Saturday , October 31 2020
Home / Cissy Zhou

Cissy Zhou



Articles by Cissy Zhou

US-China tech war: can Washington take a leaf out of Beijing’s plans on strategic technologies?

10 days ago

[unable to retrieve full-text content]The White House has published a National Strategy for Critical and Emerging Technologies as a road map to ensure that the United States protects its “technology advantage” across a wide range of fields, from artificial intelligence (AI) to quantum information, in the face of challenges from China and Russia.But analysts say the US strategy, which includes 11 pages of generalised statements, is more of a wish list from the Trump administration to maintain American advantages. And they say this…

Read More »

China digital currency: Shenzhen consumers spend 8.8 million yuan in largest trial of digital yuan

11 days ago

[unable to retrieve full-text content]China’s largest test of its sovereign digital currency ended with 8.8 million yuan (US$1.3 million) being spent in over 62,000 transactions during the week-long trial in Shenzhen.The Shenzhen government confirmed 47,573 people from the 50,000 selected by lottery received the digital ‘red packets’, each containing 200 yuan (US$30), after a total of 1.9 million residents applied to take part in the 10 million yuan (US$1.49 million) giveaway.In total, 62,788 transactions were made at the 3,389…

Read More »

China leads way as IMF says global economic recession ‘less severe’ than previously thought

18 days ago

[unable to retrieve full-text content]The world economy will experience a “less severe though still deep” recession this year than previously expected, as prospects have worsened significantly in some developing economies while large advanced economies have reported stronger-than-expected growth out-turns, the International Monetary Fund (IMF) said on Tuesday.The IMF’s World Economic Outlook estimated that the global economy will contract by 4.4 per cent this year – a less severe contraction than the 4.9 per cent downturn it…

Read More »

Shenzhen’s sovereign digital currency giveaway attracts 2 million applicants in China’s latest test of virtual yuan

19 days ago

[unable to retrieve full-text content]Nearly 2 million people in Shenzhen, 15 per cent of the southern technology hub’s total population, signed up to take part in the latest trial for China’s sovereign digital currency.Distribution of a total of 50,000 digital “red packets” – gift envelopes traditionally given out during holidays and special occasions – each containing 200 yuan (US$30), began on Monday after Chinese citizens living in Shenzhen were asked to sign up between Friday and Sunday.But with 1,913,847 people having signed…

Read More »

US financial sanctions against China ‘suicidal’ for Washington, former Chongqing mayor Huang Qifan says

19 days ago

[unable to retrieve full-text content]The United States is unlikely to launch a financial war against China as it would hurt itself more, outspoken former Chongqing mayor Huang Qifan said.“Don’t worry, everybody. If the US really decouples from us in the financial realm, it will hurt us by 1,000 but hurt themselves by 2,000, which equals a suicidal attempt and the US will die even before we do,” Huang said in comments published at the weekend.His comments came as the Trump administration is facing a deadline on Monday to identify…

Read More »

China’s duty-free shoppers rush to tropical Hainan as Hong Kong and Seoul off travel list

24 days ago

[unable to retrieve full-text content]Chinese tourists who traditionally rush to duty-free outlets in South Korea or Hong Kong for holiday shopping are being lured to southern China’s island province of Hainan this year as the coronavirus continues ravaging most of the world.Long queues are a common sight at shopping malls such as the Haitang Bay Duty Free Shopping Complex in Sanya city, photos and videos posted on social media show. For the first five days of the eight-day “golden week” holiday that lasts from October 1-8 this…

Read More »

China holiday spending improves from May, but still a third below last year’s ‘golden week’

26 days ago

[unable to retrieve full-text content]China’s consumer spending has recovered from the worst levels seen during the height of the coronavirus outbreak this spring but is still far below normal, as tourist spending in the first half of the “golden week” holiday plunged by nearly a third from the same period last year.China’s Ministry of Culture and Tourism said on Sunday that 425 million Chinese hit the road from Thursday to Sunday, the first four days of the eight-day national holiday, a drop from 542 million in the same period…

Read More »

US-China tech war: can China’s chipmaking drive save it from US technology embargo?

September 28, 2020

[unable to retrieve full-text content]Over the past year, President Xi Jinping has on multiple occasions described China’s reliance on imported technology with the term Qia Bozi, which translates to being strangled by an adversary. And no industry better reflects this weakness than semiconductor manufacturing – the microprocessors that power the modern economy, from smartphones to cars.China often boasts of having the world’s most extensive industrial value chain and is known as the global leader in assembling mobile handsets, but…

Read More »

China debates cutting US access to drugs as hostilities spike

September 10, 2020

[unable to retrieve full-text content]In recent weeks, as the United States has ramped up its attacks on Chinese tech firms and the threat of financial decoupling has grown, government advisers in Beijing have begun debating a so-called nuclear option: cutting US access to medicines.From pills for pain relief to HIV medications, the US is heavily reliant on imported medicines from China thanks to large-scale offshoring in the 1990s.While weaponising drug exports and precursors does not have official backing, its discussion has…

Read More »

Coronavirus: China’s migrant workers determined to stay in cities as most see ‘no hope’ in rural hometowns

September 1, 2020

[unable to retrieve full-text content]Most of China’s migrant workers will stay in cities despite the impact of the Covid-19 pandemic on jobs and incomes because there are fewer opportunities in their economically-backward hometowns, a new report has found.The number of migrant workers that saw no opportunities for themselves if they returned home almost doubled from 35.3 per cent during the global financial crisis in 2007-08 to 63.35 per cent this year, according to the study released by the Beijing Social Work Development Centre…

Read More »

China could weaponise drug exports to retaliate against US chip restrictions, Beijing adviser says

August 26, 2020

[unable to retrieve full-text content]China should weaponise its exports of medicines and drug precursors if the US cuts the country’s access to computer chips, a prominent Chinese academic and government adviser says, as supply chain security emerges as a key theme in the upcoming American presidential election.The United States is heavily reliant on imported medicines from China, something both US President Donald Trump and Democratic nominee Joe Biden have vowed to address after the coronavirus pandemic exposed vulnerabilities…

Read More »

China’s sovereign digital currency plan becomes a hot guessing game amid leaks and expectations

August 20, 2020

[unable to retrieve full-text content]Discussions about China’s much-hyped sovereign digital currency started heating up again after the Ministry of Commerce unveiled a plan last week to expand trials of the digital yuan across the country, fanning speculation that its use could be much wider than expected.But the next day, the official Xinhua news agency debunked the speculation. It cited an anonymous source as saying that the pilot schemes for the digital currency would stick to the four previously named cities – Shenzhen, Suzhou…

Read More »

China’s wish to end US dollar dominance is unlikely to come true with no genuine challenger in the wings

August 20, 2020

[unable to retrieve full-text content]One thing that Beijing hates about the world is the dominance of the US dollar, and China has been working for over a decade to undermine its role in global trade and investment. But China’s wish to dethrone the US dollar as the main anchor currency may not come true any time soon even though it has weakened recently, analysts said.China’s discomfort with the US dollar has become more acute recently with Washington’s moves to sanction both Chinese and Hong Kong officials while also threatening…

Read More »

China’s rail shipments to Europe set records as demand surges for Chinese goods amid coronavirus

August 17, 2020

[unable to retrieve full-text content]The volume of China’s belt and road railway cargo to Europe has set records for five consecutive months as Covid-19 has limited transport by air and sea while causing an increase in the demand for Chinese-made medical supplies abroad, according to the China State Railway Group.The latest figures from the state-owned railway builder, also known as China Railway, showed that a total of 1,232 trains were arranged from different Chinese cities to European destinations in July. It was the highest…

Read More »

China’s digital currency edges closer with large-scale test by four state-owned banks

August 6, 2020

[unable to retrieve full-text content]China’s big four state-owned commercial banks have started large-scale internal testing of what would be the world’s first sovereign digital currency, as the launch of the digital yuan appeared to move a step closer, the 21st Century Business Herald reported on Thursday.The Bank of China, the China Construction Bank, the Industrial and Commercial Bank of China and the Agricultural Bank of China are working on the digital yuan with the central bank in major cities, including Shenzhen, according…

Read More »

China increasingly worried about ‘losing face’ as Japan bankrolls exodus of firms

August 4, 2020

Around 70 per cent of the companies are small and medium-sized enterprises, with over two thirds involved in medical supply manufacturing.AdvertisementA second list of companies to be offered subsidies is also being drawn up, with a similar composition to the first, according to Japanese officials.A survey by Teikoku Databank, a leading Japanese credit research house, showed that there were 13,685 Japanese firms in China at the end of May 2019, down from 13,934 in the previous survey conducted in 2016. At the peak in 2012, there were 14,394 Japanese firms with operations in China.But caught in the middle of the trade war between China and the United States, as well as suffering the impact of the coronavirus, Japanese printer giants including Brother, Kyocera and Fuji Xerox are relocating

Read More »

India-China tensions will not influence AIIB as newly re-elected president vows to keep lender an ‘apolitical institution’

July 29, 2020

[unable to retrieve full-text content]The China-backed Asian Infrastructure Investment Bank will remain an “apolitical institution” and will continue to back projects in India despite recent tensions in the disputed Himalayan border region, according to newly re-elected president Jin Liqun.Frictions between the two nations have cooled somewhat since the deadly clash last month, with both sides having agreed to withdraw troops, although India and China have since blocked apps from the other country over privacy and national security…

Read More »

China’s sex toy makers in growth spurt, as coronavirus lockdowns fuel global appetite

July 23, 2020

[unable to retrieve full-text content]Sex toy manufacturers in China have seen a surge in orders since the start of the coronavirus, marking one of a few bright spots in an economy battered by the pandemic, according to industry insiders.China’s economy, including its manufacturing outlook and exports, crashed at the start of the year at the height of the outbreak with the official manufacturing purchasing managers’ index plunging to an all-time low in February, while exports shrank by 17.2 per cent in January and February combined…

Read More »

US dollar payment system debate continues, can America cut China off from Swift?

July 21, 2020

[unable to retrieve full-text content]Debates continue among Chinese officials and analysts as to whether the United States has the ability and willingness to reduce or even completely cut off China’s access to the US dollar system, reflecting a sense of uneasiness in Beijing about the potential ramifications of a financial war with Washington.The general consensus, according to published reports and views, is that Washington will not go to this extreme, as it has with Iran and North Korea, because of the risks that such a drastic…

Read More »

China’s Lockheed Martin sanctions reveal limited options in fighting economic war with US

July 21, 2020

[unable to retrieve full-text content]China’s announcement that it will impose sanctions on American firm Lockheed Martin for its involvement in the United States’ arms sale to Taiwan has highlighted a harsh reality for Beijing: it has far fewer choices to inflict pain on American businesses than Washington does against Chinese firms in the escalating conflict between the world’s two biggest economic powers.Lockheed Martin, the world’s largest military contractor, is the first US company that the Chinese government has officially…

Read More »

China sharpens economic espionage penalties in ‘tit-for-tat provision’ against US accusations of trade secret theft

July 13, 2020

[unable to retrieve full-text content]China is amending its criminal code to cover trade secrets theft by foreign businesses, a change that could give Beijing a tool to retaliate against the United States for alleged economic espionage.The proposed new section on economic espionage by foreign firms, which has flown under the radar of many foreign intellectual property lawyers, is part of a wider amendment to the country’s criminal code.A draft of the law has been released for public review until August 16. If passed, the punishment…

Read More »

China’s urbanisation drive leaves some rural residents ‘heartbroken’ as local governments accused of unfair evictions

July 1, 2020

[unable to retrieve full-text content]Nine years ago, after decades of living in a mud house, Xiao Yang’s family scraped together enough money to build a modern two-storey home in a rural village in Shandong province.The house, which was painstakingly decorated and finally paid off by the mother-of-three last year, was the family’s chance at “a better life”.But earlier this month, the home she had worked so hard for was razed to the ground and she was forcefully relocated by local authorities in a controversial “village…

Read More »

China eases restrictions on foreign investors, but is it too little too late?

June 25, 2020

[unable to retrieve full-text content]China has announced a further opening up of its manufacturing and financial services sectors to foreign investment with the removal of seven items from its so-called negative list as part of an annual review.With effect from July 23, all caps on equity stakes in securities, fund management, futures and life insurance companies will be removed, allowing for total ownership of such businesses by foreign entities, the Ministry of Commerce and the National Development and Reform Commission said in…

Read More »

Is there an upside for China in the US-EU tariff row?

June 25, 2020

[unable to retrieve full-text content]China could benefit from a US-Europe trade row over aircraft subsidies as Beijing battles Washington and Brussels on fronts ranging from coronavirus to Hong Kong, according to analysts.“Anything that distracts the attention of the US or EU from the trade issues they have with China and undermines their ability to work together cooperatively would accrue to China’s benefit,” said Stephen Olson, a former trade negotiator with the Office of the United States Trade Representative (USTR) and now a…

Read More »

Coronavirus: wheels come off China’s mask-making gravy train, as low-end manufacturers count their losses

June 12, 2020

[unable to retrieve full-text content]In April, as China’s mask-making juggernaut was cranking up, Changzhou machinery part manufacturer Mo Xiaoyi stockpiled meltblown fabric and nonwoven fabric, both essential mask materials, at peak prices.Sixty kilometres away in Yangzhong, a small island in Jiangsu province, furniture maker Mr Li invested more than 2 million yuan (US$282,685) in six meltblown production lines, but could not manufacture a single inch of fabric before local authorities closed his factory down.Both men have been…

Read More »

Coronavirus gave China the opportunity to make controversial policy moves, experts say

June 6, 2020

[unable to retrieve full-text content]The Covid-19 pandemic created a window of opportunity that allowed China to introduce a national security law in Hong Kong and overreach in other areas, both internationally and domestically, experts said on Friday.According to Susan Shirk, a former US deputy assistant secretary of state under Bill Clinton, Beijing took the decision to introduce the legislation despite risking “further alienating the general public in Hong Kong and the rest of the world”.The move was made as Europe and the…

Read More »

Hong Kong security law: any US attempt to destroy city’s financial hub status would be a challenge, analysts say

June 5, 2020

[unable to retrieve full-text content]Hong Kong is unlikely to see mass relocations of financial firms over China’s plans to impose a security law on the city, though many in the sector are watching keenly for more details, analysts said at a South China Morning Post webinar on Friday.Beijing’s decision to move ahead with the law, which some say will erode the city’s autonomy from the mainland and its position as Asia’s top finance hub, has ratcheted up tensions with the United States.The Trump administration has said it will…

Read More »

China steps in to defend the yuan, as US tensions and Hong Kong uncertainty send currency tumbling

May 29, 2020

[unable to retrieve full-text content]The Chinese central bank moved again on Friday to support the yuan after it fell this week to its lowest level against the US dollar in eight months, amid rising tensions with the US and growing uncertainty over Hong Kong’s future.The People’s Bank of China (PBOC) set the yuan’s daily central parity rate stronger than its previous closing price in the onshore spot market for the ninth consecutive trading day, in a sign the central bank is pushing back against rising volatility.The downward…

Read More »

China shuts down WeChat social media account claiming ‘US making dead bodies into hamburgers’

May 26, 2020

[unable to retrieve full-text content]China has shut down a popular social media account for spreading fake news and conspiracy theories, as Beijing moves to curb misinformation and online hate speech in an attempt to tone down an ongoing war of words with the United States.Relations between China and the US have hit new lows in recent months, as the two powers clash over trade, the coronavirus, and Beijing’s moves to impose new security regulations on Hong Kong.Nationalist groups and opportunistic businesses have latched onto the…

Read More »