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U.S. Allies Jostle to Win Exemptions From Trump Tariffs
South Korea made an impassioned appeal to the American secretary of defense and national security adviser, reminding them of its role trying to defang North Korea. Europe pointed out that it was, in fact, a longstanding military ally of the United States.
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week10 | 2018

week10 | 2018

CGCC News
CGCC Delegation Participated in the Invest in America! 2018 Summit
On February 27, CGCC led a delegation to attend the Invest in America! 2018 Summit hosted by U.S. Chamber of Commerce in...
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Weekly Headlines
Trump Asks China for Plan to Cut $100 Billion Off U.S. Trade Gap
The Trump administration asked China for a plan to cut the annual U.S. trade deficit with the nation by $100 billion, a reduction of more than 25 percent from last year’s gap, a White House official said.
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Trump accepts offer to meet Kim Jong Un
President Donald Trump has agreed to meet with North Korean leader Kim Jong Un, the White House announced, setting the scene for an unprecedented encounter between two nations that only recently threatened to wipe each other out.
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Trump Launches Global Race for Exclusion From Steel Tariffs
With the stroke of a pen, President Donald Trump has set off a race among nations and companies to win relief from his steel and aluminum tariffs.
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China warns of 'necessary response' in event of trade war with U.S.
China will respond as necessary in the event of a trade war with the United States, Foreign Minister Wang Yi said on Thursday, while warning that such a war would only harm all sides.
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Trump to offer temporary tariff exemption for Canada and Mexico
President Trump is planning to offer Canada and Mexico a temporary exemption from new tariffs on steel and aluminum imports, reversing his original insistence that the measures apply to U.S. allies as well as nations like China, administration officials said Wednesday.
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U.S. Soybean Farmers Fear China Will Retaliate for Steel Tariffs
China’s appetite for U.S. soybeans has waned, and concerns abound that exports of the legume could suffer further if President Donald Trump makes good on a promise to impose tariffs on imports of steel and aluminum.
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U.S. Considers Broad Curbs on Chinese Imports, Takeovers
The Trump administration is considering clamping down on Chinese investments in the U.S. and imposing tariffs on a broad range of its imports to punish Beijing for its alleged theft of intellectual property, according to people familiar with the matter.
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Why Washington Is So Obsessed With China’s Huawei
In intervening this week in the Broadcom-Qualcomm takeover battle, the U.S. government also had its eye on another company: China’s Huawei Technologies Co.
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US-listed tech groups answer China’s call to list at home
China’s top US-listed tech companies are pursuing domestic listings in a show of national support and officials are drafting regulations to ease their return.
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Trump Administration Stalls Largest Tech Merger in New Sign of Protectionism
A possible merger of two giant makers of computer chips could revolutionize the all-important industry — which touches everything from smartphones to cars — and shift the balance of power from California to Asia.
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U.S. Will Be the World’s Largest Oil Producer by 2023, Says IEA
The U.S. is likely to overtake Russia to become the world’s largest oil producer by 2023, accounting for most of the global growth in petroleum supplies, a top industry monitor said Monday.
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Chinese firms prepare bids for GE lighting operations: sources
At least two Chinese companies are preparing bids for industrial conglomerate General Electric’s remaining lighting assets in a potentially $1 billion deal, according to people familiar with the situation.
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Key takeaways from Chinese Premier Li Keqiang’s opening speech for the National People’s Congress 2018
From tax cuts for all to massive spending on roads and railways, Li lays out the government’s road map for the year ahead
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China looks to avoid US trade war as Trump steps up rhetoric
A senior Chinese diplomat said Beijing wanted to avoid a trade war with the US and sought to present China as a defender of the global trading system, just a day after Donald Trump threatened Europe with additional sanctions beyond last week’s punitive taxes on imported steel and aluminium.
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Chinese online entertainment platform Bilibili files for US IPO
Chinese online entertainment platform Bilibili has filed for an initial public offering (IPO) of US$400 million (S$527.8 million) with the US Securities and Exchange Commission.
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week9 | 2018

week9 | 2018

CGCC News
CGCC Hosts 2018 Chinese Lunar New Year of the Dog Appreciation Reception
On Thursday, March 1, 2018, China General Chamber of Commerce – USA (CGCC) hosted its 2018 Chinese Lunar New Year of the...
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2018 CGCC-Los Angeles Annual Gala
The CGCC-Los Angeles Annual Gala was held in Los Angeles Millennium Biltmore Hotel on Feb 22, 2018.
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CGCC Foundation Kicks off 2018 “Taste of China” Series—No. 1 Celebrate Chinese Lunar New Year of the Dog with Dim Sum
On February 24 and 25, CGCC Foundation hosted its first 2018 “Taste of China” Series event—Celebrate Chinese Lunar New Y...
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Weekly Headlines
Here's what the world is saying about Trump's tariffs
President Donald Trump on Thursday said that the United States will slap tariffs on steel and aluminum imports from around the world — and the world has something to say back to Trump.
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Major topics of China's 'two sessions' in 2018
The first session of the 13th National People's Congress (NPC), and the first session of the 13th National Committee of the Chinese People's Political Consultative Conference (CPPCC), collectively known as the "two sessions," will open on March 5 and March 3, respectively.
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U.S. holds 'frank' talks on trade with Chinese envoy: White House official
The Trump administration held“frank and constructive” talks with Chinese President Xi Jinping’s top economic adviser, Liu He, on Thursday, a White House official said, the same day U.S. President Donald Trump said he would impose steep tariffs on imported steel and aluminium in a veiled threat to China.
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Did the Trump administration just announce plans for a trade war with ‘hostile’ China and Russia?
The Trump administration on Wednesday warned that it would vigorously defend US national interests against “hostile” powers such as China and Russia, vowing to use “all available tools” to combat unfair practices – a sign that the president may be preparing to erect new trade barriers.
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Mnuchin Says Trump ‘Willing’ to Negotiate U.S. Return to TPP
U.S. Treasury Secretary Steven Mnuchin said Tuesday he had \"begun to have very high-level conversations\" on the Trans-Pacific Partnership, and rejoining the regional trade pact is an option for President Donald Trump.
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Top Chinese Economic Adviser Meets With Dimon, Other U.S. Executives
Chinese President Xi Jinping’s top economic adviser huddled Wednesday afternoon with a group of prominent American business executives at the start of his visit to Washington, according to people familiar with the matter.
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Electric car start-up NIO prepares US$2b IPO in Tesla’s home turf
Chinese electric vehicle start-up NIO has hired investment banks for its initial public offering (IPO) by the end of this year in the United States, the home turf of Tesla, with an eye to raise US$2 billion, according to a person familiar with the matter.
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iQiyi, the Netflix of China, is going public in the US
Video streaming site iQiyi is getting ready for an IPO on the Nasdaq under the stock ticker \"IQ.\" The company filed paperwork late Tuesday to raise $1.5 billion in its offering, but the final amount could end up higher.
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Fed’s Powell Says His Economic Outlook Has Improved
Federal Reserve Chairman Jerome Powell said the economy’s prospects have brightened in recent months, indicating the central bank is on track to keep gradually lifting short-term interest rates and perhaps even pick up the pace this year.
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China spent an estimated $279 billion on R&D last year
China's total spending on research and development is estimated to have hit 1.76 trillion yuan ($279 billion) last year — a year-on-year increase of 14 percent, China's science minister said on Monday.
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US national security panel that reviews mergers is looking at Broadcom's plan to take over rival Qualcomm
A national security panel that can stop mergers that could harm U.S. security has begun looking at Singapore-based chipmaker Broadcom's plan to take over rival Qualcomm, according to three sources familiar with the matter.
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Huawei in early 5G trials with 30 telcos; CEO rejects U.S. security fears
The chief executive of Huawei said on Monday the pace of commercialization for next-generation 5G wireless network is picking up as the Chinese telecom equipment maker has begun pre-commercial development with more than 30 network operators.
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New Fed Chairman Jerome Powell to Testify Before Congress on Capitol Hill
Federal Reserve Chairman Jerome Powell heads to Capitol Hill this week for his first public appearance since being sworn in as the central bank’s new leader earlier this month.
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Education Firm Hopes for High Marks With $300 Million IPO Plan
Sunlands Online Education Group has filed for a U.S. listing to raise up to $300 million, the latest in a string of fund-raising efforts by education firms as offshore Chinese IPOs get off to a strong start in 2018.
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Xiaomi on US market entry: ‘We’ll be there’
Xiaomi is building its "resources" to enter the U.S. market, a top executive at the company has told CNBC.
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week8 | 2018

week8 | 2018

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

week7 | 2018

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

week6 | 2018

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

week5 | 2018

week5 | 2018

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

week4 | 2018

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

week3 | 2018

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

week2 | 2018

week2 | 2018

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

week1 | 2018

week1 | 2018

Weekly Headlines
China to stick with 'around 6.5 percent' growth goal in 2018
China will keep its target for economic growth at “around 6.5 percent” in 2018, unchanged from last year, policy sources told Reuters, as it seeks to balance efforts to reduce debt risks while keeping the world’s second-largest economy stable.
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YY's Chinese Game-Streaming Service to Seek U.S. IPO
Chinese live-streaming company YY Inc. is planning to spin off and list its eSports video platform Huya Broadcasting in the U.S., people familiar with the matter said.
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US Added 148000 Jobs in December; Unemployment at 4.1%
The Labor Department released the latest figures on hiring and unemployment, with another gain capping a year of increasing opportunities for American workers.
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Made in China: New and Potentially Lifesaving Drugs
One new drug promises to stop cancer from spreading to other organs. Another would treat blood cancer. A third would use the body’s immune system to kill tumors. All three show encouraging results, and need just one more step to be approved for use in the United States. The drugs have something else in common: They were created in China.
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The Cashless Society Has Arrived— Only It’s in China
Soliciting handouts near a grocery store, Zhao Shenji, a slender man with shorn hair, made giving easy for Beijing residents accustomed to relying on their smartphones.
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Chinese yuan strengthens to 20-month high against USD
The central parity rate of the Chinese currency renminbi, or the yuan, strengthened to a 20-month high against the U.S. dollar on the second trading day of 2018.
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U.S. Bars Merger of MoneyGram, China’s Ant Financial
An American national-security panel refused to approve a deal for Chinese billionaire Jack Ma’s Ant Financial Services Group to buy MoneyGram International Inc., the companies said Tuesday, in the latest sign the U.S. is tightening scrutiny of investment from China at a time of greater tensions between the two countries.
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Beijing to build technology park for developing artificial intelligence
A technology park dedicated to developing artificial intelligence will be built in Beijing in five years, authorities said. The park will be situated in suburban Mentougou district in western Beijing, covering 54.87 hectares, Beijing News reported, citing a plan released by Mentougou authorities Tuesday.
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