U.S. Commerce Secretary Gina Raimondo on March 8 bluntly warned Chinese companies not to contravene trade sanctions against Russia by supplying the belligerent nation with chips and other supplies needed to sustain the war effort against Ukraine. Firms that do not abide by the sanctions can be “essentially shut” down, she said. Raimondo, in an…
US Commerce Secretary Warns Chinese Firms Not to Help Russia Skirt Sanctions
Sino-Russian Trade Boom in War Won’t Last Long: Expert
China asserted it will continue to trade with Russia amid multiple economic sanctions against the country for invading Ukraine. Chinese nationalists rushed to snap up Russian goods, and China-Russia trade concept stocks hit a contiguous five-day spike. However, the bilateral trade booms won’t last long, experts say. According to Chinese media Guancha on March 2,…
Amazon Suppliers Linked to Forced Labor in China’s Xinjiang: Watchdog
March 8, 2022
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AmazonChinaChina Business & EconomyChina Human Rightsforced labortechnologyUS-China relationsUyghursXinjiang
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At least five companies in tech giant Amazon’s supply chain are linked to forced labor in China, according to a new report by a corporate accountability watchdog. Three of Amazon’s suppliers, Luxshare Precision Industry, Acbel Polytech, and Lens Technology, are alleged to have directly engaged in the use of forced labor in China according to…
China Exports Expand in Early 2022 as Trade With Russia Surges to High
March 7, 2022
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Business & EconomyChinaChina Business & EconomyChina Customseconomic policieseconomyEuropeexportFinance & Business TiesInternationalMarketsRussia-Ukraine WarSpecial TopicsUkraine crisisWorld
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China’s exports grew at the beginning of 2022, propped up by record-high trade volume with Russia amid the unfolding Ukraine crisis, official data showed on March 7. The output rose 16.3 percent in January and February from a year earlier, beating analysts’ expectations for a 15.0 percent raise, China Customs said on Monday. Its bilateral…
China, Russia Trade Surges Amid Ukraine War
March 7, 2022
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Business & EconomyChinaChina Business & EconomyChina Customseconomic policieseconomyEuropeexportFinance & Business TiesInternationalMarketsRussia-Ukraine WarSpecial TopicsUkraine crisisWorld
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China’s export growth slowed in the January-February period but was propped up a high trade volume with Russia amid the unfolding Ukraine crisis, official data showed on March 7. The country’s output rose 16.3 percent in January and February from a year earlier, beating analysts’ expectations for a 15.0 percent raise, China Customs said on…
Russian Banks May Issue Cards With China’s UnionPay as Visa, Mastercard Cut Links
March 6, 2022
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Business & EconomyChinaChina Business & Economyeconomic policieseconomyEuropeInternationalMarketsMasterCardRussiaRussia-Ukraine WarUkraineUnionPayvisaWorld
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LONDON—Credit cards issued by Russian banks using the Visa and Mastercard payment systems will stop functioning overseas after March 9, Russia’s central bank said on Sunday, adding that some local lenders would look to use China’s UnionPay system instead. Russian-issued Mastercard and Visa cards would be accepted within Russia until their expiry, the bank said,…
China Agriculture Minister Says Winter Wheat Condition Could Be Worst in History
BEIJING—The condition of China’s winter wheat crop could be the “worst in history,” the agriculture minister said on Saturday, raising concerns about grain supplies in the world’s biggest wheat consumer. Speaking to reporters on the sidelines of the Chinese regime’s annual political meetings, Minister of Agriculture and Rural Affairs Tang Renjian said that heavy rainfall…
Beijing to Address China’s Slowing Economy at the ‘Two Sessions’ Conference
News Analysis The Chinese Communist Party’s biggest annual political meetings—known collectively as the “Two Sessions”—kicked off on March 4. China’s 2021 financial report card is expected to show poor economic performance, owing to Beijing’s policies that have put the country on pace for the lowest growth in decades. During the “Two Sessions”—the meetings of China’s…
‘We Cannot Afford to Lose This Race’: Former National Security Advisor Warns US Losing Its Advantage to China in 5G
March 5, 2022
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5GChinaChina Business & EconomyChinese RegimeNational SecurityRobert O'BrienSpecial TopicsTech CompetitiontechnologyUS-China relations
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The United States must lead the global development of 5G infrastructure in order to establish norms of use consistent with democratic values, according to a former White House official. To do so, it will need to compete vigorously with the Chinese Communist Party (CCP). “Beijing has proven time and again their willingness to leverage tech…
China Changed Supply Chain Strategy With Russia 3 Months Ahead of Ukraine Invasion, Showing It Had Foreknowledge: Analyst
March 4, 2022
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Asia & PacificBusiness & EconomyChinaChina Business & Economycrude oileconomic policiesEuropeEurope-China RelationsInternationalInternational RelationsinvasionRussiaRussia-Ukraine WarsanctionUkraineUSUS NewsWorld
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Around three months ago, China changed how it ordered goods from Russia in a way that would insulate Beijing in the event of Western sanctions on Moscow, according to a supply chain analyst citing insider information. This move suggested that China had foreknowledge of Russia’s plan to invade Ukraine, and had made contingencies to ensure…
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