Archive for News from China – Page 2

Gary Lock seen at Seattle Airport carrying his backpack at Starbucks.

Gary Locke, 駱家輝 the United States’ new ambassador to China, impressed China without even knowing it.   And he did it by doing something for himself, carrying his own backpack and ordering his own coffee.

Locke, is the first Chinese-American ambassador to China and former governor of Washington state and most recently, former Secretary of Commerce.

Locke was seen at a Starbucks at Seattle International Airport and tried to use a coupon to buy his coffee.   The barista said it wasn’t valid,  so Ambassador Locke paid for it with his own credit card.

A Chinese-American businessman from Belleview, Tang Zhao Hui, got a photo of Ambassador Lock doing a simple task which Americans simply take for granted.   Tang was on his way to the Silicon Valley when he crossed paths with the Ambassador. Read More→

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fitch keeps AAA rating

Rating agency Fitch keeps AAA rating, disputes S&P.

Fitch, one of the three big US bond rating firms is keeping US debt at the AAA rating, for now.   This news comes just two weeks after Standard & Poor’s downgraded US debt from AAA to AA+ and sent markets around the world into turmoil.

This rating not only disputes S&P, but also the Chinese debt rating company Dagong, which downgraded US debt to an A rating.

Fitch’s comments were not all positive, warning  that America’s medium-term debt profile appears “at the limit” of what Fitch believes is its top credit grade. Read More→

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taiwanese f-16 landing

Will the US deny sale of 66 F-16s to Taiwan?

TAIPEI According to the publication Defense News, Washington has denied Taiwan’s request for 66 new advanced F-16 jet fighters.   However, according to this Defense News report, the Obama Administration is offering  an upgrade package for older F-16A/Bs that includes an active electronically scanned array (AESA) radar.

Arms sales to Taiwan have been a major sticking point between Washington and Taiwan.  China considers Taiwan to be a renegade province because it acts independently from Beijing.   Taiwan became the center for the Nationalist government after it lost control of the mainland to the Communists in 1949. Read More→

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hsiung feng aircraft carrier killer

The carrier behind the Hsiung Feng III looks similar to the new Chinese aircraft carrier.

A day after the news of sea trials for China’s aircraft carrier, news of an “aircraft carrier killer” has come out of Taiwan.  The Hsiung Feng III, (“Brave Wind”) anti-ship cruise missile is designed to send a signal to China that they are willing to counter a threat posed to them by China’s entry into the aircraft carrier club.

Although there is no actual conflict between China and Taiwan at this time, they were engaged in a civil war between the Communists led by Mao Zedong and the Nationalists led by Chiang Kai-Shek.   The Nationalists fled to Taiwan after the Communists took control of the mainland 1949.

At a preview of the annual Taipei Aerospace and Defense Technology Exhibition, the Hsiung Feng III is on a not-so-subtle display with an aircraft carrier pictured in the background.  The carrier has a sloped runway which is strikingly similar to that of the Varya, an uncompleted Soviet-era carrier. Read More→

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 Bernanke keeps US interest rates low.

On Monday, Bernanke said the US would keep interest rates low. China says this affects their economy.

BEIJING (Reuters and other sources) – According to Zhang Xiaoqiang, a senior official working in China’s top economic planning agency, near zero U.S. interest rates would affect China’s economy.  However, Zhang  cautioned that it is too early to say the world economy is headed for another recession.

Zhang Xiaoqiang, vice-chairman of the National Development and Reform Commission, was also quoted by state radio as saying the yuan should rise gradually against the dollar.   The valuation of the yuan against the dollar has been a long going issue of contention between the United States and China who have the world’s first and second largest economies respectively. Read More→

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china's first aircraft carrier sea trials

China's first aircraft carrier begins sea trials out of Dalian. Source: Xinhua

As China’s economy develops, so does its military program.   It is beginning sea trials of its first aircraft carrier out of the port city of Dalian.

While much about the aircraft carrier’s sea trials are secret, the Chinese news agency Xinhua gave some ideal about the location and duration, “The Liaoning Provincial Maritime Safety Administration publicized a notice restricting navigation in waters off the Dalian coast, saying that vessels are forbidden from traveling through an area of sea 13.25 nautical miles wide and 22 nautical miles long in the northern Yellow Sea and Liaodong Bay from Aug. 10 to 14.” Read More→

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china scolds US addiction to debt

Chinese investor reacts to Standard & Poor's downgrade of US debt. LA Times/AP

BEJING China, the largest creditor of the United States was not pleased when Standard & Poor’s downgraded the status of US Treasuries from AAA to AA+.

Believe me, neither is the American public!  A word of advice to the re-elect Obama Campaign, don’ t use “my word is my bond” as a campaign slogan!

China, which has at least $1.2 trillion invested in US Treasuries, issued a stern scold to the American government, “live within your means!”

According to the Xinhua News Agency ,”China, the largest creditor of the world’s sole superpower, has every right now to demand the United States to address its structural debt problems and ensure the safety of China’s dollar assets. Read More→

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chinese women bypass one-child policy

Some women in China bypass the one-child policy by trying to have twins. AP

I read an interesting story on ABC News about Chinese women, mostly in Guangdong, who are trying to bypass China’s one-child policy (计划生育政策) by taking fertility drugs.

Guangdong, China’s wealthiest and most populous province, has some private hospitals which are giving infertility medicines to fertile healthy women. Drugs such clomifene citrate, are designed to increase ovulation and hence improve the probability that a woman can have twins or even triplets.

Clomifene citrate, known in China as “multiple baby pills”  have a 20 to 30 percent success rate in causing multiple births. Read More→

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dagong downgrades US debt to A rating

Independent Chinese firm Dagong downgrades US debt to an A rating

BEIJING Dagong, an independent credit firm which has been operating since 1994, had downgraded US credit to an A rating.   This downgrade is more severe than the AA+ downgrade expected to come from firms such as Moody.

In an interview with CNN, Dagong Chairman Guan Jianzhong said, “The squabbling between the two political parties on raising the U.S. debt ceiling reflected an irreversible trend on the United States’ declining ability to repay its debts,” Dagong Chairman

China is the United States largest creditor, holding about $1.2 trillion in Treasuries.    Dagong’s rating isn’t only going to affect the US, but also China as a result.   Sounds like Guan, a former Wall Street accountant,  is being brutally honest in his assessment in the risk of US debt. Read More→

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