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05.25.16

How Much Debt Is Too Much in China?

Yukon Huang, Houze Song & more
In the first quarter of 2016, Chinese debt rose to 237 percent of GDP—a level comparable to that of the U.S. or the Eurozone and yet much larger than that of most developing economies, according to analysis by The Financial Times. Additionally,...

Abandoning TPP Free-Trade Deal Would Give China Free Pass: Chamber of Commerce

Matthew Belvedere
If America backs out of the Trans-Pacific Partnership, free trade allies in the region may turn to China.

China's 'Zombie' Steelmakers Hit With Huge U.S. Tariffs

Ed Flanagan
NBC News
Similar dissatisfaction with dumping has been seen in Europe, India and Australia, where investigations and similar taxes have also been levied against Chinese steel.

China Challenged to Keep Yuan Stable as Dollar Rises

Lingling Wei
Wall Street Journal
PBOC must support growth while keeping currency valuable enough to stem flood of wealth abroad.

Three Myths about China in Kenya

Apurva Sanghi and Dylan Johnson
Brookings Institution
Despite many problems, China’s involvement in Kenya is a net positive, as most trade relations in the world tend to be.

Why Chinese Agriculture Engagement in Africa is Not What it Seems

Eric Olander, Cobus van Staden & more
The Western and African media have long fueled the myth that Chinese investors are buying up vast tracts of land across Africa as part of a neo-colonial plan to export food back to China. Sure, on one level, the theory appears plausible: China has...

2016 Elections in a Changing Asia-Pacific

Paul Haenle & Douglas H. Paal from Carnegie-Tsinghua Center for Global Policy
With Tsai Ing-wen taking office in Taipei next week and the U.S. presidential election approaching, new players will be taking the reins in the Asia-Pacific. In this podcast with Paul Haenle, Douglas Paal discusses the future of U.S.-China relations...

Media

05.12.16

The End of China’s Economic Miracle? A Discussion with ‘Financial Times’ Writers

George Soros, Jamil Anderlini & more
On April 20, 2016, a panel of Financial Times correspondents and editors with China experience, joined by financier and occasional FT columnist George Soros, discussed rural-to-urban migration, wage growth, real estate ups and downs, the increasing...

The Latest U.S.-China Trade Spat Is over Chicken

Charles Riley
CNN
The Obama administration has accused China of unfairly blocking U.S. poultry imports, the latest in a series of election-year trade disputes between Washington and Beijing.

China Party Mouthpiece Echoes Soros' Debt Fears

Tom Mitchell
Financial Times
‘Authoritative’ source warns party paper of ‘deadly’ risk to economy.

Why Chinese Companies in Africa Are Improving Their Behavior

Eric Olander, Cobus van Staden & more
Chinese companies around the world, particularly in Africa, have a well-earned reputation for being bad corporate citizens. There are countless stories of labor rights violations, disregard of environmental policies, and lack of engagement with...

Books

05.05.16

Alibaba

Duncan Clark
In just a decade and half, Jack Ma, a man from modest beginnings who started out as an English teacher, founded and built Alibaba into one of the world’s largest companies, an e-commerce empire on which hundreds of millions of Chinese consumers depend. Alibaba’s $25 billion IPO in 2014 was the largest global IPO ever. A Rockefeller of his age who is courted by CEOs and Presidents around the world, Jack is an icon for China’s booming private sector and the gatekeeper to hundreds of millions of middle class consumers.Duncan Clark first met Jack in 1999 in the small apartment where Jack founded Alibaba. Granted unprecedented access to a wealth of new material, including exclusive interviews, Clark draws on his own experience as an early adviser to Alibaba and two decades in China chronicling the Internet’s impact on the country to create an authoritative, compelling narrative account of Alibaba’s rise.How did Jack overcome his humble origins and early failures to achieve massive success with Alibaba? How did he outsmart rival entrepreneurs from China and Silicon Valley? Can Alibaba maintain its 80 percent market share? As it forges ahead into finance and entertainment, are there limits to Alibaba’s ambitions? How does the Chinese government view its rise? Will Alibaba expand further overseas, including in the U.S.? Clark tells Alibaba’s tale in the context of China’s momentous economic and social changes, illuminating an unlikely corporate titan as never before. —HarperCollins{chop}

China Bondholders Lose Their Beijing-Bailout Confidence

Jasper Moiseiwitsch and Carol Chan
Wall Street Journal
Investors’ long-held assumption that the government would step up for state-run companies is shaken.

China Lending Inflates Real Estate, Stocks, Even Egg Futures

Neil Gough
New York Times
China is pouring hundreds of billions of dollars into its economy in a new effort to support growth.

As BRICS Slow Investments in Africa, Turkey Ramps Up

Eric Olander, Cobus van Staden & more
Remember when the BRICS were going to power the global economy? Well, the past few years have not been kind to Brazil, Russia, India, China, and South Africa. With the exception of India, the other members of this once elite diplomatic club are...

Depth of Field

04.29.16

April’s Best Chinese Photojournalism

Yan Cong, Ye Ming & more from Yuanjin Photo
Over the past few weeks, the publications Sina, Tencent, Caixin, China Youth Daily, and the publishing duo Sixth Tone/The Paper published photo stories on the intimate, the industrial, the private, and the political. Journalists Yan Cong and Ye Ming...

IMF Says China Debt Swap, NPL Securitization Could Create More Problems

Huileng Tan
The IMF estimates corporate debt in China at 160 percent of GDP.

U.S. Steel Accuses China of Stealing Trade Secrets

Robert Mclean
CNN
U.S. Steel Corp has accused Chinese steel producers of breaking trade rules, and it wants the U.S. International Trade Commission to investigate.

China Clamps down on Commodities Frenzy

Henry Sanderson, Neil Hume and David...
Financial Times
China curbs excessive speculation in commodities on Monday after weeks of frenzied trading boosted prices and ignited fears of another bubble in its domestic markets.

World's Steel Makers To China: Time To Cut The Glut

Marilyn Geewax
NPR
The "excess" production is causing such a crisis for the global steel industry that U.S. is joining an international push to try to cut the glut...

China’s Real Estate Conundrum: The Big Property Bubble vs. Ghost Towns

Duncan Hewitt
International Business Times
China is suffering from a glut of real estate development, the result of a massive boom in construction.

Chinese Official Calls Trump 'Irrational' on Trade

David Shepardson
Reuters
Chinese Finance Minister Lou Jiwei criticized Trump for his proposal that tariffs on imported Chinese goods be increased to up to 45%.

Books

04.18.16

China’s Future

David Shambaugh
China’s future arguably is the most consequential question in global affairs. Having enjoyed unprecedented levels of growth, China is at a critical juncture in the development of its economy, society, polity, national security, and international relations. The direction the nation takes at this turning point will determine whether it stalls or continues to develop and prosper.Will China be successful in implementing a new wave of transformational reforms that could last decades and make it the world’s leading superpower? Or will its leaders shy away from the drastic changes required because the regime’s power is at risk? If so, will that lead to prolonged stagnation or even regime collapse? Might China move down a more liberal or even democratic path? Or will China instead emerge as a hard, authoritarian, and aggressive superstate?In this new book, David Shambaugh argues that these potential pathways are all possibilities—but they depend on key decisions yet to be made by China’s leaders, different pressures from within Chinese society, as well as actions taken by other nations. Assessing these scenarios and their implications, he offers a thoughtful and clear study of China’s future for all those seeking to understand the country’s likely trajectory over the coming decade and beyond. —Polity Press{chop}

China Summons G7 Diplomats to Protest S. China Sea Statement

Associated Press
China said the G-7 countries should have focused on global economy instead of "hyping up maritime issues and fueling tensions in the region."...

China’s New Security Challenge: Angry Mom-and-Pop Investors

Chuin-Wei Yap
Wall Street Journal
As they watch their nest eggs dwindle, some hit the streets in protest.

China Wants to Become a ‘Soccer Superpower’ by 2050

Charlie Campbell
Time
It isn't just about sport. The strategy also has broad economic and political implications...

Pork Shortage in China Leads to Soaring Prices, Rush to Import

Lucy Craymer
Wall Street Journal
U.S. pig industry benefits from boost in exports to pork-loving China.

Environment

04.08.16

China Pulls Emergency Stop on Coal Power Construction

from chinadialogue
China’s central government has ordered local authorities to delay or cancel construction of new coal-fired power plants, as regulators attempt to reduce a glut in capacity, just one year after decisions were delegated to the provinces.The National...

China Stanches Flow of Money Out of the Country, Data Suggests

Keith Bradsher
New York Times
The shift mainly stems from the weakness in the dollar and the government's effort to stop people from sending money out...

China Tightens the Trade Screws on North Korea

Associated Press
China has banned most imports of North Korean coal and iron ore, the country's main exports...

Caixin Media

04.05.16

No Point in Ramping Up Personal Debt to Help Property Market

Having banks and local governments deleverage and trim overcapacity are part and parcel with central government efforts to maintain stable growth by nurturing the supply side of the economy. But even as this is happening, the housing market has been...

Price Falls Keep China's Property Developers Grounded

Ben Bland
Financial Times
Analysts fear the Goldin development, which is meant to be the heart of a new commercial district, is the wrong project at the wrong time.

A Dull Roar from a Hungry Chinese Lion

Brooke Sutherland
Bloomberg
Chinese construction companies loaded up on machinery as part of a massive stimulus package. With a slowing economy, developers face mountains of debt.

Great Leap Upward: Behind China's $100 Billion Shopping Spree

Matthew Campbell and Jonathan Browning
Bloomberg
It reflects an effort by the government to encourage Chinese companies to gain know-how and market share through foreign transactions.

North Korea Sanctions: Is China Enforcing Them?

Matt Rivers
CNN
The Chinese say inspections are effective, but CNN couldn't independently verify that...

S&P Cuts China, Hong Kong Outlook to Negative

Katy Barnato
It may lower China and Hong Kong's ratings from AA minus and AAA respectively in the next six months to two years...

Grey Boom: Decades of Birth Controls Leave China with Distorted Demographics

Nathan Vanderklippe
By 2030, the country will count 143 million more people aged 60 and older, a two-thirds expansion over 2015.

China Has the Most Coal Plants in the World—and Half the Time They’re Doing Absolutely Nothing

Cassie Werber
Quartz
Time-lag and decentralization of government contributed to excessive coal plants.

China’s Banks Report Slowest Growth in 10 Years in 2015

Chuin-wei Yap
Wall Street Journal
Country’s ailing economy leading to more bad loans, pushing lenders toward riskier expansion strategies.

When China Sneezes, Does Africa Catch a Cold?

Eric Olander, Cobus van Staden & more
Chinese government officials have been on an all-out public relations offensive across Africa lately to reassure increasingly nervous political and business leaders that even though China’s economy may be slowing it will not affect the P.R.C.’s...

Thailand Calls Off Deal for China to Finance Railway

Nopparat Chaichalearmmongkol
Wall Street Journal
Thailand has been struggling to secure what it considers a satisfactory financing deal from Beijing for the 250 kilometer rail line.

How Trump’s Hard Line on Trade Could Backfire

Bob Davis
Wall Street Journal
“If they don’t behave,” the Republican businessman warned at a debate, Chinese companies under a Trump presidency could face tariffs of 45%.

Continental Shift: How China is Changing Africa

Eric Olander, Cobus van Staden & more
For their new book, Continental Shift: A Journey into Africa’s 21st Century, South African authors Kevin Bloom and Richard Poplak embarked on a 14-country odyssey across two continents over a span of five years to report on Africa’s changing...

Viewpoint

03.24.16

Why China’s Economy Can’t Collapse

from Radio Free Asia
China’s economic outlook once again became the focus of attention for many last week. For one thing, the Economist Intelligence Unit (EIU) listed the possibility of a hard landing for China’s economy as the topmost of the world’s top 10 risks. There...

Yi Fuxian, Critic of China’s Birth Policy, Returns as an Invited Guest

Didi Kirsten Tatlow
New York Times
"I can go to Boao because the Chinese government isn’t against me anymore!"...

Viewpoint

03.24.16

German President Joachim Gauck’s Speech at Tongji University in Shanghai

from Der Bundespräsident
On Wednesday, March 23, German President Joachim Gauck addressed an audience of university students in Shanghai. Among many views not typically aired in public in China, Gauck, a former Luterhan minister and anti-communist organizer, told the crowd...

China’s Struggle for a New Normal

Martin Wolf
Financial Times
Beijing seems strangely indecisive on the economy and yet increasingly authoritarian in politics.

Russia Deals Deepen India Hold in China Oil-Buying Backyard

Debjit Chakraborty and Saket Sundria
Bloomberg
India is replacing China as the center of the world’s oil demand growth as its economy expands faster than any other major country.

A Growing Corner of China’s $2 Trillion Mortgage Market Looks a Lot Like the U.S. Subprime Bubble

Zheping Huang
Quartz
“If China allows high leverage in the housing market, it could lead to a financial disaster.”

Hong Kong Feels, and Fears, China's Tighter Grip

Associated Press
Political and economic ills from the mainland are eroding HK.

IMF Pressing China to Disclose More Data on Currency Operations

Lingling Wei
Wall Street Journal
In recent months, the People’s Bank of China has increasingly turned to the derivatives market to help prop up the currency.

China’s Fix for Massive Corporate Debt: Sell More Stock

Scott Cendrowski
Fortune
Zhou’s solution to the corporate debt problem is that the Chinese companies need to go out and issue stock.

China Banks Face Credit Risks from Ties to Wealth Management Products

Leslie Shaffer
While WMPs offer high interest rates, it isn't always clear what assets the funds are buying to finance those payouts...

China Banks Face Credit Risks from Ties to Wealth Management Products

Leslie Shaffer
Chinese banks are creating a web of risk through their WMPs, raising concerns about the health of the financial system.

China Approves New Five-Year Plan as Li Reassures on Economy

BBC
The National People's Congress ended with a new five-year plan, aiming for 6.5-7% growth a year by 2020...

China's Ever-Expanding U.S. Footprint

Jonanthan Berr
CBS News
A group of investors including China's Anbang Insurance Co. announced an unsolicited $14 billion offer for Starwood Hotels...

China-EU Relations: Crisis and Opportunity

Shi Zhiqin
Diplomat
The decision to grant China Market Economy Status is a major inflection point in bilateral ties. 

Africa’s Role in China’s One Belt, One Road Global Trade Strategy

Eric Olander, Cobus van Staden & more
China’s lofty ambition to revive its ancient silk road trading routes is now becoming a reality. When complete, One Belt, One Road (OBOR), or the Maritime Silk Road as it is more commonly known, will connect China via rail and shipping links with...

How Much Foreign Debt Has China Repaid?

Chi Lo
Barron’s
China began to repay its foreign debt, which promotes systemic stability but puts a downward pressure on yuan.

Why Donald Trump Is Wrong About Manufacturing Jobs and China

Jeffrey Rothfeder
New Yorker
Factory jobs are on the rise here, and many of these new jobs are coming back to North America from China.

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