China

Share to Twitter Share to Linkedin Topline Secretary of State Antony Blinken was hours away from departure Friday when officials told multiple news outlets a planned trip to Beijing, China, was postponed, after Pentagon officials said a Chinese spy balloon was flying over the northern U.S. Key Facts Blinken’s visit would have marked the first visit from a senior U.S. administration official to China in five years, adding another strain to the rocky U.S. - China relationship. The Secretary of State was scheduled to meet with Chinese President Xi Jinping during the visit, according to the Financial Times . In a statement Friday , the Chinese Foreign Ministry said the balloon was used mainly for meteorological research, and because of the airship’s limited self-steering and winds it “deviated far from its planned course.” House Speaker Kevin McCarthy (R-Calif.) requested a briefing late Thursday on the situation for … [Read more...] about Blinken Postpones China Visit After Spy Balloon

Share to Twitter Share to Linkedin Topline China on Friday said the suspected spy balloon flying over the U.S. is actually a “civilian airship” blown way off course, according to the BBC, apologizing for the inflatable intrusion whose discovery heightened already heated tensions between Washington and Beijing. Key Facts China’s foreign ministry said the “high-altitude surveillance” device spotted flying over sensitive sites in U.S. airspace in recent days is a regretful and “unintended” intrusion from a civilian research device mainly used to monitor the weather, according to the BBC. Chinese foreign ministry spokesperson Mao Ning previously said Beijing was investigating the reports and did not confirm whether the balloon—which was spotted over Billings, Montana, and is still hovering over the U.S.—belonged to Beijing or if it was responsible for sending it, according to news reports . Mao stressed the need for both sides to remain … [Read more...] about China Says Alleged Spy Balloon Hovering Over U.S. Is Actually A ‘Civilian Airship’ Blown Off Course

Share to Twitter Share to Linkedin The retail industry’s supply-chain-induced inventory glut may turn out to have been a gift in disguise. Although companies are expected to report subdued annual earnings (the retail year typically ends January 31), diminished by markdowns and logistical costs, the abundance of merchandise may have allowed some breathing room to accelerate investment in reshoring and re-sourcing suppliers. The top goal appears to be the unshoring of China, which established in 2022 that it is no longer a reliable source, given its handling of Covid and the twists and turns of geopolitics and trade skirmishes. A recent surve y by Forbes and Zogby Strategies found that about half of American CEOs whose companies depend on manufacturing to produce and deliver their goods have plans to reshore operations this year. Among the 150 CEOs and decision makers that the researchers track, about 90% expect supply chain disruptions to continue, … [Read more...] about The Great China Unshoring, Retail’s Big Trend For 2023

FM Nirmala Sitharaman breaks Budget 2023 down in an exclusive interview with Network18. The domestic response to India’s widening trade deficit with China must be a nuanced and two-pronged one, Finance Minister Nirmala Sitharaman has said. “No country would want its exports to languish and imports to balloon with any trading partner,” the minister said in an exclusive interview to Network 18 on February 3. She was responding to a question if the widening trade gap was acceptable. “But the issue has two-pronged answers. We should be conscious not to have to consume things which come overly from only one destination but that doesn’t mean that I am imposing any view,” the minister said The export market has to be expanded in “that territory” or in any other geographical jurisdiction, she added. “It is always a twin game. It is like a pair of scissors; you have to look at both sides,” Sitharaman said. India’s trade deficit with its larger neighbour breached $100 billion in … [Read more...] about FM Sitharaman on trade deficit with China: You have to look at both sides

Share to Twitter Share to Linkedin Hours after U.S. jets shot down a sensor-packed Chinese surveillance balloon in U.S. airspace, China showed no sign of backing down, releasing a statement expressing “strong dissatisfaction and protest over the use of force” in downing what it called a “civilian unmanned airship.” Claiming that the surveillance balloon was “civilian in nature and entered the U.S. due to force majeure,” and that the shootdown was an “obvious overreaction and a serious violation of international practice,” China threatened that it “reserves the right to make further responses if necessary”. The statement is hypocritical at best, since China knows that countries have long demanded balloons obtain overflight rights before entering national airspace—and that American recreational balloonists have previously been forced down—and even shot down for unexpected overflights. China Has A History Of Restricting Balloon Overflights: China … [Read more...] about After Restricting Balloon Overflights For 25 Years, China’s Protests Wear Thin

SHANGHAI – China’s move this week to streamline stock market listing rules is unlikely to result in a flood of initial public offerings, bankers say, citing the prospect of state intervention on national security and other grounds that would result in delays. Beijing published draft rules on Wednesday to broaden its fledgling registration-based IPO system, expand the U.S.-style mechanism to all corners of China’s stock market in a shift designed to speed up listings and corporate fundraising. Under the new system, China’s stock exchanges will themselves vet IPOs with a focus on information disclosure. Currently, IPOs on China’s blue-chip boards need clearance from the China Securities Regulatory Commission (CSRC) under an approval-based system – one that means long delays and IPO prices capped by the regulators. The reform was hailed by state media and analysts as a key milestone that would make China’s IPO market more inclusive, transparent and efficient. But in reality, … [Read more...] about China’s latest IPO reform seen unlikely to flood markets with new issuance

SINGAPORE  – Oil prices eased on Friday, with major benchmarks headed for their second straight week of losses, as the market awaited further signs of fuel demand recovery in China to offset looming slumps in other major economies. Brent crude futures fell 34 cents, or 0.4 percent, to $81.83 a barrel by 0740 GMT, while U.S. West Texas Intermediate (WTI) crude futures slid 37 cents, or 0.5 percent, to $75.51. Both contracts have dropped by more than 5 percent so far this week, with mixed signals on fuel demand recovery in China, the world’s top oil importer, keeping a lid on prices. ANZ analysts pointed to a sharp jump in traffic in China’s 15 largest cities following the Lunar New Year holiday, but also noted that Chinese traders had been “relatively absent”. The prospect of an economic rebound in China after COVID-19 curbs eased has buoyed the oil market so far this year, along with a weaker dollar that makes the commodity cheaper for those holding other currencies. The … [Read more...] about Oil weakens as market awaits signs of China demand recovery

BEIJING  – China’s policymakers plan to show more support for domestic demand this year but are likely to stop short of splashing out big on direct consumer subsidies, keeping their focus mainly on investment, three sources close to policy discussions said. In recent weeks, top policymakers have repeatedly signalled their intention to work towards harvesting the consumer power of China’s 1.4 billion people, after economic growth in 2022 slumped to one of its weakest levels in nearly half a century. That has raised expectations that large-scale household stimulus measures could be announced at an annual parliament meeting in March. Prominent academics have felt emboldened to speak publicly about sizeable demand-side measures such as 1 trillion yuan ($148.28 billion) or more in nationwide consumption vouchers. The sources close to policy discussions, however, expect China to stick more closely to its familiar playbook of policies to support key industries and splurge on … [Read more...] about Big stimulus unlikely as China considers steps to support consumers-sources

(CTN NEWS) – BEIJING – According to official media on Thursday, China , the third nation after the Soviet Union and the United States to launch a man into space, will construct base stations in Antarctica to support its network of ocean monitoring satellites. Some countries are worried that China’s extensive network of ground stations, which it needs to support an increasing number of satellites and its aspirations for space travel, could be used for spying. China, however, dismisses these claims. Due to “trends” in geopolitics, Sweden’s state-owned space corporation rejected to extend contracts with China or take new Chinese business in 2020. Sweden had previously provided ground stations that assisted Chinese spacecraft in flying and send data. Astronaut Liu Yang waves as she is out of a return capsule of the Shenzhou-14 spacecraft, following a six-month mission on China’s space station, at the Dongfeng landing site in Inner Mongolia Autonomous Region, … [Read more...] about China Plans To Build Ground Stations For Satellites In Antarctica

(CTN News) – On Friday, China announced it would fully resume cross-border travel between the mainland, Hong Kong, and Macau, dropping existing quotas and eliminating the mandatory COVID-19 test . According to a statement on the website of China’s Hong Kong and Macau Affairs Office, group tours between China and its two special administrative regions would resume, while customs checkpoints would return to pre-pandemic levels. Even though China reopened its borders on January 8 , a quota system and COVID testing requirement remain for travelers between the mainland and Hong Kong. Hong Kong has yet to reopen three of its border checkpoints. As a result of China’s announcement, Hong Kong announced today that it would launch a promotion campaign including 500,000 free flights to attract back visitors, businesses, and investors after more than three years of tough COVID restrictions . A closed border has largely surrounded Hong Kong for most of the past three … [Read more...] about China Announced Cross-Border Travel Between Hong Kong and Macau Will Resume on February 6