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CGCC Week In Review

     

Connecting People, Building Trust, Expanding Cooperation

week50 | 2018

week50 | 2018

Weekly Headlines
China Auto Sales Go Downhill for Fifth Month Running - WSJ
SHANGHAI—Chinese auto sales declined for the fifth month in a row in November, piling pressure on auto makers to plot a return to growth in 2019.
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Apple Hit With Sales Ban on Older iPhones in China - WSJ
A Chinese court ordered Apple Inc. AAPL 0.66% to stop selling older iPhone models after finding the company infringed on two patents held by Qualcomm Inc., QCOM 2.23% the chip maker said, casting uncertainty over Apple’s business in a critical market amid thorny trade relations between the U.S. and China.
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U.S., China Kick Off a New Round of Trade Talks - WSJ
The U.S. and China started the latest round of trade talks with a phone call involving Treasury Secretary Steven Mnuchin, U.S. Trade Representative Robert Lighthizer and Chinese Vice Premier Liu He.
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IMF’s Departing Chief Economist Issues a Rare Warning on U.S. Growth - WSJ
Maurice Obstfeld, the retiring chief economist of the International Monetary Fund, is on his way out the door with a warning that global growth is slowing and the U.S. will likely feel the drag as well.
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Larry Kudlow Predicts Fed Could Rethink Rate Increases - WSJ
National Economic Council Director Lawrence Kudlow, a top economic adviser to President Trump, suggested Friday the Federal Reserve might not raise interest rates this month amid softer inflation data, a view contrary to widespread market expectations.
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U.S. Maintains Hard Line as Details Emerge in Trade Truce With China - WSJ
The Trump administration’s point man on U.S.-China trade negotiations said the U.S. would hold fast to its 90-day deadline for the conclusion of a lasting agreement, adding that the U.S. would impose punishing tariffs on Chinese imports if none is reached.
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week49 | 2018

week49 | 2018

CGCC News
CGCC’s Statement on the Working Dinner Between China and the US
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Weekly Headlines
Moderna IPO: 5 things to know about potentially the largest U.S. biotech IPO in history - MarketWatch
Moderna Therapeutics Inc. is set for a record initial public offering that could be the biggest biotech IPO in U.S. history.
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Fed Weighs Wait-and-See Approach on Future Rate Increases - WSJ
Federal Reserve officials are considering whether to signal a new wait-and-see approach after a likely interest-rate increase at their meeting in December, which could slow down the pace of rate increases next year.
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U.S.-China Trade Worries Drag Down Yuan - WSJ
The yuan is falling again as investors grapple with fresh prospects of deteriorating trade relations between the U.S. and China.
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Tesla to start production from Shanghai factory in 2019 | Financial Times
Tesla will begin partial production at its new Shanghai factory in the second half of next year, according to a post on a Shanghai municipal WeChat account.
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Corporate Optimism for U.S. Economy Slips to Two-Year Low - CFO Journal. - WSJ
Business leaders say concerns about trade, government spending and rising interest rates are dimming their outlook
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Foreign Steel Keeps Flowing Into U.S. Despite Tariffs - WSJ
U.S. tariffs on imported steel are delivering higher profits for steel companies but haven’t changed the country’s dependence on foreign-made steel.
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China’s renminbi in biggest two-day rise since 2005 revaluation | Financial Times
China’s currency has roared higher in its most dramatic two-day rise in more than a decade after the country reached an apparent ceasefire in its trade skirmish with America, combined with a bout of weakness in the US dollar.
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Trump Team Set to Take Tough Stand in 90-Day Trade Talks With China - WSJ
Trump administration officials said they planned to take a tough stand in their 90-day trade negotiations with China or impose further tariffs, as optimism over a truce gave way to uncertainties about how the two sides could find agreement on a wide range of issues.
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China Breaks Its Silence on 90-Day U.S. Tariff Truce - WSJ
BEIJING—China is beginning to flesh out details of a weekend tariff truce with the U.S., after days of vague Chinese statements and a barrage of comments from President Trump and other administration officials.
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Trump, Looking Beyond GM, Seeks to End All Electric Car Tax Credits, Kudlow Says - WSJ
President Trump’s top economic adviser said the administration is looking to eliminate subsidies on electric cars, a move that could hamper the auto industry’s push to broaden the market for battery-powered vehicles.
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Trump, Xi: This Isn’t the Deal You’re Looking For - WSJ
Markets got what they wanted. So, basically, did President Trump, aggrieved squawks from China hawks aside. That doesn’t mean the outcome from this weekend’s meeting of U.S. and Chinese leaders is actually good for either country’s long-term health.
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Trump Names Lighthizer to Run U.S.-China Negotiations - WSJ
WASHINGTON—President Trump named a China hard-liner to lead negotiations with Beijing, indicating the U.S. will pursue a tough stance in what is bound to be contentious talks over a trade dispute that has sent shivers through global markets.
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Trade truce provides time for Beijing to stabilise  | Financial Times
As the G20 nations concluded their fractious meeting in Argentina with a statement that papered over some deep and worrying divisions on climate and trade policies, the latest results from the Fulcrum nowcast models continue to suggest that the global economy is slowing down quite markedly.
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U.S., China Face Thorny Obstacles to Lasting Trade Peace - WSJ
BUENOS AIRES—The trade truce between the U.S. and China calms their economic battle and opens a brief window for the two nations to explore whether they can bridge deep divides on a range of difficult disputes.
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Trump: China to ‘Reduce and Remove’ Tariffs on American Cars - WSJ
SHANGHAI—China has agreed to cut tariffs on American-made cars, President Trump said on Twitter, apparently signaling Beijing’s readiness to make concessions to prevent further escalating trade tensions.
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week48 | 2018

week48 | 2018

CGCC News
CGCC Hosted “China-US Dialogue: The Path Forward & Screening of Better Angels” in Los Angeles
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CGCC Joined 2018 Thanksgiving Volunteer Event to Help End Hunger and Homelessness
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Weekly Headlines
Tariffs Roil Global Steel Trade, Creating Winners and Losers - WSJ
U.S. tariffs have scrambled the global steel trade, with countries that can no longer sell into the U.S. sending their products into Europe at a record rate.
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Xi and Trump eye trade talks if they can reach truce | Financial Times
Chinese and US officials have discussed holding a further round of trade talks in Washington in December if Xi Jinping and Donald Trump agree to a trade war truce in Buenos Aires this weekend, according to three people familiar with the preparations.
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Trump on the back foot at home heading into Xi summit  | Financial Times
Donald Trump on Thursday summed up his conflicting feelings about a possible deal on trade with China’s Xi Jinping ahead of their meeting over dinner at this weekend’s G20 summit in Buenos Aires. “I think we are very close to doing something with China,” the US president told reporters before leaving the White House for Argentina. “But I don't know that I want to do it.”
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U.S. Treasury Adds Digital Currency to Means of Identifying Sanctions Targets - WSJ
The U.S. Treasury Department on Wednesday for the first time added digital currency identifiers to flag targets on its sanctions blacklist, and it provided guidance on how to comply with blocking regulations when holding such currency tied to a person on the list.
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Transcript of President Trump’s Interview With The Wall Street Journal - WSJ
President Trump spoke by phone Monday with Wall Street Journal reporter Bob Davis about U.S. trade relations with China, including current U.S. tariffs on $250 billion in Chinese imports and his threats to impose tariffs on the rest of the U.S.’s annual imports from China. Here is the lightly edited transcript of that interview. Small portions of the interview have been excluded from this transcript that were off the record or that have been withheld for future Wall Street Journal articles.
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‘Bring Me Tariffs’—How Trump and Xi Drove Their Countries to the Brink of a Trade War - WSJ
On Sept. 21, Chinese President Xi Jinping convened an emergency meeting of two dozen top officials. The day before, the U.S. had taken Beijing by surprise by imposing sanctions on a research unit of the Chinese military, shortly after announcing tariffs on $200 billion in Chinese imports. The Chinese didn’t know how to respond.
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Microsoft Closes In on Apple as World’s Most Valuable Company - WSJ
Microsoft Corp. MSFT 0.63% briefly unseated longtime rival Apple Inc. AAPL -0.22% on Tuesday as the world’s most valuable company, reflecting investors’ faith in its revival under Chief Executive Satya Nadella while the iPhone maker adjusts to slowing momentum for its most profitable product.
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Big Tech Expands Footprint in Health - WSJ
Amazon.com Inc. AMZN 0.01% is starting to sell software that mines patient medical records for information doctors and hospitals could use to improve treatment and cut costs. The move is the latest by a big technology company into health care, an industry where it sees opportunities for growth.
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Trump-Xi Meeting Risks Roiling Markets - WSJ
Trade has been one of this year’s main concerns for investors. The biggest development may be still to come.
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How a History of Discord Fuels Today’s U.S.-China Trade Tensions - WSJ
The Republican White House, responding to business complaints of Chinese theft of intellectual property and trade secrets, launches the process for imposing tariffs on China’s imports.
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GM’s Plan to Cut Jobs and Plants Draws Fire From Trump, Others - WSJ
General Motors Co. GM 4.79% plans to cut up to 14,800 jobs in the U.S. and Canada and end production at several North American factories, marking the auto maker’s first significant downsizing since its bankruptcy last decade as the company tries to adjust to weak sedan sales.
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Trump Expects to Move Ahead With Boost on China Tariffs - WSJ
WASHINGTON—President Trump, days before a summit with China’s leader, said he expects to move ahead with boosting tariff levels on $200 billion of Chinese goods to 25%, calling it “highly unlikely” that he would accept Beijing’s request to hold off on the increase.
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China courts potential allies in trade war with US | Financial Times
China is expected to use the G20 summit in Argentina this week to show it is cutting its reliance on exports in an effort to deprive the Trump administration of allies in the trade war.
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Trump Faults Treasury Secretary Over Fed Pick - WSJ
President Trump has expressed dissatisfaction with Treasury Secretary Steven Mnuchin, blaming him for the appointment of a Federal Reserve chairman who has been raising interest rates, a move Mr. Trump worries will jeopardize economic gains as his 2020 re-election campaign approaches, people familiar with the matter said.
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China soy imports from Brazil double in Oct y/y amid Sino-U.S trade tensions
China's soybean imports from Brazil nearly doubled in October from a year earlier, customs data showed on Monday, as buyers scooped up shipments on worries over shortages amid trade tensions with the United States, a major supplier.
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week47 | 2018

week47 | 2018

CGCC News
China Southern Airlines Hosted A Celebratory Dinner And Product Presentation
New York (November 16, 2018) China Southern Airlines hosted a celebratory dinner and product presentation at midtown Man...
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Weekly Headlines
Trump’s Trade War Could Hurt a Lot More if It Escalates - Barron's
This copy is for your personal, non-commercial use only. To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com.
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Investments fuel a third of profits at Tencent and Alibaba | Financial Times
Alibaba and Tencent’s main business may be shopping and gaming, but their latest earnings reports show they are also giving investment managers a run for their money.
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Washington Asks Allies to Drop Huawei - WSJ
The U.S. government has initiated an extraordinary outreach campaign to foreign allies, trying to persuade wireless and internet providers in these countries to avoid telecommunications equipment from China’s Huawei Technologies Co., according to people familiar with the situation.
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CHINA SOUTHERN AIRLINES HOSTED A CELEBRATORY DINNER AND PRODUCT PRESENTATION - China General Chamber of Commerce - U.S.A.
New York (November 16, 2018) China Southern Airlines hosted a celebratory dinner and product presentation at midtown Manhattan’s legendary Harvard Club in New York on Friday, November 16, 2018, announcing the launch of its first non-stop service between Los Angeles and Shenyang, China servicing three flights weekly in partnership with Delta and American Airlines.
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White House decries China trade practices ahead of G20 summit | Financial Times
The Trump administration said China had “not altered” its allegedly predatory trade practices in recent months, casting further doubt on the chances of a truce at next week’s G20 summit in Argentina .
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Foreign Investors Invade China’s Cozy Treasury Market - WSJ
SHANGHAI—Foreign investment in Chinese government bonds is surging, creating risks for both investors and Beijing, which has long kept a tight hold on this $2 trillion market.
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Apple Suppliers Suffer With Uncertainty Around iPhone Demand - WSJ
Lower-than-expected demand for Apple Inc.’s AAPL -3.96% new iPhones and the company’s decision to offer more models have created turmoil along its supply chain and made it harder for Apple to predict the number of components and phones it needs, people familiar with the situation said.
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Paulson Agrees to Buy Stake in Asset Manager From HNA - WSJ
John Paulson’s hedge fund agreed to buy a stake in a $238 billion asset manager from Chinese conglomerate HNA Group Co.
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A Silicon Valley Tech Leader Walks a High Wire Between the U.S. and China - WSJ
HONG KONG—The U.S. and China are locked in a battle for technological supremacy. One Silicon Valley company is arming both sides.
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Trump Optimistic About China Trade Deal - WSJ
WASHINGTON—President Trump expressed optimism Friday that the U.S. could cut a deal with China to ease trade tensions, but said he would continue to press Beijing for more concessions.
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US national security reviews to hit Chinese investment | Financial Times
New US national security rules are set to disproportionately hit Chinese investments in sensitive industries such as biotechnology and nanotechnology.
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US-China tension laid bare at Asian economic summit | Financial Times
Rivalry between the US and China was laid bare at the Asia Pacific Economic Co-operation meeting over the weekend, as Xi Jinping, China’s president, and Mike Pence, US vice-president, sparred over trade and security.
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week46 | 2018

week46 | 2018

Weekly Headlines
Chinese Exodus From U.S. Real Estate Accelerates With Sale of L.A. Site - WSJ
Chinese conglomerate Dalian Wanda Group has agreed to sell a glitzy development site in Beverly Hills, Calif., the latest sign that Chinese companies are bailing out of U.S. real estate after years of loading up on these properties.
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US and China step up effort to strike G20 truce on trade | Financial Times
The US and China have intensified efforts to strike a truce at the G20 that would curb their trade war.
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Pence Calls for an Indo-Pacific Region Free of Chinese ‘Aggression’ - WSJ
SINGAPORE—Vice President Mike Pence hit out at China during his tour through Asia, signaling an increasingly tough line against Beijing as the world’s two largest economies clash over trade, security and human rights.
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Global Economy Shows Strain as U.S. Steams Ahead - WSJ
The global economy has hit a soft patch, putting the U.S.’s robust growth at risk should the slowdown persist.
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Bitcoin Plunges Below $6,000, Hits New Lows for the Year - WSJ
The lull in cryptocurrency markets is over.
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Tencent Posts Higher Profit, but China’s Videogame Freeze Clouds Prospects - WSJ
BEIJING—Fueled by advertising sales and investment gains, Tencent Holdings Ltd.’s TCEHY 4.27% third-quarter profit jumped 30% despite a regulatory chokehold on videogames, the company’s biggest business.
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The iPhone Slump Is Rumbling Through Tech - WSJ
Apple Inc. AAPL -1.00% may not want to talk about iPhone unit sales anymore. That leaves the company’s massive global supply chain to do the talking for them.
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U.S. Fights China for Influence, One Project at a Time - WSJ
HONG KONG—The U.S. has launched a new strategy aimed at ramping up investment in Asia to vie with Chinese President Xi Jinping’s overseas infrastructure-building spree, as Beijing grapples with setbacks to its sprawling program.
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A China Trade Deal or a New Cold War? - WSJ
In just over two weeks, President Trump will meet Chinese President Xi Jinping in Buenos Aires, and we might get an answer to one of the biggest questions hanging over markets: Is Mr. Trump’s trade battle with China really about trade, or about geopolitical rivalry?
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U.S. Adopts New Battle Plan to Fight China’s Theft of Trade Secrets - WSJ
The Trump administration is broadening its China trade battle beyond tariffs with a plan to use export controls, indictments and other tools to counter the theft of intellectual property, according to people familiar with the matter.
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Amazon Picks New York City, Northern Virginia for Its HQ2 Locations - WSJ
New York City and Northern Virginia will be the homes for Amazon.com Inc.’s AMZN -4.41% second and third headquarters, according to people familiar with the matter, ending a more than yearlong public contest that started with 238 candidates and ended with a surprise split of its so-called HQ2.
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U.S., China Resume Talks to Cool Trade Tensions - WSJ
Treasury Secretary Steven Mnuchin has resumed discussions with his Chinese counterpart, Vice Premier Liu He, about a deal that would ease trade tension, ahead of a meeting of the leaders of China and the U.S. set for the end of the month.
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week45 | 2018

week45 | 2018

CGCC News
CGCC & CGCC Foundation Volunteer at TCS New York City Marathon
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Weekly Headlines
Trump’s Tariffs Have Fully Kicked In—Yet China’s Exports Grow - WSJ
BEIJING—China’s exports surged anew last month on the back of resilient demand, defying many economists’ expectations for a slowdown from the trade fight with the U.S.
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Fed Holds Rates Steady, Signals More Rate Increases Ahead - WSJ
WASHINGTON—The Federal Reserve held short-term interest rates steady Thursday and offered a mostly upbeat assessment of the U.S. economy, suggesting another rate increase is likely by year-end.
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China Approves American Express Card Service, Addressing U.S. Concerns About Markets - WSJ
BEIJING— American Express Co. AXP 1.11% won approval to set up card-clearing services in China—the first U.S. card network to gain permission—as Beijing seeks to show progress in opening its markets ahead of a summit between the Chinese and U.S. presidents.
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Tesla Names Telstra Executive to Replace Elon Musk as Chairman - WSJ
Tesla Inc. TSLA 2.08% named Robyn Denholm as its new chairman, replacing Chief Executive Elon Musk as the head of the board with a relative outsider who will face the difficult task of overseeing the maverick billionaire.
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Split Congress Poses New Obstacles to Trump - WSJ
WASHINGTON—President Trump on Wednesday vowed a “warlike posture” should newly empowered House Democrats exercise oversight, while simultaneously calling for bipartisan cooperation, highlighting the changed dynamic in Washington after midterm elections that divided Congress after two years of full Republican control.
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U.S.-China Trade Tensions on Display at Shanghai Expo - WSJ
SHANGHAI—American companies occupy choice real estate at a mega-Chinese trade show here but also stand at an uncomfortable intersection: between the huge business opportunity of the China market and a U.S. president critical of their investment in it.
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Tencent builds autonomous driving team in Silicon Valley | Financial Times
Tencent is building an autonomous driving team in Silicon Valley, in the latest sign of the Chinese tech giant moving into new areas as its traditional growth engines such as gaming stall.
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China open to trade talks with US, says Wang Qishan | Financial Times
Beijing remains ready to talk with Washington to resolve a bitter trade dispute, a top Chinese official has said a day after President Xi Jinping lashed out at a “law of the jungle” policies that was seen as an attack on the approach of Donald Trump.
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US elections: Republicans lose House but increase Senate majority | Financial Times
Democrats took control of the House of Representatives in a victory that sets the stage for a contentious two-year battle with Donald Trump, but they lost ground in the Senate as voters in the US heartland were energised by the president’s incendiary rhetoric over illegal immigration.
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Xi Jinping Aims to Rebrand China—as an Importer
SHANGHAI—A trade fair China is hosting to market a new image—as an importer—is looking like a test of its commitment to follow through on promised economic liberalization.
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Frost thaws in U.S.-China ties ahead of G20 meeting | Reuters
WASHINGTON/SINGAPORE (Reuters) - The United States and China will hold a delayed top-level security dialogue on Friday, the latest sign of a thaw in relations, as China’s vice president said Beijing was willing to talk with Washington to resolve their bitter trade dispute.
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Amazon Plans to Split HQ2 Evenly Between Two Cities - WSJ
Amazon.com Inc. AMZN -2.27% plans to split its second headquarters evenly between two locations rather than picking one city, according to a person familiar with the matter, a surprise decision that will spread the impact of a massive new office across a pair of communities.
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A Test of Trump: Midterms Could Result in a Mixed Verdict - WSJ
WASHINGTON—Tuesday’s midterm elections, widely viewed as a referendum on Donald Trump’s presidency, have party strategists preparing for a split decision, with polls indicating Democrats on track to gain a House majority while Republicans keep control of the Senate.
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China to rebrand itself as world’s importer at Shanghai expo | Financial Times
Mixing political summitry with a trade fair, heads of state, trade ministers and executives from multinational companies will gather in Shanghai on Monday to hear President Xi Jinping tout China’s role as a global importer.
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Companies Feel the Tariff Pinch - WSJ
U.S. companies said they are tempering the effects of escalating tariffs with China through price increases or changes to their supply chains, but they warn investors that the picture could worsen next year.
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week44 | 2018

week44 | 2018

CGCC News
CGCC Hosted “China-US Dialogue: The Path Forward & Screening of Better Angels” in Washington D.C.
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Weekly Headlines
US companies flock to China import expo - China.org.cn
Nearly 180 American firms have signed up for the first China International Import Expo (CIIE) scheduled for Nov. 5-10 in Shanghai despite the on-going tariffs dispute between the world's two largest economies.
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Lawmaker Faults Tariff Waivers’ Fairness - WSJ
WASHINGTON—Shortly after the U.S. first imposed tariffs on steel and aluminum this year, in part to crack down on oversupply from China and its closest trading partners, the Department of Commerce granted exclusions to a handful of Chinese-owned and Japanese-owned companies with U.S. subsidiaries, enabling them to continue duty-free imports of Chinese and Japanese steel.
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Trump and Xi Talk as U.S.-China Tech Fight Brews - WSJ
President Trump said he had a “very good conversation” with President Xi Jinping of China that signaled progress in the nations’ trade dispute, hours before federal prosecutors unsealed charges against a Chinese technology firm for allegedly stealing trade secrets.
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China’s Monster Money Fund Shrinks, and Rivals Reap Rewards
Beijing is forcing the world’s largest money-market fund to shrink, creating a bonanza for others.
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Fed Proposes Looser Rules for Large U.S. Banks - WSJ
WASHINGTON—The Federal Reserve announced one of the most significant rollbacks of bank rules since President Trump took office with a proposal for looser capital and liquidity requirements for large U.S. lenders.
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China advances in World Bank’s ease of doing business index | Financial Times
China has made big strides in cutting red tape and burdensome regulations over the past year, according to a flagship World Bank report on the ease of doing business in different countries around the world.
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Facebook’s Revenue, Earnings Growth Slow - WSJ
Facebook Inc. FB 2.91% recorded lower third-quarter revenue than expected and warned that it is in the early stages of a transformation in its core businesses that will lead to slower growth and higher costs in the short term.
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China’s Factory Weakness Adds to Mounting Worries About Economy - WSJ
BEIJING—Concerns about the trade dispute with the U.S. are sapping activity in China’s factories, adding to the troubles of an economy already slowing faster than the government expected.
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This Is How China Keeps a Firm Grip on the Yuan - WSJ
The yuan just hit its weakest point against the dollar in a decade. That puts it and the country’s hybrid financial system—where the state and the market both play big roles—back in the spotlight.
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U.S. Plans More China Tariffs If Trump-Xi Meeting Fails, Sources Say
LISTEN TO ARTICLE 3:01 SHARE THIS ARTICLE Share Tweet Post Email In this article SPX S&P 500 2,641.25USD-17.44-0.66% HSI HANG SENG INDEX 24,585.53HKD-226.51-0.91% SHCOMP SHANGHAI SE COMPOSITE 2,568.05CNY+25.95+1.02% The U.S. is preparing to announce by early December tariffs on all remaining Chinese imports if talks next month between presidents Donald Trump and Xi Jinping fail to ease the trade war, three people familiar with the matter said.
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American Tech Firms Are Winning the R&D Spending Race With China - WSJ
SEOUL—As the U.S. and China tussle over trade and technology, American companies maintain a major advantage over their Chinese rivals in a critical area: spending on research and development.
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China Sets Official Yuan Rate at Weakest in a Decade - WSJ
China guided the yuan to its weakest official level in a decade on Tuesday—a move that could fuel expectations of a further, self-reinforcing slide.
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IBM to Acquire Red Hat for About $33 Billion - WSJ
International Business Machines Corp. IBM -1.31% agreed to buy software-and-services company Red Hat Inc. RHT -3.19% for about $33 billion in its biggest acquisition ever, a deal aimed at helping IBM Chief Executive Ginni Rometty boost a cloud-computing business central to her efforts to revive the tech giant.
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Indonesian Plane With 189 People on Board Crashes Near Jakarta - WSJ
JAKARTA, Indonesia—Divers searched for a Lion Air jetliner that crashed into the Java Sea carrying 189 people shortly after takeoff Monday morning from Jakarta, in what was the first major accident involving a new variant of the popular Boeing 737.
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U.S. Economy Grew at 3.5% Rate in Third Quarter - WSJ
WASHINGTON—The economy powered ahead in the third quarter, driven by robust consumer and government spending, though Friday’s report included warning signs that the business sector faces turbulence that could hold back the expansion in the months ahead.
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week43 | 2018

week43 | 2018

Weekly Headlines
China’s renminbi falls to lowest against US dollar in decade | Financial Times
China’s currency slipped to its weakest level in a decade on Friday against a backdrop of mounting geopolitical tension and uncertainty over the country’s trade impasse with the US.
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Fed's new Vice Chair Clarida backs rate hikes in first major speech
Federal Reserve Vice Chairman Richard Clarida, in his first major policy speech since being seated at the central bank, said more interest rate increases are likely warranted as the economy continues to gather strength.
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U.S. Won’t Resume Trade Talks Without Firm Proposal From a Wary China
The U.S. is refusing to resume trade negotiations with China until Beijing comes up with a concrete proposal to address Washington’s complaints about forced technology transfers and other economic issues, officials on both sides of the Pacific said.
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China’s currency nears key level in late-day drop | Financial Times
China’s currency faced a bout of selling pressure late in the Asian trading day, bringing the renminbi close to a critical level against the US dollar.
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Late rout wipes out this year’s US stock gains
US stocks fell sharply in late trading on Wednesday, wiping out the last of this year’s gains on swelling concerns about a slowdown in the global economy and an inflection point for Corporate America’s profit machine.
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WTO suffers collateral damage from Trump and China
Wanted: a credible mediator to bring a global trade war to armistice. Must have: the trust of the aggressors, the law on its side and the clout to get things done.
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China's Xi opens world's longest sea bridge linking Hong Kong, Macau | Reuters
HONG KONG (Reuters) - China opened the world’s longest sea-crossing bridge and tunnel on Tuesday, linking the financial center of Hong Kong, the gambling hub of Macau and western reaches of the Pearl River Delta at the heart of southern China’s economic boom.
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Trump Steps Up Attacks on Fed Chairman Jerome Powell - WSJ
WASHINGTON—President Trump escalated his attacks on Federal Reserve Chairman Jerome Powell, saying the head of the nation’s central bank threatened U.S. economic growth and appeared to enjoy raising interest rates.
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U.S. Manufacturers See Signs of New Risks - WSJ
Caterpillar Inc. and 3M Co. provided a gut check for U.S. manufacturers, revealing in their third-quarter reports mounting risks that spooked investors.
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Chinese stocks have their best day in 3 years | Financial Times
Chinese stocks had their biggest one-day gain in almost three years on Monday, staging a dramatic rebound after Beijing made a concerted move last week to reassure investors and buoy markets following a steep sell-off.
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Search for Amazon HQ2 Sparks Real- Estate Speculation - WSJ
Plenty of real-estate investors are poised to buy property in whichever city Amazon.com Inc. picks for its second headquarters. Some aren’t waiting.
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The Steel Industry Gets What It Wants on Tariffs - WSJ
U.S. steel producers, which prevailed in their push for the Trump administration to impose tariffs on imported steel and aluminum, have also proved equally effective—and far more effective than many other industries—at avoiding tariffs they don’t want.
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US midterms: a referendum on Donald Trump | Financial Times
Republicans hope buoyant economy will be a bulwark against Democrats energised by opposition to the president.
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Economic Watch: China moves to boost investor confidence, stock market rallies - Xinhua
BEIJING, Oct. 22 (Xinhua) -- Chinese stocks surged Monday after policy makers moved to boost confidence in the stock market and pledged to enact measures to ensure its healthy development.
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Larry Kudlow accuses China of refusing to engage on trade | Financial Times
The White House’s top economic adviser has accused Beijing of doing “nothing” to defuse trade tensions ahead of a likely meeting between Donald Trump and Xi Jinping at the G20 in Argentina next month, damping expectations of a truce in the economic warfare between the US and China.
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week42 | 2018

week42 | 2018

CGCC News
CGCC Hosted “Chinese Investment in the US: The Path Forward-Legal and Regulatory Challenges” Forum in New York
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Weekly Headlines
U.S. economic policy toward China to get tougher, say economists: Reuters poll | Reuters
BENGALURU (Reuters) - U.S. trade policy toward China over the next few years will become more confrontational, according to a majority of economists in a Reuters poll who remain convinced U.S. growth has peaked and will slow substantially next year.
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America Struggles to Take Its Pigs to World’s Biggest Market - WSJ
China has the world’s biggest appetite for pork. It’s such a beloved staple that the written Chinese character for “home” depicts a pig inside a house. U.S. producers banked on that business being around for years.
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China Posts Weakest Growth in Nearly a Decade, Scrambles to Soothe Investors
BEIJING—China’s economic expansion slowed to its weakest pace since the financial crisis, as top financial regulators launched an extraordinary coordinated effort to calm jittery investors.
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No More Mail Privilege for China as U.S. to End Deep Discounts on Packages - WSJ
WASHINGTON—The U.S. opened a new front in its mounting economic conflict with China, starting a process to withdraw from a 144-year-old international postal body whose discounts allow Chinese merchants to ship small packages to U.S. customers at sharply lower rates.
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U.S. Criticizes China’s Currency Practices, but Doesn’t Add Manipulator Designation - WSJ
The U.S. Treasury again passed up a formal opportunity to designate China a “currency manipulator,” but singled out the nation’s currency practices as a source of “particular concern.”
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The World’s Biggest Exporter Rebrands Itself as a Big Buyer - WSJ
SHANGHAI—Facing U.S. trade sanctions, the world’s largest exporting nation, China, is cultivating a new image—as an importer.
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On China’s ‘currency manipulation’, the US should be careful what it wishes for | South China Morning Post
Washington seems to feel it will be fruitful, when discussing issues around yuan weakness with Beijing, to reference the currency provision in the recent US-Mexico-Canada (USMCA) trade deal as a template. In fact, applying such a currency provision to the yuan could end up leading to more, not less, yuan weakness.
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Trump Complains About Rising Interest Rates, Calling the Fed ‘My Biggest Threat’ - WSJ
President Trump reiterated his complaints that the Federal Reserve is raising short-term interest rates too fast, calling the U.S. central bank “my biggest threat.”
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U.S. Is World’s Most Competitive Economy for First Time in a Decade - WSJ
The U.S. is back on top as the most competitive country in the world, regaining the No. 1 spot for the first time since 2008 in an index produced by the World Economic Forum, which said the country could still do better on social issues.
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Global FDI falls 41 percent in H1 2018 after Trump tax reforms - U.N. | Reuters
GENEVA (Reuters) - Global foreign direct investment (FDI) fell by 41 percent to $470 billion in the first six months of this year, the lowest since 2005, preliminary figures from the United Nations trade and development agency UNCTAD showed on Monday.
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Google’s CEO Defends Potential Return to China - WSJ
Google’s chief executive defended his company’s plan to explore a search engine tailored for users in China despite concerns that would mean complying with the country’s strict internet censors.
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China’s “hidden” local government debt may total $6tn: S&P - FT
"Hidden" local government debt in China is projected to have hit as much as Rmb40tn ($6tn), or 60 per cent of China's gross domestic product in 2017, an alarmingly high rate as the country's economy cools and manufacturing starts to suffer from China’s trade dispute with the US.
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U.S. Edges Toward New Cold-War Era With China
WASHINGTON—The Trump administration is moving deliberately to counter what the White House views as years of unbridled Chinese aggression, taking aim at military, political and economic targets in Beijing and signaling a new and potentially much colder era in U.S.-China relations.
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In China, a Dot-Com Déjà-Vu - WSJ
We’ve seen it before: the crazy spending, the stratospheric valuations. Twenty years later, it looks like the dot-com boom all over again, but this time the players are much bigger—and Chinese.
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Chinese Drugmaker’s IPO Tests a Slumping Biotech Market - WSJ
A Chinese cancer drug developer is pushing ahead with an initial public offering in Hong Kong, despite a global markets rout and the recent poor performance of other biotechnology startups that have listed in the city.
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week41 | 2018

week41 | 2018

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

week40 | 2018

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

week39 | 2018

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

week38 | 2018

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

week37 | 2018

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

week36 | 2018

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

week35 | 2018

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

week34 | 2018

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

week33 | 2018

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

week32 | 2018

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

week31 | 2018

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

week30 | 2018

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

week29 | 2018

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

week28 | 2018

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

week27 | 2018

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

week26 | 2018

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

week25 | 2018

CGCC News
CGCC Released 2018 Business Survey Report on Chinese Enterprises in the U.S.
On June 20, the China General Chamber of Commerce-USA (CGCC) and CGCC Foundation released 2018 Business Survey Report on...
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Secretary Wilbur Ross: We Are Hopeful to Reach Mutually Beneficial Solutions to Help Both Economies Grow
On June 20th, China General Chamber of Commerce – USA (CGCC) hosted the 2018 SelectUSA Reception in Washington, DC. Wilb...
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Weekly Headlines
Meituan Wants to Be the Grubhub of China
BEIJING—China’s burgeoning middle class, which increasingly is going online for everything from ordering lunch to booking hotel rooms, is fueling expectations that an 8-year-old startup with an innovative smartphone app will go public at a lofty $60 billion valuation this year.
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OPEC inches closer to boosting oil output as Iran hints cartel is ‘cooking’ up a deal
OPEC appeared to be on the brink of raising oil supply on Friday, after de-facto leader Saudi Arabia looked to have convinced arch-rival Iran to cooperate over production policy.Energy ministers have been laying the groundwork all week for Friday's biannual meeting in Vienna, Austria, where OPEC is expected to ease supply constraints that have been in place since January 2017.
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Daimler Issues Profit Warning as Chinese Tariffs Hit U.S.-Built SUVs - WSJ
BERLIN—The escalating trade war between the U.S. and China has claimed an unintended victim: Germany’s premium car manufacturer, Daimler AG.
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