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WORLD

By Huang Kaixi, Zhou Meilin and Tang Ziyi / Sep 18, 2019 04:41 PM / World

Photo: VCG

Photo: VCG

China’s large refiners are facing uncertainties after a drone attack on an oilfield in Saudi Arabia halved supplies of crude, refiners and analysts told Caixin.

Saudi Arabia is the largest source of China’s crude oil imports, with state-owned giants China Petroleum & Chemical Corp. and China National Petroleum Corp. the dominant buyers. In the first seven months of this year, China imported 44.8 million metric tons of crude from the kingdom, accounting for 16% of its total imports.

The weekend attack that damaged most light crude oil facilities in the desert kingdom has prompted the two Chinese firms to swap some of their crude to heavier grades, which yield less gasoline and other fuels, company insiders told Caixin.

Analysts at the consulting group Wood Mackenzie said it will take a few weeks until most output from Saudi Arabia is restored, but the Middle Eastern nation may face challenges in finding suitable kinds of crude to make up the shortage.

Read the full story later on Caixin Global.

Contact reporter Tang Ziyi (ziyitang@caixin.com)

Related: PetroChina Pulls Back from Venezuela Oil as U.S. Sanctions Tighten

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WORLD

By Lu Zhenhua / Sep 16, 2019 11:13 AM / World

Photo: VCG

Photo: VCG

U.S. President Donald Trump recently tweeted that he suspects China is secretly hoping to win the prolonged trade war by waiting until after next year’s presidential election and then negotiating a better deal with a new Democratic administration.

But he’s wrong. In Beijing’s eyes, the difficulty of reaching a trade deal with the U.S. has nothing to do with the American election cycle. Instead, Washington’s unacceptable demands make it impossible for the Chinese government to compromise.

And there’s no assurance that the 2020 race won’t elect an even more economically protectionist candidate. Beijing has already been alarmed by worrisome messages from some progressive Democratic hopefuls, including U.S. Senator Bernie Sanders and his fellow senator, Elizabeth Warren.

Read the full piece on Caixin Global later today.

Contact writer Lu Zhenhua (zhenhualu@caixin.com)

Related: Investors Take Heart From Trump Comment on Possible Trade Deal

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By Bloomberg / Sep 11, 2019 09:28 AM / World

Photo: VCG

Photo: VCG

The U.S. government will need to hold talks with Huawei Technologies Co. for there to be a trade deal with China, a top executive at China’s largest technology company said.

“Can I imagine a trade deal where the U.S. government doesn’t agree to talk to us? No I can’t,” Huawei Chief Security Officer Andy Purdy said at a briefing in Budapest on Tuesday.

Huawei has become a focal point for U.S.-Chinese tensions and is regarded by some as a bargaining chip in the negotiations. Washington’s decision to stop the company buying American technology has cut it off from vital supplies, from Qualcomm Inc. chipsets to Google’s Android operating software.

The U.S. has urged countries and companies to reject Huawei technology in the next generation of wireless networks, telling allies it could put their citizens’ data at risk. Huawei has denied any wrongdoing and accused the U.S. of singling it out for political reasons.

Purdy said the U.S. crackdown against Huawei is hurting American companies and workers more than Huawei. He said the company spent $11 billion on U.S. supplies last year and an estimated 40,000 U.S. jobs depend on its business.

Huawei wants “transparent mechanisms” for evaluating its equipment and that of its competitors, which would build “trust through verification,” Purdy said.

“We’re not asking we should simply be allowed to sell without any scrutiny,” he said. “We believe there has to be scrutiny for everyone.”

Read all of Caixin's coverage of Huawei here.
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By Han Wei / Sep 10, 2019 04:55 AM / World

Kristalina Georgieva. Photo: VCG

Kristalina Georgieva. Photo: VCG

Kristalina Georgieva, the chief executive of the World Bank, was nominated as the sole candidate to lead the International Monetary Fund, succeeding Christine Lagarde, the fund said Monday in a statement.

As the only nominee, Georgieva “has confirmed willingness to be considered as a candidate” for the next managing director of the IMF as the period for submitting nominations for the position closed Sept. 6, the IMF said.

Georgieva, a 66-year-old Bulgarian economist, has served as chief executive of the World Bank since early 2017. She will be interviewed by IMF executive directors before her appointment is approved.

The Executive Board’s goal is to complete the selection process as soon as possible and at the latest by Oct. 4, the IMF said.

As a veteran official of the World Bank and the European Union, Georgieva has deep expertise in development matters such as gender equality, humanitarian issues and climate change, according to the World Bank website.

As CEO of the World Bank, Georgieva has built support across the international community to mobilize resources for poor and middle-income countries and to create better opportunities for vulnerable groups, the World Bank said.


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By Matthew Walsh / Sep 06, 2019 05:09 PM / World

Photo: VCG

Photo: VCG

Chinese scientists have developed a method of folding graphene with atomic-level precision, potentially opening the door to an array of new technologies including faster, more powerful computer processors.

The technique, described Friday in the American peer-reviewed journal Science, is likened to molecular “origami.” Scientists used the tip of an extremely powerful microscope to lift the edge of a graphene sheet just a few nanometers wide, fold it back over itself, and place the edge at a desired location.

Previous attempts to fold graphene lacked the precision of the new method, with the super-thin material folding either accidentally or at random.

Graphene, a kind of lattice made of a single layer of carbon atoms, is the strongest and thinnest material known to exist. Because it conducts both heat and electricity extremely well, graphene has applications in everything from energy generation to batteries and sensors. It also appears in a variety of composite materials.

The new technique’s potential uses in computer processing are considered particularly exciting. As processor components get smaller and smaller, their properties become harder to control, holding back improvements in computer speed and performance. Manipulating graphene on a microscopic level may allow scientists to build powerful new kinds of processors one atom at a time.

Contact reporter Matthew Walsh (matthewwalsh@caixin.com)

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By Guo Yingzhe / Aug 16, 2019 03:07 PM / World

Photo: VCG

Photo: VCG

Japan replaced China as the largest holder of U.S. government debt in June amid an escalating Sino-U.S. trade war.

Although China’s store of Treasury bonds rebounded by $2.3 billion to $1.11 trillion — up from a two-year low in May — Japan’s holdings grew by $21.9 billion to $1.12 trillion, reaching their highest point since October 2016, according to data released Thursday by the U.S. Department of the Treasury.

The figures represent the first time since May 2017 that China is not the largest holder of Treasury bonds. Previous data from the U.S. Census Bureau also showed that China is no longer the U.S.’s largest trade partner, falling to third place during the first six months of the year behind Mexico and Canada.

U.S. President Donald Trump threatened Aug. 1 to impose additional tariffs of 10% on a further $300 billion of Chinese goods starting Sept. 1, further fanning the flames of an already-fierce trade war. However, the U.S. Trade Representative’s office announced Tuesday that new tariffs on certain goods will be delayed until mid-December.

Read the full story on Caixin Global later today.

Contact reporter Guo Yingzhe (yingzheguo@caixin.com) 

Related: Charts of the Day: China No Longer No. 1 for U.S. as Trade Row Bites

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By Tanner Brown / Jul 31, 2019 10:23 AM / World

Monaco Monte Carlo harbour french riviera

Monaco Monte Carlo harbour french riviera

One of Morocco’s largest banks is teaming up with China to help develop a new industrial city in the north African country, Reuters reported.

BMCE Bank’s president and chief executive told the outlet that China will help finance and build a 2,000-hectare city over 10 years.

“The city, to be called Tanger Tech Mohammed VI, aims to support 100,000 jobs and house 300,000 people, and the first development phase has already been achieved with industrial investors expected to receive the first plots later this year, BMCE Bank President and CEO Othman Benjelloun said via email,” Reuters reported.

Related: Chinese Consortium Signs Up for $6 Billion Algeria Phosphate Project

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By Tianyu M. Fang / Jul 04, 2019 06:15 PM / World

Photo: VCG

Photo: VCG

The U.S. must remove all punitive tariffs if a deal is reached between Washington and Beijing, Gao Feng, spokesperson of China’s Ministry of Commerce, said Thursday.

Washington’s unilateral tariffs on Chinese exports were the starting point of the trade frictions, Gao said at a press briefing, stressing that tariffs hurt both sides and ultimately harm the interests of American corporations and consumers while creating uncertainty for the global economy.

At the recent G-20 Summit in Osaka, Japan, Chinese President Xi Jinping and U.S. President Donald Trump agreed to resume trade talks after months of escalated tension. Global markets rallied as the U.S. chose not to impose threatened additional tariffs on $300 billion worth of Chinese goods.

When asked whether the U.S. and China are competitors or enemies, President Trump told Caixin in Osaka that the two countries are “strategic partners.”

Related: Xi and Trump Agree to Restart Trade Talks While U.S. Halts Additional Tariffs

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/ Jun 17, 2019 07:42 PM / World

President Xi Jinping, who is also the general secretary of the Communist Party of China, will pay a state visit to North Korea on Thursday and Friday, the official Xinhua News Agency reported on Monday.

Xi was invited by North Korean leader Kim Jung Un, according to the Xinhua report, which used the country’s official name, the Democratic People’s Republic of Korea.

Kim met with Xi in China four times between March 2018 and January 2019, according to earlier Xinhua reports (link in Chinese).

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By Bloomberg / Jun 10, 2019 12:25 PM / World

Russell Vought. Photo: Andrew Harrer/Bloomberg

Russell Vought. Photo: Andrew Harrer/Bloomberg

A senior White House official is seeking to delay putting in place portions of a law that limits the U.S. government’s business with China’s Huawei Technologies Co., according to a person familiar with the matter.

In a letter to Vice President Mike Pence, White House acting budget chief Russell Vought asked to delay a provision of the 2019 National Defense Authorization Act that bars any executive agency, government contractor or company that receives a government loan or grant from using Huawei equipment.

Vought warned that the law will place burdens on U.S. companies that use Huawei technology, according to the person. The Wall Street Journal, which reported Vought’s letter earlier Sunday, said he warned that the law could dramatically reduce the number of companies that would be able to supply the U.S. government.

The Trump administration has said Huawei, China’s largest technology company, represents a national security threat and has been pressing allies to exclude the company from 5G networks. The administration has also blacklisted the Chinese company, cutting off the supply of American components it needs to make its smartphones and networking gear.

View Caixin Global's full coverage of Huawei

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By Yang Ge / Jun 06, 2019 04:03 PM / World

Photo: VCG

Photo: VCG

The budding romance between China and Russia is reaching new heights.

Forget about their newest agreement to “upgrade their relations to a comprehensive strategic partnership of coordination for a new era,” which was announced Wednesday by the Xinhua news agency.

For local people, there may have been more interest in the latest headlines coming from the zoological front, which have China bestowing a pair of pandas on the Moscow zoo. According to English website of Russian news outlet RT, the gift makes Russia just one of 18 countries globally to host the cuddly creatures, which typically become instant celebrities at any zoos where they reside.

The pair, named Ru Yi and Ding Ding, were actually given to Russia at the end of April but made their formal debut this week on a visit to the country by Chinese President Xi Jinping, Reuters reported. The pair are on loan to Moscow for 15 years as part of a research program.

Pandas are one of China’s most recognizable symbols, and lending of the animals to zoos around the world has become a common act of goodwill to other countries, leading some to call the practice “panda diplomacy.” One of the earliest such acts came following Richard Nixon’s famous trip to China in 1972, after which the U.S. was given a pair of pandas that resided at the Washington zoo for decades until their deaths.

Related: The Three Most Overrated China Travel Experiences

Contact reporter Yang Ge (geyang@caixin.com)


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By Zhao Runhua and Teng Jing Xuan / Jun 04, 2019 06:31 PM / World

Photo: VCG

Photo: VCG

Chinese citizens and companies in the U.S. risk “harassment” from law enforcement authorities and should also be wary of increased violent crime, Beijing said in two travel alerts issued Tuesday amid escalating trade tensions between the two countries.

China’s Ministry of Foreign Affairs said in one alert that U.S. authorities had used customs inspections and drop-in interviews to harass Chinese nationals.

Chinese citizens should also be aware of increased cases of “gun shooting, robbery and theft” in the U.S., China’s Ministry of Culture and Tourism said in its own travel notice.

When asked about the warnings, foreign ministry spokesperson Geng Shuang said that the U.S. authorities “should know clearly in their hearts” what they have done, the People’s Daily reported.

The two notices will be valid until the end of the year, and follow a Monday warning from China’s Ministry of Education about extended visa processing periods and increased rejection rates faced by Chinese students studying in the U.S.

Related: China Issues Warning Over U.S. Student Visa ‘Risks’

Contact reporter Zhao Runhua (runhuazhao@caixin.com)

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By Zhao Runhua / Jun 03, 2019 05:53 PM / World

People wait in line to apply for visas outside the U.S. embassy in Beijing on June 26, 2012. Photo: VCG

People wait in line to apply for visas outside the U.S. embassy in Beijing on June 26, 2012. Photo: VCG

China is urging citizens to be wary of heightened “risks” when studying in the U.S.

Some Chinese citizens who had applied to study or are currently enrolled at U.S. institutions have faced constraints including extended visa processing periods and increased rejection rates, according to a warning issued Monday by the Ministry of Education, which asked Chinese people to “strengthen assessment of risks” when planning to study abroad.

Reports emerged earlier this year of Chinese students and scholars in engineering and science programs at U.S. universities experiencing problems similar to the ones described in the warning.

“We hope to allow people to legally travel and immigrate to the United States while protecting U.S. citizens and national security,” a spokesperson from the U.S. Embassy in Beijing told Caixin in March in response to the issue.

Related: In Depth: Chinese Students in Limbo as Wait for U.S. Visas Stretches for Months

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By Tang Ziyi / Jun 03, 2019 01:10 PM / World

Photo: VCG

Photo: VCG

One of the world’s largest science publishers has lifted a ban limiting Huawei employees’ participation in the peer review process, even as recent U.S. restrictions on the Chinese telecom company place pressure on international partners to cut ties.

The U.S.-based Institute of Electrical and Electronics Engineers (IEEE) said Monday it would no longer ban Huawei staff from certain peer review procedures for research papers published by the IEEE.

It’s a reversal of a ban enacted by the IEEE last week to comply with a U.S. Department of Commerce decision to place Huawei on its “entity list,” which effectively prohibits American companies from selling technology to the embattled telecommunications giant.

IEEE now says the initial restrictions had been intended “to protect our volunteers and our members from legal risk,” but that the risk had been addressed after it received clarification from the U.S. Department of Commerce.

“All IEEE members, regardless of employer, can continue to participate in all of the activities of the IEEE,” the organization said on Monday.

Huawei’s inclusion on the entity list, widely seen as a sign of the Trump administration doubling down on its accusation that Chinese firms regularly steal U.S. technology, has prompted fears of a freeze in academic cooperation between the two countries.

Last week, the China Computer Federation, China’s leading computer science research community, responded to the IEEE’s initial restrictions on Huawei staff by cutting off ties with an IEEE division.

Related: U.K.’s 5G Launch Gives Huawei Spot of Good News After Recent Setbacks

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by Teng Jing Xuan / May 31, 2019 06:32 PM / World

China's Ministry of Commerce. Photo: IC Photo

China's Ministry of Commerce. Photo: IC Photo

China plans to place foreign companies considered to have damaged the interests of Chinese companies on an “unreliable entity” list, the country’s commerce ministry said Friday.

The announcement of the list comes after the U.S. Department of Commerce put Chinese telecommunications giant Huawei on its “Entity List,” effectively banning American companies from selling technology to Huawei.

China’s own list, which will also include organizations and individuals, will target entities deemed to have blockaded or cut off Chinese companies from suppliers for non-commercial reasons, Gao Feng, spokesperson of the Ministry of Commerce, said, promising further details soon.

Read our full coverage here.

A previous version of this post incorrectly described the U.S. Department of Commerce action against Huawei.

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By Zhao Runhua / May 31, 2019 11:52 AM / World

Photo: IC Photo

Photo: IC Photo

Tit-for-tat tensions have spread to research groups.

China’s leading computer science research community announced Thursday it will “temporarily suspend communications and cooperation” with a unit under the world’s largest technical community, the Institute of Electrical and Electronics Engineers (IEEE).

The move comes after U.S.-based IEEE confirmed earlier this week that it is banning Huawei staff from being editors or reviewers during the peer-review process for research papers, to comply with the U.S. government’s “Entity List” as a New York-registered “non-political and non-profit organization.” 

The China Computer Federation (CCF) responded by saying that the IEEE unit, a publication arm called Communications Society (ComSoc), has betrayed any research group’s fundamental principles — “openness, equality, and being non-political” — using local laws as excuses. ComSoc also failed in its pledge to serve "professionals everywhere,” CCF said.

Apart from the communications and cooperation suspension, CCF recommended that its members neither submit papers to any ComSoc-led conferences or journals, nor participate in its scholarly events, such as paper-reviews.

CCF said the decisions will take effect immediately.

Read Caixin’s trade war coverage here and Huawei coverage here.


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By Qing Ying and Teng Jing Xuan / May 30, 2019 04:17 PM / World

Photo: IC Photo

Photo: IC Photo

Beijing has warned it will not tolerate the use of Chinese rare earth products to “suppress China’s development,” following reports that the country may restrict exports of the materials to the U.S. as part of an ongoing trade conflict.

Rare earths are used in the manufacture of a wide range of products, including consumer electronics, military equipment and gasoline.

"China upholds the policy of open and cooperative sharing,” Commerce Ministry Spokesperson Gao Feng said Thursday, adding that China, the world’s largest supplier of the minerals, was “willing to satisfy the reasonable demand for rare earths of any country.”

However, Gao said, “If any country wishes to use rare earths exported by China to manufacture products to suppress China’s development,” this would be “hard to accept.”

Related: Rare Earth Stocks Rise on Back of Trade War Concerns

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By Zhao Runhua / May 21, 2019 03:13 PM / World

Photo: VCG

Photo: VCG

Chinese drone-maker DJI Technology has responded to a U.S. government warning that many believe was aimed in its direction.

The Department of Homeland Security said some Chinese-made drones may “contain components that can compromise” users’ data and share information with servers accessible by the Chinese government.

While the department did not mention specific companies, a CNN report linked the warning to DJI, which dominates the North American drone market.

In response, DJI said all data produced, stored, and transmitted by DJI products is “completely” controlled by users in an official statement published by the state-run Global Times on Weibo.

The company said its security standards have been proven "again and again" worldwide, adding that it also offers a setting that allows users to turn off a drone’s internet connection and only store data locally.

"Will all successful Chinese companies face pressure from the U.S.?" the Global Times commented on the statement. "CNN's report makes us concerned with the tolerance level of the U.S."

Related: Engineer Jailed for Leaking Drone Giant DJI’s Code Online

 

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By Zhang Qi, Ye Zhanqi and Mo Yelin / May 16, 2019 01:55 PM / World

Photo: VCG

Photo: VCG

The Trump administration has moved to prevent Huawei from doing business with American suppliers, following a similar move last year toward rival ZTE that nearly forced it to temporarily shut down operations.

The U.S. Department of Commerce announced it would add Huawei to its “Entity List” shortly after president Donald Trump signed an executive order that could effectively ban the Chinese company from selling technology in the American market. Being put on the “Entity List” means that U.S. companies would have to obtain special licenses to sell products to Huawei.

In response to Trump’s executive order, China’s Foreign Ministry accused the U.S. government is abusing its power to crack down on Chinese companies. Such measures are “disgraceful and unjust,” a spokesperson for the ministry said Wednesday.

Huawei said it is “willing to engage with the U.S. government and come up with effective measures to ensure product security.”

The Commerce Department’s ban would be in effect until the company is listed in the Federal Register. The department did not specify when that would happen.

See more of our Huawei coverage here.


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By Yu Pei-hua, Xie Wenwen, Zhang Yiou and Jason Tan / May 15, 2019 11:48 AM / World

Why did Malaysia decide to resume a controversial China-run rail project after its new prime minister slammed it as “unnecessary,” coming with “damaging terms,” and bound to saddle the country with huge debt?

Daim Zainuddin, the special envoy to Prime Minister Mahathir Mohamad, spoke to Caixin in an exclusive interview on why the East Coast Rail Link is going forward after all.

Read the full story here.

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