China’s local governments are reporting worsening financial conditions. Their debt ratios have been increasing yearly, posing greater challenges in effectively managing financial risks. China experts say that with 31 provincial-level governments across the country entering an irreversible and deep financial deterioration and the central government standing firm against bailouts, debt defaults are inevitable. China’s Renmin…
Mass Debt Defaults by China’s Local Governments Are Inevitable: Experts
China on Brink of ‘Confidence Trap,’ Warn Citigroup Analysts
May 20, 2023
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The Chinese economy is on the brink of being caught in a “confidence trap” as its post-pandemic recovery begins to slow. Low confidence combined with a slowdown makes it difficult for the Chinese Communist Party (CCP) to stimulate the economy using standard methods, such as interest rate cuts and infrastructure spending, warned Citigroup economists. China…
G-7 to Issue ‘Candid’ Response to China’s Economic Bullying at Hiroshima Summit
May 20, 2023
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Asia & PacificChinaChina Business & EconomyChina Newseconomic coercionExecutive BranchG-7 summitHiroshimaPoliticsUSWorld
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HIROSHIMA, Japan—Economic security will be a major focus on the second day of the Group of Seven (G-7) summit in Hiroshima, with leaders outlining actions to counter Beijing’s “economic coercion” without decoupling from China. The G-7 countries—the United States, the U.K., Japan, Canada, Germany, France, and Italy—are expected to announce “a common set of tools”…
Chinese Regime Fines Talk Show Firm $2 Million for Mocking Chinese Military
May 19, 2023
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China’s communist regime fined a mainland Chinese talk show company around $2 million and suspended its performances indefinitely this week after a comedian was reported by audience members for mocking China’s People’s Liberation Army (PLA) and the regime’s military slogan. Observers pointed out that it’s becoming harder for talk show hosts and comedians to survive…
US Investors Funding China-Based Companies That Steal American IP
May 19, 2023
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CCPChinaChina Business & EconomyChina NewsChinese RegimeInfiltrating the WestIPNational SecurityPoliticsSpecial TopicsTech CompetitionThreat from Communist ChinaUSUS NewsUS-China relations
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WASHINGTON—U.S. investors are funding China-based companies that steal intellectual property from American companies, experts say. China-based companies that replicate stolen IP in critical technologies like semiconductors are even more likely to be funded by U.S. investors, because they become subsidized by the Chinese Communist Party (CCP), according to Derek Scissors, a senior fellow at the…
Business Closures in China Make Finding a Job Difficult for New College Grads
May 19, 2023
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Employment prospects are dim for China’s college graduates amid an economic slowdown. While the number of graduates entering the job market has significantly increased, small- and medium-sized enterprises—the primary employers of new graduates—have suffered mass closures due to the Chinese Communist Party’s (CCP) three-year “zero-COVID” policy. Consequently, graduates are under unprecedented pressure to find work….
Chinese Smartphone Maker Closes Chip Design Business, Affecting 3,000 Employees
OPPO, a major Chinese smartphone maker, announced the closure of its chip design company ZEKU Technology (ZEKU). ZEKU’s 3,000-plus employees were caught by surprise. An employee revealed that the company issued a notice after work, announcing a day off for the next day due to a major system upgrade, but a mandatory monthly online meeting….
US Won’t Find Same Unity in Imposing Sanctions Against China as It Did With Russia: Panel
May 17, 2023
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Russian President Vladimir Putin spent nearly a decade developing a “Fortress Russia” strategy to mitigate the impact on his nation and its financial institutions from Western sanctions before launching his February 2022 invasion of Ukraine. That strategy, which included an accelerated “de-dollarization” effort since 2014, has failed in the face of stiff sanctions imposed by…
Pair Accused of Stealing Technology for China in New DOJ Charges
May 16, 2023
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ChinaChina Business & EconomyChina NewscrimeCrime & Public SafetyDOJespionageInternational RelationsNational SecuritytechnologyUSUS NewsUS-China relations
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A joint task force is charging two men for their roles in separate schemes to steal and reproduce 3D modeling and autonomous vehicle technology for communist China. The two cases were announced with three others on May 16, as part of a tranche of prosecutions aimed at squashing crimes related to export violations, smuggling, and…
ANALYSIS: After a Strong Opening, China’s Economy Begins to Falter
May 16, 2023
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News analysis Not even a month ago, reports of a first-quarter consumer-spending surge created much enthusiasm about China’s return to economic strength. News that this spending had pushed China’s real gross domestic product (GDP) well ahead of consensus expectations renewed talk that China would surpass the United States as the world’s largest economy. Even then,…
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