HANGZHOU – Two brothers and their father were sentenced to death on Monday for cheating 15,000 investors out of over $1.1 billion in east China’s Zhejiang province. Ji Wenhua, president of the Yintai Real Estate and Investment Group, was sentenced to death for the crime
Dan Collins CMR “Gold going to $7,000”, an article today in the Chinese media is going viral and one of the most viewed articles in the financial press. The article references American Jim Rickards and his concept of comparing inflation-adjusted gold prices. Most Chinese economists
It’s not uncommon for the large Wall Street banks to combine in shorting an entire years supply of minded silver in a single day.The same goes for all commodities. Endless paper printing getting funneled to Wall Street has destroyed all real price discovery. Capitalism fails
Dan Collins CMR When I moved to China back in 1998 I was surprised to learn how highly the Chinese thought of America. Of course China was a much poorer place back then but coming from the Detroit area I couldn’t fathom where was all
Chanos is back! His short China thesis is very long in the tooth but as it goes with most ego maniacs he cannot accept failure or that fact that he might be wrong. Being wrong on an entire country where you have never visited and
You have to laugh at the whole “China will collapse crowd” on CNBC and even respected sites like Zero Hedge. Personally, I love the Zerohedge stuff. They understand the ponzi-financial fraud-money printing-welfare state economy that now envelops the West. But China is a real economy,
D.Collins CMR China’s cloud computing market is expected to be worth 37.2 billion yuan (US$6 billion) in 2017 as demand for the service grows, the Chinese-language China Securities Journal reported on Friday. Some American tech companies are watching the largest and fastest I.T. market in
Breaking News today that a Chinese vessel as rammed and sunk a Vietnamese fishing boat. All countries in the South China Sea and East China Sea are using fishing boats in a game of cat-and-mouse to challenge each other on their respective areas. This time
Stockswatch China has become a banking powerhouse. Four of the five largest banks in the world are Chinese, according to SNL Financial’s latest global bank rankings. It’s a big change from the past few years when only two Chinese banks made the top five. Beijing-based
Scared of losing the Chinese tourist dollar, France has relented to China and will allow Chinese police on the streets of Paris. More signs of the benefits of third-world immigration into the West to the point where cultural breakdown has occurred and law and order
Gold has been flowing East for a decade. When the West wakes up to the fact that their gold is gone, they will no longer have sound money with which to back a currency. The world has only been off a gold standard since 1971
From the China Daily… BEIJING – China will lower banks’ reserve requirement ratio (RRR) by 0.5 percentage points starting May 18, the country’s central bank announced Saturday. The cut, the second of its kind this year, will drop the RRR for the country’s large financial
Is China tweaking its numbers on GDP? Probably. For twenty years Chinese GDP roughy came in right on the governments target. This would be an almost magical performance record considering economists in the West can predict absolutely nothing. For years, China most likely lowered GDP
Japan will learn the hard way that destroying your currency is not an viable economic strategy. Shanghai Daily JAPAN posted a record 1.63 trillion yen (US$17.4 billion) trade deficit in January as rising exports trailed surging imports of crude oil and gas due to rising
One year after the launch of direct trading between the renminbi and Japanese yen, the daily trading volume between the two currencies has reached 50-100 billion Japanese yen on the Shanghai market and 15 billion yen on the Tokyo market, a combined volume double that
The “spendathon” over the Golden Week holiday offers a glimpse into how China’s shifting consumption pattern is reshaping the economic landscape.
In the week-long National Day holiday, Oct. 1-7, retail and catering firms across China rang up sales of 1.08 trillion yuan (170 billion US dollars), a healthy 11 percent increase from a year ago, according to data released by the Ministry of Commerce (MOC) on Thursday.
This year was the first time that sales have exceeded 1 trillion yuan since Golden Week was named a national holiday in 1999.
The holiday, and spending patterns, illustrates the rising power of consumption and the role it plays in driving economic growth in China, not to mention the increasing purchasing power of the Chinese.
The first phase of the Cross-border Interbank Payment System (CIPS) was launched on Thursday in Shanghai, promoting the global use of the Chinese currency.
“CIPS is an important milestone in the internationalization of the renminbi,” said Fan Yifei, deputy governor of the People’s Bank of China, the central bank.
The system, which provides capital settlement and clearing services for cross-border renminbi transactions for financial institutions, will boost the global use of the renminbi by cutting costs and processing times, he said.
Previously, cross-border renminbi clearing had to be done either through one of the offshore renminbi clearing banks, such as those in Hong Kong, Singapore or London, or with the help of a corresponding bank on the Chinese mainland.
CIPS will play a significant role in shoring up China’s real economy and promote domestic enterprises “going abroad,” said Fan.
The worldwide “payment superhighway” will accelerate the internationalization of the RMB, said Hu Xiaolian, president of the Export-Import Bank of China.
Developed and administered by the central bank, CIPS will run from 9 am-8 pm Beijing time.
Nineteen banks have been named direct participants of CIPS, including four major Chinese banks, and HSBC Bank (China), Citibank China and Standard Chartered China, all of which are allowed to open accounts with CIPS and receive services directly.
In addition, 38 Chinese banks and 138 foreign financial institutions have been approved as indirect participants. They are entitled to CIPS services indirectly through one or more of the direct participants.
Liao Yijian, president and CEO of HSBC Bank (China) said CIPS, will encourage the cross-border use of renminbi as the system is now less complicated.
CIPS will put the renminbi on an even footing with other global currencies in areas such as operating hours, risk reduction and liquidity optimization, said Zeng Gang, professor with the Finance Institute of the Chinese Academy of Social Sciences.
In November 2014, the renminbi became one of the world’s top five payment currencies overtaking the Canadian and Australian dollars, according to global transaction services organization SWIFT.
As of Sept. 30, 2014, cross-border renminbi settlement had exceeded 4.8 trillion yuan (US$750 billion), up from 3.58 billion yuan (US$563.5 million) in 2009.
The central bank designated 10 official renminbi clearing banks last year, bringing the total to 14 globally.
“This is only the first step and we have more to do,” said the central bank’s deputy governor Fan Yifei.
He said CIPS phase two will offer participants more flexibility.
Biggest fall in 20 years hits forex reserves after China spends half a trillion to defend against short sellers
China’s PBOC are using the FX reserves to outlast the short selling speculative
attack led by Goldman Sachs and others using printed money out of the
There has been a massive down surge in China’s FX holdings from nearly $4 trillion
down to the current $3.5 trillion. However, as China continues accumulating
massive trade account surpluses on the other their reserves will be boosted.
The U.S on the other hand only continues accumulating debt.
China’s foreign exchange reserves shrank by $180 billion in the third quarter－the largest fall in two decades－following the central bank’s move to hold the yuan’s value through selling US dollars.
However, the reserves fell by $43 billion in September after an unprecedented drop of $94 billion in August, suggesting that depreciation pressure on the yuan is easing.
The figures, released by the People’s Bank of China on Wednesday, also showed that by the end of last month the foreign exchange reserves stood at $3.51 trillion－still the world’s largest.
Declines in the reserves in recent months have sparked fears among investors about their sufficiency, liquidity and usability. Another question being raised is whether the squeezed reserves can cover the nation’s foreign debt.
Recent research by UBS AG estimated that more than $2.2 trillion of the $3.5 trillion reserves were held in developed countries’ government bonds, with about $1.4 trillion in US treasuries.
The foreign exchange reserves are four times the external debt amount and can cover 20 months of imported goods and services, according to the research.
Tom Orlik, an economist at Bloomberg, said, “A slower foreign exchange drop eases fears about extreme selling pressure on the yuan.”
The currency’s value stabilized last month after the biggest tumble in two decades following the People’s Bank of China’s adjustment of the yuan’s daily exchange reference rate against the US dollar on Aug 11.
The yuan rose by 0.3 percent last month against the dollar compared with a fall of 2.6 percent in August, according to the Shanghai-based China Foreign Exchange Trade System.
President Xi Jinping committed to the yuan’s stability during his state visit to the United States last month. Premier Li Keqiang has also reiterated on various occasions that there will be no foundation for a further depreciation of the currency.
These were signs that at least in the short term the depreciation pressure on the currency had been impaired, Orlik said. It also means the leaders are prepared to defend the currency at its present level for a while longer, and the total amount of the foreign exchange reserves will continue to decline, he added.
Economists said depreciation pressure on the yuan would remain as long as there was a possibility that the US Federal Reserve would raise interest rates in the near term.
NASSAU, Bahamas — Missing two grand opening deadlines isn’t something that any large venture hopes to experience, but that’s exactly what has happened to Baha Mar.
Touted as China’s largest commercial real estate project in the Western Hemisphere, Baha Mar, a $3.5 billion Bahamian resort complex, has floundered this year, causing the most serious economic damage the small island country has seen since the global financial crisis. The resort is predicted to contribute 12 percent to the country’s gross domestic product, but its failure to materialize has at least in part led Standard & Poor’s to downgrade the country’s sovereign credit rating.
Thousands of Bahamians had expected to work at the resort by now. Instead, the developer filed for Chapter 11 bankruptcy protection in Delaware this summer while the government assigned a provisional liquidator. The spat between Chinese contractor China Construction America and local Bahamian developer Sarkis Izmirlian — with the Chinese side accusing its local partner of mismanagement and the Bahamian side citing missed deadlines — has meant no progress on opening the 97 percent completed resort for business.
“It’s vital, because the majority of the people who are set to work for this great project — if they cannot work here, I’m not too sure they’re going to get jobs elsewhere,” said Justin Lockhart, an engineer who was hired to work at Baha Mar but is spending more time these days playing solitaire. “For the average busboy, housekeeper, houseman, waitress, you know they’re not going to get this opportunity again. So obviously, it has to happen.”
Meanwhile, unemployment in the Bahamas hovers at about 15 percent. The bankruptcy filings, with one exception, have been dismissed. And while China Construction America returned to the site for the first time last week for an assessment of what needs to be done to finish the project, it is unlikely Baha Mar will open before 2016
China’s steel industry has entered a serious downturn, with steel trading firms being hit the hardest, according to the Guangzhou Daily.
China’s crude steel output during the first six months of the year dropped 1.3% to 409.97 million tonnes from a year earlier, the first decline in two decades, according to a steel trading company owner identified as “Li You.”
The country’s consumption of crude steel dropped 4.7% to 362.31 million tonnes, Li added.
Despite the Chinese government’s efforts to cap the growth of the steel production, Liu said, the lack of an exit mechanism in the market has led to a continued expansion of capacity since companies are not willing to cut production.
According to Li, rebar steel prices began tumbling in 2011 and the slower economic growth in China further dragged down demand, while the sector encountered added pressure as a result of an annual capacity of 1.1 billion tonnes and high inventory levels.
The total steel inventory in China is estimated at 1.1 billion tonnes, meaning the country has enough steel for the next five years, even without any new output, according to Li.
He said he had expected that demand for steel would have been boosted by a decision by several local governments to lift the restrictions on house purchases, but that has not happened and there are no signs of recovery.
Data from the China Iron and Steel Association showed that the steel industry is heavily in debt, with a debt-to-asset ratio of 69.98%, and steel trading companies have been the worst-hit, the newspaper said.
In the cities of Qingyuan and Shaoguan in the southern province of Guangdong, the number of steel trading companies has dropped from about 300 each to less than 100 in total, many of them forced out of business because of financial pressure, Li said.
Steel trading firms are being squeezed between producers and buyers, as they are required to pay their suppliers a month in advance while their clients’ payments do not come through until one to two months after delivery, according to Li.
This creates tight funding at steel trading firms, some of which turned to loan sharks for short-term funding but went out of business as their debt ballooned, Li said.
“Current steel prices are around the same level as 15 years ago, but borrowing costs and labor have become more expensive over that period,” he said.
Li said he is selling steel that has been sitting in warehouses for three years and he is registering losses of 150-200 yuan (US$23.60-$31.50) per ton but needs the money to pay the interest on loans.
– “You American people worry too much about the China economy,” Ma
“Every time you think China is a problem, we get better
-“People say ‘Well you know the economy’s bad, so China consumption
will be low.’ No, totally different,” Ma said. “You Americans love to
spend tomorrow’s money, and other people’s money maybe. …
We Chinese love to save money.”
Jack Ma speaking at the 2015 CGI Annual Meeting in New York.
Adam Jeffery | CNBC
Jack Ma speaking at the 2015 CGI Annual Meeting in New York.
Despite a much-discussed domestic slowdown, China has a quality that America
doesn’t, which could take its economy through tough times, the tech leader said.
“People say ‘Well you know the economy’s bad, so China consumption will be low.
No, totally different,” Ma said. “You Americans love to spend tomorrow’s money,
and other people’s money maybe. … We Chinese love to save money.”
Ma said Chinese consumers are among the world’s biggest savers. In fact, the
World Bank ranks China fourth among measured areas in terms of gross savings as
a percent of GDP — with 50 percent in 2013, it sat behind Kuwait, Bermuda and
China’s own special administrative region of Macao.
The United States, meanwhile, only had 2013 gross savings of about 18 percent
of GDP — just less than Colombia, and just more than Namibia.
“We’ve been poor for so many years: When we made money we put it in the banks
because someday we know that disaster is coming so we can spend the money,” Ma
said. “When the economy is bad, we still have the money to spend — you guys
probably don’t, you worry.”
China’s government has helped bolster the economy in recent years, but the
driving force in a consumer economy will likely come from entrepreneurs, Ma said.
“China’s government is so strong on investment, so strong on exporting, but they’re
too weak on domestic consumption,” he said, adding that it’s now the private sector’s
time to shine. “In the past 20 years, government is so strong, now they’re getting
weak: It’s our opportunity, it’s our showtime to see … how we can develop real
Some market watchers have voiced concerns about Beijing’s ability to navigate this
economic transition, and if the fall of Chinese exports can be a soft landing for
For his part, Ma said he sees more of an upside to this economic transformation.
“When we export we have a terrible sky, we have terrible water, we have a terrible
environment — when we start to import we’re going to be better. So that’s all a
great opportunity, guys, be happy about that.”
Want China Times
China has indicated that it might be willing to join the fight against the Islamic State (ISIS) jihadist group in Syria and Iraq as part of an international coalition within the United Nations framework, according to Duowei News, a US-based Chinese political news outlet.
At a UN Security Council meeting Wednesday on the resolution of conflict in the Middle East and North Africa and countering the threat of terrorism in the region, Chinese foreign minister Wang Yi said China “advocates extensive and comprehensive international counter-terrorism cooperation within the UN framework.”
Wang noted that the key areas for cooperation are: “the fight against cyber-terrorism; prevention of violent extremist ideology; cutting off terrorist funding channels; blocking terrorist mobility; strengthening the exchange of information on terrorism; giving full play to the role of the Security Council.”
“Regional order should be based on the UN Charter,” Wang added.
Though Wang does not directly mention military support, Duowei believes the comments suggest that China could be willing to participate in strikes against ISIS provided that these takes place within the UN framework. This appears to go against comments Wang made just a day earlier at a meeting of the five permanent members (P5) of the UN Security Council — China, France, Russia, the United Kingdom and the United States — and UN secretary-general Ban Ki-moon.
During the meeting on Sept. 29, Wang repeated Beijing’s plea for the crisis in Syria to be resolved through diplomatic means. The P5 “should unite and seek the opportunity to politically solve the Syrian crisis as the parties are showing more willingness to do so,” he said, adding that “progress on the political solution will contribute to greater synergy on anti-terrorism efforts of all sides.”
Duowei notes that on the question of striking ISIS, China remains stuck between the Russia and the US. While both are carrying out attacks against the group, Russia supports Syrian president Bashar al-Assad, while the US-led coalition of 60 nations backs Syria’s rebel forces. Though Russia announced it would be striking ISIS targets, it soon became clear that Russia is targeting rebel groups including those that have received limited training from the US, something Moscow at first denied and later admitted.
As recently as last week, Russian president Vladimir Putin said Russia would continue to provide the necessary military and technical assistance to Syria to fight ISIS and urged other countries to join the efforts. US president Barack Obama, however, said Thursday that Russian airstrikes have been counterproductive because they are not distinguishing between ISIS targets and the so-called “moderate opposition” the group the US believes will be essential for Syria’s eventual political transition.
The British prime minister, David Cameron, joined Obama in criticizing Putin, stating that by “backing the butcher Assad” Russia is making the situation worse.
Russia is said to be actively seeking to entice China into joining its camp. At UN headquarters in New York last week, Wang and his Russian counterpart Sergey Lavrov both pledged to continue working to progress their coordination in international affairs within the UN framework. Lavrov even made special mention that Russia and China have a “similar position” on many international and regional issues and they share close communication and cooperation on UN affairs.
Several Russian media outlets have also published unverified reports claiming that China has already sent military advisers and will soon be deploying troops to help out the Syrian government in the fight against ISIS.
On the other hand, Chinese president Xi Jinping has just completed a state visit to the US, and US deputy secretary of state Antony Blinken is scheduled to visit Beijing from Oct. 8-10, during which it is believed that China will again invited to join the US-led coalition against ISIS.
Iraq’s foreign minister, Ibrahim Jafari, is reported to have said that Wang offered to assist in defeating ISIS when the two met at the UN’s anti-terrorism meeting last week, but noted that Chinese involvement would be independent from the US-led coalition. “I welcomed this initiative. I told him we are ready to deal with the coalition and also co-operate with countries outside this coalition,” Jafari said.
However, Beijing has declined to comment on Jafari’s comments, with Chinese foreign ministry spokesperson Hong Lei merely stating: “China has been fighting terrorism and has been providing support and assistance to Iraq, including the Kurdish region in our own way, and we will continue to do so within the best of our capabilities.”
Duowei states that there are observers who believe China should not get involved in the strikes against ISIS because it would be forced into choosing sides between the US and Russia. Another consideration for China is the religious consequences of tackling ISIS, which is mainly composed of Sunni Arabs from Iraq and Syria. Such a move could damage China’s ties with Arab League countries dominated by Sunnis and could also worsen tensions domestically as the Uyghur people of the restive northwestern region of Xinjiang are also predominantly Sunni Muslims.
Moreover, neither Iraq nor Syria are part of Beijing’s ambitious “Belt and Road” intiative to boost connectivity and cooperation throughout Eurasia, Duowei said, meaning that the stakes are not high enough for China to become involved.
Conversely, there are observers who believe China must get involved in strikes against ISIS one way or another. Given the rising number of terror attacks in China — almost all of which have been blamed on Islamic separatists from Xinjiang — there is the view that the longer the fight against ISIS continues, the worse the domestic security situation will be.
Accordingly, Duowei said, it makes sense that China would choose to join anti-ISIS efforts through UN mechanisms if the parties can agree to such a coalition. This would prevent Beijing having to choose sides and avoid the perception that China is interfering with the internal politics of other countries, Duowei added.
As support for this proposition, Duowei also points out that Xi recently pledged 8,000 troops to a UN peacekeeping standby force and US$1 billion to set up a China-UN peace and development fund.
China has proven itself the greatest country in terms of math education.
The average American teenager is now totally ignorant in math compared to
others in the developed world especially when compared to the average
Chinese teenager. How to have time to study math when you have to keep
up with the Kardashians on social media.
In the last 20 years China has only lost the Math Olympiad 4 times and
in that space of time and have been crowed champion 16 times. China has
totally dominated the Math Olympiad. The only other countries who could
possibly challenge the Chinese were S.Korea or Russia both countries whom
have won the contest in the last 10 years.
Then this week something remarkable occurred.
The U.S. edged out China by four points, 185-181 to win the international
math Olympiad in Chiangmai, Thailand.
Five U.S. team members won gold medals: Ryan Alweiss, Allen Liu, Yang Liu,
Shyam Narayanan and David Stoner. A sixth member, Michael Kural, missed gold
by one point, settling for silver.
In the face of China’s growing presence in the South China Sea, the United States Marine Corps is moving ahead with plans to eventually place nearly 15% of the service’s personnel in Hawaii and beyond, reports Duowei News, a US-based Chinese political news outlet.
Citing a report from South Korea’s JoongAng Ilbo, it is noted that the 190,000-strong US Marines Corp specializes in expeditionary warfare and is typically mobilized for regional conflicts or the rapid delivery of combined-arms task forces with the US Navy.
Experts believe the aim of of relocating nearly 30,000 marines is to reduce America’s reaction time in the Asia-Pacific and form a key part of US president Obama’s “Asia rebalancing” strategy.
The US-based Marine Corps Times notes China’s land reclamation activities and military constructions on disputed islands in the South China Sea as a primary reason for the personnel placement, along with the development of North Korea’s nuclear program and Russia’s increased activity in Japanese air space.
Meanwhile, South Korea’s Munhwa Ilbo has reported that America’s “four major strategic weapons” — nuclear powered aircraft carriers, B-2 stealth bombers, F-22 stealth fighters and nuclear submarines — will either be in South Korea or be stationed at the US naval base in Guam next month, possibly as a warning to a possible fourth nuclear test by North Korea.
The report states that three B-2 bombers were moved to Guam in August, while the advanced USS Ronald Reagan nuclear-powered aircraft carrier and two F-22 fighters will visit South Korea in October. The RQ-4 Global Hawk drone is also expected to make an appearance at the Seoul International Aerospace & Defense Exhibition from Oct. 20 to 25.
Want China Times
Auto giant Volkswagen was recently caught cheating US pollution tests by installing software able to sense when emission testing was in progress, but China’s diesel carmakers have been using more serious cheating measures in terms of emission controls, reports Shanghai’s China Business News.
Volkswagen’s hidden technology allowed the car’s emissions controls to run at their maximum settings during official testing, but the cars emit 10-40 times the legal amount while on the road.
If a similar scandal happened in China, it would be covered by media for even longer than the scandal in the US news, said one unnamed industry analyst. However, producing false emissions data is already an open secret in China’s diesel car industry, the analyst said.
Russian President Vladimir Putin told the U.N. on Monday that those who supported democratic revolutions in the Middle East are to blame for the rise of a globally ambitious Islamic State.
“Instead of the triumph of democracy and progress, we got violence, poverty and social disaster — and nobody cares a bit about human rights, including the right to life,” Putin said through a translator. “I cannot help asking those who have forced that situation: Do you realize what you have done?”
The Russian president added that the power vacuum following these revolutions led to the rise of terrorist groups in the region — including the Islamic State group.
He told the United Nations General Assembly it would be an “enormous mistake” not to cooperate with the Syrian government to combat the extremist group.
“No one but President (Bashar) Assad’s armed forces and Kurdish militia are truly fighting the Islamic State and other terrorist organizations in Syria,” he said.
In an earlier speech at the U.N., President Barack Obama said it would be a mistake to think that Syria could be stable under Assad.
Acknowledging some of the criticism lobbed at Russia’s proposal, Putin said his country is only proposing to help save the world from terrorism.
Many officials preferred to “dither” over major projects to avoid being scrutinized by anti-graft officials.
BEIJING, Sept 29 (Reuters) – China has punished 249 officials for laziness, exemplified by failure to spend government funds, delays to projects and sitting on land earmarked for development, as the government wages war on graft, state news agency Xinhua said.
Spooked by China’s biggest-ever crackdown on corruption, many officials have preferred in the past 18 months to dither over approvals for major projects, so as to avoid drawing the scrutiny of anti-graft officials.
That has annoyed Beijing, which has scolded procrastinating local governments for their laziness and repeatedly threatened to punish them by recalling their untouched budgets.
Xinhua said the 249 officials in 24 provinces, regions or cities had been sacked, or given administrative demotions or warnings after an investigation running from the end of May until the middle of June.
As late as May this year, a food recycling project in the northern province of Shanxi had yet to start construction, even though the government had released funds for it in 2012, Xinhua said late on Monday, listing some of the most telling examples.
“The aim of holding these people accountable is to promote work and manage the issue of laziness in government and doing nothing … and ensure this year’s economic targets are on track,” the report cited an unidentified official as saying.
8 billion yuan bid – worth 20 times more than the existing deal
CCTV, IMG and Infront – all huge names in the sports industry – were among the suitors to buy the rights to produce and broadcast the Chinese Super League. But these three, and others, were obliterated by the bid submitted by the comparatively little known Tiao Power, worth a staggering 8 billion yuan over five years.
Reports say that Tiao’s 8 billion yuan bid – worth 20 times more than the existing deal – dwarfed the 4.3 billion submitted by Shanghai’s Great Sports channel, 4 billion from CCTVSE (the sports marketing wing of the broadcaster) and 1.75 billion from Guangdong’s GDTV. IMG, Infront and two other parties didn’t make it through to the final after failing to satisfy all of the CSL’s requirements in the submission process.
Under the terms of the deal, Tiao will pay 1 billion yuan in each of 2016 and 2017, followed by 2 billion yuan each year from 2018-2020. It’s a huge amount of money by Chinese standards for a product that, while improving, is still way behind the top European leagues, and Tiao is clearly gambling that losses in the first few years of the deal could be compensated by profits 4-5 years down the line.
The company, run by media mogul Li Ruigang (above) – also known as China’s Rupert Murdoch – won the broadcast rights to Chinese national team matches earlier this year for 70 million yuan, ending the CFA’s long association with CCTV. Of course, CCTV could still end up broadcasting both Chinese national team and CSL games, but that is far from certain, and they would have to pay handsomely for the privilege.
Ti’ao Power’s GM, Ms Zhao Jun, earlier this year dismissed talk of a pay-per-view model, citing previous failures in China, although English Premier League games are now available on a wide variety of online platforms, some of which cost 5.99 RMB (standard definition) or 9.99 RMB (HD) per game.
The CSL deal has been met with widespread disbelief, with few in the industry able to imagine that Tiao Power will see a return on its investment, but it was only five months ago that China’s far-reaching soccer reforms were announced, so who knows where the market will be in five years’ time?
One thing, though, is certain: the monopolistic days of CCTV are over, and that is surely beneficial to China’s sports industry as a whole.
GEORGE Osborne is today attempting to woo Chinese investors to give billions of pounds of cash to fund the High Speed 2 (HS2) project and inject life into the ‘Northern Powerhouse’ dream.
By LANA CLEMENTS
The Chancellor told Chinese investors that seven new engineering contracts on the controversial rail project are now open for bidding with a total combined value of £11.8bn.
Mr Osborne also announced a ‘HS2 partnering day’ between British and Chinese firms to explore joining up on bids for contracts on the high speed rail service running from London to the Midlands, and the North, with construction starting in 2017.
At the same time, the Chancellor wants Chinese cash to pay for a number of Northern infrastructure and regeneration projects, including the ‘Atlantic Gateway’ connecting the Port of Liverpool to the City of Manchester and Science Central in Newcastle.
Around £24bn worth of investment opportunities into the North of Britain are to be presented to investors in Chengdu, China later today.
The Chancellor is expected to say: “This Government is committed to rebalancing our economy and building a Northern Powerhouse, and improving transport links and launching HS2 is key to supporting long-term economic growth across the North and Midlands.
“That’s why I’m here in China today opening the bidding process for construction contracts worth £11.8bn, which will propel HS2 forward.
“We are truly entering a golden era of co-operation between our two countries, and it’s crucial that businesses and communities from across the UK feel the full benefit of forging closer economic links with China.”
This week Mr Osborne has already announced that the Chinese will provide £2bn worth of investment into the Hinkley Point C nuclear power plant in Somerset and a further £1.2bn to create 10,000 new homes in Manchester, Leeds and Sheffield.
He is currently on a five-day trade tour of China as part of efforts to build a ‘golden’ relationship between the two countries where he announced that wants to take China from Britain’s sixth largest trading partner to its second.
Mr Osborne is desperate to provide more links between Britain and China, and has urged universities and businesses in the North to reinvigorate cultural and education links.
Next month Chinese President Xi is to visit Britain in October in another display of economic cooperation.
Prices in tier 1 cities in good locations are popping again. Tier 2 and 3
cities that are overbuilt will suffer for a decade.
You can still pick up a 3 bedroom luxury apartment for $600-700k in the
major cities such as Shanghai or Beijing. A similar property would cost
you $3-$5 million USD in London or New York.
The Russian/Chinese military alliance that has been building has now
gone live and will be jointly-operating in the Middle East. With the
U.S. refusing to leave the region and continuing to topple governments
through Al-Queda backed proxies it looks like the Russo-Sino axis
is now countering with their own military adventures in the Levant.
Russian-Chinese forces will now face down ISIS and American backed
Al-Queda groups in Syria, meanwhile, U.S. administration is trying to
import people from the region as fast as possible.
The U.S. economy now consists of blowing up your country, importing people
and giving them printed money to buy consumer items from China.
The recent arrival of the Russian Marines and Air Force to the Syrian port-city of
Tartous has generated a significant amount of interest around the world, as the
possibility of Russia’s direct military intervention becomes the focal point of
the war on ISIS (Islamic State of Iraq and Al-Sham).
Should the Russians begin military operations in Syria, what role with the U.S.
led “Anti-ISIS Coalition” play in combatting the terrorist group? Will they
coordinate with one another? Will they avoid one another?
It seems both sides have their own strategy to combat ISIS, but the U.S. has had
far more experience fighting the terrorist group, despite their minimal success
in obstructing their growth and advance in Syria and Iraq.
Russia seems poised to take a similar approach to the U.S. led Coalition; however,
they are not seeking the assistance of the neighboring Arab countries to combat
the terrorist group.
Instead, the Russians appear to have a contingency that involves another world power
that was absent from the U.S. led Anti-ISIS Coalition: China.
On Tuesday morning, a Chinese naval vessel reportedly traveled through Egypt’s Suez
Canal to enter the Mediterranean Sea; its destination was not confirmed.
However, according to a senior officer in the Syrian Arab Army (SAA) that is stationed
inside the Syrian coastal city of Latakia, Chinese military personnel and aerial assets
are scheduled to arrive in the coming weeks (6 weeks) to the port-city of Tartous –
he could not provide anymore detail.
Russia has made it abundantly clear that they are taking an active role in this
conflict, but the news of the Chinese military to Syria provides more insight into
It appears that Russia is not going to combat ISIS alone: the plan is similar to the
U.S.’ idea of a “coalition” of air forces, but far more involved on the ground; this
is something the U.S. and their allies have avoided since the inception of their
war against ISIS.
Despite all of this, Russia and the U.S. appear to be at it again; however, this is
no space or arms race, they are actively flexing their muscles through their proxies
(U.S.: rebels and Russia: Syrian Army).
A good example of nationalist company executives from China marching to
the same drum and lifting up their country. U.S. executive can’t move fast
enough to move jobs and profits offshore.
China Eastern Airlines wants to build more of its own airplanes, a company
executive announced this week. Liu Shaoyong, chairman of the airline and
president of China Eastern Air Holding Company, came to town during Chinese
President Xi Jinping’s visit to Seattle this week to speak as part of a panel
at a U.S.-China trade conference on Tuesday.
“The Dreamliner is your dream,” he told U.S. and Chinese delegates at the
conference. “In China, we want to fulfill our dream. We want to build
manufacture our own airplanes.”
While right now, Chinese aerospace manufacturers aren’t a big threat to Boeing
(NYSE: BA), that could change as the Chinese planes get more sophisticated in
their design and technology.
Liu called on the Federal Aviation Administration to support the Chinese-made
C919 aircraft. The single-aisle plane is built by the government-funded
Commercial Aircraft Corporation of China or COMAC to directly compete with
Boeing’s 737 series.Earlier this month, a Thai airline placed an order for 10
of the C919 planes to replace two leased Boeing 737-400s. The C919s aren’t quite
as technologically advanced as Boeing’s Renton-built 737s, but the planes use a
It’s a troubling trend for Boeing, which sees China as its largest future market.
Liu spoke on the eve of Boeing’s announcement about a $38 billion deal to sell
300 jets to China and build its first-ever overseas production facility in the
country. The facility will finish 737s destined for Chinese airlines. Chinese
airlines took delivery of about 30 percent of all of the Boeing’s single-aisle
planes this year, and the company is banking on that trend to continue.
Want China Times
Japan’s access to maritime shipping lanes will be under serious threat if China is able to assert control over the entire South China Sea, according to a commentary by Yasu Ota, an editor of the Tokyo-based Nikkei published on Sept. 21.
Ota said that about a quarter of the 350 vessels that pass through the Strait of Malacca via Singapore every day belong to Japanese enterprises. The shipping lane extending from the Strait of Malacca through the South China Sea and the Taiwan Strait is considered Japan’s maritime lifeline, providing a shortcut for the country’s enterprises to transport strategic supplies such as oil from the Middle East, according to the author.
However, China claims both the South China Sea and the Taiwan Strait as its territorial waters. If China exercised control over these maritime areas, Japan’s economy would be under Chinese control, the piece said. To prevent this from happening, the United States is trying to bring Malaysia into its Trans-Pacific Partnership even though its economic policy is not as liberal as Singapore and Brunei, Ota said.
U.S. negotiating to send back 25,000 Illegal Chinese immigrants to China , keep $600m in stolen money and bring in 500,000 Muslims
The China Money Report
News leaked today from Duowei that the Chinese government is allegedly willing
to forgo returning US$600 million in illegal assets and take back 25,000 illegal
immigrants from the US in return for the repatriation of Ling Wancheng, the
younger brother of disgraced Chinese presidential aide Ling Jihua, reports Duowei
News, a US-based Chinese political news outlet.
One of the goals of Xi Jinping’s meeting with Barack Obama in Washington this
week is said to be finding a way to send Ling Wancheng back to China, Duowei said.
The younger Ling is believed to have been hiding in the US since around 2013 or
2014. His elder brother Ling Jihua, best known as the political “fixer” of former
president Hu Jintao, was placed under investigation by anti-graft authorities in
December 2014 and expelled from the Communist Party on July 20.
Duowei alleges that Beijing has been pressuring Washington to return Ling Wancheng
to China through months of secret negotiations. The reason Beijing wants Ling
Wancheng so badly is because he is believed to be in possession of a significant
amount of classified and top secret information, said to have been given to him
by his older brother as leverage. Duowei said it is likely that this rumor is true
as one of Ling Jihua’s alleged crimes outlined by state media is obtaining “a great
deal of the party and state’s core secrets.”
There is increasing speculation that the information held by Ling Wancheng includes
a list of Chinese spies on foreign soil, Duowei said. If that information is handed
over to the US it would mean far more than losing Chinese agents, as it also would
allow for targeted policies against China and provide Washington with an overwhelming
strategic advantage, Duowei added.
According to Duowei’s sources, Beijing made two concessions to entice US authorities
to hand Ling Wancheng over during negotiations. First, Chinese authorities will forgo
chasing down all the illegal assets he has stashed away in the United States, which is
said to total around US$600 million. Second, China will agree to take back 25,000
illegal immigrants living in the US.
In other news …John “the traitor” Kerry after having started the problems in Syria
by backing Al-Qaeda rebel groups in Syria against the Assad regime is now telling the
world of a new plan that the U.S. will bring in more than 500,000 war refuges by 2020.
Under the new plan, the limit on annual refugee visas would be increased to 85,000 in
2016. The cap would then rise to 100,000 in 2017.