The only game in town? Why China will keep buying US Treasury debt

There is an old saying in finance that if you owe the bank US$100, you have a problem. But if you owe the bank US$1 million, then it is the bank that has the problem.
Well, the US government owes China US$1.2 trillion (and probably a lot more). Even adjusting for inflation, that means it is China that has the problem, not the US.
It seems financial markets forgot this saying this week. A report on the Bloomberg news service that Beijing is looking to scale back, or even halt, its purchases of…
Source: SCMP – China

China in talks for sale of jet engine technology to Germany

China is in talks to sell Germany state-of-the-art machinery and technology critical in the manufacture of high-performance jet engines, a senior government scientist has revealed.

The machinery produced turbine blades capable of withstanding temperatures several hundred degrees Celsius higher than the melting point of metallic alloys, the scientist said.

The scientist, who is involved in the negotiations, asked not to be named because of the sensitivity of the matter.

Turbine blades…
Source: SCMP – China

Burning Iranian tanker explodes and sinks, ‘no hope of finding crew alive’

An Iranian oil tanker on fire for over a week in the East China Sea exploded and sank on Sunday, officials said, with little chance of survival for the nearly 30 missing crew.
The Shanghai Maritime Search and Rescue Centre said a blast erupted on the Panama-registered tanker Sanchi at around noon on Sunday, with the vessel confirmed to have sunk by 5pm, Chinese state media reported.
Two bodies recovered from oil tanker ablaze in East China Sea
The tanker, carrying 136,000 tonnes of light crude…
Source: SCMP – China

Lost world of dinosaur and bird fossils goes on show after return to China

A collection of dinosaur and bird fossils taken out of China has gone on show in the northeastern province of Liaoning after being returned by a French collector.

The fossils dated back at least 125 million years and were found in Liaoning before surfacing in Europe, Xinhua reported.

Chinese farmer digs up ivory fossils dating back over 10,000 years

“The fossils went overseas for one reason or another, but in 2017 a French fossil collector decided to return them to China,”…
Source: SCMP – China

Chinese woman fined for trying to smuggle puppy onto plane in fake pregnant belly

A Chinese university student has been fined for trying to smuggle a puppy onto a flight by hiding it in a fake pregnant belly, according to a local newspaper report.
The woman, who was not named, was stopped by a security officer after passing through a scanner at Wuhan Tianhe International Airport in the central China province of Hubei, Wuhan Evening News reported.
The officer became suspicious as the woman was acting strangely and looked nervous. When the officer touched her “baby bump…
Source: SCMP – China

China is working on a new index to put a different spin on trade gap with US

China is working with the WTO and OECD on research into how countries benefit from being involved in different stages of the production process for goods destined for export, as it tries to find a new way to fend off criticisms of its huge trade imbalance with the United States.
It plans to release the new global value chain index next year, which Beijing hopes will support its argument that it is not the biggest winner when it exports commodities – and that the benefits also flow on to…
Source: SCMP – China

As China beats its war drum, who should hear its call?

Is China going to war any time soon?
That is the question on the minds of more and more people outside China over the past few months.
The People’s Liberation Army, the world’s biggest armed forces, over the past year or so, has featured prominently in the mainland Chinese newspapers, television reports, and other publications, with increasing regularity, highlighting their military drills and latest weaponry. The country’s most modern fighters and bombers, and warships have…
Source: SCMP – China

China pledges more investment in Cambodia, but is Phnom Penh selling itself short?

Road signs and advertising boards in Phnom Penh were traditionally written in two languages: Khmer and English. But things are changing in Cambodia’s colourful capital.
Dotted around the city these days are signs, both literal and metaphorical, of China’s growing influence in one of Southeast Asia’s poorest nations.
In Phnom Penh on Thursday, Chinese Premier Li Keqiang signed 19 agreements worth billions of dollars to develop Cambodia’s infrastructure, agriculture and…
Source: SCMP – China

Will French President Macron lead Europe down the New Silk Road?

French leaders have shown remarkable foresight when it comes to China.
In the early 19th century, Napoleon predicted that “the sleeping giant’s awakening would make the whole world tremble”.
Charles de Gaulle, more than 150 years later, showed his visionary acumen when he made France the first western power to establish diplomatic relations with communist China in 1964 – in defiance of strong opposition from the United States. Georges Pompidou became the first European…
Source: SCMP – China

China’s graft-busters told to zero in on political loyalty and discipline

Ensuring the political loyalty and discipline of officials will be the priority for Communist Party graft-busters this year, the top corruption watchdog said on Saturday after a three-day meeting in Beijing.
It will also focus on cases involving “interest groups” with political and economic ties, and there will be tighter scrutiny of the financial sector and poverty alleviation efforts in a bid to stamp out corruption.
But “political building” – loyalty and…
Source: SCMP – China

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