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CGCC Week In Review

     

Connecting People, Building Trust, Expanding Cooperation

week28 | 2020

week28 | 2020

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

week27 | 2020

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

week26 | 2020

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

week25 | 2020

Trump renews threat to cut ties with Beijing, a day after high-level U.S.-China talks - Reuters
President Donald Trump on Thursday renewed his threat to cut ties with China, a day after his top diplomats held talks with Beijing and his trade representative said he did not consider decoupling the U.S. and Chinese economies a viable option.
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Jobless claims dip to 1.51 million in mid-June, but layoffs remain stubbornly high - MarketWatch
The numbers: About 1.5 million people applied for traditional jobless benefits in mid-June, but the high number of people still seeking or receiving financial aid suggests a fresh wave of layoffs may be crashing over the economy and stunting an embryonic recovery.
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China to Accelerate U.S. Farm Purchases After Hawaii Talks - Bloomberg
China plans to accelerate purchases of American farm goods to comply with the phase one trade deal with the U.S. following talks in Hawaii this week.
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Businesses to Slash Overseas Investment Amid Pandemic Risks - WSJ
Businesses will slash new overseas investments by 40% this year and as much as 10% next year, according to new United Nations forecasts, as disruptions from the coronavirus pandemic push multinationals to bring production closer to home. The trend will hit poorer, developing countries hardest.
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Powell Says Economic Gains Are at Risk if Stimulus Measures End Prematurely - WSJ
Federal Reserve Chairman Jerome Powell said recent economic improvement could be jeopardized if Congress curtailed support to workers displaced and businesses shuttered by the coronavirus pandemic.
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Pompeo, Top Chinese Envoy Meet Amid Heightened Tensions - WSJ
WASHINGTON—Secretary of State Mike Pompeo met with his Chinese counterpart in Hawaii, part of an effort by Washington and Beijing to manage a relationship that has badly deteriorated over issues ranging from the status of Hong Kong and Taiwan to the coronavirus pandemic.
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Green shoots welcome but recovery still a long road, Fed's Powell says - Reuters
A full U.S. economic recovery will not occur until the American people are sure that the novel coronavirus epidemic has been brought under control, Federal Reserve Chair Jerome Powell said on Tuesday, as he began the first of two days of hearings before U.S. lawmakers.
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U.S. Retail Sales Rose Record 17.7% in May - WSJ
U.S. shoppers opened their pocketbooks at malls and auto dealerships in May as states eased restrictions to contain the novel coronavirus, boosting retail spending and adding another sign the economy is recovering from earlier lockdowns to contain the pandemic.
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US firms can work with Huawei on 5G and other standards- CNBC
U.S. firms can work with Huawei on setting standards for next-generation technologies, the Department of Commerce said Monday.
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Oil Demand Is Headed for Record Rebound in 2021 - WSJ
The coronavirus pandemic will hammer global growth and oil demand this year, but supply cuts from producers and a record rebound in demand next year will help to rebalance the oil market, the International Energy Agency said.
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U.S. Further Loosens Restrictions on Chinese Airline Flights - WSJ
The Trump administration further eased plans to restrict passenger flights by mainland Chinese airlines to the U.S. after China said it would permit more passenger flights by the US. airlines.
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China a Bright Spot for U.S. in Gloomy Global Trade Picture - WSJ
WASHINGTON—China has retaken its mantle as America’s largest trading partner, emerging as a rare bright spot for U.S. farmers and other exporters as the coronavirus pandemic constrains global commerce.
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Hong Kong’s Bid for Chinese Tech Listings Gets $6.6 Billion Endorsement - WSJ
Hong Kong’s status as a venue for major Chinese technology companies got a boost Thursday, as shares in mobile-games group NetEase Inc. NTES -0.48% jumped on their debut in the city, while e-commerce company JD.com Inc. fixed a price for its own US$3.9 billion offering.
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American Express Gets Nod to Start Operating Card Network in China - WSJ
China’s central bank gave American Express Co. AXP 3.12% the green light to start operating a card-clearing network that will process transactions in yuan, giving the U.S. card company greater access to the country’s spenders.
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Chinese Consumers Add Fuel to Factory-Led Economic Recovery - WSJ
BEIJING—China’s factory-led recovery enjoyed an extra boost last month as Chinese consumers stepped up to make big-ticket purchases, pushing up home prices and auto-sales numbers and prompting economists to increase their growth outlook for the world’s second-largest economy.
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week24 | 2020

week24 | 2020

China’s Trillion-Dollar Campaign Fuels a Tech Race With the U.S. - WSJ
China has embarked on a new trillion-dollar campaign to develop next-generation technologies as it seeks to catapult the nation ahead of the U.S. in critical areas.
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Lawmakers Push to Invest Billions in Semiconductor Industry to Counter China - The New York Times
New legislation aimed at supporting the semiconductor industry is a sign of shifting consensus in Washington, where industrial plans are now in vogue.
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Treasury Secretary Mnuchin says 'we can't shut down the economy again' - CNBC
Treasury Secretary Steven Mnuchin told CNBC on Thursday that shutting down the economy for a second time to combat the spread of Covid-19 isn’t a viable option and could cause even more headaches for Americans.
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Second Pandemic Wave Would Inflict Big Economic Cost, Says OECD - WSJ
A second wave of lockdowns to counter a resurgent novel coronavirus would deal a terrible blow to a global economy already facing a severe contraction, the Organization for Economic Cooperation and Development said Wednesday.
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Fed Officials Project No Rate Increases Through 2022 - WSJ
WASHINGTON—Federal Reserve officials signaled plans to keep interest rates near zero for years and said they were studying how to provide more support to a U.S. economy battered by the coronavirus and related shutdowns.
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China Auto Sales Recovery Rolls Into Second Month - WSJ
SHANGHAI—China’s auto sales were up by double digits in May, as pent-up demand and promotions extended April’s rebound.
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Senate Faults Oversight of Chinese Telecom Companies in U.S. - The New York Times
Senate investigators said Tuesday that government officials had “exercised minimal oversight” of the risks posed by three Chinese telecom companies that operate on American communications networks.
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U.S. layoffs ease in April; hiring slumps to record low - Reuters
Layoffs in the United States fell in April, but remained the second-highest on record, while hiring hit an all-time low, suggesting the labor market could take years to recover from the COVID-19 crisis despite a surprise rebound in employment in May.
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Discretionary Stocks Are Making a Comeback - WSJ
New winners and losers have emerged in the stock market as states continue to reopen and consumers venture out after weeks of diminished spending during the coronavirus shutdowns.
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World Bank Sees 5.2% Decline in Global Economy in 2020 From Coronavirus - WSJ
The global economy is expected to shrink by about 5.2% in 2020 as a result of the coronavirus pandemic, making it one of the four most severe downturns in 150 years, the World Bank said Monday.
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Recession in U.S. Began in February, Official Arbiter Says - WSJ
WASHINGTON—The U.S. officially entered a recession in February, marking the end of the 128-month expansion that was the longest in records reaching back to 1854.
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Chinese Electric-Car Maker Gets U.S. Approval to Supply N95 Masks - WSJ
BYD Co., 1211 -0.48% a Chinese car and battery maker backed by Warren Buffett, will be able to fulfill a much-needed $1 billion mask contract with California after weeks of delays over federal certification.
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Americans Are More Troubled by Police Actions in Killing of George Floyd Than by Violence at Protests, Poll Finds - WSJ
WASHINGTON—Voters by a 2-to-1 margin are more troubled by the actions of police in the killing of George Floyd than by violence at some protests, and an overwhelming majority, 80%, feel that the country is spiraling out of control, according to a new Wall Street Journal/NBC News poll.
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China May exports slip back into contraction, imports worst in four years - Reuters
BEIJING (Reuters) - China’s exports contracted in May as global coronavirus lockdowns continued to devastate demand, while a sharper-than-expected fall in imports pointed to mounting pressure on manufacturers as global growth stalls.
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U.S. Eases Flight Ban on Chinese Airlines - WSJ
The Trump administration eased off plans to block passenger flights by mainland Chinese airlines to the U.S. on Friday, after China said it would permit some passenger flights by U.S. airlines.
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week23 | 2020

week23 | 2020

CGCC News
[CGCC E-Connects] "The Road Ahead: Opportunities for U.S. & China Relations” Webinar
On May 27th, CGCC co-hosted "The Road Ahead: Opportunities for U.S. & China Relations” webinar with Concordia as part of...
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[CGCC E-Connects] Accounting for the income tax effects of the CARES Act and the COVID-19 pandemic (in Chinese)
Companies need to consider how the income tax provisions of the Coronavirus Aid, Relief, and Economic Security (CARES) A...
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Jobless claims climb 1.88 million at end of May, but there are growing signs U.S. unemployment is peaking - MarketWatch
The numbers: Some 1.88 million Americans applied for traditional jobless benefits at the end of May and another 623,000 filed new claims under a federal-relief program, but the number of unemployed collecting government checks appears to have stabilized as more workers return to their jobs.
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China Steps Back in Airline Dispute With the Trump Administration - The New York Times
Beijing will allow limited flights by international carriers to resume after the White House threatened to block Chinese passenger jets from flying to the U.S.
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美国新冠纾困措施批准九周后,刺激资金已经基本耗尽 - 华尔街日报
九周前,美国国会为抗击新冠疫情批准了有史以来规模最大的经济纾困措施,现在,大部分直接纾困资金已经花掉或已决定拨付。这些资金旨在维持美国经济运转。
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White House Weighs Options for Next Stimulus Bill - WSJ
WASHINGTON—President Trump is planning to meet with his senior advisers as soon as this week to discuss policy options for the next coronavirus relief package as the administration prepares for negotiations with Capitol Hill, according to a senior administration official.
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U.S. Plans to Block Flights by Chinese Airlines - WSJ
The Trump administration threatened Wednesday to bar mainland Chinese airlines from flying to and from the U.S. starting later this month, saying Beijing has failed to approve resumption of these routes by U.S. carriers.
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Global Services Sector Sees Tentative Pickup as Coronavirus Lockdowns Ease - WSJ
China’s services activity returned to strong growth in May after a three-month slump, while services in the U.S. and the rest of the world improved a little but continued to contract.
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The U.S. Consumer Is Nesting. Will That Last? - WSJ
Clorox Co., CLX 1.25%Amazon.com Inc. AMZN 0.06% and Domino’s Pizza Inc. DPZ 0.33% can’t ramp up fast enough to meet demand for cleaning products, home deliveries and snack food. More people are streaming videos from Netflix and music from Spotify. Shares of Peloton Interactive Inc. PTON 6.89% have soared as fitness buffs scrap their gym memberships.
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Global stocks rise on economic rebound optimism
Global stocks climbed to their highest levels in three months as optimism about a speedy economic recovery eclipsed geopolitical risks.
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Dear America, A Cold War With China Will Be Expensive - WSJ
Divorces can be messy and expensive: They entail financial sacrifices in exchange for independence and peace of mind. The unfolding U.S.-China breakup will be no different.
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China’s Shift Away From Hard Growth Targets Hits Domestically and Globally - WSJ
BEIJING—By ditching a formal economic growth target for this year, China’s leaders are acknowledging continued global uncertainty amid the coronavirus pandemic.
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Return to the Road Drives Oil Price to Largest Ever Monthly Gain - WSJ
U.S. oil prices notched their largest monthly gains on record in May, recovering a big chunk of the losses caused in March and April when the country went into lockdown to counter the spread of the coronavirus.
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CBO Says Economy Could Take Nearly 10 Years to Catch Up After Coronavirus - WSJ
The U.S. economy could take the better part of a decade to fully recover from the coronavirus pandemic and related shutdowns, the Congressional Budget Office said Monday.
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China’s Barely Begun Economic Recovery Shows Signs of Stalling - WSJ
China’s economic recovery hit a speed bump in May as the coronavirus pandemic began curbing the world’s demand for Chinese goods.
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Fed's Powell fears second coronavirus wave, reiterates crisis-fighting pledge - Reuters
Federal Reserve Chair Jerome Powell on Friday said a potential surge in U.S. coronavirus infections could derail the recovery from the deep downturn triggered by the pandemic, even as he reiterated the central bank’s vow to keep fighting the crisis.
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U.S.-China Disputes Growing Harder to Solve - WSJ
President Donald Trump’s decision to downgrade relations with Hong Kong shows how his clashes with China increasingly feature ideological differences that are harder to resolve than the trade dispute that has primarily defined the administration’s approach to the relationship with its biggest rival.
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week22 | 2020

week22 | 2020

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

week21 | 2020

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

week20 | 2020

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

week19 | 2020

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

week18 | 2020

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

week17 | 2020

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

week16 | 2020

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

week15 | 2020

CGCC News
[CGCC E-Connects] CARES Act Retirement Update
On April 8th, CGCC member company Brio Benefit Consulting hosted a webinar discussion regarding the recently enacted "Co...
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Support Low-Income University Students during COVID-19 through CGCC’s Remote Education and Living Initiative (REAL)
The ongoing COVID-19 Pandemic has greatly altered the lives of millions across the globe. While many have been privilege...
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[CGCC E-Connects] In the time of COVID-19: Tax Implications And Opportunities Stemming From The CARES Act (In Chinese)
In light of the COVID-19 global pandemic, companies are facing complex challenges as they navigate new legislative actio...
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Largest U.S. Car Insurer State Farm Rolls Out $2 Billion Consumer Financial Relief Program - WSJ
The nation’s biggest car insurer, State Farm Mutual Automobile Insurance Co., is slashing $2 billion of premiums owed on 40 million vehicles, making it the latest carrier to offer consumers a financial-relief program as auto claims have plunged under shelter-at-home restrictions.
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US weekly jobless claims mount by another 6.6m - Financial Times
A total of 6.6m Americans filed for first-time unemployment claims in a surge for the third consecutive week after the coronavirus pandemic forced the closure of non-essential businesses and sent shockwaves through the US labour market.
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Trump says airline bailout proposal could be unveiled this weekend - MarketWatch
President Donald Trump said Thursday that his administration's proposed bailout program for the airline industry may be unveiled this weekend.
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Globalisation and national resilience can coexist despite Covid-19 - FT
Disease spreads along trade routes, but so do the knowledge and resources to beat them
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WSJ Survey: Coronavirus to Cause Deep U.S. Contraction, 13% Unemployment - WSJ
The coronavirus pandemic will cause a severe economic contraction, 14.4 million job losses and a spike in the unemployment rate this spring, with an economic recovery starting the second half of the year, economists forecast in a Wall Street Journal survey.
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Trump Eyes Tariffs as Tool to Tame Oil Glut - WSJ
The Trump administration is turning toward the most well-worn pages of its global playbook—tariffs and threats—as it tries to stop an oil-price war from crippling dozens of U.S. companies.
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Wobbly U.S. fiscal response could deepen coronavirus recession - Reuters
The U.S. government’s massive effort to nurse the economy through the coronavirus crisis was billed as a send-money-and-don’t-sweat-the-details flood of cash to people and businesses in a $22 trillion system that has ground to a halt.
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A Quick Bear Market Would Be Historical Anomaly - WSJ
U.S. stocks have rebounded this week, but the worst likely isn’t over for the equities market.
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Government and Businesses Turn Attention to Eventual Reopening of $22 Trillion U.S. Economy - WSJ
Government officials and business leaders are turning their attention to a looming challenge in the fight against the new coronavirus pandemic: Reopening a $22 trillion U.S. economy that has been shut down like never before.
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Scientists Rush to Find Coronavirus Cure—but It Still Isn’t Fast Enough - WSJ
Scientists are mobilizing at record speed to develop a vaccine and effective treatments. The pandemic is moving even faster.
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Credit Markets Show Signs of Stabilizing After Historic Fed Intervention - WSJ
Key parts of the U.S. debt markets are functioning again, a sign the Federal Reserve’s extraordinary steps are easing a credit-market crunch.
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State Shutdowns Have Taken at Least a Quarter of U.S. Economy Offline - WSJ
At least one-quarter of the U.S. economy has suddenly gone idle amid the coronavirus pandemic, an analysis conducted for The Wall Street Journal shows, an unprecedented shutdown of commerce that economists say has never occurred on such a wide scale.
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China Mobile picks Huawei and ZTE to build its 5G network | Financial Times
China’s largest state-owned mobile carrier has turned almost entirely to homegrown telecoms vendors Huawei and ZTE to build out its next-generation 5G mobile network, which is expected to facilitate everything from instant film downloads to self-driving cars.
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China Asserts Claim to Global Leadership, Mask by Mask - WSJ
New York City’s Times Square stands empty, a testament to the threat the coronavirus poses to the biggest U.S. city.
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Coronavirus Cases Rise Sharply, as U.S. Braces for Most Challenging Days Ahead - WSJ
Health officials warned Americans to brace for a pivotal week in the coronavirus pandemic, as the number of new cases around the world jumped by more than 100,000 in a single day for the first time, with a third of them coming from the U.S.
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week14 | 2020

week14 | 2020

CGCC News
[CGCC E-Connects] Littler COVID-19 Flash Survey Report
On March 30th, CGCC member company Littler published the "Littler COVID-19 Flash Survey Report." The survey, completed ...
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[CGCC E-Connects] In the time of COVID-19: Prepare Your Business For Its First Remote Financial Close (in Chinese)
In light of the COVID-19 global pandemic, companies are facing complex challenges as they prepare for the upcoming month...
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CGCC Invites Member Companies to Participate in "CGCC Database Edit-a-thon"
CGCC member companies are cordially invited to take part in the “CGCC Database Edit-a-thon.” This one-month online initi...
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In Sudden Shift, U.S. and China Seek to Cooperate - The New York Times
Several of President Trump’s top aides are advising him to work with China on the coronavirus pandemic, but national security officials are skeptical the truce will hold.
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As millions lose jobs, Fed policymakers say recession is here - Reuters
The U.S. recession is here. How long it will last will depend on the course of a viral pandemic that could still kill hundreds of thousands of Americans, and has most of the country under lockdowns aimed at slowing the infection’s spread.
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A Million N95 Masks Are Coming From China—on Board the New England Patriots’ Plane - WSJ
At 3:38 a.m. Wednesday morning, the New England Patriots’ team plane departed from an unusual locale: Shenzhen, China. On board the Boeing 767, in the cargo hold that used to be home to Tom Brady’s duffel bags, were 1.2 million N95 masks bound for the U.S.
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Job losses in Europe and US hit financial crisis level | Financial Times
Initial weeks’ figures reach same scale of unemployment as in 2007 to 2009
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Companies Hit Hard by Coronavirus Look to Cut 401(k) Contributions - WSJ
The market’s decline has already damaged retirement account balances. Now, more companies are cutting the contributions they make to employees’ 401(k) plans to save cash in the economic crisis sparked by the coronavirus.
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Workers Return to China’s Factories, but Coronavirus Hurts Global Demand - WSJ
BEIJING—Chinese workers returned to factory floors in March, but operations remained slow because of sluggish demand, damping hopes for a speedy recovery as the coronavirus pandemic continues to paralyze the global economy.
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China Pushes to Churn Out Coronavirus Gear, Yet Struggles to Police It - The New York Times
China’s vast manufacturing machine has moved into overdrive to supply the country and the world with masks, testing kits, respirators and other gear to fight the global coronavirus pandemic. Companies big and small that once manufactured other items are now in the business of making anti-coronavirus gear — and regulators in China are struggling to enforce standards while encouraging the flow.
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Stocks Suffer Worst Quarter Since 2008 - WSJ
U.S. stocks closed out their worst quarter since the depths of the financial crisis, a stunning blow for the market that few investors could have anticipated at the start of the year.
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Trump to suspend some tariffs for 90 days - Financial Times
Donald Trump is poised to announce a 90-day suspension of tariff payments on certain imports, including some apparel and light trucks, as the US president seeks to blunt the economic damage from the coronavirus pandemic.
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Virus threatens to push developing Asia economies into recession
World Bank says 11m people in region seen as global growth engine could enter poverty
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A Global Conundrum: How to Pause the Economy and Avoid Ruin - WSJ
The coronavirus has produced something new in economic history. Never before have governments tried to put swaths of national economies in an induced coma, artificially maintain their vital organs, and awaken them gradually.
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China’s Coronavirus-Battered Economy Shows Tentative Signs of Renewed Life - WSJ
BEIJING—An official gauge of China’s manufacturing activity rebounded strongly in March as work resumption picked up, though economists warned that business activity remains far from normal following a devastating coronavirus outbreak.
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After Three Coronavirus Stimulus Packages, Congress Is Already Prepping Phase Four - WSJ
As lawmakers last week completed a record-shattering economic-rescue package estimated at $2 trillion, Senate Minority Leader Chuck Schumer (D., N.Y.) predicted: “This is certainly not the end of our work here in Congress—rather the end of the beginning.”
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中国央行下调7天逆回购利率 - - FT中文网
中国央行周一下调短期贷款基准利率,并向金融体系注资500亿元人民币(合71亿美元)。此际,中国正在艰难应对由于新型冠状病毒疫情大流行而导致的经济增长大幅放缓的前景。
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U.S. Plans to Stop Collecting Import Tariffs for Three Months, Officials Say - WSJ
WASHINGTON—The Trump administration is preparing to suspend collection of import tariffs for three months to give U.S. companies financial relief amid the coronavirus pandemic, according to administration officials.
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week13 | 2020

week13 | 2020

CGCC News
CGCC Medical Supply Donation and Information Sharing in the U.S.
On March 11th, 2020, the World Health Organization announced the COVID-19 (coronavirus) as a global pandemic. The virus ...
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[CGCC E-Connects] A conversation with SMBs: sharing knowledge and resources
On Tuesday, March 31 at 3 pm EDT, CGCC member company Alibaba.com will host a virtual fireside chat to share creative id...
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Fed Chairman Jerome Powell: 'We may well be in a recession'
After taking a series of emergency actions to support the economy during the coronavirus outbreak, lowering interest rates and buying more securities, the chairman of the Federal Reserve did something else extraordinary: He sat for a live television interview.
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G-20 Nations Pledge $5 Trillion to Spur Global Economic Recovery From Coronavirus - WSJ
The leaders of the Group of 20 nations said that they would collectively spend more than $5 trillion trying to insulate the global economy from the impact of the coronavirus pandemic and help speed a recovery.
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Record Rise in Unemployment Claims Halts Historic Run of Job Growth - WSJ
A record 3.28 million workers applied for unemployment benefits last week as the new coronavirus hit the U.S. economy, marking an abrupt end to the nation’s historic, decadelong run of job growth.
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China is an odd but effective refuge from the coronavirus crisis - Financial Times
Prospects for mainland markets seem attractive compared with virtually anywhere else
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Business activity crashes to record low in US and Europe - Financial Times
Services and manufacturing surveys illustrate impact of coronavirus on global economy
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Senate Approves Roughly $2 Trillion in Coronavirus Relief - WSJ
WASHINGTON—The Senate approved the largest economic stimulus package in recent memory, moving the estimated $2 trillion bill to the House as Congress seeks to give American families and businesses a financial shield against the ravages of the new coronavirus pandemic.
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Tokyo 2020: Olympic and Paralympic Games postponed because of coronavirus - BBC
The Tokyo 2020 Olympic and Paralympic Games have been postponed until next year because of the worldwide coronavirus pandemic. The event, due to begin on 24 July, will now take place "no later than summer 2021".
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Detroit’s War of Independence - WSJ
The auto industry, and Detroit in particular, has been diligently preparing for a downturn for years. What it got instead was something altogether less manageable: a shutdown.
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White House, Senate reach historic $2 trillion deal amid growing coronavirus fears - CNN
The White House and Senate leaders struck a major deal early Wednesday morning over a $2-trillion package to provide a jolt to an economy struggling amid the coronavirus pandemic, capping days of marathon negotiations that produced one of the most expensive and far-reaching measures in the history of Congress.
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Huge fiscal spending is needed to fight the coronavirus downturn - Financial Times
Far more is required than during the global financial crisis.
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Economy Week Ahead: Assessing Mounting Damage from Coronavirus Pandemic - WSJ
Data out this week is expected to reflect escalating economic damage from global efforts to contain the novel coronavirus pandemic.
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Fed Unveils Major Expansion of Market Intervention - WSJ
Central bank will begin lending operations to unclog corporate and municipal debt markets.
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Doctors Turn to Malaria Drugs as Potential Coronavirus Treatment - WSJ
Doctors and hospitals are turning to decades-old antimalarial drugs to treat patients infected with the disease caused by the new coronavirus, as they work to repurpose existing therapies in a race to find effective treatments.
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The Worst of the Global Selloff Isn’t Here Yet, Banks and Investors Warn - WSJ
The most brutal stretch for global markets since the financial crisis likely isn’t over yet, say investors and analysts who believe it is too early to assess the possible scale of economic damage from the coronavirus.
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In Bid for Coronavirus Vaccine, U.S. Eases Access to Supercomputers - WSJ
The U.S. government, International Business Machines Corp. and others are giving researchers world-wide access to at least 16 supercomputers to help speed the discovery of vaccines and drugs to combat the novel coronavirus.
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week12 | 2020

week12 | 2020

China to help exporters with fiscal, finance steps- ministry - Reuters
China will help exporters hit by the coronavirus outbreak with fiscal, finance and export credit insurance measures and assist services firms speed up a return to work, the commerce ministry said on Thursday.
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Companies Retool Operations to Assist in Coronavirus Fight - WSJ
Companies across the West, from a Kentucky distillery to a French bluejeans maker, are retooling to produce medical equipment for overloaded hospitals and slow the spread of the new coronavirus.
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China Shipping Exports Rebound, Just as Western Ports Cope With Coronavirus Downturn - WSJ
Two months after a near complete standstill in China that rattled global supply chains, the country’s ports are again pushing out thousands of containers that were stranded at the onset of the coronavirus outbreak.
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U.S. Stock Futures Falter Despite Central Banks’ Action - WSJ
U.S. stock futures dropped on Thursday, deepening the market turmoil even as the Federal Reserve and European Central Bank introduced fresh measures to protect the global economy from the impact of the coronavirus pandemic.
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Senate Passes Paid-Leave Bill to Combat Pandemic, Turns to Administration’s Stimulus Plan - WSJ
WASHINGTON—Senate lawmakers turned their full attention to the Trump administration’s proposal for $1 trillion in spending to combat the coronavirus pandemic, including aid for airlines and direct payments to American households, after passing a paid-leave bill that President Trump signed into law late Wednesday.
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Coronavirus Pandemic to Test Limits of How Much Debt U.S. Can Bear - WSJ
The coronavirus pandemic is about to test the bounds of how much debt the U.S. government can bear.
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Fed launches emergency short-term lending facility amid coronavirus crisis - ABC News
The Federal Reserve announced a new emergency strategy to help support the flow of credit to U.S. households and businesses as the novel coronavirus outbreak hammers the economy, establishing a commercial paper fund similar to what was implemented for the 2008 financial crisis.
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Boeing Asks for $60 Billion in Aid for U.S. Aerospace Industry - WSJ
Boeing Co. BA -4.22% said it was seeking at least $60 billion to aid the U.S. aerospace industry as the plane maker, its suppliers and airline customers face fallout from the growing coronavirus crisis.
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Goldman says U.S. growth will shrink 5% next quarter and here’s how low stocks could go - MarketWatch
U.S. growth will shrink 5% in the next quarter and the coronavirus outbreak will “probably” lead to a recession, Goldman Sachs said.
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Economists See Rising Risks of Recession World-Wide - WSJ
Overall economic impact of coronavirus will depend on how quickly authorities can bring it under control
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Why Are Markets So Volatile? It’s Not Just the Coronavirus. - WSJ
The market is dominated by computer-driven investors that rely on signals such as volatility and momentum
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U.S. Braces for Sharp Economic Downturn as Coronavirus Bears Down - WSJ
U.S. households, businesses and investors should brace for a sharp economic downturn in the first half of 2020 because of the new coronavirus pandemic—and hope for a bounce back during the second half of the year.
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Coronavirus Shutdowns Deliver a Punch to China’s Economic Gut - WSJ
SHANGHAI—Business activity in China turned broadly negative for the first time on record as home sales, construction activity, retail sales and factory output plunged, pushing unemployment to a record high, signs of the costly economic damage associated with trying to control the spread of the coronavirus.
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Fed Takes Emergency Steps as Virus Pushes Economy Toward Recession - WSJ
The Federal Reserve cut its benchmark interest rate to near zero and unleashed an aggressive set of additional moves aimed at stabilizing markets as the new coronavirus pushed the U.S. economy toward a recession.
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U.S. Grants Tariff Exemptions for More Medical Goods From China - WSJ
WASHINGTON—In an about-face, U.S. trade officials removed tariffs on dozens of medical items imported from China amid the coronavirus crisis—including some protective gowns, exam gloves, patient bags, surgical drapes and medical waste disposal bags.
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week11 | 2020

week11 | 2020

CGCC News
CGCC E-Connects: “Managing the Coronavirus Outbreak’s Continuing Effects” Webcast
On March 11th, CGCC member company Marsh held a webcast titled “Managing the Coronavirus Outbreak’s Continuing Effects.”...
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CGCC E-Connects: Business Insights for Navigating the Coronavirus (COVID-19) & Compendium
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CGCC E-Connects: "Coronavirus Planning, Response, and Recovery" Webcast
CGCC generously thanks member company Marsh for sharing the following “Coronavirus Planning, Response, and Recovery” web...
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U.S. Chip Industry Fears Long-Term Damage From China Trade Fight - WSJ
The U.S. semiconductor industry is pressing to get out of the firing line between the U.S. and China, warning its position as the global market leader could become a casualty of the trade spat.
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China Pumps $79 Billion Into Economy With Bank Cash Reserve Cut
China's central bank cut the cash that banks must hold as reserves on Friday for the second time this year, releasing 550 billion yuan ($79 billion) to help its coronavirus-hit economy.
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Stocks Plunge 10% in Dow’s Worst Day Since 1987 - WSJ
U.S. stocks plunged Thursday in their worst day since the 1987 crash. The Dow Jones Industrial Average fell 10%, and the S&P 500 and Nasdaq tumbled nearly as much to join the Dow in a bear market.
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Chinese companies get back to work — but with stricter rules
Coronavirus measures such as anti-crowding restrictions in elevators offer a road map for global peers
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Economy Faces ‘Tornado-Like Headwind’ as Financial Markets Spiral - The New York Times
Crashing financial markets are increasing the risk of a vicious cycle that could usher in a recession.
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Halting China’s Economy Was Hard. Restarting It Is Harder. - The New York Times
Beijing brought the world’s No. 2 economy to a halt to quell the coronavirus epidemic. Its difficulties in reviving business offer a potential lesson for other countries.
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Business Travel Sector to Lose $820 Billion in Revenue on Coronavirus Hit: Industry Group - The New York Times
The global business travel sector is expected to take a revenue hit of about $820 billion, as corporates curb travel plans in the face of the coronavirus epidemic, an industry body said.
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HSBC Appoints New China CEO in Latest Management Reshuffle - Bloomberg
HSBC Holdings Plc, which operates the largest franchise among global banks in China, named Mark Yunfeng Wang as president and chief executive officer of its China business as the U.K. lender reaffirms the commitment to the world’s biggest banking market.
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Coronavirus Confronts Global Economy With Tough Recovery - WSJ
Businesses are bracing for a longer and steeper coronavirus-triggered downturn than the single-quarter event initially anticipated.
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Virus Clouds China’s Prospects to Meet U.S. Trade Commitments - WSJ
WASHINGTON—The spread of the coronavirus and related economic uncertainty is threatening to undermine the “phase one” trade agreement that the Trump administration signed with its Chinese counterparts less than two months ago.
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U.S. Companies in China Were Struggling Before Coronavirus - WSJ
BEIJING—Before the coronavirus epidemic, U.S. companies were heading for record-low profitability in China as business conditions deteriorated and China’s economy slowed to its lowest rate in decades, according to a new survey of U.S. companies with operations in China.
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Stocks Revive After Dow’s Worst Day in 12 Years - WSJ
Global stocks and oil prices rebounded after Monday’s precipitous declines, which saw energy prices suffer historic losses and U.S. equities post their biggest drop since the global financial crisis.
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U.S. excludes Chinese face masks, medical gear from tariffs as coronavirus spreads - Reuters
The U.S. Trade Representative’s office in recent days granted exclusions from import tariffs for dozens of medical products imported from China, including face masks, hand sanitizing wipes and examination gloves, filings with the agency showed on Friday.
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Global Markets in Turmoil as Oil Plunges - WSJ
Markets shuddered Monday in the face of a price war for oil and the economic fallout from the coronavirus outbreak, with frightened investors seeking shelter in the safety of government bonds and propelling yields to unprecedented lows.
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China’s Exports Plunge Amid Coronavirus Epidemic - WSJ
China’s exports and imports tumbled in the first two months of the year, official data showed Saturday, as the coronavirus epidemic and measures to contain its spread disrupted production and shipment while hitting global supply chains.
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week10 | 2020

week10 | 2020

CGCC News
CGCC E-Connects: "Coronavirus (COVID-19) Employer FAQs"
CGCC generously thanks member company Littler for sharing the following “Coronavirus (COVID-19) Employer FAQS” article f...
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CGCC E-Connects: "Coronavirus and Employment Law" Webinar
On Wednesday, March 4th, CGCC member company Dorsey & Whitney LLP hosted an interactive webinar titled "Coronavirus and ...
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CGCC Statement on COVID-19 Epidemic
China General Chamber of Commerce -USA (CGCC) is closely monitoring the rapidly evolving situation regarding the Coronav...
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States, Insurers Move to Limit Coronavirus Testing Costs for Patients - WSJ
States are moving to block insurers from charging members for coronavirus testing, putting pressure on the industry to ease costs that might discourage people from getting diagnosed and treated.
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China grants tariff exemption on U.S. soybean imports - Yahoo
China has granted tariff exemption to some crushers to buy U.S. soybeans, four sources said, after Beijing announced the plan in late February, in the latest move to fulfill commitments under the China-U.S. Phase 1 trade deal.
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If Coronavirus-Stricken China Can’t Export Medicine, the World Is in Trouble - WSJ
Much of the contents of your medicine cabinet can be traced back to Chinese ingredients processed into pills in India. Thanks to the coronavirus, much of Chinese industry remains shut down. The potential ramifications of that for pharmaceuticals are now becoming clear.
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Analysis: Why the Fed Is Likely to Cut Again - WSJ
The three main reasons behind the Federal Reserve’s interest rate cuts on Tuesday help explain why the central bank is likely to lower rates again.
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China’s Workers Suffer Layoffs, Slashed Pay and Shutdowns as Coronavirus Batters Businesses - WSJ
A sharp economic slowdown in China caused by the coronavirus epidemic is putting new pressure on the country’s labor market, as businesses struggling to maintain or revive operations resort to pay cuts and layoffs—or simply shut down.
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US companies tell Fed coronavirus has hit manufacturing, tourism
Central bank’s ‘Beige Book’ shows coronavirus has dented business confidence for some
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U.S. Weighs Paying Hospitals for Treating Uninsured Coronavirus Patients - WSJ
The Trump administration is considering using a national disaster program to pay hospitals and doctors for their care of uninsured people infected with the new coronavirus as concerns rise over costs of treating some of the 27 million Americans without health coverage, a person familiar with the conversations said.
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Coronavirus may create lasting workplace change - Financial Times
From Sars to tsunamis, companies are used to preparing for business interruptions. The coronavirus outbreak is the test for which they have been planning for years.
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Fed Makes Emergency Rate Cut as Markets Tremble Over Coronavirus - The New York Times
The central bank cut interest rates by half a percentage point, its biggest single cut in more than a decade, as a pre-emptive move to protect the economy from the coronavirus.
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Global Growth to Slow Sharply as Virus Takes Heavy Toll, OECD Says - WSJ
Global economic growth will slow sharply this year as governments attempt to contain the coronavirus epidemic, although the scale of the setback is highly uncertain, the Organization for Economic Cooperation and Development said Monday.
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Chinese Markets Are Proving Resilient to Coronavirus Turmoil - WSJ
The novel coronavirus epidemic began in China and has shaken markets around the world. One surprising standout: Chinese stocks.
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Global Airlines Brace for Coronavirus Impact - WSJ
As coronavirus continues its spread outside of China, the global airline industry is recalibrating its response to a threat that could be its worst since the financial crisis a decade ago.
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China Purchasing Indexes Drop to Record Lows as Epidemic Stalls Output - WSJ
BEIJING—Official gauges of China’s factory and nonfactory activity plunged to record lows in February as the nation’s economy struggled to resume normal production as it faced the coronavirus epidemic.
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Trump criticizes Fed, calls for lower rates amid coronavirus fallout - CNBC
President Donald Trump knocked the Federal Reserve on Saturday for not acting yet to combat an economic slowdown stemming from the coronavirus.
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Coronavirus Is Different. It’s Rapidly Hitting Supply and Demand. - WSJ
Companies have endured financial meltdowns, civil wars and natural disasters. Now they are confronting a different kind of menace: a fast-spreading virus that has abruptly dented demand and supply across industries and continents.
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week9 | 2020

week9 | 2020

CGCC News
CGCC Insights Vol. 7 – Cummins Inc.
Steve Chapman, Member of the CGCC Strategic Advisory Steering Committee and Group Vice President for China and Russia at...
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CGCC Wuhan Medical Supply Donation Updates - February 24
On February 24th, the fourth batch of donated medical supplies left CGCC's office in New York and a warehouse in Long Is...
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U.S. Stocks Slide Into a Correction as Virus Fears Show No Sign of Easing - WSJ
The February market rout deepened Thursday, as major stock indexes around the globe posted another round of significant declines and uncertainty over the impact of the coronavirus began shading into fear.
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Senate OKs $1 Billion for Rural Telecom Carriers to Replace Huawei Gear - WSJ
WASHINGTON—The U.S. Senate approved legislation that would provide $1 billion for rural telecom carriers to replace equipment made by China’s Huawei Technologies Co. in their networks.
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Companies take axe to business travel as virus spreads
Companies are cancelling business travel across Asia and Europe as the coronavirus spreads rapidly around the world.
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World Economy Shudders as Coronavirus Threatens Global Supply Chains - WSJ
HONG KONG—The last time a coronavirus outbreak hit China in 2003, the global economy emerged relatively unscathed. Now, nearly two decades later, the growth-damping effects of a similar pathogen threaten to ripple around a world transformed by China’s boom.
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President Trump Puts Vice President Pence in Charge of Virus Response - WSJ
WASHINGTON—President Trump said Americans are at very low risk from the coronavirus, and he put Vice President Mike Pence in charge of federal response efforts as concern grew among lawmakers and a U.S. case was diagnosed that may have no connection to travel abroad.
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U.S. Companies in China Warn 2020 Revenue Could Halve If Coronavirus Persists - WSJ
Some American companies say they could lose as much as half their annual revenue from China if the coronavirus epidemic extends through the summer, as businesses struggle to get boots back on the ground amid travel restrictions and shortages of basic protective gear.
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China Lifts Import Restrictions on U.S. Farm Goods - WSJ
U.S. officials said Chinese leaders have taken the first steps toward implementing the first phase of a trade deal between the world’s two largest economies, an announcement that comes amid concerns that the coronavirus could delay the pace of China’s promise to purchase more U.S. crops and other goods.
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Yield on 10-Year U.S. Treasury Note Hits Record Low - WSJ
The yield on the benchmark 10-year U.S. Treasury note fell to an all-time low Tuesday as stocks swooned for a second straight day, driven by worries the coronavirus could seriously disrupt an already sluggish global economy.
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CDC Warns It Expects Coronavirus to Spread in U.S. - WSJ
Federal health authorities said Tuesday they now expect a wider spread of the coronavirus in the U.S. and are preparing for a potential pandemic, though they remain unsure about how severe the health threat could be.
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With Migrant Workers in Limbo, Part of China’s Economy Is Stalled - WSJ
Many must choose the least-bad option: Stay in their hometowns without jobs, or return to expensive cities and a 14-day quarantine.
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Fear of Coronavirus, Rather Than Virus Itself, Hits Economies - WSJ
The body’s immune response to infection is often more painful than the infection itself. The same is true of epidemics and the economy.
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Dow Industrials Close 1,000 Points Lower as Coronavirus Cases Mount - WSJ
Investors around the world retreated from stocks and piled into haven assets including government bonds and gold, reflecting escalating worries that the coronavirus will disrupt the global economy.
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Coronavirus Spreads Outside China as Officials’ Worries Mount - WSJ
HONG KONG—New cases of coronavirus flared outside China, adding to global health officials’ worries about the spread of the disease in dangerous new pockets of infection.
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People’s Bank of China will help the country recover quickly from coronavirus
Deputy governor: central bank has ample policy room to stabilise the economy.
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G-20 Financial Leaders Warn Coronavirus Risk to Global Growth - WSJ
RIYADH—The Group of 20 major economies warned Sunday the fast-spreading coronavirus posed a serious risk to global growth and agreed to take action should the epidemic’s impact intensify.
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week8 | 2020

week8 | 2020

CGCC News
The Third Batch of Donated Medical Supplies Leave CGCC NY Office for Wuhan
On February 6th, the third batch of medical supplies donation has left CGCC's office in New York for Wuhan via CGCC memb...
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Morgan Stanley agrees $13bn deal to buy ETrade - Financial Times
Morgan Stanley has become the latest elite Wall Street bank to turn to Main Street for its future growth, adding stock trading millennials to its customer base with the $13bn acquisition of online trading platform ETrade.
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In a City Under Lockdown, Hope Arrives by Motorbike - The New York Times
Delivery drivers in Wuhan and across China offer a lifeline to millions of people barricaded in their homes during the coronavirus outbreak, but the work puts them at risk.
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China releases list of second batch of tariff exemptions for U.S. goods - ECNS
China has released a list of the second batch of tariff exemptions for U.S. imports previously announced to take effect as of February 28 for one year, according to the Ministry of Finance on Friday.
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Coronavirus gives China get-out clause for buying US energy
Hard to see how Beijing can ramp up oil and gas imports in line with ‘phase one’ deal
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Coronavirus Outbreak Tests World Bank’s Pandemic Insurance - WSJ
It’s the third month of the coronavirus outbreak, and investors still don’t know whether the first-ever pandemic-insurance policy will pay out.
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Fed Minutes Show Comfort With Economy, Rate Stance Last Month
Most officials were more confident that inflation would gradually return to central bank’s 2% target.
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China’s Real-Estate Market Is Coronavirus Latest Victim - WSJ
BEIJING—China’s home-price growth slowed to an 18-month low in January, but it looks set to fall a lot further as Beijing’s long-running attempts to rein in the property market meet with effects from the coronavirus outbreak.
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HSBC to slash investment bank, 35,000 jobs in strategy overhaul - Reuters
HONG KONG/LONDON (Reuters) - HSBC Holdings PLC said on Tuesday it would shed $100 billion in assets, shrink its investment bank and revamp its U.S. and European businesses in a drastic overhaul that will mean 35,000 jobs cut over three years.
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Trump Supports Sales of High-Tech Products to China, in Blow to Hawks - WSJ
WASHINGTON—A broad push by Trump administration hard-liners to stem the flow of high-tech exports to China—even if doing so means limiting the market access of major U.S. companies—hit a hurdle Tuesday: President Trump himself.
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Virus Concerns Delay Volkswagen Production Restarts, China’s Biggest Car Show - WSJ
HONG KONG— Volkswagen AG VOW -1.84% said Monday it would postpone production restarts at some of its Chinese plants until next week, while the organizers of China’s biggest car show said the event would not go ahead in April as planned, as the outbreak of a new coronavirus continued to weigh on the world’s biggest automotive market.
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Slowed by the Coronavirus, China Inc. Struggles to Reopen - The New York Times
Some factories are firing up again, but with many workers quarantined and parts in short supply, production is limited.
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China’s Stimulus Strategy Faces New Test in Coronavirus - WSJ
SHANGHAI—China has pumped billions of dollars into its financial system, raised expectations of an interest-rate cut and pledged to cut red tape in a bevy of emergency responses to the economic hit of its coronavirus outbreak.
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week7 | 2020

week7 | 2020

CGCC News
CGCC Foundation Sponsored “Family Day: Moon Over Manhattan! Celebrate Lunar New Year 2020”
On February 1st, 2020, CGCC Foundation sponsored Asia Society’s “Family Day: Moon Over Manhattan! Celebrate Lunar New Ye...
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CGCC E-Connects: "Impact of the coronavirus on the global economy"
SCB Research:Impact of the coronavirus on the global economy
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CHO TAK Wong discusses Academy Award Winning Documentary “American Factory” and the Formation of Fuyao Glass America
On February 11th, American Factory was awarded the Academy Award for Best Documentary Feature by the Academy of Motion P...
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CGCC's Wuhan Medical Supply Donation Updates - Feb 10th
Since the start of the Coronavirus outbreak in Wuhan, hospitals throughout the city have been facing a shortage of face ...
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Alibaba Takes a Hit From Coronavirus - WSJ
Alibaba Group Holding Ltd. said the coronavirus outbreak that has locked down residents across China is hampering the online-retail giant and may result in slowed growth as employees stay home from work and packages go undelivered.
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Central Banks Adopt Cautious Outlook on Coronavirus - WSJ
Central bankers are adopting a cautious stance as they consider how the coronavirus outbreak in China could ripple through the global economy in the coming months.
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China’s Huawei Charged With Racketeering, Stealing Trade Secrets - WSJ
Huawei Technologies Co. and two of its U.S. subsidiaries were charged with racketeering conspiracy and conspiracy to steal trade secrets in a federal indictment unsealed Thursday, opening another front in the Trump administration’s battle with the Chinese telecommunications firm.
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Coronavirus sends ripples through global economy - FT
Spread of disease and efforts to contain it are among biggest near-term threats to world growth, economists say
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WSJ Survey: Coronavirus Likely to Hit First-Quarter U.S. Growth - WSJ
China’s coronavirus outbreak will likely dampen U.S. economic growth in the first quarter, according to a survey of economists by The Wall Street Journal.
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U.S. Budget Deficit Grew 25% in First Four Months of Fiscal 2020 on Calendar Quirk - WSJ
WASHINGTON—The federal budget deficit grew 25% in the first four months of the fiscal year, largely as a result of a quirk in the calendar that brought forward payments of federal benefits, such as veteran and retiree benefits.
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U.S. Officials Say Huawei Can Covertly Access Telecom Networks - WSJ
U.S. officials say Huawei Technologies Co. can covertly access mobile-phone networks around the world through “back doors” designed for use by law enforcement, as Washington tries to persuade allies to exclude the Chinese company from their networks.
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China Outbreak Weighs on Commodities, From Oil to Hogs - WSJ
China’s coronavirus outbreak has scrambled the global trade in commodities, hitting the country’s massive appetite and challenging global supply lines set up to feed it.
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U.S.-China Trade War Reshaped Global Commerce - WSJ
Battle slammed the brakes on global trade growth, but a handful of countries and industries saw modest benefits.
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Fed Chairman Heads to Capitol Hill Facing New Questions Over Growth Risks - WSJ
When Federal Reserve Chairman Jerome Powell heads to Capitol Hill for two days of testimony beginning Tuesday, he will face questions about how the central bank might respond to new economic uncertainties emanating from China.
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Trump Wants to Double Spending on AI, Quantum Computing - WSJ
The White House on Monday proposed roughly doubling nondefense research-and-development spending on artificial intelligence and quantum information sciences, citing fierce global competition, while cutting overall funding for R&D.
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China’s Businesses Struggle to Resume Work - WSJ
Business was slow to restart in China, even after some local governments stopped calling for people to stay away from the workplace during a coronavirus outbreak that has killed more than 1,000 people in the country and dented economic growth.
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U.S. Companies Expect Coronavirus to Cut China Revenue - WSJ
Companies are just beginning to tally the impact of the coronavirus in China on their business, and many U.S. firms expect it to dent their revenue and China’s economic growth this year.
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Need for Face Masks in China Pushes Auto, Energy Companies to Make Them - WSJ
China’s auto makers, the world’s biggest iPhone assembler and even state-owned energy companies are using their assembly lines to pump out more face masks and other medical supplies as the country responds to a coronavirus outbreak that has spread around the world.
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Coronavirus Helps Drive China’s Consumer Prices to Highest Level in Over Eight Years - WSJ
China’s consumer inflation rose to its highest level in more than eight years in January as hundreds of millions of Chinese struggled to cope with a deadly coronavirus outbreak that has raised anxiety levels and pushed up the prices of many household goods.
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week6 | 2020

week6 | 2020

CGCC News
Join CGCC’s Wuhan Medical Supply Donation Effort
Since the start of the Coronavirus outbreak in Wuhan, hospitals throughout the city have been facing a shortage of face ...
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Call for Responses: 2020 Annual Business Survey Report on Chinese Enterprises in the U.S.
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CGCC's Wuhan Medical Supply Donation Updates - Feb 4th
Since the start of the Coronavirus outbreak in Wuhan, hospitals throughout the city have been facing a shortage of face ...
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Coronavirus Cuts Chinese Tourism, and Luxury Retailers Suffer - Morningstar
Chinese tourists are disappearing from major shopping capitals across the U.S. and Europe as a result of the new coronavirus, and their absence is hurting some of the world's highest-profile luxury brands.
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Companies Find Ways to Bypass Tariffs on Chinese Imports - WSJ
Many U.S. companies are maneuvering to sidestep tariffs on Chinese imports, trade lawyers and logistics consultants say, using a variety of strategies to avoid the payments without upending their supply chains.
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As Coronavirus Spreads, China Chokes on Oil - WSJ
Americans may have seen a hit to their retirement portfolios over the past two weeks, but they are also suddenly paying less at the pump. The underlying reason is the same: an outbreak of a previously unknown coronavirus in China, which has killed several hundred and could inflict serious damage on economic growth this year.
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For the US and China, interdependence is a double-edged sword
Economic exchange can produce welfare gains, but it can also be used as a weapon
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China to Cut Tariffs on $75 Billion of U.S. Goods - WSJ
BEIJING—China said it would slash tariffs on $75 billion of U.S. imports in half as part of its efforts to implement a recently signed trade agreement with Washington.
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U.S. Trade Deficit Narrows for First Time in Six Years - WSJ
WASHINGTON—The U.S. trade deficit narrowed in 2019 for the first time in six years as disputes with China and other countries reduced the U.S.’s exports and imports while reshaping relationships with economic partners.
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$9 Cabbages, Emergency Pork: Coronavirus Tests China on Food - The New York Times
Cooped up at home and fearful that the epidemic could last weeks or even months, families across China are hoarding provisions, making it harder for shops and supermarkets to keep fresh food in stock. Many places have closed off roads to passing traffic, slowing truck shipments and raising freight costs.
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Chinese Lead Foreign Selling of U.S. Commercial Property - WSJ
Chinese investors sold off billions more in U.S. commercial property last year than they bought, as other foreigners start to sour on the U.S. market as well.
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Coronavirus Crisis Could Delay U.S. Boost From Deal With China, Kudlow Says - WSJ
White House National Economic Council Director Larry Kudlow said Tuesday he expected the fallout from the deadly coronavirus to delay—but not derail—the economic boost the U.S. anticipated from the first phase of the trade deal with China.
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