Category: NYT

Book Review: ‘Sparks,’ by Ian Johnson

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book review sparks by ian johnson

SPARKS: China’s Underground Historians and Their Battle for the Future, by Ian Johnson By now, it is almost clichéd to compare political misrule to the dystopia that Orwell conjured through the story of the low-ranking functionary Winston Smith in “1984,” but so many aspects of the novel have come true in today’s China — from mass surveillance to fury-inciting demagogy to President Xi Jinping’s declaration that the Communist Party’s rule is “the conclusion of history” — that it may appear to preclude, as it ultimately did for Smith, the possibility…

China Evergrande’s Problems Are Only Getting Worse

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china evergrandes problems are only getting worse

For months, the unwinding of China Evergrande, the world’s most indebted property developer, played out like a slow-moving train crash. After filing for bankruptcy protection last month — nearly two years after the company defaulted on payments to some creditors — Evergrande appeared on the path toward a more typical debt restructuring for creditors. But it now has more than $300 billion in debt, and any semblance of normalcy is gone. In a filing with the Hong Kong Stock Exchange, Evergrande announced on Thursday that Hui Ka Yan, the company’s…

How China’s Property Crisis Is Testing Its Too-Big-to-Fail Banks

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how chinas property crisis is testing its too big to fail banks

China’s giant banking system, the world’s largest, is heavily exposed to the real estate crisis: Nearly 40 percent of all bank loans are related to property. And pressure is building on those banks as dozens of real estate developers have defaulted or missed payments on overseas bonds, led by China Evergrande, the world’s most indebted developer. The scale of China’s property problems — enormous levels of debt, an oversupply of apartments and consumers increasingly wary of buying — means the government could be forced in the coming years to spend…

Maldives Votes in Presidential Runoff Overshadowed by India and China

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maldives votes in presidential runoff overshadowed by india and china

As voting began on Saturday in the presidential runoff in the Maldives, the race was proving to be as much a referendum on the competition between India and China for influence as it was a chance to determine the small island nation’s next leader. The pro-India incumbent, President Ibrahim Mohamed Solih, has trailed Mohamed Muizzu, the mayor of the capital, Malé City, who has pushed for stronger ties with China. When neither managed a first-round victory with half the vote early this month, the race was pushed into a runoff.…

China Uses ‘Deceptive’ Methods to Sow Disinformation, U.S. Says

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china uses deceptive methods to sow disinformation u s says

The State Department accused China on Thursday of using “deceptive and coercive methods” to shape the global information environment, by acquiring stakes in foreign newspapers and television networks, using major social media platforms to promote its views and exerting pressure on international organizations and media outlets to silence critics of Beijing. The accusations, detailed in a report by the department’s Global Engagement Center, reflect worry in Washington that China’s information operations pose a growing security challenge to the United States and to democratic principles around the world by promoting “digital…

Gifts, Gadgets and Greece: Inside a Huawei Lobbying Campaign

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gifts gadgets and greece inside a huawei lobbying campaign

In November 2020, executives at Huawei, the Chinese telecom-equipment maker, exchanged messages about holding a meeting with a “friend” and an “adviser” in Greece. The contacts, identified as Greek government advisers, were set to provide Huawei with something valuable: a document outlining government contracts and “first priority projects” that the company might want to work on in the country. Huawei managers discussed giving the advisers a Huawei Mate XS smartphone, the company’s GT 2 smartwatch and wine, according to internal text messages and other documents reviewed by The New York…

Chinese Activist Camps Out at Airport in Taiwan in Bid for Asylum

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chinese activist camps out at airport in taiwan in bid for asylum

Chen Siming, an activist who fled China, has been camped out at an airport in Taiwan for nearly a week, hoping to gain asylum in the West. He is willing to wait for much longer, as long as he is not forced to board a plane back to China. Mr. Chen, 60, is among a wave of activists and human rights defenders who have recently attempted bold and hazardous escapes from the country as a crackdown on civil society has widened. In July, a Chinese human rights lawyer fled to…

China Evergrande Suspends Trading as New Trouble Roils Property Market

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china evergrande suspends trading as new trouble roils property market

Just a few weeks ago, China Evergrande, the world’s most debt-saddled property developer, was writing its final chapter and working to resolve financial disputes with its creditors. Then a stream of bad news came and the pages were torn up. Staff at the company’s wealth management arm have been detained by the authorities. Two former top executives are reportedly being held and its billionaire chairman is under police surveillance. Investors have fled, selling off their shares and sending the company’s already depressed stock down more than 40 percent over the…

Chinese Hackers Stole 60,000 State Dept. Emails in Breach Reported in July

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chinese hackers stole 60000 state dept emails in breach reported in july

Chinese hackers who gained access to the email accounts of Commerce Secretary Gina Raimondo and other government officials this year stole 60,000 emails from the State Department alone, according to two people familiar with a briefing Senate staff members received on the matter Wednesday. The emails came from 10 State Department email accounts, department officials told Senate staff members, according to the people familiar with the briefing, one of whom is a staff member for Senator Eric Schmitt, Republican of Missouri. Nine of the 10 email accounts belonged to people…

What the U.S.-China Chip War Means for a Critical American Ally

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what the u s china chip war means for a critical american ally

Samsung and SK Hynix, the semiconductor titans of South Korea, have spent over $52 billion to build up their operations in China. Business with China has long made up a sizable portion of their sales. But the ties between South Korea’s chip companies and China are under strain from geopolitics. South Korea, which relies heavily on its semiconductor sector for jobs and revenue, is wedged between China and the United States, South Korea’s longstanding ally, in their trade war over technology. To curb China’s access to advanced chips that could…