BEIJING -China’s consumer inflation rose to a 29-month high in September, driven mainly by pork prices. China’s central bank has been trying to bolster growth while avoiding aggressive loosening that could fan price pressures and risk outflows, as the Federal Reserve and other central banks raise interest rates to fight soaring inflation. Consumer prices rose…
China’s Chip Industry Crippled by Low Output, Closures, New Restrictions
New U.S. restrictions on technology exports are bad news for China’s semiconductor industry. The industry has been struggling for some time, with China’s chip productivity reportedly shrinking for eight straight months in 2022. Meanwhile, a record number of Chinese chip companies are closing, heralding an industry that has dramatically failed to meet expectations. Data released…
Texas Teachers’ Retirement System Moves to Distance Pensions From Chinese Stocks
October 14, 2022
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Business & MarketsChinaChina Business & EconomyFinance & Business TiesInternational RelationsInvestmentpensionsSpecial TopicsstocksteachersTexasUSUS NewsUS-China relations
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The largest public retirement system in Texas is moving to remove Chinese companies from the list of stocks it invests in as part of its pension fund for teachers. The Teacher Retirement System of Texas (TRS) gained approval last month to move forward with a new benchmark that proportionally mixes two emerging markets indexes, including…
TikTok to Enter US E-Commerce With Seattle ‘Fulfillment Center’
TikTok, owned by ByteDance in China, will build a global fulfillment centre in Seattle, and set up an e-commerce supply chain system, said its job listings on LinkedIn, as first revealed by Axios on Oct. 11 . The ads in the past two weeks invited applicants for the “planning and solution design of fulfillment centres,” tasked…
Hong Kong Reduces COVID Measures as Its International Shine Dims
October 13, 2022
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ChinaChina Business & EconomyHK BusinessHong Konghong kong financialInternational RelationsJohn Lee Ka-chiuUS-China relationsVictor ShihYuen Gong-yizero-COVID
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Hong Kong was saved by a group of Wall Street executives, who forced Beijing to allow the city to drop draconian quarantine policies which have lasted for two years. In a bid to revive Hong Kong’s rapidly eroding status as a financial center due to strict quarantine policies, the Hong Kong Monetary Authority (HKMA) plans…
China Accelerates Nuclear Power Construction to Foster State-Owned Industry Giants
October 12, 2022
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ChinaChina Business & EconomyChinese Regimeelectricity shortageHong KongNuclear Power StationState-owned enterprise
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On the eve of the twentieth Chinese Communist Party (CCP) Congress, authorities accelerated the construction of nuclear power stations, the energy base to support CCP-controlled mega corporations intended to outcompete their global peers. “It is an attempt of the CCP to create industry giants through state monopoly, and to participate in global competition,” Shi Shan,…
White House, Pentagon Officials Traded Chinese Stocks While Mulling Blacklist: Report
October 11, 2022
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ChinaChina Business & EconomycorruptionDODeconomyFinance & Business TiesInternational RelationsmilitaryNational SecurityPentagonSpecial TopicsstocksThreat from Communist ChinaUSUS NewsUS-China relationsWhite House
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High-ranking Pentagon and White House officials traded in Chinese stocks even as their offices were tasked with considering the companies for blacklisting, according to a new report. More than 2,600 government employees owned or traded stocks whose prices would rise or fall depending on their actions, according to a new investigative report by The Wall…
Deloitte-China Ordered to Pay $20 Million SEC Fine
October 11, 2022
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ChinaChina Business & EconomyChinese RegimePCAOBThe Holding Foreign Companies Accountable ActU.S.-listed Chinese companiesUS-China relations
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The SEC has issued a $20 million fine against Deloitte-China, for failing to comply with U.S. audit requirements. In a Sept. 29 announcement, the Securities and Exchange Commission (SEC) penalized Deloitte Touche Tohmatsu Certified Public Accountants LLP (Deloitte-China) for “failing to comply with fundamental U.S. auditing requirements in its component audits of U.S. issuers and…
China Tech Shares Sink as US Export Curbs Raise Chip Sector Hurdles
SHANGHAI, Oct 10—Shares in Chinese tech giants Alibaba Group and Tencent as well as in chipmakers slumped on Monday, as investors were spooked by new U.S. export control measures aimed at slowing Beijing’s technological and military advances. The Biden administration published a sweeping set of export controls on Friday, including a measure to cut China…
China’s Yuan Will Suffer More
Commentary China’s yuan has slid against the dollar. Three things account for this: 1) interest rates in the United States and elsewhere are rising while rates in China are declining; 2) although all economies are slowing and indeed seem on the verge of recession, China’s economic and financial problems seem more fundamental and present greater…
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