Day: October 23, 2023

China, US economic working group conducts first remote meeting

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An economic working group between China and the United States conducted its first remote meeting on Tuesday, according to China’s Ministry of Finance. The meeting, chaired by financial officials at the deputy ministerial level, had “in-depth, candid and constructive communication”, the Chinese statement said. The meeting covered macroeconomic situations and policies of the two countries and the world, bilateral economic relations and cooperation in responding to global challenges, it said. China expressed its concerns. Both parties will continue to maintain communicationMinistry of Finance “China expressed its concerns. Both parties will…

Myanmar Immigrants in Israel Stay Put, Citing Safety Woes Back Home

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WASHINGTON —  As the Israel-Hamas war intensifies in Gaza, many foreign nationals living in Israel are being evacuated. Most of the Myanmar immigrants living in Israel, however, do not have plans to return to military-ruled Myanmar, as they told VOA in recent interviews. “I feel safer here. Here, at least we hear the warning sirens of rocket attacks in advance, so we have time to prepare and find shelter. In Myanmar, there is no such warning, and the attacks come from our own military. I just don’t feel safe in…

Hong Kong developer declares end of ‘golden era’ for housing profits

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Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. The chief executive of a leading Hong Kong property group has declared the end of a “golden era” for the territory’s residential developers as the government takes an increasingly active hand in boosting housing supply. “Hong Kong real estate is no longer a totally free market,” said Donald Choi, chief executive at Chinachem, a large unlisted developer and one of the top sellers of new flats in the city. “The…

Hong Kong developer declares end of ‘golden era’ for city housing

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Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. The chief executive of a leading Hong Kong property group has declared the end of a “golden era” for the territory’s residential developers as the government takes an increasingly active hand in boosting housing supply. “Hong Kong real estate is no longer a totally free market,” said Donald Choi, chief executive at Chinachem, a large unlisted developer and one of the top sellers of new flats in the city. “The…

Pentagon to send senior military officials to China’s Xiangshan Forum in hopes of restarting communication

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The US Defence Department is looking to “kickstart” high-level, military-to-military dialogue with Chinese counterparts through at least two events that officials from both countries will be attending, including an annual security forum hosted by China next week. Without identifying which US officials would attend the Xiangshan Forum, Michael Chase, deputy assistant secretary of defence for China, said the Pentagon planned “to send participants at a level that’s consistent with what we’ve done in the past”. Chase’s predecessor in the Donald Trump administration Chad Sbragia was the highest-ranking US official to…

US to Push China for a ‘More Constructive Approach’ Amid Israel-Hamas War

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State Department —  Chinese Foreign Minister Wang Yi will visit Washington late Thursday, a trip seen as paving the way for further high-level meetings between the United States and China. His visit comes as U.S. officials want to “push the Chinese to take a more constructive approach” amid Israel’s war with Hamas militants and as Russia continues its war on Ukraine. U.S. Secretary of State Antony Blinken will host Wang Oct. 26-28. White House national security adviser Jake Sullivan will also hold talks with Wang, according to two senior administration…

Viewers ridicule propaganda film ‘When Marx met Confucius’

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Viewers in China are ridiculing a propaganda film showcasing attempts by President Xi Jinping to merge the thought of Karl Marx with that of Confucius, slamming the show on social media as “boring,” too “far out” and counter to the Marxist-Leninist philosophy that the People’s Republic of China was founded on. According to officials, the Hunan Satellite TV show, which comes as Xi steps up a campaign to promote his personal brand of ideology, has been viewed more than 1 billion times. Based on a short story by late communist…

China’s Foreign Minister Wang Yi to meet US Secretary of State Antony Blinken in Washington this week

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The US State Department announced on Monday that Chinese Foreign Minister Wang Yi will travel to America this week to meet with Secretary of State Antony Blinken in Washington to “open channels of communication”. Blinken and Wang “will discuss a range of bilateral, regional, and global issues as part of ongoing efforts to responsibly manage the US-China relationship and to maintain open channels of communication”, according to the US government announcement. “The United States will continue to use diplomacy to advance US interests and values, address areas of difference, and…

US officials: China’s economic woes may slow military rise

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China’s military may be more aggressive than ever before, but economic woes could force some tough spending decisions that slow its continued rise, two U.S. defense officials said Monday. Speaking at the Atlantic Council about the Pentagon’s latest China Military Power Report, an annual evaluation of Beijing’s military power mandated by Congress, the officials said China’s economic troubles coincided with higher costs of military modernization.  “They are getting into areas that are more expensive and more technologically complex,” said Michael Chase, the deputy assistant secretary of defense for China, Taiwan…

Why a downsized central bank reflects major shifts in China’s financial governance strategy

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China’s central bank recently eliminated 30 positions. While downsizing 4 per cent of its total headcount may seem like an insignificant move, it reflects big changes in how Beijing views the country’s financial landscape. The job cuts by the People’s Bank of China (PBOC) took place against the backdrop of the creation of the Central Finance Commission (CFC), a Communist Party organ that has replaced the Financial Stability and Development Committee (FSDC), established by the State Council in 2017 to act as China’s supreme decision-making body on national financial affairs.…